LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Citigroup Global Markets Limited ("Citi") on the London Stock Exchange as part of its share buyback programme, as announced on 04 November 2025. Date of purchase: 18 November 2025 Aggregate number of ordinary shares purchased: 207,500 Lowest price paid per share: 8,510.00p Highest price paid per share: 8,622.00p Average price paid per share: 8,561.11p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 514,778,762 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 24,051,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 514,778,762. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter), a full breakdown of the individual purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/0654I_1-2025-11-18.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased:       207,500 (ISIN: GB00B0SWJX34) Date of purchases:      18 November 2025 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 8,561.11 207,500 8,510.00 8,622.00 Turquoise        

TRG Screen, the global leader in market data management solutions, today announced a strategic partnership with S4 Market Data, a consulting firm specializing in vendor negotiations and complex procurement processes. The collaboration strengthens TRG Screen's managed services offerings with complementary strategic consulting capabilities, giving clients even greater efficiency and control over commercial and vendor outcomes.The partnership reflects the rising complexity of market data management, where firms need both operational discipline and strategic procurement to control costs and reduce risk. TRG Screen's managed services address the most time-consuming aspects of day-to-day operations - invoice processing, inventory management, order fulfillment and exchange declarations - while S4 adds specialized support for negotiations, contract optimization and complex procurement."Procurement has always been critical in market data, but the stakes are now higher with more vendors, more complex licensing models and more commercial pressure," said Leigh Walters, CEO, TRG Screen. “This partnership gives our clients the full spectrum of expertise needed to optimize their market data investments, from operational administration to managing these critical commercial relationships."Together, the firms offer clients TRG Screen's proven managed services foundation alongside S4's specialized capabilities in: Contract sourcing and negotiation for cost reduction and terms optimization Procurement and renewals administration Index licensing assessment and analysis Data feed administration for real-time access “The partnership is a natural evolution," said Bernardo Santiago, CEO and Co-Founder, S4 Market Data. "Combining our procurement expertise with TRG Screen's operational excellence delivers unprecedented value for clients navigating increasingly complex vendor relationships and market data requirements."Firms can continue to utilize TRG Screen's current managed services independently, or may opt for additional support with S4's specialized consulting when their market data procurement complexity demands additional strategic capabilities.

Elementaryb, the pioneering fintech redefining financial management for Small and Medium-sized Enterprises (SMEs), today announces the commercial launch of sherloc, the world's first 'financial brain' created specifically for SMEs.  sherloc is an AI-enabled software platform designed to deliver closer financial control and the forward-looking insights business owners need to anticipate risks, protect operations, and identify new growth opportunities.  The sherloc platform is onboarding 270 startups and scaleups with three accelerators, including FasterForward run by the Female Founder Network (FFinc) and the Frontier Programme by London Grow in partnership with Fidelity Centre for Applied Technology (FCAT). Market Context: Why SMEs Need a New Kind of Intelligence According to the official figures from the Federation of Small Businesses (FSB), the UK's 5.5 million SMEs account for over 99% of all businesses, three-fifths of employment, and more than half of the turnover in the UK private sector. They are, without question, key to UK economic health and growth. Yet, despite being the engine room of the economy, they are often the most exposed to economic shocks, supply chain disruptions, and cash flow pressures. Democratising Financial ForesightHistorically, sophisticated financial forecasting has been the preserve of large corporations with dedicated in-house planning teams and costly analytics. Most SMEs, despite their importance to the UK economy, have been left to navigate volatility with tools that were designed for large corporations, with functionalities and price tags to match. sherloc bridges this gap. It connects operational, budgetary, and financial data to provide seamless, affordable and accurate strategic forecasting. The platform uses AI-powered signals to alert leadership teams to financial risks, economic trends, and supply chain events in real-time, while also suggesting potential solutions. Karen Rudich, CEO of Elementaryb, commented: “The launch of sherloc marks the start of an exciting new chapter. As an entrepreneur with experience building and scaling businesses, I know first-hand how much this vital part of the market needs better tools, designed specifically for them. SMEs deserve more than just a backwards glance at their finances; they need to see what’s coming around the corner.  sherloc has been designed to offer them just that capability, as well as helping them to identify future opportunities for growth. “We’re accelerating at full throttle and look forward to announcing more key strategic alliances, all designed to add value to SMEs as we build-out the UK’s first SME marketplace, which will be key to our ambitions to scale.” Tim Jones, CEO and Founder at Positive Transition Limited, an early user of the sherloc platform, said: "sherloc puts financial strategy in founders’ hands. It’s intuitive, visual and genuinely helps you think like an investor without needing to be one." Built by SME Entrepreneurs, for SME Entrepreneurs sherloc is the result of a five-year development and validation journey, co-designed with business owners, CFOs, and a range of advisors. The platform's development was backed by an Innovate UK grant to support manufacturing businesses, proving its real-world value in helping firms model the impact of economic events like new trade tariffs or dynamic shipping costs, as just two examples. sherloc’s features include: Smart Forecasting: A powerful bottom-up engine that turns operational inputs into structured financial models for real-time scenario modelling. Collaborative Workspace: Allows CEOs, CFOs, and advisors to work from a shared base with full audit trails and version control. Data Integrity: Built-in validation checks and pattern recognition detect errors and inconsistencies to maintain financial accuracy. Embedded Education: Contextual content explains key financial concepts and acronyms, making advanced financial planning accessible to all. Building the UK’s First SME Ecosystem: Partners and Marketplace To provide immediate value, sherloc is launching with a powerful ecosystem of strategic partners, including Time Finance and Caxton.   Elementaryb is also building the UK’s first independent SME marketplace, a curated platform of products and services tailored to SME needs. This will give business owners direct access to trusted solutions from launch partners like iwoca, Xero, The Bird Dog, Legal Clarity, RJF Accountants and xe.com, placing sherloc at the heart of the UK’s business community, FCAT, London and Partners, and FFinc, all in collaboration with HSBC, Grant Thornton, Block and Wilson Sonsini, amongst other large corporates.  

Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Fortinova AB (ticker name: FNOVA B) will commence today on the Nasdaq Stockholm Main Market. The company was listed on the Nasdaq First North Premier Growth Market in November 2020. Fortinova is the 35th company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2025, and the 146th company to transfer from Nasdaq First North Growth Markets to Nasdaq Main Markets in the Nordics over the years. Fortinova is an expansive real estate company based in Varberg whose business concept since its inception in 2010 has consisted of acquiring, developing and managing primarily residential properties with documented positive cash flows. The group aims to generate positive returns over time, regardless of market developments. Fortinova has a geographical focus on growth municipalities in western Sweden that are considered to have a good growth profile and are attractive places to live, work and reside. "Our listing on Nasdaq Stockholm is both a milestone and a logical next step for Fortinova. It confirms the stability and long-term approach we have built over time. Our focus remains on sustainable value growth, supported by a solid occupancy rate and a well-established geographical strategy centered on growing municipalities in western Sweden. Equally important is our local presence and the entrepreneurial drive that has brought us to where we stand today. After valuable years on Nasdaq First North Premier Growth Market, the main market’s established structure and visibility provide even stronger conditions for us to continue our growth and strengthen our position," says Anders Johansson, CEO of Fortinova. "We are thrilled to welcome Fortinova to Nasdaq Stockholm’s Main Market and celebrate this important milestone together. This achievement reflects Fortinova’s strong position in Swedish real estate, and we look forward to supporting their continued growth within Nasdaq Stockholm’s robust capital markets," says Adam Kostyál, Head of European Listings at Nasdaq and President of Nasdaq Stockholm.*Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic.

New analysis released today by ISI Markets, the global market intelligence provider known for its unique depth and breadth of coverage of emerging markets, confirms that the Association of Southeast Asian Nations (ASEAN) has rapidly taken centre stage as the primary route for global trade flows seeking alternatives to traditional channels. The data strongly indicates that major economies, notably China, are actively engaging in supply chain reconfiguration, cementing ASEAN's role as the definitive "connector economy".  The insights from ISI Markets were based on comprehensive data generated by its newly launched CEIC ASEAN premium database. Despite its scale, ASEAN has long posed analytical challenges due to the fragmented nature of its data, spanning ten economies with differing languages, currencies, and statistical systems. CEIC ASEAN Premium addresses this gap by providing a unified, high-frequency, subnational database that integrates official, local-language, and alternative data sources. The platform enables economists, investors, and strategists to monitor and model ASEAN’s economies with unprecedented comparability and granularity. Key Themes: FDI Flow Acceleration: Current trade analysis confirms Thailand, Malaysia, and Indonesia are now established as the primary hubs for rerouted manufacturing capital (FDI), showing the most notable shifts in import trends globally following the start of diversification efforts in 2017. Active Trade Bridging: ASEAN actively functions as the essential processing hub, demonstrated by the strong positive correlation between China’s exports to ASEAN and US imports from ASEAN since 2018, a quantifiable link that continues to maintain global supply chain continuity. Trade Upgrading: Vietnam’s expanding trade surplus with the US coinciding with a widening trade deficit with China demonstrates the classic pattern of trade diversion. This is reinforced by the rapid increase in China's import dependency on Vietnam for electrical equipment (HS 85 category). Future Manufacturing Hub: Thailand is accelerating its structural pivot, evidenced by the growth of domestic Electric Vehicle (EV) production capacity from 1% to 7% in just eighteen months, underlining ASEAN’s role in next-generation manufacturing. The analysis shows that geopolitical and tariff pressures are driving a strategic pivot, compelling global companies to establish resilient trade channels outside of existing bilateral routes. Accumulated direct investment abroad by China since 2017 correlates with significant shifts in import trends across key ASEAN markets and has only intensified throughout 2025. Specifically, Thailand, Malaysia, and Indonesia, alongside Mexico are experiencing the most notable trend changes, indicating they are now crucial recipients of manufacturing and capital flows aimed at diversification. "CEIC ASEAN Premium provides undeniable clarity and conviction out of complexity. The global supply chain has not simply fractured; it is actively rerouting, and ASEAN is the pivotal switching mechanism," said Steve Pulley, CEO of ISI Markets. "Leveraging ASEAN's scale and trade frameworks is a strategic imperative to ensure continued access to global markets. For investors, this translates into secular growth opportunities across the region's manufacturing, digital, and energy sectors. CEIC ASEAN Premium is the only intelligence product in the region that provides the breadth and depth necessary to uncover these dynamics." The data confirms that as global firms operationalise diversification strategies, ASEAN’s commitment to internal integration and its immense market scale of over 650 million people, position it perfectly to be the world’s essential economic bridge.

Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has hosted the DIFC Family Wealth Centre Summit. During the event, DIFC unveiled several landmark initiatives and partnerships set to reinforce Dubai’s position as the MEASA region’s premier destination for family wealth, next-generation leadership and succession planning.  Taking place at a time when family legacy and innovation are converging to define the future of global wealth, the Summit brought together regional and international family business leaders, next-generation entrepreneurs, and industry experts to explore how families can preserve and grow their wealth for generations to come.  Amongst the family business representatives sharing their expertise were; Sima Ganwani, Founder and Chairperson – Apparel Group; Muhammad Bin Ghatti, Chairman – Binghatti Holdings; Muna Al Gurg, Vice Chairperson – Easa Saleh Al Gurg Group; Amira Sajwani, Managing Director – DAMAC Properties and Rahul Jagtiani, Group Director – Landmark Group.  New initiatives to shape the future of family wealth During the Summit, the DIFC Family Wealth Centre announced a comprehensive suite of initiatives reinforcing its mission to help families thrive in an evolving economic landscape. Among them was the NextGen Leadership Programme, developed in collaboration with partners including PwC, Al Tamimi & Company and Hawkamah. Set to launch in early 2026, the flagship programme is designed to empower the next generation of family business leaders through immersive training, mentorship, and global best-practice modules focused on governance, innovation, and intergenerational transition.  The DIFC Family Wealth Centre also unveiled a digital platform - an integrated web and mobile ecosystem that will provide seamless access to their services, educational programmes, publications and events. Complementing this is the planned introduction of Concierge Services, a bespoke offering designed to enhance the DIFC value proposition for family offices and ultra-high-net-worth individuals through personalised operational, lifestyle, and business support within the DIFC ecosystem.  To strengthen its collaborative network, the Centre announced Memoranda of Understanding with a number of partners. Dubai Land Department (DLD) established an agreement that will enable families and HNWIs to utilise DIFC legal structures for real estate ownership. The General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai) agreement is expected to facilitate golden visa applications for DIFC Family Wealth Centre members.  In separate agreements, Mashreq Bank, Standard Chartered and Emirates NBD are set to deepen cooperation with the Centre on education, governance, and tailored financial solutions for family enterprises. The Centre also introduced its Expert Advisory Council (EAC), a select group of regional and international experts who will guide its strategy and reinforce its role as a global platform for family wealth management and thought leadership. Building on Dubai’s global strength in family enterprise Today, more than 1,250 family-related entities, including many global private-client institutions, call DIFC home. Collectively, the top 120 families based in DIFC manage over USD 1.2 trillion  in assets globally, contributing significantly to the UAE’s economy, where family businesses drive around 60 per cent of GDP and employ 80 per cent of the national workforce. When welcoming delegates to the Summit, H.E. Essa Kazim, Governor of DIFC, said: “Families have always been at the heart of Dubai’s progress, shaping the emirate’s prosperity and global reputation across generations. Today, as our region approaches a historic trillion dollar generational wealth transfer, DIFC remains committed to providing the governance, advisory access, and world-class structures that enable families to preserve and grow their legacies. The DIFC Family Wealth Centre represents a continuation of this mission. Today, it is a dedicated ecosystem designed to support families as they navigate an increasingly complex global environment. As more families choose Dubai for its culture of partnership, robust governance, and progressive legal and regulatory frameworks, we will continue to empower them with the tools, expertise, and future-focused initiatives that ensure their success for decades to come.” Empowering generational prosperity Established in 2023, the DIFC Family Wealth Centre is the world’s first centre of its kind, offering an integrated platform for family businesses and UHNWIs to navigate succession planning, governance, and institutional growth. It continues to attract new families to DIFC, reflected in a 54 per cent increase in family foundations established in the past year.  Through its growing portfolio of programmes, partnerships, and advisory services, the Centre reinforces Dubai’s position as a trusted global partner for legacy building, combining tradition, innovation, and purpose for generations to come.

The Bank Barometer shows that Swedish banks’ net profit decreased by SEK 2 billion during the first half of 2025 compared to the second half of 2024. The decrease was attributable primarily to a decrease in net financial income. The report also shows that lending to the public has increased, while the percentage of non-performing loans has decreased. The Bank Barometer describes the Swedish banking system and is published twice a year. The report presents data on, among other things, deposits, profitability and funding broken down into different categories of banks and credit market firms. The report is descriptive, but its aim is not to assess the stability of the Swedish banking system. This issue focuses on the development in H1 2025. Starting with this publication, the report published in the autumn will be a shorter version that only presents data for the Swedish banking market as a whole. The Bank Barometer published in the spring, as usual, will present data on the Swedish banking market both as a whole and in separate chapters for each category of bank.  Concentrated market, but major banks are losing shares The Swedish banking market is concentrated, and seven banks account for more than 80 per cent of lending to the public. During the first half of 2025, the three major banks – SEB, Handelsbanken and Swedbank – continued to lose market shares to primarily foreign banks. Savings banks and mortgage banks also gained market shares during the period. Banks’ net profit decreases The Swedish banks’ net profit decreased during the first half of 2025 compared to the second half of 2024. This decrease was driven primarily by falling net financial income at the same time as decreased costs dampened the decline. Lending increases, and the percentage of non-performing loans decreases Lending to the public grew by 1.6 per cent at an annual rate during the first half of 2025, a decrease compared to the second half of 2024 when the growth rate was 2.5 per cent at an annual rate. Consumer credit firms showed the largest growth. For the Swedish banking sector as a whole, the percentage of non-performing loans decreased between the second half of 2024 and the first half of 2025. The percentage of non-performing loans increased, however, for consumer credit firms and mortgage banks during the period. Consumer credit firms continued to have the largest percentage of non-performing loans of all categories. Non-performing loans entail that the borrower is not making payments in accordance with the terms of the loan or that there is a risk that payments will not be made. For the Swedish banking sector as a whole, the levels of non-performing loans are higher than before, but the levels are still low compared to banks in the rest of Europe. The Bank Barometer April 2025 ( < 1MB)

On November 17, the United States Department of the Treasury and the Kingdom of Saudi Arabia signed two new frameworks for enhanced cooperation between our countries.  As part of President Donald J. Trump’s historic Strategic Economic Partnership with Saudi Arabia, announced in May 2025, these new frameworks further deliver on the President’s foreign policy vision that benefits America and its people first. Treasury is keen to leverage our partnership with Saudi Arabia to advance our America First priorities and deliver value for the American taxpayer.  As signed by Secretary Scott Bessent and Finance Minister Mohammed Aljadaan, the Financial and Economic Partnership Arrangement solidifies our cooperation and advances key priorities at the World Bank, IMF, and G20 to ensure that these institutions deliver for Americans. As part of this Arrangement, our nations will also continue our close cooperation on anti-money laundering and counter-terrorist financing issues to make our financial system even safer.    Secretary Bessent and Finance Minister Aljadaan also signed the Arrangement Regarding Capital Markets Collaboration with Saudi Arabia to work to improve the efficiency and effectiveness of capital markets activity between our jurisdictions, focusing on capital markets technology, standards, and regulations. Efficiently moving capital for investments between our economies is a key catalyst to realize the full economic potential of the relationship between our countries. We are working to leverage our financial assets to drive growth that benefits the American people. The Treasury Department will lead this engagement for the United States, working in close coordination with key regulators. Treasury also welcomes the Strategic Framework for Cooperation on Securing Uranium, Metals, Permanent Magnets, and Critical Minerals Supply Chains, which will help enable two-way investment in this essential sector and is a cornerstone of the strategic partnership between our nations. Treasury is pleased to have contributed to this Strategic Framework, and we are committed to maximizing the value of our natural resources. This is an essential step toward building a resilient critical minerals market and global supply chain.  Finally, the United States Department of the Treasury and the Zakat, Tax and Customs Authority of the Kingdom of Saudi Arabia have also come to agreement in principle on the text of a Tax Information Exchange Agreement. This should further the President’s America First policy by deepening the economic relationship between the United States and Saudi Arabia and enhancing both nations’ abilities to prevent and punish cross-border tax abuse and fraud.

Thank you to Walt and the entire FIA team for inviting me here to speak at FIA EXPO. It is an honor to have set out my agenda as Acting Chairman earlier this year at FIA BOCA, and to now share with you today the incredible progress that the CFTC has made to date, and what’s still to come.  It’s been an honor to usher in a new era of innovation and market structure under my leadership since January, from perpetual-style futures, 24/7 and extended hours trading, prediction markets, and the CFTC’s Crypto Sprint. When we look back at the inflection points that re-shaped global finance, certain patterns become unmistakable. In the 1970s and 1980s, the electronification of securities markets transformed the very architecture of price discovery, market access, and risk management.  What began as incremental automation evolved into a wholesale rethinking of how markets operate—driving efficiency, transparency, and resilience on a scale that was unimaginable at the outset. Today, we stand before a parallel moment.  Blockchain technology and the tokenization of financial instruments are not merely new tools; they represent a structural modernization of the market’s underlying infrastructure.  Just as electronic trading shifted us from paper tickets to integrated, data-rich environments, distributed ledgers shift us from siloed recordkeeping to shared, programmable, and verifiable systems of value. The same core principles that guided prior waves of innovation—market integrity, customer protection, and sound risk governance—must anchor us now.  But we should also recognize that transformational technologies rarely arrive fully formed.  They mature through responsible experimentation, robust public-private collaboration, and clear, forward-looking regulatory frameworks. If we approach blockchain and tokenization with the same pragmatism, curiosity, and commitment to fairness that guided earlier eras of modernization, we can unlock the efficiencies of digital assets while preserving the trust that underpins our markets.  This is our opportunity to shape the next chapter of financial evolution—one that builds on history rather than repeating it, and one that ensures U.S. markets remain a global benchmark for innovation and integrity. What a difference a year makes.  Last November, the Digital Asset Markets Subcommittee (DAMS) of the CFTC’s Global Markets Advisory Committee (GMAC), which I sponsor, had just released its first recommendations on tokenization of non-cash collateral.  The report made the case that tokenization is “simply another technological wrapper for existing assets,” and that modern plumbing can remove frictions that hinder collateral mobility and efficiency.  A year later, as more of the world moves to 24/7 markets in asset classes with sufficient liquidity, those initial findings are more relevant than ever.  Blockchains have proven their utility and durability as constantly upgradable financial market infrastructure, which presents a tremendous opportunity to improve the old ways of managing collateral. Today, I’ll tell you what the CFTC has accomplished since May 2025, and outline the CFTC’s 12-month Crypto Sprint—listed spot crypto trading, tokenized collateral including stablecoins, and technical amendments to our regulations to enable the use of blockchain technology and market infrastructure. Continuing to Deliver Results I want to highlight some of the key accomplishments that the CFTC has achieved since our first 100 days, in addition to our day-to-day work.  I thank my directors and their staff who have been working so hard all year to deliver these results.  Most of these initiatives address proposals or concerns I raised as a Commissioner, and some address longstanding issues created by overreach in the CFTC’s implementation of the Dodd-Frank Act.  I am also very pleased that the CFTC has continued to adopt recommendations from the CFTC’s GMAC.  Since May 2025, the CFTC has completed the following: Swaps Market and Reducing Regulatory Burdens Issued staff interpretative letter regarding certain cross-border definitions to provide clarity and reaffirm the CFTC’s longstanding application of foreign futures and options and cross-border swaps regulation Issued staff procedures to provide clarity on treatment of non-compliance issues and enforcement for non-U.S. swap entities relying on substituted compliance Issued proposed rules to amend swap dealer external business conduct and swap documentation requirements Issued no-action letter on swap data error correction notification requirements Issued no-action letter on SEF order book requirements Withdrew proposed rules on parts 37 and 38 of CFTC regulations Withdrew proposed rules on operational resilience framework Withdrew staff guidance on listing voluntary carbon credit derivatives contracts Withdrew staff guidance on derivatives clearing organization (DCO) recovery plans and wind-down plans Withdrew staff advisory on prime brokerage arrangements Innovation and Market Structure Issued staff advisory on foreign board of trade (FBOT) registration to provide clarity for non-U.S. exchanges seeking to provide direct access to U.S. participants, regardless of asset class Issued staff advisory on market volatility controls Issued staff advisory on risk management and compliance requirements for designated contract markets (DCMs), DCOs, futures commission merchants (FCMs), and introducing brokers (IBs), including sports-related event contracts Issued staff FAQs on FCM registration and compliance given the number of non-traditional entities and new entrants in our derivatives markets Announced implementation of Nasdaq Market Surveillance System to improve the CFTC’s market oversight tools Hosted first joint roundtable with SEC in 15 years to discuss innovation, market structure, and harmonization Golden Age of Crypto The American story is one of innovation.  From the great transcontinental railroads, to the internet worldwide, American entrepreneurs have held high a shining beacon to the future.  The President’s Working Group on Digital Asset Markets, established by President Trump’s executive order in the first days of the Administration, recognizes our American spirit of innovation and endorses the notion that digital assets and blockchain technologies can revolutionize not just America’s financial system, but systems of ownership and governance economy-wide.  The President’s Working Group is ushering in the Golden Age of Crypto and published its report, Strengthening American Leadership in Digital Financial Technology, with a comprehensive set of recommendations to provide regulatory clarity and adopt a pro-innovation mindset towards digital assets and blockchain technologies.  The report addresses key areas such as: Positioning America as the leader in digital asset markets Modernizing bank regulation for digital assets Strengthening the role of the U.S. dollar Combating illicit finance in the Digital Age Ensuring fairness and predictability in digital asset taxation For too long, a lack of clarity and destructive regulation-by-enforcement policy has held back U.S. businesses and entrepreneurs whilst the rest of the world established frameworks for digital assets and crypto to facilitate innovation in their jurisdictions.  Indeed, many U.S. innovators were driven offshore to jurisdictions with more regulatory clarity, such as in Asia, Europe, and the Middle East.  That is why the U.S. cannot delay in moving forward to welcome back home Americans and others that want to invest, hire, and build in the United States of America. Accordingly, with respect to digital asset markets, the President’s Working Group report recommends that the SEC and CFTC use their existing authorities to (1) immediately enable the trading of digital assets at the Federal level by providing clarity to market participants on issues such as registration, custody, trading, and recordkeeping; and (2) allow innovative financial products to reach consumers without bureaucratic delays through the use of tools like safe harbors and regulatory sandboxes.  The report lauds Congressional efforts such as the historic enactment of the GENIUS Act to establish the first-ever Federal regulatory framework for stablecoins, and the passage by the House of Representatives of the groundbreaking CLARITY Act and other legislative proposals on digital asset market structure, including ongoing progress by the Senate Agriculture Committee and the Senate Banking Committee.  Meanwhile Congress continues this important work, the U.S. market regulators are answering the President’s call to act now with two complementary initiatives to continue the swift progress on providing regulatory clarity: the SEC’s Project Crypto and the CFTC’s Crypto Sprint.  Our goal is clear: for the United States to lead in responsible innovation and safe modernization, and not just talk about it. Golden Age of Market Innovation Together, the SEC and the CFTC have embarked on a new beginning for coordination between our agencies.  We will work together to harness our Nation’s unique regulatory structure into a source of strength for market participants, investors, and all Americans.  To the extent possible and appropriate in the public interest under existing statutes, our agencies will consider harmonizing product and venue definitions; streamlining reporting and data standards; aligning capital and margin frameworks; and standing up coordinated innovation exemptions using existing authority. On September 29, SEC Chairman Paul S. Atkins and I hosted, for the first time in 15 years, a joint SEC-CFTC roundtable to discuss regulatory harmonization that will enable increased market choice and protect investors through clear, predictable, and pro-innovation regulatory frameworks that addresses, among other topics, innovation exemptions and DeFi. I’ll say it again: the turf war is over.  We are getting back to basics and back to regular order. CFTC Crypto Sprint In August, I announced the CFTC’s 12-month Crypto Sprint to implement the President’s Working Group recommendations.  I have long advocated that simplicity is the solution, and that the U.S. must have a durable and flexible approach to regulation that will keep up with continuing innovation and stand the test of time.  I have cautioned that we must take to heart the lessons learned from the Dodd-Frank Act, which had unintended consequences such as creating regulatory moats and market fragmentation. This means relying upon technology-neutral regulations that do not have to be continually rewritten to keep up with innovation, and activity-based regulations that do not require burdensome and costly entity-registration requirements that stifle competition by raising the gate to new entrants with less capital like start-ups and entrepreneurs.  Right after the release of the President’s Working Group report, the SEC and CFTC outlined our near-term initiatives.  As part of our Crypto Sprint, the CFTC launched public consultations on listed spot crypto trading and all other President’s Working Group report recommendations.  The CFTC’s Crypto Sprint has three main components: (1) listed spot crypto trading, which will be live on a DCM by the end of the year; (2) enabling tokenized collateral, including stablecoins, in derivatives markets, with guidance expected by the end of the year and DCOs going live by Q1 or Q2 of next year; and (3) a rulemaking to make technical amendments to the CFTC’s regulations for collateral, margin, clearing, settlement, reporting, and recordkeeping to enable the use of blockchain technology and market infrastructure including tokenization in our markets.  The rulemaking is expected to begin next year and be completed by August 2026.  That will complete the CFTC’s 12-month Crypto Sprint to implement the President’s Working Group report recommendations. Listed Spot Crypto Trading The SEC and CFTC released a joint staff statement in September that current U.S. law does not prohibit SEC- or CFTC-registered exchanges from facilitating trading of certain spot crypto asset products.  In other words, we are bringing digital assets and crypto inside our existing regulatory perimeter for securities and futures exchanges, which has provided unmatched access, market integrity, and investor protection for nearly 100 years.  U.S. capital markets are the deepest and most liquid in the world, and we will use that strength now. Listed spot crypto trading on DCMs is permissible under the Commodity Exchange Act, pursuant to amendments made by the Dodd-Frank Act, for retail commodity transactions involving leverage, margin, or financing.  One type of trade workflow could resemble cash equities, where an FCM provides leverage similar to a prime broker, the DCM is the execution venue, and the DCO performs post-trade processing.  This framework may be especially appealing to institutional liquidity providers and other market participants, because it utilizes existing regulations and processes for futures and options trading; will simplify implementation of operational, risk management, and compliance requirements; and will have best-in-class customer protections and market integrity. Cross-Border Framework Throughout my term and my sponsorship of the CFTC’s GMAC, I have been a staunch advocate for access to markets. Drawing upon the lessons learned from Dodd-Frank, it has been a priority for me to ensure that there is a pragmatic cross-border framework, including substituted compliance, mutual recognition, and passporting as appropriate, in order to avoid market fragmentation.  That is why I believe that, in the near term, we should use our existing registration categories for brokers, dealers, exchanges, and other market participants because the CFTC’s cross-border approach to foreign markets, products, and intermediaries has been in place for decades.  We should not have to reinvent the wheel. Two months ago, the CFTC released an advisory to reaffirm our longstanding framework for the registration and recognition of non-U.S. exchanges or FBOTs, which dates back to the 1990s.  By using this framework to provide regulatory clarity for non-U.S. exchanges, whether traditional or digital asset markets, that are in jurisdictions with comparable regulatory regimes to the U.S., this is the fastest way that we can legally onshore trading activity efficiently and safely under CFTC regulations and open up U.S. markets to the rest of the world.  Because of the lack of U.S. regulatory clarity and the enforcement-first approach of the past several years, many U.S. firms established affiliates in non-U.S. jurisdictions with clear regulations for crypto asset activities.  For example, these U.S. firms may have an EU crypto derivatives trading venue that is authorized under the Markets in Financial Instruments Directive (MiFID) regime as a regulated market (RM) or multilateral trading facility (MTF).  These EU trading venues could seek to provide access to U.S. market participants under the CFTC’s regulatory frameworks for FBOTs or exempt swap execution facilities (SEFs), as appropriate.  The CFTC will also explore whether trading platforms authorized under the EU Markets in Crypto-Assets Regulation (MiCA), or similar virtual asset or crypto asset regimes, would also qualify under the CFTC’s current cross-border frameworks.  Because so many foreign jurisdictions, in the vacuum over the past several years of a coherent U.S. digital asset policy, have implemented regulatory regimes that are not technology neutral, but are instead specific to crypto and blockchain technology, I believe it is critical for the U.S. to evaluate the most pragmatic path forward, particularly because those non-U.S. crypto asset regimes already include pillars such as capital, risk management, market conduct, retail protection, custody, conflicts of interest, transparency, and illicit finance. Tokenized Collateral Including Stablecoins In September, the CFTC launched an initiative for the use of tokenized collateral including stablecoins in derivatives markets, with a public comment period that ends this month.  This initiative builds on the CFTC’s successful Crypto CEO Forum held in February 2025 and puts into practice the recommendations from the GMAC’s DAMS and the President’s Working Group report, directing the CFTC to provide guidance on the adoption of tokenized cash and non-cash collateral as regulatory margin. At our historic Crypto CEO Forum, we discussed how innovation and blockchain technology will drive progress in derivatives markets, especially for modernization of collateral management and greater capital efficiency.  These market improvements will unleash U.S. economic growth because market participants can put their dollars to work smarter and go further. The public has spoken: tokenized markets are here, and they are the future.  For years I have said that collateral management is the “killer app” for stablecoins in markets.  The CFTC continues to move full speed ahead at the cutting edge of responsible innovation, and I appreciate the support of our industry partners. Our markets are global and increasingly 24/7, but bank rails are not.  That mismatch creates avoidable settlement risk and unnecessary drag on capital.  The GMAC’s work last year documented the operational bottlenecks of today’s non-cash collateral—sequential intermediaries, limits on secondary transfers, lack of 24/7/365 capabilities—and points to blockchain as a means to deliver real-time collateral mobility without changing the character of the asset itself. Now, the CFTC is taking a concrete step toward enabling real-time collateral mobility, improving capital efficiency, and hard-wiring resiliency into U.S. clearing and settlement infrastructure.  By working side-by-side with market participants, clearinghouses, and prudential regulators, the CFTC is helping operationalize what we’ve been talking about for years: moving from pilots and proofs-of-concept to the supervised use of tokenized collateral within our existing regulatory framework.  Important issues like convertibility, liquidity, transparency, custody safeguards, and haircuts should be addressed, so everyone knows the rules of the road. Tokenized money market funds  The CFTC sees tokenized money market funds, or TMMFs, as a fast-follower use case building directly on the same risk framework. Money market funds already play a central role in derivatives margin today.  The GMAC’s prior margin-rule recommendations paved the way by calling on the CFTC to remove outdated restrictions on MMFs engaged in repo and securities lending. Tokenization simply modernizes how those MMFs are recorded and transferred.  It turns daily NAV shares into onchain instruments that can move 24/7 between eligible custodians and clearing members. Here’s how this could work: Eligible assets: TMMFs would remain regulated under Rule 2a-7 and maintain all existing liquidity, maturity, and credit-quality standards. Custody and control: DCOs and FCMs would hold perfected control over the tokenized share—not the underlying portfolio—consistent with how we treat tokenized cash under GENIUS. Haircuts and valuation: TMMF tokens would be haircut using the same risk-based approach already applied to MMFs under Part 39, adjusted for any settlement-time differences. Liquidity resource qualification: Because TMMFs settle in U.S. dollars and are redeemable on demand through regulated intermediaries, DCOs may count them as qualifying liquidity resources under § 39.33(c)(3). Interoperability: With both payment stablecoins and TMMFs tokenized to common standards, clearing members could seamlessly move collateral between cash-like and yield-bearing positions, improving resiliency, and capital efficiency. As I’ve said before: embracing new technology does not mean compromising on market integrity—it means using technology to achieve the same protections faster, cheaper, and better. Qualified payment stablecoins Congress has now drawn bright lines: payment stablecoins that meet strict prudential standards—dollar-denominated, non-yield-bearing, 1:1 redeemable, backed by high-quality liquid reserves, and issued by appropriately supervised U.S. entities—are money-like instruments. That is exactly the class of tokens we’re talking about as collateral and settlement assets. Important questions will need to be addressed regarding whether our rules should treat these qualified payment stablecoins as cash or cash equivalents, as commenters highlight their stable value, high liquidity, and ready convertibility.  For VM, that means considering whether haircuts are appropriate.  For IM, I believe that an interim “look-through” approach tied to disclosed reserve assets is a practical bridge while the market scales.  In times of market stress, it may be necessary to consider whether a Fed facility for stablecoins is appropriate to address liquidity and other concerns. Specifically, the GENIUS Act implicates CFTC regulations in certain key areas. Section 3(g) states that payment stablecoins that are not issued by a permitted issuer cannot be used as cash or as cash equivalent margin or collateral for FCMs, DCOs, or swap dealers. Section 10 states that CFTC registrants (such as FCMs and swap dealers) can provide custodial or safekeeping services with respect to payment stablecoins, including that Section 10(b) requirements can be superseded by similar CFTC requirements.  The CFTC welcomes public comments on these GENIUS Act provisions as part of the CFTC’s Crypto Sprint. Part 39 and DCO initiatives Some DCOs have announced initiatives to use stablecoins as collateral.  In order to advance regulatory clarity and implement the GENIUS Act, I encourage DCOs and their clearing members to consider, under existing Part 39, whether qualified payment stablecoins are: Eligible margin and settlement assets Acceptable as initial margin Qualifying liquidity resources and Unencumbered liquid financial assets Equally important, I want to acknowledge questions about perfected security interest.  To comply with Part 39, a perfected security interest with respect to stablecoins should be addressed.  I believe that seeking a lien over the issuer’s underlying reserve assets may conflict with the purposes of the GENIUS Act, which treats the payment stablecoin itself as the settlement asset. Further, I believe that we should avoid double-counting of liquidity resources, which is consistent with the Principles for Financial Market Infrastructures (PFMI) on settlement assets.  Once the CFTC issues its tokenized collateral guidance, bodies such as the Committee on Payments and Market Infrastructure and the International Organization of Securities Commissions (CPMI-IOSCO) may want to consider whether international standard setting is appropriate to prevent market fragmentation, mitigate systemic risk, and ensure financial stability. Other steps In addition, the CFTC will consider whether relief is appropriate to: Add qualified payment stablecoins to the eligible collateral list for swap entities Recognize qualified payment stablecoins for certain purposes for VM, and Permit DCOs and FCMs to invest customer funds in them, with appropriate limits on concentration, custody, and convertibility. Conclusion As we chart this next stage of market modernization, we should remember that every major advance in finance has been propelled by a simple belief: that with integrity, collaboration, and discipline, we can build systems that serve people better than the ones that came before.  The electronification of past decades did not diminish our markets—it elevated them, expanding opportunity while strengthening resilience.  Blockchain and tokenization offer us a similar horizon today.  If we meet this moment with the same professionalism and commitment to the public interest, we can shape a future where our markets are not only efficient with more access, but also more transparent, more competitive, and more innovative.  That’s the job, and that’s what we will achieve together. Thank you.

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.November 18, 2025: The processing and publication of the Weekly Swaps Report was interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC will resume publication of the Weekly Swaps Reports in chronological order. Beginning November 14, 2025, the report will be published at an increased frequency until the normal schedule is resumed.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule

The European Association of CCP Clearing Houses (EACH) has responded to the Bank of England’s consultation on ensuring the resilience of CCPs, as well as the consultation on the Bank of England’s approach to rule permissions and waivers. EACH Members particularly welcome the following: Investment policy requirements – EACH supports the Bank’s proposals on this matter, and invite the Bank to take the opportunity to consider possibility for CCPs to invest in highly liquid financial instruments with minimal market and credit risk such as EU bonds, covered bonds, MMFs, corporate bonds and interest rates derivatives. EACH also suggests considering some other targeted adjustments. Porting – EACH Members are supportive of the Bank’s aim to increase the likelihood of client porting, and note that the Bank has indicated that its intention is to align with EMIR 3 in this respect. Uncollateralised bank guarantees – EACH strongly advocates for the inclusion of uncollateralised bank guarantees as eligible collateral under certain conditions. Permission and waivers – EACH Members agree and very much welcome the approach suggested by the Bank. We believe it is in line with the need to balance adequate rulemaking with effective growth and innovation by the private sector. EACH Members would however like to caution against certain proposals that could potentially increase costs or harm innovation: Automatic porting without client consent and linking portability with default fund – The proposal to require CCPs to trigger porting without proactively seeking client consent is highly unlikely to be workable in practice. Also, linking default fund contributions to perceived portability could create unintended distortions in client account structures. We invite the Bank to consider other measures that would increase the likelihood of porting for prepared client such as, for instance, by (i) addressing the challenge regarding the limited duration of the porting period; (ii) allowing CCPs to share client portfolio and collateral data with alternate clearing members without requiring prior approval, and (iii) allowing individually segregated clients to designate back-up clearing members. The 25% flat rate of second skin in the game (SSITG) – A SSITG would, in our opinion, not be useful to further incentivise CCPs to perform robust risk management, as that purpose is already efficiently served by the “first” SITG. However, should the Bank nevertheless decide to include a SSITG, we suggest aligning with Art. 9(14) of the EU CCP Recovery and Resolution Regulation as we consider that the Bank’s proposal would lead to an inconsistency between the UK and EU approaches. Thresholds for materiality – We are of the opinion that the proposed quantitative triggers (notably the 5% change in service-level initial margin or other risk resources) are too low and insufficiently targeted. In practice, ordinary market movements and parameter updates may change aggregate initial margin by more than 5%, without any alteration to the underlying model logic. Proposals on transparency: Potential revel of proprietary information – The requirement to disclose detailed information on the initial margin model has the potential to allow market participants to replicate the model. This is concerning as it will expose proprietary algorithms and intellectual property that CCPs have developed. Provision of transparency to all market participants including clients – CCPs already provide a large amount of information to clearing members and their clients. Also, CCPs have no contractual relationship with end clients, therefore some information can only be provided by clearing members (e.g. additional add-ons charged by clearing members). Margin simulator – The Bank requires the simulator to include key historical market stress events for current and hypothetical portfolios. EACH believes that the margin tools provided by CCPs already give clearing members a high degree of flexibility in terms of testing any portfolio, existing or hypothetical alike. Also, CCPs typically and intentionally do not include historical (or hypothetical) scenarios. Reporting of non-material changes and extensions – Requiring CCPs to notify all model changes in advance and wait 10 business days before implementation would be disproportionate, particularly in times of market stress where CCPs need to be able to act swiftly. Please see here the EACH response to the consultation on ensuring the resilience of CCPs, and here the EACH response to the consultation on the approach to rule permissions and waivers.

The Office of the Comptroller of the Currency (OCC) today confirmed permissible bank activities related to paying crypto-asset network fees. The OCC published Interpretive Letter 1186 confirming that a national bank may pay network fees, sometimes referred to as “gas fees,” on blockchain networks to facilitate otherwise permissible activities and hold, as principal, amounts of crypto-assets on balance sheet necessary to pay network fees for which the bank anticipates a reasonably foreseeable need. The OCC also confirms that a national bank may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms, whether internally developed or acquired from a third party. As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law. Related Link Interpretive Letter 1186 (PDF)

The Ontario Securities Commission (OSC) has published an update to the dashboard of exempt market data on capital raising activity by Canadian corporate (non-investment fund) issuers in Ontario’s exempt market to include 2024 data. The dashboard provides an overview of prospectus-exempt distributions by corporate issuers headquartered in Canada that raised capital from Ontario investors for 2018 - 2024. It also offers an overview of exempt market data and shows trends related to capital formation in Ontario. For example, the increased use of the listed issuer financing exemption in National Instrument 45-106 Prospectus Exemptions, which was introduced in 2022 and recently amended, through a temporary order of the OSC, to support the competitiveness of Canada’s capital markets. 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.

The Board of Supervisors of the European Securities and Markets Authority (ESMA) has renewed the mandate of Natasha Cazenave as ESMA’s Executive Director for a second five-year term, until end-May 2031. Verena Ross, Chair of ESMA, stated: “I would like to congratulate Natasha on the renewal of her mandate. This decision reflects the strong leadership, vision, and dedication she has consistently demonstrated since the beginning of her term. I look forward to our continued collaboration in taking ESMA forward." Natasha Cazenave stated: "I am honoured by the continued trust from ESMA’s Board of Supervisors and our Chair Verena Ross. It is a privilege to lead this organisation, and I look forward to building on the solid foundations we have created, together with a strong management team and highly skilled staff.   There is still much to accomplish, and I am confident that we will collectively rise to the occasion to meet the high expectations in the years ahead."  The decision to renew the mandate of Ms Cazenave took place during the meeting of the Board of Supervisors on 7 October 2025 and was based on the evaluation of her work during her first term of office, as well as her contribution to the Authority’s future opportunities and challenges. Following the renewal of her mandate, Ms Cazenave had the pleasure of presenting her vision for ESMA’s next five years to the ECON committee of the European Parliament, on 17 November 2025.  

The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) publish today the list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA). This designation marks a crucial step in the implementation of the DORA oversight framework.  The list of the CTPP designated by the ESAs is accessible through this link.  The designation process followed the methodology mandated by DORA.  First, the ESAs collected data from the Registers of Information maintained by financial entities, which detail their contractual arrangements for ICT services.  Second, the ESAs conducted a detailed criticality assessment in cooperation with the Competent Authorities (CAs) across the EU from the banking, insurance and pensions, and securities and markets sectors. This assessment was carried out in line with the multifaceted criteria set out in DORA, which required a complete evaluation of a provider’s systemic importance, its role in supporting critical or important functions for financial entities, and the level of substitutability of its services.  Third, ICT third-party providers assessed as critical were formally notified, after which they benefitted from their right to be heard by providing a reasoned statement. The final designation decisions were adopted following a careful review of all relevant information, ensuring the integrity of the process. The designated CTPPs provide a range of ICT services (e.g. from core infrastructure to business and data services) to financial entities of all types and sizes across the European Union, reflecting their pivotal role within the financial ecosystem. The objective of the DORA Oversight Framework, mandated to the ESAs, is to promote the sound management of ICT risk by the critical providers. Through direct oversight engagement, the ESAs will assess whether CTPPs have appropriate risk management and governance frameworks in place to ensure the resilience of the services they deliver to financial entities. This serves to mitigate risks that could impact the operational resilience of the financial sector of the EU. The ESAs will keep engaging with CTPPs in the course of upcoming examination activities. Related Documents DateReferenceTitleDownloadSelect 18/11/2025 List of designated CTPPs List of designated CTPPs

AuditBoard, provider of an AI-powered global platform for connected risk, has launched Scenario Planning, a new solution designed to empower executive leaders and risk teams across the financial sector, from banks and insurance to accountants and investment stakeholders, to shift their focus from reactive reporting to proactive anticipation. Global economic landscapes are more volatile than ever, and risks are no longer easily predictable. As a result, internal audit and risk teams are facing increased pressure to manage this volatility. Scenario Planning directly addresses this need, as the solution enables executive leaders and risk teams to establish a universe of potential scenarios, accelerating strategic decision-making by modelling the likelihood and impact of risk events.  By leveraging these capabilities, leaders can effectively quantify risk, test thousands of potential outcomes, and gain clear visibility into a range of possibilities, thereby establishing a clear blueprint for how to respond if critical risk events unfold. Happy Wang, Chief Product and Technology Officer at AuditBoard, said: “In today’s world, you can’t just report on risks; you have to anticipate what may impact your organisation’s goals and objectives. Scenario Planning enables enterprises to ensure continuity in operations and improve competitive positioning, reducing bottom-line costs and increasing revenue.” A recent AuditBoard report on Risk Intelligence found 70 per cent of respondents expect to increase risk management staffing over the next two years, and 40 per cent plan to increase cybersecurity staffing. To thrive in this era of hyper volatility, risk management teams must be able to efficiently assess a wide range of future possibilities. Scenario Planning does just that, thanks to financial risk teams being empowered to make data-driven business decisions with confidence in an increasingly complex risk environment. The senior manager of internal audit at one of AuditBoard's client companies, which includes the Big Four and more than 50 per cent of the FTSE 500, commented: "Scenario Planning will allow our team to rigorously test ‘what-if’ scenarios and transform uncertainty into actionable insights. This will equip our risk owners across the business to provide executive leadership with the confidence and clear direction needed to ensure operational continuity and success.” For more information about Scenario Planning, visit AuditBoard.com.

I am pleased to be here today to discuss a core part of the Federal Reserve's mission: banking supervision.1 Much of what the Fed does to conduct monetary policy, promote a stable financial system, provide a safe and efficient payments system, and support consumers and community development depends on a healthy banking system. Lending fuels entrepreneurship, helps families buy homes, and enables communities to thrive—all critical aspects of a healthy economy. Ensuring banks operate in a safe and sound manner is essential because the banking system sits at the center of the economy. That is why banks' risk-taking must always be guided by clear guardrails, underpinned by effective banking supervision. We need these guardrails because experience shows that market discipline alone does not prevent excessive risk-taking by banks.2 As I've noted before, time and again, periods of relative financial calm have led to efforts to weaken regulation and supervision.3 This has often had dire consequences, as we saw prominently during the Global Financial Crisis. In the midst of that crisis, I saw first-hand in my own community in Michigan what weak regulation and supervision could mean: foreclosed homes, shuttered businesses, and lost jobs. According to the Federal Reserve Bank of Chicago, Michigan's unemployment rate was 14.9 percent in 2009, meaning one in seven workers were out of jobs.4 Nationwide, the consequences were immense: nearly 9 million jobs lost, 8 million homes foreclosed upon, and a $17 trillion loss in household wealth.5 We are now, I believe, at a moment of inflection in the regulatory and supervisory approaches that help keep banks healthy. There are growing pressures to weaken supervision—to scale back examiner coverage, to dilute ratings systems, and to redefine "unsafe and unsound"—in ways that will make it harder for examiners to act before it is too late to prevent a build-up of excessive risk. These pressures present real dangers to the American people. The Mission of Banking SupervisionLet me begin with the mission of bank supervision, which is to promote a safe, sound, and efficient banking system that supports a strong economy.6 Our banking system relies on trust. That trust is earned when banks behave responsibly and when supervisors effectively perform their statutory duties. These duties include verifying that banks are operating soundly and identifying and addressing weaknesses before they threaten the solvency of particular banks and possibly spread through the financial system. Supervision also ensures compliance with laws and regulations that safeguard the integrity of the banking system. This reduces the risk of misconduct or malfeasance, including real-world consequences of fraud, consumer abuse, cyberattacks, money laundering, and terrorist financing. Trust in the banking system relies on strong supervision. Benefits of SupervisionSupervision delivers clear benefits not only for individual banks but also for the stability of the financial system as a whole. Enforcement actions are associated with lower systemic risk, and research shows that banks subject to more oversight are safer and just as profitable as their peers.7 While supervision does impose costs, it is most effective when calibrated to the risks each institution poses. More closely supervised banks tend to experience steadier income and fewer loan losses, making them more resilient during times of stress, when contagion risks are greatest.8 Supervision is critical to the Federal Reserve's mission to promote the stability of the financial system and contain systemic risk. A macroprudential perspective—where we look across the entire banking system for correlated risks—complements traditional microprudential oversight where we examine individual banks. This is done by focusing on risks that threaten financial stability and the banking system's core functions: credit, payments, and intermediation. Our economy depends on a strong and stable financial system, which makes banking supervision essential for every household and business. The Foundations of Effective SupervisionEffective supervision begins with appropriate regulation as a foundation. Regulation provides the rules of the road that establish minimum capital levels, liquidity requirements, and define permissible activities. But regulation alone is not enough. Supervision is necessary to ensure banks stay on the road and comply with the rules, especially as conditions shift and new risks emerge. Effective supervision depends on its human capital. The knowledge necessary to be an effective examiner comes from both formal training and through an accumulation of on-the-ground practical exposure. Supervisory staff carry responsibility for risk identification and analysis and execution of examinations to assess whether a firm truly understands its risks, whether its governance and controls are effective, and whether its capital and liquidity are sufficient for its business model. Institutional knowledge and experience-based judgment are critical for supervisors' ability to manage these responsibilities. They take time to develop and cannot be easily replicated. Effective supervision also requires moving with speed, force, and agility appropriate to the risks posed. This requires institutional commitment to act swiftly as risks emerge, using supervisory tools decisively, and adapting to shifts in markets or the economy.9 Effective Supervision Under PressureBeyond these foundations, effective supervision is based on numerous other factors. Today I will outline key components of strong, effective supervision that are at risk of being seriously weakened in the current environment. A credible ratings framework. First, effective supervision requires a credible rating system.10 A credible rating system incentivizes firms to promptly remediate weaknesses by translating supervisory assessments into objective outcomes that matter for management and boards of directors. It ensures consistency across institutions, supports transparency in how risks are evaluated, and anchors supervisory discipline. Crucially, a credible rating system looks beyond immediate financial metrics to the quality of a firm's governance, internal controls, and risk management practices.11 Weak management rarely shows up first as a capital or liquidity problem. Rather, it becomes evident through inconsistent processes, inadequate escalation of supervisory concerns, unclear lines of accountability, and organizational blind spots that, over time, allow risks to accumulate. These weaknesses can prevent management from seeing and effectively acting on emerging risks. A ratings system that captures only past actions that have resulted in observable financial harm is inherently backward-looking. It will miss the risks of what may come. Unfortunately, the framework for supervisory ratings is currently being modified in ways that diminish its strength and credibility. For example, earlier this month, the Federal Reserve Board issued its final rule making changes to the Large Financial Institution (LFI) rating system.12 Poor performance is being deemphasized, which is tantamount to grade inflation, a problem this academic audience understands. As I noted in my dissent, I believe these changes reduce incentives for large banks to fix serious management problems.13 They will also allow firms with significant governance weaknesses to expand or acquire other enterprises, raising the chance and cost of future failure. Changes to the LFI rating system also reduce supervisory attention on compliance matters for the largest banks. As such, bank holding companies could have, for example, seriously deficient consumer compliance programs but still be considered well managed. Further, the revisions remove the presumption that large firms with significant deficiencies must face an enforcement action—a move that could significantly weaken accountability for poor practices. And in taking this action, the Board ignored a more moderate reform option that would have established a composite rating for large bank holding companies. In addition, I understand that efforts are currently underway to modify the CAMELS rating system, the interagency framework used by supervisors to assess banks' overall condition.14 Some have proposed changes that would effectively diminish the weight assigned to the management component. I believe that such a move would be misguided and shortsighted. The "Management" rating is not simply one item among six; it is the element that ties the others together. It measures the quality of governance, risk identification, internal controls, and the institution's ability to respond to emerging threats.15 Strong management can compensate for unexpected stress, whereas weak management can magnify even modest vulnerabilities. Deemphasizing the rating system's focus on management could lead to significant increases in risk, even in institutions that look good on paper. Furthermore, in October, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) proposed a rule that would limit the issuance of enforcement actions for "unsafe or unsound practices."16 This would have the effect of making it harder for supervisors to issue an enforcement action and compel a bank to fix its flaws. This effectively ties examiners hands. The proposed rule would also limit the issuance of matters requiring attention, or MRAs, which are supervisory findings used to prompt a bank to act quickly to fix problems before they become enforcement actions. The new standards for issuing enforcement actions and MRAs would center on a narrow definition of "material financial risk" and exclude material nonfinancial risks except in limited circumstances, such as violations of law. To put this into context, under the standard established by this proposed rule, a bank with woefully deficient controls to prevent money laundering or discrimination would not necessarily receive an MRA requiring the bank to correct the situation unless the bank had actually violated the law or supervisors were able to identify a material financial harm that had already occurred due to the lapse in controls or that could be shown to likely cause such harm. Waiting to act until the bank, its customers, or potentially the financial system have been harmed is not a responsible approach to risk management or supervision. Bottom line—under this proposal, examiners will issue fewer MRAs, even where financial and operational risks have been identified. This will also lead the agencies to issue fewer enforcement actions. I fear that the Fed may head down a similar, or even worse, path, further tying supervisors' hands. Furthermore, I am concerned about an initiative that will allow the banks themselves to decide whether a supervisory finding or requirement imposed by an enforcement action should be lifted. Under this approach, if a bank had a satisfactorily-rated internal audit function, that internal audit function would have the ability to decide if the bank had appropriately remediated a deficiency identified in the supervisory finding or enforcement action. A bank's internal audit function would essentially displace validation by Federal Reserve examiners. Examiners would not independently determine whether the terms of the supervisory findings or enforcement action provisions had been met, or whether the bank's changes were sustainable. A parallel approach was tried at the Federal Housing Finance Agency (FHFA), where the internal audit function of Fannie Mae and Freddie Mac was permitted to "validate" remediation of MRAs, and FHFA's supervisory division sometimes accepted that validation in closure determinations without independent validation. In 2018, the FHFA's inspector general found this problematic, and warned that allowing such discretion "without a predicate supervisory conclusion … creates the risk that … assessments … will be impaired."17 This is a bad idea for bank prudential supervision, and to be clear, will not be implemented in the consumer compliance function. Forward-looking supervision. A second component of effective supervision is that it must be forward-looking.18 The purpose of supervision is to prevent risks from becoming problems that harm banks and the public. By anticipating vulnerabilities and prompting early action, supervisors use tools such as stress testing and scenario analysis to prevent problems from escalating. In contrast, backward-looking supervision often detects weaknesses only after they become serious problems. Forward-looking approaches, grounded in judgment and horizontal comparisons, are more effective in promoting the safety and soundness of individual banks and safeguarding financial stability. In short, supervision needs to see and point out how weak risk management can lead a bank to be vulnerable to unanticipated shocks. Stress tests illustrate this principle clearly: they are supposed to provide a rigorous way to assess resilience under severe but plausible conditions that may occur in the future. Supervisory stress tests are structured exercises conducted by supervisors to evaluate how a bank's capital and earnings would perform under adverse macroeconomic scenarios—such as a sharp rise in unemployment, a collapse in asset prices, or a severe market disruption. They are designed to test the soundness of a bank's balance sheet and to ensure that it could continue to operate and support the economy even in times of stress. These tests help to uncover vulnerabilities at individual banks and across the financial system. In October, the Federal Reserve proposed several changes to our heretofore-successful stress testing program.19 I noted then that the proposed changes risk turning the stress test into a rigid exercise that offers false confidence by producing overly optimistic results driven by less conservative modeling and opportunities for banks to game the process.20 The proposed changes would weaken capital requirements and erode incentives for strong independent risk management. Weaker stress tests mean worse supervision. Another valuable forward-looking tool that has been criticized lately is the use of horizontal reviews, supervisory examinations focused on a specific topic across multiple banks simultaneously. This technique allows supervisors to spot emerging risks, helping supervisory frameworks remain proactive rather than reactive. Because financial risks develop and change at a faster pace than regulation, horizontal reviews are valuable to compare practices and outcomes across banks, identifying patterns of systemic or inter-firm amplification that might otherwise go undetected.21 Just as importantly, horizontal reviews promote consistency and fairness in supervisory judgments. They are not meant to impose rigid benchmarks or uniform expectations, but rather to shed light on emerging vulnerabilities, highlight sound practices, and ensure that judgments are grounded in comparable evidence. Severely limiting their use would constrain supervisory insight and weaken the ability of supervisors to address emerging problems. A strong supervisory staff. Finally, effective supervision requires skilled supervisory staff. The strength of a supervisory system depends not only on its policies and tools, but also on the expertise, capacity, and judgment of the people who implement them. Adequate staffing—measured both by headcount and experience—ensures that supervisors can conduct thorough examinations, identify emerging risks early, and respond swiftly to signs of instability. It also supports the institutional memory and continuity needed to assess complex financial institutions over time. Having sufficient and experienced staff is crucial. Staff at both the Federal Reserve Board and the Reserve Banks play distinct but complementary roles in safeguarding the banking system. Board staff in Washington, D.C., focus on risk identification, oversight, consistent policy, horizontal reviews, and coordination across the entire banking system. Most Board supervisory staff who focus on day-to-day supervision of banks work on banks with assets exceeding $10 billion rather than community banks. Reserve Bank examiners conduct most day-to-day supervision of individual banks and holding companies. Together, these efforts form an integrated supervisory framework.22 Recently announced plans to reduce staffing in the Board's Supervision and Regulation division by 30 percent by the end of 2026 will impair supervisors' ability to act with the speed, force, and agility appropriate to the risks facing individual banks and the financial system. Such a drastically reduced staff will slow response time for the public and the banks themselves, limit supervisory findings and enforcement actions, and erode supervisors' ability to be forward-looking. Losing experienced supervisory staff with institutional knowledge also means the system will have diminished capacity to manage crises when they arise. Among other things, the financial crisis showed that the Fed's bank supervision had failed to keep up with the growth in the size and complexity of the banking system, and it took nearly a decade afterward to build up this capacity. Now it is being gutted, practically overnight. The impact of these staffing cuts is compounded by reductions at other supervisory agencies. Deep reductions in force are also underway at the FDIC, the OCC, and the Consumer Financial Protection Bureau (CFPB), with the CFPB recently announcing that it would not seek any funding for the foreseeable future.23 It is difficult to argue, as some have, that the Federal Reserve can rely solely on the work of other agencies in its holding company evaluations when those agencies are also experiencing significant contraction. Cumulative Effect of Weakened SupervisionLet me close by emphasizing that I support the healthy evolution of banking supervision. It is both natural and appropriate to regularly assess supervisory approaches and tools over time. After periods of crisis, regulators logically strengthen oversight to prevent a recurrence. After periods of relative stability, there is often pressure to lower the guardrails put in place. Adjustments can be constructive, but they must be made with foresight and care to preserve the hard-won resilience of the financial system. Today I have outlined several essential components of robust banking supervision that, I believe, are being altered without sufficient appreciation for the consequences of these actions. Weakening any one of these elements diminishes supervisory effectiveness; taken together, the cumulative impact could be profoundly damaging to banks and destabilizing for the financial system. History reminds us that we have seen this pattern before, including in the financial crisis.24 Periods of weakened supervision have often preceded episodes of financial excess and instability. The erosion of supervisory resources, the diminished focus on governance and controls, the weakening of forward-looking tools, and the constraints placed on supervisory action all undermine supervisors' ability to adequately protect against excessive risk taking. When coupled with broader deregulatory momentum, these trends create a dangerous environment for both institutions and the economy at large. The vulnerabilities that weaker supervision and regulation create may not be visible in the short term. They rarely are. But experience tells us that the bill always comes due. The only question is when, and how high the cost will be. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.  2. For example, in 2008 Alan Greenspan testified before Congress that he had "found a flaw" in his ideology of trusting markets to self-correct. Alan Greenspan, "The Financial Crisis and the Role of Federal Regulations: Hearing before the Committee on Oversight and Government Reform," testimony delivered to the 110th Congress 55-764, Washington, DC, October 23, 2008.  3. Michael S. Barr, "Booms and Busts and the Regulatory Cycle" speech delivered at The Brookings Institution, Washington, DC, July 16, 2025.  4. Martin Lavelle, "How Tight Is Michigan's Labor Market?" Federal Reserve Bank of Chicago (Michigan Economy Blog), October 11, 2016.  5. Christopher J. Goodman and Steven M. Mance, "Employment Loss and the 2007–09 Recession: An Overview," (PDF) Monthly Labor Review (2011). See also https://www.stlouisfed.org/publications/regional-economist/july-2012/household-financial-stability--who-suffered-the-most-from-the-crisis and https://www.newyorkfed.org/newsevents/speeches/2017/dud171106.  6. See "About the Fed."  7. Beverly Hirtle, Anna Kovner, and Matt Plosser, "The Impact of Supervision on Bank Performance," Journal of Finance 75, no. 5 (2020): 2,765–2,808, https://doi.org/10.1111/jofi.12964.  8. Hirtle, Kovner, and Plosser, "The Impact of Supervision on Bank Performance," 2798-99.  9. Michael S. Barr, "Supervision with Speed, Force, and Agility," speech delivered at the Annual Columbia Law School Banking Conference, New York, NY, February 16, 2024.  10. Banks receive ratings that quantify their safety and soundness based on supervisory exams. Ratings evaluate banks' performance on key risks, including their capital and liquidity positions and management quality.  11. See, for example, key findings that the Management component of CAMELS ratings has significant predictive power for future bank risk/performance. Lewis Gaul and Jonathan Jones, "CAMELS Ratings and Their Information Content," OCC Working Paper WP-2021-01 (Office of the Comptroller of the Currency, January 2021).  12. Board of Governors of the Federal Reserve System, "Federal Reserve Board Finalizes Changes to Its Supervisory Rating Framework for Large Bank Holding Companies," press release, November 5, 2025.  13. "Statement on Large Financial Institution Rating Framework by Governor Michael S. Barr," press release, November 5, 2025.  14. CAMELS evaluates six components: Capital Adequacy, Asset Quality, Management, Earnings, Liquidity, and Sensitivity to Market Risk. Each component is rated on a scale from 1 to 5, and together they form the institution's composite rating, which supervisors rely on to evaluate safety and soundness. See Board of Governors of the Federal Reserve System, "Uniform Financial Institutions Rating System," SR letter 96-38 (December 27, 1996).  15. See Gaul and Jones, "CAMELS Ratings and Their Information Content" (finding that Management rating is most strongly correlated with composite rating of all CAMELS components and has significant predictive power for future bank performance and risk measures).  16. Unsafe and unsound practices would be defined under Section 8 of the FDIA as any act, practice, or failure to act that deviates from generally accepted standards of prudent banking and either causes material harm to an institution's financial condition or, if continued, would be likely to do so or pose a material risk to the Deposit Insurance Fund. See https://www.federalregister.gov/documents/2025/10/30/2025-19711/unsafe-or-unsound-practices-matters-requiring-attention.  17. Federal Housing Finance Agency: Office of Inspector General, FHFA Requires the Enterprises' Internal Audit Functions to Validate Remediation of Serious Deficiencies but Provides No Guidance and Imposes No Preconditions on Examiners' Use of That Validation Work (PDF) (FHFA: OIG, March 2018).  18. Tobias Adrian, Marina Moretti, Ana Carvalho, Hee Kyong Chon, Fabiana Melo, Katharine Seal, & and Jay Surti, "Good Supervision: Lessons from the Field," IMF Working Paper WP/No. 23/181 (International Monetary Fund, September 2023): 18–20.  19. See https://www.federalreserve.gov/aboutthefed/boardmeetings/enhanced-transparency-and-public-accountability-proposal-frn.pdf.  20. "Statement on Proposals to Enhance the Transparency and Public Accountability Of the Board's Stress Testing Framework By Governor Michael S. Barr," press release, October 24, 2025.  21. "Horizontal reviews and benchmarking provide a cross-sectoral perspective of risks, enable a deeper review of certain topics and promote consistency in the exercise of expert judgment...Horizontal reviews that focus on a specific issue across banks are increasingly used for a proactive, forward-looking supervisory approach." See https://www.bis.org/bcbs/publ/wp45.pdf at 2.  22. "Understanding Federal Reserve Supervision," Board of Governors of the Federal Reserve System, last modified April 27, 2023.  23. Katanga Johnson and Weihua Li, "Trump Cuts Thousands of Wall Street Cops While Markets Swing," Bloomberg, May 7, 2025, https://www.bloomberg.com/news/articles/2025-05-07/trump-s-layoffs-cut-more-than-2-300-from-us-bank-and-markets-regulators?sref=zNmRQ0gk.  24. Michael S. Barr (2025), "Booms and Busts and the Regulatory Cycle." 

WHAT: Acting Chairman Caroline D. Pham will provide keynote remarks at the Futures Industry Association’s Futures & Options Expo. WHEN: Tuesday, November 18, 2025 8:45 a.m. CST / Chicago9:45 a.m. EST / Washington WHERE: Sheraton Grand Chicago Riverwalk301 E North Water StChicago, IL 60611Additional Information: Futures & Options Expo | FIA

Futures and options products to provide exposure to 10 large-cap U.S. tech and growth stocks Cboe Magnificent 10 Index (new ticker: MGTN Index) includes Magnificent 7 stocks, AMD, Broadcom and Palantir Launch aligns with record options volumes and heightened demand for mega-cap tech exposure Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced plans to launch futures and options on the new Cboe Magnificent 10 Index on December 8, 2025, subject to regulatory review. The Cboe Magnificent 10 Index, which launched on October 14, 2025, under the ticker MGTN, is designed to measure the price return of 10 U.S.-listed large-cap stocks of technology and growth-oriented companies. The index is equal-weighted and includes a fixed set of constituents, subject to change only following specific corporate actions. Current and back-tested values of the MGTN Index are available on the Cboe Global Indices Feed via the Cboe Global Indices Channel. With MGTN futures and options, investors will be able to trade and seek to manage risk related to some of the most actively watched U.S. stocks through a single tradable product without having to manage multiple positions across individual stocks. Both MGTN futures and options will be cash-settled, eliminating the operational complexity of physical delivery and assignment risk associated with ETF or single-stock options. "Investors globally are looking for new ways to access and trade the most innovative U.S. companies. The upcoming launch of Cboe Magnificent 10 Index futures and options will deliver that opportunity," said Rob Hocking, Global Head of Derivatives at Cboe. "These products are designed to provide exposure and flexibility—whether for tactical positioning, hedging ahead of earnings, or managing market-moving news in tech and growth sectors. This launch reinforces Cboe's commitment to identifying trends and introducing innovative, tradable solutions that meet the needs of both retail and institutional investors." Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, said: "We are pleased that Cboe continues to enhance its product line-up to meet increasing investor interest in thematic investing. Cboe Magnificent 10 Index products will offer active traders and institutional investors the flexibility to manage exposure to some of the most popular names in tech in a transparent and regulated market." Abhishek Fatehpuria, VP of Product Management at Robinhood, said: "Robinhood customers are increasingly looking for new ways to engage with the market's most influential stocks. Retail investors are techno-optimists who embrace the companies shaping our future. It's exciting to see exchanges like Cboe develop products like MGTN Index options, giving everyday investors diversified exposure to leading tech and growth names while helping them manage risk more effectively." MGTN options will be listed on Cboe Options Exchange (C1). C1 will initially list two settlement types: AM-settled contracts (options ticker: MGTN) that settle on the third Friday of the expiration month, and PM-settled contracts (options ticker: MGTNW) that settle on the last business day of the expiration month. MGTN options will have a multiplier of $100, meaning when the MGTN Index was at 460 on October 31, one contract would have represented approximately $46,000 in notional value. MGTN futures will trade on Cboe Futures Exchange, LLC (CFE) and will have a.m. settlement on the third Friday of the expiration month.   To help meet the demand from international investors for U.S. market access, MGTN futures will be available to trade nearly 24 hours a day, five days a week at launch, with Cboe planning to offer Global Trading Hours for MGTN options in early 2026, subject to regulatory approval. MGTN futures and options will be cleared by The Options Clearing Corporation (OCC). For more information, please visit the pre-launch resource hubs: Cboe MAG-10 Futures and Cboe MAG-10 Options.

Dame Alison Rose brings three decades of financial services, transformation and regulatory experience to FNZ. The appointment reflects FNZ’s continued investment in its leadership and its mission to open up wealth. FNZ has over $2 trillion in assets on its platform, reinforcing its position as one of the world’s largest wealth management platforms. FNZ, the leading global wealth management platform, has announced the appointment of Dame Alison Rose as Chair of FNZ (UK) Ltd and member of the FNZ Group Board.  Alison is a highly experienced and accomplished leader, bringing significant experience leading high-performing financial services businesses and a deep understanding of the UK regulatory environment. In her role, Alison will work closely with FNZ’s Boards to accelerate the company’s strategy and support its commitment to making investing more accessible to more people worldwide. Alison currently serves as Chair of Mishcon de Reya and Senior Partner at Charterhouse Capital Partners. She was Chief Executive Officer at NatWest Group until 2023, following a thirty-year career at the UK high-street bank where she also held the roles of Deputy Chief Executive Officer and Chief Executive Officer of the Commercial and Private Banking Business. At NatWest, she led large-scale strategic and operational transformation, with extensive experience in guiding a regulated financial institution, driving cultural and organisational change, and delivering sustainable growth. In addition to her 30-year executive career, Alison has built board and governance experience across the private and public sectors. She served as a Non-Executive Director at Great Portland Estates plc, chaired the McLaren/Deloitte Advisory Council, and held trusteeships and positions with charitable foundations, industry bodies, and taskforces, including Vice Chair of Business in the Community and Co-Chair of the Energy Council Taskforce. Alison also chaired the Government-commissioned Rose Review of Female Entrepreneurship, which delivered lasting reforms to improve access to finance and support for female entrepreneurs across the UK. In the 2023 New Year’s Honours List, Alison received a Damehood for services to Financial Services. Alison’s appointment brings highly relevant expertise to FNZ’s UK and Group Boards, reinforcing the company’s commitment to strong governance and furthering its mission of opening up wealth and enabling more people to invest in their future on their own terms. Blythe Masters, FNZ Group Chief Executive Officer, said: “Alison is an outstanding leader, and I am delighted to welcome her to FNZ. She brings deep knowledge of financial services and the UK regulatory landscape, as well as exceptional leadership qualities. Her insight and experience will be highly valuable as we strengthen our business globally.” Dame Alison Rose, commented: “I am delighted to be joining the boards at FNZ at such an important time for the business. As Chair of the UK Board and a member of the FNZ Group Board, I look forward to working with Blythe and the wider FNZ team to support the company’s growth. FNZ’s mission to open up wealth and enable more people to invest in their future on their own terms is one I strongly believe in, and I’m excited to help advance it.”