SIFMA today announced Todd Klessman has been hired as Managing Director, Financial Services Cyber & Technology. In this role, he will serve as a staff advisor for Business Continuity Planning and Cybersecurity and will also provide support for the Operations and Technology Committee. His responsibilities will include identifying and addressing key business, risk, and regulatory issues for the financial services industry and advocating the industry’s position on key issues to both regulatory and government agencies. “SIFMA’s industry-wide work to strengthen operational and cyber resilience, protect market infrastructure, and ensure continuity of service for clients is a core mandate. Todd’s years of experience on the front lines make him perfectly suited to lead our efforts, and we are pleased to welcome him to the team,” said SIFMA president and CEO Kenneth E. Bentsen, Jr. Todd joins SIFMA from the Cybersecurity and Infrastructure Security Agency (CISA), where he was most recently leading their Cyber Incident Reporting for Critical Infrastructure Act rulemaking effort. While at CISA, which he joined in 2009, he held various roles including Deputy Associate Director for Chemical Security, Senior Advisor to the Executive Assistant Director for Infrastructure Security, Senior Counselor to the CISA Director, and Senior Policy Advisor for the Infrastructure Security Compliance Division. “Todd brings the experience and perspective needed to support our work in the operations and technology area and will enhance how we address complex operational and technology issues,” said Joe Seidel, SIFMA COO. “His work will help ensure our members are well supported as regulatory and risk environments continue to evolve.” “I am pleased to welcome Todd to the team,” said Steve Byron, SIFMA Managing Director, Head of Technology, Operations and Business Continuity. “His background in business continuity planning and cybersecurity makes him a strong fit for this role. I’m looking forward to working closely with him as he helps identify key risks and advocate for practical, effective solutions on behalf of the industry.” Prior to CISA, Todd worked at ICF International; Systems, Planning & Analysis, Inc.; and Dow, Lohnes & Albertson, PLLC. He holds a Juris Doctor degree from The University of Michigan Law School and a Bachelor of Business Administration degree with Highest Distinction from The University of Michigan Business School. He will begin working at SIFMA on January 12.

Alay Patel, Co-Portfolio Manager of Barings Emerging EMEA Opportunities, comments on Saudi Arabia opening the main market to all non‑resident investors: Saudi Arabia’s latest liberalisation move in eliminating the Qualified Foreign Investor (QFI) designation and opening the main market to all non‑resident investors, marks a meaningful evolution in the Kingdom’s capital‑markets framework. By materially lowering entry barriers and simplifying market access, the reform should enhance liquidity, broaden the investor base, and support a higher weighting for the Tadawul in global indices such as MSCI Emerging Markets index. It also comes at a time of rising domestic issuance, with Saudi Arabia continuing to cultivate a robust IPO pipeline, and an economy that is rapidly diversifying under Vision 2030—together creating a more compelling long‑term structural story.  However, the more significant implications lie in what this could signal: A precursor to further liberalisation, most notably the eventual removal of foreign ownership limit (FOL) rules. That would be the true catalyst for driving substantial liquidity through passive foreign inflows. We do not view this interim step as transformational for several reasons: Challenging macro backdrop: With oil prices in the $60s—well below our estimated fiscal breakeven near $100—the Kingdom faces a widening fiscal deficit and has already begun cutting capital expenditure. Tight domestic liquidity: Local retail investors can earn comparable returns through time deposits, limiting immediate domestic participation. Institutional access already broad: Deep‑pocketed institutional investors were already able to participate under the previous framework, so incremental near‑term flows may be modest. Persistent geopolitical risks: Beyond the fallout from the Israel‑Iran conflict in 2025, tensions between Saudi Arabia and traditional allies such as the UAE are adding further uncertainty. Weak market sentiment: The Tadawul’s subdued average daily trading volumes and its position as one of the poorest performers in emerging markets in 2025 highlight ongoing investor caution.  In conclusion, while this reform is a welcome and necessary step in modernising Saudi Arabia’s capital markets, it is not a game changer on its own. Meaningful transformation will require further reforms, particularly a full relaxation of foreign ownership limits to unlock the next phase of foreign participation and liquidity.

Clover, the all-in-one commerce solution from Fiserv (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced a collaboration with Wink, the multimodal biometric identity and payments platform. This first-of-its-kind collaboration integrates Wink’s award-winning face and palm payments technology with advanced identity and intelligence layers directly into the Clover platform. The integration marks a significant transition to identity-based payments with enhanced security and customer checkout experience. The new solution will enable Clover merchants to offer the fastest, most personalized checkout experience while helping to secure every transaction with AI-powered biometrics. Unifying identity, payment, and loyalty allows merchants to offer brand new checkout experiences that shorten checkout times, reduce fraud exposure, and increase repeat visits without adding operational complexity. By leveraging a secure token vault to manage biometric profiles, Clover further enhances transaction security and helps ensure that sensitive data is not stored alongside payment credentials. This integration will initially be available to QSRs, sports venues and retailers, with continued rollout throughout 2026. “The future of commerce is the unification of payment and identity,” said Sanjay Saraf, SVP and Global Chief Product Officer, Merchant Solutions at Fiserv. “By embedding Wink’s leading biometric security and intelligence directly into the Clover platform, we’re making cutting-edge technology simple, secure, and accessible for Main Street SMB businesses, helping them to deliver exceptional experiences and unlock new opportunities for growth.” Consumers will benefit from the convenience of biometric recognition—including contactless palm, face, and voice authentication—for frictionless interactions that are private, compliant, and built to meet the strict standards for payments, data protection, and regulatory frameworks. This technology eliminates the need for physical cards or devices, making transactions faster and more secure than ever before. Additional benefits of this collaboration include: Immediate value for merchants and partners. Clover is enabled to deliver biometric checkout, loyalty enrollment, and age-restricted commerce that requires no IDs, no manual checks and no staff intervention, helping reduce line friction, labor dependency, and abandonment at checkout. Unified, Identity-Driven Commerce. Clover and its merchant partners can connect in-store, mobile, and online experiences through a single biometric identity—linking payments, loyalty, and instant age verification into one seamless, secure moment. Frictionless Enablement. Wink can be activated through the full Clover device family (including Station Duo, Mini, Flex, and Clover Kiosk) with no hardware changes and minimal integration lift. Fraud Prevention. By utilizing Wink’s advanced AI-based human presence assurance technology, Clover merchants can reduce fraudulent transactions while offering more personalized, fast and low-friction checkout experiences. “Wink’s strategic integration with Clover will bring unparalleled security, speed, and intelligence to every transaction across a large ecosystem of merchants, app developers and partners,” said Deepak Jain, Founder and CEO of Wink. “We are excited to work closely with Fiserv to bring to market many advanced use cases of identity-driven payments that will define the future of connected commerce at scale across retail, hospitality, venues, and stadiums.” The new identity-based payment solution will be demonstrated live at the Fiserv booth #5451 during the NRF 2026: Retail's Big Show in New York City, January 11-13, 2026. Attendees are invited to experience the secure, frictionless future of checkout firsthand.

Cracks are emerging in the once red-hot private credit markets as a combination of ongoing market volatility, rising default rates, and increased use of higher-risk payment structures signal changes ahead for the asset class in 2026. According to the Private Credit Outlook 2026 from With Intelligence by S&P Global, some of the biggest changes include an increased focus on Europe where fundraising hit a record $66bn through the first nine months of 2025, a proliferation of evergreen structures, and the rise of opportunistic, special situations, and distressed debt funds looking to capitalize on a market disruption. “The private credit market is facing its first big test as evidence of late-cycle behavior continues to build,” said James Harvey, research lead, private credit, at With Intelligence. “After years of allocating overwhelmingly to U.S. direct lending, limited partners are broadening their horizons, both geographically and by sub-strategy, and we expect some of these shifts to significantly alter the current landscape over the next several years.” Following are some of the highlights in the With Intelligence Private Credit Outlook 2026: • Selective Defaults Tick Up: A series of high-profile leveraged loan defaults and bankruptcies in late 2025 have put a spotlight on growing risks in the private credit market. While the headline default rate in private credit has remained below 2% for several years, once selective defaults and liability management exercises are taken into account, the “true” default rate approached 5% through the first nine months of 2025. Opportunistic, special situations and distressed debt funds have collectively raised $100bn in the past two years, while the 10 largest funds currently in market are targeting almost $50bn – suggesting general and limited partners are looking to build war chests in the event of a turn in the cycle. • Payment-in-Kind (PIK) Usage Grows: Another key indicator of growing instability in the private credit markets is the increased use of payment-in-kind structures, which are a form of interest payment where accrued interest is capitalized into the loan principal rather than paid in cash. PIK, which was once limited to mezzanine and subordinated debt, is increasingly appearing in senior secured loan documentation, with public business development company (BDC) investments now receiving an average of 8% of investment income via PIK. • Focus Turns to Europe from North America: European private credit had a breakout year in 2025, with fundraising hitting a record €56bn ($66bn) through the first nine months of the year – 17% higher than 2024’s full-year total of €48bn ($56bn). European funds accounted for 35% of all private debt fundraising in the first nine months of 2025 – up from roughly 24% in each of 2023 and 2024. North America-specific funds, by contrast, raised just $52bn over the same period, or 24% of the overall total – a sharp fall from 2023 and 2024, when North America accounted for around half of all private credit fundraising. • Evergreen Structures Proliferate: Through June 2025, assets held in evergreen private credit funds surpassed $640bn, up 28% from the end of 2024 and roughly 45% year-over-year. The bulk of evergreen assets under management (AuM) is held in private wealth-focused ’40 Act vehicles – particularly non-traded, perpetual-life business development companies, which have grown from zero in 2021 to more than $200bn today. The five largest listed private markets GPs – Apollo, Ares, Blackstone, Carlyle and KKR – now manage a combined $1.5tn in perpetual capital: around 40% of their combined AuM, up from 35% in 2021. • Private Wealth to Create Challenges for Institutional Investors: The rapid and sustained swell of private wealth inflows to private credit vehicles will drive significant shift in the limited partner landscape by 2030 and create challenges for institutional allocators. Of the $640bn currently held in evergreen vehicles, around $480bn is held in various private wealth-focused fund structures, including BDCs, interval funds and European semi-liquid funds. To access the full With Intelligence Private Credit Outlook 2026, please click here.

December 2025 ADV up 27.5% YoY Fourth Quarter 2025 ADV up 23.3% YoY Full Year 2025 ADV up 16.9% YoY Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of December 2025 of $63.0 trillion (tn). Average daily volume (ADV) for the month was $2.8tn, an increase of 27.5 percent (%) year-over-year (YoY). For the fourth quarter of 2025, total trading volume was $185.3tn and ADV was $2.8tn, an increase of 23.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.04[1] and total preliminary fixed fees for rates, credit, equities and money markets of $95.8 million (mm)[1] Tradeweb CEO Billy Hult said: “Tradeweb capped off an active fourth quarter with solid ADV momentum through December. Client engagement was broad-based, particularly in European government bonds, global swaps, and repo, as markets responded to macro developments and year-end positioning. With our global footprint, diversified product mix, and continued momentum in electronic adoption, we feel good about where Tradeweb is headed as market structure continues to evolve into 2026 and beyond.” Record Highlights: For the fourth quarter of 2025, Tradeweb records included: ADV in European government bonds ADV in swaps/swaptions≥1Y ADV in US ETFs ADV in repurchase agreements For the full year of 2025, Tradeweb records included: ADV in US government bonds ADV in European government bonds ADV in mortgages ADV in swaps/swaptions≥1Y ADV in US high-grade - fully electronic ADV in US high-yield - fully electronic ADV in US high-yield - electronically processed ADV in European credit bonds ADV in municipal bonds ADV in credit swaps ADV in US ETFs ADV in International ETFs ADV in convertibles/swaps/options ADV in repurchase agreements December 2025 Highlights rates    U.S. government bond ADV was up 5.7% YoY to $222.1 billion (bn). European government bond ADV was up 46.5% YoY to $53.4bn. U.S. government bond ADV was led by strong growth in the institutional client channel. European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols. Mortgage ADV was up 10.0% YoY to $220.2bn. The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in trading from real-money accounts and increased dollar roll activity. Tradeweb’s specified pool platform saw strong ADV growth of over 20%, supported by ongoing expansion in client and dealer participation. Swaps/swaptions ≥ 1-year ADV was up 39.5% YoY to $572.4bn and total rates derivatives ADV was up 64.5% YoY to $1.1tn. Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by a positive outlook on the U.S. macro environment and the continued shift in central bank policy, as well as a 34% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 3Q25. credit  Fully electronic U.S. credit ADV was up 8.1% YoY to $7.5bn and European credit ADV was up 16.6% YoY to $2.1bn. U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb captured a record 20.5% share of fully electronic U.S. high grade TRACE and 8.0% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 27.4% total share of U.S. high grade TRACE and 9.9% total share of U.S. high yield TRACE. European credit volumes were driven by a diverse set of trading protocols. Cash credit PT ADV decreased by 1% YoY, with non-comp PT ADV down 37% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall. Municipal bonds ADV was up 10.4% YoY to $509 million. Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was down 1.9%[2] Credit derivatives ADV was up 4.1% YoY to $11.1bn. Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. equities    U.S. ETF ADV was up 9.2% YoY to $10.3bn and International ETF ADV was flat YoY at $3.3bn. U.S. ETFs reported strong growth YoY across our institutional and wholesale offerings. On the institutional side, adoption of our automated rules-based RFQ protocol continued to grow, accompanied by an expanding client base. On the wholesale side, our client base also expanded and we saw higher market volatility YoY. money markets    Repo ADV was up 15.6% YoY to $787.7bn. Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility (RRP) remained close to zero for a majority of the month, with a small spike at month end. In Europe, strong activity was driven primarily by dealers actively managing balance sheet and regulatory constraints into year-end, with funding levels remaining orderly. Other Money Markets ADV was down 2.3% YoY to $297.0bn. Other money markets ADV declined primarily due to ICD as energy and utility clients deployed liquidity to fund infrastructure projects and ongoing shareholder returns. YoY Volume for December 2025, Q4 2025 and Full Year (FY) 2025      Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.     [1] See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of preliminary average variable fees per million dollars of volume traded for each underlying asset class, as well as preliminary fixed fees by asset class. [2] Based on data from MSRB. Tradeweb Markets December 2025 Monthly Activity Report News Release.pdf

Click here to download Tehran Securities Exchange's monthly bulletin.

The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced an agreement with MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, for the NYSE to become the U.S. options listings venue for benchmark MSCI indexes in early 2026, pending regulatory approval. Options on MSCI indexes will be listed on NYSE Arca and NYSE American options markets, including the MSCI Emerging Markets Index, MSCI EAFE Index, MSCI ACWI Index, MSCI World Index, and MSCI USA Index. MSCI and ICE share a decades-long partnership built on innovation and trust. Since ICE launched futures based on MSCI Emerging Markets and MSCI EAFE indexes 16 years ago, its contracts are ranked in the top 10 index futures globally by notional open interest and provide a liquid set of tools for market participants to manage equity risk. “We are thrilled to expand our partnership with MSCI by listing cash settled index options on NYSE Exchanges,” said Jon Herrick, Chief Product Officer, NYSE Group. “By working with MSCI to broaden the product offering while improving cross-product capital efficiencies, we look forward to enhancing the risk management capabilities offered to global investors with assets tracking these important benchmarks.” "The expansion of our partnership with ICE to include MSCI-linked options marks an important development for our clients and the broader market," said George Harrington, Global Head of Fixed Income & Derivatives, MSCI. “Bringing both MSCI futures and options under the ICE umbrella reflects our commitment to provide more integrated solutions that support the evolving needs of global investors.” ICE is home to the most liquid markets to trade futures on the benchmark MSCI EAFE, MSCI Emerging Markets, MSCI ACWI, MSCI Selection, and MSCI Climate indexes with ICE accounting for more than 70% of global MSCI Futures trading by volume. In 2025, average daily volume for ICE’s MSCI derivatives complex was equal to approximately $19.5 billion of notional value.

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced it has received approval from the U.S. Securities and Exchange Commission (SEC) to offer the ACS Triparty Service within its existing Fixed Income Clearing Corporation’s (FICC’s) Agent Clearing Service (ACS) offering. FICC submitted the rule filing with the SEC to offer the ACS Triparty Service in September 2025. With this approval, FICC can now offer cleared triparty repo capabilities to Agent Clearing Members and their Executing Firm Customers. Specifically, FICC’s Agent Clearing Members will be able to submit for clearing eligible triparty repo transactions executed between their Executing Firm Customers and either the Agent Clearing Member itself (“done-with”), or another Government Securities Division (GSD) Netting Member or its client (“done-away”). The ACS Triparty Service will be offered by FICC leveraging BNY’s (NYSE: BK), a global financial services company, Global Collateral infrastructure to support both “done-with” and “done-away” cleared triparty repo trades. The ACS Triparty Service was developed to enable greater access to central clearing as the industry prepares for the SEC’s expanded U.S. Treasury clearing rules which take effect in December 2026 for cash and June 2027 for repo transactions. The service will provide unique benefits to Agent Clearing Members, including the potential for enhanced margin efficiency, reduced capital requirements and balance sheet relief. In addition to the new ACS offering, FICC also announced that its Government Securities Division (GSD) reached a new overall peak volume of $13.2T on December 1, 2025, and on December 31, 2025, reached a new peak volume in buyside activity of $3.1T across its Sponsored and Agent Clearing Services.

ACER has released its multi-annual programming document 2026-2028, outlining its strategic goals and priorities for the coming years, including its 2026 work programme. Which are ACER’s priorities for 2026-2028? ACER will continue its work on: the integration of EU energy markets; infrastructure, flexibility needs and security of supply; the integrity and transparency of the EU’s wholesale energy markets; and longer-term regulatory challenges (e.g. increasing price and geopolitical volatility, Russian gas phase out). In 2026, ACER’s work will focus on the following priorities: REMIT framework to protect against market manipulation: ACER will continue to ensure that REMIT is fully implemented and hence reinforce trust that prices set in Europe’s wholesale energy markets reflect competitive forces and the underlying market fundamentals. The Implementing Regulation and delegated acts related to REMIT II will broaden the scope of market surveillance and the level of transparency of energy markets, while ACER will progressively conduct cross-border investigations, complementing national regulatory authorities’ work. Cross-border trade and energy security: ACER will support amendments to network codes for cross-border electricity and gas trade. In line with REPowerEU, ACER will monitor the phase-out of Russian gas imports to the EU, and contribute to key discussions on energy infrastructure, security of supply and flexibility. Market monitoring: ACER will continue monitoring the energy sector, identifying challenges and opportunities to increase consumer benefits from the integrated EU energy market. The document was adopted on 12 December 2025 by ACER's Administrative Board, following the favourable opinion of the Agency's Board of Regulators. Read more about ACER's programming document. Access previous editions.

MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for December 2025 and the fourth quarter ended December 31, 2025.1 Select Fourth Quarter 2025 Highlights* (See tables 1-1C and table 2) Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels. Client-Initiated Channel 29% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+21%), record emerging markets (+41%) and eurobonds (+43%). Portfolio Trading Channel 41% increase in total portfolio trading ADV to a record$1.5 billion, with record U.S. high-yield portfolio trading ADV of $368 million and record emerging markets portfolio trading ADV of $118 million. Our estimated market share of U.S. credit portfolio trading was a record20.6%, compared to 16.2% in the prior year, and 19.1% in 3Q25. Record U.S. credit portfolio trading estimated market share in the quarter was driven in part by record U.S. high-yield estimated market share in December 2025 of 27.7%. Dealer-Initiated Channel 32% increase in dealer-initiated ADV to $1.8 billion, consisting of a 20% increase in Dealer RFQ ADV and an 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025. Fourth Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM both year-over-year and quarter-over-quarter was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. Total credit FPM in December 2025 was flat month-over-month compared to November 2025. The increase in total rates FPM both year-over-year and quarter-over-quarter was driven by the impact of product mix. *All comparisons versus fourth quarter 2024 unless noted. Table 1: MarketAxess ADV   Month % Change Quarter % Change     Dec-25   Nov-25   Dec-24   MoM YoY   4Q25   3Q25   4Q24   QoQ YoY MKTX ADV ($ millions)                                                 Credit                                                 U.S. High-Grade (incl. SD PT)2   $ 6,275   $ 7,763   $ 5,949     (19 ) % 5   %   $ 7,035   $ 6,783   $ 6,578     4   % 7   % U.S. High-Grade (excl. SD PT)2     6,043     7,594     5,921     (20 )   2         6,848     6,558     6,454     4     6     U.S. High-Yield (incl. SD PT)2     1,591     1,791     1,222     (11 )   30         1,749     1,557     1,378     12     27     U.S. High-Yield (excl. SD PT)2     1,391     1,622     1,219     (14 )   14         1,543     1,347     1,345     15     15     Emerging Markets     3,515     4,265     2,869     (18 )   23         3,986     3,803     3,459     5     15     Eurobonds     2,003     2,741     1,619     (27 )   24         2,407     2,196     2,001     10     20     Other Credit Products3     594     586     657     1     (10 )       597     631     624     (5 )   (4 )   Municipal Bonds     593     585     656     1     (10 )       597     630     620     (5 )   (4 )   Total MKTX Credit ADV (excl. SD PT)2   $ 13,546   $ 16,808   $ 12,285     (19 )   10       $ 15,381   $ 14,535   $ 13,883     6     11     Rates                                                 U.S. Government Bonds   $ 19,406   $ 22,966   $ 18,735     (16 ) % 4   %   $ 21,819   $ 23,130   $ 25,952     (6 ) % (16 ) % Agencies and Other Government Bonds     620     715     1,017     (13 )   (39 )       686     1,166     1,195     (41 )   (43 )   Total MKTX Rates ADV   $ 20,026   $ 23,681   $ 19,752     (15 )   1       $ 22,505   $ 24,296   $ 27,147     (7 )   (17 )   Total MKTX Trading ADV   $ 33,572   $ 40,489   $ 32,037     (17 )   5       $ 37,886   $ 38,831   $ 41,030     (2 )   (8 )   U.S. Trading Days4   22   18   21               62   64   62             U.K. Trading Days4   21   20   20               64   65   64             Table 1A: Market ADV   Month % Change Quarter % Change     Dec-25   Nov-25   Dec-24   MoM YoY   4Q25   3Q25   4Q24   QoQ YoY MARKET ADV ($ millions)                                                 Credit                                                 U.S. High-Grade TRACE   $ 32,493   $ 41,114   $ 30,344     (21 ) % 7   %   $ 37,240   $ 37,028   $ 34,986     1   % 6   % U.S. High-Yield TRACE     10,112     12,279     8,294     (18 )   22         11,563     11,348     10,061     2     15     Total U.S. Credit TRACE     42,605     53,393     38,638     (20 )   10         48,803     48,375     45,047     1     8     Municipal Bonds MSRB     9,555     9,457     9,630     1     (1 )       9,686     10,908     8,755     (11 )   11                                                       Rates                                                 U.S. Government Bonds TRACE   $ 944,841   $ 1,091,150   $ 832,181     (13 ) % 14   %   $ 1,006,294   $ 1,006,577   $ 926,037     (0 ) % 9   % Agency TRACE     3,454     3,449     3,294     0     5         3,548     4,177     3,897     (15 )   (9 )   U.S. Trading Days4   22   18   21               62   64   62             U.K. Trading Days4   21   20   20               64   65   64             Table 1B: Estimated Market Share     Month   Bps Change   Quarter     % Change     Dec-25     Nov-25     Dec-24   MoM YoY   4Q25     3Q25     4Q24     QoQ YoY MKTX ESTIMATED MARKET SHARE (%)                                           U.S. High-Grade                                           % of U.S. High-Grade TRACE (incl. SD PT)2   19.3 %   18.9 %   19.6 % +40 bps (30) bps   18.9 %   18.3 %   18.8 %   +60 bps +10 bps % of U.S. High-Grade TRACE (excl. SD PT)2   18.6 %   18.5 %   19.5 % +10   (90)     18.4 %   17.7 %   18.4 %   +70   -   U.S. High-Yield                                           % of U.S. High-Yield TRACE (incl. SD PT)2   15.7 %   14.6 %   14.7 % +110 bps +100 bps   15.1 %   13.7 %   13.7 %   +140 bps +140 bps % of U.S. High-Yield TRACE (excl. SD PT)2   13.8 %   13.2 %   14.7 % +60   (90)     13.3 %   11.9 %   13.4 %   +140   (10)   Other Credit Products                                           % of Municipal Bonds MSRB   6.2 %   6.2 %   6.8 % - bps (60) bps   6.2 %   5.8 %   7.1 %   +40 bps (90) bps Rates                                           % of U.S. Government Bonds TRACE   2.1 %   2.1 %   2.3 % - bps (20) bps   2.2 %   2.3 %   2.8 %   (10) bps (60) bps Table 1C: Strategic Priorities ADV2     Month   % Change   Quarter   % Change     Dec-25   Nov-25   Dec-24   MoM YoY   4Q25   3Q25   4Q24   QoQ YoY STRATEGIC PRIORITIES ADV ($ millions)                                                 Client-Initiated Channel                                                 U.S. Credit Block Trading   $ 2,298   $ 3,245   $ 2,108     (29 ) % 9   %   $ 2,811   $ 2,589   $ 2,330     9   % 21   % Emerging Markets Block Trading     1,494     1,954     1,004     (24 )   49         1,687     1,553     1,194     9     41     Eurobonds Block Trading     291     532     195     (45 )   49         425     364     297     17     43     Portfolio Trading Channel                                                 Total MKTX Portfolio Trading   $ 1,541   $ 1,364   $ 1,002     13   % 54   %   $ 1,491   $ 1,375   $ 1,060     8   % 41   % Total MKTX U.S. Credit Portfolio Trading     1,200     1,003     825     20     45         1,146     1,140     796     1     44     Total U.S. Credit TRACE Portfolio Trading     5,206     5,685     4,950     (8 )   5         5,555     5,962     4,929     (7 )   13     Dealer-Initiated Channel                                                 Total Dealer Initiated (DRFQ & Mid-X)   $ 1,602   $ 1,916   $ 1,088     (16 ) % 47   %   $ 1,755   $ 1,516   $ 1,334     16   % 32   % Other                                                 Open Trading   $ 4,382   $ 5,370   $ 3,642     (18 ) % 20   %   $ 4,939   $ 4,349   $ 4,130     14   % 20   % AxessIQ     160     170     135     (6 )   19         164     163     147     1     12     U.S. Trading Days4   22   18   21               62   64   62             U.K. Trading Days4   21   20   20               64   65   64             Table 1D: Variable Transaction Fees Per Million (FPM)1     Month   % Change   Quarter   % Change     Dec-25   Nov-25   Dec-24   MoM YoY   4Q25   3Q25   4Q24   QoQ YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM)                                             Total Credit   $ 138   $ 138   $ 148     0   % (7 ) %   $ 138   $ 140   $ 150     (1 ) % (8 ) % Total Rates     4.79     4.52     4.14     6     16         4.72     4.21     4.31     12     10     1 The FPM for total credit and total rates for December 2025 and 4Q25 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 “SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation. 3 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume. Table 2: Trading Volume Detail       Month Ended December 31,     In millions (unaudited)     2025     2024     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 132,950     $ 6,043     $ 124,334     $ 5,921       7   %   2   % High-yield       30,610       1,391       25,598       1,219       20       14     Emerging markets       77,319       3,515       60,240       2,869       28       23     Eurobonds       42,062       2,003       32,380       1,619       30       24     Other credit       13,067       594       13,800       657       (5 )     (10 )   Total credit trading1       296,008       13,546       256,352       12,285       15       10     Rates                                         U.S. government bonds2       426,932       19,406       393,430       18,735       9       4     Agency and other government bonds1       13,087       620       20,414       1,017       (36 )     (39 )   Total rates trading       440,019       20,026       413,844       19,752       6       1     Total trading     $ 736,027     $ 33,572     $ 670,196     $ 32,037       10       5     Number of U.S. Trading Days3             22             21                 Number of U.K. Trading Days4             21             20                                                                 Quarter Ended December 31,     In millions (unaudited)     2025     2024     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 424,563     $ 6,848     $ 400,129     $ 6,454       6   %   6   % High-yield       95,650       1,543       83,373       1,345       15       15     Emerging markets       247,140       3,986       214,439       3,459       15       15     Eurobonds       154,061       2,407       128,064       2,001       20       20     Other credit       37,086       597       38,698       624       (4 )     (4 )   Total credit trading1       958,500       15,381       864,703       13,883       11       11     Rates                                         U.S. government bonds2       1,352,808       21,819       1,608,995       25,952       (16 )     (16 )   Agency and other government bonds1       43,787       686       76,221       1,195       (43 )     (43 )   Total rates trading       1,396,595       22,505       1,685,216       27,147       (17 )     (17 )   Total trading     $ 2,355,095     $ 37,886     $ 2,549,919     $ 41,030       (8 )     (8 )   Number of U.S. Trading Days3             62             62                 Number of U.K. Trading Days4             64             64                       Year-to-Date Ended December 31,     In millions (unaudited)     2025     2024     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 1,786,664     $ 7,175     $ 1,711,275     $ 6,845       4   %   5   % High-yield       376,772       1,513       334,761       1,339       13       13     Emerging markets       979,903       3,935       859,412       3,438       14       14     Eurobonds       605,623       2,403       508,093       2,008       19       20     Other credit       153,869       617       135,975       543       13       14     Total credit trading1       3,902,831       15,643       3,549,516       14,173       10       10     Rates                                         U.S. government bonds2       6,322,098       25,390       5,511,045       22,044       15       15     Agency and other government bonds1       272,951       1,084       227,614       902       20       20     Total rates trading       6,595,049       26,474       5,738,659       22,946       15       15     Total trading     $ 10,497,880     $ 42,117     $ 9,288,175     $ 37,119       13       13     Number of U.S. Trading Days3             249             250                 Number of U.K. Trading Days4             252             253                 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

Worldline [Euronext: WLN], a European leader in payment services, today announced the commercial availability of Worldline One Commerce in the United Kingdom. This launch introduces a unified commerce solution designed to support enterprise merchants in delivering consistent and frictionless customer journeys across online, mobile, in-store, and self-service channels. Worldline One Commerce brings together Worldline’s existing payment services and operational capabilities within a consolidated back office, enabling enterprise businesses to manage transactions across all channels through a unified operational point of access. By centralising payments data and reporting, the solution improves visibility, simplifies operations and supports more efficient day-to-day management. The UK is the first market where Worldline One Commerce is commercially available. This initial deployment marks an important step in the progressive introduction of a solution.  One Commerce has been designed to operate consistently across multiple European markets, supporting enterprise merchants as they scale their activities across borders, in line with Worldline’s broader unified commerce roadmap. Built to meet the requirements of large and international merchants, Worldline One Commerce supports a wide range of omnichannel use cases, including Click & Collect, cross-channel returns, subscriptions, and unified reporting. It enables merchants to connect physical and digital channels while maintaining consistent payment performance, compliance, and operational flexibility.  Commenting on the announcement, David Gebhardt, Head of Enterprise at Worldline, said “Enterprise merchants increasingly need to manage complex payment environments while delivering seamless experiences across all channels. With Worldline One Commerce, we provide UK merchants with a unified payments foundation that simplifies operations, supports consistent customer journeys, and is built to scale across Europe.” UK enterprise merchants typically operate separate payment platforms for e-commerce and physical stores, often relying on multiple providers with limited cross-channel visibility. This fragmentation increases operational effort and slows the deployment of new customer journeys. Worldline One Commerce addresses these challenges by providing a unified point of access for payments and operations, while preserving flexibility in acquiring models. Key capabilities available with the UK launch include: Unified payment management across online and in-store channels through one back office Simplified reconciliation, reporting, and operational oversight Flexible acquiring models, combining Worldline acquiring with third-party acquirers Support for local payment methods and market preferences to optimise conversion Omnichannel customer journeys enabling faster deployment of new services The launch of Worldline One Commerce in the UK reinforces Worldline’s approach to building a unified commerce solution designed to support enterprise merchants on a pan-European scale.

The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight. Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision. As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately. The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules. Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'Those in positions of responsibility have a duty to keep the market accurately and adequately informed. With Carillion, we have seen the serious impact it can have when they don’t. The action taken against Mr Adam and Mr Khan demonstrates our commitment to preventing market abuse and upholding the standards we expect.’ Background Richard Adam Final Notice (PDF). Zafar Khan Final Notice (PDF). Carillion plc (in liquidation) Decision Notice (PDF). Mr Adam was finance director of Carillion from April 2007 to 31 December 2016. He received an initial Decision Notice (PDF) dated 24 June 2022. Mr Khan was finance director of Carillion from 1 January 2017 to September 2017. He received an initial Decision Notice (PDF) dated 24 June 2022. The FCA has imposed the financial penalties on Mr Adam and Mr Khan for being knowingly concerned in breaches by Carillion of: Article 15 of MAR (prohibition of market manipulation) by disseminating information that gave false or misleading signals as to the value of its shares in circumstances where it ought to have known that the information was false or misleading; Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information; Listing Principle 1 (procedures, systems and controls) by failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations under the Listing Rules; and Premium Listing Principle 2 (acting with integrity) by failing to act with integrity towards its holders and potential holders of its premium listed shares. The findings in Mr Adam and Mr Khan’s Final Notices are those of the FCA and are not the subject of any judicial finding. Carillion’s former chief executive officer Mr Richard Howson received a Decision Notice (PDF) in respect of related findings, many of which are disputed by him. Mr Howson made a statutory reference to the Upper Tribunal and the hearing of his reference is scheduled to start on 16 February 2026.

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported December and full year 2025 trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the fourth quarter of 2025.   The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain December and full year 2025 trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Average Daily Trading Volume (ADV) by Month Year-To-Date Dec 2025 Dec 2024 % Chg Nov 2025 % Chg Dec 2025 Dec 2024 % Chg Multi-listed options (contracts, k) 11,550 11,864 -2.6 % 14,429 -19.9 % 13,484 10,853 24.2 % Index options (contracts, k) 5,047 4,014 25.7 % 5,856 -13.8 % 4,949 4,094 20.9 % Futures (contracts, k)1 179 213 -15.9 % 284 -37.0 % 227 239 -4.8 % U.S. Equities - On-Exchange (matched shares, mn) 1,415 1,515 -6.6 % 1,802 -21.4 % 1,757 1,392 26.2 % U.S. Equities - Off-Exchange (matched shares, mn) 161 70 130.8 % 202 -20.3 % 155 79 96.3 % Canadian Equities (matched shares, k) 188,508 154,344 22.1 % 186,073 1.3 % 167,494 147,576 13.5 % European Equities (€, mn) 10,449 9,291 12.5 % 12,773 -18.2 % 12,823 9,780 31.1 % Australian Equities (AUD, mn) 876 772 13.5 % 1,025 -14.5 % 946 790 19.8 % Global FX ($, mn) 51,528 43,122 19.5 % 53,120 -3.0 % 52,765 46,731 12.9 % Cboe Clear Europe Cleared Trades (k) 90,719 96,747 -6.2 % 106,229 -14.6 % 1,464,640 1,229,203 19.2 % Cboe Clear Europe Net Settlements (k) 1,143 926 23.4 % 1,156 -1.1 % 13,636 11,199 21.8 % 1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products. December and Full Year 2025 Trading Volume Highlights    U.S. Options Total volume traded across Cboe's four options exchanges was 4.6 billion contracts in 2025, with an ADV of 18.4 million contracts traded, the sixth consecutive record-breaking year. Several additional yearly volume records were set in 2025, including: Multi-list options traded a total of 3.4 billion contracts across Cboe's exchanges, with an ADV of 13.5 million contracts. Overall proprietary index options product suite traded a total of 1.2 billion contracts, with an ADV of 4.9 million contracts. S&P 500 Index (SPX) options traded a total of 970.6 million contracts, with an ADV of 3.9 million contracts. SPX zero-days-to-expiry (0DTE) options ADV record of 2.3 million contracts, representing 59% of total SPX volume. Cboe Volatility Index (VIX) options traded a total of 215.6 million contracts, with an ADV of 862 thousand contracts. Mini-SPX (XSP) options traded a total of 28.8 million contracts, with an ADV of 115 thousand contracts. Total of 28.7 million contracts traded during Cboe's global trading hours session (8:15 PM to 9:25 AM ET), with an ADV of 115 thousand contracts. Quarterly ADV records set in the fourth quarter of 2025 included: 19.4 million contracts traded daily across Cboe's exchanges driven by record trading in multi-list options (14.0 million) and proprietary index options (5.4 million). 4.3 million SPX options contracts traded daily. 2.6 million SPX 0DTE contracts traded daily. 127 thousand XSP options contracts traded daily. 29 of the top 30 SPX options trading days occurred in 2025, along with 24 of the top 25 days of multi-list options trading. U.S. Equities - Off-Exchange BIDS Trading reported a yearly ADV record of 155.0 million matched shares, up 96% year-over-year. European Equities Cboe Europe Equities reported several annual records in 2025, including: Record yearly Cboe Europe Equities average daily notional volume (ADNV) of €12.8 billion. Record yearly Cboe overall market share of 25%. Record yearly Cboe Periodic Auctions ADNV of €3.8 billion. Record yearly Cboe BIDS Europe ADNV of €614 million. Global FX Global FX reported multiple records for full year 2025, including: Spot ADNV of $49.7 billion, surpassing last year's record of $45.4 billion. Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADNV record of $3.1 billion. Fourth-Quarter 2025 RPC/Net Revenue Capture GuidanceThe projected RPC/net capture metrics for the fourth quarter of 2025 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended December 31, 2025, will not differ materially from these projections. (In USD unless stated otherwise)  Three-Months Ended   Product 4QProjection Nov-25 Oct-25 Sep-25 Multi-Listed Options (per contract) $0.075 $0.069 $0.062 $0.055 Index Options $0.937 $0.932 $0.929 $0.926 Total Options $0.317 $0.299 $0.284 $0.281 Futures (per contract) $1.717 $1.726 $1.741 $1.742 U.S. Equities - Exchange (per 100 touched shares) $0.018 $0.017 $0.016 $0.015 U.S. Equities - Off-Exchange (per 100 touched shares) $0.065 $0.062 $0.062 $0.064 Canadian Equities (per 10,000 touched shares) CAD 3.946 CAD 4.059 CAD 4.087 CAD 4.142 European Equities (per matched notional value) 0.277 0.279 0.283 0.287 Australian Equities (per matched notional value) 0.207 0.207 0.207 0.206 Global FX (per one million dollars traded) $2.945 $2.916 $2.903 $2.894 Cboe Clear Europe Fee per Trade Cleared € 0.010 € 0.010 € 0.010 € 0.010 Cboe Clear Europe Net Fee per Settlement € 1.039 € 1.044 € 1.023 € 1.015 The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type. For Options and Futures, the average RPC represents total net transaction fees recognized for the period divided by total contracts traded during the period for options exchanges: BZX Options, Cboe Options, C2 Options and EDGX Options; futures include contracts traded on Cboe Futures Exchange, LLC (CFE). For U.S. Equities, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days for the period. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less OMS/EMS costs and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period. For Canadian Equities, "net capture per 10,000 touched shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days for the period and includes revenue. For European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in British pounds divided by the product of ADNV in British pounds of shares matched on Cboe Europe Equities and the number of trading days. For Australian Equities, "net capture per matched notional value" refers to transaction fees less trading fee relief in Australian Dollars divided by the product of ADNV in Australian Dollars of shares matched on Cboe Australia and the number of trading days. For Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. For Cboe Clear Europe, "Fee per Trade Cleared" refers to clearing fees divided by number of non-interoperable trades cleared and "Net Fee per Settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.  

 Nasdaq (Nasdaq: NDAQ) has scheduled its fourth quarter and full year 2025 financial results announcement. Who: Nasdaq’s CEO, CFO, and additional members of its senior management team     What: Review Nasdaq’s fourth quarter and full year 2025 financial results     When: Thursday, January 29, 2026   Results Call: 8:00 AM Eastern     Senior management will be available for questions from the investment community following prepared remarks. All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/. Note: The press release and results presentation for the fourth quarter and full year 2025 results will be posted on the Nasdaq Investor Relations website at http://ir.nasdaq.com/ on Thursday, January 29, 2026 at approximately 7:00 AM Eastern.

Global securities lending revenue climbed to a record $15.3 billion in 2025, according to EquiLend Data & Analytics, representing 26% year-over-year growth and a 13% increase over the previous high set in 2023. Amidst a potential AI bubble, M&As, tariffs, rate cuts and political volatility, loan balances topped $4 trillion for the first time. The lender-to-broker market generated a record $11.7 billion in revenue, a 22% increase from the $9.67 billion generated in 2024 and a 9% increase from the prior record of $10.7 billion generated in 2023. The broker-to-broker market accounted for an additional $3.61 billion, up 41% from the same period last year and 27% from 2023. Within the lender-to-broker segment, North American equity revenue climbed 22% YoY, driven by a 20% increase in loan balances, as valuations surrounding AI-related securities remained in focus. With fees rising slightly by 1% compared to 2024, the resulting lending revenue rose to $4.99 billion. Revenue from corporate bond lending increased by 8% to $463 million as a 22% increase in balances offset a 12% decrease in fees. Likewise, government bond lending revenue rose by 6% year-on-year as the Federal Reserve cut rates three times in the last four months of the year. Lender-to-Broker revenue for EMEA equities increased by a similar margin, 15% year-over-year. Despite periodic volatility from tariffs and political instability in France, strong European market trends lifted valuations and drove a 27% increase in loan balances, offsetting an 11% decline in fees. Corporate debt lending yielded an 8% increase, as a 25% increase in loan balances offset a 14% decline in fees. Lending revenue from French OATs continued to bolster European government debt, resulting in a 7% increase year-over-year for the region. Asia-Pacific (APAC) equity markets had a stellar 2025 as lender-to-broker revenue increased by 42% over 2024 to $2.87 billion. Hong Kong, Japan, Taiwan, and South Korea were the leading markets for equity lending revenue globally, outside the United States, as both fees and balances rose across the region by 17% and 22%, respectively. Single-stock revenue themes for 2025 included AI, EV batteries, nuclear energy, and an exchange offer. The top 5 revenue-generating securities for lenders globally were CoreWeave Inc (CRWV US), Paramount Global Class B (PARAB US), Infosys LTD ADR (INFY US), Contemporary Amperex Technology Co. (3750 HK) and Nano Nuclear Energy (NNE US), which collectively generated $821 million in lender-to-broker revenue. Bloomberg Terminal users can subscribe to EquiLend Orbisa’s exclusive short selling and financing data by entering APPS ORBISA <GO> on the Bloomberg terminal or clicking here.

FINRA today announced the appointment of four new Governors to its Board of Governors: Rostin “Russ” Behnam, Tim Carter, Dan Gallagher and Heather Traeger.   Rostin "Russ" Behnam Tim Carter Dan Gallagher Heather Traeger   The new Governors bring extensive experience in financial services, regulation, industry leadership and public pension management to FINRA's Board, which oversees the organization's mission to protect investors and ensure market integrity. "We are pleased to welcome Russ, Tim, Dan and Heather to FINRA's Board of Governors," said FINRA CEO Robert Cook. "Their deep expertise and diverse perspectives will be invaluable as we continue to adapt our regulatory approach to meet the evolving needs of investors and the markets. These appointments strengthen our Board's ability to provide strategic oversight and guidance in an increasingly complex financial landscape." "The addition of these four distinguished leaders reflects our commitment to maintaining a Board that represents the breadth and depth of experience needed to guide FINRA's important work. Each brings unique insights that will enhance our deliberations and help ensure that FINRA continues to fulfill its vital investor protection mission effectively," said FINRA Board Chair Scott Curtis. Behnam served as Chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2021 to January 2025. He previously served as a CFTC Commissioner from 2017 to 2021. He now serves as a Distinguished Fellow at the Psaros Center for Financial Markets and Policy at Georgetown University. Carter previously served as the Chief Financial Officer (CFO) at investment bank and institutional securities firm Piper Sandler Companies. In his role as CFO, Carter led the firm's treasury, accounting, market and credit risk, investor relations and financial planning functions. Gallagher is Chief Legal, Compliance and Corporate Affairs Officer of Robinhood Markets. Prior to joining Robinhood, he was partner and deputy chair of the securities department at WilmerHale, served as a Commissioner of the U.S. Securities and Exchange Commission (SEC) from 2011 to 2015, and held several other senior positions on the SEC staff. Traeger serves as General Counsel and Chief Compliance Officer at the Teacher Retirement System of Texas, one of the nation’s largest public pension plans. She brings extensive experience from her previous roles at the SEC and as a partner at O'Melveny & Myers. Traeger previously served as Chair of FINRA's National Adjudicatory Council. FINRA is overseen by a 22-member Board of Governors, with the majority or 12 seats designated for public members, 10 seats designated for industry members and one seat reserved for FINRA’s CEO. Public governors are appointed by the Board from candidates nominated by the Nominating Committee. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms. More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.

The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets. Date: 3 December 2025 Time: 3.30pm – 5pm | Location: Bank of England / Hybrid Minutes Item 1. Introduction & Minutes of last meeting The Co-Chair welcomed the Committee to this hybrid meeting and noted that the minutes of the last UK Money Market Code Sub-Committee meeting (held on 3 June 2025) is on the Bank’s website. Item 2. An Update for the UK Money Market Sub-Code Committee The Code Sub-Committee secretariat noted that the updated UK Money Market Code (“Code”) has been formally re-recognisedOpens in a new window by the Financial Conduct Authority (FCA) as an industry standard for a period of three years i.e. until 3 November 2028. Following this news, the Bank published a Press Notice. The secretariat also noted that 30 firms had re-attested to the Code since it was updated. The Committee suggested promoting the Code via social media (in addition to the other avenues used in the past) to reach a wider audience in a bid to get more firms to re-attest to the updated Code. The secretariat will explore potential options. Item 3: DBV for Bank of England’s Short Term Repo (STR) Facility: An update EUI is planning to change the allocation method for DBV from selecting bonds with the highest value in a member’s portfolio to selecting the bonds which attract the lowest haircut, first. The plan is to implement this change in EUI’s April 2026 release. This change supports the feedback received from the market following the Bank’s Discussion Paper, ‘Transitioning to a repo-led framework’, which was published in December 2024. Market consensus suggests that being able to use DBV (which allows for DvP settlement) will help reduce operational frictions. Against the backdrop of increased usage of the STR, the Committee agreed that this change will encourage the market to use DBV for the STR and thus benefit from some of the operational efficiencies of DBV. Item 4: EUI Transformation Project: An update Committee members were given an update by Euroclear on the CREST Transformation project which aims to modernise Crest’s infrastructure. CREST will be increasing its engagement with the market in 2026. On the collateral stream of the project, CREST have done their proof of concept for the Tri-Party within EUI and will be holding another workshop in 2026. This work aims to move from Euroclear’s DBV product to Tri-party (EUI-Triparty) and establish a Collateral Management System (CMS) which will conduct the auto selecting of collateral rather than DBV. The timeline for collateral stream is end of 2028. The new CREST web GUI is now live with the early adopters actively using it. This will be rolled out to all users throughout 2026. The position and settlement stream of the project is under development and ongoing. CREST is currently engaging with the market with regards to the likely design and key protocols associated with the new settlement system. CREST will be providing an update on the project at the next meeting. Item 5. AOB UK Money Market Code Sub-Committee meetings for next year will be held on Wednesday, 17 June and Wednesday, 9 December 2026. Committee attendees Attendees (in-person) Denisa Sokolova Barclays Chris Mundy (Guest) Euroclear Ned Taylor HSBC Antony Baldwin LCH Andrew Welch LGIM Hamish Thornton Lloyds Bank Corporate Markets Ian Mair LMMA Philip Chilvers TP ICAP Attendees (Virtual) Gordon Lowson Aberdeen Standard Investments Alessandro Cozzani BofA Helen Willingale BlackRock James McKerrow Insight Investment Nic Erevik (Co-Chair) Newcastle Building Society Bank of England Kpakpo Brown Apologies James Winterton Association of Corporate Treasurers John Edwards CME Group Paul Canty Debt Management Office Ina Budh-Raja (Co-Chair) ISLA Veronica Iommi IMMFA

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its third report on marketing requirements and marketing communications under the Regulation on cross-border distribution of funds. For the first time, the report includes statistics on notifications of cross-border marketing of funds. Drawing on input from National Competent Authorities, the report finds that national rules governing the marketing of funds have not undergone any significant changes since the publication of the second report in 2023. ESMA has used the opportunity of this report to provide stakeholders with statistics on the volume of cross-border fund notifications. In particular, the analysis shows that Luxembourg and Ireland are the leading notifying jurisdictions, accounting for 59% and 30% respectively. UCITS notifications comprise 56% of the total fund notifications, while AIFs account for 44%. This information was retrieved from the ESMA database, which lists all notifications of cross-border marketing of funds. Next steps The report will now be submitted to the European Parliament, the Council and the European Commission. Related Documents DateReferenceTitleDownloadSelect 06/01/2026 ESMA34-1921782652-2033 Report on Marketing requirements and marketing communications under the regulation on cross-border distribution of funds

Rimes, a leading provider of enterprise data management and investment intelligence solutions to the global investment community, today announced the appointment of Kieran Kennedy as Chief Revenue Officer. Kieran joins Rimes with more than 30 years of executive leadership in financial data, cloud ecosystems, and institutional investment workflows, having held senior roles at major organizations including Snowflake, FactSet, and Goldman Sachs. Kieran most recently served as Global Vice President of Data Cloud Product Partnerships at Snowflake, where he led a worldwide team responsible for over $1.2B in annual revenue and helped build one of the industry’s most influential cloud applications and data marketplaces. Prior to Snowflake, he spent three decades at FactSet, where he held leadership positions in global sales, client solutions, product development, and strategic partnerships, overseeing a $1.4B business across 85,000+ users and serving more than 4,000 firms. Kieran joins the Rimes team at a time when the investment industry is undergoing a major shift driven by the convergence of AI and the rapidly growing demand for high-quality, decision-grade data. His experience leading teams in high-growth environments and his deep knowledge of financial markets uniquely positions him to accelerate the next stage of Rimes’ commercial evolution. “Rimes is at the center of one of the industry’s most important transformations, as firms shift from merely managing data to activating intelligence,” said Kieran Kennedy. “As clients navigate unprecedented complexity across diverse data sources, AI models, and cloud ecosystems, they need trusted, governed, interoperable data to deploy AI safely and effectively. I’m excited to join Rimes as one of the only firms with the breadth and depth of data intelligence needed to deliver on this transformation at scale.” “Kieran brings a rare combination of financial data mastery, cloud platform expertise, and the proven ability to scale globally,” said Vijay Mayadas, President & CEO of Rimes. “His leadership experience at Snowflake and FactSet comes at exactly the right moment for Rimes, as institutional investors shift toward more connected, intelligence-driven workflows. He will play a pivotal role in evolving our commercial strategy and accelerating growth.” Kieran’s appointment follows the investment made by Five Arrows, the alternative assets arm of Rothschild & Co, which has supported Rimes’ multi-year strategy to expand its product capabilities, deepen client partnerships, and strengthen its position as a global enterprise data-management leader.

Farmer sentiment dipped slightly in December, with the Purdue University/CME Group Ag Economy Barometer dropping 3 points to 136. The decline was attributable to a softening in producers' long-term outlook. The Future Expectations Index fell 4 points from the previous month to 140, while the Current Conditions Index remained steady at 128. Crop producers expressed increased concern about the competitiveness of U.S. soybean exports as Brazil expands its role in global markets, contributing to the more cautious outlook. The survey was conducted Dec. 1-5, 2025. Producers' expectations for their farms' financial performance remained mostly unchanged in December. The Farm Financial Performance Index inched up 2 points to 94, reflecting more producers expecting this year's farm financial performance to be similar to last year's. The Farm Capital Investment Index also rose 2 points to 58. Despite this increase, most producers (60%) still see December as a bad time to make large farm investments. "Even with some stability in expectations for their own operations, producers remain cautious about longer-term decisions," said Michael Langemeier, the barometer's principal investigator and director of Purdue's Center for Commercial Agriculture. "Uncertainty surrounding agricultural trade and growing concern about global competitiveness continue to influence how farmers think about the future." Farmers' views on U.S. agricultural exports were mixed in December. When asked a generic question about the long-term outlook for agricultural exports, producers offered one of their most optimistic readings of the year, with only 5% expecting exports to decline over the next five years. However, their perspective shifted when the focus turned specifically to soybeans, a major agricultural export. Thirteen percent of corn and soybean growers said they expect soybean exports to decrease in the next five years, up from 8% in November. At the same time, the percentage of growers expecting soybean exports to increase fell from 47% in November to 39% in December. Rising competition from Brazil is on producers' minds: 84% of corn and soybean producers said they were concerned or very concerned about the competitiveness of U.S. soybean exports relative to Brazil, with 45% reporting they were very concerned. Farmers remained optimistic about farmland values in December. Both the Short-Term and Long-Term Farmland Value Expectations indices stayed relatively steady, each increasing by just 1 point from November. This small gain pushed the short-term index to 117, making it 11 points higher than its September low and 7 points above last year's level. The long-term index reached 166, a new record high, and now stands 20 points above its September low and 11 points higher than this time last year. Producers' confidence in the use of tariffs to strengthen the U.S. agricultural economy continued to decline in December. Just 54% of respondents said tariffs would have a positive effect, down from 58% in October and 59% in November. Uncertainty about the long-run impact of tariff policies also grew, with 19% of producers expressing uncertainty in December compared to 17% the month before. Since this question was first introduced in the spring, the percentage of producers uncertain about tariff effects has more than doubled. Despite this, overall optimism about the country's direction improved noticeably. In December, 75% of respondents said the U.S. was headed in the "right direction," the highest reading recorded since the question was added to the barometer survey in July. About the Purdue University Center for Commercial AgricultureThe Center for Commercial Agriculture was founded in 2011 to provide professional development and educational programs for farmers. Housed within Purdue University's Department of Agricultural Economics, the center's faculty and staff develop and execute research and educational programs that address the different needs of managing in today's business environment.