ASIC has secured the highest six-monthly civil penalty total in its history and hundreds of millions of dollars in payments which will flow to Australians in connection with ASIC’s work. New figures reveal ASIC secured a record $349.8 million in court-ordered civil penalties in the second half of 2025 following successful cases against some of Australia’s largest companies and super trustees including ANZ, NAB, Cbus, RAMS and Australian Unity Funds Management. ASIC’s work will also see a total of $583 million returned to millions of Australians through refunds from excessive bank fees after its Better and Beyond review and in payments in connection with investigations into the Shield Master Fund and First Guardian Master Fund. ‘ASIC has secured record penalties in response to serious misconduct, and is protecting Australians and safeguarding trust and confidence in Australia’s financial system,’ ASIC Chair Joe Longo said. ‘Today, ASIC is one of the most active law enforcement agencies in the country. We are taking more cases to court, achieving record penalties, and protecting consumers.’ ASIC’s criminal enforcement work has also helped hold those who broke Australia’s financial services laws to account. While the matter is subject to appeal, the Supreme Court of Western Australia sentenced West Australian fraudster Chris Marco to a 14-year term of imprisonment. ‘This is the highest prison sentence imposed by an Australian court in relation to an ASIC criminal investigation,’ the Chair said. ASIC’s enforcement and regulatory update from July to December 2025 also reveals: $349.8 million in civil penalties imposed by courts (a six-monthly record for ASIC)# $583 million delivered back to tens of thousands of customers and investors as part of remediation, refunds, and payments in connection with ASIC’s work* 123 investigations were launched and 518 surveillances were completed 23 new civil proceedings were filed, 11 new criminal prosecutions were commenced, and 17 criminal convictions were recorded against individuals $6.9 million in infringement notices and $137,315 in criminal fines were paid Some of the major civil penalties follow ASIC’s successful enforcement action against: ANZ, which was ordered to pay $250 million in combined penalties for widespread misconduct and systemic risk failures affecting the Australian Government, taxpayers and almost 65,000 retail bank customers (the largest combined penalties ASIC has secured against a single entity) Cbus, which was ordered to pay $23.5 million for serious failures processing members’ death benefits and insurance claims RAMS Financial Group, which was ordered to pay $20 million for compliance failures relating to arranging home loans NAB, which together with AFSH Nominees Pty Ltd was ordered to pay $15.5 million for hardship failures impacting its customers. In connection with its work, ASIC also: Accepted court enforceable undertakings from Macquarie to pay $321 million to around 3,000 affected Shield Master Fund investors and from Netwealth to pay $101 million to more than 1,000 affected First Guardian Master Fund investors Secured refunds worth $161 million for millions of low-income Australians trapped in high fee accounts, including $68 million announced by Commonwealth Bank in December Successfully intervened in private proceedings between the liquidator of Libertas Financial Planning Pty Ltd (In Liquidation) and Sequoia Financial Pty Ltd, resulting in $975,000 being made available to support claims made by victims in the Sterling First collapse. In addition to enforcement outcomes, ASIC continues to address regulatory complexity through its simplification work, has helped give direction to the future of Australia’s financial markets through its public and private markets work, and announced a transformational package of reforms with the ASX to strengthen confidence in Australia’s critical market infrastructure. ‘While 2025 was a significant year, our work continues in intensity in the year ahead,’ the Chair said. ASIC today also released its six-monthly reports of misconduct (ROMs) data from 1 July 2025 to 31 December 2025, which reveals a 28% increase in ROMs compared to the six months prior, driven by corporate governance concerns including failures to provide company records. More information Report 829 ASIC enforcement and regulatory update: July to December 2025 Summary of enforcement outcomes Background # The figure of $349.8 million reflects civil penalties ordered by courts between 1 July 2025 and 31 December 2025. It does not include proposed or agreed civil penalties that remain subject to court approval in 2026. * The figure of $583 million reflects announcements in the reporting period in connection with ASIC’s work. Payments may occur before or after the reporting period and totals may be updated as programs progress.

Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today announced plans to provide clients with direct connectivity to access the National Stock Exchange of India (NSE) in 2026. The initiative is a response to increased client demand to trade Indian markets from both domestic and international clients. Trading Technologies is now officially an empaneled vendor of the NSE, having completed the agreement to connect directly within the exchange's co-location data center. The designation enables TT to offer market participants across the globe high-performance, institutional-grade access to one of the world's most active exchanges, leveraging TT's award-winning platform functionality. Shridhar Sheth, EVP and Head of India and Middle East, said: "We are seeing a continued, strong increase in demand from our global customers who are looking to diversify their trading opportunities and access the vibrant liquidity available on the Indian exchanges. Becoming an empaneled vendor and establishing direct co-location connectivity to the NSE underscores our commitment to provide our users with the widest possible range of international trading opportunities without geographic restriction." Clients trading on NSE will be able to leverage all TT features, including but not limited to execution algorithms, Autospreader®, ADL®, charting and analytics, and APIs. TT, which handled more than 3 billion derivatives transactions alone in 2025, is the most widely used platform globally for futures and options on futures, in addition to its growing use across multiple asset classes. The platform has earned numerous recognitions in 2025 for its high-performance technology and functionality, including Trading System of the Year and Derivatives Trading System of the Year in the FOW Asia Pacific Awards in September.

In coordination with the other U.S.-listed options exchanges, the MIAX Options Exchange, Pearl Options Exchange, Emerald Options Exchange, and Sapphire Options Exchange have adopted a Universal Obvious and Catastrophic Error submission form, as agreed upon by the Listed Options Market Structure Working Group (LOMSWG).For more information, please refer to the following Regulatory Circulars: MIAX Options RC 2026-25 MIAX Pearl Options RC 2026-25 MIAX Emerald Options RC 2026-24 MIAX Sapphire Options RC 2026-25 Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, announced today that Craig Donohue, Chief Executive Officer, Jill Griebenow, Executive Vice President and Chief Financial Officer, and Rob Hocking, Executive Vice President and Global Head of Derivatives, will present at the Raymond James Institutional Investors Conference in Orlando, Florida on Monday, March 2 at 9:15 a.m. ET. The live webcast and replay of the presentation will be accessible at ir.cboe.com, under Events and Presentations. The archived webcast is expected to be available within an hour of the presentation.

TMX Group Limited ("TMX Group") announced today that its normal course issuer bid ("NCIB") has been accepted by Toronto Stock Exchange ("TSX"). Under the NCIB, TMX Group may purchase up to 2,800,000 of its common shares by way of normal course purchases on Toronto Stock Exchange, representing approximately 1% of the 278,232,220 common shares outstanding on February 20, 2026. The maximum number of shares that can be purchased on the same trading day on TSX is 155,315 shares (25% of the average daily trading volume for the six months ended January 31, 2026, which was 621,261 shares), other than block purchase exceptions. The purchases may commence on February 27, 2026, and will terminate on February 26, 2027, or on such earlier date as TMX Group completes its purchases. TMX Group will make purchases in accordance with TSX requirements and the price TMX Group will pay for any such common shares will be the market price of such shares at the time of acquisition. All purchases will be effected through the facilities of TSX. All repurchased shares will be cancelled. TMX Group has not purchased any of its shares in the past 12 months. TMX Group also entered into a pre-defined plan with its designated broker to allow for the repurchase of common shares at times when TMX Group ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. TMX Group believes that the purchase of common shares from time to time can be undertaken at prices that make the acquisition of such shares an appropriate use of available funds and an appropriate mechanism for returning capital to its shareholders. Caution Regarding Forward-Looking Information This press release of TMX Group contains "forward looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant as of the date of this press release. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans," "expects," "is expected," "targeted," "estimates," "intends," "anticipates," "believes," or variations or the negatives of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved or not be taken, occur or be achieved. Forward looking information, by its nature, requires us to make assumptions and is subject to significant risks and uncertainties which may give rise to the possibility that our expectations or conclusions will not prove to be accurate and that our assumptions may not be correct. Examples of forward-looking information in this press release include, but are not limited to, the expected benefits of the NCIB and the number of shares, if any that will be purchased under the NCIB which are subject to significant risks and uncertainties. These risks include, but are not limited to: Examples of forward-looking information in this press release include, but are not limited to, the expected benefits of and the number of shares, if any, that will be purchased under the NCIB, which are subject to significant risks and uncertainties. These include, but are not limited to: the competitive landscape in which we operate, the economic performance in Canada and globally, our earnings and free cash flow, our debt levels and target leverage ratio and covenants under TMX Group's revolving credit facility, which among other factors may affect our ability or decision to purchase shares under the NCIB. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. We have attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect us. A description of the above-mentioned items is contained in the section "Enterprise Risk Management" of our 2025 annual MD&A.

Good morning, and thank you all for attending today’s meeting. Welcome to the Committee’s new members. I appreciate the work of the Committee and the willingness of experts to share their views as panelists. I also appreciate the work of the Office of the Advocate for Small Business Capital Formation in supporting the Committee’s work. I commend the Committee for its continued focus on finders and look forward to any recommendations the Committee develops. As I mentioned at the last meeting, current activity in this area is shaped by a muddled web of no-action letters that is out of step with practical realities. Last meeting’s discussion of status quo finder activity underscored that point. The absence of a finder’s framework does not deter bad actors. Good actors may unwittingly act as finders, or, if they are aware of the law’s unduly strict limitations, may observe from the sidelines rather than helping to match investors and companies. I appreciated your in-depth discussion of what sensible finders regulation could look like and your focus on how finders can help companies to raise money in amounts too small for brokers to bother with. You covered a lot of other territory as well, from essential disclosures for finder activity to AI agents. I hope today’s discussion will be equally interesting and constructive as you devise recommendations. This afternoon, the committee will discuss an increasingly mainstream area of our capital markets, private secondaries. The growth of these markets, from $162 billion in total volume in 2024 to $240 billion in 2025[1], makes today’s conversation timely. I would be interested in hearing what today’s panelists think is in store for the remainder of the year. Will the trend continue? Some of the growth in private secondary markets may stem from an IPO market that, while showing some promising signs of activity, is still not where we would like it to be. Private market investors increasingly are able to turn to secondary markets to exit certain positions and re-allocate capital. While beneficial to investors looking for an exit, the flexibility provided by private market tools such as continuation vehicles diminishes the pressure on companies to IPO.[2] As I expect we will hear from our panelists today, secondary markets are developing to accommodate a wide range of demands that are met by liquidity providers that specialize in a range of transactions. If capital for companies and liquidity for investors and employees are available privately, why take on the burdens associated with being a public company? As this panel discusses the secondary markets, I would appreciate hearing to what degree activity in this space trades off with initial public offerings and what factors investors and issuers consider when deciding which path to pursue. Though I am happy to see capital formation occur in either the private or public markets, I am aligned with Chairman Atkins’ goal of revitalizing IPOs. Our public markets have benefits that simply cannot be recreated privately. The Commission can do more to improve liquidity in our private markets, but public markets facilitate price discovery and retail access in ways that the private secondary markets cannot duplicate perfectly. One long-overdue change that the Commission staff recently made has allowed closed-end funds investing 15% or more of their assets in private funds to sell to non-accredited investors with no minimum investment amount. Has this change been apparent in the marketplace? What else could the Commission do to improve efficiency in and retail access to these markets? Regardless of what we do to expand retail access to private markets, most retail investor portfolios are likely to be concentrated in the public markets. When companies remain private longer those public investors miss out on the opportunity to fully appreciate the growth of companies that in the past may have occurred after those companies went public. While I am heartened to see markets develop solutions to capital allocation problems, the rapid growth of the private secondary market signals the need for earnest efforts to enhance the palatability of our public markets. Thank you and have a productive meeting. [1] Jefferies Global Secondary Market Review (Jan. 2026), pg. 3. Available at: https://go.jefferies.com/l/399542/2026-01-23/5v1tf1/399542/1769183474J7SWeVCW/Jefferies___Global_Secondary_Market_Review___January_2026.pdf?utm_term=6840380660 [2] Goldman Sachs 2026 Global M&A Outlook: Think Big, Build Bigger, pg. 7. Available at: https://www.goldmansachs.com/what-we-do/investment-banking/insights/articles/2026-ma-outlook/goldman-sachs-2026-global-ma-outlook.pdf.

The Ontario Securities Commission (OSC) is warning Ontario investors that the following companies are not registered to deal or advise in securities in Ontario: ESET Trading Grin Dominance High Peak Zenix (aka Highpeak Zenix) IntelApp2 Protraderai.org (aka Pro Trader AI) Profitbah (aka Profitifybah) Skycrest Valtrio Arctic Valtrix AI Crysten Hexalo AI At the OSC, we issue investor warnings and alerts about possible harmful or illegal activity in progress, and maintain a warning list of companies or individuals performing activities that may pose a risk to investors. A full list of OSC investor warnings and alerts is available on the OSC’s website. Investors can sign up for email notifications when new warnings and alerts are issued and can follow the OSC’s X feed at @OSC_News. Ontarians who have been approached by any of the individuals or firms listed above, or any other unregistered company or individual, are advised to contact the OSC Contact Centre at 1-877-785-1555 or via email at inquiries@osc.gov.on.ca. Always check the registration of any person or business trying to sell you an investment or give you investment advice. This can be done by visiting the Check Before You Invest or the Crypto businesses pages on the OSC website. 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 FCA has signed a Memorandum of Understanding (MoU) with the Independent Football Regulator (IFR). The MoU establishes how the 2 organisations will work together and support effective regulation where football and financial services intersect. It also sets out a high-level framework for principles for cooperation between the IFR and the FCA. Read the MoU (PDF)

FTSE Russell, the global index provider, advises of the following indicative changes to the FTSE 100 and FTSE 250, based on data as of Friday 20th February 2026. PLEASE NOTE: The actual review of the FTSE UK Index Series will be conducted using data as at market close on Tuesday 3rd March 2026. Confirmed rebalance changes will be announced after market close on Wednesday 4th March 2026.  Indicative FTSE 100 Additions Indicative FTSE 100 Deletions IG Group Holdings Easyjet Tritax Big Box REIT Rightmove Indicative FTSE 250 Additions Indicative FTSE 250 Deletions CVS Group IG Group Holdings Easyjet NCC Group Rightmove Pinewood Technologies Group The Schiehallion Fund Tritax Big Box REIT  

Today, ACER releases its report on the Slovak gas transmission tariffs directed at Eustream, Slovakia’s transmission system operator (TSO). The report assesses the compliance of the proposed reference price methodology (RPM) with the requirements of the EU Network Code on Harmonised Transmission Tariff Structures (NC TAR). What is the proposed tariff methodology? The Slovak TSO proposes to: Change the current methodology to introduce new tariffs in the middle of the ongoing tariff period, which would result in a tariff increase of more than 70%. The TSO cites exceptional circumstances (a large drop in cross-system flows) as the reason for this change. Apply a uniform postage stamp reference price methodology with an ex-ante entry-exit split for 2026-2027. Continue recovering transmission revenues through a mix of capacity-based and commodity-based charges. Adjust capacity tariffs at all entry and exit points (including domestic points) through benchmarking, using a wide set of European TSO tariffs as a reference. Keep two commodity-based charges in place: a flow-based charge paid in kind and a complementary revenue recovery charge. What are ACER’s key findings? After analysing the consultation document, ACER concludes that: The proposed methodology meets the EU requirement on non-discrimination. Compliance with other NC TAR requirements (including transparency, cost-reflectivity, avoidance of cross-subsidisation, volume risk and the prevention of cross-border trade distortions) cannot be confirmed. The proposed commodity-based charges are also non-compliant. Read more about ACER findings and recommendations.

Good morning.  I regret that I cannot be with you.  Today’s meeting is the first one since the departure of Stacey Bowers, who served as Advocate for Small Business Capital Formation.  I would like to acknowledge her contributions to the efforts of this committee. Before diving into today’s agenda, I would like to acknowledge some recent work by our staff.  The first item is the 2025 Staff Report from the Office of the Advocate for Small Business Capital Formation.  This report provides a comprehensive snapshot of the state of small business capital formation, including a wealth of information on crowdfunding, Regulation A, and Regulation D offerings. The second item to highlight is work by the Division of Corporation Finance’s Office of Small Business Policy to provide much needed regulatory guidance for small businesses.  During the Biden administration, the SEC expended tremendous amounts of staff resources focusing on environmental, social, and political projects that had a weak, if any, nexus to financial markets, rather than focusing on capital formation.  Division leadership has refocused on its traditional work on capital formation and investor protection, particularly with respect to smaller businesses. Recently, SEC staff published frequently asked questions (FAQs) on Form D.[1]  Since Regulation D plays a significant role in capital formation for U.S. small businesses, we should continue to improve clarity and predictability for issuers seeking to rely on that regulation.  These FAQs consolidate existing guidance and are designed to be a “one-stop shop” to quickly address frequent questions posed to the staff about Form D.  The Division of Corporation Finance has also published new compliance and disclosure interpretations (C&DIs), including ones that address “new” questions about Regulation D.  For example, one C&DI clarifies that when taking reasonable steps to verify accredited investor status in Rule 506(c), issuers can use different verification methods for different purchasers in the same offering.[2]  Some of the changes update our guidance to reflect the adoption of new rules and their impact on issues such as transactional integration.[3]  Other C&DIs formalized longstanding interpretive positions.  For example, under Regulation Crowdfunding, the staff described how to switch from one crowdfunding platform to another before making a sale.[4] Additionally, the staff advised that certain guidance and relief specific to registered companies also applies in the Regulation A context, such as extending the non-public filing and review accommodation to Regulation A issuers.[5] Lastly, the staff answered certain offering questions that come up periodically in the Regulation A space, such as that a company cannot accept any money or other consideration before qualification.[6] Our staff stands ready to provide additional guidance and interpretations.  If you have questions or believe that additional guidance is needed, I encourage you to reach out to them. Turning to today’s agenda, I am pleased that the Committee will continue its “deep dive” into the topic of finders.  A regulatory solution in this area is long overdue.  A key consideration is whether the regulatory burdens can be minimized given the limited role such persons play.  Sound regulation practices recognize that rules should be appropriately tailored to the specific risk being addressed.   If an intermediary serves in a limited role, such as simply providing introductory services, the full panoply of broker-dealer regulation would not appear to provide additional investor safeguards.  Instead, they can deter useful and productive capital formation efforts.  Thus, we should consider what regulatory requirements, if any, are so fundamental that they should apply irrespective of the limited transactional roles.  These rules are likely to encompass only a small fraction of the broader SEC and FINRA rulebooks applicable to broker-dealers. Thank you to the participants, presenters and attendees for joining us today.  Have a good meeting. [1] Frequently Asked Questions and Answers on Form D (Jan. 23, 2026), available at https://www.sec.gov/about/divisions-offices/division-corporation-finance/frequently-asked-questions-answers-form-d. [2] Compliance and Disclosure Interpretations, Securities Act Rules, Question 260.39. [3] For example, a number of C&DIs about integration were updated to account for the adoption of Rule 152 in 2021. [4] Compliance and Disclosure Interpretations, Regulation Crowdfunding, Question 100.03. [5] Compliance and Disclosure Interpretations, Securities Act Rules, Question 182.24. [6] Compliance and Disclosure Interpretations, Securities Act Rules, Question 182.31. 

Good morning, ladies and gentlemen, and welcome to our first Committee meeting of the year.[1] I want to start by saying how glad I am that we are able to reconvene (if only virtually) after the government shutdown forced us to cancel in the fall. That disruption only reminded me how valuable this forum is, for I have long believed that involving industry practitioners in the regulatory process makes government smarter, more responsive, and less burdensome. Indeed, your contributions bring both rigor and market insight to the SEC’s role in facilitating capital formation. So, I am grateful that this Committee can return to its regular cadence and thank you for your flexibility in light of the wintry weather conditions. *** In just a few moments, the Committee will build on a discussion that it began last summer regarding a regulatory framework for finders. As staff in the Division of Trading and Markets emphasized at our previous meeting, identifying potential investors remains one of the most persistent challenges for small businesses, especially those seeking capital below the range that typically attracts investment from venture capital firms or registered broker-dealers. Regulatory uncertainty only compounds those barriers by deterring individuals from serving as finders—and companies from engaging them. The perspectives shared at our previous meeting underscored the need to address ambiguity in this space and I look forward to hearing the Committee’s recommendations on how we might foster greater clarity. *** Later this afternoon, meanwhile, the Committee will turn to the private secondary market and its increasingly critical role in meeting liquidity needs. As more firms stay private, two related pressures have intensified: demand for investment opportunities in private companies and the need for liquidity among existing investors, especially early investors and employees for whom compensation includes equity. Several platforms have emerged to address these pressures. But I understand that our existing regulatory framework has, in some respects, made that work challenging. Many privately issued securities remain restricted from resale under our rules for at least a period of time. Issuers may also impose additional transfer restrictions to maintain visibility into their shareholder base. Layered atop of these frictions is the further complication that secondary trading of private securities is almost always subject to state blue sky laws. Individual investors can sometimes navigate this patchwork through the so-called “manual exemption,” which generally permits secondary transactions of securities listed in designated securities manuals. But complying with state manual exemptions can be costly and time consuming for both investors and issuers. Of course, this Committee has examined blue sky laws before. Last year, it recommended that the Commission preempt state blue sky laws for off-exchange secondary trading in companies that make available robust, publicly accessible, and timely public disclosures, such as those required by Regulation A Tier 2. That recommendation reflects a sound instinct as many of the limitations on secondary trading in private markets are designed to protect investors. Private companies generally do not provide ongoing disclosures, which means that investors are not as easily able to make a reasoned investment decision. One way to address this, as the Committee’s recommendation recognized, is to consider allowing secondary trading in companies that provide some sort of ongoing disclosure. Of course, that approach would not necessarily resolve the separate issue of company-imposed transfer restrictions beyond what current law requires. So, more structurally, another way to overcome these concerns is to encourage larger, later-stage private companies—the kind of companies that historically would have undergone an initial public offering earlier in their life cycle—to again go public sooner. Which brings me to a broader point—and to my priority to reinvigorate an IPO pipeline that has diminished by roughly 40 percent in recent decades. As I recently testified before Congress, this trajectory tells a cautionary tale that the SEC is working to rectify, first, by re-anchoring disclosures in materiality so that investment decisions can turn on economic signals rather than on regulatory noise; second, by de-politicizing shareholder meetings and restoring their focus to significant corporate matters; and third, by allowing public companies to have litigation alternatives so that we shield innovators from the frivolous and investors from the fraudulent. With that context, I am grateful that we will be hearing from a distinguished group of guest speakers to continue our discussion on finders and to begin exploring the private secondary market. This Committee’s insights, rooted in the real-world experience of its members, will be essential in enhancing capital formation for America’s small businesses. So thank you once again for your continued service, and for the thoughtful guidance that you provide. I look forward to a productive and engaging meeting ahead. Thank you. [1] The Chairman’s views expressed in these remarks do not necessarily reflect those of the SEC as an institution or of the other Commissioners

A steep 49% year-on-year (YoY) fall in mergers & acquisitions (M&A) activity weighed heavily on the Asia-Pacific (APAC) deal activity in January 2026, pulling the overall transaction volumes (M&A, private equity and venture financing) down 36%. This reflects a more cautious environment among the corporates and investors amid the persistent macro uncertainty and tighter funding conditions, according to GlobalData, a leading intelligence and productivity platform. An analysis of GlobalData’s Financial Deals Database reveals that all the deal types under the coverage registered YoY decline in volume during January 2026. The impact of decline in M&A is notable given that it accounted for more than half of the total number of deals announced in the APAC region during January 2025. Meanwhile, venture financing deal volume declined by 20%, whereas the number of private equity deals was down by 75%, pointing continued investor selectivity, extended diligence cycles, and a preference for clearer-path-to-profitability opportunities. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “APAC deal activity saw a slow start in 2026, with both acquirers and investors prioritizing valuation discipline. It indicates that decision-making cycles are lengthening and risk appetite remains constrained.” Most of the countries in the APAC region experienced weak deal activity in January 2026. For instance, China, which is the top APAC market by deal volume, registered a YoY fall in the number of deals by 17% during January 2026. India, South Korea, Japan, Australia, Singapore, Hong Kong, Malaysia and India also saw their respective deal volume fall by 24%, 35%, 76%, 23%, 45%, 21%, and 33% YoY during the same period. Bose concludes: “Looking ahead, while near-term activity may remain subdued, strategic investors with strong balance sheets and sector conviction are likely to capitalize on the pricing recalibrations, setting the stage for a more fundamentals-driven and selective recovery in the quarters ahead.” Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

Capital.com, a global fintech group operating in the regulated online trading sector, today published its 2025 trading platform activity summary, reporting $3.42 trillion in client trading volume for the year. Trading volumes increased 92.1% year-on-year, rising from $1.78 trillion in 2024 to $3.42 trillion in 2025. The number of trades executed grew 87%, from 120.2 million to 224.8 million.  The results reflect accelerated trading activity alongside continued investment in structured risk management, platform resilience and decision-support tools, reinforcing the Group’s ambition to build a platform ‘Built for Better Decisions.’ Trading volumes are influenced by prevailing market conditions and do not indicate future performance. Rupert Osborne, CEO, Capital.com UK, said: “2025 was marked by sustained macroeconomic uncertainty and cross-asset repricing. In that environment, our priority was not simply scale, but strengthening operational resilience and deepening a structured decision-support framework within a regulated setting. Access to markets should be accompanied by tools that promote disciplined engagement, clear risk definition and ongoing review. As activity increased, we continued embedding structured risk discipline directly into the platform’s architecture. Capital.com does not aim to stimulate trading frequency; our focus is on building infrastructure that helps reduce cognitive bias, reinforces predefined risk parameters and supports more deliberate execution under volatile conditions.” Key Highlights $3.42 trillion in client trading volume in 2025, up 92.1% year-on-year (2024: $1.78 trillion) 224.8 million trades executed, up 87.0% from 120.2 million in 2024 Middle East accounted for approximately 50% of total trading volume Europe was the second-largest region, with volumes rising 73% year-on-year 22.59% of global positions were opened with a stop-loss attached. Platform coverage expanded to over 5,000 markets (up from 4,500+) Market environment and activity drivers Trading activity during the year coincided with monetary policy divergence across major economies, commodity price volatility and heightened sensitivity to macroeconomic data releases. Millennials and Gen X accounted for the largest share of trading volumes, followed by Zoomers and Boomers. Gold was the most actively traded instrument globally by both volume and trade count during the period, reflecting its established role during episodes of macroeconomic uncertainty and commodity price fluctuation. Behaviourally, gold trading in 2025 was characterised by heightened sensitivity to short-term price moves. 73.8% of gold trades were closed within one hour, and 95.9% within 24 hours, indicating a strong bias toward intraday decision-making. This concentration is consistent with intraday trading patterns typically observed during periods of elevated volatility. Elevated market participation required sustained platform stability during peak trading windows. Systems performance and service continuity were maintained across regulated entities, including during periods of heightened cross-asset volatility. Globally, 22.59% of all positions had a stop-loss attached, compared with 22.01% in 2024 Stop-loss usage is monitored as a proxy for predefined risk parameters and disciplined trade structuring.  Usage was highest among Zoomers and Millennials. The increase suggests broader adoption of structured risk parameters during a year marked by volatility across asset classes.  All clients operate within the same regulated framework, risk disclosure standards and suitability requirements.  “Increasing the use of predefined risk parameters remains a structural objective, not a marketing metric. Our priority is to embed risk configuration into the decision-making process before execution, so that structured discipline becomes an integral part of how the platform is used, particularly during periods of heightened volatility,” added Osborne. Decision-support tools and AI development Throughout 2025, Capital.com continued to strengthen its structured decision-support environment and platform resilience. Key developments included: Expanded charting and analytical tools to improve price context and multi-timeframe analysis Enhanced trade journaling to support structured post-trade review and behavioural awareness Continued development of risk architecture, including stop-loss enhancements to reinforce predefined risk parameters Infrastructure and monitoring upgrades to maintain execution stability during peak trading periods The Group’s product roadmap incorporates behavioural analytics and AI-assisted tools designed to support risk definition before execution, enable real-time exposure monitoring and facilitate structured review of trading patterns. AI is being embedded not as a predictive signal, but as behavioural infrastructure intended to help narrow the gap between trading intention and execution in volatile market conditions. Looking ahead to 2026 While trading activity increased materially during 2025, Capital.com does not define progress by scale alone. Strategic priorities for 2026 include: Increasing stop-loss adoption rates Expanding AI-driven behavioural safeguards Enhancing transparency around decision-quality metrics Continuing measured geographic expansion within regulatory frameworks Expanding multi-asset capabilities across equities, digital assets and long-term investment products Capital.com operates under multiple regulatory licences across several jurisdictions and added authorisation from the Capital Markets Authority of Kenya in 2025. The Group’s long-term focus remains the development of a global platform designed to improve decision quality within a regulated and governed structure.

As of today, Sirma Group Holding (ISIN: BG1100032140) is listed in the Prime Standard of the Frankfurt Stock Exchange. The company is already listed on the Bulgarian Stock Exchange (BSE) where it was added to the EuroBridge segment. This trading segment was developed together with Deutsche Börse and for the first time enables Bulgarian companies to trade their shares simultaneously in Sofia and on the German market, providing access to a wider international investor base. The IPO was accompanied by Wolfgang Steubing AG Wertpapierdienstleister, which also acts as designated sponsor on Xetra and as Specialist on Deutsche Börse Frankfurt. Sirma Group Holding was founded in 1992. According to its own information it is a software technology partner with over 33 years of experience and more than 800 employees. The company specializes in custom software development, systems integration, and IT consulting. Located in Sofia, the company is listed on the Bulgarian Stock Exchange. Sirma operates globally with offices in the US, UK, Germany, Albania, Romania, Brazil and the United Arab Emirates. Further information can be found in our primary market statistics.

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the appointment of Frank Troise as President, Global Capital Markets, effective immediately. He will report to Tom Carey, President, Global Technology & Operations at Broadridge, and join Broadridge’s Executive Leadership Team.  A proven industry innovator, Troise steps into the role at a pivotal moment as issuance, trading, financing, data and post-trade services converge across traditional and digital ecosystems.  Since Troise joined Broadridge in 2024 as Head of Trading and Connectivity Solutions, he has strengthened Broadridge’s platform capabilities, driven strategic growth initiatives, and expanded its front-office offerings across execution management, algorithmic trading, and analytics.  “Broadridge operates at the intersection of scale, trust and innovation - a combination clients and regulators rely on every day, and Frank’s deep market expertise, disciplined execution, and bold strategic vision make him the right person to lead this business,” said Tom Carey, President, Global Technology & Operations at Broadridge. “As we build on our strong foundation and position of leadership in capital markets, Frank will accelerate our strategy and lead the next wave of innovation in global capital markets transformation.”  Prior to Broadridge, Troise was CEO and Board Member of Pico Quantitative Trading and previously served as CEO, President, and Board Member of Investment Technology Group (ITG). He earlier led J.P. Morgan’s global Execution Services business, overseeing a cross-asset trading organization spanning global markets.  “Capital markets are converging around integrated platforms that seamlessly connect trading, financing, data, and post-trade," said Troise. "By combining our leadership in tokenized real assets with AI-powered front to back capabilities and globally scaled infrastructure, Broadridge is uniquely positioned to help clients innovate with confidence - unlocking efficiency, transparency, and new growth opportunities across traditional and digital markets." Broadridge connects more than 2,200 buy- and sell-side firms and 200+ trading venues globally, supporting daily average trading of over $15 trillion in securities, with integrated multi asset class, front to back capabilities, underpinned by a robust data architecture and AI-powered capabilities. Building on this foundation, Broadridge has successfully established a leading position in digital market infrastructure and is accelerating institutional adoption of digital markets. Its industryleading distributed ledger-based repo platform, the largest institutional platform for tokenized real assets, is supporting over $7 trillion in monthly volume.  With financial markets evolving and the need for digital and traditional assets to coexist, Broadridge is committed to helping clients and the industry transform operations, reduce risk, and enhance the client experience. Broadridge will continue investing in integrated multi-asset class capabilities that extend established trading and post-trade infrastructure into digital markets - enabling innovation at scale while preserving resiliency, governance and regulatory strength.  

TRG Screen, the leading provider of market data and subscription cost management technology solutions, announced the results of an independent return-on-investment (ROI) study examining the impact of proactive market data management. Building on the findings, the company has launched an interactive ROI calculator that enables firms to quantify their own savings potential. The research was conducted by Hobson & Company, an independent firm specialising in ROI analysis, and is based on interviews and real-world client data. The findings show that firms adopting purpose-built market data management technology achieved triple-digit ROI, including one example delivering 224% ROI over three years with a 5.3-month payback period. Across the organizations studied, firms reduced market data spend by an average of 10% and reference data spend by 25%. The research also highlighted significant efficiency gains, with internal administrative effort reduced by up to 50% and exchange compliance workloads by as much as 90% in some cases ─ allowing employees to focus on higher-value activities. “Market data is one of the largest and fastest growing expense categories for financial institutions, yet it is often managed with limited visibility and manual processes,” said Nadine Scott, Chief Customer Strategy Officer at TRG Screen. “This independent research validates what we see across our client base every day. When firms gain end-to-end visibility and control, the impact shows up quickly in reduced spend, reclaimed time and lower risk.” The hidden cost of market data The research highlights common challenges faced by market data teams, including unused or duplicate subscriptions, renewals defaulting without proper oversight, missed credits and pricing changes, and significant internal time consumed by manual administration. In many cases, firms were paying for services long after users had changed roles or left the organization. While these issues are rarely visible in isolation, together they create substantial financial drag and operational risk. The analysis quantified the financial and operational impact of addressing these challenges through proactive management of market data spend, usage and compliance. In addition to direct cost reductions, firms created meaningful internal capacity by reducing time spent on renewals, reconciliations, reporting and exchange compliance. This allows teams to focus on higher-value work such as vendor negotiations and strategic data planning. Turning research into action: self-service ROI calculator To make the findings actionable, TRG Screen translated the research methodology into a new interactive ROI calculator. Based on the same assumptions used in the study, the tool allows organizations to input their own market data environment and model potential savings, efficiency gains and risk reduction. "The calculator gives firms a realistic way to explore what proactive market data management could mean for them, based on their own data consumption,” added Scott. The independent research report is available here and ROI calculator here.

Digital asset products recorded US$288m in outflows, the 5th consecutive weekly decline, with cumulative outflows reaching US$4.0bn; trading volumes fell to US$17bn, the lowest since July 2025. Regional divergence remains pronounced: the US saw US$347m in outflows, while Europe and Canada saw US$59m in inflows. Bitcoin drove the bulk of weakness with US$215m in outflows, while short-bitcoin products saw the largest inflows at US$5.5m; minor inflows into select altcoins. The full research features in CoinShares’ weekly newsletter, can be found here.

Next-generation wealth holders now pursue multi-dimensional gains including financial gains, resilience against volatility, portfolio flexibility, environment and social impact, and solid family reputation As younger heirs assume greater influence, investment strategies are evolving towards private markets, artificial intelligence, sustainability and impact, alongside traditional return objectives Wealth advisers must blend financial expertise, tech fluency and strong relationships to help families manage and adapt their wealth across generations Report underscores how Dubai is not only responding to shifts in global wealth, but actively shaping the environment in which private and family capital can thrive Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, today launched the first report in its 2026 Future of Finance series. Titled Global Wealth Outlook: Rethinking growth in a changing world, the report examines how global wealth is being reshaped by volatility, demographic change and shifting capital flows. The world’s high-net-worth individual (HNWI) population of nearly 23mn individuals who collectively hold close to USD 87trn in wealth reinforces the scale and influence of this cohort on global capital markets. Against this backdrop, the report underscores Dubai’s emergence as a destination of choice for HNWIs, family offices and global private capital as investors actively seek portfolios and markets that can deliver diversification, flexibility and resilience. Global realignment of wealth strategies The report highlights a structural realignment in global wealth management. In an environment marked by persistent market volatility, geoeconomic uncertainty and increasingly uneven investment outcomes, wealthy individuals and families are rethinking both how and where capital is deployed. Geography is increasingly treated as a portfolio consideration alongside asset allocation, as jurisdictional risk becomes a defining factor in long-term wealth preservation. A central force behind this shift is the USD 124trn intergenerational wealth transfer expected to take place by 2048. As younger heirs assume greater influence, investment strategies are evolving towards private markets, artificial intelligence, sustainability and impact, alongside traditional return objectives. Next-generation wealth holders now pursue multi-dimensional prosperity – financial gains alongside resilience against drawdowns and inflation, portfolio flexibility for unexpected events, family unity across generations, tangible environmental and societal impact, and a solid family reputation. The report mentions that women, who now represent over a tenth of ultra-high-net-worth individuals (UHNWIs), are poised to capture 95 per cent of USD 54trn in inter-spousal transfers. Female heirs typically prioritise investments that reflect their ethics and social impact interests, such as sustainable, philanthropic or innovative projects. HNWIs are also increasingly drawn to AI’s potential to deliver tangible societal progress, particularly in healthcare, education and resource use. Following AI, renewable energy is poised for the fastest growth trajectory in the coming years with sustainable investments featuring more prominently in UHNWI portfolios, according to the report. The ultra-wealthy are moving beyond the rhetoric on sustainability and backing their convictions with significant financial investments. Wealth advisers are now expected to go beyond understanding valuations and portfolio construction. They must master private deal structures, identify credible venture and growth-stage partners and integrate data-driven analytics and insights into their own advisory practices. The report also finds that despite technological advancements, wealth management remains a people-centric business. Advisers must build trust, navigate complex family dynamics and understand the unique goals and values of each family. His Excellency, Arif Amiri, Chief Executive Officer of DIFC Authority, said: “The global wealth landscape is undergoing a structural shift. In an environment of volatility, regulatory divergence and generational change families are thinking about risk, resilience and long-term growth. Increasingly, geographical allocation is becoming as important as how wealth is invested. Dubai, and in particular DIFC, has anticipated this shift and offers a stable and globally connected environment with regulatory clarity in which families and private investors can make long-term decisions with confidence.” Dubai’s private and family wealth advantage The outlook underscores Dubai’s position as a leading global hub for private and family wealth by combining the institutional depth of established financial centres with the agility, stability and tax efficiency sought by globally mobile investors. Henley & Partners estimates that the UAE attracted approximately 9,800 new millionaires in 2025 – most of those in Dubai – representing the highest net inflow globally amidst shifting tax and policy environments in traditional financial centres. With more than 1,289 family-related entities, representing the largest family wealth ecosystem in the UAE, DIFC underpins Dubai’s rise as a magnet for private wealth. Supported by a comprehensive ecosystem spanning private banking, wealth and asset management, legal and advisory services, this growth is in direct alignment with the UAE’s designation of 2026 as the Year of Family, reflecting the increasingly pivotal role families play in global wealth stewardship. The report also highlights the rapid professionalisation of family offices and wealth managers, as clients demand deeper private market access, AI-enabled analytics and more sophisticated governance and advisory capabilities. DIFC is continuing to expand its wealth infrastructure to meet these needs, most notably through the DIFC Family Wealth Centre, a world-first initiative dedicated to supporting multi-generational families. The Centre serves as a hub for thought leadership, peer networking and next-generation engagement, reinforcing DIFC’s role as more than a financial centre, but a long-term partner to families. The Global Wealth Outlook: Rethinking growth in a changing world report underscores how Dubai is not only responding to shifts in global wealth, but actively shaping the environment in which private and family capital can thrive. To learn more, please visit the following link.

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) will be enhancing investor segments data to provide greater granularity on trading participation across the market. The enhancements will involve distinguishing nominee accounts held by institutional and retail investors, thereby providing a clearer representation of each investor segment’s trading participation. Additionally, investment flows of foreign owned companies incorporated in Malaysia will be reclassified based on source of investment fund rather than ownership, to better reflect domestic investment activity. The updated investor categories will be reflected in Bursa Malaysia’s data packages from 6 April 2026. In line with the Exchange’s usual practice, the upcoming changes were communicated to Bursa Malaysia’s data subscribers.  This initiative is in response to the growing use of nominee structures and reflects the Exchange’s ongoing commitment to ensure that information remains relevant, transparent and reflective of current trading behaviours and market dynamics.