Today, SIX welcomes American Century Investments as its latest issuer of Exchange-Traded Funds (ETFs). Their first product, the AVANTIS GL SM CAP VALUE ETF, brings the total number of ETFs available to investors on SIX Swiss Exchange to 2,017. With Janus Henderson Investors, SIX welcomes its 18th issuer of active ETFs and 30th ETF issuer overall on the Swiss stock exchange. With their first product, the Janus Henderson Tabula EUR AAA CLO UCITS ETF (EUR) Acc, investors now enjoy a total of 1,989 ETFs. Liquidity will be provided by the market maker RBC Europe Limited. According to Janus Henderson, the fund will primarily invest in European AAA-rated collateralized loan obligations (CLOs), and can invest up to 30% in non-European AAA CLOs that are compliant with European securitized regulations.  “We’re excited to welcome Janus Henderson and their CLO ETF to SIX Swiss Exchange,” said Danielle Reischuk, Senior ETFs & ETPs Sales Manager, Exchanges, SIX. “This addition offers investors access to the growing collateralized loan obligation market through a regulated product.” Ignacio De La Maza, Head of EMEA & LatAm Client Group, Janus Henderson Investors, commented: “Janus Henderson has been at the forefront of active fixed income ETF innovation and has an extremely successful proposition where we are the third largest provider of actively managed fixed income ETFs globally and the largest active securitised ETF manager*. Building on our strong track record and success in the US, I’m delighted that we are now extending our expertise in securitised investing to our clients in Switzerland and throughout Europe. The Janus Henderson Tabula EUR AAA CLO UCITS ETF will provide investors access to the high-quality, floating rate European AAA CLO market, historically only made available to institutional investors, in a liquid and transparent manner”. *Source: Morningstar, as of 28 February 2025 Product NameTrading CurrencyISIN Market Maker Janus Henderson Tabula EUR AAA CLO UCITS ETF (EUR) Acc  EUR DE000SL0PUL7 RBC Europe Limited ETFs on SIX Swiss Exchange: A Continuous Success Story SIX offers the full spectrum of international ETF services along its value chain as a unique one-stop shop, including creation, redemption, listing, trading and custody as well as high-quality market, index and reference data distribution. In the first quarter of 2025, ETF turnover on SIX Swiss Exchange more than doubled compared to 2024, reaching CHF 35.3 billion (+122.8%), and the number of transactions increased by 66.6% to 865,971. While 254 new ETFs were listed in 2024, there have already been 132 new ETFs launched on SIX Swiss Exchange in 2025.  Janus Henderson had acquired European ETF provider Tabula Investment Management in 2024, a leading independent ETF provider in Europe with a focus on fixed income and sustainable investment solutions, positioning Janus Henderson as a trusted and credible player in the European ETF market. Further information can be found here: https://www.tabulaim.com/ Explore SIX's extensive selection of ETFs in the ETF Explorer and learn about the market activity of the segment and the latest trading figures here.

Japan Exchange Group, Inc. (JPX) decided today at the meeting of its Compensation Committee that it will extend the trust period for and make an additional contribution to the stock-granting trust (hereinafter, the "Trust") in the stock compensation plan for executives (meaning executive officers and those equivalent thereto, excluding persons such as outside directors, directors who are members of the Audit Committee, and audit & supervisory board members; hereinafter the same) of JPX and its subsidiaries that provide the core businesses of JPX Group (hereinafter, the "core subsidiaries"; JPX and the core subsidiaries are hereinafter collectively referred to as the "implementing companies"; and this plan shall hereinafter be referred to as the "Plan"). The Plan itself has been in place since fiscal year 2018. Click here for full details.

The Financial Services Agency (FSA) and the Bank of Japan (BOJ), in cooperation with three major banks, conducted the second scenario analysis on climate-related risks. The FSA and the BOJ have published a report “Second Scenario Analysis on Climate-Related Risks (Banking Sector)”, which outlines major findings, and issues and challenges drawn from the exercise. As in the case of the first scenario analysis (“Pilot Scenario Analysis Exercise on Climate-Related Risks Based on Common Scenarios”), the aim of the second scenario analysis was not to quantitatively assess the impact of climate-related risks but to identify issues for future improvement. The analysis assessed the impact on loans (credit risk), which potentially has a large impact on banks' financial conditions. The analysis focused on transition risk analysis, considering the impact in a shorter horizon (7 years) compared with the first scenario analysis. The FSA and the BOJ added a tailored stress scenario by adjusting a NGFS scenario. The analytical capability has been further enhanced in the participating banks since the first scenario analysis (e.g., widened coverage of analysis by sector-specific models and improved model documentation). The FSA and the BOJ conducted in-depth dialogues with the banks on issues regarding the use of scenario analysis, exploiting the horizontal review of submitted analysis from the banks. Going forward, the FSA and the BOJ will continue dialogue with financial institutions on methods and applications of the scenario analysis, including how to address the issues identified in the first and second scenario analyses. Second Scenario Analysis on Climate-Related Risks (Banking Sector) (Japanese) Second Scenario Analysis on Climate-Related Risks (Banking Sector) (Summary) A full English version will be published shortly. * Other initiatives on sustainable finance can be found here.

The Financial Services Agency (FSA), in cooperation with non-life insurers（19 companies） and the General Insurance Rating Organization of Japan, conducted the 2nd scenario analysis, referring the 4th vintage of scenarios published by the Network for Greening the Financial System (NGFS). The FSA have today published a report “2nd Scenario Analysis on Climate-Related Risks [Insurance Sector]”, which outlines key results and takeaways of the analysis. 2nd Scenario Analysis on Climate-Related Risks [Insurance Sector] 2nd Scenario Analysis on Climate-Related Risks [Insurance Sector] (Japanese) * Other initiatives on sustainable finance can be found here.

(Excerpt) (Friday, June 13, 2025, 9:40 am to 9:49 am) Q. A new management team will be inaugurated today, the 13th, at Iwaki Shinkumi Bank (credit cooperative) in Fukushima Prefecture, and the new president will be internally promoted. Do you have any requests or expectations for the new management team? A. I understand that the general meeting of representatives and the board of directors of Iwaki Shinkumi Bank will be held this afternoon and new directors including the new president will be appointed.I would like the new president and other new directors to conduct a thorough review of the management and organizational culture of the bank, including an investigation into the root causes of the misconducts that have been gone unchallenged over the years and the removal of the causes, in order to recover the trust of the local community as soon as possible. I would also like them to carry out their duties with strong preparedness and determination so that they can fulfill their original roles in supporting the local economy.Based on the business improvement order issued on the 29th of last month, the Financial Services Agency will strictly confirm and verify the status of business improvement, including efforts toward a fundamental review of the management system and organizational culture by the new directors of the bank.

The Ontario Securities Commission (OSC) today published a detailed study examining the liquidity and arbitrage mechanism of Exchange-Traded Funds (ETFs) in Canada. The OSC ETF study comes as the Canadian market has experienced significant growth over the last ten years, expanding to more than 1,200 ETFs with over $500 billion in assets by the end of 2024. Retail participation in ETFs, including trading activity, has also seen an increase over the last five years. Despite this substantial growth, there has been limited research on how Canadian ETFs have functioned in recent years. The study focused on three key areas: ETF secondary market liquidity; Effectiveness of the arbitrage mechanism in ensuring that ETF market prices reflect their Net Asset Value (NAV); and Potential drivers of ETF liquidity and the arbitrage mechanism. The findings from this study informed the Canadian Securities Administrators (CSA) consultation on Enhancing Exchange-Traded Fund Regulation. The consultation was published concurrently with this report. “ETFs have become popular among a broad spectrum of investors and have proven resilient in the face of recent financial and macroeconomic events,” said Grant Vingoe, CEO of the OSC. “By using data-driven insights, we can better tailor policies to protect investors while fostering a robust ETF market.” The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

A $6.8 million financial sanction against a fraudster will not be extinguished if he is discharged from bankruptcy, a B.C. Supreme Court judge has ruled. The BC Securities Commission (BCSC), which ordered Thomas Arthur Williams to pay the sanction in 2016, had asked that the sanction remain enforceable even if all or most of his other debts are erased by discharge from bankruptcy. The judge granted the BCSC’s application based on last year’s ruling by the Supreme Court of Canada in another BCSC case. The Supreme Court of Canada said that a type of financial sanction known as disgorgement – an order to pay money representing the amount obtained or loss avoided by the wrongdoing – should survive bankruptcy if it was imposed for misconduct involving “false pretences or fraudulent misrepresentation.” “There is a direct link between the disgorgement order debt and [Williams’s] deceitful misconduct,” the court said. A BCSC panel found in 2016 that Williams, who had been a registered mutual fund representative, was the mastermind of a Ponzi scheme that raised approximately $11.7 million from 123 investors between February 2007 and April 2010. The panel found that he committed fraud and violated securities laws concerning prospectus and registration requirements. Williams, who applied for bankruptcy in 2021, has not paid any portion of the $6.8 million disgorgement order. He opposed the BCSC’s application to have the disgorgement survive discharge from bankruptcy, but according to the court, he “was unable to provide a reason for why the declaration should not be granted when given an opportunity to do so during the course of the hearing.” Any funds collected for disgorgement can be returned to victims of the misconduct. This month’s B.C. Supreme Court ruling was the first to use the Supreme Court of Canada’s legal test for determining whether a financial sanction should survive discharge from bankruptcy. The Supreme Court of Canada, in that same 2024 ruling, said that administrative penalties – which are separate from disgorgement orders, and are aimed at deterring misconduct – are not enforceable after a discharge from bankruptcy. The court’s 5-2 ruling was based on its interpretation of the federal Bankruptcy and Insolvency Act (BIA), which says that certain types of debts will not be erased after discharge. The court noted that Parliament could have drafted the BIA to expressly say that financial sanctions of regulatory bodies or administrative tribunals are exempt from bankruptcy discharge, but the BIA does not say that. In response to that ruling, the BCSC has been engaging with elected and appointed federal officials about adding securities regulators’ financial sanctions to the BIA’s list of debts that survive bankruptcy. In addition to the $6.8 million disgorgement order against Williams, the BCSC also imposed a $15 million administrative penalty. He has not paid any portion of that, either. Williams sought to be discharged from bankruptcy in 2023. The BCSC and the court-appointed trustee opposed that application, which was adjourned indefinitely.

The Canadian Securities Administrators (CSA) today published amendments and changes to certain National Instruments and Policies to address a number of matters, including the creation of a Senior Tier by the Canadian Securities Exchange (CSE).The Senior Tier of the CSE is intended for non-venture issuers, with requirements that align with a non-venture exchange. The amendments and changes revise the definition of “venture issuer” to exclude CSE Senior Tier issuers and allow them to be treated the same way under securities legislation as issuers listed on other non-venture exchanges.The amendments and changes also: Expand certain exemptions and eligibility requirements to include the CSE, so that they apply to that exchange in the same manner as for other non-venture exchanges. Codify the January 31, 2023 blanket orders issued by CSA members that exempt reporting issuers incorporated under the Canada Business Corporations Act from the requirement regarding the voting options on the proxy form in uncontested director elections. Reflect the name change of the former Aequitas NEO Exchange Inc. to Cboe Canada Inc. Reflect the name change of the former PLUS markets to AQSE Growth Market. Remove the requirement for escrow agreements required under securities legislation to be signed, sealed and delivered by securityholders in the presence of a witness. Provided all necessary approvals are obtained, the amendments and changes will take effect on September 19, 2025. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The Canadian Securities Administrators (CSA) today published a consultation paper on the exchange-traded fund (ETF) regulatory framework.In 2023, the CSA began reviewing ETF regulations to assess whether the current regulations applicable to ETFs remain appropriate. The review focused on the unique features of ETFs, such as secondary market trading, creation and redemption of ETF units by authorized dealers, and the underlying arbitrage mechanism of ETFs.The consultation paper proposes certain enhancements to the framework, taking into consideration a study of the Canadian ETF market conducted by the Ontario Securities Commission’s Thought Leadership Division and the Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds published by the International Organization of Securities Commissions.ETFs have experienced robust growth in Canada, with assets under management reaching $518 billion by the end of 2024. Retail investors make significant use of ETFs, and the CSA expects interest and investment in ETFs to grow further.“ETFs are an increasingly important investment vehicle for Canadians, providing investors with access to a wide range of investment exposures and strategies and offering intraday liquidity,” said Stan Magidson, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “This consultation will provide the CSA with important insights into the unique regulatory considerations for these products.”The consultation also seeks stakeholder views on investor access to U.S. ETFs through brokerage accounts and exposure to U.S. and other foreign ETFs through publicly offered investment fund holdings.The CSA invites stakeholders to respond to the consultation paper, which is available on CSA members’ websites. The comment period closes on October 17, 2025.The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its final report on the Regulatory Technical Standards (RTS) specifying the conditions under which the active account requirement (AAR) should be met, as mandated under  the European Market Infrastructure Regulation (EMIR) 3. ESMA has streamlined the operational conditions and the stress-testing in response to feedback to its public consultation. Additionally, compared to the initial proposal outlined in the consultation document, the final report includes a simplification of the reporting requirements related to risks and activities, the representativeness obligation and the fulfilment of the operational conditions.   The AAR is a key component of EMIR 3, aimed at enhancing the resilience of the EU clearing landscape. It creates an obligation for EU market participants to maintain an active account at an EU central counterparty (CCP) for certain derivatives, in order to reduce their exposure to important third-country CCPs (Tier 2 CCPs).  During its public consultation ESMA gathered feedback from a wide range of stakeholders including CCPs, clearing members, and other market participants.    Next steps  The RTS will now be submitted to the European Commission (EC) for endorsement, following which it will be subject to scrutiny by the European Parliament and the Council.  Related Documents Download All FilesDownload Selected Files DateReferenceTitleDownloadSelect 19/06/2025 ESMA91-1505572268-4201 Final Report on EMIR 3 Active Account Requirement

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is consulting on the methodology for calculating market capitalisation and market capitalisation ratios, as mandated by the Directive on faster and safer relief of excess withholding taxes (FASTER Directive).  The FASTER Directive sets out that EU Member States whose market capitalisation exceeds 1.5% of the total EU market capitalisation for four consecutive years will be subject to specific requirements related to withholding tax relief. Additionally, from 2026 ESMA will have to publish the relevant annual figures related to this provision. To support this objective, ESMA is introducing a transparent, consistent and robust framework to determine market capitalisation ratios across EU Member States. ESMA’s metrics will be crucial for determining which EU Member States must comply fully with the requirements set out in the FASTER Directive. The proposed methodology is aligned with existing transparency frameworks and uses transaction data reported under the Regulation on markets in financial instruments (MiFIR). It details the approach to computing share prices, calculating market capitalisation at instrument and company levels, and aggregating these figures to determine each Member State’s market capitalisation ratio.  The finalised methodology will enable accurate identification of jurisdictions subject to the FASTER Directive’s obligations, supporting enhanced tax compliance and reducing fraud risks. Ultimately, it will foster greater trust and efficiency in the EU’s capital markets and tax systems, benefiting investors. Next steps  ESMA will consider the feedback received to the consultation by 25 July 2025 and expects to publish a Final Report and submit the draft regulatory technical standards to the European Commission for adoption in October 2025. Respond Related Documents Download All FilesDownload Selected Files DateReferenceTitleDownloadSelect 19/06/2025 ESMA12-1406959660-2936 Consultation Paper on the Methodology for the calculation of market capitalisation

The FCA has secured convictions against two individuals, Redinel Korfuzi and Oerta Korfuzi, for insider dealing and money laundering offences which netted them over £1 million.  Redinel Korfuzi worked as a research analyst at an asset management firm. He regularly obtained confidential, price-sensitive information for publicly traded companies as part of his role.  Between 17 December 2019 and 25 March 2021, Mr Korfuzi conspired with his sister, Oerta Korfuzi, to use that confidential information to deal in the shares of at least 13 companies ahead of market announcements.   The trades were executed through accounts held by Mr Korfuzi’s sister, personal trainer (Rogerio de Aquino) and his partner (Dema Almeziad). They used Contracts for Difference (CFDs), taking positions that the value of the relevant shares would go down and closing the positions after the market announcements. The suspicious trading was detected by the FCA’s market monitoring systems despite their arrangements, which were designed to conceal Mr Korfuzi’s involvement in the trading and to maximise profits.     Mr and Ms Korfuzi were also convicted of money laundering. Between 1 January 2019 and 25 March 2021 they received dirty cash derived from the proceeds of crime, making 176 cash deposits totalling £198,210. The source of the cash was unrelated to the insider dealing with which they were charged.      Their co‑defendants, Rogerio de Aquino and Dema Almeziad, were acquitted of all charges.  Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:  'We are committed to fighting financial crime and protecting the integrity of our markets. Those who use inside information to unlawfully make profits should be aware that we will identify them and bring them to justice.' Mr and Ms Korfuzi will be sentenced on 4 July 2025. The FCA will also apply for confiscation orders in order to recover the proceeds of crime.  Background Redinel Korfuzi’s date of birth is 20 May 1987. Oerta Korfuzi’s date of birth is 10 September 1988. Rogerio de Aquino’s date of birth is 4 November 1961. Dema Almeziad’s date of birth is 30 January 1985. The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute insider dealing, defined by the Criminal Justice Act 1993. The individuals were charged in January and February 2023. As these offences predate 1 November 2021, when the maximum sentence available increased to 10 years, the insider dealing here is punishable by a fine and/or up to 7 years’ imprisonment. The offence of money laundering is punishable by a fine or up to 14 years’ imprisonment. The prosecution were unable to identify the source of the crime from which the cash derived. To report market abuse to us or to speak to someone about it, please see our information on market abuse.   The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. The trial was prosecuted by Tom Forster KC of Red Lion Chambers and Tom Broomfield and Katherine Lloyd of QEB Hollis Whiteman Chambers on behalf of the FCA. Find out more information about the FCA. The court ordered a separate trial in the case for a fifth defendant, Iva Spahiu. Her trial has been fixed for 28 June 2027. Temporary Reporting Restrictions pursuant to s4(2) Contempt of Court Act 1981 are in place to avoid a substantial risk of prejudice to the administration of justice in the trial of Ms Iva Spahiu. Consequently, there is to be no further reporting of any evidence concerning the particular involvement of Ms Spahiu.

Market capitalisation: €36.8 million 7th Spanish company to join Euronext Growth Euronext today congratulates Virtualware, a pioneer in 3D enterprise software, on its transfer from Euronext Access Paris to Euronext Growth (ticker: ALVIR).  With more than two decades’ experience crafting enterprise solutions, Virtualware equips organisations and institutions with real time 3D  (RT3D) solutions designed to facilitate the adoption of technologies like XR, digital twins and advanced simulators.  The company’s products, which include VIROO and Simumatik, are intended to support decision-making and improve efficiency across the energy, auto, transport, defence, manufacturing, education and health sectors, among others. These solutions optimise training, engineering and operation, enhancing competitiveness and helping to build a more sustainable future.  Virtualware began trading on Euronext Growth on 19 June 2025. The company was first listed on Euronext Access Paris on 20 April 2023 with a market capitalisation of €27.3 million. Since its listing in 2023, the market capitalisation of Virtualware has increased to €36.8 million, up 35%.    Over the past two years, Virtualware has achieved steady and consistent growth, completing major partnerships and acquisitions.  Virtualware CEO Unai Extremo, said: "This transfer to Euronext Growth Paris will allow us to reinforce our liquidity commitment to the market. We are convinced, two years after listing in Paris, that the company will continue to grow in terms of both investor interest and clients.”   

Zelig is delighted to announce that it has acted as financial advisor to Acin’s management team on the company's sale to CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM). Acin, headquartered in London, is a leading RegTech and global operational risk AI and technology provider for the financial services sector. Its AI-powered platform digitises and standardises risk and control data, giving financial institutions a dynamic view of their control environment. Acin is backed by leading venture capital investors including Notion Capital, Fitch Ventures and Talis Capital in addition to a consortium of banks comprising of Barclays, BNP Paribas, Citi, J.P. Morgan and Lloyds Banking Group. Zelig also advised Acin on its previous Series A venture capital fundraise and its Series B strategic consortium deal. This acquisition further expands CUBE’s existing capabilities and accelerates CUBE’s mission to help the financial services sector and adjacent regulated industries to navigate increasingly complex compliance and risk environments – providing an industry-first data driven end-to-end regulatory compliance and risk management platform. Acin’s AI-based platform empowers financial institutions to safely digitise their non-financial risk analysis, using groundbreaking data intelligence and analytics capabilities. Acin has established a network that calibrates control data and facilitates the appropriate sharing of best practice and standards between financial institutions. This creates new opportunities for regulatory compliance and risk mitigation, as customers can compare processes and best practices against their anonymised peers, offering valuable insight to enhance controls while maintaining full privacy and integrity of data. Headquartered in London, CUBE serves 1,000 customers globally, and has significantly grown its global team to 700 employees across 20 countries. Building on its acquisitions of Thomson Reuters Regulatory Intelligence and Oden businesses and RegRoom last year, the acquisition of Acin adds a first-to-market capability for CUBE bringing together regulatory compliance and operational risk in one platform. Hg, a leading investor in European and Transatlantic software and services businesses, invested in CUBE in March 2024 to support CUBE’s continued growth in the sector. “Acin has seen first-hand the shared commitment of addressing operational risk from leaders within the industry. By joining forces with CUBE, our platform will continue to grow and deliver even greater value to both our existing customers and CUBE’s global client base, while shaping the future of our industry. We are delighted to be part of this next era and excited about the increased value CUBE and Acin can deliver to customers in one unified platform.” Paul Ford CEO & Founder, Acin “This is a significant step forward in how financial services firms across the globe can take a truly integrated approach to their compliance and risk management. Since the founding of CUBE fifteen years ago, we’ve become recognised for the transformational solutions we’ve delivered in compliance. We’ll now build on this by connecting the first and second lines of defence with a whole new end-to-end capability, which at its core will be the best of what AI can deliver for transformation.” Ben Richmond CEO & Founder, CUBE

At its annual general meeting today, the Luxembourg Stock Exchange (LuxSE) released its financial results for the financial year ending on 31 December 2024, reporting a solid performance in a year marked by a more stable and attractive investment environment for bond investors. LuxSE reported operational revenues of EUR 45.5 million for 2024, an increase of 9% compared with 2023. The operational revenues for 2024 reflect the company’s strong listing activity throughout the year, resulting in the highest number of new financial securities admissions in a single year since the exchange started its activities more than 95 years ago. The stock exchange also reported a net profit of EUR 8.1 million for the same period, compared with EUR 10.6 million the year before. The fall in profit is attributable to non-operating profit realised in 2023.    “2024 was an excellent year for the Luxembourg Stock Exchange, with exceptional listing numbers and advancements in the field of trading and data. Our strategic focus on sustainability and digital innovation has not only enhanced our services but also solidified Luxembourg’s position as the destination of choice for issuers and investors focused on sustainable, digital or conventional bonds. We are committed to continuing this trajectory and shaping market developments through innovation,” commented Julie Becker, CEO of LuxSE. Undisputed bond listing venue In 2024, LuxSE welcomed 15,111 new securities, representing a 9% increase year over year. In total, EUR 1.5 trillion was raised through these new securities, up 19% compared to the previous year, and giving LuxSE a 33% global market share in listed international bonds in 2024. With 44,775 securities admitted on its markets and on the Securities Official List as of 31 December 2024, including more than 41,000 debt instruments, LuxSE reported a 5% increase year over year in the total number of listed securities at year end. The exchange has an expansive international footprint and serves 1,700 issuers across 100 countries. “In 2024, the Luxembourg Stock Exchange made significant progress on its 4-year strategic plan and continued to play a crucial role as a key pillar of Luxembourg’s financial centre. In a global market environment dominated by major exchange groups, we kept building on LuxSE’s unique strengths and agility, and the exchange remained the leader in its field. Our focus remains clear, we will continue to strengthen LuxSE’s core activities while exploring new fields created by the current market and political context,” stated Alain Kinsch, President of the Board of Directors of LuxSE. Global sustainable debt issuance on the rise After a record year for sustainable bond issuances in 2021 and a subsequent slowdown, 2024 saw an increase in sustainable bond issuance globally. This was reflected on the Luxembourg Green Exchange (LGX), which added 664 new green, social, sustainability and sustainability-linked (GSSS) bonds in 2024, a 19% increase compared to the year before. The new GSSS bonds on LGX raised a total of EUR 262 billion in 2024 for specific green and social projects and sustainable developments across the world, representing a 25% increase compared to 2023, and giving LuxSE a global market share of 42% in international sustainable bond listings. LGX reached an important milestone at the beginning of 2024, when it passed the EUR 1 trillion mark in outstanding GSSS bonds on the LGX Platform. At year end, LGX encompassed 2,199 GSSS bonds in total, up 17% year over year. Key developments in 2024 In 2024, LuxSE introduced LuxSE Partner, a dedicated partnership status designed for law firms and professional services firms supporting issuers in navigating the issuance and listing process. The status will enable deeper collaboration across the ecosystem, and ultimately ease the listing process for issuers. LuxSE also streamlined its admission process FastLane to include 7 non-European markets. Companies with shares listed on any of these markets benefit from a simplified listing process for their bonds on LuxSE. On the trading side, LuxSE completed the migration of its clearing activities to Euronext Clearing and onboarded new prime liquidity providers. Moreover, LuxSE reported a 65% growth in sales of sustainable bond data compared to 2023. In recognition of LuxSE’s contribution to digital innovation in capital markets, LuxSE was named the leading exchange for DLT bonds by OMFIF in its Digital Assets 2024 report. Throughout 2024, LuxSE accelerated its digital transformation, which included the multiyear revamp of LuxSE’s core listing system and integration of AI-based solutions in its operations. Sustainability report 2024 released Along with its financial results, LuxSE also published its Sustainability Report 2024. The report reflects the progress made towards the three pillars of the exchange’s sustainability strategy, namely climate transition, education and gender equality, and describes how LuxSE is embedding its sustainability strategy into its operations and business strategy. In 2024, LuxSE kept a strong focus on advancing gender finance. For more information, explore LuxSE’s Sustainability Report 2024.   

If inflation moves away from the target by more than 1 percentage point in either direction, the Governor is required to send an open letter to the Chancellor explaining why inflation has moved away from target and what action the Bank is taking to bring inflation back to target. Letter from the Governor to the ChancellorOpens in a new window Letter from the Chancellor to the GovernorOpens in a new window

FSB identifies liquidity mismatches, leverage, and valuation opacity as the main vulnerabilities in real estate investment trusts (REITs) and property funds. Report also notes complex interlinkages between banks and non-bank CRE investors, which increases the potential for spillovers from CRE market shocks. Report underscores the importance of closing data gaps to enhance authorities’ ability to monitor risks from non-banks’ involvement in CRE. The Financial Stability Board (FSB) today published a report analysing the vulnerabilities in non-bank commercial real estate investors. The report builds on the findings of the 2024 FSB report on interest rate and liquidity risks in the financial system, which identified non-bank CRE investors – comprising real estate investment trusts (REITs), property funds, and other non-bank mortgage lenders – as one of the entity types vulnerable to higher interest rates. Data from FSB members suggests banks and nonbanks collectively provided at least $12 trillion in equity and debt financing to CRE in 2023. While banks remain the main source of such financing, non-bank investors – particularly property funds and REITs – play a significant role in some jurisdictions. The report identifies three main vulnerabilities in these investors: Liquidity mismatches: Some open-ended property funds show significant liquidity mismatches and may therefore be vulnerable to runs. There have been a number of instances in recent years where such funds, in the face of significant investor redemption requests, introduced gates or suspended redemptions due to illiquidity in the underlying market. Implementing the FSB’s recommendations on addressing liquidity mismatches in open-ended funds would help to address this vulnerability. High financial leverage: There are pockets of high financial leverage in some REITs and property funds. A decline in property valuations or an inability to roll over maturing debt could lead to forced deleveraging that can propagate across the CRE market. Opacity in valuations of CRE assets: The CRE market is illiquid, and it may therefore be difficult to price assets and collateral, especially in times of stress. Delayed loss recognition due to infrequent valuations and lenders’ loan modification practices can lead to abrupt losses in a prolonged downturn. The report notes that enhancing transparency and ensuring that investors take account of valuation uncertainty in their risk management practices could help mitigate this vulnerability. The report also highlights the complex interlinkages between banks and non-bank CRE investors. Banks are the main debt providers to, and can also invest in, REITs and property funds. Banks may also have common asset exposures to these investors, which increases the potential for shocks to the CRE market spilling over to the banking sector. A more complete overview of these interlinkages is limited by considerable data gaps, despite improvements in recent years. Closing some of these gaps would enhance authorities’ ability to monitor risks. So far, the global financial system has weathered the recent adverse developments in the CRE market. This can be attributed to the market’s heterogeneity; lower loan-to-value levels than previous episodes of stress; and the ability of some distressed borrowers to refinance. However, ongoing monitoring of the market is warranted given the more volatile performance of CRE exposures compared to other assets, structural shifts in demand, and the effects of extreme weather events and new energy efficiency standards in some jurisdictions. Background The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements. Publication 19 June 2025 Vulnerabilities in Non-bank Commercial Real Estate Investors Liquidity mismatches, leverage, and valuation opacity identified as the main vulnerabilities in property funds and real estate investment trusts.

Current Bank Rate - 4.25% Next due: 7 August 2025 Monetary Policy Summary, June 2025 The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The MPC adopts a medium-term and forward-looking approach to determine the monetary stance required to achieve the inflation target sustainably. At its meeting ending on 18 June 2025, the MPC voted by a majority of 6–3 to maintain Bank Rate at 4.25%. Three members preferred to reduce Bank Rate by 0.25 percentage points, to 4%. There has been substantial disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations. This has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out existing or emerging persistent inflationary pressures. Underlying UK GDP growth appears to have remained weak, and the labour market has continued to loosen, leading to clearer signs that a margin of slack has opened up over time. Measures of pay growth have continued to moderate and, as in May, the Committee expects a significant slowing over the rest of the year. The Committee remains vigilant about the extent to which easing pay pressures will feed through to consumer price inflation. Twelve-month CPI inflation increased to 3.4% in May from 2.6% in March, in line with expectations in the May Monetary Policy Report. The rise was largely due to a range of regulated prices and previous increases in energy prices. Consumer price inflation is expected to remain broadly at current rates throughout the remainder of the year before falling back towards target next year. Furthermore, global uncertainty remains elevated. Energy prices have risen owing to an escalation of the conflict in the Middle East. The Committee will remain sensitive to heightened unpredictability in the economic and geopolitical environment, and will continue to update its assessment of risks to the economy. There remain two-sided risks to inflation. Given the outlook, and continued disinflation, a gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate. Monetary policy is not on a pre-set path. At this meeting, the Committee voted to maintain Bank Rate at 4.25%. The Committee will continue to monitor closely the risks of inflation persistence and what the evidence may reveal about the balance between aggregate supply and demand in the economy. Monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated further. The Committee will decide the appropriate degree of monetary policy restrictiveness at each meeting. Minutes of the Monetary Policy Committee meeting ending on 18 June 2025 1: Before turning to its immediate policy decision, the Committee discussed: the international economy; monetary and financial conditions; demand and output; and supply, costs and prices. The international economy 2: UK-weighted global GDP was estimated to have grown by 0.4% in 2025 Q1, in line with the projection in the May Monetary Policy Report. Since the MPC’s May meeting, the US administration had made progress in negotiating trade deals with the United Kingdom and China. The reduction in tariffs with China had reduced the US average effective tariff rate by just over a third. However, the future configuration of tariffs remained highly uncertain, with potential changes in tariff policy continuing to pose risks to global trade. Indices of trade policy uncertainty had also remained at elevated levels. 3: The impact of trade policies had been evident in activity data. For example, GDP and trade releases suggested that exports to the United States had been expedited ahead of tariffs taking effect. On the one hand, euro-area GDP had grown by a stronger-than-expected 0.6% in 2025 Q1, accounted for by strong exports and investment, and GDP in China had expanded by 1.2%, supported by net exports. On the other hand, US GDP had contracted by 0.1%, weaker than had been anticipated, as imports had significantly outstripped exports. There had also been some tentative evidence over recent months that goods from China destined for the United States were being shipped to other countries, including to Asia and Europe. 4: More timely PMI data had suggested some further front-loading of activity in the euro area with strong manufacturing PMIs but softer services PMIs in May, although front-loading was expected to unwind over the second quarter as a whole. In the United States, consumer confidence and investment intentions indicators had rebounded in May, although ISM manufacturing PMIs had been softer. The US House of Representatives had passed a fiscal bill with significant tax cuts. These were broadly in line with what had been incorporated in the May Report forecast. The bill had yet to be passed by the Senate. 5: The euro-area labour market had remained tight but had continued to gradually normalise, while the labour market in the United States had remained close to balance. Unemployment in these regions had remained low compared to historic averages. Indicators of pay growth had continued to moderate. 6: Annual headline consumer price inflation had continued to decrease in the euro area and in the United States. In the euro area, there was growing evidence that the 2021-2022 inflationary shock had been largely squeezed out of the system. Twelve-month HICP inflation had decreased to 1.9% in May, marginally below what had been expected in the May Report, while core inflation had also fallen to 2.3%. Lower services price inflation had accounted for the decrease in the headline figure. In the United States, CPI inflation had risen slightly to 2.4% in May, and core inflation had remained at 2.8%. There were few signs of tariffs impacting the latest US inflation data but some measures of short and medium-term household inflation expectations had continued to rise, possibly reflecting the anticipated impact of tariffs. 7: The Committee discussed cross-country trends in inflation. Both wage growth and consumer services price inflation had remained at more elevated levels in the United Kingdom than in the euro area or the United States. While in part reflecting greater persistence of inflation in the United Kingdom, for services, some of that difference could be accounted for by the greater contribution of regulated prices to UK inflation recently. Any such comparisons also needed to take account of differences in cyclical and structural factors. 8: The Brent oil spot price had increased by 26% to $79 per barrel since the MPC’s May meeting, in part reflecting an escalation of the conflict between Israel and Iran. European natural gas spot prices had also increased by 11%. Non-oil commodities prices were little changed. Monetary and financial conditions 9: Some measures of global financial market volatility had fallen back since the MPC’s previous meeting, although they had remained elevated overall in light of continuing geopolitical and trade policy uncertainty. Across advanced economies, government bond yields had been little changed overall. At the short end of the curve, yields had initially risen following the May MPC meeting, accounted for partly by an easing in tariffs between the United States and China, although they had subsequently fallen back following data releases. At the long end of the curve, initial increases had been associated with an increase in term premia related to the fiscal outlook in a number of economies, before those yields had also fallen back. 10: Equity prices had recovered in these economies since their declines following the US administration’s tariff announcement in April. The US dollar effective exchange rate had depreciated further and was around 5% weaker than its level prior to the April tariff announcement, with some investors diversifying into, or hedging dollar exposures using, other currencies. This had contributed to the relative strength in the euro effective exchange rate. 11: At its meeting on 5 June, the ECB Governing Council had announced a 25 basis point reduction in its interest rates, in line with market expectations. At its May meeting, the Federal Reserve’s Federal Open Market Committee had maintained the target range for the federal funds rate at 4.25 to 4.5%. 12: Consistent with moves in other advanced economies, gilt yields had initially risen and then fallen back, while UK equity prices were slightly higher since the MPC’s previous meeting. There had been a small appreciation in the sterling effective exchange rate. In the Bank’s latest Market Participants Survey (MaPS), the median profile for CPI inflation implied a peak of 3.4% in the third quarter of this year, a slight increase relative to expectations in the previous survey. The median respondent had continued to expect inflation to be at the 2% target at the three-year horizon. There had been little change in medium-term UK financial market inflation compensation measures. 13: Market expectations were for Bank Rate to remain unchanged at this meeting. The median MaPS respondent was expecting 50 basis points of Bank Rate cuts this year, unchanged from the May survey and broadly in line with what was implied by market pricing. The distribution of Bank Rate expectations had shifted upwards relative to the May survey, consistent with the relatively shallower profile of cuts implied by market pricing, albeit with market contacts continuing to emphasise ongoing economic uncertainty. 14: Underlying trends in money and credit data had been consistent with the assessment set out in the May Monetary Policy Report, though with some recent and temporary volatility associated with the bringing forward of house purchases ahead of increases in the Stamp Duty Land Tax that had come into effect in April. Given market-implied expectations for a shallower profile of Bank Rate since the MPC's previous meeting, quoted rates on some mortgage rates had increased slightly, consistent with a pace of pass-through in line with historical experience. Demand and output 15: UK GDP had increased by 0.7% in 2025 Q1, a little stronger than had been expected in the May Monetary Policy Report. Household consumption had risen by 0.2%, while business investment had increased by 5.9% following a weak 2024 Q4 outturn. Net trade excluding valuables was estimated to have made a positive contribution to quarterly growth, of 0.6 percentage points, while the change in inventories had contributed 0.2 percentage points to growth. Both of these components of GDP could have been affected by a front-loading of activity ahead of the imposition of new tariffs by the United States and related trade policy developments. 16: Monthly GDP had fallen by 0.3% in April, following fairly strong increases over previous months. The latest data appeared to have been affected by the front-loading of activity ahead of the increases in Stamp Duty Land Tax and in Vehicle Excise Duty in April. There had also been some evidence that the temporary boost to trade ahead of the imposition of new tariffs had unwound, with goods exports to the United States recording their largest ever monthly fall in April. Overall, the monthly path of output suggested that quarterly GDP growth was likely to fall back to around ¼% in 2025 Q2, slightly higher than had been expected at the time of the May Report. 17: Business surveys had continued to point to weak underlying GDP growth. For example, although the S&P Global UK composite PMI output index had risen to above 50 in May, it had remained some way below its historical average. Textual analysis of PMI responses by Bank staff suggested that global concerns had played a larger role in its weakness over recent months, relative to domestic factors. That said, most companies responding to the latest DMP Survey were not expecting tariffs to have a material impact on their sales and investment, and had judged that uncertainty around US tariffs fell between April and May. Agents’ intelligence suggested that business sentiment had continued to wane, with contacts not expecting to see a material recovery in demand until 2026. Taken together, the steer from surveys over recent months had remained consistent with a zero to slightly positive pace of underlying growth currently. 18: The Committee discussed the divergent signals on the strength of activity over recent months. Surveys had historically tended to give a less volatile steer on GDP growth, but they could also be affected excessively by swings in sentiment that were not ultimately reflected in firms’ output. Recent developments in output also needed to be considered in the wider context of the supply side of the economy, and the opening up of slack in the labour market and within companies. The Committee was continuing to monitor indicators of UK economic uncertainty and its impact on investment decisions. 19: Spending Review 2025 had agreed departmental settlements within the envelope for total government spending that had been confirmed at the Spring Statement in March. Budgets had now been set until 2028‑29 for day-to-day resource spending and until 2029-30 for capital spending. Supply, costs and prices 20: Issues with the quality of the official data, including relating to the labour market, continued to be an area of concern for the MPC. The Committee therefore continued to draw on a wide range of information beyond the official data to inform its judgements on the conjuncture. These sources included business surveys and intelligence from the Bank’s Agents. 21: Several indicators of labour demand and firms’ hiring intentions had softened further in recent months. The ONS/HMRC PAYE estimate of payrolled employees had fallen by 0.4% in the three months to May, with a single-month decline of 109,000 in May that had been the largest monthly contraction since May 2020. Revisions to early vintages of the HMRC data could be large and, given the earlier timing of the data extraction for May, the latest HMRC data were more uncertain than usual. That said, survey-based measures of the labour market, such as the employment component of the S&P Global UK composite PMI, the permanent staff placements component of the KPMG/REC Report on Jobs and the latest Agents’ intelligence on recruitment difficulties, corroborated this pattern of ongoing loosening. A measure of underlying employment growth developed by Bank staff continued to suggest a subdued rate of near-zero employment growth. 22: The ratio of vacancies to unemployment had continued to fall below Bank staff’s estimate of its equilibrium level. The net additional hours desired by workers, as a percentage of average hours worked, had risen to its highest level since March 2015 in 2025 Q1. The overall weakening in these early-stage indicators of the tightness of the labour market suggested that some modest deterioration in late-stage indicators, such as the unemployment rate and the redundancy rate, should be expected over the coming months. Churn in the labour market had remained subdued, with outflows from unemployment gradually edging lower. Taken together, the analysis conducted by Bank staff implied that slack was continuing to emerge in the labour market but there were no strong signs, as yet, that a more abrupt loosening was underway. 23: A broad set of indicators suggested that underlying pay growth had eased further in recent months, albeit to a still elevated level and above what could be explained by economic fundamentals. Private sector regular average weekly earnings (AWE) growth had fallen to 5.1% in the three months to April, down from 5.5% in March. Annual pay growth in retail and hospitality had been 6.7% in April, in line with the increase in the National Living Wage. Higher-frequency estimates of AWE growth continued to indicate an annualised run-rate of around 5%. The timelier ONS/HMRC PAYE proxy for private sector pay had edged lower from 5.8% in April to 5.7% in May. 24: The latest data on pay settlements and pay expectations had remained on track with the May Monetary Policy Report projection for a significant decline in wage growth. Data from the Bank of England’s and Brightmine’s settlements databases suggested that the median rate of pay awards had remained at around 3 to 4% since the start of the year, although these estimates had continued to be based on incomplete samples. The latest intelligence from the Agents had continued to suggest average pay settlements for 2025 of 3.5 to 4%, consistent with the range reported in the Agents’ annual pay survey that had been conducted ahead of the February Report. The MPC continued to monitor closely the flow of pay settlements information and other data that would enhance the Committee’s visibility on the prospective path of pay growth. 25: Twelve-month CPI inflation had been 3.4% in May, following 2.6% in March and 3.5% in April. The rise since March had largely been due to a range of regulated prices and previous increases in energy prices. The April CPI release had triggered the exchange of open letters between the Governor and the Chancellor of the Exchequer that was being published alongside these minutes. The May outturn had been in line with expectations in the May Report. Core CPI inflation had been 3.5% in May, around 0.2 percentage points lower than expectations at the time of the May Report. 26: The ONS had announced in June that an error had been identified in an extract of the licensed vehicles data provided to the ONS by the Department for Transport. These data had been used to calculate the April 2025 Vehicle Excise Duty component of consumer price inflation. The error had resulted in an overstatement of the headline CPI by 0.1 percentage points for the published April 2025 figure only. The error had been corrected in the May data, such that going forward only the year-on-year rate of CPI inflation in April of next year would be distorted. 27: Core consumer goods price inflation had risen to 1.6% in May, alongside a material increase in food consumer price inflation, to 4.4%. Meat, chocolate and non-alcoholic drinks had exhibited the strongest inflation rates, consistent with higher wholesale prices for beef, cocoa beans and coffee. Agency intelligence had also highlighted the impact of labour and packaging regulation costs.  28: Consumer services price inflation had returned to 4.7% in May, having risen from that level in March to 5.4% in April. Underlying services price inflation had remained elevated across a broad range of measures, regardless of whether they were based on exclusionary, trimming or reweighting approaches. While these had been on a downward trajectory, there had been little change in the higher-frequency pace of underlying services price inflation since late 2024. 29: CPI inflation was expected to remain just under 3½% for the remainder of the year, with a brief increase to 3.7% in September. This profile was broadly unchanged from the projection made at the time of the May Report, although the pass-through to prices from National Insurance contributions, from regulatory changes and from some food input costs continued to require monitoring. 30: Some indicators of households’ short- and medium-term inflation expectations had fallen back in the latest data, but had remained at the upper end of the range of rates explicable by the path of consumer price inflation. The Citi/YouGov measure of median one-year ahead inflation expectations had declined to 4.0%, while the Bank/Ipsos measure had fallen to 3.2%. The increases in household expectations prior to the latest data could be explained by the response of households to actual inflation, in particular to increases in the prices of salient items such as food and energy prices. Nevertheless, this represented an upside risk to future pay and inflation dynamics. Medium-term measures of inflation expectations from these surveys had also remained elevated. 31: Measures of businesses’ inflation expectations had remained elevated but to a lesser extent than household measures. According to the DMP Survey, businesses’ year-ahead own-price expectations had fallen from 4.0% in the three months to February to 3.7% in the three months to May. Year-ahead CPI expectations had stood at 3.2%, up slightly from 3.1% in the three months to February. The immediate policy decision 32: The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The MPC adopts a medium-term and forward-looking approach to determine the monetary stance required to achieve the inflation target sustainably. 33: The Committee considered the news since the previous MPC meeting, particularly the extent to which it was sufficient to change members’ views on domestic inflationary pressures and hence the required stance of monetary policy. 34: Underlying UK GDP growth appeared to have remained weak and the labour market had continued to loosen. While there remained uncertainties around the balance of supply and demand in the economy, there was clearer evidence that a margin of slack had opened up over time in the labour market as had been expected. Members noted the continuing weakness in job vacancies, in the ratio of vacancies to unemployment relative to its estimated equilibrium level, and in ONS/HMRC PAYE payrolls even with less weight placed on the most recent data point, alongside the increase in net additional hours desired by workers. 35: Measures of pay growth had continued to moderate and, as in May, the Committee expected a significant slowing over the rest of the year. This was consistent with the now-more-representative sample of recorded pay settlements this spring, and with the broadly unchanged signals from the DMP Survey and Agents’ intelligence. The growing margin of slack in the labour market pointed to limited pay drift going forward. The Committee remained vigilant about the extent to which easing pay pressures would feed through to consumer price inflation. 36: Twelve-month CPI inflation had increased to 3.4% in May from 2.6% in March, in line with expectations in the May Monetary Policy Report. The rise had been largely due to a range of regulated prices and previous increases in energy prices. Services price inflation had been unchanged from March, at 4.7%. Food price inflation had risen materially in May, which might prove salient for households’ formation of inflation expectations. There had been some signs of levelling off in indicators of household expectations, but both household and business inflation expectations remained elevated. Financial market measures of inflation compensation were in contrast more subdued. 37: Consumer price inflation was expected to remain broadly at current rates throughout the remainder of the year before falling back towards target next year. While base effects would start to work to bring inflation down in 2025 Q4 and 2026 Q1, more pronounced disinflation was needed to ensure CPI inflation declined back towards the 2% target consistent with the baseline projection in the May Report. 38: The Committee remained focused on returning inflation sustainably to the target. Alongside the baseline forecast, the May Report had set out two illustrative scenarios. In one scenario, there could be weaker supply and more persistence in domestic wages and prices, including from second-round effects related to the near-term increase in CPI inflation. In another scenario, inflationary pressures could ease more quickly owing to greater or longer-lasting weakness in demand relative to supply, in part reflecting uncertainties globally and domestically. The mechanisms underlying both scenarios remained relevant for the Committee’s deliberations, set alongside a broader assessment of risks. 39: Recent developments had highlighted a broad range of global risks, including but not restricted to trade policy. Global uncertainty remained elevated. 40: Based on the latest constellation of tariff announcements, provisional Bank staff analysis suggested that the direct impact of the trade shock on world GDP could be smaller than the Committee had expected in the May Report. Trade policy uncertainty would nevertheless continue to have an impact on the UK economy. 41: There had been rapid geopolitical developments in the lead up to this MPC meeting. Energy prices had risen owing to an escalation of the conflict in the Middle East. The Committee would remain vigilant about these developments and their potential impact on the UK economy. 42: Although monetary policy had been eased over the past year, the Committee had retained a restrictive stance in order to continue to squeeze out persistent inflationary pressures. There was a range of views among members on the remaining degree of restrictiveness. 43: All members stressed that monetary policy was not on a pre-set path. The Committee would remain sensitive to heightened unpredictability in the economic and geopolitical environment, and would continue to update its assessment of risks to the economy. 44: Six members preferred to maintain Bank Rate at 4.25%. Disinflationary progress had continued, but there was not a strong case for a further easing of monetary policy at this meeting. Inflation seemed likely to stay around 3½% over the second half of 2025 before falling back towards the target from next year. There had generally been some greater signs of disinflationary pressures from the labour market, both in terms of quantities and wages, than from developments in domestic prices. Recent global developments had not had a significant impact on this meeting’s policy decision. 45: The risks around the medium-term path of CPI inflation remained two-sided. Assessing the pace of disinflation would continue to be key for these members in reaching a view on how quickly to remove remaining policy restraint. That assessment was likely to include a number of elements. Signs of weak demand, for example as a result of continued high saving, could lead to a more rapid opening up of slack in the labour market. In contrast, supply side constraints, such as continued weakness in productivity, or structural change in goods and labour markets could contribute to inflationary pressures. Inflation persistence could also be generated by higher food prices raising inflation expectations, impacting wage and price setting behaviours. 46: Three members preferred a 0.25 percentage point reduction in Bank Rate at this meeting. The cumulative evidence from a range of labour market data pointed to a material further loosening in labour market conditions. Private sector regular wage growth had come in lower than expected, while incoming pay settlements data had continued to be close to the Agents’ annual pay survey figure for the end of 2025, and were approaching sustainable rates. Consumer spending and underlying growth had remained subdued, alongside ongoing risks to global growth. The disinflation process was continuing, with the most significant contributions to the pickup in headline inflation coming from one-off tax and administered prices, though with uncertainty from global developments that needed monitoring. In the medium term, a continued monetary policy stance that was too restrictive risked inflation deviating from the 2% target on a sustained basis and the opening up of an unduly large output gap. Given this balance of risks, a less restrictive policy path was warranted. 47: Given the outlook, and continued disinflation, a gradual and careful approach to the further withdrawal of monetary policy restraint remained appropriate. The Committee would continue to monitor closely the risks of inflation persistence and what the evidence might reveal about the balance between aggregate supply and demand in the economy. Monetary policy would need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term had dissipated further. The Committee would decide the appropriate degree of monetary policy restrictiveness at each meeting. 48: The Chair invited the Committee to vote on the proposition that: Bank Rate should be maintained at 4.25%. 49: Six members (Andrew Bailey, Sarah Breeden, Megan Greene, Clare Lombardelli, Catherine L Mann and Huw Pill) voted in favour of the proposition. Three members (Swati Dhingra, Dave Ramsden and Alan Taylor) voted against the proposition, preferring to reduce Bank Rate by 0.25 percentage points, to 4%. Operational considerations 50: On 18 June, the stock of UK government bonds held for monetary policy purposes was £590 billion. 51: The following members of the Committee were present: Andrew Bailey, Chair Sarah Breeden Swati Dhingra Megan Greene Clare Lombardelli Catherine L Mann Huw Pill Dave Ramsden Alan Taylor Sam Beckett was present as the Treasury representative. Jonathan Bewes was also present on 9 June, as an observer for the purpose of exercising oversight functions in his role as a member of the Bank’s Court of Directors. The Bank of England Act 1998 gives the Bank of England operational responsibility for setting monetary policy to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The minutes of the Committee meeting ending on 6 August will be published on 7 August 2025.

ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that assets invested in the ETFs industry globally reached a new record of US$16.27 trillion at the end of May. During May, the ETFs industry globally gathered net inflows of US$118.34 billion, bringing year-to-date net inflows to a record US$738.88 billion, according to ETFGI's May 2025 Global ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted) Highlights Assets invested in the global ETFs industry reached a new record of $16.27 Tn at the end of May, surpassing the previous record of $15.50 Tn at the end of February 2025. Net inflows of $118.34 Bn gathered during May.  Year-to-date (YTD) net inflows into ETFs have reached a record high of $738.88 billion in 2025, surpassing the previous highs of $594.01 billion in 2024 and $572.02 billion in 2021, which now stand as the second and third highest on record, respectively. 72 months of consecutive net inflows – 6 years. “The S&P 500 Index rose by 6.29% in May, bringing its year-to-date (YTD) gain to 1.06% in 2025. The Developed Markets ex-U.S. Index increased by 5.12% in May and is up 16.52% YTD. Among developed markets, Austria and the Netherlands led with gains of 11.40% and 9.12%, respectively. The Emerging Markets Index climbed 4.42% in May, with a 6.30% YTD increase. Taiwan and Greece posted the strongest monthly performances among emerging markets, rising 12.57% and 10.99%, respectively,” according to Deborah Fuhr, managing partner, founder, and owner of ETFGI.  Growth in assets in the Global ETFs industry as of the end of May The Global ETFs industry has 14,183 products, with 28,076 listings, assets of $16.27 Tn, from 864 providers on 81 exchanges in 63 countries at the end of May. During May, ETFs gathered net inflows of $118.34 Bn. Equity ETFs gathered net inflows of $32.28 Bn, bringing YTD net inflows to $329.72 Bn, slightly higher than the $327.42 Bn in YTD net inflows in 2024. Fixed income ETFs reported net inflows of $42.92 Bn during May, bringing net inflows for the year through May to $141.11 Bn, higher than the $113.40 Bn in YTD net inflows in 2024. Commodities ETFs reported net outflows of $1.25 Bn during May, bringing YTD net inflows to $31.16 Bn, much higher than the $7.55 Bn in net outflows YTD in 2024. Active ETFs attracted net inflows of $43.49 Bn during the month, gathering net inflows for the year of $220.25 Bn, much higher than the $124.63 Bn in net inflows YTD in 2024.   Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $62.82 Bn during May. Vanguard S&P 500 ETF (VOO US) gathered $10.49 Bn, the largest individual net inflow. Top 20 ETFs by net new assets May 2025: Global   Name   Ticker Assets($ Mn)May-25 NNA($ Mn) YTD-25 NNA($ Mn)May-25 Vanguard S&P 500 ETF   VOO US      657,340.88             65,480.72         10,493.83 Invesco QQQ Trust   QQQ US      334,124.94             10,416.07           8,148.51 iShares Bitcoin Trust   IBIT US        69,213.48             11,320.91           5,914.78 iShares 20+ Year Treasury Bond ETF   TLT US        49,836.24                   49.67           3,822.67 iShares U.S. Thematic Rotation Active ETF   THRO US          4,368.00              4,341.12           3,768.08 iShares MSCI EAFE Value ETF   EFV US        25,414.42              2,264.70           3,580.05 iShares iBoxx $ Investment Grade Corporate Bond ETF   LQD US        30,683.92              1,419.02           3,046.81 iShares Core International Aggregate Bond ETF   IAGG US        10,035.90              2,963.20           3,022.55 Invesco Nasdaq 100 ETF   QQQM US        48,365.86              8,331.75           2,257.58 iShares 0-3 Month Treasury Bond ETF   SGOV US        46,812.41             16,898.76           2,052.94 iShares Broad Global Govt Bond UCITS ETF   IGBG NA          2,918.80              2,695.33           1,952.62 Vanguard Total Stock Market ETF   VTI US      473,452.43             15,683.35           1,935.59 SPDR Portfolio S&P 500 ETF   SPLG US        67,769.20             13,332.93           1,839.10 Vanguard Total Bond Market ETF   BND US      127,264.63              4,888.36           1,736.45 iShares Core € Corp Bond UCITS ETF   IEBC LN        16,193.50                (864.28)           1,659.12 iShares Core U.S. Aggregate Bond ETF   AGG US      124,511.71              3,375.08           1,598.83 UBS ETFs plc - MSCI ACWI SF UCITS ETF (hedged to USD) A-acc   ACWIU SW          8,089.99                 747.35           1,578.81 iShares AI Innovation and Tech Active ETF   BAI US          1,694.36              1,627.98           1,527.57 iShares MBS ETF   MBB US        38,227.93              2,299.66           1,513.28 Vanguard Information Technology ETF   VGT US        86,681.81              3,814.57           1,372.85   The top 10 ETPs by net new assets collectively gathered $2.33 Bn over May. MicroSectors FANG+ 3X Leveraged ETN (FNGB US) gathered $916.40 Mn, the largest individual net inflow. Top 10 ETPs by net new assets May 2025: Global Name   Ticker Asset($ Mn)May-25 NNA($ Mn) YTD-25 NNA($ Mn)May-25 MicroSectors FANG+ 3X Leveraged ETN   FNGB US          1,586.27              1,306.79              916.40 AMUNDI PHYSICAL GOLD ETC (C) - Acc   GOLD FP          8,148.08              1,211.71              315.75 WisdomTree Core Physical Silver ETC   WSIL LN             470.56                 414.36              308.46 MERITZ SECURITIES MERITZ KIS CD RATE ETN 63   610063 KS             929.32                 146.12              146.12 ProShares Ultra VIX Short-Term Futures   UVXY US             373.89                (133.37)              142.30 Grayscale Bitcoin Mini Trust ETF   BTC US          4,555.03                 564.91              129.88 Bitwise Ethereum Staking ETP   ET32 GY             220.63                 146.20              107.69 iPath Series B S&P 500 VIX Short-Term Futures ETN   VXX US             389.30                   74.60               91.87 iShares Physical Gold ETC   SGLN LN        22,342.45              1,234.83               90.47 WisdomTree Physical Gold - EUR Daily Hedged   GBSE GY             723.28                 151.83               83.39   Investors have tended to invest in Active ETFs during May.

Daniel Johnson brings deep expertise gained in tech-driven organisations. Appointment follows FTV Capital investment in February 2025, to accelerate go-to-market efforts, increase investment in technology and product innovation. Validus Risk Management (Validus), a leading software and tech-enabled services platform for financial risk management, today announces the appointment of Daniel Johnson as Chief Technology Officer (CTO). Based in London and reporting to CEO Kevin Lester, Daniel will lead on developing the company’s technology strategy as it continues to scale operations and develop its product offering.  With over 15 years of experience working in both large and small tech-driven organisations, Daniel brings significant technical and leadership experience. Most recently, Daniel spent four years at Hargreaves Lansdown, the UK's largest and most successful online investment platform, as Chief Digital Platforms Officer. Prior to Hargreaves Lansdown, Daniel worked as CTO for a number of successful software businesses helping them to build scale and efficiency. The appointment follows the announcement, in February 2025, of a $45 million growth equity investment from FTV Capital. In addition to supporting the company’s continued expansion into the APAC, US and European markets, the investment will enable Validus to accelerate its go-to-market efforts and invest in technology and product innovation. Commenting on his appointment, Daniel Johnson said: “I’m delighted to be joining Validus at such an exciting time for the business. I look forward to working with the team to continue driving product innovation and leading the firm’s ongoing development from a technology perspective.” Kevin Lester, CEO of Validus Risk Management, added: “We are committed to regularly evaluating our technology stack and strategy to ensure we can most effectively support our clients. With his deep expertise, focus on continuous improvement and technology innovation, Daniel is a valuable addition to our executive team as we continue to deliver on our ambitious growth plans.” Earlier this month, Validus announced the opening of its new Singapore office and the appointment of Shawn Koh as Head of Asia Client Coverage, to lead operations across APAC following growing client demand for its services in the region.