(Excerpt) (Friday, February 27, 2026, ８:43 am to ８:48 am) [Opening remarks:] Minister) I will first talk about a bill submitted by the FSA. Today, a bill to partially revise the Act on Special Measures for Strengthening Financial Functions, etc., was decided at the cabinet meeting. The bill is to take measures, including the extension and enhancement of the capital participation system and the fund-grant system, as part of efforts to improve the environment where regional financial institutions can play their roles sufficiently in contributing to regional economies, based on the Regional Financial Strengthening Plan compiled at the end of last year. I hope that early deliberation will be held during the current session of the Diet as the deadline for applications for these two systems is the end of March.

The FSA published the English version of "FSA Analytical Notes (2026.3)". full text An Empirical Examination toward a Multi-faceted Understanding of the OTC Derivatives Market An English version will be published shortly. Back to the table of contents

Thank you to the Committee and the Chair for the opportunity to appear today. I am joined today by Commissioners Alan Kirkland, Kate O’Rourke and Simone Constant, CEO Scott Gregson and Executive Director for Enforcement and Compliance, Chris Savundra. Deputy Chair Sarah Court is unable to be with us today. She is attending the Organisation for Economic Co-operation and Development (OECD) Financial Markets Week on 2-6 March 2026 in Paris, in her capacity as Bureau Member of the OECD Committee on Financial Markets. I would also like to acknowledge Senator Paul Scarr who has this week re-joined the committee and to acknowledge the contribution of Senator Jane Hume. Enforcement update 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. I am pleased to report to the committee that through our ongoing determination to build up our enforcement capability, ASIC secured a record $350 million in civil penalties and $583 million back to Australians from July to December 2025. This includes recovery of funds for those affected by the First Guardian and Shield matters. We are holding individuals to account for their actions in civil and criminal matters. They are facing the consequences for their crimes, including jail time. Just yesterday, the Federal Court found two former senior executives of The Star Entertainment Group Ltd – the former CEO Matthias Bekier and the former Chief Legal and Risk Officer, Paula Martin - breached their duties in relation to their handling of the risks associated with money laundering and criminal activity at the casino. The Court found the seven non-executive directors did not breach their duties in this case. The matter will be listed for a further penalty hearing when ASIC will ask the Court to impose a financial penalty on Mr Bekier and Ms Martin and to disqualify them from managing corporations for a period of time.  ASIC pursued this case because of the fundamental questions it raised about trust, governance and accountability at one of Australia’s largest casino operators. ASIC will always require directors and executives to meet the highest standards of corporate governance because of the crucial role they play in maintaining trust. In October, the Supreme Court of Western Australia sentenced Chris Marco to 14 years imprisonment, with eligibility for parole after 12 years. Mr Marco was found guilty of fraud offences against investors totalling more than $34 million. The sentence was the highest imposed by an Australian court following an ASIC investigation. We note that Mr Marco is currently appealing his conviction. In November Krishnakumar Agrawal was sentenced to four years and ten months imprisonment, with a non-parole period of more than three years, for dishonest use of his position as a director. This matter related to a property group that collapsed owing investors from Sydney’s Indian community over $20 million. In January, former investment manager Rodney Forrest was sentenced to six years imprisonment for insider trading and procuring others to trade in more than $3 million of Platinum Asset Management Limited shares. We note that in February Mr Forrest filed an appeal with the Federal Court against his sentence. This marks the first outcome for ASIC’s new specialist insider trading team which investigated and finalised the case within 16 months of the offending. We expect to make a number of criminal referrals for insider trading to the Commonwealth Director of Public Prosecutions this calendar year. We also continue our focus on pursuing enforcement actions that have the greatest impact on the most serious harms within our remit, and that reverberate across the market. On ANZ, the bank was ordered in December 2025 to pay $250 million in penalties for widespread misconduct and systemic risk failures affecting the Australian Government, taxpayers and at least 65,000 retail bank customers. This represent the highest ever penalties imposed on a single institution in ASIC’s history as a regulator. Our banks need to get the basics right. We continue to prioritise pursuing misconduct affecting consumers, businesses and the economy. Separately, new ASIC data released just last week shows an increase in reports of misconduct, driven largely by corporate governance concerns.  Between 1 July and 31 December 2025, ASIC received 9,686 reports of misconduct, raising 13,036 issues. Corporate governance matters accounted for 40% of these issues, with financial services and retail investor issues totalling 44%.   We believe the figures point to an increase in concerns being raised about corporate governance issues and underscore our enforcement priorities for 2026 which include tackling governance and directors’ duties failures.  ASIC has a number of active investigations into governance failures and directors’ duties.   Robust governance isn’t just good practice – it’s good for business and it’s good for the Australian economy.   Shield and First Guardian First Guardian and Shield is an enforcement priority for 2026. Our primary aim in these matters has been and remains to preserve available money for the benefit of investors. We continue to work with all stakeholders, including government, on this. Last month, ASIC began a widespread communications campaign to those who invested in First Guardian and Shield, including a link to a dedicated consumer website that contains trusted and independent support, and options to make a complaint. Our litigation continues apace. Since our last appearance in September last year we have taken action in court against: SQM, the research house responsible for the ratings of the Shield fund financial advice firms Interprac Financial Planning and MWL lead generator Imperial Capital Group, and Diversa Trustees Limited, alleging failures concerning the First Guardian Master Fund. Around $300 million was invested into First Guardian through superannuation funds for which Diversa was trustee. I want to thank and acknowledge all the ASIC staff involved in this work, with many working around the clock, after hours and over many weekends. We will not rest until our work on these matters is complete and those responsible have been properly held to account. ASX In December 2025 we announced a number of commitments that ASX Group have made to ASIC, in response to findings in the Interim Report of the ASX Inquiry. These included: Strengthening the independence and governance of ASX’s Clearing and Settlement Facilities Boards A strategic reset of ASX’s transformation program ‘Accelerate’, with clear milestones and accountability for delivery The imposition of an additional $150 million capital charge on ASX Limited to ensure ASX maintains robust financial resources until remediation is complete. The capital charge will remain until ASX Group achieves the milestones identified in the reset Accelerate Program, and ASIC agrees to reduce or remove it. This is in addition to existing capital requirements applying to ASX Group entities, including regulatory capital requirements on ASX’s clearing and settlement facilities under Standards set by the Reserve Bank of Australia. ASX has confirmed it has enough liquid assets to meet current requirements and will clearly show this in future disclosures. A commitment to stronger leadership. These measures aim to strengthen confidence in ASX and Australia’s critical market infrastructure and provide certainty about the market operator’s reset. The inquiry’s final report is due to be delivered to ASIC by 31 March 2026 and will be released publicly shortly thereafter. We welcome the committee’s questions.

FIA today released its whitepaper on the transition to 24/7 trading and clearing. The paper helps identify the key issues to address so that the exchange-traded derivatives markets can expand both trading and clearing to 24/7 without jeopardising the safety, soundness and protections of these markets.   READ THE PAPER “With growing interest among exchanges in expanding trading hours into weekends, nights and holidays, we want to ensure this happens in a measured way that safeguards customers and the marketplace. Chief among these safeguards, we must align clearing with trading as the markets move to 24/7. This will ensure extended trading hours won’t increase customer or market risk,” said Walt Lukken, FIA president and CEO.In highlighting the challenges of transitioning to 24/7 market access, the paper highlights the need for 24/7 clearing and risk management to accompany 24/7 trading, ensuring sufficient liquidity in the markets, considering operational risk and utilising existing market principles and regulations to provide a roadmap. And the paper draws five key recommendations:  Align 24/7 trading with 24/7 clearing: Industry and regulators must ensure the integration of trading and clearing to protect the financial health of the markets. Advance tokenisation initiatives with market infrastructure: The tokenisation of collateral could advance the timeline to 24/7 trading considerably by allowing the 24/7 movement of assets that stand behind trades. Extend the operating hours for wholesale payment systems: In today's markets, clearinghouses, clearinghouse members, and clients all rely on large value payment systems for transferring payments associated with calls for initial and variation margin. Identify the characteristics of markets ready for 24/7 trading: Some markets today may already have sufficient liquidity, modernised operations and fully collateralised trades necessary for 24/7 trading while other markets may take more time to reach that point, and some may not reach it at all. Engage regulators to resolve regulatory and operational impediments to 24/7 trading: Market regulators need to engage with industry to address these issues in a logical and thoughtful manner. 

Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for February 2026 on its Investor Relations website. A data sheet showing this information can be found at: https://ir.nasdaq.com/financials/volume-statistics.  

The federal bank regulatory agencies today jointly issued answers to frequently asked questions to clarify the capital treatment of tokenized securities. A security is often referred to as "tokenized" when ownership rights in the security are represented using distributed ledger technology. The answers to the frequently asked questions clarify that an eligible tokenized security should generally receive the same capital treatment as the non-tokenized form of the security under the capital rule. The agencies also clarified that the capital rule is technology neutral, and the technologies used to issue and transact in a security do not generally impact its capital treatment. As with any exposure, banks holding tokenized securities must apply sound risk management practices and comply with applicable laws and regulations. Frequently Asked Questions

Today Moscow Exchange announced the results of the quarterly review for MOEX indices. All changes were made upon recommendations from the Index Committee and will be implemented from 20 March 2026. The Exchange has also set free floats and additional weighting factor for several companies. The MOEX Russia Index and the RTS Index will be modified by ordinary shares of Lenta IPJSC being added to the constituent list of the Index. The Broad Market Index will be modified by the ordinary shares of PJSC "GC "BASIS" being added to the constituent list of the Index, while preferred shares of MGTS PJSC will leave the Index. The SMID Index will be modified by the ordinary shares of PJSC "LC "Europlan" being removed from the constituent list of the Index. The Information Technologies Index will be modified by the ordinary shares of PJSC "GC "BASIS" being added to the constituent list of the Index. The Telecommunications Index will be modified by the preferred shares of MGTS PJSC being removed from the constituent list of the Index. Since the index calculation base will only include shares of two issuers, while the methodology provides for a minimum number of issuers of three, the calculation of the Telecommunications Index will be suspended from March 20, 2026. The following shares will be under consideration to be added to the MOEX Russia Index and the RTS Index: ordinary shares of PJSC "Samolet Group" and ordinary shares of IPJSC "Rusagro Group". Ordinary shares of PJSC "PIK SHb" will be under consideration to be excluded from the MOEX Russia Index and the RTS Index. The Exchange has set the following free floats coefficients: Summary table of key changes in the Moscow Exchange Indices' Constituents Lists Index Included Excluded MOEX Russia Index and RTS Index Lenta IPJSC, ordinary shares - Broad Market Index PJSC "GC "BASIS", ordinary shares MGTS PJSC, preferred shares SMID Index - PJSC "LC "Europlan", ordinary shares Information Technologies Index PJSC "GC "BASIS", ordinary shares - Telecommunications Index - MGTS PJSC, preferred shares Innovation Index PJSC "GC "BASIS", ordinary shares - MOEX 10 Index PJSC "UGC", Ordinary shares PJSC "Rosneft", Ordinary shares Shariah Index PJSC "Polyus", ordinary shares PJSC "Fix Price", ordinary shares - Summary table of changes in number of shares employed in the calculation of the Moscow Exchange Indices and included in the waiting lists, as well as free-float coefficients Ticker Issuer Current number of shares New number of shares Current free-float New free-float BAZA PJSC "GC "BASIS", ordinary shares - 165 000 000 - 17% CNRU IPJSC Cian, ordinary shares 77 670 490 77 670 490 37% 40% DATA PJSC "ARENADATA GROUP", ordinary shares 209 160 464 218 021 202 17% 18% ETLN Etalon Group IPJSC, ordinary shares 383 445 362 783 179 820 44% 21% KLVZ IPJSC Etalon Group, ordinary shares 921 052 700 921 052 700 11% 12% OZPH PJSC "Ozon Pharmaceuticals", ordinary shares 1 167 690 558 1 167 690 558 13% 20% PIKK PJSC "PIK Group", ordinary shares 660 497 344 660 497 344 21% 15% VTBR PJSC VTB Bank, ordinary shares 6 620 418 282 6 620 418 282 50% 44% YDEX IPJSC YANDEX, ordinary shares 393 280 881 393 959 444 30% 26% From 20 March 2026, the following shares will be under consideration: Under consideration to be added to Moscow Exchange indices: Ticker Issuer Index SMLT PJSC "Samolet Group", ordinary shares MOEX Russia Index and RTS Index RAGR IPJSC "Rusagro Group", ordinary shares PMSBP PJSC "PESC", preferred shares Broad Market Index ZAYM Microcredit company Zaymer PJSC, ordinary shares MRKZ Rosseti North-West, PJSC, ordinary shares GLRX PJSC "GLORAX", ordinary shares MVID PJSC "M.video", ordinary shares IVAT PJSC IVA, ordinary shares DELI Carsharing Russia PJSC, ordinary shares DIAS PJSC "Diasoft", ordinary shares PMSB PJSC "PESC", ordinary shares RKKE RSC Energia, ordinary shares Under consideration to be excluded from Moscow Exchange indices: Ticker Issuer Index PIKK PJSC "PIK SHb", ordinary shares MOEX Russia Index and RTS Index NKNC PJSC "Nizhnekamskneftekhim", ordinary shares Broad Market Index For information regarding the lists of stocks employed in the Moscow Exchange Indices as well as the lists of securities employed in the Multi-Assets Indices of Moscow Exchange, please, follow the link.  

A lot has changed in the FX derivatives market since 1998, when the last set of standard definitions for FX transactions were published. Trading volumes have grown substantially, and average daily turnover has risen by six times. Market practices have evolved and regulations have been updated. Market events have occurred that may not have been anticipated by those who drafted the 1998 definitions. And technological development has happened at an astonishing pace. Given the size and importance of the FX derivatives market, we can’t just stick with the status quo. We need a modern set of definitions that reflect the changes that have occurred, can keep pace with future developments, and support the safe and efficient trading of FX derivatives in the 21st century. The new 2026 FX Definitions meet those objectives. The 2026 FX Definitions, published jointly by ISDA and EMTA, keep the many parts of the 1998 definitions that worked well, but revise certain aspects where market participants needed updates. Importantly, the updated definitions consolidate the significant ISDA and EMTA documentation published since 1998 into an integrated document and eliminate the need for separate master confirmation agreements (MCAs). This will make it fundamentally easier and more efficient to use the definitions – rather than trawl through the main definitional booklet plus any additional provisions, supplements and recommended market practices that may be relevant, firms will be able to find everything in a single document and won’t have to maintain thousands of bilateral MCAs. What’s more, the definitions have been published in digital form on the ISDA MyLibrary platform, making it easier to navigate and search for key provisions online, but also allowing a revised version of the definitions to be published in full each time a future update is required, with users able to compare changes against previous versions. Other important changes have been made. The 2026 FX Definitions include revisions to disruption events and fallbacks for deliverable transactions and incorporate the EMTA template terms and market practices for non-deliverable FX transactions. They also contain provisions for calendar adjustment events and align the calculation agent standards with those in the 2021 ISDA Interest Rate Derivatives Definitions. Of course, while this isn’t a complete overhaul of the definitions, we realize these changes can’t be implemented at the flick of a switch. That’s why we’re targeting November 2027 for implementation, giving firms a long runway to make the necessary changes to their systems and processes. In the meantime, ISDA will continue to support the market as these important changes are made. As part of that, we’ve published an implementation roadmap, along with a brochure highlighting the key areas where updates have been made. Other supporting materials will be published in the FX Definitions Update InfoHub in the coming months. FX derivatives are a critical tool, used by banks, corporations, pension funds, asset managers, government agencies and others to hedge the risks associated with shifts in currency markets. We therefore need to ensure the definitions governing trading and settlement are fit for purpose and reflect the realities of the market. The 2026 FX Definitions achieve this, enabling firms to transact FX derivatives transactions safely and efficiently, now and in the future.

Nodal continues to be the market leader in North American power futures achieving 56% of the open interest with 1.5 billion MWh at the end of February. The open interest represents over $160 billion of notional value (both sides). The traded volume in February was 297 million MWh.  In Nodal’s natural gas markets, futures trading reached a calendar month record of 182 million MMBtu in February 2026, up 105% from 88.6 million MMBtu in February 2025. Environmental futures and options on Nodal achieved open interest at the end of February of 443,381 lots, up 6% from 416,945 lots a year earlier. Environmental products on Nodal set a daily volume record on February 10th of 31,754 lots, surpassing the prior record of 27,823 contracts on February 11, 2025. Several key environmental markets continued to show solid growth during the month. Carbon futures and options on Nodal posted February 2026 volume of 16,825 lots, up 122% from February 2025, with open interest of 60,254 lots at the end of the month, up 14% from a year earlier.  Renewable energy certificate (REC) open interest at the end of February was 365,336 lots, up 13% from a year earlier. “It is wonderful to see Nodal Exchange achieve strong February performance across all its markets,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear.  “Managing risk in all of our markets is increasingly important, and we will continue to seek to best meet the evolving needs of the participants we serve.”

The Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF) and the Canadian Investment Regulatory Organization (CIRO) provided approval to facilitate an experimental research project (Project Samara) conducted by a consortium that includes RBC Dominion Securities Inc., a member of RBC Capital Markets (RBC), RBC Investor Services Trust, the TD Securities division of the Toronto Dominion Bank, TD Securities Inc., the Bank of Canada (BoC) and Export Development Canada (EDC). Project Samara evaluates a platform operated by RBC that uses distributed ledger technology to support end-to-end transactions throughout the bond lifecycle, including “tokenized” bond issuance by EDC, bidding, coupon payment, redemption, secondary trading, as well as the settlement of bond trades using digital representations of wholesale Canadian dollars created and managed by the BoC on the distributed ledger. The consortium will publish the key findings in a research report assessing the benefits of issuing and trading bonds using distributed ledger technology. Project Samara highlights how the OSC, AMF and CIRO are advancing innovation in the Canadian capital markets through dedicated regulatory testing environments, including OSC LaunchPad This link will open in a new window, AMF Laboratory and CIRO’s InnovateSafe This link will open in a new window. “Canadian securities regulators are supporting responsible innovation in the capital markets by granting novel exemptive relief for tokenization pilots where investor protection and market integrity are appropriately addressed,” said Leslie Byberg, Executive Vice President, Strategic Regulation, OSC. “We welcome industry proposals on tokenization initiatives that leverage these regulatory testing environments to enhance the competitiveness of Canadian markets.” There is a growing international consensus on the importance of consistent regulatory outcomes and harmonized standards to manage the risks and unlock the benefits of tokenization. Tokenization refers to the creation, issuance, or representation of assets using distributed ledger technologies. Globally, financial institutions and asset managers are launching tokenized products, while central banks and regulators are exploring new ways to support innovation while protecting investors and safeguarding financial stability. “The regulatory platforms we provide will support the testing of novel market structures, business models and products by providing appropriate and tailored regulatory pathways to bring new platforms and products to market in Canada,” said Hugo Lacroix, Superintendent, Securities Markets and Distribution, AMF. “Canada’s regulators are committed to helping build Canadian markets for the future and supporting competitiveness.” In addition, the Canadian Securities Administrators (CSA), the council of securities regulators of Canada’s provinces and territories, have recently launched Project Tokenization This link will open in a new window, a new theme in its CSA Collaboratory This link will open in a new window. This initiative aims to collaborate with stakeholders to examine issues arising from the use of tokenized products and their intersection with Canadian securities laws, supporting informed, coordinated responses to innovation in capital markets. The CSA invites stakeholders to express their interest in contributing to Project Tokenization by completing this survey This link will open in a new window.

GPW Benchmark announces the annual revision of WIG20, mWIG40, sWIG80 and WIG30 indices portfolios. Changes will come into force after close of business on March 20, 2026. As a result in the WIG20 and WIG20TR indices there will be following changes: new company: TAURONPE; removed company: ORANGEPL. Weighting of PKOBP company will be reduced to 15%. In the mWIG40 and mWIG40TR portfolios there will be following changes: new companies: CREOTECH, ORANGEPL, POLIMEXMS; removed companies: 11BIT, HUUUGE, TAURONPE. Weighting of INGBSK company will be reduced to 10%. In the sWIG80 and sWIG80TR portfolios there will be following changes: new companies: 11BIT, ANSWEAR, HUUUGE, MEDINICE, ZREMB; removed companies: CREOTECH, MCR, MLSYSTEM, POLIMEXMS, XTPL. In the WIG30 and WIG30TR the portfolio composition will remain unchanged. Weightings of PKOBP and PKNORLEN companies will be reduced to 10%. Detailed information of the annual revision is available here.

Euronext launches four mini ETF options Mini options on iShares’ AEX, Core MSCI World and NASDAQ 100 ETFs Mini option on Vanguard’s S&P500 ETF Euronext, the leading European capital market infrastructure, introduces four mini ETF options, reflecting the increasing role of ETFs in European investors’ portfolios. The launch of these new products by Euronext is a significant development in the European retail market for ETF options, enhancing portfolio management for all types of investor while also improving access to these products for retail investors. These mini ETF options create new trading opportunities for European investors active in the ETF space and provide investors with an efficient tool to shield the performance of their portfolios. This launch is a natural expansion of Euronext’s product offering, leveraging strong retail participation across Euronext markets. In recent years, Euronext has significantly expanded its financial derivatives franchise with products designed for retail investors, including daily options on the CAC 40® Index, complementing the heavily traded daily options on the AEX® Index; mini single stock options; and mini futures on main European government bonds. In parallel, Euronext has deployed a unique educational programme for retail investors, available in five languages, offering foundational knowledge and practical insights on financial derivatives to empower them to make informed decisions. The four mini ETF options have a contract size of just 10 units, a tenth of the size of a standard ETF options contract, and are euro-denominated, ensuring they are accessible and attractive to European retail and institutional investors. Several European retail brokers are supporting the launch of the new mini ETF options and will make them available on their broker platforms. The new mini options are based on the following underlying ETFs: iShares AEX UCITS ETF (IE00B0M62Y33) iShares Core MSCI World UCITS ETF (IE00B4L5Y983) iShares NASDAQ 100 UCITS ETF (IE00B53SZB19) Vanguard S&P500 ETF (IE00B3XXRP09) Anthony Attia, Global Head of Derivatives and Post Trade at Euronext, said: “With the launch of mini ETF options, Euronext demonstrates once again its ability to adapt and expand its solutions on the financial derivatives market, responding to the needs of local and international investors. Having launched a fully integrated ETF ecosystem across European jurisdictions, Euronext ETF Europe, in September 2025, we continue to evolve our financial derivatives franchise, making Euronext the natural partner for retail investors who want to use financial derivatives to diversify their trading strategies. To develop these new products, we leveraged our strong ties with local financial communities and the full power of our integrated value chain, from listing to clearing.” Jason Warr, Global Head of ETF Markets at BlackRock, said: “We are pleased to see Euronext launching mini ETF options. The launch broadens choice for retail investors and provides access to institutional-grade tools within the European ETF market.” Eoin Moran, Senior ETF Capital Markets Specialist at Vanguard, said: “We welcome the introduction of mini options on the Vanguard S&P 500 UCITS ETF, which improves access and flexibility for European investors. Options are a leveraged instrument which require the right level of financial education. As demand for transparent, low‑cost investment tools continues to grow, these new contracts offer an additional way for sophisticated investors to manage risk and tailor their portfolios. We are pleased to collaborate with Euronext on innovations that expand choice while supporting long‑term, disciplined investing.”

The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington D.C. on March 12 at 10 a.m. ET to discuss public company disclosure reform, fund proxy voting, and a potential recommendation regarding the tokenization of equity securities. The meeting will also be webcast on the SEC website and consist of two panels: Public Company Disclosure Reform Fund Proxy Voting: Challenges, Costs, and Pathways to Modernization The committee also will discuss a potential recommendation regarding the tokenization of equity securities. The full agenda is available on the committee’s webpage. The Investor Advisory Committee, which focuses on investor-related interests, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. Established by statute, the committee is authorized by Congress to submit findings and recommendations to the Commission. Learn more on the Investor Advisory Committee webpage.

MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for February 2026.1 Chris Concannon, CEO of MarketAxess, commented:“We generated strong variable commission revenue growth to start 2026, driven by 20% growth in total credit ADV year-to-date, and benefiting from a 3% increase in total credit FPM month-over-month in February. Our estimated U.S. high-grade market share in February was negatively impacted by strong new issuance and a decrease in portfolio trading activity by our core clients. As we have noted previously, portfolio trading activity can fluctuate significantly month-to-month as clients modulate activity. We believe that the recent geopolitical events, as well as the very strong new issuance calendar year-to-date are supportive of a return to higher levels of volatility, as well as an increase in the velocity of trading in the global credit markets." Select February 2026 Highlights* (See tables 1-1C and table 2) Our new initiatives continued to show progress year-over-year across the client-initiated, portfolio trading and dealer-initiated channels. Client-Initiated Channel 30% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+30%), including U.S. high-grade ADV of $2.6 billion (+38%), as well as emerging markets ADV of $2.0 billion(+22%) and eurobonds ADV of $596 million(+57%). Portfolio Trading Channel 5% increase in total portfolio trading ADV to $1.5 billion. Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 20.7% in the prior year. Dealer-Initiated Channel Dealer-initiated ADV of $1.8 billion was down slightly compared to the prior year. Total Mid-X trading volume was $5.2 billion, representing an increase of 93%. February 2026 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM year-over-year was driven principally by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The increase month-over-month was driven by product and protocol mix, slightly offset by the lower duration of bonds traded in U.S. high-grade. The increase in total rates FPM year-over-year was driven by the impact of client and protocol mix. The decrease in total rates FPM month-over-month was driven by the impact of client and protocol mix. *All comparisons versus February 2025 unless noted. Table 1: MarketAxess ADV     Month   % Change     Feb-26     Jan-26     Feb-25   MoM YoY MKTX ADV ($ millions)                               Credit                               U.S. High-Grade (incl. SD PT)2   $ 8,026     $ 8,387     $ 7,409     (4 ) %   8   % U.S. High-Grade (excl. SD PT)2     7,779       8,110       7,061     (4 )     10     U.S. High-Yield (incl. SD PT)2     1,701       1,748       1,575     (3 )     8     U.S. High-Yield (excl. SD PT)2     1,480       1,592       1,438     (7 )     3     Emerging Markets     4,647       5,468       4,105     (15 )     13     Eurobonds     2,674       2,803       2,272     (5 )     18     Other Credit Products3     681       620       617     10       10     Municipal Bonds     681       620       614     10       11     Total MKTX Credit ADV (excl. SD PT)2   $ 17,261     $ 18,593     $ 15,493     (7 )     11     Rates                               U.S. Government Bonds   $ 27,509     $ 27,707     $ 26,901     (1 ) %   2   % Agencies and Other Government Bonds     923       1,392       969     (34 )     (5 )   Total MKTX Rates ADV   $ 28,432     $ 29,099     $ 27,870     (2 )     2     Total MKTX Trading ADV   $ 45,693     $ 47,692     $ 43,363     (4 )     5                                     U.S. Trading Days4 19 20 19 U.K. Trading Days4   20     21     20                                               Table 1A: Market ADV     Month   % Change     Feb-26     Jan-26     Feb-25   MoM YoY MARKET ADV ($ millions)                               Credit                               U.S. High-Grade TRACE   $ 47,928     $ 47,579     $ 41,522     1   %   15   % U.S. High-Yield TRACE     13,602       13,265       12,999     3       5     Total U.S. Credit TRACE     61,530       60,844       54,521     1       13     Municipal Bonds MSRB     9,724       9,389       8,943     4       9                                     Rates                               U.S. Government Bonds TRACE   $ 1,205,789     $ 1,192,395     $ 999,242     1   %   21   % Agency TRACE     2,980       4,332       5,144     (31 )     (42 )                                   U.S. Trading Days4   19     20     19               U.K. Trading Days4   20     21     20                                               Table 1B: Estimated Market Share     Month   Bps Change     Feb-26     Jan-26     Feb-25   MoM YoY MKTX ESTIMATED MARKET SHARE (%)                           U.S. High-Grade                           % of U.S. High-Grade TRACE2     16.7 %     17.6 %     17.8 % (90) bps (110) bps U.S. High-Yield                           % of U.S. High-Yield TRACE2     12.5 %     13.2 %     12.1 % (70) bps +40 bps Other Credit Products                           % of Municipal Bonds MSRB     7.0 %     6.6 %     6.9 % +40 bps +10 bps Rates                           % of U.S. Government Bonds TRACE     2.3 %     2.3 %     2.7 % - bps (40) bps                             Table 1C: Strategic Priorities ADV2     Month   % Change     Feb-26     Jan-26     Feb-25   MoM YoY STRATEGIC PRIORITIES ADV ($ millions)                               Client-Initiated Channel                               U.S. Credit Block Trading   $ 3,422     $ 3,667     $ 2,625     (7 ) %   30   % Emerging Markets Block Trading     2,027       2,536       1,657     (20 )     22     Eurobonds Block Trading     596       633       379     (6 )     57     Portfolio Trading Channel                               Total MKTX Portfolio Trading   $ 1,539     $ 1,989     $ 1,463     (23 ) %   5   % Total MKTX U.S. Credit Portfolio Trading     1,148       1,583       1,217     (27 )     (6 )   Total U.S. Credit TRACE Portfolio Trading     7,352       7,582       5,877     (3 )     25     Dealer-Initiated Channel                               Total Dealer Initiated (DRFQ & Mid-X)   $ 1,833     $ 1,777     $ 1,861     3   %   (2 ) % Other                               Open Trading   $ 5,404     $ 5,317     $ 4,600     2   %   17   % AxessIQ     206       208       158     (1 )     30                                     U.S. Trading Days4   19     20     19               U.K. Trading Days4   20     21     20                                               Table 1D: Variable Transaction Fees Per Million (FPM)1     Month   % Change     Feb-26     Jan-26     Feb-25   MoM YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM)                           Total Credit   $ 136     $ 132     $ 143     3   %   (5 ) % Total Rates     4.56       5.18       4.29     (12 )     6                                     1 The FPM for total credit and total rates for February 2026 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades. 3 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume. Table 2: Trading Volume Detail       Month Ended February 28,     In millions (unaudited)     2026     2025     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 147,796     $ 7,779     $ 134,161     $ 7,061       10   %   10   % High-yield       28,114       1,480       27,320       1,438       3       3     Emerging markets       88,288       4,647       78,000       4,105       13       13     Eurobonds       53,480       2,674       45,440       2,272       18       18     Other credit       12,939       681       11,718       617       10       10     Total credit trading1       330,617       17,261       296,639       15,493       11       11     Rates                                         U.S. government bonds2       522,677       27,509       511,116       26,901       2       2     Agency and other government bonds1       18,393       923       19,243       969       (4 )     (5 )   Total rates trading       541,070       28,432       530,359       27,870       2       2     Total trading     $ 871,687     $ 45,693     $ 826,998     $ 43,363       5       5     Number of U.S. Trading Days3             19             19                 Number of U.K. Trading Days4             20             20                                                                 Year-to-Date Ended February 28,     In millions (unaudited)     2026     2025     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 310,005     $ 7,949     $ 279,313     $ 6,983       11   %   14   % High-yield       59,954       1,537       54,278       1,357       10       13     Emerging markets       197,657       5,068       154,402       3,860       28       31     Eurobonds       112,347       2,740       91,647       2,182       23       26     Other credit       25,343       650       23,051       576       10       13     Total credit trading1       705,306       17,944       602,691       14,958       17       20     Rates                                         U.S. government bonds2       1,076,813       27,611       1,001,968       25,049       7       10     Agency and other government bonds1       47,571       1,163       42,924       1,027       11       13     Total rates trading       1,124,384       28,774       1,044,892       26,076       8       10     Total trading     $ 1,829,690     $ 46,718     $ 1,647,583     $ 41,034       11       14     Number of U.S. Trading Days3             39             40                 Number of U.K. Trading Days4             41             42                 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, is pleased to announce the appointment of Allen Weinberg as Chief Growth and Strategy Officer, effective immediately. In this newly created role, Weinberg will work closely with the leadership team to implement Broadridge’s strategic priorities focused on accelerating sustainable growth, enhancing profitability, and strengthening competitive differentiation. He will also help identify and evaluate new markets and product opportunities, ensuring the company’s strategy remains aligned with the industry’s rapidly changing landscape. Weinberg will join Broadridge’s Executive Leadership Team and report directly to Broadridge Chief Executive Officer Tim Gokey. “Allen brings a distinctive combination of fintech and enterprise technology expertise, a strong track record of innovation, and deep experience leading complex technology transformations,” said Tim Gokey, Chief Executive Officer and Director of Broadridge. “His strategic insight and disciplined approach will strengthen our leadership team and help execute our long-term growth strategy.” Weinberg joins Broadridge from McKinsey & Company, where he served as a Senior Partner. As a leader in digital, AI, and analytics practices, he led McKinsey’s North American Banking Tech and Ops Practice, working at the intersection of business and technology in industries where technology is the product. Previously, Allen served as the leader of McKinsey's Outsourcing and Offshoring practice.  “Broadridge has built an exceptional reputation for its trusted expertise and delivering transformative technology solutions to clients globally,” said Weinberg. “I look forward to working closely with the leadership team to execute on our strategic priorities, identify new avenues for growth, and help position the company for continued long-term success.” Weinberg’s appointment will allow Germán Soto Sanchez, who has served as Broadridge’s Chief Strategy Officer to focus solely as Chief Product and Enterprise Platform Officer, advancing Broadridge’s product and enterprise platforms and lead the firm’s growing tokenization initiatives as they continue to scale. Weinberg has also worked closely with the Robin Hood Foundation, the New York Museum of Natural History, and Girls Who Code, and has served as a Board member of NYC FIRST.

The Monitoring Group (MG) is pleased to announce that Ms. Emily Fitts has been appointed the new Chair of the Monitoring Group, effective immediately. The Monitoring Group (MG) is a group of international financial institutions and regulatory bodies committed to advancing the public interest in areas related to international audit related standard-setting and audit quality. Ms. Fitts is the Deputy Chief Accountant – International of the U.S. Securities and Exchange Commission (SEC). She brings over twenty years of experience in public accounting and public service, including leadership roles in audit quality initiatives, standard-setting activities, and serving complex national and global audit engagements. Ms. Fitts succeeds Ryan Wolfe who served as MG Chair between April 2025 and March 2026. Mr. Jean-Paul Servais, Chairman of the IOSCO Board stated: “I am pleased to announce Emily as the Chair of the Monitoring Group, to carry out the important work of the Monitoring Group in promoting high-quality international auditing and assurance standards.” Emily Fitts, Chair of the MG stated: “I am deeply honored to step into the role as Chair of the Monitoring Group. I look forward to working closely with my Monitoring Group colleagues and with stakeholders around the world as we continue our collective efforts to strengthen the international audit, assurance, ethics and independence standard-setting system. I also want to express my sincere appreciation to Ryan Wolfe for his thoughtful leadership over the past year which set a strong foundation for the path ahead.”

Solactive is pleased to announce that KB Securities, Korea Investment Securities, Meritz Securities, and Samsung Securities have selected the Solactive Silver Total Return Leveraged Index family as the underlying indices for their newly launched Silver Total Return ETNs. The ETNs track the respective Solactive indices and provide investors with leveraged and inverse exposure to silver futures within a transparent and rules-based total return framework.  Silver plays a dual role in global markets as both a precious metal and an industrial input. In addition to its traditional role as a store of value, silver demand has been supported by structural growth across sectors such as solar energy, semiconductors, and electric vehicles. As electrification trends and renewable energy deployment continue to evolve, silver’s industrial applications remain an important component of broader commodity market dynamics. Leveraged and inverse ETNs are commonly used for short-term exposure or hedging purposes in volatile market environments. The Solactive Silver Leveraged Index and Solactive Silver Leveraged KRCD3M Index family are designed to replicate the performance of a hypothetical investment in the Solactive Future Series 5-Day Roll Silver Excess Return USD Index while incorporating a defined leverage factor and interest rate component. The indices apply a daily leverage mechanism, offering positive and inverse exposure to the underlying silver futures index. The total return calculation reflects the performance of the underlying futures index together with a short-term interest rate component and a daily financing adjustment. The indices are rebalanced on a daily basis to maintain the specified leverage factor. The ETNs will be launched on March 6, 2026, on Korea Exchange (KRX). An overview of the respective ETNs and their corresponding Solactive indices is provided below. Index Name ETN Name Ticker Code Solactive Silver Total Return 1x Long Leverage KB Silver Futures ETN 580078.KS Solactive Silver Total Return KRCD3M 1x Long Leverage Meritz Silver Futures ETN(H) 610099.KS Solactive Silver Total Return 1x Short Leverage KB Inverse Silver Futures ETN 580080.KS Solactive Silver Total Return 2x Long Leverage KB Leverage Silver Futures ETN 580079.KS Solactive Silver Total Return KRCD3M 2x Long Leverage Meritz 2X Silver Futures ETN(H) 610100.KS Solactive Silver Total Return 2x Short Leverage Korea   Investment    &    Securities    KIS Inverse 2X Silver futures ETN 570119.KS Samsung Securities Samsung Inverse 2X Silver Futures ETN 530143.KS KB Inverse 2X Silver Futures ETN 580081.KS Solactive Silver Total Return KRCD3M 2x Short Leverage Meritz -2X Silver Futures ETN(H)  610101.KS   Timo Pfeiffer, Chief Markets Officer at Solactive, commented:“We are pleased that   KB Securities, Korea Investment Securities, Meritz Securities and Samsung Securities have selected the Solactive Silver Total Return Leveraged Index family as the basis for their new ETNs. The launch also marks our first collaboration with Korea Investment Securities, further expanding our presence in the South Korean market. We remain committed to providing transparent, rules-based index solutions designed to meet the evolving needs of our clients.”   For more information, please visit:  http://www.solactive.com

Vermiculus, global provider of clearing, trading and CSD technology, has delivered two VeriClear®-based and modular risk systems to The Options Clearing Corporation, the world’s largest equity derivatives clearing organization. The essential risk systems are at the core of OCC’s daily processing and will be integrated into its forthcoming platform, OvationSM, a multi-year effort to comprehensively redevelop and modernize OCC’s technology infrastructure. ”With scalable, cloud-native microservice architecture and real-time data capabilities, the new risk systems will play a central role in OCC’s risk management. Our close collaboration with Vermiculus, has been key in developing our capabilities,” says John Martino, Managing Director, Clearing Systems at OCC. “Vermiculus’ level of quality and reliable delivery are highly valued,” adds Martino. The modular solutions are both independent and adaptable, designed to easily integrate with OCC's internal risk applications. These systems are responsible for consolidating margin results, calculating total margin requirements, and supporting the liquidity risk management system with GSP (Guaranteed Substitution Payment) and mark-to-market calculations. Together, the solutions are efficient in evaluating liquidity risk and performing mark-to-market calculations, capable of generating results, and disseminating more than 50 million messages for the scenario-based simulations in around 5 minutes. “OCC is one of Vermiculus’ first customers, and we have worked closely with them throughout their ongoing technology transformation. This transparent and collaborative partnership has been instrumental in enabling us to deliver these central risk systems in just a few months,” says Chris Dorougidenis, Vermiculus Project Manager for this initiative. Vermiculus’ market infrastructure microservices are built for seamless integration with surrounding systems. Thanks to their unique and flexible architecture, they can be incorporated into both existing and new environments without the need for a large-scale or complex implementation project. To learn more about Ovation, click here.      John Martino, Managing Director, Clearing Systems at OCC; Chris Dorougidenis, Vermiculus Project Manager

The World Federation of Exchanges (WFE) is pleased to announce the start of its 12th annual Ring the Bell (RTB) for Gender Equality campaign.This initiative brings together more than 110 exchanges and CCPs worldwide as they highlight the importance of advancing gender equality in financial markets around International Women’s Day.   This year’s International Women’s Day theme is “Give to Gain”, alongside the UN Women theme “Rights. Justice. Action. For ALL women and girls”.  Over the coming week participating exchanges and clearing houses will host bell-ringing ceremonies, events and workshops to celebrate and support women’s involvement in public markets, details of which can be found on the WFE RTB for Gender Equality website.   This month the WFE also published its 2026 WFE Women Leaders List and a special edition of Focus Magazine dedicated to this year’s honourees. The WFE Women Leaders list celebrates the impressive women within our membership that demonstrate leadership and serve as an inspiration to their peers and colleagues.  Nandini Sukumar, CEO of the World Federation of Exchanges, commented, “In honour of International Women’s Day, Exchanges and CCPs are highlighting the importance of fostering inclusive financial markets. Our members are leading the industry in empowering women to invest and trade in safe and trusted environments, enabling them to finance their futures.”  The WFE partners with the International Finance Corporation (IFC), a member of the World Bank Group, UN Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact and UN Women in this initiative. The full list of participating exchanges and CCPs is copied below:  A3 Mercados S.A.  Abu Dhabi Securities Exchange (ADX) Group  Amman Stock Exchange  Armenia Stock Exchange  Athens Stock Exchange (ATHEX)  Australian Securities Exchange  B3 - Brasil Bolsa Balcão  Bahrain Bourse  Baku Stock Exchange  Belarusian Currency and Stock Exchange  Belgrade Stock Exchange  Bermuda Stock Exchange  BIVA - Bolsa Institucional de Valores  BME - Bolsas y Mercados Españoles (a SIX company)  BODIVA  Bolsa Boliviana de Valores S.A.  Bolsa Centroamericana de Valores, S.A.  Bolsa de Comercio de Rosario  Bolsa de Santiago  Bolsa de Valores de Asunción  Bolsa de Valores de Cabo Verde  Bolsa de Valores de Caracas  Bolsa de Valores de Colombia  Bolsa de Valores de El Salvador  Bolsa de Valores de la República Dominicana  Bolsa de Valores de Lima  Bolsa de Valores de Quito BVQ Sociedad Anónima  Bolsa de Valores Nacional, S.A.  Bolsa Latinoamericana de Valores (Latinex)  Bolsa Mexicana de Valores  Bolsa Nacional de Valores  Botswana Stock Exchange  Bourse de Casablanca  Bourse des Valeurs Mobilières de l'Afrique Centrale (BVMAC)  Bourse Régionale des Valeurs Mobilières S.A.  BSE Ltd  Bulgarian Stock Exchange  BYMA - Bolsas y Mercados Argentinos  Cambodia Securities Exchange  Canadian Securities Exchange (CSE)  Cboe Australia  Cboe Global Markets  Chittagong Stock Exchange PLC  CME Group  Colombo Stock Exchange  Dar es Salaam Stock Exchange PLC  Deutsche Börse  Dhaka Stock Exchange PLC.  DTCC  EEX Group  Euronext Amsterdam  Euronext Borsa Italiana  Euronext Brussels  Euronext Dublin  Euronext Lisbon  Euronext Oslo Bors  Euronext Paris  FMDQ Group PLC  Ghana Stock Exchange  Hochiminh Stock Exchange  Hong Kong Exchanges and Clearing  Indonesia Stock Exchange (IDX)  Jamaica Stock Exchange  Japan Exchange Group, Inc.  Johannesburg Stock Exchange  Kazakhstan Stock Exchange JSC (KASE)  Korea Exchange  Kyrgyz Stock Exchange  Ljubljana Stock Exchange  London Metal Exchange  Luxembourg Stock Exchange  Macedonian Stock Exchange  Mongolian Stock Exchange JSC  Multi Commodity Exchange of India Limited  Muscat Stock Exchange  Nairobi Securities Exchange Plc  Namibia Securities Exchange  Nasdaq Copenhagen  Nasdaq Helsinki  Nasdaq Iceland  Nasdaq Stockholm  Nasdaq Vilnius  National Stock Exchange of Australia  National Stock Exchange of India Limited  Nepal Stock Exchange Limited  New York Stock Exchange  Nigerian Exchange Group  Nodal Exchange  nuam exchange  NZX Limited  Options Clearing Corporation  Pakistan Stock Exchange  Palestine Exchange  PNGX Markets Limited  Rwanda Stock Exchange  Saudi Tadawul Group  SGX Group  Shanghai Stock Exchange  SIX Swiss Exchange  Somali Stock Exchange  South Pacific Stock Exchange Fiji  Taipei Exchange  Taiwan Futures Exchange  Taiwan Stock Exchange  The Egyptian Exchange  The Philippine Stock Exchange, Inc.  The Stock Exchange of Thailand  The Trinidad and Tobago Stock Exchange Limited  TMX Group Limited  Tunis Stock Exchange  Uganda Securities Exchange  Warsaw Stock Exchange  Wiener Börse AG  Zagreb Stock Exchange 

The regular review of the indices for Central and Eastern Europe (CEE) resulted in changes to the CECE and NTX benchmark indices, among others. The changes will take effect on 23 March. The next scheduled review of the composition of the CEE indices will take place in September 2026, the calculation parameters will be reviewed again in June 2026. CECE The Eastern European Index comprises leading Polish, Hungarian and Czech companies. InclusionExclusion WABERER’S (HU) KOFOLA ČS (CZ) NTX The New Europe Blue Chip Index consists of the 30 largest blue chips on the markets of Central, Eastern and South-Eastern Europe. InclusionExclusion ROMGAZ (RO HIDROELECTRICA (RO)   All changes to the CEE indices as part of the review can be viewed on the Vienna Stock Exchange website. As an index specialist for the Central and Eastern European region, Vienna Stock Exchange currently offers more than 130 benchmarks. The calculation and publication follows the highest transparency and quality standards and convinces over 140 globally active financial institutions. The index calculation is based on a purely quantitative methodology that is laid down in a set of rules. In accordance with the index rules, the Vienna Stock Exchange may add or remove companies after the semi-annual review (March and September). The calculation parameters (number of shares, free float factors and representation factors) are reviewed on a quarterly basis (March, June, September and December). The Index Committee decides on the rules governing the indices. It brings together representatives from the investor and trading communities, issuers, academia, and the Vienna Stock Exchange.