Just under half of proprietary trading firms across the globe are evaluating trading in prediction markets, including three-quarters of US-based firms, the latest Acuiti Proprietary Trading Management Insight Report has found. Prediction markets are among the fastest growing areas within global trading and are generating growing interest within the proprietary trading community. Largely driven to date by retail participation, these markets now look set to gain increased traction from institutional firms. This quarter’s report found that 10% of proprietary trading firms are already trading on prediction markets with a further 35% considering doing so. In the US, three-quarters of firms were either trading prediction markets or considering doing so. Of those firms that were already trading on prediction markets, almost all were either ultra-low latency or predominantly algo - although interest in trading the markets is broader. However, predominantly point-and-click firms were currently not likely to be evaluating the market at this stage. “Prediction markets are potentially on the cusp of significant institutional growth, which will drive liquidity and volumes on the market, as well as revenues for the venues and brokers that offer the contracts,” says Will Mitting, founder of Acuiti. “However, while there is opportunity, there are also unique challenges associated with firms trading the market, which we look at in the report. Risk management is a key challenge. It is easy to see how a prop firm models where the price of gold or the S&P might be at the end of the day, or even the likely outcome of a sporting event, but how do you model the likely date of Taylor Swift’s wedding?” The quarterly Proprietary Trading Management Insight Report, which was released today and is produced in partnership with Avelacom, is based on a survey of the Acuiti Proprietary Trading Expert Network, which comprises senior proprietary trading executives around the world. The report provides insights into the key trends facing the community. “As more proprietary trading firms consider trading prediction markets, low-latency infrastructure will remain essential for maintaining a competitive edge,” says Aleksey Larichev, CEO of Avelacom.  “Looking ahead to 2026, we anticipate growing demand for colocation services and low latency connectivity across both new and established markets. Reliability and redundancy will become increasingly important to align with firms’ risk management frameworks.” This quarter’s report also found that proprietary trading firms are looking ahead to 2026 with confidence with over 70% of the network anticipating an above-average performance for their business next year. This is filtering through to technology investment with firms boosting budgets in 2026. Other key findings in this quarter’s report include: Proprietary trading firms are still planning to start trading in India but recognise increased regulatory risk following SEBI’s charges against Jane Street UK proprietary trading firms are calling on the FCA to reduce capital requirements under IFPR Low latency firms in the US are adjusting approaches to hiring following the introduction of a $100,000 charge for H-1B visas The report also features a Q&A with Osaka Exchange’s Kensuke Yasu on growing volumes, the upcoming launch of FX, the opportunities for proprietary trading firms and the potential to launch crypto derivatives. Download full report here: https://www.acuiti.io/proprietary-trading-management-insight-report-q4-2025/

Euronext, the leading European capital market infrastructure, announces that the Board of Directors of the Hellenic Capital Market Commission (HCMC), during its meeting held on 13 November 2025, has approved the suitability of Euronext and its reference shareholders in relation to the contemplated acquisition of a qualifying holding in Hellenic Exchanges – Athens Stock Exchange S.A. Holding (ATHEX Group) and its subsidiaries, including the Athens Exchange Clearing House S.A. and the Hellenic Central Securities Depository S.A. In addition, the HCMC and the Regulatory Authority for Energy, Waste and Water (RAEWW) have approved the change of control arising from ATHEX’s participation in the Hellenic Energy Exchange S.A. and EnEx Clearing House Single Member S.A. These approvals satisfy all Conditions to the Tender Offer, as referenced in paragraph 1.3 regarding the requirements for Closing and further defined in Section 4.2 (“Pre-Requisite and Conditions of the Tender Offer”), of the Information Circular published on 6 October 2025. The Tender Offer is no longer subject to any regulatory approval and is now unconditional. This decision represents an important step in the process towards Euronext’s acquisition of a controlling interest in ATHEX Group, reinforcing Euronext’s commitment to the Greek capital markets and to further strengthening its pan-European market infrastructure. The Acceptance period for the Tender Offer will end on 17 November 2025, at 14:00 (Eastern European time). Euronext will announce the results of the Tender Offer on 19 November 2025. For further information and news about the Tender Offer, please visit the dedicated webpage: www.euronext.com/en/athex-offer.

Nasdaq (Nasdaq: NDAQ) will be presenting at the following conferences with webcasts available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm. Who: Sarah Youngwood, Executive Vice President and CFO, Nasdaq What: J.P. Morgan 2025 Ultimate Services Investor Conference When: Wednesday, November 18, 20252:00 PM ET   Who: Sarah Youngwood, Executive Vice President and CFO, Nasdaq What: 2025 RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference When: Tuesday, November 19, 202510:40AM ET     Who: Sarah Youngwood, Executive Vice President and CFO, Nasdaq What: UBS Global Technology and AI Conference When: Tuesday, December 2, 202512:55 PM ET

Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for October 2025. Funded Customers at the end of October were 27.1 million (up approximately 210 thousand from September 2025, up approximately 2.6 million year-over-year). Total Platform Assets at the end of October were $343 billion (up 3% from the end of September 2025, up 115% year-over-year). Net Deposits were $5.6 billion in October, or a 20% annualized growth rate relative to September 2025 Total Platform Assets. Over the last twelve months, Net Deposits were $68.7 billion, or an annual growth rate of 43% relative to October 2024 Total Platform Assets. Equity Notional Trading Volumes were $320.1 billion (up 34% from September 2025, up 153% year-over-year). Options Contracts Traded were 266.7 million (up 22% from September 2025, up 69% year-over-year). Crypto Notional Trading Volumes were $32.5 billion (up 38% from September 2025, up 480% year-over-year), including Robinhood App Notional Trading Volumes of $13.9 billion (up 49% from September 2025, up 148% year-over-year) and Bitstamp Notional Trading Volumes of $18.6 billion (up 31% from September 2025).  Margin balances at the end of October were $16.5 billion (up 19% from the end of September 2025, up 166% year-over-year).  Total Cash Sweep balances at the end of October were $34.2 billion, including the impact of record customer net buying (down 3% from the end of September 2025, up 34% year-over-year).  Total Securities Lending Revenue in October was $60 million (up 2% from September 2025, up 216% year-over-year).    October2025 September2025 M/MChange October2024 Y/YChange (M - in millions, B - in billions)           Funded Customer Growth (M)           Funded Customers   27.1   26.8 +1 %   24.4 +11 %             Asset Growth ($B)           Total Platform Assets $ 342.6 $ 332.7 +3 % $ 159.7 +115 % Net Deposits1 $ 5.6 $ 9.2 NM   $ 5.2 NM               Trading           Trading Days (Equities and Options)   23   21 +10 %   23 -   Total Trading Volumes           Equity ($B) $ 320.1 $ 238.8 +34 % $ 126.4 +153 % Options Contracts (M)   266.7   218.8 +22 %   158.0 +69 % Crypto ($B)2 $ 32.5 $ 23.5 +38 % $ 5.6 +480 % Robinhood App ($B) $ 13.9 $ 9.3 +49 % $ 5.6 +148 % Bitstamp ($B) $ 18.6 $ 14.2 +31 %   - NA               Daily Average Revenue Trades (DARTs) (M)         Equity   3.1   3.0 +3 %   2.0 +55 % Options   1.4   1.3 +8 %   0.9 +56 % Crypto3   0.6   0.5 +20 %   0.2 +200 %             Customer Margin and Cash Sweep ($B)         Margin Book $ 16.5 $ 13.9 +19 % $ 6.2 +166 % Total Cash Sweep $ 34.2 $ 35.4 (3 %) $ 25.5 +34 % Gold Cash Sweep $ 32.4 $ 33.5 (3 %) $ 24.8 +31 % Non-Gold Cash Sweep $ 1.8 $ 1.9 (5 %) $ 0.7 +157 %             Total Securities Lending Revenue ($M) $ 60 $ 59 +2 % $ 19 +216 %                       1. Starting in June 2025, Net Deposits include results from Bitstamp. Net Deposits do not include results from TradePMR.2. Refer to Robinhood’s full monthly metrics release for the definition of Notional Trading Volume.3. Crypto DARTs do not include Bitstamp Institutional activity. For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com. The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

The latest reports for August 2025 are now available. Additional information on Financial Data for FCMs market reports: Historical FCMs Reports

The Securities and Exchange Commission today announced that Antonia M. Apps, Deputy Director of the Division of Enforcement (Northeast), will conclude her tenure with the agency effective Dec. 1, 2025. “I thank Antonia for her steadfast leadership in her different roles in the Division of Enforcement and her commitment to the staff and the SEC’s mission,” said SEC Division of Enforcement Director Margaret A. Ryan. “Her strategic counsel and analysis, her willingness to take on complex issues, and her dedication to the staff and the agency have earned her the deep respect of her colleagues during her tenure at the SEC. I wish Antonia all the best in her next endeavor.” Ms. Apps said, “I want to thank Acting Chairman Mark Uyeda for entrusting me with the opportunity to help lead the exceptionally talented staff of the Division of Enforcement, first as Acting Deputy Director for the entire Division and then as Deputy Director overseeing the New York, Boston, Philadelphia, and Chicago regional offices. I am proud of the Division’s collaboration with colleagues across the agency and with outside government partners to advance the Commission’s mission of protecting investors and promoting fairness and integrity in our markets. It has been a privilege to help lead the Division this year and to serve as head of the New York Regional Office for the preceding two years. Throughout my tenure, I have been consistently inspired by the dedication, integrity, and resilience of the staff who define this great agency. As I move on to my next chapter, I remain confident that this Division and the SEC will continue to meet the evolving challenges of our markets with determination, skill, and commitment to the public interest.” Ms. Apps served as Regional Director of the New York Regional Office from January 2023 through January 2025. In this role, she oversaw an office of over 600 attorneys, accountants, investigators, securities compliance examiners and others, and led the examination and enforcement programs for the New York region. Under Ms. Apps’ leadership, the New York Office brought more stand-alone enforcement actions and completed more examinations than any other office in the country, and hired more staff in a two-year period than were hired in any previous two-year period in the history of the New York office. With her support, the New York office also engaged in more investor education and outreach events than ever before. In January 2025, Ms. Apps was appointed Acting Deputy Director of the Division of Enforcement and, subsequently, Deputy Director of Enforcement (Northeast), helping to lead the Division of Enforcement on a national level. Before joining the SEC as Regional Director in 2023, Ms. Apps was a litigation partner at Milbank LLP, where she represented clients in high-stakes criminal, regulatory, and complex civil matters. She previously served as an Assistant U.S. Attorney in the Criminal Division of the Southern District of New York, where she investigated and prosecuted high-profile securities fraud and other white-collar cases. Since 2016, Ms. Apps has also taught white-collar criminal law and procedure at Harvard Law School. Earlier in her career, Ms. Apps was a partner at Kellogg, Hansen, Todd, Figel & Frederick PLLC in Washington, D.C., where she represented clients in complex litigation and regulatory matters, and an associate at Fried, Frank, Harris, Shriver & Jacobson LLP in New York. She also served as a law clerk to the Honorable Fred I. Parker of the U.S. Court of Appeals for the Second Circuit, and holds law degrees from the universities of Sydney, Oxford, and Harvard.

The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2024. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The FFIEC also prepared aggregate reports of small business and small farm lending for each metropolitan statistical area and for each county in the United States and its territories. The statements are available here. Related Links Data tables (PDF) Fact sheet (PDF)

SIFMA confirmed its previous recommendations for the U.S., the U.K., and Japan in observance of the U.S. Thanksgiving Day holiday. These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit. SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

The Ontario Securities Commission (OSC) announces that Sergiy Kaspirovych has pleaded guilty to providing false or misleading information during an OSC investigation. This conduct is contrary to section 122(1)(a) of the Securities Act. Justice Moore of the Ontario Court of Justice today sentenced Mr. Kaspirovych to 18 months’ probation and 150 hours of community service. “The registration process serves as an important gatekeeping mechanism ensuring that only suitable individuals are permitted to be registrants. There is no place in Ontario's capital markets for individuals who lie on their applications for registration.” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. “The OSC will continue working with law enforcement to protect investors, and we would like to acknowledge the valuable assistance received from the Toronto Police Service and the Royal Canadian Mounted Police in this investigation." Between March 16, 2023, and April 1, 2023, Mr. Kaspirovych provided forged documents to the OSC in support of his registration as a scholarship plan dealing representative. The two false documents were electronic files purporting to be criminal record checks. The false documents showed that Mr. Kaspirovych did not have a criminal record; however, the investigation revealed Mr. Kaspirovych had extensive criminal convictions going back to 2010.  These charges arise from an investigation by the OSC’s Criminal Investigations & Prosecutions team, which is part of the Enforcement Division of the OSC. They investigate securities-related frauds, market manipulation, and related misconduct, including the investigation of repeat offenders and those who breach Capital Markets Tribunal or court orders and bans. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The Canadian Securities Administrators (CSA) has published a Notice and Request for Comment for proposed amendments and changes to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and other materials (together, the Proposed Amendments). The Proposed Amendments primarily seek to ensure that measures that have historically been subject to the requirements of NI 52-112 remain subject to its requirements following the adoption of a new International Financial Reporting Standards (IFRS®) Accounting Standard, IFRS 18 Presentation and Disclosure in Financial Statements. “The CSA recognizes the need to consider the changes resulting from IFRS 18 as it relates to securities regulation,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “The Proposed Amendments help avoid duplicative disclosure, which minimizes regulatory burden for Canadian issuers.” IFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027. It requires disclosure of management-defined performance measures in a single note to the financial statements. Without the Proposed Amendments, these measures, which have historically been considered non-GAAP financial measures, would not be subject to the disclosure requirements in NI 52-112 when disclosed outside of the financial statements. To avoid duplicative disclosure, the Proposed Amendments would allow incorporation by reference of certain information to the relevant notes to the financial statements, under certain circumstances. In addition, the Proposed Amendments would introduce a requirement relating to prominence when an additional subtotal is disclosed outside the financial statements. This would promote connectivity with IFRS 18, which requires an additional subtotal presented on the face of a primary financial statement, such as the statement of profit or loss, to be displayed no more prominently than the totals and subtotals required by IFRS Accounting Standards. The comment period will end on February 11, 2026. Details of the proposals are set out in the Notice and Request for Comment, which is available on CSA members’ websites. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

The average daily trading volume for the period 09/11 – 13/11 reached JD (11.6) million compared to JD (9.3) million for the last week, a increase of (25.0%). The total trading volume during the week reached JD(58.0) million compared to JD (46.4) million during the last week. Trading a total of (30.9) million shares through (20234) transactions. Financial led the trading with JD(36.92) million or (63.71%) of the total trading volume. The Services followed with a JD(11.23) million or (19.38%). Finally, the Industrial with a JD(9.80) million representing(16.91%) of the total trading volume. The shares price index closed at (3423.0) points, compared to (3338.1) points for the last week, an increase of (2.54%). The Financial index increased by (3.31%), the Services index increased by (0.81%), and the Industrial index increased by (0.73%). The shares of (136) companies were traded, the shares prices of (62) companies rose, and the shares prices of (44) declined. The top five gainers during the week were, the Babelon Investments Co. P.l.c by (25.21%), Jordanian Realestate Company For Development by (14.55%), Al-bilad Securities And Investment by (14.29%), Dar Al Aman For Islamic Finance by (11.90%), and Union Tobacco & Cigarette Industries by (11.76%). The top five losers were, the Jordanian Mutual Funds Management Company by (20.00%), Jordan Insurance by (12.00%), Siniora Food Industries Plc by (9.54%), Jordan Dairy by (9.43%), and Arab Investors Union Co. For Real Estates Developing by (8.33%). Note: The list of the top five gainers or losers may include companies whose reference prices have been adjusted due to actions executed during the summary period. Therefore, the appearance of such companies does not necessarily reflect an actual change in their stock prices.

ICE Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE), and Bright MLS, the nation’s largest multiple listing service (MLS), today announced that Bright MLS will integrate ICE’s Paragon Connect MLS platform into its technology ecosystem to support its future growth. Paragon Connect is a mobile-first MLS platform that allows real estate professionals to research, collaborate and manage listings from anywhere. Built on a modern architecture, Paragon Connect offers API integrations, advanced collaboration tools and powerful customization tools that help agents stay competitive. “Our relationship with ICE allows us to expand access to the Bright experience beyond our traditional geographic borders in a way that respects how agents and brokers already work,” said Brian Donnellan, President and CEO of Bright MLS. “We’re committed to innovation that empowers agents, and this is one more way Bright is making the MLS more accessible and useful in a rapidly changing marketplace.” As the next-gen evolution of Paragon MLS, Paragon Connect offers collaboration tools and actionable market analytics from a central, customizable dashboard. With the ability to maintain listings and generate comparative market analyses via browser and mobile app, Paragon Connect allows real estate professionals to manage their business across devices with confidence. “We’re proud to support Bright MLS’s growth with a modern MLS platform designed for how real estate professionals work today,” said Tim Bowler, President of ICE Mortgage Technology. “More than ever, agents and brokers need the flexibility and speed to access high-performing tools from anywhere. Paragon Connect offers exactly that — helping real estate professionals stay connected to homebuyers pursuing the American dream.”

Enables clients to manage international payments, FX conversions, and approvals securely from their mobile device Provides access to real-time rates for 130+ currencies, balances, and transaction tracking Reflects Ebury’s ongoing investment in technology to enhance its global transaction platform Ebury, the leading global fintech specialising in international payments and FX risk management, has launched a brand new mobile app designed to give businesses complete control over their global cash flows - anytime, anywhere. The new app enables clients to manage international payments, foreign exchange conversions, and approvals directly from their mobile devices, providing greater convenience for clients who want to transact on the go. Users can convert and pay in over 130 currencies, check live exchange rates, track transactions in real-time, instantly access their accounts and approve payments in seconds - combining powerful functionality with a seamless, intuitive experience. As of today, the app is available via the Apple App Store and Google Play Store. This latest innovation underlines Ebury’s continued growth and investment in its global technology platform. Founded in London in 2009, Ebury has expanded rapidly to 45+ offices in 30+ markets, employing more than 1,800 experts and supporting over 21,000 clients. Ebury enables businesses to manage international payments and collections, convert over 130 currencies, manage cash flows, and access credit lines - all within a single, integrated platform. Clients also benefit from Ebury’s local expertise and dedicated support teams, ensuring a consistent, high-quality service wherever they operate. Enrique Colin, Chief Product, Technology and Data Officer at Ebury, said: “Our clients are operating in an increasingly fast-moving and unpredictable global economy. They need the freedom to make payments, manage cash flow and monitor their finances on the go, and that’s exactly what the Ebury app delivers. It combines the power of our online platform with the simplicity and speed of a mobile experience, helping business owners achieve their global growth objectives and move money smarter and faster than ever before.” 

BNY acts as first Agent Lender for Cboe Clear Europe's SFT Service, in addition to role as Tri-Party Collateral Agent Milestone achieved as service extends to UCITS clients, utilizing innovative collateral model Expands access to SFT clearing service to key segment of securities lending market Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced that Cboe Clear Europe, its pan-European clearing house, has reached a significant step in the development of its Securities Financing Transactions (SFT) clearing service, with BNY, (NYSE: BK), a global financial services company, acting as the service's first Agent Lender. This milestone was achieved with BNY clearing SFTs on behalf of UCITS clients, expanding the service to a key new client segment. Cboe Clear Europe and BNY have worked to launch a new title transfer model with a pledge-back feature, tailored specifically for UCITS clients. This structure enables UCITS - alongside other beneficial owner lenders, such as sovereign wealth funds, pension funds, and central banks - to access the benefits of centrally cleared SFTs without posting margin or contributing to the CCP's default fund when acting as lenders. As a result, UCITS become more attractive counterparties for borrowers using Cboe Clear Europe's service, increasing the amounts of assets on loan, boosting market liquidity and supporting balance sheet efficiency for borrowers in the securities lending space. Vikesh Patel, President, Cboe Clear Europe said: "We are delighted to welcome BNY as the first Agent Lender of our transformative SFT clearing service and extend the model to UCITS clients. This innovation within our SFT cleared offering reinforces our commitment to driving market innovation, transparency, and resilience in financial markets. By leveraging BNY's expertise and Cboe Clear Europe's clearing capabilities, we have created an innovative solution that is designed to enhance market confidence, optimise collateral efficiency, and empower UCITS participants to engage in securities finance with unparalleled levels of security and transparency."  Laide Majiyagbe, Global Head of Liquidity, Financing and Collateral at BNY said: "Working with Cboe Clear Europe on this landmark solution underscores BNY's commitment to driving innovation and client-centricity in the financing and collateral ecosystem. As the world's largest agent lender and the first to go live with a centrally cleared triparty model supporting UCITS-compliant clearing, we are proud to deliver enhanced collateral efficiency and liquidity through our integrated Global Collateral Platform." This milestone builds on Cboe Clear Europe's launch of its SFT clearing service in March, with BNY as Tri-Party Collateral Agent, which is transforming the traditional bilateral process for SFTs in European equities and ETFs into a centrally cleared model. From a capital perspective, the introduction of central clearing to SFTs offers potential substantial capital optimisation opportunities including meaningful reductions in Risk-Weighted Assets (RWA) for certain clearing participants. Additionally, Cboe Clear Europe is leveraging its position as the largest CCP for cash equities to offer cross-product margin offsets between cash equities and SFT trades, unlocking potentially powerful capital efficiencies. BNY serves as one of the Tri-Party Collateral Agents and the service is also integrated with Pirum for trade instruction and lifecycle event processing. With a highly scalable technology platform, Cboe Clear Europe is well-positioned to expand its SFT clearing service to cover other lendable securities and new jurisdictions in the next year. Jan Treuren, Senior Director Product at Cboe Clear Europe, said: "The ability for UCITS clients to use our SFT service is a significant development for both participants and the securities finance market as a whole. We look forward to welcoming more Agent Lenders and their UCITS clients to benefit from the increased utilisation rates this innovative structure will bring. By combining operational automation, potential for capital efficiency, cross-product margining, and robust risk management, we are empowering participants and strengthening the securities lending market infrastructure for the future." To learn more about Cboe Clear Europe's SFT service, visit: clear.cboe.com

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: 12 November 2025 Aggregate number of ordinary shares purchased: 207,500 Lowest price paid per share: 8,934.00p Highest price paid per share: 9,250.00p Average price paid per share: 9,096.18p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 515,608,762 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 24,051,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 515,608,762. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter), a full breakdown of the individual purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/3224H_1-2025-11-12.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased:       207,500 (ISIN: GB00B0SWJX34) Date of purchases:      12 November 2025 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 9,096.18 207,500 8,934.00 9,250.00 Turquoise        

Don’t miss ETFGI's 7th Annual ETFGI Global ETFs Insights Summit – Canada on December 9 in Toronto at Borden Ladner Gervais LLP (BLG)’s office! See who will be sharing their insights and register today to attend! The day will begin with an opening bell-ringing ceremony with the TMX Group to celebrate 35 years of ETFs in Canada, followed by a full-day of panel discussions featuring industry leaders.The summit is designed as an educational event to foster deep, insightful discussions on the use, due diligence and selection and best trading practices for ETFs by financial advisors and institutional investors in Canada. Explore how regulatory changes are impacting product development including share classes, Active ETFs, conversions Crypto, digital assets and tokenisation and market structure.  SPEAKERS INCLUDE: Greg Benhaim, Executive Vice President of Product and Head of Trading, 3iQ Corp Jean-René Carle-Mossdorf, Head of ETF Product Development, Desjardins Raymond Chan, SVP, Investment Management Division, Ontario Securities Commission Deborah Fuhr, Managing Partner, Founder, ETFGI Valerie Grimba, Director, Head of Global ETF Strategy, RBC Capital Markets Andrea Hallett, Vice President, Portfolio Manager, Mackenzie Investments  Marchello Holditch, Head of Multi-Asset Solutions, BMO Global Asset Management Stephen Hoffman, Managing Director, Exchange Traded Funds, RBC Global Asset Management Pei-Ching Huang, Senior Legal Counsel, Investment Management Division, Ontario Securities Commission Ronald C. Landry, Vice President, Head of Segment Solutions and Canadian ETF Services, CIBC Mellon Graham MacKenzie, Managing Director, Exchange Traded Products, TMX Group Breiffni McCormack, Managing Director, Client Solutions, RBC Investor Services Stephen Paglia, Vice President, Investment Management, Ontario Securities Commission  Lindsay Patrick, Chief Strategy & Innovation Officer, RBC Capital Markets  Grace Pereira, Partner, Borden Ladner Gervais LLP Jeffrey Sardinha, Senior Vice President - Head of ETF Solutions – Americas, State Street Raline Sexton, Director Digital Asset Business Strategy, MarketVector Indexes Whitney Wakeling, Partner, Investment Management,  Borden Ladner Gervais LLP Hail Yang, Director, iShares Strategy, BlackRock Canada Mary Jane Young, Managing Director, Head of CA ETF Trading, TD Securities SESSIONS INCLUDE: Bell Ringing Ceremony with TMX Group Trends in the ETFs Industry - ETFGI Research CSA ETF Consultation Update Update on the Canadian ETF Market Landscape How Regulations are Impacting ETFs and Investors How Investors are Using ETFs Fireside Chat – Managing Career Transitions - In Partnership with Women in ETFs Evolving Life Cycle of ETFs The Rise of Alternative Strategies in the ETF Wrapper The Future of the Asset Management and ETFs industry Don’t miss this opportunity to explore key trends and network with industry leaders driving the future of ETFs. Register now to join us!?Event Date: Tuesday, December 9th⏰Time: Full day event?Location: Borden Ladner Gervais’s office in Toronto?Free Registration: For CFA members, buy-side institutional investors, and financial advisors.  CPD Credits: Earn educational credits?View the agenda, speakers, and topics from last year's successful annual ETFGI Global ETFs Insights Summit - Canada - https://rb.gy/rremx7 Register your interest in attending our 2026 ETFGI Global ETFs Insights Summits: 7th Annual ETFGI Global ETFs Insights Summit Europe & Africa 7h Annual ETFGI Global ETFs Insights Summit, Latin America | May 20 | Mexico City, BIVA 7th Annual ETFGI Global ETFs Insights Summit Asia Pacific 7th Annual ETFGI Global ETFs Insights Summit Middle East / GCC 7th Annual ETFGI Global ETFs Insights Summit United States 8th Annual ETFGI Global ETFs Insights Summit Canada ETFGI (www.ETFGI.com) is a leading independent research and consulting firm which has for over 13 years provided subscription research services providing monthly reports covering trends in the global ETFs ecosystem.  Stay ahead of the curve with ETFGI’s trusted, data-driven insights into the global ETF ecosystem — from active and smart beta strategies to crypto, ESG, and institutional usage.” Contact us if you are interested in subscribing to any of our annual research services. Our reports cover the Global ETFs industry which had 15,125 products, with 29,677 listings, assets of $18.81 trillion, from 915 providers on 81 exchanges in 63 countries at the end of September 2025.ETF TV (www.ETFtv.net) is an on-demand program that highlights newly launched exchange-traded funds, products, and notes, while exploring the most pressing topics shaping the ETF landscape. Each episode brings together leading voices from across the industry—including issuers, investors, benchmark providers, and traders—to discuss the trends and developments influencing the use and management of exchange-traded products.Every show features insightful interviews with key market participants, offering expert perspectives on the issues that matter most to the ETF community. ETF TV also offers the opportunity to create sponsored episodes, allowing partners to collaborate with us in producing custom content tailored to their brand and messaging. Contact us if you are interested in sponsoring or speaking at any of our upcoming events, subscribing to our annual research services or sponsoring an episode of ETF TV or have any questions, please contact us deborah.fuhr@etfgi.com and margareta.hricova@etfgi.com.  

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the appointment of Richard Street as Head of International Sales to drive further growth and enhance collaboration across international markets. Richard will be based in London and report to Mike Sleightholme, President of Broadridge International.  “We’re excited to welcome Richard to Broadridge to better help our clients operate, innovate and grow,” said Mike Sleightholme. “His deep expertise across the global investment value chain, combined with his proven leadership in driving sales and client engagement will strengthen our international capabilities and accelerate our growth journey.”  Richard brings extensive experience in sales and relationship management, with a broad knowledge base spanning the sell side, buy side, and securities services. He has held both global and regional leadership roles across Europe, the Middle East, Asia-Pacific, and the United States. Prior to joining Broadridge, Richard served as Chief Revenue Officer & Head of Business Development at a portfolio of specialist fintechs, Global Head of Client Coverage at RBC Investor and Treasury Services, and EMEA Head of Investor Services Sales at Citi.  “I am delighted to be joining Broadridge at such a pivotal time in its global growth journey,” said Richard Street. “Broadridge has built a strong reputation across the financial services industry for its trusted expertise and transformative technology. I look forward to collaborating with our international teams to deepen our client relationships, expand our global presence, and continue delivering exceptional value to our clients around the world.”  Richard will lead the execution of Broadridge’s international sales and revenue growth plans. His appointment underscores Broadridge’s commitment to collaboration across international teams and its continued focus on driving innovation and client-centric growth. 

The Monetary Authority of Singapore (MAS) today issued a consultation paper proposing a set of Guidelines on AI Risk Management (“Guidelines”) to guide financial institutions on the responsible use of AI in the financial sector. 2 The proposed Guidelines will apply to all financial institutions (FIs) and set out MAS’ supervisory expectations on oversight of AI risk management in FIs, key AI risk management systems, policies and procedures, key AI life cycle controls, as well as capabilities and capacity needed for the use of AI. 3 MAS recognises that AI can be applied to a wide range of use cases, and that the risks associated with different usage of AI may vary based on the scale, scope and business models of FIs. The Guidelines aim to establish a set of expectations that are generally applicable across the financial sector, and may be applied in a proportionate manner - commensurate with the size and nature of FIs’ activities, use of AI, and their risk profiles. The Guidelines will cover different AI applications and technologies, including Generative AI, as well as newer developments such as AI agents.   4 MAS has set out expectations for FIs in the following key areas: Oversight of AI Risk Management. Board and senior management of FIs play a key role in the governance and oversight of AI risk management, including the establishment and implementation of frameworks, structures, policies and processes for AI risk management, and fostering the appropriate risk culture for the use of AI. Key AI Risk Management Systems, Policies and Procedures. To support oversight and risk management of AI use, FIs need to establish clear identification processes for AI usage across the firm, maintain accurate and up-to-date AI inventories, and implement risk materiality assessments that factor impact, complexity and reliance dimensions. AI Life Cycle Controls, Capabilities and Capacities. To manage the risks of AI throughout its lifecycle, FIs should plan for and implement robust controls in key areas such as data management, fairness, transparency and explainability, human oversight, third-party risks, evaluation and testing, monitoring and change management. Such controls should be applied based on their relevance and be proportionate to the assessed risk materiality of AI usage. FIs should also ensure that their capabilities and capacities are adequate for their use of AI. 5 The Guidelines build on MAS’ supervisory thematic review of key banks’ use of AI in 2024, as well as discussions with FIs. 6 Ms Ho Hern Shin, Deputy Managing Director, said, “The proposed Guidelines on AI Risk Management provide financial institutions with clear supervisory expectations to support them in leveraging AI in their operations. These proportionate, risk-based guidelines enable responsible innovation by financial institutions that implement the relevant safeguards to address key AI-related risks.” 7 The public consultation paper is available on MAS’ website here  . MAS invites interested parties to submit their comments on the proposals by 31 January 2026.

The Monetary Authority of Singapore (MAS) today announced the successful completion of a live trial for settlement of interbank overnight lending transactions using wholesale Central Bank Digital Currency (CBDC) on the Singapore Dollar Test Network  [1]. SGD Testnet is an operational shared ledger infrastructure that enables financial institutions (FIs) to test the settlement of tokenised financial assets using wholesale CBDC. The trial involved DBS, OCBC, and UOB as participating FIs, and featured the first live issuance of Singapore dollar wholesale CBDC, with transactions recorded in the banks' official books and regulatory filings.2 The SGD Testnet provides three core functionalities for participating FIs: • Common Settlement Asset: Enable the issuance, transfer and redemption of Singapore dollar wholesale CBDC to settle tokenised asset transactions, reducing settlement risk and market fragmentation. • Programmability: Develop and deploy conditional logic associated with counterparty agreements governing payment arrangements to ensure real-time execution of contractual terms based on predefined conditions. • Multi-Asset: Support atomic settlement of both cash and securities components of transactions, eliminating settlement risk that exists when cash and securities settle at different times or through different systems. 3 MAS will build on this CBDC settlement pilot, and plans in a future trial, to issue tokenised MAS Bills to Primary Dealers which will be settled using CBDC. More details of this future trial will be shared in 2026. *** [1] MAS announced on 4 Nov 2024 plans to advance asset tokenisation through commercial networks, market infrastructure development, industry frameworks, and the facilitation of access to common settlement assets.

Good morning, and welcome to Day Two of the Singapore FinTech Festival (SFF).1.  This year we mark our 10th edition. In the first year, we had 11,000 participants and 70 exhibitors. This year, we have upwards of 65,000 participants and 600 exhibitors. The development of the SFF since 2016 parallels the growth in scale and scope of our FinTech ecosystem.2.  I want to acknowledge the contributions of colleagues, past and present, from MAS, GFTN, Constellar and ABS. Especially Ravi Menon who was there at the very start.3.  I also want to thank all of you here. FinTech innovators, forward-thinking FIs and global tech companies. You are at the heart of a dynamic FinTech ecosystem and the reason for the success of the SFF.4.  Over the past 10 years, MAS set out to build an ecosystem where innovation can flourish. We provided support to hundreds of innovation projects and centres. We established the regulatory sandbox and exercised regulatory flexibility to test innovative technology and business models. We recognised the benefits of technology and innovation, and not just the risks. We sought to apply regulation in the right proportion, at the right time, to the right risk. Today, we have a vibrant FinTech sector comprising more than 1,800 FinTech firms in a range of domains.5.  New business models have taken root in our ecosystem and reshaped financial services. Robo advisors have broadened access to wealth management to more retail investors at lower cost. Multi-currency mobile wallets reduced the complexity and costs of cross-border payments. Digital banks and FinTech firms are using data-driven underwriting to give SMEs access to small loans with flexible terms and tenor. And FinTech startups are enhancing efficiency through technology. They are developing AI solutions, from fraud detection to multi-lingual chatbots, that are being used across the financial services industry.6.  We have over 50 Innovation Centres set up by financial institutions (FIs). They drive transformation in user experiences and back-end processes. Our newest FI innovation centre will develop quantum-safe encryption solutions, and work with academia and industry partners to apply quantum technology to benefit financial services.7.  We have also made low-cost digital payments ubiquitous and accessible. Over 90% of businesses, including Singapore’s heartland shops and hawker centres, have adopted PayNow or SGQR.8.  PayNow and QR can now be used outside Singapore – in Thailand, Malaysia, Indonesia and India. More will follow. I was in Bali and had used my Singapore bank app to scan Indonesia’s QRIS QR code to make a payment at small shops. The exchange rate was displayed in my app and the payment was instant. In the next stage of development, we will further improve the customer journey and enhance functionalities.9.  Our expanding FinTech ecosystem has brought new solutions, lower cost, greater convenience and more choice to retail and corporate customers.10.  Now, if we look ahead to the next 10 years, two transformative themes commonly come up. They are AI and Tokenisation.Fostering responsible AI adoption11.  Let me first turn to the topic of AI.12.  We are seeing the momentum of AI adoption and experimentation build up across our financial sector. At a foundational level, FIs are using AI to empower and augment their workforce in general work processes – in information search, retrieval, summarisation, first draft generation, speech to text transcription and translation of multiple languages. AI co-pilots have also been piloted or deployed in a growing number of specialised functions, such as software development, marketing, customer service, client advisory, analysis of financial markets, credit underwriting and fraud detection. An emerging area of application is in the use of autonomous agents in more complex processes. For example, in processing credit applications from underwriting to approval, or administering standard insurance claims end-to-end. There are also projects to develop consumer agents, collecting information and executing transactions. But agentic autonomy must come with sufficient guardrails.13.  The growing adoption of AI portends significant transformation in financial services. Our aim is for our FIs to adopt AI productively and safely, and our workforce to have the skills to use AI. We are doing this on four fronts.14.  First, we are anchoring leading AI competencies in Singapore. More than thirty FIs have established AI competency centres in Singapore, working on solutions that serve not just our local market, but also their global operations. These AI solutions span front-, middle- and back-office functions. We welcome more FIs to anchor AI competencies in Singapore.15.  To support FIs with leading AI capabilities take on more complex challenges, I am pleased to announce a new initiative – BuildFin.ai We will bring together technology providers and research institutes to work with FIs on complex problems of common interest. The aim is to create shared resources and solutions that benefit the ecosystem.16.  MAS and our FI partners have identified our first common problem statement. It turns out Singlish presents a level of complexity that existing LLMs are not fully ready to take on. A*STAR will partner FIs to develop a Voice-to-Text AI model for the financial industry, to transcribe conversations in Singlish and a mix of our commonly spoken languages and dialects. By working together, they can pool their data, develop a better model, and serve customers better.17.  Second, we are supporting FIs which are earlier in their AI adoption journey, with shared resources to start and scale. PathFin.ai is a collaborative initiative with the industry. FIs and tech companies will share their AI adoption experience and successful use cases. The platform curates a library of industry-validated solutions and best practices. Using this shared resource, FIs can reduce time and effort, when they search for and implement effective AI solutions. Some examples of solutions on PathFin.ai include an AI solution to optimise multi-currency cash management for corporate treasuries, and an agentic AI solution for end-to-end insurance claims processing. When we launched the PathFin.ai platform in July this year, we had 20 participating FIs. This number has now grown to over 100. We welcome more participants to join this initiative.18.  Third, let me turn to governance and safety. As AI adoption in the financial industry grows, governance and safety are essential. In fact, one of the key factors determining the pace of AI use, and the extent of AI autonomy permitted in work processes, is the robustness of guardrails and controls over the AI life cycle. FIs have told us that they would like more regulatory clarity.19.  How has MAS responded? We did not run ahead of innovation with prescriptive regulation. More than two years ago, we started an industry consortium called Project MindForge, to create a shared appreciation with the industry on AI risks and governance. The first task was to co-develop an AI risk framework so that there is common understanding of the key risks around AI use. This was published in early 2024.20.  In July this year, I shared that MAS was developing a set of AI supervisory guidelines. Today, MAS will publish the set of Guidelines on AI Risk Management for consultation. The proposed Guidelines set expectations for FIs to identify AI risks and to implement controls across the entire AI life cycle, appropriate to the scale and risk of AI use. The Guidelines will be principles-based rather than prescriptive. It sets up flexible guardrails to enable responsible innovation in a fast-moving space.21.  In parallel, Project MindForge consortium will also be publishing today an AI Risk Management Executive Handbook. This Executive Handbook sets out the key components of good AI risk management. It will be followed with a detailed document containing actionable insights and industry good practices next year, which can serve as a companion guide for FIs implementing the MAS Guidelines.22.  The Guidelines and the Handbook will work together. For example, the Guidelines will require risk materiality assessments, while the Handbook will provide examples of how such assessments are done. These two initiatives constitute our approach towards safe and responsible AI adoption. The Guidelines set out a flexible regulatory framework, while the Handbook can be dynamically updated to stay up-to-date and industry-relevant. 23.  Our fourth plank is to support the upskilling of our financial workforce. Fundamentally, it is people and talent that drive the success of organisations. We want our finance professionals to have the skills to make effective use of AI and manage the risks.24.  We have published a Gen AI Jobs Transformation Map for the financial sector. Here we have identified the impact of Gen AI on key job roles and the upskilling that is needed as these jobs are transformed and augmented by AI.25.  Guided by the Jobs Transformation Map, MAS and the Institute of Banking and Finance are partnering FIs to equip their employees with needed AI literacy and skills.26.  So this is our approach to AI across four fronts. Anchoring leading capabilities; Broadening adoption; Building strong AI governance; and Upskilling an AI-ready workforce. Building a tokenised future27.  Next, I will touch on tokenisation and stablecoins. Please allow me to call tokenised financial assets “asset-backed tokens”.28.  Some market participants tell us that tokenisation may be on the cusp of a take-off, driven by greater regulatory clarity and substantial investment and innovation in this space.29.  MAS started our journey with asset-backed tokens when we launched Project Guardian in 2022. We collaborated with industry partners to test use cases in FX, funds, fixed income, and showed that tokenisation worked and delivered benefits. 24/7 near instant settlement; programmability enabling PvP and DvP; no settlement lags, fewer intermediaries, less pre-funding.30.  Are asset-backed tokens clearly out of the lab? Without a doubt. There have been many commercial products launched. Bonds have been issued natively and settled on chain. Money market funds have been tokenised. Major banks have offered tokenised cash management services to corporate treasuries. So tokenisation has lifted off the ground. But have asset-backed tokens achieved escape velocity? Not yet.31.  Optimists in the industry believe that we are headed for a future where most financial assets will be tokenised, traded and settled on chain. They see a number of benefits. Efficiencies and liquidity in transacting multiple assets on interconnected ledgers. Better optimisation of cash and collateral by corporates and market participants. Fractionalised ownership of financial assets benefiting more retail investors. Smart contracts enabling self-executing contractual processes, like trade finance. All with less time lag, lower cost and potentially lower risk.32.  But getting from now to that future requires significant progress on several fronts. First and foremost, market participants must bring use cases that demonstrate value and stability for their clients. They have to build participation and liquidity.33.  In addition, there are three critical developments that need to happen. First, asset-backed tokens need to be standardised, and networks interoperable. Second, there needs to be a deep pool of safe and reliable settlement assets. Third, institutional-grade networks are needed.34.  Let me start with discussing the need for standardisation and interoperability. For asset-backed tokens to be transacted on a network, they need to be embedded with standardised data and features that every participant on the network can recognise. Right now, banks and innovators are building their own networks and racing to scale. These different networks may have different technical specifications, so asset-backed tokens issued on one network may not be portable to another network, or not without friction. At best, the friction would limit the benefits of transacting on chain. Or worse, we could see a fragmented landscape of sub-scale walled gardens, or even a small number of monopolies posing concentration risks.35.  To avoid these sub-par outcomes, the industry needs to develop and adopt a model of “co-opetition”. Where they cooperate to build a marketplace for asset-backed tokens, while competing to bring products, clients and liquidity to the market. This means that they need to agree on common standards for asset-backed tokens even as they compete to scale. So that a bond token or fund token on one network is understood and accepted by participants of another network. And they need to design their networks to be open and interoperable so that asset-backed tokens issued on one network can be transacted on another.36.  Standardisation and interoperability will mitigate liquidity fragmentation. This is why MAS has been working with a consortium of global policymakers and major FIs to develop standards for tokenisation under Project Guardian. We have published frameworks for funds, bonds and FX as global public goods, and we will do more.37.  Similarly, MAS is working with industry partners and policymakers to promote network interoperability. This is the Global Layer One initiative. We have developed and made available common principles, standards and templates that network builders can adopt for interoperability. We encourage network builders and market participants to work with us to drive standardisation and enable greater interoperability.38.  Second, there needs to be a deep pool of safe and reliable settlement assets. In the established financial system, everyday corporate and retail transactions are settled with commercial bank money. Holders of commercial bank money may convert to central bank money at par. Large value inter-bank transactions are settled with central bank money. This arrangement anchors the singleness of money, and finality of settlement.39.  In a tokenised environment, the concept of money is still at an early stage, and there are a few contenders for safe and reliable settlement assets. They include CBDCs, tokenised bank liabilities, and regulated stablecoins. If tokenised transactions are to scale globally, then these settlement assets must be no less robust and safe. At the current stage, market participants are experimenting with different settlement assets for different use cases. Each will have to demonstrate value through utility and safety.40.  Tokenised bank liabilities benefit from current central bank and regulatory arrangements that underpin value stability and singleness of money. They have been used effectively within a bank’s ecosystem, and now have to demonstrate the agility to be used across multiple banks, networks and applications.41.  There has been a lot of attention on stablecoins. They are offered as open platforms, able to work across many different applications and use cases. While agility is a strength, stability needs to be reinforced.42.  Unregulated stablecoins have a patchy record of keeping their peg. Recurrent de-pegging can erode confidence, and trigger runs on other stablecoins. We saw a similar dynamic in 2008 when money market funds that broke the buck triggered runs on other money market funds. Such unregulated stablecoins would not be suitable as safe settlement assets for large wholesale transactions.43.  Now, regulated stablecoins, while nascent, offer the prospect of value stability. Sound and robust regulation of stablecoins will be critical to underpin their stability. We have seen national regulations taking shape rapidly. This is an important start. But things can take a wrong turn if there is a proliferation of poorly regulated stablecoins, undermining confidence in others.44.  MAS recognises this, and has finalised the features of our stablecoin regulatory regime and will be preparing draft legislation. Under our regime, we have given importance to sound reserve backing and redemption reliability.45.  Over time, if some regulated stablecoins become systemic, regulatory frameworks will need to be strengthened further, cross-border regulatory cooperation enhanced, and access to central bank facilities considered.46.  Eventually, there may be a space for different private settlement assets, operating alongside each other, serving different market needs and use cases, with wholesale CBDCs anchoring the stability of the system.47.  MAS is working with industry partners to explore the use of all three settlement assets. MAS launched the BLOOM initiative to support industry’s experimentation with tokenised bank liabilities and regulated stablecoins for settlement. We welcome FIs, as well as clearing and settlement network operators, to conduct trials under this initiative.48.  In the CBDC space, I am pleased to announce that the three Singapore banks – DBS, OCBC and UOB – have successfully conducted interbank overnight lending transactions, using the first live trial issuance of Singapore dollar wholesale CBDC for settlement. As the next bound, MAS will trial the issuance of tokenised MAS Bills to Primary Dealers and settled with CBDC. We will release more details on this next year.49.  Third, institutional-grade networks are needed. Wholesale token transactions need some foundational attributes from blockchain networks which are not readily available on public permissionless blockchains. Clear governance, secure and reliable performance, predictable and transparent fees, privacy optionality and settlement finality, and regulatory compliance.50.  FIs and innovators are developing solutions to make blockchain networks “institutional-grade”. Some network operators are developing purpose-built private blockchain networks with these features; others are building permissioned and compliance layers on public blockchains.51.  For market participants to gain greater confidence to put tokens and transactions at scale on these networks, they would like more clarity that these arrangements are compliant with regulatory standards. They would also like to see more industry standards develop around operational performance and functionalities, and the ability to verify alignment to core industry and regulatory standards.52.  While many regulators have adopted a technology neutral approach, and regulatory standards apply on the basis of legal and economic substance, there are specificities in tokenisation and blockchain networks that would benefit from more legal and regulatory clarity. Examples may include issues around investor rights, settlement finality and smart contract governance.53.  Taking a step towards providing more regulatory clarity, MAS will be publishing a Guide on the Tokenisation of Capital Markets Products later this week. This Guide will use case studies to provide more clarity about the regulatory treatment of tokenised capital markets products. It also sets out guidance on applicable disclosures. This guidance will be updated as tokenised activities develop.54.  MAS is also working with industry and international counterparts to address gaps or impediments to adoption of asset-backed tokens. One example is the collaboration between the Investment Association of the UK and the Investment Management Association of Singapore, with the support of UK Financial Conduct Authority and MAS. A joint report[1] was published yesterday. It provides actionable steps – in commercial, operational, legal and regulatory areas – for market participants and regulators to help adoption scale. We welcome more collaborations with market participants and regulators to further mature the tokenisation ecosystem and help bridge the adoption gap.55.  Another contribution has been the launch of the GL1 Market Infrastructure Toolkit, under the auspices of the Global Layer One initiative. Network operators and FIs can use this toolkit to assess whether a blockchain network is consistent with internationally recognised regulatory principles like the PFMI[2] and market practices like the DAS CP[3] developed by FMI operators. The toolkit comprise 108 controls derived from these principles. Such verification processes and tools will help build confidence to use compliant blockchain networks.56.  So these are the essential building blocks for asset-backed tokens to scale. Standardised tokens and interoperable networks; Safe and reliable settlement assets; and Institutional-grade networks. Conclusion 57.  Let me conclude by showing you two maps. The first map is of the Mississippi river. It enabled western expansion of the early American settlers, and later enabled the flourishing of industry, agriculture and commerce in the interior of the United States. But it was essential for a system of levees and floodwalls to prevent the Mississippi from bringing flood damage and disruption.58.  AI too can bring benefits across the financial sector and to consumers and businesses. Like floods, uncontrolled AI use can also bring consumer harm and risks to financial stability. So there needs to be governance and guardrails for safe adoption, and training of the workforce to work with AI. This is what we have set out to do in collaboration with the financial industry.59.  The second map is of the Grand Canal in China. This was built to connect China's northern and southern regions. It is not a single Canal, but a set of canals that links various rivers and lakes into one connected system of waterways. This is like the tokenised future that we are building – an interconnected system of standardised asset-backed tokens and interoperable networks – so that liquidity can be pooled rather than fragmented, so that frictional costs are minimised, in cash and collateral management, in investments, and in cross border payments.60.  This tokenised future cannot be built by a single party. It will require collaboration between private and public sector, within and across jurisdictions.61.  Ladies and Gentlemen, the SFF and the Singapore FinTech ecosystem has been a journey of innovation and collaboration. As we build the future of finance with AI and tokenisation, we can only progress by walking this journey of innovation and collaboration together.62.  Thank you all, and I wish you many fruitful encounters and partnerships at SFF 2025.   ***  [1] A joint report titled “Bridging the adoption gap: aligning digital asset offerings with buy-side requirements” by UK Investment Association and Investment Management Association of Singapore, with the support of MAS and the UK Financial Conduct Authority, was published on 12 November 2025.  [2] Principles for Financial Market Infrastructures [3] Digital Asset Securities Control Principles