The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second and third quarters of 2026. The OCC encourages public comment on the CRA-related activities of the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should be submitted to the banks themselves at the mailing addresses listed on the schedule or to the appropriate OCC supervisory office before the month in which the evaluation is scheduled. The OCC will consider all public comments received before the close of the CRA evaluation. The CRA evaluation schedule is available on the OCC’s website at: www.occ.gov/static/cra/exam-schedule/craq326.pdf. Topic(s): Community Reinvestment Act (CRA)  

Today, the Commission amended its rules and forms under Section 16 of the Securities Exchange Act of 1934[1] to reflect and conform to statutory changes implemented by the Holding Foreign Insiders Accountable Act (the “HFIA Act”).[2] I am pleased that the Commission enacted these amendments more than two-and-a-half weeks ahead of the deadline established by the HFIA Act.[3] The HFIA Act requires directors and officers of certain foreign private issuers to report their holdings and transactions in the issuer’s securities, effective 18 March 2026.[4] These requirements will align the reporting obligations of foreign executives with those of U.S. executives. However, when enacting the HFIA Act, Congress also recognized the possibility that some foreign laws may already impose substantially similar requirements on executives and gave the Commission authority to exempt persons, securities, or transactions from the HFIA Act’s requirements.[5] The Commission staff is actively evaluating whether it will recommend that the Commission exercise this exemptive authority. Thank you to the following members of the Commission staff for their work on today’s amendments to the rules and forms under Section 16. Division of Corporation Finance: James Moloney, Sebastian Gomez Abero, Ted Yu, Michael Coco, Kateryna Kuntsevich, Kelsey Glover, Luna Bloom, Valian Afshar, Dennis Hermreck, Mark Vilardo, Anna Rice Abramson, and Jessica Ansart. Division of Economic and Risk Analysis: Oliver Richard, Lyndon Orton, Charles Woodworth, Angela Huang, Evan Avila, PJ Hamidi, Robert Luby, and Matt Pacino. Office of International Affairs: Kathleen Hutchinson, Morgan Macdonald, Michael Ferrario, Lesli Sheppard, and Matthew Greiner. Office of the General Counsel: Bryant Morris, Cynthia Bien, Johanna Losert, Rebecca Orban, and David Russo. [1] Holding Foreign Insiders Accountable Act Disclosure, Release No. 34-104903 (Feb. 27, 2026), available at https://www.sec.gov/files/rules/final/2026/34-104903.pdf. [2] Sec. 8103 of the National Defense Authorization Act (cited as Holding Foreign Insiders Accountable Act, or HFIA Act), Pub. L. No. 119-60, [X] Stat. [X] (Dec. 18, 2025), Sec. 8103. [3] See id. at 8103(d)(1). [4] Id. at Sec. 8103(b). [5] Id. at Sect. 8013(b)(1)(D).

The Securities and Exchange Commission today adopted final rule and form amendments to reflect the requirements of the recently enacted Holding Foreign Insiders Accountable Act (HFIA), which will increase transparency into the holdings and transactions of directors and officers of foreign private issuers (FPIs). Directors and officers of FPIs with a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934 (Exchange Act) must begin disclosing their holdings and transactions in the FPI’s equity securities on March 18, 2026, the effective date of the HFIA Act. The HFIA Act, enacted on Dec. 18, 2025, amended Section 16(a) of the Exchange Act to require every person who is a director or an officer of an Exchange Act reporting FPI (but not “10 percent holders” who beneficially own more than 10 percent of any class of equity securities of such FPIs) to file Section 16 reports electronically and in English. The HFIA Act mandates that the Commission issue final regulations (or amend or rescind existing regulations in whole or in part) to carry out the amendments made by the HFIA Act no later than 90 days after the date of enactment. The SEC’s final rule amendments revise the following rules and forms to reflect the changes made by the HFIA Act: Rule 3a12-3(b) to remove the current exemption from Section 16 in its entirety and replace it with exemptions from the Section 16(b) short-swing profit rules and Section 16(c) short selling prohibition only Rule 16a-2, which identifies persons and transactions subject to Section 16, to exclude 10 percent holders of FPIs’ equity securities from the requirements of Section 16(a) and related rules Section 16 reports The adopting release is published on the SEC website and will be published in the Federal Register. Resources Final Rules Fact Sheet Chairman's Statement

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 6 April 2026. The calculations made available include: the liquidity assessment as per Articles 1 to 5 of CDR 2017/567; the determination of the most relevant market in terms of liquidity as per Article 4 of CDR 2017/587 (RTS 1); the determination of the average daily turnover relevant for the determination of the pre-trade and post-trade large in scale thresholds; the determination of the average value of the transactions and the related the standard market size; and the determination of the average daily number of transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime. Market participants are invited to monitor the release of the transparency calculations for equity and equity-like instruments on a daily basis to obtain the estimates for newly traded instruments and the four-weeks calculations applicable to newly traded instruments after the first six-weeks of trading.  The full list of assessed equity and equity-like instruments is available through ESMA’s FITRS in the XML files with publication date from 27 February 2026 (see here) and through the Register web interface (see here).  ESMA also recalls that the application of the remaining revised rules on transparency of equity and equity-like financial instruments included in RTS 1 are applicable from 2 March 2026. Next steps The transparency requirements are based on the results of the annual transparency calculations published from 27 February 2026 for equity and equity-like instruments will apply from 6 April 2026 until 4 April 2027. The next annual transparency calculations for equity and equity-like instruments, to be published by 1 March 2027, will become applicable from 5 April 2027.  

February 2026 Chicago Report™ The Chicago Business Barometer™, produced with MNI, climbed 3.7 points to 57.7 in February. Extending January’s strong increase, it saw a second consecutive month in expansionary territory after a run of twenty-five months below the key 50 mark. The rise was driven by increases in Production, Employment, New Orders and Supplier Deliveries. A decline in Order Backlogs provided some offset. Production strengthened 9.0 points to the highest level since November 2023, and marking two months above 50. Employment grew 7.7 points to the highest level since October 2021. The index is in expansionary territory for the first time since November 2023. New Orders rose 2.9 points to the strongest level since January 2022. Supplier Deliveries nudged 1.4 points higher, remaining strong and uninterrupted. Order Backlogs slipped 4.5 points, now back in contractionary territory after one month above 50. Prices Paid ticked up 2.4 points, partially unwinding January’s sharp decrease. Inventories dropped 8.0 points, also back in contractionary territory after one month above 50. The survey ran from February 1 to February 11.

The U.S. Securities and Exchange Commission (SEC) and the Financial Services Agency of Japan (FSA) convened the Spring SEC-FSA Financial Regulatory Dialogue in Tokyo on Feb. 27, 2026. The SEC–FSA Dialogue builds upon longstanding efforts between the two authorities to increase cooperation and strengthen collaboration on key cross-border issues and developments. Commissioner Mark T. Uyeda led the Dialogue for the SEC and Mr. MIYOSHI Toshiyuki, Vice Minister for International Affairs at the FSA, led the Dialogue for the FSA. "The Dialogue between the SEC and the FSA reinforces and grows one of our most important capital market relationships,” said SEC Commissioner Mark T. Uyeda. “Our work with colleagues across the Pacific is critical to protecting investors and I look forward to future opportunities for cooperation between our authorities." "Our Dialogue has further strengthened the longstanding and robust partnership between our two authorities,” said Mr. MIYOSHI Toshiyuki, Vice Minister for International Affairs, FSA. “We remain committed to continued cooperation to promote the integrity of global capital markets and enhance investor protection." At the Spring Dialogue, participants discussed recent market developments, as well as the strategic priorities of both authorities. They also exchanged views on various regulatory and supervisory matters, including developments in crypto and digital assets, and explored opportunities for closer coordination in multilateral fora. The next SEC-FSA Dialogues are scheduled to be convened in Tokyo in the fall of 2026 and in Washington, D.C., in the spring of 2027.

Hong Kong Exchanges and Clearing Limited (HKEX) today (Friday) welcomed the Hong Kong Government's appointment of Clement Chan, and the re-appointment of Chan Kin-por and Herbert Chia, to its Board of Directors. The terms of the three directors will begin at the conclusion of HKEXs 2026 Annual General Meeting (AGM) and will end at the conclusion of the AGM in 2028. Susan Chow will retire from the Board as a government appointed director after the conclusion of the 2026 AGM. Cheah Cheng Hye and Hugo Leung will retire as elected directors at the end of the 2026 AGM. HKEX Chairman, Carlson Tong, said: “We warmly welcome the appointment of Mr Clement Chan and the reappointment of Mr Chan Kin-por and Mr Herbert Chia to the HKEX Board. Mr Chan's extensive experience in the financial services industry and broad participation in public service relating to the securities and futures market will bring valuable perspectives as HKEX continues to advance its long-term development.” “On behalf of HKEX, I would also like to express my sincere appreciation to Mrs Susan Chow, Mr Cheah Cheng Hye and Mr Hugo Leung for their committed service and meaningful contributions to HKEX over the past years,” Mr Tong added.

As provided in the Articles of Association of Hong Kong Exchanges and Clearing Limited (“HKEX”), any dividend unclaimed after a period of six years from the date for payment of such dividend shall be forfeited and shall revert to HKEX. Accordingly, HKEX’s second interim dividend for 2019 of HK$2.99 per share, payable on 15 April 2020 and remaining unclaimed on 15 April 2026, will be forfeited and will revert to HKEX. Members entitled to but yet to receive or claim payment of the dividends payable by HKEX since April 2020 are advised to contact HKEX’s registrar, Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong as soon as possible.

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.  Overview of listed companies  Main Board GEM Total Number of listed companies 1. As at 1 January 2026 2,374 312 2,686 2. Newly listed companies  23 1 24 3. Delisted companies 9 1 10 4. As at 27 February 2026 2,388 312 2,700   Initial Public Offering Applications (As at 27 February 2026)   Main Board GEM Others (1)  Total A. Applications Processed (2026 Year-to-date)(2) (3) (4) 530 _____ 8 _____ 12 _____ 550 _____ 1. Applications brought forward from 31 December 2025 and renewal applications 366 6 1 373 2. New applications acknowledged in 2026 (5) 164 _____ 2 _____ 11 _____ 177 _____   Total 530 8 12 550 The application status of which as at 27 February 2026(2)   1. Listed (6)  23 1 7 31 2. Approved by the Listing Committee pending listing   20 0 1 21 3. Under processing  458 5 4 467 4. Others (i.e. lapsed (7), rejected (8) , returned (8) (9) or withdrawn)  29 _____  2 _____  0 _____  31 _____   Total  530 8 12 550 Below are the respective processing time taken by the Exchange in respect of different types of submissions. In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the processing time taken by the Exchange refers to business days taken between the acknowledgement date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange. The Exchange treats all applicants fairly and equally in accordance with relevant Listing Rules, and the length of the processing time depends on various factors including quality and timeliness of the applicants’ responses and time required for obtaining clearance by the applicant from other relevant authorities and regulators. The Exchange generally does not impose any deadline for response to its comment letters/ guidance. B. Processing Time Guidance Issued in February 2026 on Potential New Applications on Matters Relating to the Listing Rules 19 Median of business days taken by the Exchange for issuing written response 8 First Comment Letters Issued in February 2026 on New Applications 81 Median of business days taken by the Exchange for issuing first comment letter 13 Second Comment Letters Issued in February 2026 on Applications 8 Median of business days taken by the Exchange for issuing second comment letter 13 Hearing Bundle Letters Issued in February 2026 on Applications (10)(11) 7 Median of business days taken by the Exchange for issuing hearing bundle letter 10 Applications with Incomplete Response/ Major Concerns Letters/ Comment Letters on New Material Developments Issued in February 2026 (12) 3 Applications presented to the Listing Committee hearing for the 12 months ended 27 February 2026(13) 142 1. Median of total business days taken by the Exchange to issue comments from the listing application acknowledgement date to the date of hearing bundle letter (13) (14) 34 2. Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application acknowledgement date to the date of hearing bundle letter (14) 59 3. Median of total business days taken from the listing application acknowledgement date to the date of hearing bundle letter (14) 93 New Listings for the 12 months ended 27 February  2026 (15) 134 Median of total business days from the Listing Committee hearing to listing 18   (1) Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules. (2)  The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). Renewal applications refer to applications acknowledged within three months following a lapsed application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application. New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant. (3)  For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 16 Main Board applications and 0 GEM applications were approved by the Listing Committee during 2026. (4) The applications processed in 2026 include 533  applications under the Enhanced Application Timeframe (as defined in the Joint Statement on Enhanced Timeframe for New Listing Application Process issued by the Exchange and Securities and Futures Commission on 18 October 2024 (the Joint Statement)), of which there were 105 eligible A-share listed companies for Accelerated Timeframe (as defined in the Joint Statement). (5)  New Applications acknowledged in February 2026 include 69 Main Board applications, 1 GEM application, and 4 applications pursuant to Chapter 20 of the Main Board Listing Rules. (6)  Including 0 transfer of listings from GEM to the Main Board, 0 listings of a successor company which satisfies the new listing requirements under Main Board Chapter 8 as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and 0 listing of a deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). (7)  An application shall lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07. (8)  There have been 0 rejection and 0 return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules. (9)  Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete. (10)  Subsequent to the issuance of the hearing bundle letter, when the applicants and their sponsors have a listing document that is ready for hearing, and having obtained all requisite approvals from other authorities or regulators, the application will proceed to the hearing.   (11) Including 1 hearing bundle letters issued for applications under the Accelerated Timeframe for eligible A-share listed company. (12) Including 3 incomplete response/ nil major concerns letters/ nil comment letters on new material developments were issued. Generally, the reasons for issuing the above letters are related to material legal/ regulatory development/ material complaint/ material changes in financial information/ pending update of financial information (including, for example, applications relying on early filing). (13)  The applications presented to the Listing Committee hearing for the 12 months ended 27 February 2026 include 115 applications under the Enhanced Application Timeframe since 18 October 2024 of which 30 applications were under the Accelerated Timeframe for eligible A-share listed company. Pursuant to the Joint Statement, the business days taken for each round of comments may be subject to slight adjustments, but overall it is expected that the time taken by the Exchange will be no more than 40 business days. (14)  For applications acknowledged prior to the adoption of the Enhanced Application Timeframe, the latest round of comment letter issued by the Exchange immediately prior to the hearing is treated as the hearing bundle letter for computation purpose. (15) Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.   Delisting and Suspension Information (As at 27 February 2026)   Main Board GEM Total A. Number of delisted companies (since 1 January 2026) 1. Cancellation of listing pursuant to delisting procedures under the Listing Rules 5 1 6 2. Voluntary withdrawal of listing (16) 4 0 4             3. Transfer of listing from GEM to Main Board  N/A 0 0 4. De-SPAC transaction (17) 0 _____ N/A _____ 0 _____  Total 9 1 10 B. Number of companies in suspension for three months or more (as at 27 February 2026)        1. Delisting approval by the Listing Committee 5 2 7 (18)  2. Other suspended companies (19)   60 (20)  _____ 14  (21) _____ 74 _____  Total 65 16 81     (16)  Either under (a) a compulsory acquisition under Main Board Rule 6.15(1) or GEM Rule 9.23(1) or (b) a privatisation by way of a scheme of arrangement or capital reorganisation under Main Board Rule 6.15(2) or GEM Rule 9.23(2). (17) An acquisition of, or a business combination with, a De-SPAC target by a SPAC that results in the listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule. (18) 4 Main Board companies have applied to the Exchange to review the delisting decisions of the Listing Committee. The review procedures are in progress. (19) The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A.  Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice. (20) Please refer to the Monthly Prolonged Suspension Status Report (Main Board) for the status of companies suspended for three months or more. (21) Please refer to the Monthly Prolonged Suspension Status Report (GEM) for the status of companies suspended for three months or more.

DiffusionData, the pioneer and leader in real-time data streaming, today announced that Diffusion has been awarded the “Best Price Sharing & Publishing Solution” at the TradingTech Insight Awards Europe 2026. Other nominees for the award included Hazelcast, iPushPull, MDX Technology and Options Technology. Organised by the A-Team Group, the awards recognise excellence in trading solutions, infrastructure, and data within European capital markets. They acknowledge both established vendors and innovative newcomers that provide leading data solutions, services and consultancy to capital markets participants across Europe. The awards are overseen by an Advisory Board who help shape the categories and review the nominations alongside A-Team Groups Editors. Grethe Brown, CEO of DiffusionData, said: “We are incredibly proud to accept the Best Price Sharing & Publishing Solution award at the TradingTech Insight Awards Europe 2026. This recognition reflects our ongoing commitment to excellence in real-time data streaming and modern capital markets infrastructure. At DiffusionData, we’re not just innovating, we’re defining what is possible in the delivery and consumption of real-time market data. Our leadership in this space continues to set the standard for how firms share, publish, and act on mission-critical price information at scale, enabling faster decisions, heightened efficiency, and new avenues for competitive advantage.” DiffusionData’s framework, Diffusion, is used by companies worldwide in sectors such as financial services, eGaming, retail, travel and transportation, health, defence and digital media. The framework is purpose-built to simplify and speed data-driven, real-time application development, reduce operational costs, and economically deliver personalised data.

Scila, a leading global provider of market surveillance and risk management solutions, today announced a strategic strengthening of its organization through the appointment of two long-standing experts to key leadership roles. Lisa Jonsson has been named Head of Customer Success, and Mattias Wallman assumes the role of Principal Engineer, Energy and Commodities.These appointments reflect Scila’s commitment to scaling its operations while maintaining the high delivery quality that has defined the company’s recent success, particularly within the rapidly expanding energy and commodities sector."To support our significant growth and ensure scalability without compromising on the quality our clients expect, we are formalizing these leadership positions," says Mikko Andersson, CEO of Scila. "Lisa and Mattias embody decades of combined experience and a level of industry-specific insight that is truly unmatched. Their deep understanding of our clients' unique challenges, especially in the complex energy and commodities markets, is a cornerstone of our competitive advantage.""Jointly, they have successfully spearheaded more than 50 major client deployments over the years," Andersson continues. "This proven track record ensures that our incoming clients will benefit from the same unparalleled domain expertise that has defined our success to date. As we continue to mature as an organization, their leadership and skills in fostering effective customer relations will be pivotal in our journey forward."In her new role, Lisa Jonsson will lead and coordinate trade surveillance customer projects, with a primary focus on the energy and commodities segment. Having been a key driver in Scila’s project management for many years, her role is now clarified to further enhance knowledge sharing and best practices across the organization. Her focus is to ensure that every Scila client experiences a seamless journey from implementation to long-term success.As Principal Engineer, Mattias Wallman will provide high-level technical leadership and advisory for surveillance projects within the energy and commodities markets. Drawing on his extensive technical background and years of experience at Scila, Mattias will ensure that customer deployments are executed according to industry best practices, helping clients navigate evolving regulatory landscapes such as REMIT II with robust and scalable technology.These appointments come at a time of significant momentum for Scila. Over the past 18 months, the company has doubled its client base within the energy segment, a trajectory fueled by a global demand for sophisticated surveillance tools and a strong performance in the second half of 2025. By formalizing the roles of domain experts like Jonsson and Wallman, Scila reinforces its position as a partner that not only provides world-class technology but also possesses the deep industry knowledge required to solve the most complex market challenges.This organizational update is part of a broader initiative to build a robust, scalable foundation for Scila’s continued global expansion. The company has during the last year made several key recruitments in strategic areas, including Data Science and AI, finance, as well as within marketing and sales. These investments signal Scila's ambition to build a deeper, more mature organization ready to capitalize on future growth opportunities.

New data published by the World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, shows markets rebounded in the second half of 2025. IPO activity remained robust over the year, pointing to sustained demand for public listings against a challenging global backdrop.  Global equity market capitalisation increased 18.5% compared to the end of 2024, amounting to USD 151.94 trillion, with double-digit growth in every region.   Over USD 23 trillion was added to stock markets worldwide.   Each region reached its highest market capitalisation in the 5-year period.  Trading value rose 36.8% compared to 2024, with double-digit increases in every region.   Each region recorded its highest annual trading value in the period.   Non-IPO listings in the Americas region reached their maximum level in 5 years during the period, while the capital raised through already listed companies in EMEA region registered its lowest level.   There were 1,471 IPOs globally, representing an 8.7% increase compared to 2024. “  The Americas saw a double-digit rise (+20.3%), followed by APAC (+7.2%) and the EMEA region (+4.4%).   The capital raised through IPOs recorded a significant increase of 42.7% on 2024 with the Americas and APAC regions growing 50.3% and 58.1% respectively, while EMEA region declined 14.1%.    The average size of an IPO increased 31.2%, reaching USD 129.5 million/IPO.   While the Americas and APAC regions recorded double-digit increases of 24.9% and 47.5% respectively, the EMEA region registered a double-digit decline of 17.7%.    There were 21 IPOs that raised over USD 1 billion each compared to the 11 listed in the first half of the year.  The number of exchange-traded derivatives contracts declined 47.1% compared to 2024, driven by options, which declined 57.1%, while futures increased 4%.   Nandini Sukumar, CEO of the World Federation of Exchanges, said, “In 2025, exchanges truly fulfilled their purpose as engines of investment and growth, while empowering investors with the tools they need to offset exposure and hedge risk. Investors and businesses have flocked to public markets with confidence, seeking growth opportunities from the liquidity, transparency, and efficient price discovery regulated exchanges provide, even during times of global turbulence.”  Pedro Gurrola-Perez, Head of Research, the World Federation of Exchanges, said, “Going forward, geopolitical turbulence and economic tensions will remain key drivers of capital markets, with uncertainty around the U.S. administration policies continuing to shape business and investor sentiment. Elevated public debt and trade fragmentation also remain important concerns. Global growth in 2026 is expected to hover around 3.1%–3.6%, largely driven by AI investment and more accommodative monetary policies, though questions persist about the long-term sustainability of the AI-investment surge.” Read the full paper here.

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: Code Name New free-float BAZA PJSC "GC "BASIS", ordinary shares 17% CNRU IPJSC Cian, ordinary shares 40% DATA PJSC "ARENADATA GROUP", ordinary shares 20% ETLN IPJSC Etalon Group, ordinary shares 21% KLVZ PJSC "AGC", ordinary shares 12% OZPH PJSC "Ozon Pharmaceuticals", ordinary shares 20% PIKK PJSC "PIK SHb", ordinary shares 15% VTBR PJSC VTB Bank, ordinary shares 44% YDEX IPJSC YANDEX, ordinary shares 26% New values of additional weighting factor LW for several companies are available here Read more on the Moscow Exchange: https://www.moex.com/n97956

On 14 December 2025, ASX committed to provide ASIC a plan on how we will deliver the strategic package of actions that were agreed following delivery of the Inquiry Panel’s Interim Report (“Commitments Plan”). Today ASX submitted the Commitments Plan. This Plan is designed to support a reset of ASX as a trusted and active steward of Australia’s critical market infrastructure.   ASX Chair David Clarke said: “We agree with the Panel’s Interim Report and we see this as a critical inflection point for ASX to transform and rebuild confidence. As a steward of critical market infrastructure, we are held to high standards and we acknowledge we have not always met them. We are fully invested in turning this around and delivering lasting change.   “The submission of our Plan today marks an important step in demonstrating changes we are making. But we also understand it will be our delivery of sustainable outcomes, not words, that will ultimately build confidence.”   Key elements within the Commitments Plan   Governance and independence: ASX committed to strengthening governance and enhancing independence of the clearing and settlement functions (CS); and ASX has delivered a key milestone by ensuring fully independent boards for the CS facilities. This follows the resignation from the CS facility boards of the ASX CEO and two ASX Limited non-executive directors in early February. ASX will implement a new organisational model that establishes an expanded Clearing and Settlement division with dedicated resourcing in key areas while still receiving support from ASX Group.   Leadership: Strong and accountable leadership at all levels will be central to ASX’s transformation. The Board is overseeing the appointment of a new CEO with the expertise and mindset required for this next phase. Delivery of actions under both the Commitments Plan and the Accelerate program now forms part of executive scorecards.     Reset Accelerate program: We are redefining the Accelerate program to ensure it is an integrated, enterprise-wide initiative that will deliver lasting improvement aligned with our stewardship responsibilities. We have added governance and independence as a new stream and we will elevate the focus on leadership and culture.   Strategy, investment and capital: ASIC imposed an additional capital charge of $150 million in net tangible assets on ASX to reflect the elevated risk profile arising from the issues identified in the Interim Report. ASX has committed to accumulate the additional capital by 30 June 2027. Immediate steps taken to address the capital charge include reducing the 1H26 dividend payout ratio to 75% (from 85%) of underlying net profit after tax and operating a discounted dividend reinvestment plan.   Beyond meeting the additional capital requirement, ASX recognises our investment decisions must reflect our position as an operator of critical market infrastructure and our most recent revision to our FY26 operating expenses demonstrates our commitment to investing in our transformation.   Next steps As part of our commitment to transparent engagement with our regulators, the Board intends to obtain independent assurance on the delivery of the reset Accelerate program. The external assurer will review our progress against agreed milestones.   As we work to finalise our Commitments Plan, we note it will need to reflect any findings from the ASIC Inquiry Panel’s final report.   Mr Clarke said: “As a Board, we are acutely aware of the need to be highly active and involved with ASX’s transformation. We have substantially increased and deepened engagement by holding additional meetings and leveraging specific director expertise. We will continue our active oversight, particularly in relation to the Commitments Plan and Accelerate.   “The Board and management are resolute in the turnaround at ASX. What we’ve provided to ASIC today sets out clear objectives for how ASX must transform, and the specific steps we will take to meet the commitments we’ve made

The FSA published the Japanese version of "FSA Analytical Notes (2026.2) ". full text Analysis of Human Resource Support by Regional Banks and Shortages of Managerial Talent at Firms An English version will be published shortly. Back to the table of contents Contact Macro-financial Stability and Data Strategy Office, Risk Analysis Division, Strategy Development and Management Bureau, Financial Services Agency Tel +81-(0)3-3506-6000(main) (ext. 2819, 2828)E-mail datastrategyoffice[at]fsa.go.jp

ASIC has extended conditional short selling relief for appointed market makers to support market liquidity in exchange-traded options (ETOs) listed over Global X Physical Gold Structured and specified structured products referencing precious metals. The relief extends existing market maker short selling relief for similar exchange traded products where settlement failure risk is low. With effect from 3 February 2026, the ASIC Corporations (Amendment) Instrument 2026/24 amends the ASIC Corporations (Short Selling) Instrument 2018/745 to: allow market makers of specified structured products that reference precious metals to short sell these products during the course of market making on the same conditions that currently apply to ETF market makers, include Global X Physical Gold Structured as an approved product that an appointed ETO market maker can short sell to hedge risks arising from making a market in the listed option, extend the covered short sale transaction reporting relief for ETF market makers to also include market makers of specified structured products, and reflect current naming conventions for exchange traded products and use market neutral language. Market markets that intend to rely on the conditional exemption should review the amended instrument to understand how it applies to their market making activities. Further information about the short selling provisions of the Corporations Act 2001 and the Corporations Regulations 2001 is set out in Regulatory Guide 196: Short selling.

The UK venture capital (VC) market recorded a year-on-year (YoY) decline in both deal volume and funding value in January 2026, reflecting a more selective investment environment at the start of the year. The total number of VC deals announced during the month fell 20.9% YoY, while corresponding aggregate funding value declined 13.2%, reveals GlobalData, a leading intelligence and productivity platform. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The relatively moderate fall in terms of deal value compared to deal volume suggests that investors are prioritizing quality over quantity and backing proven scalable models. In fact, the average size of VC deals announced in the UK increased from $14 million in January 2025 to $15.4 million in January 2026.” An analysis of GlobalData’s Financial Deals Database revealed that the UK remained among the top five global markets for VC activity in January 2026. The country accounted for approximately 6.2% of total VC deals announced worldwide, marginally up from 6% a year earlier. However, in value terms, the UK’s share declined more noticeably to 1.3%, compared with 4.7% in January 2025, underscoring the relative shift in global capital allocation. Bose adds: "This decline in share is less a reflection of UK-specific weakness and more an outcome of exceptional value expansion in the US, where capital deployment surged dramatically and lifted the global aggregate.” It is noteworthy that total global VC funding value YoY increased by more than 200% in January 2026, primarily driven by the US that registered more than fourfold (4x) jump in funding value. Bose concludes: “With average deal sizes rising and investors concentrating capital into scalable, defensible models, GlobalData expects activity to remain disciplined in the near-term. A gradual rebound in volumes is likely as macro visibility improves, and growth-stage confidence strengthens.” Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

CUSIP Global Services (CGS) today announced the launch of a direct request mechanism enabling individual voluntary carbon market (VCM) registries to request CUSIPs for carbon credits. EcoRegistry, a leading registration platform for environmental assets, has become the first to integrate the VCM CUSIP request process allowing all VCM projects listed on its platform to be linked to a CUSIP. This direct integration of VCM CUSIPs improves the transparency, interoperability and traceability of VCM carbon credits throughout their lifecycles. The initiative builds on CGS’ alliance with BeZero Carbon, the independent carbon ratings agency, to create unique identifiers for carbon credits. These VCM CUSIPs operate in a similar fashion to the nine-character, alphanumeric CUSIP security identifiers that capture the unique attributes relevant for financial securities. Now, through a direct integration to the CUSIP request mechanism, VCM projects listed on EcoRegistry will be able to request VCM CUSIPs for their carbon credit initiatives. “The foundation of every financial transaction, whether it is a stock sale, a bond issue or a carbon credit, is being able to accurately, consistently and instantly identify the underlying asset and its core structure. We deliver that standardized transparency to global financial markets every day, and we are honored to share that expertise with VCM participants,” said Darren Purcell, CGS Regional Head – EMEA. “By incorporating VCM CUSIPs into the core registration workflow, EcoRegistry is helping to set a new standard for transparency and institutional rigor in the VCM ecosystem.” “Interoperability is the key that unlocks true transparency,” said Juan Dura, CEO, EcoRegistry. “By working together with CGS, we are bridging the critical gap between environmental assets and global financial markets, making it possible to verify, track and validate VCM projects with the same robust infrastructure and end-to-end traceability used in traditional securities markets.” For more information on CUSIP identifiers for VCM projects, please click here.

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that, if finalized, would sever MBaer Merchant Bank AG (MBaer’s) access to the U.S. financial system as a result of its financial support to illicit actors linked to Russia and Iran.  If finalized, the proposed rule would prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, MBaer.  “MBaer has funneled over a hundred million dollars through the U.S. financial system on behalf of illicit actors tied to Iran and Russia,” said Secretary of the Treasury Scott Bessent. “Banks should be on notice that the U.S. Treasury will aggressively protect the integrity of the U.S. financial system using the full force of our authorities.” Since its inception, MBaer and its employees have enabled money laundering and illicit finance activities, including by facilitating corruption linked to Russian money laundering and money laundering and terrorist financing on behalf of Iran-aligned foreign terrorist organizations, including the Islamic Revolutionary Guard Corps and its Quds Force.  MBaer is a critical access node to the U.S. dollar for a wide variety of illicit actors, putting U.S. national security at risk and undermining the integrity of the U.S. financial system. Under section 311 of the USA PATRIOT Act, FinCEN, upon finding that reasonable grounds exist for concluding that a financial institution operating outside of the United States is of primary money laundering concern, may require covered financial institutions to take certain “special measures.”  Today, FinCEN published a notice of proposed rulemaking (NPRM) setting out this finding and proposing to impose special measure five, which would prohibit covered domestic financial institutions from opening or maintaining a correspondent account for or on behalf of MBaer.   Written comments on the NPRM may be submitted within 30 days of its publication in the Federal Register. Whistleblower Program  FinCEN maintains a whistleblower incentive program for violations of the Bank Secrecy Act and certain sanctions and national security laws.  Individuals who provide actionable information may be eligible for awards if their tip leads to a successful enforcement action.  FinCEN encourages individuals with relevant information to submit whistleblower tips and learn more about FinCEN’s Whistleblower Program on its website: https://www.fincen.gov/whistleblower-program.

Comptroller Jonathan V. Gould today testified on the Office of the Comptroller of the Currency’s (OCC) priorities and activities before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Excerpts from Comptroller Gould’s testimony are below. The full written testimony can be found here. On risk tolerance: “In the years since the 2008 financial crisis, Washington too often sought to eliminate rather than manage risks, resulting in a less relevant and diverse banking system. Unelected bureaucrats discouraged prudent risk-taking, stifled innovation, and drove credit out of reach for small businesses and communities. The Dodd-Frank Act, far from ending too big to fail, created a ‘moat’ around the very largest banks and introduced ‘too-small-to-succeed.’ Community banks with less than one billion dollars in total assets have since seen their numbers cut in half.” On debanking: “No American should be denied access to banking products and services because of political or religious beliefs or lawful business activity. We are implementing President Trump’s Executive Order on Guaranteeing Fair Banking for All Americans by, among other things, reviewing the activities of the largest national banks and investigating complaints of alleged debanking. We have also proposed a rule to eliminate reputation risk from supervision, a tool too often used to debank politically disfavored individuals or groups. We are intent on ensuring banks provide access to banking products and services based on individualized, objective, risk-based criteria, not politics or ideology.” On supervision: “The OCC is strengthening its supervision by returning to a risk-based approach rooted in law with an emphasis on examiner judgment, not arbitrary checklists. Examiners will focus on issues that materially affect banks’ safety and soundness. We are also codifying reforms to the ‘Matters Requiring Attention’ process, clarifying enforcement standards, and ensuring supervisory tools are used proportionately and predictably.” On regulatory reform: “The OCC is working with our interagency partners to repropose the Basel III capital rulemaking, and evaluating opportunities to improve the Community Reinvestment Act framework. These efforts share a common principle: regulation should safeguard the system, not smother it. We are also advancing BSA/AML modernization, and targeted burden relief for community institutions. Taken together, these actions will make our regulatory architecture simpler, stronger, and more accountable.” On innovation: “The GENIUS Act is this Congress’s effort to advance American innovation through payment stablecoins, and we look forward to comments on our proposal to implement it. We also welcome applicants for bank charters. Their renewed interest is a return to the norm and a sign of a healthy banking system. We will continue to evaluate applications on a case-by-case basis and in an even-handed fashion, consistent with the statutory factors and our high supervisory standards. We will also work with OCC-supervised banks to clarify new ways for banks to conduct the very old business of banking and embrace new technologies like AI, ensuring these opportunities are available to all banks that wish to take advantage of them rather than a privileged few.”