I am grateful to the Danish Economic Society for the invitation to participate in this conference. In line with the overall theme of the event, I will speak today about the implications of a changing world for the euro-denominated monetary system. In our 2025 assessment exercise that reviewed the monetary policy strategy of the ECB, the Governing Council concluded that: “Ongoing structural shifts related to geopolitics, digitalisation, artificial intelligence, demography, the threat to environmental sustainability and changes in the international financial system suggest that the inflation environment will remain uncertain and potentially more volatile, with larger target deviations in both directions, posing challenges for the conduct of monetary policy. A more resilient financial architecture – supported by progress on the savings and investments union, the completion of banking union and the introduction of a digital euro – would also support the effectiveness of monetary policy in this evolving environment.” In addition to their implications for monetary policy, this set of structural factors will also re-shape labour markets, investment dynamics, productivity and the financial system. In what follows, I will focus my attention on how structural changes might affect the euro monetary system. Click here for full details.

At the Eurogroup meeting of 11 December 2025, the process for selecting a successor to the current ECB Vice President Luis de Guindos, whose mandate will expire at the end of May 2026, was launched. The call for candidates ended today. By the deadline, I have received 6 candidacies: Mário Centeno (Portugal), Mārtiņš Kazāks (Latvia), Madis Müller (Estonia), Olli Rehn (Finland), Rimantas Šadžius (Lithuania), Boris Vujčić (Croatia). At its next meeting on 19 January, the Eurogroup will discuss these candidacies. Following the Eurogroup discussion, the Council will adopt a recommendation to the European Council, acting by a reinforced qualified majority of the euro area member states. Such majority requires the support of 72% of euro area member states (i.e. at least 16 of the 21 euro area countries), representing at least 65% of the population of the euro area. In line with the selection process established in the Treaty on the Functioning of the EU, the ECB and the European Parliament will be consulted before a final decision is taken by the European Council.

The FCA has secured a confiscation order of £265,523.96 against Andrew Currie. Mr Currie was convicted in 2023 and sentenced to 2 years 6 months imprisonment for defrauding investors through the collapsed peer-to-peer lending platform Collateral (UK) Ltd. He diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain. At a hearing at Southwark Crown Court on 9 January 2026, Mr Currie was ordered to pay £265,523.96. This amount represents the total value of assets the court determined were still available to be recovered. The funds will be redistributed to the victims of his crimes. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Mr Currie sought to profit by defrauding unwitting investors. Today’s decision is a clear warning to fraudsters and scam artists that we will pursue them and ensure they don’t benefit from their criminal activity.' If Mr Currie does not pay the confiscation order within 3 months, he faces a default prison sentence of up to 3 years. The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes. Background Mr Andrew Currie (29/07/1965) is from Dumfries, but currently resides in Lancashire. On 14 July 2023, he was sentenced to 2 years 6 months imprisonment for fraud by abuse of position and 2 years 6 months for money laundering contrary to s.327 of the Proceeds of Crime Act 2002. Read the original sentencing press release: Andrew and Peter Currie sentenced to a combined 8 years for fleecing consumers through Collateral P2P platform. Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower. Defendants are required to pay back the amount they benefited, but this is always limited to their means. Payment of compensation to victims is a matter for the court and can only be paid after a defendant has made payment towards their confiscation / compensation order. The confiscation proceedings for Peter Currie were concluded in November 2024 and an order made in the sum of £5,000. Find out more information about the FCA.

Eurex Clearing continued its upward trend with average daily cleared volumes in 2025 up 35 percent year-on-year. Eurex Repo posted a 20 percent increase in term-adjusted volumes, reaching a new record year. Eurex, Europe's leading derivatives exchange, recorded a total of 2,065.9 million contracts in 2025, representing a decrease of 1 percent compared with the previous year. Interest rate derivatives grew by 8 percent, while equity derivatives declined by 1 percent and index derivatives by 11 percent for the full year. On a monthly basis, Eurex trading volumes rose by 4 percent to 172.7 million contracts in December, compared with 166.1 million in the same month of the previous year. This was driven by a continued strong turnover in interest rate derivatives with volumes rising 23 percent to 94.0 million contracts. Eurex Clearing, one of the world's leading central counterparties, once again recorded strong growth rates in its Eurex OTC Clearing business. The notional outstanding volume at the end of 2025 was EUR 43,668 billion, an increase of 31 percent compared to the previous year. For the full year 2025, average daily cleared volumes were EUR 280 billion, up 35 percent from 2024. On a monthly basis, it totaled EUR 187 billion in December, 16 percent higher than in the same month of the previous year, with interest rate swaps up 44 percent. Eurex Repo, Eurex's leading electronic market for secured funding and financing, saw a new record year with an average term-adjusted volume of EUR 406.1 billion for the full year of 2025, a rise of 20 percent on the previous year. Volumes for GC Pooling increased by 36 percent in 2025, while the volume in the Repo Market grew by 8 percent compared to the previous year. On a monthly basis, the average term-adjusted volume recorded a 45 percent increase in December year-over-year. Business overview – full year 2025 Year-to-date December2025 Year-to-date December2024 Change Financial derivatives: traded contracts Eurex Exchange Index derivatives (million) 699.7 784.6 -11% Interest rate derivatives (million) 1,045.6 972.2 +8% Equity derivatives (million) 309.0 312.6 -1% Total (million)1 2,065.9 2,080.5 -1% OTC Clearing² Notional outstanding volumes (billion EUR) 43,668 33,411 +31% of which interest rate swaps (billion EUR) 19,991 15,663 +28% of which overnight index swaps (billion EUR) 6,815 4,237 +61% Average daily cleared volumes (billion EUR) 280 208 +35% of which interest rate swaps (billion EUR) 44 25 +77% of which overnight index swaps (billion EUR) 41 21 +99% Compression volumes (billion EUR) 137 87 +57% Repo: Average daily term adjusted volume on Eurex Repo GC Pooling³ (billion EUR) 209.0 153.9 +36% Repo Market (billion EUR) 197.1 183.3 +8% Total (billion EUR) 406.1 337.2 +20%   Business overview – December 2025 December2025 December2024 Change Financial derivatives: traded contracts Eurex Exchange Index derivatives (million) 52.4 59.9 -12% Interest rate derivatives (million) 94.0 76.5 +23% Equity derivatives (million) 26.0 27.1 -4% Total (million)1 172.7 166.1 +4% OTC Clearing² Notional outstanding volumes (billion EUR) 43,668 33,411 +31% of which interest rate swaps (billion EUR) 19,991 15,663 +28% of which overnight index swaps (billion EUR) 6,815 4,237 +61% Average daily cleared volumes (billion EUR) 187 161 +16% of which interest rate swaps (billion EUR) 40 28 +44% of which overnight index swaps (billion EUR) 55 33 +70% Compression volumes (billion EUR) 257 244 +6% Repo: Average daily term adjusted volume on Eurex Repo GC Pooling³ (billion EUR) 196.2 133.2 +47% Repo Market (billion EUR) 215.1 150.6 +43% Total (billion EUR) 411.3 283.8 +45% 1 The total number of contracts traded includes other asset classes such as commodities.2 Notional cleared volumes including post trading events such as compression.3 Includes all currencies.

The Coordinating Body for Anti-Money Laundering and Countering Financing of Terrorism in cooperation with Finansinspektionen, the Financial Intelligence Unit of the Swedish Police, and the Swedish Security Service has developed a new brochure for providers of money transfer services on money laundering and terrorist financing. The aim is to raise providers of money transfer services' awareness about this type of crime, contribute to an increased understanding of the regulation, and highlight situations that could indicate that providers of money transfer services are being misused. Providers of money transfer services handle a large amount of cash and thus face a significant risk of being exposed to money laundering and terrorist financing.  The Coordinating Body for Anti-Money Laundering and Countering Financing of Terrorism is headed by the Swedish Police and consists of representatives from 16 authorities and the Swedish Bar Association. Information on Money laundering and terrorist financing for providers of money transfer services (The Swedish Police Authority)

A total turnover of 4.164 billion shares worth N94.026 billion in 248,254 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 7.821 billion shares valued at N134.471 billion that exchanged hands last week in 150,799 deals. Click here for full details.

The European Banking Authority (EBA) today released its Report on prudential consolidation and the final Guidelines on ancillary services undertakings (ASU) under the Capital Requirements Regulation (CRR). Both publications are designed to enhance the efficiency and proportionality of the prudential consolidation framework, promote a level playing field, foster convergence of supervisory practices among institutions and competent authorities, and improve comparability of prudential requirements across the EU. Report on prudential consolidation The Report on prudential consolidation puts forward targeted recommendations that may support the European Commission in considering further legislative adjustments to the EU regulatory framework. It also clarifies several areas where recent EBA investigations have identified implementation challenges across EU institutions. These recommendations and clarifications aim to enhance the efficiency and proportionality of the prudential consolidation framework, improve the clarity and internal consistency of key definitions and provisions, and ensure harmonised and consistent application of the consolidation framework across institutions. Key elements include: Simplification of sub-consolidation requirements, to reduce complexity for groups with multiple consolidation layers. Improved alignment with accounting standards, both in terms of undertakings included within the scope of consolidation and relevant methods to be applied. Refinement of the definition of control, to ensure consistent interpretation and convergence across jurisdictions. Further clarity on how to determine the perimeter of prudential consolidation, especially when an insurance undertaking within a bank-led financial conglomerate acquires a financial institution and the so-called ”Danish compromise“ (Article 49 of the CRR) is applied by the parent institution. Guidelines on ancillary services undertakings The Guidelines on ancillary services undertakings set out clear, simple and consistent criteria for identifying activities falling within the definition of ancillary services undertakings under Article 4(1)(18) of the CRR, namely: (a) activities considered a “direct extension of banking”, (b) activities “ancillary to banking”, and (c) “other similar activities”. The provided criteria are designed to help institutions and competent authorities identify undertakings performing relevant activities – such as operational leasing, ownership or management of property or data processing services - as ancillary services undertakings. This assessment is essential for determining the scope of prudential consolidation and the application of prudential requirements. The Guidelines also address innovative and digital business models, including fintech and technology-driven services, which may introduce new forms of ancillary risks within banking groups. Overall, the Guidelines aim to promote a level playing field, foster convergence of supervisory practices among institutions and competent authorities, and enhance comparability of prudential requirements across the EU. Legal basis and background The Report on prudential consolidation has been developed according to Article 18(10) of Regulation (EU) No 575/2013, which mandates the EBA to submit a Report to the European Commission on the completeness and appropriateness of the definitions and provisions of this Regulation. The Guidelines on ancillary services undertaking have been developed according to Article 4(5) of Regulation (EU) No 575/2013, which mandates the EBA to specify the criteria for the identification of activities referred to in paragraph 1, first subparagraph, point (18) of this Article. Documents Report on prudential consolidation (1.96 MB - PDF) Final Report on Guidelines on ancillary services undertakings (485.19 KB - PDF) Related content Regulatory activityFinal and awaiting translation into the EU official languages Guidelines on Ancillary Services Undertakings Topic Accounting and auditing

The European Banking Authority (EBA) today published its final Regulatory Technical Standards (RTS) specifying the booking arrangements that third-country branches must apply under the Capital Requirements Directive (CRD). The standards deliver clarity and harmonisation in the implementation of booking arrangements and the maintenance of a registry book, supporting consistent supervisory practices across the EU. ​The RTS establish requirements in three core areas: ​Bookkeeping methodology: the RTS define the approach for identifying and recording assets and liabilities booked or originated by the third-country branch, including off-balance sheet items. ​Minimum required content: the RTS specify the minimum information necessary to keep a comprehensive and precise track record of booked or originated assets and liabilities. ​Risk-related information: the RTS detail the risk data and associated risk management measures that must be maintained in the registry book for the activities of the branch. ​Legal basis and background ​Article 48h of Directive 2013/36/EU (Capital Requirements Directive - CRD), mandates the EBA to develop draft RTS to specify the booking arrangements that third-country branches are to apply and the methodology to identify and keep a track record of the assets and liabilities booked or originated in a Member State. ​Directive (EU) 2024/1619, amending Directive 2013/36/EU, introduces a new regime applicable to branches in the EU of third country credit institutions (third-country branches). This regime sets  a minimum harmonisation framework covering authorisation, prudential requirements – including booking arrangements, capital endowment, liquidity, internal governance, common reporting requirements - and supervisory practices.​  Documents Draft Regulatory Technical Standards on booking arrangements (458.89 KB - PDF) Related content Draft Regulatory Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Regulatory Technical Standards specifying the booking arrangements that third-country branches Topic Market access

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its principles for risk-based supervision. These principles support a common and effective EU-wide supervisory culture and strengthen the EU single market. The principles on risk-based supervision outline key concepts and foundational elements for use by ESMA and National Competent Authorities (NCAs), and provide a structured framework for identifying, assessing, prioritising and addressing risks. They are designed to support a supervisory framework that is consistent, proportionate, and effective across the Union. A risk-based approach is the cornerstone of EU securities markets supervision, allowing regulators to focus on and address risks that pose the greatest threats to investor protection, financial stability, and orderly markets. Risk-based supervision is also one of ESMA’s flagship projects supporting the simplification and burden reduction agenda, through its contribution to boosting supervisory efficiency and value. Next steps ESMA and NCAs will work together to advance the implementation of effective risk-based supervision and foster high quality supervisory outcomes for market participants. Related Documents DateReferenceTitleDownloadSelect 09/01/2026 ESMA42-1710566791-6326 Principles on risk-based supervision

Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Morrow Bank AB (ticker: MORROW) will commence today on the Nasdaq Stockholm Main Market. Morrow Bank is a Mid Cap company within the Financials sector. Morrow Bank is the second company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2026. Morrow Bank is a Nordic consumer finance bank offering consumer loans, credit cards and deposit accounts to creditworthy individuals in Sweden, Finland and Norway. The Bank has a gross loan balance of more than SEK 15.5 billion and has delivered earnings growth of more than 30% year-on-year, reflecting a highly automated operating model and disciplined risk management. “The listing reflects the transformation we have executed over the past three years. We have built a scalable platform delivering efficiency, solid credit performance and earnings growth above Nordic consumer finance peers. Redomiciling to Sweden reduces capital requirements and levels the playing field. Looking ahead, we target around 10% annualised organic loan growth and a return on target equity of approximately 20% by the end of 2028, up from 13% in Q3 2025. With increasing excess capital following the move to Sweden, we are positioned to pursue selective, accretive acquisitions, further strengthening growth and returns,” says Øyvind Oanes, CEO of Morrow Bank. “We are pleased to welcome Morrow Bank AB to the Nasdaq Stockholm Main Market as Sweden’s first listing of 2026. The bank’s decision to transfer its listing to Sweden underscores the appeal and robust standing of Nasdaq Stockholm as a leading European listing venue. We look forward to supporting Morrow’s continued success journey,” 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.

Taiwan Futures Exchange (TAIFEX) concluded 2025 with total trading volume of 381.9 million contracts, while the average daily volume (ADV) stood at 1.6 million contracts. Supported by strong stock market performance and active turnover, Single Stock Futures (SSF) remained solid, with ADV increasing 9% year-over-year to 297 thousand contracts. Night-session SSF trading also continued to expand, with retails contributing around 45% of total volume. Meanwhile, the ADV of Micro TAIEX Futures (TMF) increased by 22% to 174 thousand contracts in 2025, with retail investors demonstrating strong participation, representing 63% of the trading volume. Options trading also gained momentum. Following the launch of Friday Weekly Options (Friday TXO) in addition to Wednesday contracts on June 27, overall TXO activity strengthened, with ADV rising 21% to 768 thousand contracts. Friday TXO averaged about 245 thousand contracts per day—32% of total TXO volume—while Thursday and Friday volumes surged 41% and 92%, respectively. Retail investors accounted for 48% of Friday TXO trading, while participation by foreign institutional investors increased steadily month by month following the launch, reaching 16%. Click here for full details.

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: 08 January 2026 Aggregate number of ordinary shares purchased: 112,659 Lowest price paid per share: 8,740.00p Highest price paid per share: 8,926.00p Average price paid per share: 8,876.35p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 509,836,659 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 509,836,659. 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/2461O_1-2026-1-8.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:       112,659 (ISIN: GB00B0SWJX34) Date of purchases:      08 January 2026 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 8,876.35 112,659 8,740.00 8,926.00 Turquoise        

Bursa Malaysia Securities Berhad (“Bursa Securities”) has updated the sector and sub-sector classification for CENTRAL GLOBAL BERHAD (“CGB”), which will come into effect at 9.00 a.m. on Monday, 12 January 2026. The updated sector and sub-sector classification for CGB is as follows:  Company Stock Short Name Stock Number Current Sector Current Sub-sector New Sector New          Sub-sector CENTRAL GLOBAL BERHAD CGB 8052 Industrial Products & Services Packaging Materials Construction Construction   The stock number and stock short name for CGB’s securities remain unchanged. This reclassification update, made upon the Company’s request, is based on the criteria which take into account, among others, the following factors:  Changes in the Company’s business activity.   The core business activity’s contribution to the Company’s financial results.   The update in the classification of sector and sub-sector serves to ensure that all investors and industry participants are informed on the latest developments in public listed companies across the Bursa Securities’ MAIN Market, ACE Market and LEAP Market.

SGX Group (Singapore Exchange) today reported stellar trading activity in December, capping a pivotal year that amplified the appeal and quality of the Singapore stock market. Derivatives volume rose to a record for 2025 on strong institutional demand for trusted risk-management tools. Securities market turnover value climbed 29% year-on-year (y-o-y) in December to S$25.8 billion, with securities daily average value (SDAV) up 23% y-o-y at about S$1.2 billion. SDAV for 2025 gained 21% to almost S$1.5 billion, the highest since 2010. Derivatives traded volume across equities, foreign exchange (FX) and commodities increased 22% y-o-y to 28.3 million contracts, as daily average volume (DAV) grew 17% y-o-y to 1.3 million contracts. For 2025, derivatives volume expanded 10% to 329 million contracts. Key highlights: Milestones for Singapore stock market: The bellwether Straits Times Index (STI) marked a fresh record of 4,655.38 on 30 December, underscoring momentum in a landmark year. For 2025, the STI delivered 22.7%, with reinvested dividends taking total returns to 28.8%, outpacing most ASEAN peers. Total returns for the iEdge Next 50 Indices were up 26.7% in 2025. Retail participation in cash equities grew to a four-year high, while institutions net-purchased S$415 million of small- and mid-cap stocks in 2025. Capital raising accelerates: UltraGreen.ai Limited, a global leader in the fluorescence-guided surgery space, joined SGX’s Mainboard on 3 December. On Catalist, Infinity Development Holdings Company Limited, a manufacturer of adhesive-related products for the footwear industry, also listed on 3 December, while Leong Guan Holdings Limited, a food manufacturing and distribution company, debuted on 11 December. Institutional support drive SiMSCI derivatives: Strong institutional appetite boosted trading activity in flagship SGX MSCI Singapore Index (SiMSCI) derivatives, fueled by positive sentiment on the Equities Market Review Group measures. Open interest (OI) in SiMSCI derivatives gained 7% month-on-month (m-o-m) to US$7.6 billion, while OI in Net Total Return Futures doubled m-o-m to a record US$361 million. Unrivalled gateway for China exposure: SGX Group’s China equity derivatives suite continued to shine as global investors sought trusted access. SGX FTSE China A50 Index Futures traded volume increased 7% y-o-y in December to 9.1 million contracts, lifting the tally for 2025 to 112 million contracts, an all-time high. OI expanded 16% in 2025 to US$17 billion, underscoring deep investor confidence in the contract – the world’s most liquid international futures for Chinese equities. SGX FTSE China H50 Index Futures traded volume rose to a record 1.7 million contracts for the year, highlighting the strengths of a single platform for both China A- and H-share risk management. Record FX futures activity: FX futures traded volume rose 43% y-o-y in December to 8 million contracts, the highest since April, as SGX INR/USD Futures volume jumped 90% y-o-y. For 2025, total FX futures volume climbed 34% y-o-y to 79.3 million contracts – an all-time high – as uncertainty driven by global trade tariffs left a lasting impact on portfolio hedging activity. SGX USD/CNH FX Futures volume gained 18% in 2025 to a record 41.5 million contracts, while SGX KRW/USD FX Futures DAV increased 66% to a notional US$338 million. Iron ore leads record commodities suite: Benchmark iron ore derivatives traded volume rose 51% y-o-y in December to 5.4 million contracts, bringing the tally for 2025 to 66.2 million lots – a seventh straight record year. Gains across the broader SGX Commodities suite included volume and OI records for both dairy and petrochemicals derivatives in December, while forward freight agreement (FFA) futures volume in 2025 climbed to a new high of 2.2 million lots on the back of robust demand for dry-bulk commodities.   The full market statistics report can be found here.

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) the launch of six new stock option classes effective on Monday, 19 January 2026, building on the strong momentum in the single stock options market and offering more choices to investors. Last year, HKEX’s derivatives market experienced a 7 per cent rise in average daily volume (ADV), hitting an all-time high of 1,662,751 contracts. Stock Options, including both monthly and weekly expiry contracts, stood out as one of the most actively traded products, with ADV rising 22 per cent to a record 879,831 contracts. New Option Classes to be Introduced: Zijin Gold International Co Ltd (2259) 200 ZJG 2026: January, February, March, April, June, September and December Wuxi Apptec Co Ltd (2359) 500 WXA BeOne Medicines (6160) 200 BOM Laopu Gold Co Ltd (6181) 100 LAO Horizon Robotics (9660) 3,000 HRB Akeso Inc(9926) 1,000 AKS   Details of the new options are available in the circular issued today. General stock options contract summaries are also available on the HKEX website.

The Dubai Financial Services Authority (DFSA) has published a Thematic Review report examining how Authorised Firms in the Dubai International Financial Centre (DIFC) identify, manage, and mitigate conflicts of interest risk. The Review assessed 710 Firms across various sectors and business models, providing a comprehensive view of current practices across the Centre. With the continued growth and development of financial services activities in DIFC, the DFSA considers it imperative to assess how effectively Firms are managing conflicts of interest in practice. This Review forms part of the DFSA’s broader supervisory work to uphold best practices, foster market confidence, and ensure that Firms maintain robust systems and controls to protect clients’ interests. The Review highlights several good practices observed within the industry, as well as areas requiring improvement. The DFSA expects Authorised Firms to review the findings and ensure their systems and controls on conflicts of interest are sufficiently robust, appropriately documented, and proportionate to the nature, scale, and complexity of their business. The Thematic Review report on Conflicts of Interest is available here.

Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for December 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended December 31, 2025, on its Investor Relations website. A data sheet showing this information can be found at: https://ir.nasdaq.com/financials/volume-statistics

The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts in response to a request from Bitnomial Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a registered derivatives clearing organization.  The divisions will not recommend the CFTC initiate an enforcement action against either entity or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with event contract transactions executed on or subject to the rules of Bitnomial Exchange, LLC and cleared through Bitnomial Clearinghouse, LLC, subject to the terms of the no-action letter.  The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations RELATED LINKS CFTC Staff Letter No. 26-01

Nodal Exchange announced today that it achieved record trading volumes in 2025 in its power and environmental markets. Nodal achieved a record 3.1 billion MWh power futures volume traded in 2025, representing 4% growth over 2024. In December, Nodal Exchange traded volume was 235 million MWh, up 29% from December 2024.  Nodal continues to be the market leader in North American monthly power futures having 56% of the open interest with 1.51 billion MWh at the end of 2025. The open interest represents over $166 billion of notional value (both sides). Nodal continues to grow its environmental futures and options markets. Environmental futures and options on Nodal Exchange posted full-year volume in 2025 of 749,222 lots. Environmental market open interest ended the year at a record 391,264 lots, up 1% from a year earlier. December deliveries of 37,173 lots marked the fifth-largest delivery month for environmental products on Nodal. Renewable energy certificate futures and options posted volume of 465,189 lots in 2025, up 11% from a year earlier and ended the year with open interest of 323,591 lots, up 10%. Nodal continues to expand environmental offerings having over 68% of the North American Renewable Energy Certificate market measured in clean MWh generation. Nodal, in collaboration with IncubEx, launched several new environmental futures contracts in 2025, including Auction Clearing Price contracts for California, Washington and RGGI carbon allowances.  Nodal was the first exchange to launch PJM Emission Free Energy Certificate (EFEC) Futures, which allow for delivery of nuclear energy certificates alongside hydro. Other new launches included Virginia In-State Compliance REC Futures, New York Environmental Disclosure Program REC Futures and Alberta TIER EPC Options. Natural gas futures traded volume in 2025 reached 958 million MMBtu traded on Nodal Exchange. “Nodal plays a key role in providing price, credit and liquidity risk management solutions to the markets we serve, and we appreciate the confidence of our trading community which resulted in successes in all our markets in 2025,” said Paul Cusenza, Chairman and CEO of Nodal Exchange. “As we begin the new year, we look forward to further developing our markets and expanding our product portfolio in order to best meet the needs of the markets we serve.”

President Bola Ahmed Tinubu has commended Nigerian Exchange Group (NGX Group), corporate Nigeria, market operators, and investors for propelling NGX past the historic ₦100 trillion market capitalisation mark, describing the achievement as a powerful signal of renewed investor confidence and economic rejuvenation. In a statement celebrating the milestone, the President urged Nigerians to deepen their participation in the local capital market, expressing confidence that 2026 would deliver even stronger returns as the impact of his administration's economic reforms continues to materialise. "With Nigerian Exchange crossing the historic ₦100 trillion market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation," President Tinubu said. He noted that the NGX All-Share Index closed 2025 with a 51.19% return, up from 37.65% in 2024, ranking among the strongest performances globally and outperforming major indices including the S&P 500, FTSE 100, and several emerging-market peers. "Nigeria is no longer a frontier market to be overlooked, it is now a compelling investment destination where value is being created and discovered," the President declared, emphasising that robust stock market performance reflects broader economic health and rising investor confidence. President Tinubu highlighted several factors behind the market's strong performance: impressive results across listed companies, a growing pipeline of new listings spanning energy, technology, telecommunications, and infrastructure, as well as broader macroeconomic improvements including easing inflation, a stabilising naira, rising foreign reserves, and expanding exports. Responding to the President's remarks, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, credited President Tinubu’s leadership for driving the market to historic heights. “The ₦100 trillion milestone is a direct result of the administration’s decisive reforms and unwavering commitment to transparency and fiscal discipline,” Agama stated. “These policies have renewed investor trust and solidified the credibility of Nigeria’s capital market.” He reaffirmed the SEC’s alignment with the President’s economic vision, pledging to strengthen oversight, protect investors, and uphold governance standards to ensure sustained growth and resilience. The Group Managing Director/CEO of Nigerian Exchange Group Plc, Temi Popoola, commended President Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence. "This milestone underscores the success of ongoing reforms and the Exchange's commitment to market depth, transparency, and inclusive growth," Popoola said. "The capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment. It validates our focus on market development, innovation, and creating an environment where both local and global investors can deploy capital with confidence." Popoola added that NGX Group would continue collaborating with regulators and stakeholders to attract quality listings, deepen liquidity, and expand retail participation, reinforcing our position as a catalyst for sustainable economic growth. President Tinubu concluded by reiterating his administration's commitment to building an inclusive, transparent, and high-growth economy, stressing that the ₦100 trillion milestone sends a powerful message to the global investment community. "Nation-building is a process, not a destination. The ₦100 trillion market capitalisation is a signal to the world that the Nigerian economy is robust, productive, and open for business," the President affirmed.