This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment. By publishing this report, the Board intends to promote public understanding and increase transparency and accountability for the Federal Reserve’s views on this topic. 2024 November: PDF April: HTML | PDF | Chart Data and Descriptions 2023 October: HTML | PDF | Chart Data and Descriptions May: HTML | PDF | Chart Data and Descriptions 2022 November: HTML | PDF | Statement by Vice Chair Brainard | Chart Data and Descriptions May: HTML | PDF | Statement by Governor Brainard | Chart Data and Descriptions 2021 November: HTML | PDF | Chart Data and Descriptions May:  HTML | PDF | Statement by Governor Brainard | Chart Data and Descriptions 2020 November: HTML | PDF | Statement by Governor Brainard | Chart Data and Descriptions May: HTML | PDF | Chart Data and Descriptions 2019 November: HTML | PDF | Chart Data and Descriptions May: HTML | PDF | Chart Data and Descriptions 2018 November: HTML | PDF | Chart Data and Descriptions

Princeton University won the 21st annual national College Fed Challenge on Friday, a team competition that encourages undergraduate students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee. The team, from Princeton, New Jersey, represented the Philadelphia District and included Bracklinn Williams, Daniel Sozanski, Eleanor Clemans-Cope, Elliot Lee, William Neumann, Bijaan Noormohamed (alternate), and Manuel Garcia San Millan (alternate). The team's advisers were Alan Blinder, Carolyn Wilkins, and William Dudley. This year's College Fed Challenge included 119 schools from across the nation. Each submitted video presentations or participated in local competitions last month. Eighteen semi-finalist teams then participated in question-and-answer sessions held earlier this month, and six finalists were selected to determine the winners. The other national finalists were Harvard College in second place and University of Virginia in third place. Teams with honorable mentions include University of Michigan, Pace University, and University of Miami. "Fed Challenge gives undergraduate students a chance to learn about the Fed and monetary policy," said Federal Reserve Chair Jerome H. Powell. "Fed policymakers carefully consider incoming economic data and work together to determine the best policy to pursue our dual mandate goals of maximum employment and price stability. Through the Fed Challenge experience, students go through similar deliberations and gain a better understanding of the economy and the Fed's role in it." Teams were evaluated on their economic analysis, responses to the judges' questions, teamwork, and presentations. The judges for the final round were Lisheng Su, lead risk management specialist at the Federal Reserve Bank of Chicago; Brian Doyle, deputy director of the Board's Division of International Finance; and Robert Tetlow, a senior adviser in the Board's Division of Monetary Affairs. Note: On November 22, 2024, Princeton University’s alternate team members were added to the press release.

The Federal Reserve on Friday announced additional information about the periodic review of its monetary policy strategy, tools, and communications—the framework it uses to pursue its congressionally-assigned goals of maximum employment and price stability. The review is focused on two specific areas: the Federal Open Market Committee's Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the Committee's approach to monetary policy; and the Committee's policy communications tools. The Committee's two percent longer-run inflation goal will not be a focus of the review. "We are open to new ideas and critical feedback and will take onboard lessons from the last five years and adapt our approach where appropriate to best serve the American people, to whom we are accountable," said Federal Reserve Chair Jerome H. Powell. Like the review that concluded in 2020, the upcoming review will include outreach and public events with a wide range of parties. As part of the outreach effort, the Federal Reserve Board will host a research conference on May 15-16, 2025, with speakers and panelists from outside the Federal Reserve System. The Federal Reserve will continue to host Fed Listens public events around the country, and discussions among Federal Reserve policymakers will begin with the January 28-29, 2025, FOMC meeting. At the end of the process, policymakers will assess the information and perspectives gathered during the review and report their findings. The Fed's first review began in 2019 and concluded in summer 2020.

The Depository Trust & Clearing Corporation (DTCC) issued the following statement: "We are pleased that the SEC took action to approve FICC's rule filings related to access models and segregated accounts & margin. With these approvals, we are now ready to advance our implementation efforts with the industry, in preparation for next year's deadlines. We're also appreciative of all of the comments and perspectives that the industry has shared with us on a range of matters, including default management, done away and porting. Additional work remains as we get ready for implementation, and we are committed to ensuring we deliver the best solutions with the best value for the industry. The expansion of US Treasury clearing is a significant industry-wide effort that promises to deliver critical benefits to the industry, including increased transparency and reduced risk. We will continue to work closely with our clients and key stakeholders on ensuring safe, smooth and successful implementations in 2025 and 2026." Background - Links to SEC Approvals: Segregated Accounts & Margin: https://www.sec.gov/files/rules/sro/ficc/2024/34-101695.pdfAccess Models: 34-101694.pdf (sec.gov)

SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the issuance of revised no-action relief for SEC Rule 15c2-11: “Extending the 15c2-11 no-action relief is the right outcome and we commend the SEC for taking this approach.  SIFMA has long held that rules need to be fit for purpose and designed thoughtfully.  In this case, an equity-markets focused rule was ill-suited for application to the very different fixed income markets, and if the current no action relief that has allowed fixed income markets to continue to function effectively were to expire, these markets would have seen material disruption and investors would have been harmed through a reduction in liquidity and price transparency.  If this rule is to be applied to fixed income markets, it needs to be revised through a public notice and comment process so that the Commission can design a rule that both protects investors and promotes, rather than impairs, the ability of fixed income markets to fund the consumer, business, and other credit creation that fuels our economy.”

The Securities and Exchange Commission today announced that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history. The 583 enforcement actions represent a 26 percent decline in total enforcement actions compared to fiscal year 2023. Of those cases, the Commission filed 431 “stand-alone” actions, which was 14 percent less than in the prior fiscal year; 93 “follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders, which was 43 percent less than the prior fiscal year; and 59 actions against issuers who were allegedly delinquent in making required filings with the SEC, which represented a decrease of 51 percent. The $8.2 billion in financial remedies consisted of $6.1 billion in disgorgement and prejudgment interest, also the highest amount on record, and $2.1 billion in civil penalties, the second-highest amount on record. Approximately 56 percent of the $8.2 billion financial remedies ordered is attributable to a monetary judgment obtained following the SEC’s jury trial win against Terraform Labs and Do Kwon, who were charged with one of the largest securities frauds in U.S. history. “The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable,” said SEC Chair Gary Gensler. “As demonstrated by this year’s results, the Division helps promote the integrity of our capital markets to benefit investors and issuers alike.” “In fiscal year 2024, the Division continued to vigorously enforce the federal securities laws by recommending to the Commission high-impact enforcement actions addressing noncompliance throughout the securities industry and resulting in robust financial remedies,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement. “At the same time, market participants across the spectrum – from public companies to major broker-dealers and advisory firms – stepped up efforts to self-report, remediate, and meaningfully cooperate with our investigations, answering our call to foster a culture of compliance. What our numbers do not reflect, however, are countless investigations that may not have resulted in an enforcement action for evidentiary or other reasons, or where we declined to pursue an enforcement action, but that shined a spotlight on potentially problematic conduct and caused responsible market participants to cease engaging in it. All of this adds up to protecting innumerable investors and promoting trust in our capital markets.” “The varied enforcement actions recommended by the Division in fiscal year 2024 demonstrate the Division keeping pace with emerging threats presented by misstatements regarding artificial intelligence, fraudsters using social media to perpetuate relationship scams, and more, while maintaining its focus on evergreen investor risks such as material misstatements, deficient internal controls, and major gatekeeper failures,” said Sam Waldon, Acting Deputy Director of the Division of Enforcement. “I could not be prouder of the dedicated and talented staff of the Division of Enforcement who work tirelessly to hold wrongdoers accountable, promote compliance, and help promote investor trust in the markets.” In addition, in fiscal year 2024, the SEC obtained orders barring 124 individuals from serving as officers and directors of public companies, the second-highest number of such bars obtained in a decade. In fiscal year 2024, the SEC distributed $345 million to harmed investors, marking more than $2.7 billion returned to investors since the start of fiscal year 2021. The SEC also received 45,130 tips, complaints, and referrals in fiscal year 2024, the most ever received in one year, including more than 24,000 whistleblower tips, more than 14,000 of which were submitted by two individuals. The SEC issued whistleblower awards totaling $255 million. Crediting Market Participants Who Practice Proactive Compliance In fiscal year 2024, market participants including public companies, investment advisers, and broker-dealers self-reported or remediated securities law violations or otherwise cooperated meaningfully with the Division’s investigations, answering the Division’s call to practice a culture of proactive compliance. This included matters involving a range of alleged violations, such as material misstatements, fraud, recordkeeping violations, and controls failures related to cybersecurity. In response, the Division recommended, and the Commission approved, resolutions imposing reduced civil penalties or even no civil penalties, including in cases involving very large firms. Proactive Initiatives Addressing Widespread Noncompliance To help promote investor trust in the securities market, the Division continued and commenced a number of proactive initiatives to address issues of widespread noncompliance, including the following: Off-Channel Communications The Division continued its initiative to ensure that regulated entities, including broker-dealers, investment advisers, and credit ratings agencies, comply with the recordkeeping requirements of the federal securities laws. Compliance with those requirements is essential to investor protection and well-functioning markets. In fiscal year 2024, the Commission brought recordkeeping cases resulting in more than $600 million in civil penalties against more than 70 firms, including the Commission’s first cases charging recordkeeping violations against municipal advisors. Since December 2021, the initiative has resulted in charges against more than 100 firms and more than $2 billion in penalties. Marketing Rule The Enforcement Division’s ongoing initiative investigating non-compliance with the Marketing Rule resulted in settled charges against more than a dozen investment advisers. The firms were charged for advertising hypothetical performance to the general public without adopting and implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of the advertisement’s intended audience; using untrue or unsubstantiated statements of material fact and/or testimonials, endorsements, or third-party ratings that lacked required disclosures; and advertising misleading performance that was not fair and balanced.  Whistleblower Protection Cases In fiscal year 2024, the Division recommended, and the Commission authorized, a series of settled enforcement actions to address violations of the Dodd-Frank whistleblower protection rule, which prohibits market participants from taking any action to impede would-be whistleblowers from contacting the SEC, including where firms purported to limit customers’ ability to voluntarily contact the SEC or required employees to waive the right to a possible whistleblower monetary award. The actions included an $18 million civil penalty against J.P. Morgan, the largest penalty on record for a standalone violation of the whistleblower protection rule. Disclosures of Holdings and Transactions by Insiders and Investment Managers The federal securities laws require certain insiders and market participants to disclose their securities holdings and transactions. Compliance with those laws is essential for investors to make informed investment decisions. In fiscal year 2024, the SEC announced settled charges against more than two dozen entities and individuals for failures to timely report information about their holdings and transactions in public company stock or for contributing to filing failures by their officers and directors. The SEC also settled charges against 11 institutional investment managers for failing to disclose certain securities holdings in reports they were required to file because they have discretion over more than $100 million in certain securities.   Robust Financial Remedies In fiscal year 2024, the Division’s investigations led to orders imposing robust financial remedies in litigated and settled matters. For example, after a jury verdict finding Terraform Labs and founder Do Kwon liable for fraud, defendants agreed to a final judgment ordering them to pay more than $4.5 billion in disgorgement, prejudgment interest, and civil penalties, the highest remedies ever obtained by the SEC following a trial. In addition, the Commission filed settled charges with strong financial remedies against: Morgan Stanley for a multi-year fraud involving the disclosure of confidential information about the sale of large quantities of stock known as “block trades.”  The firm agreed to pay approximately $166 million in disgorgement and prejudgment interest and an $83 million civil penalty to resolve the SEC’s charges; FirstEnergy Corp. for a multi-year political corruption scheme in which FirstEnergy and affiliates made payments to an entity controlled by a state legislator in exchange for official action benefitting FirstEnergy. FirstEnergy agreed to a pay a $100 million civil penalty to resolve the SEC’s charges; SAP for violations of the Foreign Corrupt Practices Act arising out of bribery schemes in South Africa, Malawi, Kenya, Tanzania, Ghana, Indonesia, and Azerbaijan. The company agreed to pay disgorgement and prejudgment interest of more than $98 million to resolve the SEC’s charges. Up to $59 million will be offset by payments from SAP to the South African government in connection with its parallel investigations into the same conduct; and Advisory firm Macquarie for overvaluing approximately 4,900 largely illiquid collateralized mortgage obligations held in 20 advisory accounts and for executing hundreds of cross trades between advisory clients that favored certain clients over others. The firm agreed to pay disgorgement and prejudgment interest of $9.8 million and a $70 million civil penalty to resolve the SEC’s charges. Major Fraud In fiscal year 2024, the Division continued to focus on holding individuals and entities accountable for preying on investors. The Division’s investigations led to charges alleging frauds ranging from Ponzi schemes targeting specific communities to billion dollar frauds with thousands of victims; The SEC charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in an allegedly fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1.7 billion from investors worldwide; The SEC charged Cynthia and Eddy Petion and their company, NovaTech Ltd., for allegedly operating a fraudulent scheme that raised more than $650 million in crypto assets from more than 200,000 investors worldwide; The SEC charged five unregistered brokers and their companies in connection with an alleged pre-IPO fraud scheme that raised at least $528 million from more than 4,000 investors around the world; and The SEC charged Abraham Shafi, the founder and former CEO of Get Together Inc., a privately held social media startup known as “IRL,” for raising approximately $170 million from investors by allegedly fraudulently portraying IRL as a viral social media platform that organically attracted the vast majority of its purported 12 million users. Emerging Technologies and Emerging Risks Fiscal year 2024 saw heightened investor risk from emerging technologies and cybersecurity incidents and from market participants using social media to exploit elevated investor interest in emerging investment products and strategies. The Division kept pace, investigating noncompliance and false or misleading disclosures involving artificial intelligence, social media, cybersecurity, crypto, and more. Artificial Intelligence The SEC charged QZ Asset Management for allegedly falsely claiming that it would use its proprietary AI-based technology to help generate extraordinary weekly returns while promising “100%” protection for client funds; and The SEC settled charges against investment advisers Delphia and Global Predictions with making false and misleading statements about their purported use of AI in their investment process. Relationship Investment Scams The SEC charged multiple entities and individuals in connection with two relationship investment scams involving fake crypto asset trading platforms NanoBit and CoinW6. The SEC’s two complaints allege that the defendants solicited investors via social media apps, lied to them to gain their trust and confidence, and then stole their money. These charges are the SEC’s first enforcement actions alleging these types of scams. Cybersecurity The SEC settled charges against The Intercontinental Exchange, Inc. and nine wholly owned subsidiaries, including the New York Stock Exchange, for failing to timely inform the SEC of a cyber intrusion as required by Regulation Systems Compliance and Integrity; The SEC settled charges against transfer agent Equiniti Trust Company LLC, formerly known as American Stock Transfer & Trust Company LLC, for failures to ensure that client securities and funds were protected against theft or misuse, which led to losses of millions of dollars in client funds; and The SEC settled charges against R.R. Donnelley & Sons for disclosure and internal control failures relating to cybersecurity incidents. Crypto The SEC settled charges against Silvergate Capital for false and misleading disclosures to investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers, including FTX, by its wholly owned subsidiary, Silvergate Bank; and The SEC settled charges against Barnbridge DAO, a purportedly decentralized autonomous organization, for failing to register its offer and sale of structured crypto assets offered and sold as securities. Individual Accountability Charging individuals for securities law violations, where appropriate, is essential for accountability and deterrence and for enhancing public trust in the markets. Fiscal year 2024 enforcement actions against individuals included the following: Following a jury verdict finding Terraform Labs and founder Do Kwon liable for fraud, Do Kwon agreed to a final judgment ordering him to pay financial remedies of more than $200 million and imposing an officer and director bar.  The former CEO and former Chief Risk Officer of Silvergate Capital settled charges for misleading investors about the strength of the compliance program and the monitoring of crypto customers by Silvergate’s wholly owned subsidiary. The individuals agreed to five-year officer-and-director bars and civil penalties of $1 million and $250,000 respectively, as part of the resolution. In addition, the SEC charged the former CFO with misleading investors about the company’s losses from expected securities sales. The CEO of formerly registered investment adviser Mass Ave settled charges arising out of false and misleading statements about Mass Ave’s flagship fund. To settle the SEC’s charges, the CEO, who is also the chief investment officer and portfolio manager at MassAve, agreed to pay a $250,000 civil penalty and was suspended for 12 months from industry-related work. The former head of Morgan Stanley’s equity syndicate desk settled charges connected to a multi-year fraud involving the disclosure of confidential information about the sale of large quantities of stock known as “block trades.” As part of the resolution, the former head agreed to an order requiring him to pay a $250,000 civil penalty and imposing associational, penny stock, and supervisory bars. The SEC permanently suspended Benjamin Borgers, the managing partner of audit firm BF Borgers from appearing and practicing as an accountant before the Commission as part of a resolution of an alleged fraud affecting hundreds of SEC filings. Borgers also agreed to pay a $2 million civil penalty as part of the resolution; The former CEO and former Senior Vice President of Cassava Sciences agreed to be subject to officer-and-director bars of three and five years, respectively, to settle charges related to misleading statements about the results of a clinical trial for the company’s purported therapeutic for the treatment of Alzheimer’s disease. They also agreed to pay civil penalties of $175,000 and $85,000, respectively; and The SEC charged now-defunct digital pharmacy startup Medly Health’s former CEO, former CFO, and former head of RX Operations with fraudulently overstating Medly’s revenue in connection with capital raising efforts that netted the company more than $170 million. Gatekeepers In fiscal year 2024, the Division investigated wide-ranging violations by gatekeepers, resulting in, among other actions, the above-mentioned charges against audit firm BF Borgers for a massive fraud affecting more than 1,500 SEC filings – one of the largest ever wholesale failures by a gatekeeper – and settled charges against audit firm Prager Metis for hundreds of auditor independence violations. Public Company Misstatements It is foundational to the proper operation of the securities markets that public companies provide materially accurate information to investors. In fiscal year 2024, the Division investigated misstatements by public companies leading to a number of enforcement actions, including: Settled charges against Cassava Sciences for misleading statements about the results of a Phase 2 clinical trial for its purported therapeutic for the treatment of Alzheimer’s disease; Settled charges against Ideanomics for misleading statements about the company’s financial performance; and Charges against former executives of Kubient for their alleged roles in a scheme in which the company allegedly overstated and misrepresented its revenue in connection with public stock offerings. Market Abuse/Safeguarding Material Nonpublic Information The Division investigated market abuse and potential abuse of material nonpublic information (MNPI) in fiscal year 2024, including by using advanced data analytics and technology. The Division’s investigations resulted in enforcement actions addressing a range of violations, including: Settled charges against Morgan Stanley and the former head of its equity syndicate desk with a multi-year fraud involving the disclosure of confidential information about the sale of large quantities of stock known as “block trades;” Settled charges against several investment advisers for failing to establish, maintain, or enforce written policies and procedures reasonably designed to prevent the misuse of MNPI; Charges against former investment adviser representatives for conducting multi-year cherry-picking schemes that allegedly defrauded their clients out of millions of dollars; Charges against a U.K. citizen for allegedly hacking into the computer systems of public companies to obtain material nonpublic information and using that information to make millions of dollars in illicit profits; Charges against three individuals for allegedly perpetrating a multi-year $2 million “free-riding” scheme, which is when a brokerage customer buys and sells securities without having the funds to pay for the trading; and  Settled insider trading charges against a founder and former chair of a public company. Investment Professionals Market integrity requires investment professionals to meet their legal and professional obligations. In fiscal year 2024, the SEC brought several enforcement actions against investment professionals for alleged fraud and other securities law violations. Illustrative examples include: Settled charges against registered investment adviser Macquarie for overvaluing approximately 4,900 largely illiquid collateralized mortgage obligations held in 20 advisory accounts; Settled charges against formerly registered investment adviser Mass Ave Global for making false and misleading statements to investors concerning its flagship opportunity fund’s holdings and exposures; An alleged $35 million fraud by real estate investment company ArciTerra and its CEO; and Settled charges against registered investment adviser Aon Investments for misleading its client, the Pennsylvania Public School Employees’ Retirement System, about the reason for a discrepancy between two different calculations of PSERS’s investment returns. Trial Highlights The Division of Enforcement conducted five trials in federal district court in fiscal year 2024 and obtained favorable verdicts in each of them, including: The Division tried its first-ever crypto-related trial in SEC v. Terraform Labs, where the SEC charged the defendants with orchestrating a multi-billion-dollar crypto asset securities fraud involving crypto assets offered and sold as securities.   Following a motion for summary judgment victory reaffirming the Commission’s authority over crypto assets offered and sold as securities, a jury found Terraform Labs and founder Do Kwon liable for fraud after less than two hours of deliberations following a nine-day trial. Following the verdict, the defendants agreed to pay more than $4.5 billion in disgorgement, prejudgment interest, and civil penalties; and After an eight-day trial in SEC v. Panuwat, the jury found the defendant liable for insider trading in the first trial based on alleged insider trading in a peer company. The SEC’s complaint alleged that Panuwat used nonpublic information about an impending announcement of Pfizer Inc.’s acquisition of his then-employer, Medivation, Inc., to trade in another correlated stock ahead of the news for his own enrichment. Rather than buying the securities of Medivation, Panuwat used the confidential information to purchase short-term, out-of-the-money call options of another comparable public company, Incyte Corporation.

Jaime Lizárraga has been such a dedicated public servant focused on the interests of working families for more than three decades. I’ve had the privilege of working with Jaime multiple times: here at the SEC, previously when we both worked on needed reforms coming out of the 2008 financial crisis, and all the way back when we first met working together at the US Department of Treasury. In each phase of his career, he has been steadfastly focused on elevating the interest of everyday Americans. At the SEC, he has been an excellent partner in our work to protect investors, facilitate capital formation, and ensure markets work for investors and issuers alike. Jaime has been a wonderful colleague but more than that, a friend. I wish Kelly, Jaime, and their entire family the very best.

The following coefficients for Moscow Exchange indices come into force from November 25, 2024: № Index code Currency Index Name Divisor 1 IMOEX RUB MOEX Russia Index 1,951,113,246.1063 2 RTSI USD RTS Index 61,935,823.1365 3 IMOEXCNY CNY MOEX Russia CNY Index 423,255,592.7898 4 MOEXBMI RUB MOEX Broad Market Index 3,000,500,090.5642 5 RUBMI USD RTS Broad Market Index 93,467,694.7981 6 MOEXCN RUB MOEX Consumer Index 21,318,167.6915 7 RTSCR USD RTS Consumer & Retail Index 9,412,146.8882 8 IMOEXW RUB MOEX Active Management Index 1,549,995,920.9486 9 MRRT RUB MOEX - RSPP Responsibility and Transparency Index 3,774,595,480.6255 10 MRSV RUB MOEX - RSPP Sustainability Vector Index 371,985,408.4149 11 MESG RUB MOEX-RAEX ESG Balanced Index 98,172,055.4149 Read more on the Moscow Exchange: https://www.moex.com/n75131

CME Group, the world's leading derivatives marketplace, today announced that Henry Hub Natural Gas options reached a single day volume record of 561,379 contracts on November 21, surpassing the previous record of 506,500 contracts traded on November 14, 2018. "The U.S. is entering the winter season while production is falling, creating price volatility and risk that needs to be managed in natural gas markets," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. "Market participants continue to flock to the most liquid and efficient on-screen options market to manage their Henry Hub exposure. Within total options volume, a record 395,952 contracts traded electronically on Thursday. Of that, more than half of the volume was transacted on CME Direct, an all-time record, reflecting growing demand for our market-leading front-end solution." In addition to the single day options record, Thursday was also the highest volume day in 2024 for Natural Gas futures and options, reaching a combined 1,721,017 contracts traded. Henry Hub futures volume reached 1,007,308 contracts on Thursday, an all-year high.  Henry Hub Natural Gas futures and options are listed by and subject to the rules of NYMEX. For more information, please visit here.

The global exchanges displayed a mixed performance in October as the US election reached its dramatic conclusion. Despite market fluctuations, the FTSE Mondo Visione Index hit a record high, closing at 85,362.17 points on October 2, 2024, before ending the month at 82,561.44 points. This marked a 1.2% dip from its September close of 83,546.66 points. The top 5 exchanges by market capitalisation at the end of October were: Exchange   Market Cap (USD bn)  Intercontinental Exchange   89.38 CME Group  81.14 London Stock Exchange Group    72.41 Hong Kong Exchanges & Clearing 50.68 Deutsche Boerse 42.95   India's BSE emerged as the standout performer with a 20.8% increase in share price throughout October. The Multi Commodity Exchange of India and the Tel Aviv Stock Exchange also posted strong gains, with rises of 14.7% and 6.1% respectively. Conversely, the UK's Aquis Exchange faced the most significant downturn, with a 14.0% drop in share price. Bursa Malaysia and Hellenic Exchanges also experienced declines of 10.7% and 9.6%, respectively. Herbie Skeete, Managing Director of Mondo Visione and Co-founder of the Index, commented on the month's outcomes, "In October, exchanges displayed varied performance as the US election unfolded to a dramatic conclusion." For more detailed insights, click here to download October's performance report. Performance Chart Of The FTSE Mondo Visione Exchanges Index (USD Capital Return) Source: FTSE Group, data as at 31 October 2024 Monthly FTSE Mondo Visione Exchanges Index Performance (Capital Return, USD) July 2014 3.1% August 2014 2.3% September 2014 -3.6% October 2014 2.8% November 2014 2.5% December 2014 -0.5% January 2015 -1.0% February 2015 8.5% March 2015 0.0% April 2015 10.7% May 2015 0.1% June 2015 -3.2% July 2015 -2.7% August 2015 -5.3% September 2015 -2.1% October 2015 7.6% November 2015 0.4% December 2015 -2.2% January 2016 -4,7% February 2016 -0.7% March 2016 6.7% April 2016 0.4% May 2016 1.8% June 2016 -2.2% July 2016 5.3% August 2016 2.3% September 2016 -1.6% October 2016 -1.6% November 2016 2.1% December 2016 0.1% January 2017 6.0% February 2017 -0.8% March 2017 1.4% April 2017 0.8% May 2017 1.6% June 2017 5.6% July 2017 2.7% August 2017 0.3% September 2017 3.6% October 2017 -0.7% November 2017 6.4% December 2017 -0.7% January 2018 10% February 2018 -0.5% March 2018 -1.6% April 2018 -1.0% May 2018 -1.5% June 2018 -0.8% July 2018 -0.7% August 2018 2.4% September 2018 -1.7% October 2018 1.0% November 2018 3.1% December 2018 -4.2% January 2019 5.4% February 2019 1.7% March 2019 -2.6% April 2019 4.6% May 2019 1.5% June 2019 4.3% July 2019 2.2% August 2019 3.7% September 2019 -0.8% October 2019 2.0% November 2019 -0.5% December 2019 1.6% January 2020 5.0% February 2020 -7.4% March 2020 -11.5% April 2020 8.0% May 2020 6.7% June 2020 2.3% July 2020 6.6% August 2020 4.9% September 2020 -5.2% October 2020 -6.7% November 2020 8.9% December 2020 7.2% January 2021 0.8% February 2021 1.4% March 2021 -2.7% April 2021 3.3% May 2021 2.5% June 2021 0.4% July 2021 0.4% August 2021 0.1% September 2021 -4.2% October 2021 5.9% November 2021 -5.6% December 2021 4.9% January 2022 -2.2% February 2022 -3.5% March 2022 3.5% April 2022 -8.6% May 2022 -5.1% June 2022 -0.7% July 2022 2.4% August 2022 -3.9% September 2022 -8.8% October 2022 -1.1% November 2022 11.5% December 2022 -2.9% January 2023 3.8% February 2023 -4.1% March 2023 5.0% April 2023 0.9% May 2023 -3.9% June 2023 3.8% July 2023 4.6% August 2023 -2.3% September 2023 -3.0% October 2023 -0.6% November 2023 7.7% December 2023 3.8% January 2024 -2.7% February 2024 4.3% March 2024 -0.1% April 2024 -3.8% May 2024 1.3% June 2024 -0.4% July 2024 3.2% August 2024 8.2% September 2024 4.7% October 2024 -1.2%   About FTSE Mondo Visione Exchanges Index The FTSE Mondo Visione Exchanges Index, a joint venture between FTSE Group and Mondo Visione, was established in 2000. It is the first Index in the world to focus on listed exchanges and other trading venues. The FTSE Mondo Visione Exchanges Index compares performance of individual exchanges and trading platforms and provides a reliable barometer of the health and performance of the exchange sector. It enables investors to track 33 publicly listed exchanges and trading floors and focuses attention of the market on this important sector. The FTSE Mondo Visione Exchanges Index includes all publicly traded stock exchanges and trading floors: Aquis Exchange Australian Securities Exchange Ltd B3 SA Bolsa de Comercio Santiago Bolsa Mexicana de Valores SA Boursa Kuwait Securities BSE Bulgarian Stock Exchange Bursa de Valori Bucuresti SA Bursa Malaysia Cboe Global Markets CME Group Dar es Salaam Stock Exchange PLC Deutsche Bourse Dubai Financial Market Euronext Hellenic Exchanges SA Hong Kong Exchanges and Clearing Ltd Intercontinental Exchange Inc Japan Exchange Group, Inc Johannesburg Stock Exchange Ltd London Stock Exchange Group Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq New Zealand Exchange Ltd Philippine Stock Exchange Saudi Tadawul Group Singapore Exchange Ltd Tel Aviv Stock Exchange TMX Group Warsaw Stock Exchange Zagreb Stock Exchange The FTSE Mondo Visione Exchanges Index is compiled by FTSE Group from data based on the share price performance of listed exchanges and trading platforms.

We are delighted to announce that BMLL won ‘Outstanding Market Data Services Provider - Equities’ at The TRADE’s inaugural Leaders in Trading New York awards. These awards recognise the biggest achievers in a series of categories including Algorithmic Trading; Execution Management; Outsourced Trading; honouring top buy-side trading desks and other market participants in the Editors’ Choice category.   BMLL won this award following a year of significant milestones and delivering on their ambitious strategic growth plans to democratise access to high-quality, historical data and analytics, at scale. This included building a US presence and growing the US team with the addition of Client Services, Sales Managers and Data Scientists.  2024 milestones include: BMLL’s historical market data coverage has reached 98% of the MSCI All Country World Index spanning global Equities, ETFs and Futures from 100+ trading venues, at Level 3 granularity.  In the last 12 months alone, BMLL added more than 40 data sets globally, including six years of nanosecond unconflated OPRA options data. In October 2024 BMLL secured a $21 million strategic investment, in a round led by Optiver, with participation from CTC Venture Capital and existing investors. Optiver also joined BMLL’s ever-expanding universe of customers. Having established itself as the golden source of historical Level 3 data, in Q1 2024, BMLL started offering Level 2 / Level 1 historical data to address shortcomings in data quality from incumbent providers such as Refinitiv and Bloomberg. BMLL Level 2/1 historical data is engineered from Level 3, the most granular data available, and far superior to traditional offerings. Paul Humphrey, CEO of BMLL, said: “We are delighted to have been recognised as the ‘Outstanding Market Data Services Provider - Equities’ at The TRADE’s Leaders in Trading New York awards. This award is a testament to the hard work of our team as we continue to expand our data coverage, forge global partnerships and democratise access to high-quality, granular historical data and analytics. We are honoured to be trusted by global exchange groups, T1 investment banks, market makers, hedge funds, regulators and the academic community. Our data and analytics empower them with actionable insights and a deep understanding of how markets behave, so they can make better-informed decisions on the markets they trade and the venues they run.”

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) the appointments of Mr Paul Chow as Group Chief Sustainability Officer, and Mr Jeffrey Ng as Group Chief Communications Officer. In this newly-created role, Mr Chow will be responsible for driving the development of sustainability strategies that align with HKEX’s purpose and long-term goals, ensuring that environmental, social, and governance (ESG) considerations are incorporated into all aspects of HKEX’s operations, policies, and culture. He will have oversight of HKEX’s sustainability division and initiatives, including the Core Climate carbon marketplace. Mr Chow will also continue in his existing role leading the Group’s legal and secretarial services functions as Group General Counsel. Mr Ng has been Interim Group Chief Communications Officer since 1 January 2024, overseeing the corporate communications function across the Group that includes media and government relations, strategic communications, internal and digital communications, events management and brand. In his new role, Mr Ng will help further strengthen HKEX’s international reach, build on its global reputation and deepen engagement with employees. Mr Chow and Mr Ng will continue to report to HKEX Chief Executive Officer, Bonnie Y Chan. Both appointments are effective 1 January 2025. HKEX Chief Executive Officer, Bonnie Y Chan, said: “I am delighted to announce these new appointments to my leadership team, reflecting the strong bench strength at HKEX and our commitment to develop our talent pipeline. Sustainability sits at the core of all that we do, and Paul is perfectly placed to lead the Group’s efforts on this critical journey, with his outstanding leadership and strategic thinking capabilities, as well as his deep understanding of sustainable finance and regulatory frameworks. I’m also pleased to have Jeffrey leading our communications function – over the past year he has been directing the Group’s internal and external stakeholder engagement priorities with distinction, and I am confident that he will help further elevate HKEX’s reputation in global markets in his new role.” Mr Chow joined HKEX in April 2021 as Group General Counsel, overseeing the Group's legal and secretarial services functions, including the teams at the London Metal Exchange (LME) and LME Clear. Previously, he was Group General Counsel and Company Secretary at Cathay Pacific Airways, and before that was partner at a number of leading law firms, including Davis Polk & Wardwell, Linklaters, and Slaughter and May. He is a qualified solicitor in Hong Kong, England and Wales, and is a qualified attorney in the state of New York. Mr Chow holds a Bachelor of Laws from the London School of Economics and Political Science and a Master of Science from The Chinese University of Hong Kong. Mr Ng joined HKEX in December 2017, and was previously Head of Media and Government Relations, leading the Group’s engagements with the Hong Kong, Mainland China, and international press and other stakeholders, as well as overseeing its social media profile. Earlier, Mr Ng spent 13 years as a journalist at Dow Jones Newswires and The Wall Street Journal, where he directed teams of editors and reporters across the Asia Pacific in roles including Asia Editor, Newswires, as well as Asia Transportation Editor and Hong Kong Bureau Chief. He has a Bachelor of Science in international political economy from Georgetown University in the US, and a Juris Doctor from The Chinese University of Hong Kong.    

The FSA published the over-the-counter (OTC) derivatives report as of March 31, 2024, pursuant to the "Financial Instruments and Exchange Act." This report aggregated the OTC derivatives transactions data reported from the financial instruments business operators in Japan. The original press release is available in Japanese.

The Commodity Futures Trading Commission’s Global Markets Advisory Committee, sponsored by Commissioner Caroline D. Pham, today advanced a recommendation to expand the use of non-cash collateral through the use of distributed ledger technology. The GMAC’s Digital Asset Markets Subcommittee also presented on the progress of its Utility Tokens workstream. “All over the world, there have been successful and proven commercial use cases for tokenization of assets, such as digital government bond issuances in Europe and Asia, over $1.5 trillion notional volume in institutional repo and payments transactions on enterprise blockchain platforms, and more efficient collateral and treasury management,” Commissioner Pham said. “Now, we can finally begin to make progress on U.S. regulatory clarity for digital assets with today’s GMAC recommendation on tokenized non-cash collateral. This marks a significant first step toward realizing these opportunities for our derivatives markets — with exactly the same guardrails and protections in place. Embracing new technology does not mean compromising on market integrity. I’m also excited by the progress of the Utility Tokens workstream and their extensive efforts on a regulatory solution for these key assets which will help to unleash rapid innovation and growth in the digital economy. I applaud the leadership of the GMAC and the Digital Asset Markets Subcommittee and workstreams for promoting the competitiveness of our markets and the United States.” Today’s recommendation by the GMAC’s Digital Asset Markets Subcommittee was approved without objection, marking the 14th GMAC recommendation advanced to the CFTC in the last 12 months, the most of any advisory committee ever in the same timeframe. Digital Asset Markets Subcommittee Recommendations to Expand Use of Non-Cash Collateral through Use of Distributed Ledger Technology The CFTC has consistently permitted the use of non-cash assets as collateral to satisfy regulatory margin requirements for both cleared and non-cleared derivatives, subject to specified conditions and limitations designed to mitigate credit, market, and liquidity risks. Various operational challenges, however, have impeded use of non-cash collateral, which results in adverse consequences for market efficiency. By improving the operational infrastructure for assets already eligible to serve as regulatory margin, blockchain or other distributed ledger technology can help reduce or eliminate some of those challenges without requiring any changes to collateral eligibility rules. This recommendation provides a legal and regulatory framework for how market participants can apply their existing policies, procedures, practices, and processes to support use of DLT for non-cash collateral in a manner consistent with margin requirements. Additional Meeting Resources Meeting Agenda Slide Presentation Video About the GMAC and Advisory Committees The GMAC was created to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. In June 2023, Commissioner Pham announced the leadership and membership of the GMAC and its subcommittees — the largest-ever single advisory committee initiative sponsored by the CFTC. Members include financial market infrastructures, market participants, end-users, service providers, and regulators. Harry Jung is the GMAC designated federal officer, and Nicholas Elliot is the GMAC alternate designated federal officer. The CFTC overseas  five active advisory committees They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the advisory committees are solely those of the respective advisory committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.

The Securities and Exchange Commission today charged David Kushner, a resident of Boca Raton, Florida, and his company La Mancha Funding Corp. with defrauding nearly two dozen investors out of approximately $2.1 million in a series of private securities offerings. Kushner is La Mancha’s president and sole owner. As alleged in the SEC’s complaint, Kushner and La Mancha raised approximately $10.5 million from investors through a series of “LLCs” for the purpose of investing in short-term loans made to, among others, sports agents and professional athletes, including current and former NFL players. However, Kushner and La Mancha allegedly made material misrepresentations to the investors about what would be done with the investors’ funds, secretly taking hundreds of thousands of dollars in undisclosed “fees” for themselves out of the intended loan proceeds.  The complaint alleges that the defendants also misappropriated nearly $1.5 million of loan repayments that, according to the terms of the LLC operating agreements, were supposed to go back to the investors. Kushner used those and other misappropriated funds, including the undisclosed fees, to pay personal expenses, such as payments for personal credit card bills, college tuition, country club dues, a luxury vacation, a Mercedes Benz, and a rental home in the Hamptons. “As we allege, Kushner lied to investors and simply stole the money that would have given them at least some of the investment returns he had promised,” said Sheldon L. Pollock, Associate Director of the SEC’s New York Regional Office. “The Commission continues to scrutinize private investment opportunities where defendants fail to follow through on their commitments to investors.”     The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Kushner and La Mancha with violating the antifraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. The complaint seeks a permanent injunction, disgorgement plus prejudgment interest, and civil monetary penalties, as well as a conduct-based injunction and an officer-and-director bar against Kushner. The investigation of this matter was conducted by Cynthia Matthews, James Flynn, Jessica Quinn and George N. Stepaniuk of the SEC’s New York Regional Office and was supervised by Mr. Pollock. The litigation will be led by Russell Feldman, under the supervision of Preethi Krishnamurthy. The SEC also wishes to acknowledge the assistance of Office of the District Attorney for New York County, which today filed parallel criminal charges against Kushner. Resources SEC Complaint

Exegy, the leading trading technology provider across the latency spectrum, announces the expansion of market data and execution coverage for nxAccess, its FPGA-based tick-to-trade solution, now supporting all Canadian equity exchanges. This enhancement enables seamless, ultra-low latency trading for a wide range of trading strategies in Canadian and US markets. It is the only off-the-shelf, FPGA tick-to-trade solution that enables clients to achieve operational consistency and efficiency across North American markets. Building on its robust Canadian market data offering, Exegy now extends nxAccess coverage to support both market data and order execution across all Canadian equities venues. This enhancement empowers traders in Canada to achieve rapid time-to-market and benefit from high-performance, deterministic tick-to-trade capabilities, enabling them to focus on optimizing their core trading strategies without additional complexity. ETF market makers in the region will benefit significantly, as Canadian and US banks can now leverage Exegy's FPGA technology for seamless, cross-border trading across North American markets. With ultra-low latency solutions, ETF trading desks gain the precision and performance critical to their operations. This expansion enhances Exegy's full FPGA trading solutions, offering clients unparalleled speed, reliability, and scalability across global markets. David Taylor, CEO of Exegy, said: “By enhancing our ultra-low latency product suite, Exegy reaffirms its leadership in the Canadian market and commitment to supporting clients as they navigate increasingly complex and competitive trading environments. We worked closely with a strategic client to deliver this cutting-edge solution, and it has proven to be a game-changer that can position savvy firms for success in an evolving marketplace.” Clients will gain access to the following key benefits: Comprehensive Market Coverage: Seamless access to market data and order execution protocols across all Canadian equity venues, including Montréal, Toronto, Chi-X Canada, Aequitas, Omega, and CSE. Effortless Deployment: Leverage the latest FPGA-based trading technology with minimal internal resources, enabling clients to focus on refining their trading strategies. Scalable Ultra-Low Latency Solutions: Benefit from nanosecond-level tick-to-trade capabilities that support trading across North America. Dedicated Support for Canadian Clients: Enhanced resources and expertise to ensure reliable access to all critical Canadian trading venues and meet evolving market demands. Exegy continues to lead the global market in innovative, ultra-low latency trading solutions, trusted by top-tier buy-side and sell-side firms across North America, including many Canadian clients. By enhancing its Canadian coverage, Exegy strengthens its position as the go-to partner for firms seeking high-performance, end-to-end trading solutions. Driven by close collaboration with clients, Exegy remains committed to delivering cutting-edge products that anticipate and meet the demands of an evolving trading landscape.

SIFMA submitted a letter to the Federal Deposit Insurance Corporation (FDIC) on a proposal to revise its regulations implementing Section 29 of the Federal Deposit Insurance Act (FDI Act), which impose restrictions on the ability of certain insured depository institutions (IDIs) to accept brokered deposits and define the scope of parties that constitute deposit brokers. The letter focuses on the proposal’s application to securities broker-dealers and their brokerage customers, as well as investment advisers and their clients. “We respectfully request that the FDIC withdraw the proposal due to the lack of evidence justifying its proposed revisions and failure to consider relevant factors,” SIFMA wrote in the letter, noting the proposal lacks a sufficient empirical basis and lacks data to estimate its impacts. The lack of data is particularly concerning, SIFMA wrote, given the potentially negative consequences of the proposal which, as the letter details, “could reduce customer returns and safe banking options, compromise a stable source of deposit funding for IDIs and deter the allocation of excess customer cash to risk-free deposits.” Yesterday, the FDIC announced a “pause” in rulemakings, including this proposal, and the necessity of this proposal should be fully reconsidered during that time. If the proposal is not withdrawn, the letter recommends the FDIC revise the proposal as outlined below: Retain the existing 25% test using assets under administration rather than assets under management metric, which would resolve a number of issues with the Proposal. Retain the current Primary Purpose Exception (PPE) notice and application processes, as the proposed notice and application processes are unworkable. The proposed changes to the scope of and application/notice processes for the PPE would create significant transition costs that should be addressed. The proposed changes to the deposit broker definition are not risk-based, make the definition overinclusive and are unlikely to address operational challenges. Other well-established exceptions should be retained: exclusive deposit placement relationships should be retained. when 100% of funds are placed into transactional accounts that do not pay any fees, interest, or other remuneration to the depositor The comment letter further expands on these views and can be found here. SIFMA also submitted a joint comment letter with six fellow trade associations detailing how the proposal on brokered deposits violates the Administrative Procedure Act. That letter can be found here.

It has been an honor to serve with Chair Gensler. Over the past 25 years that I’ve known and worked with Gary, he has demonstrated an unwavering commitment to public service. At the SEC, he advanced an agenda that strengthened investor protections and the resiliency of our capital markets. I am proud of all that we accomplished together on behalf of the investing public and wish him the best in his future endeavors.

The Securities and Exchange Commission today announced that its 33rd Chair, Gary Gensler, will step down from the Commission effective at 12:00 pm on January 20, 2025. Chair Gensler began his tenure on April 17, 2021, in the immediate aftermath of the GameStop market events. He led the agency through a robust rulemaking agenda to enhance efficiency, resiliency, and integrity in the U.S. capital markets. He also oversaw high-impact enforcement cases to hold wrongdoers accountable and return billions to harmed investors. “The Securities and Exchange Commission is a remarkable agency,” said Chair Gensler. “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world. “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.” Treasury Markets During Chair Gensler’s tenure, the SEC adopted critical enhancements to the $28 trillion U.S. Treasury markets. To lower cost and risk in the Treasury markets, the agency adopted rules to promote central clearing and narrow circumstances in which broker-dealers are exempt from national securities association registration. These reforms will lower risk and enhance efficiency throughout the entirety of the U.S. capital markets. Equity Markets Under Chair Gensler, the SEC made the first significant updates to the $55 trillion U.S. equity market in nearly 20 years. The agency unanimously made updates to the National Market System so that stocks can be traded more efficiently with narrower spreads and lower fees. Improvements also include shortening the settlement cycle to one day, which is good for investors and lowers risk in the market. Further, the agency unanimously adopted rules to update information regarding brokers’ execution quality. These reforms benefit investors by making equity markets more efficient. Resiliency The Commission adopted amendments during Chair Gensler’s tenure regarding Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amended rules require that large hedge fund and private equity fund advisers make current reports on certain events to the Commission. The SEC further amended Form PF jointly with the Commodity Futures Trading Commission to improve the quality of the information the agencies receive from all Form PF filers, and those changes will be implemented next year. Finally, the Commission adopted reforms to money market funds to make them more resilient, liquid, and transparent, including in times of stress. Corporate Governance To better promote trust in the capital markets, the SEC under Chair Gensler adopted a number of changes regarding corporate governance, including updating the rules for when corporate insiders can sell their shares, for when executives have to give back compensation based on erroneously reported financials, and for disclosure of executive pay versus performance. The agency also adopted new rules to allow shareholders to vote their preferred mix of board candidates on universal proxy cards in contested director elections. Additionally, the Commission adopted rules requiring more timely disclosure by those who are seeking control and buy more than a 5 percent stake in a company. Disclosure Since April 2021, the Commission has adopted several rules to ensure that investors get the disclosure they need from public companies and companies seeking to go public, broker-dealers, and investment advisors. First, the Commission adopted rules to enhance disclosure around public company issuers’ cyber and climate risks, as well as for those companies seeking to go public via a special purpose acquisition company. The rules are grounded in materiality, as investors need this information to make buying, selling, holding, and voting decisions. Second, the Commission adopted rules requiring certain broker-dealers and investment advisers to notify customers of data breaches that might put personal information at risk. Finally, the Commission enhanced transparency to the markets by regularly publishing aggregate, anonymized data regarding registered investment funds, private funds, and investment advisers. Accounting and Auditing During Chair Gensler’s tenure, the Public Company Accounting Oversight Board (PCAOB), overseen by the SEC, successfully negotiated a Statement of Protocol with Chinese market authorities to allow the PCAOB to fully inspect and investigate, for the first time, the auditors of China-related companies listed in the United States. For the last two years, the PCAOB has been able to fulfill its inspection and enforcement-related responsibilities as it relates to audit firms in China and Hong Kong. Further, in April 2021, the PCAOB had only updated five of the standards it adopted on an interim basis when it was created 20 years ago. The interim standards had been carried over from existing American Institute of Certified Public Accountants standards, and the Sarbanes-Oxley Act envisioned that the PCAOB would update them soon after its creation. Since Chair Gensler was sworn in, the PCAOB has updated 18 interim standards and two other standards to reflect the current oversight needs in accounting and auditing. Examinations and Enforcement The Divisions of Enforcement and Examinations, which make up about half of the agency, have been steadfast cops on the beat during Chair Gensler’s tenure. The agency received more than 145,000 tips, complaints, and referrals and awarded approximately $1.5 billion to whistleblowers. The Commission filed more than 2,700 enforcement actions and obtained approximately $21 billion in penalties and disgorgement orders. Between fiscal years 2021 and 2024, the agency returned more than $2.7 billion to harmed investors as a result of enforcement actions. Further, the SEC recovered more than $250 million for harmed investors through examination of investment advisors, investment companies, and broker dealers, among others. The Division of Examinations also enhanced communication with registrants by sharing more timely information about its annual priorities and observations and proactively engaging with industry and other regulators. Under Chair Gensler, the Commission continued the work Chair Jay Clayton began to protect investors in the crypto markets. During Chair Gensler’s tenure, the agency brought actions against crypto intermediaries for fraud, wash trading, registration violations, and other misconduct. In the last full fiscal year, according to the SEC’s Office of the Inspector General, 18 percent of the SEC’s tips, complaints, and referrals were crypto-related, despite the crypto markets comprising less than 1 percent of the U.S. capital markets. Court after court agreed with the Commission’s actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered—whatever their form. About Chair Gensler Chair Gensler was formerly Chair of the U.S. Commodity Futures Trading Commission, leading the Obama Administration’s reform of the $400 trillion swaps market. He also was senior advisor to U.S. Senator Paul Sarbanes in writing the Sarbanes-Oxley Act (2002) and was undersecretary of the Treasury for Domestic Finance and assistant secretary of the Treasury from 1997-2001. In recognition for his service, Chair Gensler was awarded the Alexander Hamilton Award, the U.S. Treasury’s highest honor. He is a recipient of the 2014 Frankel Fiduciary Prize. Before joining the SEC, Chair Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of Management, co-director of MIT’s Fintech@CSAIL, and senior advisor to the MIT Media Lab Digital Currency Initiative. From 2017-2019, he served as chair of the Maryland Financial Consumer Protection Commission. Earlier in his career, Chair Gensler worked at Goldman Sachs, where he became a partner in the Mergers & Acquisition department, headed the firm’s Media Group, led fixed income & currency trading in Asia, and was co-head of Finance, responsible for the firm's worldwide Controllers and Treasury efforts. A native of Baltimore, Md., Chair Gensler earned his undergraduate degree in economics in 1978 and his MBA from The Wharton School, University of Pennsylvania, in 1979. He has three daughters.

CME Group, the world's leading derivatives marketplace, today announced that its suite of Adjusted Interest Rate (AIR) Total Return futures reached an open interest (OI) record of 710,358 contracts (equivalent to $224 billion notional) on November 20. In addition, AIR Total Return futures average daily volume (ADV) stands at a record 11,600 contracts for 2024, up 152% year-over-year. "More institutional investors are turning to our AIR Total Return futures to access U.S. index returns while managing interest rate, balance sheet and counterparty risks," said Paul Woolman, Global Head of Equity Products at CME Group. "These products provide a cost-effective alternative to OTC total return swaps and allow clients to better manage their equity financing risk by trading calendar spreads along the entire equity financing curve." To provide clients with further precision, effective December 9, additional monthly expirations will become available for AIR S&P 500 Total Return futures based on the Effective Federal Funds Rate (EFFR). These will complement existing quarterly and annual January contracts. AIR Total Return futures, based on the EFFR, are available across a range of major global indices – S&P 500, Nasdaq-100, Russell 1000, Russell 2000, Dow Jones Industrial Average, and the FTSE 100. AIR Total Return futures based on the Secured Overnight Financing Rate (SOFR) are available on the S&P 500.