ACER has published a position paper introducing output performance indicators to measure the performance of grid-enhancing technologies in electricity transmission. Europe's energy transition is driving higher electricity demand and renewable generation, increasing pressure on Europe’s transmission networks. While grid expansion remains key, making better use of existing infrastructure through innovative operational practices, digitalisation and grid-enhancing technologies is equally important, as smart solutions of transmission system operators (TSOs) can often deliver additional capacity faster and at a lower cost. Why transmission output performance indicators matter EU legislation already requires national regulators to monitor the development of smart electricity grids. However, few EU countries currently systematically measure how grid-enhancing technologies perform in practice. This ACER work (requested at the June 2025 Copenhagen Infrastructure Forum) supports a more consistent EU approach to assessing smart-grid performance at transmission level and complements parallel work on distribution grids by the Council of European Energy Regulators (CEER). What does ACER recommend? ACER proposes three output indicators for regulators to assess grid-enhancing technologies in transmission grids: performance of existing transmission assets in real-time system operations; performance of operational security; and grid expansion performance. These indicators aim to capture actual grid capacity gains, operational-security benefits and cost-efficient alternatives to conventional grid expansion. Beyond the three proposed output indicators, the paper also highlights complementary areas of monitoring that can enhance regulatory insight. Next steps ACER recommends a phased, learning-oriented implementation, with a two- to three-year transition period to allow regulators to test, refine and apply the indicators consistently across Europe. Read more.

Overview 2025 was the LME’s strongest year ever for futures and options volumes. LME futures and options average daily volume (ADV) in 2025 reached 717,334 lots, up 7.9% on ADV in 2024. Quarterly ADV in Q4 was the highest on record averaging 777,016 lots each day; the previous high was set in Q2 2014 with 735,604 lots traded daily. There were also significant quarterly volume advances for individual metals. LME Copper ADV in Q4 2025 was up by 44.3% over Q4 2024, and LME Nickel was up by 40.1%. Matthew Chamberlain, LME CEO, said: “2025 has seen the LME hit its highest ever annual volume, as market participants have increasingly turned to the LME to manage their price risk in this period of geopolitical uncertainty and supply tightness. “We are excited about our 2026 initiatives, as we introduce a number of market structure modernisation measures such as block thresholds, while also working towards the launch of electronic options. I am grateful for the support of our users and look forward to the LME delivering increased transparency and deeper liquidity for the whole market over the coming 12 months.” Annual volumes   ADV 2025 (lots) ADV 2024 (lots) Percentage change Total  717,334 664,698 7.9% Aluminium 268,048 262,390 2.2% Copper 170,915 152,291 12.2% Zinc 109,461 104,318 4.9% Nickel 85,048 65,094 30.7% Lead 72,186 68,565 5.3% Tin 7,264 6,284 15.6% Quarterly volume highlights  LME Aluminium was up 11.6% on Q4 2024 and reached its third highest quarterly ADV since Q2 2014. LME Copper saw its highest quarter since Q2 2013 and was up by 44.3% over Q4 2024. LME Zinc reached its highest quarterly volume since Q2 2019 and was up by 17.7% over Q4 2024. LME Nickel was up 40.1% over Q4 2024 and reached its second highest quarterly ADV on record. LME Lead reached its highest ever quarterly ADV with volume up by 22.8% over Q4 2024. LME Tin saw its highest quarterly volume since 2014 with ADV up by 23.4% over Q4 2024. LME Cobalt grew significantly over the year, with an ADV of 227 lots in Q4 2025 compared with 9 lots in Q4 2024. Trading in LME Aluminium and LME Copper options contracts doubled over Q4 2024. Open interest LME futures open interest was up by 14.8% y/y, after peaking at 2.09 million lots in December, and the highest level since the beginning of 2021. LME Copper, Nickel and Lead saw futures open interest rise between 25% and 30% y/y. LME Copper futures open interest rose to its highest level since 2020 with 430,856 lots held in December. LME Lead futures open interest passed 214,000 lots in December for the first time since 2012. LME Nickel futures open interest exceeded 318,000 lots in December for the first time since 2020. LME Tin futures open interest reached its highest level since 2014 in December. More LME volumes data can be found here. NB: Trading data excludes UNA trades. Sustainability and physical market data highlights Brand listings: 14 new brands were listed on the LME in 2025. Of these, six were for lead, four were for copper, three were for nickel and one was for cobalt. LMEpassport – sustainability disclosures: o   At the end of 2025 there were 2,226 sustainability disclosures, up from under one thousand disclosures at the end of December 2024. o   57 different sustainability certifications and disclosures are supported by the platform. LMEpassport – certificates of analysis (CoAs): The total number of electronic CoA records reached 12.4 million as of December 2025, up from 5.4 million at the end of 2024. Of these, 10.4 million (84%) were enhanced CoAs, which have been produced digitally at the point of production.

ING is pleased to announce the appointment of Julieta Susara as Chief Risk Officer (CRO) for the United Kingdom. Julieta will oversee ING’s risk management framework in the UK, ensuring robust governance and disciplined execution in support of sustainable growth and long-term client relationships. She will also drive strategic initiatives to strengthen risk culture and regulatory compliance across the organisation. Risk management is central to ING’s strategy and underpins its commitment to growth. Julieta’s appointment will ensure risk management continues to be embedded into daily operations and strategic planning, providing confidence and resilience for clients. Alexandra MacMahon, UK Country Manager, ING, said: “Julieta brings a strong track record in risk leadership and a client-centric approach. As we continue to deepen relationships with UK corporates and financial institutions, she will help us maintain a disciplined risk culture while enabling growth that is sustainable for ING and our clients.” Julieta brings more than 20 years of experience in financial services, specialising in credit risk management across global markets. She joins ING from Nomura where she held senior leadership roles, including Global Head of Financial Institutions and Regulated Funds, Deputy Head of Credit Risk Management (EMEA), and Global Head of Credit for Instinet, a Nomura subsidiary. She played a key role as Deputy Chief Risk Officer and Head of Credit Risk Management at Nomura Financia Products Europe in Frankfurt, where she successfully established the Risk Management department for the European continental franchise. Julieta Susara, Chief Risk Officer, ING UK, said: “I’m excited to join ING’s UK team at a pivotal moment for our clients and markets. My focus will be to uphold the bank’s strong risk foundations, work closely with our businesses and support ING’s ambition to be the best European wholesale bank.” Julieta will be a member of the UK, European and Global Risk Management Teams, and a Senior Management Function (SMF) holder (subject to regulatory approval). She will report functionally to Rein Graat, Head of Risk, Wholesale Banking, and hierarchically to Alexandra MacMahon, UK Country Head. She holds an Msc in Finance and Financial Law from SOAS, University of London. She begins her new role on 12th January.

Broadridge Financial Solutions, Inc. (NYSE: BR), global Fintech leader, today announced that its Distributed Ledger Repo (DLR) platform processed an average of $384 billion in daily repo transactions during December, with volumes totaling nearly $9 trillion. The daily average is a 490% increase year-over-year and a 4% increase from November, underscoring sustained institutional adoption of tokenized real-asset settlement at scale.     “Platforms like DLR have scaled tokenized repo settlement from early adoption to institutional reality and demonstrate the operational resilience of distributed ledger technology,” said Horacio Barakat, Head of Digital Innovation at Broadridge. “2025 marked a breakout year for DLR as the world’s largest institutional platform for settling tokenized real assets and we expect continued expansion in participants, use cases, and volumes in 2026 with DLR playing a leading role in the future of repo and capital markets.”    Realizing the necessity of streamlined repo processing, improved collateral mobility, and reduced operational friction to address the needs of today’s global capital markets, the industry will continue to expand adoption and deepen integration across traditional and blockchain-based market infrastructure. As tokenization moves into its next phase of maturity, institutions are increasingly prioritizing trusted platforms that can operate at scale while meeting the demands of regulated markets.    Broadridge remains committed to helping clients bridge traditional and digital financial ecosystems and unlock new opportunities across global capital markets. To learn more, please visit Broadridge’s DLR platform. 

All-time high ADV for Europe, Middle East & Africa (EMEA), Asia Pacific (APAC) and Canada CME Group, the world's leading derivatives marketplace, today announced that its international average daily volume (ADV) reached a record 8.4 million contracts in 2025, up 8% from 2024. Reflecting all trading reported outside the United States, these volumes were driven by increases in Metals up 37%, Equity Index up 20%, Energy up 11%, Agricultural up 9%, and Interest Rate up 2%, all compared to the same period in 2024. "Amid persistent economic and geopolitical uncertainty in 2025, clients outside the United States relied on the proven strength of our global benchmarks and deep, around-the-clock liquidity," said Julie Winkler, Senior Managing Director and Chief Commercial Officer, CME Group. "Risk management remains essential for 2026, and we are committed to providing clients with the tools they need to efficiently navigate any market environment." In 2025, EMEA ADV hit a record 6.1 million contracts, up 6% from 2024. The region saw ADV records in Equity Index up 25%, Metals up 23%, Agricultural up 8%, Energy up 7% and Interest Rate products up 1%. APAC ADV grew to an all-time high of 1.9 million contracts in 2025, up 13% from 2024.  This was driven by new ADV records in Metals up 66%, Energy up 32%, Agricultural up 14% and Interest Rate products up 8% year on year. Canada ADV achieved a record 180,000 contracts in 2025, up 10% year on year, with ADV records in Equity Index, Interest Rate, Agricultural and Energy products up 23%, 6%, 3% and 1% respectively year on year. LatAm ADV reached 173,000 contracts in 2025, unchanged from 2024. The region saw ADV records in Foreign Exchange up 42%, Metals up 29% and Equity Index products up 7%. Globally, CME Group reported a record ADV of 28.1 million contracts in 2025, up 6% over 2024. This was largely driven by record growth in Interest Rate ADV, up 4% to a record 14.2 million contracts. Metals ADV also saw record growth, up 34%, with additional records across Agricultural and Energy ADV, both up 8%. 

Droit, a technology firm at the forefront of computational law and regulation, today announced the launch of Decision Decoder, an AI-powered tool to provide context-aware explanations for decisions generated by Droit’s patented Adept platform. Used by the world’s leading financial institutions, Droit’s Adept platform operationalizes laws, rules, and policies to advance pre- and post-trade compliance. Adept empowers institutions to process tens of millions of inquiries a day, making compliance decisions globally and in real-time. Droit’s Decision Decoder used in conjunction with the Adept platform streamlines the regulatory review process and empowers operational teams with an enhanced understanding of regulatory decisions through the use of AI. By leveraging Large Language Models (LLMs) alongside Droit’s structured data, the Decision Decoder brings the platform’s unparalleled transparency to the forefront with comprehensive, click-to-expand explanations anchored by Droit’s expert-curated knowledge models.  The Decision Decoder integrates with Droit’s Logic Viewer, pairing the Logic Viewer’s visualization of a traceable decision tree with an AI-generated decision explanation. The explanation decodes the reasons for the decision, providing a readable summary of the decision tree that is contextualized against the uploaded trade data and citations to the underlying regulatory texts. Recognizing that LLMs perform best when they operate within narrow constraints, Droit’s knowledge models and core technology provides the structured guidance necessary to achieve consistent accuracy. With responses formulated using only user input combined with Droit’s logic and knowledge set, users can be confident that Decision Decoder explanations have the same level of traceability and auditability as the Adept decision itself. Key Benefits of Decision Decoder include: • Rapid Insight: The Decision Decoder contextualizes the Adept decision for a quick understanding, explaining the relationship between the user inputs, Adept logic, and annotated regulatory texts. • Improved Efficiency: Decision Decoder reduces time spent exploring Adept’s Logic Viewer and Digital Library by providing explanations upfront. • Risk Mitigation: By providing clear, direct explanations, Decision Decoder reduces the potential for misinterpretations of complex rules. Brock Arnason, Founder and Chief Executive Officer of Droit, commented on the launch, “The Decision Decoder combines the explanatory power of generative AI with Droit’s unique decision logic, bringing greater efficiencies to operations and compliance teams worldwide. Adept has enabled transparency and traceability for our clients from day one. We can now offer financial firms a powerful, low-touch tool to enhance comprehension and reduce the administrative burden of compliance.” Joceline Zheng, Chief Product Officer of Droit, adds, “When “AI” is everywhere, effectiveness is the differentiator. Our use of LLM-based AI is not just about the buzzwords. The Decision Decoder synthesizes some of the most powerful aspects of LLM-based AI and the Adept platform to deliver meaningful improvements in our clients’ workflow. It demonstrates the flexibility of Droit’s regulatory knowledge models, which are an exceptionally rich corpus of intellectual assets.”

Building on its strategy to harness AI and harmonized data to optimize global post-trade operations, global Fintech leader Broadridge Financial Solutions Inc. (NYSE: BR), today announced a strategic investment and expanded partnership with DeepSee, a leader in agentic AI technology based in Utah, U.S. The agreement includes Broadridge taking a minority ownership stake in DeepSee and marks a significant milestone in Broadridge’s strategy to leverage AI and harmonized data to optimize global post-trade operations.     Along with the investment, Tom Carey, President of Broadridge Global Technology and Operations (GTO), will join DeepSee’s Board of Directors, further aligning the two companies’ shared commitment to accelerating AI transformation across capital markets. The collaboration will initially focus on deploying AI-powered email orchestration, turning traditional inboxes into intelligent, automated workflows for post-trade operations teams.    “This latest investment and partnership underscores Broadridge’s commitment to delivering innovative AI-powered solutions that transform operations, reduce risk, and enhances the client experience,” said Tom Carey, President of Broadridge Global Technology and Operations. “Working with DeepSee, we are bringing agentic AI directly into post-trade workflows, helping clients move from manual email handling to intelligent automation—unlocking new levels of productivity and operational resilience.”     Broadridge is a leading provider of post-trade processing technology, clearing over $15T in daily trades across global markets every day. By embedding AI into workflows such as fails research, inventory optimization, and now email orchestration, Broadridge is further empowering clients to simplify complex ecosystems, improve decision-making, and unlock new levels of efficiency.    “From the beginning, DeepSee’s vision has been to leverage the power of AI agents to transform the complex processes of financial services into actionable outcomes that drive immediate, production-ready business impact,” said Steve Shillingford, CEO and Founder of DeepSee. “Working with Broadridge enables us to scale that vision globally, bringing AI innovation directly to the core of capital markets operations. Together, we are helping firms dramatically reduce manual processes, improve client responsiveness, and unlock new levels of efficiency.”     Together, Broadridge and DeepSee are redefining posttrade operations by transforming in-bound email requests into connected workflows where AI agents, systems, and people operate seamlessly together. Pre-trained and pre-configured agents power automated operations and industry-specific AI capabilities convert communications into real actions—delivering faster responses, stronger compliance, and measurable operational results.    Key benefits of the AI solution include:   Increased productivity: Automates workflows by connecting to underlying systems to retrieve critical data and enhances efficiency through intelligent organization, prioritization, and drafting of emails  Smarter resource optimization: Elimination of unnecessary emails, AI based categorization of work types and prioritization of importance of emails powered by insights into email volume and trends, enables proactive workload management and freeing teams for higher-value work.  Enhanced transparency and supervision: Real-time dashboards display SLA metrics, operational trends, and actionable insights across teams.    The solution has already been deployed across Broadridge’s Business Process Outsourcing Operations which serves over 60 clients. The solution is also integrated with Broadridge post-trade capabilities providing the opportunity for firms to deploy with-in their own four walls with the Broadridge Platform or on a standalone basis.   

Sodali & Co (the ‘firm’ or ‘Sodali’), the leading global capital markets-centric stakeholder advisory firm, is pleased to announce four appointments to its Executive Leadership Team (ELT) under Chief Executive Officer Andrew Benett. These newly created senior roles will strengthen Sodali’s ability to respond to clients’ evolving needs with an integrated suite of shareholder, sustainability, and strategic communications advisory services delivered on a global scale. The appointments are as follows: Brett Clegg has been promoted to Chief Commercial Officer. Brett was previously Chairman of Sodali’s APAC region, based in the firm’s Sydney office. He specializes in advising clients on strategic communications, issues management, and capital markets transactions. Prior to Sodali, Brett spent over two decades in senior executive and editorial roles at some of Australia’s leading news brands, including The Australian Financial Review, The Australian, and The Daily Telegraph. Aneliya Crawford has joined as Chief Partnerships Officer & Global Head of Shareholder Advisory, based in New York. Most recently, Aneliya served as the Head of Corporate Shareholder Advisory, Americas at UBS. Prior to that as Global Head of Activism and Defense at UBS, she built the shareholder activism and defense practice for the investment bank globally. Prior to UBS, Aneliya was an equity partner in the M&A group at Schulte, Roth & Zabel, co-heading one of the leading shareholder activism groups in private law. She was previously an M&A partner at Olshan Frome Wolosky Liz Micci has joined as Chief Client Officer & Global Head of Strategic Communications, based in New York. Liz is a proven communications executive with 25 years of experience at leading strategic communications firms. With expertise spanning corporate, crisis, and financial communications, Liz joins from FGS Global, where she held a number of leadership roles, most recently co-leading the firm’s Global Strategy and Reputation Practice and serving on the North America Executive Committee. Nadia Krivickova has joined as Chief People Officer based in New York and Stamford, CT. Nadia joins Sodali from Forensic Risk Alliance, where she served as Chief People Officer, following nearly 20 years at AlixPartners in New York, where she led Americas People Planning and Operations, Global Strategic Staffing, and other key People roles. Before pivoting her career to HR, Nadia was a consultant in AlixPartners’ Risk Advisory practice, focusing on forensic accounting and corporate investigations. In addition to Brett, Aneliya, Liz, and Nadia, the following Sodali leaders will sit on the newly formed Executive Leadership Team:  Dan Wadleigh, Chief Financial Officer, who joined Sodali in 2025 after holding CFO positions at a variety of communications, advertising, and marketing firms. Amy Murphy, Global Head of Strategy, who joined Sodali from PwC in 2025. Lauren Palumbo, Chief of Staff, who previously served as Head of Operations for Sodali’s Sustainability Practice. Andrew Benett, Chief Executive Officer of Sodali & Co, commented:  “Companies today face high-stakes decisions where financial health, stakeholder trust, governance risk, and sustainability expectations are all intertwined. At Sodali & Co, we are ideally positioned to help clients navigate these dynamics with an integrated, global approach that is unique in our industry.  The ability to attract and retain world-class talent such as Brett, Aneliya, Liz, and Nadia is both an endorsement of and an accelerant to this specialized strategy.  Working together as one team, we will provide our clients with integrated expertise and bespoke advice to address complex interconnected issues, identify and capitalize on strategic opportunities, and drive successful business outcomes. Meanwhile, we will continue to invest in our unmatched capital markets data and intelligence capabilities to provide clients with the differentiated insights that underpin our offering.” These appointments come after a period of sustained growth for Sodali. The firm reported a record year for the 12 months to June 30, 2025, as clients face increasingly complicated and interconnected issues, including cross-border M&A and shareholder activism. 

I would like to thank the California Bankers Association for the invitation to join you today.1 Throughout my now seven years as a member of the Federal Reserve Board, I have found that direct outreach with bankers has been the most effective way to learn about and understand your perspectives on improving the regulatory and supervisory frameworks, and on local banking and economic conditions. It has now been seven months since I was appointed by President Trump as Vice Chair for Supervision. It is an incredible honor and a profound responsibility to serve in this role. Since I first joined the Board in November 2018, we have faced significant challenges in the banking system and in the economy. Serving on the Board during this time has provided a unique perspective about the banking system and specifically this role, including how to effectively carry out its important responsibilities and promote the safety and soundness of the banking system. Over the past seven months, I have implemented a comprehensive approach to pragmatic supervision and regulation. As we work to preserve safety and soundness, we must ensure the U.S. banking system remains efficient, innovative, and accessible. This is especially important for the small and community banks that serve Americans across the country, including my hometown in Kansas. Drawing from my own experience as a community banker and as the Kansas State Bank Commissioner, I have prioritized tailoring our approach to reflect the unique profiles of banks, refocusing our supervision on early detection and remediation of material financial risks and enhancing transparency in our processes. You know these risks well—they are the core risks that truly threaten the viability and safety and soundness of institutions and the stability of the broader financial system. The past seven years as a Governor have also profoundly shaped my approach to this role. They provided an invaluable, front-row perspective on the evolution of supervisory policy, the internal deliberations of the Board, and the real-world impact of our decisions on banks of all sizes. I observed first-hand how certain regulatory and supervisory practices—which may be well-intended—can drift to focus on subjective, politicized, or tangential issues that divert our attention from the risks that materially impact safety and soundness and financial stability. Leveraging these experiences allows me to explain not just what we are changing, but why—rooting reforms in observed outcomes rather than abstract theory. This approach bridges Washington policymaking with Main Street banking, ensuring that our supervisory and regulatory framework reflects lessons learned and prioritizes what truly matters for safety and soundness and financial stability. Progress in Supervisory and Regulatory ModernizationSince June of last year, we have significantly advanced on the agenda I laid out in my Georgetown University speech.2 While we have made a great deal of progress in just a few months' time, today, I would like to focus on a few of these priorities. Beginning with properly targeted supervision. Supervision is a powerful instrument for promoting safety and soundness. It enables examiners to rigorously assess institutions and detect any material weaknesses requiring remediation. Every institution is distinct—with respect to its products and services, geographic presence, market position, and the specific risks it poses. Supervision is one of our most valuable diagnostic tools. It requires a balanced approach, tough decisions, and reasoned judgement. What is the scope of the examination? Which risks should be prioritized? Are there new or emerging risks that require additional review? To be effective in promoting safety and soundness and U.S. financial stability, supervision must focus on the most important risks—which are the core and material financial risks. In late October 2025, for the first time, the Federal Reserve published supervisory operating principles designed to enhance supervisory transparency and accountability and sharpen our examination processes.3 These principles direct supervisory staff to identify and require early remediation of material financial risks. The failure of Silicon Valley Bank (SVB) exposed critical flaws in our prior supervisory approach, which became an ever-expanding scope of unfocused activities that led examiners and the bank to overlook or downplay severe interest-rate and liquidity risks that triggered the bank's collapse and eroded broader public confidence. As I have said a number of times in the past, significant lessons remain from the SVB episode, and we are committed to identifying and rigorously addressing them. Turning back to the operating principles, since their introduction, we have made significant progress in their implementation, including through question and answer sessions with leaders and staff throughout the Federal Reserve System, both at the Board and the Reserve Banks; providing illustrative examples to demonstrate how they should be applied in different circumstances, which we will add to over time; hosting conversations and answering questions from Supervision leaders and staff; and soliciting feedback from regulated firms. If we discover areas that should have been included but were not covered in the initial set of principles, or if we find that there is confusion or misunderstanding about how they should be applied we will refine our approach. We have also made an important change to the LFI ratings framework that applies to the largest banks. The changes ensure that the "well-managed" status of a firm is reflective of its overall ratings and risk, rather than disproportionately weighting a single supervisory component to drive this overall assessment of the firm. While this is an important step, we recognize that there is more work to be done on bank ratings frameworks, which I will discuss shortly. We have also eliminated the use of "reputational risk" in the supervisory process. In the past, this imprecise supervisory tool has been misused to prohibit politically disfavored activities. And in furtherance of our focus on core and material financial risks, we have rescinded the climate guidance that diverted supervisory resources away from risks that are material to the safety and soundness of banks. This guidance forced institutions to devote excessive resources to collecting climate-related data from customers and prospective customers, and to forecast business risks beyond any reasonable or reliable forecasting window, potentially decades into the future—all to address risks that banks are already required to manage. In short, these climate principles did little to further our statutory objectives to protect safety and soundness and financial stability. Banking inherently involves risk. The regulatory framework aims not to eliminate risk, but to ensure the safe and sound management of risk. With proper prioritization, regulators and examiners can foster robust risk management while enabling banks to innovate, grow, and serve their customers, communities, and the broader U.S. economy. Since the mortgage crisis more than 15 years ago, bank regulation has been implemented under an overly granular "more-is-better" approach that has driven significant banking activity out of the regulated system and into less-supervised corners of the financial landscape. This framework is long overdue for a comprehensive review. An unfocused, process-heavy approach to regulation and supervision leaves banks less able to support economic activity, displaces activity into unregulated sectors, and ultimately makes the overall financial system less safe and stable. In recent months, we have introduced meaningful improvements, including publishing several proposals for public comment, and finalizing several critical reforms. We have proposed re-calibrating the community bank leverage ratio (CBLR) to the statutory minimum to provide greater flexibility to eligible community banks. This would change the required level of capital for community banks electing the CBLR from 9 percent to 8 percent, a level that is still nearly double the required Tier 1 leverage ratio and preserves a strong capital foundation for these firms. The CBLR allows a community bank to choose to meet a single leverage capital requirement instead of the risk-based measures designed for larger banks. In addition to meeting the statutory capital requirement, it enables more community banks to take advantage of the relief that Congress intended. We look forward to receiving comments and ultimately finalizing the proposed revisions. We have also modified the enhanced supplementary leverage ratio (eSLR), returning it to its traditional role as a leverage-based backstop to risk-based capital requirements. In doing so, we are making real progress to enhance the stability of the U.S. Treasury market by enhancing intermediation capacity for large bank-affiliated broker-dealers. In addition, we are in the process of revising and enhancing the stress testing program to reduce year-over-year volatility, improve the reliability and accuracy of the models, and increase transparency. And in the coming days and weeks, the Board will announce additional regulatory changes to improve the fairness, transparency, and prioritization of the supervisory process. The Path Forward: Bank Regulatory and Supervisory ReformsWhile I hope that you are already seeing the benefits of these initial modernization efforts, there are a number of additional initiatives underway that will materially improve the bank regulatory framework for all sizes of banks—especially for community banks. Improving Supervision – Memorializing Changes in RegulationStaff will soon conclude several regulatory proposals that will guide our supervisory work. The first proposal would define what constitutes "unsafe and unsound" practices for supervision and enforcement activities. The second removes "reputation risk" from the supervisory process. These proposals will largely align with the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) proposals, and are intended to demonstrate the Federal Reserve's commitment to transparency, fairness, and efficiency, which are the core principles I have supported for many years. Updating and Indexing Asset ThresholdsBank supervision and regulation applies based on the categorization of banks into "portfolios," which are based on a combination of fixed statutory and regulatory thresholds. Many of these portfolios rely on only a single, fixed asset level, like the definition of a community bank at $10 billion or a large bank at $100 billion. This type of definition relies only on the bank's asset size regardless of its activities, business model, or risk profile. Among many other shortcomings, this approach does not account for economic growth and inflation over time. As a result, firms with stable growth, consistent business models, and no change in risk profile end up crossing asset thresholds and becoming subject to increasingly complex and burdensome regulatory requirements and supervisory expectations. While asset thresholds for portfolios play a significant role in the supervisory process, there are a wide range of thresholds that impact banks across the regulatory and statutory frameworks. Looking ahead, we will reconsider these regulatory thresholds and will work to support Congress in updating thresholds that have become outdated and too low relative to the broader economy. A simple solution would be to adjust thresholds by nominal GDP, which includes both economic growth and inflation. Doing so will result in a more robust and resilient system over time, proactively integrating indexed changes into the framework. It may also be worth considering whether single-metric thresholds, like those based purely on asset size, are the most effective way to align statutory, regulatory, and supervisory requirements with the underlying risk of the activity, or whether a more nuanced approach may be appropriate. For example, a more nuanced approach could consider things like business model and risk profile as inputs. I look forward to working with Congress and my regulatory colleagues to address these and other opportunities to update the regulatory framework. I also support taking a comprehensive approach to indexing statutory requirements broadly across all financial agency authorities, including for requirements that I did not directly reference in my remarks today. Supervisory PortfoliosIn several speeches over the past few years, I have outlined considerations for a more effective approach to supervising community banks.4 This would require better aligning our supervisory approach to the complexity and risk profile of smaller institutions. Community banks should be subject to strict supervisory oversight, but it must be commensurate with their smaller size, simpler business activities, and the modest risks they pose to U.S. financial stability. This could be accomplished by separating the community bank oversight program from those designed for larger and regional banks, focusing examiner attention on small bank risks and activities. This would also eliminate the temptation to "push down" standards and expectations to community banks, that were designed for larger and more complex institutions. Material Financial RiskTo avoid confusion, it may also be helpful to clarify what is meant by identifying material financial risks in the supervisory process. It does not mean focusing primarily on checking boxes in reviewing processes, procedures, and documentation, regardless of the assessment of risk. It also does not mean ignoring other aspects of the established supervisory program. As the supervisory operating principles note, focusing on material financial risks requires examiners to use reasoned judgment to prioritize through every stage of an examination. This begins with targeting in the pre-examination letter, the examination's scope of work, and differentiating between findings that meet the threshold of a matter requiring attention, and those that can be addressed through less formal means. The operating principles specifically reference supervisory observations for those matters that do not rise to the level of a violation but may be included in an examination report. Reducing Overlap in ExaminationsIn conducting holding company supervision, the Federal Reserve is required by statute to rely "to the fullest extent possible" on examinations performed by a subsidiary bank's primary state or federal supervisors. In practice, complying with this requirement imposes significant limits on the Fed's supervisory activities. This applies to national banks regulated by the OCC and state non-member banks regulated by the FDIC and a state banking regulator.5 The requirement is designed to avoid redundant and burdensome examination processes. However, to be effective, the Fed must have confidence in the supervisory processes and outcomes of these OCC, FDIC, and state banking agency exams, which requires access to and a thorough review of examination reports and activities. Where it is not possible to rely on or we do not have access to an exam or supporting documentation of supervisory activity, we may need to conduct our own review. Reports of Examination and Supervisory RatingsEach bank examination concludes with a report of examination. This report documents exam findings including any supervisory observations or criticisms, and matters requiring attention (MRAs) or matters requiring immediate attention (MRIAs), if any are found during the exam. The report also includes the bank's supervisory ratings according to the CAMELS rating system.6 Exam findings and the inclusion of specific matters in the report can have serious consequences for the bank. In addition to directing how banks prioritize their efforts to remediate identified issues, the bank's CAMELS rating can influence whether the bank qualifies to receive favorable treatment of banking applications, affect the cost of FDIC insurance premiums, affect the cost of liquidity funding, and serve as an indication of bank management performance for its board of directors. The supervisory operating principles emphasize that examination findings and reports must focus on material financial risk. We are currently implementing several initiatives to reflect this approach including: revisiting the standard for issuing MRAs and MRIAs; ensuring that CAMELS ratings reflect a bank's risk profile and financial condition, including that the "M" for management is assessed on measurable factors; and reviving the use of non-binding supervisory "observations," which identify matters of note that do not rise to the level of an MRA or MRIA. Although supervisory observations are not "binding" on the firm, in the sense that they do not require formal remediation, these informal communications are valuable for early identification of issues that may grow to become potential concerns. They also encourage constructive communication and feedback between examiners and bank management. Reporting and ApplicationsOur work to modernize the frameworks also includes reporting and applications, especially for community banks. The obligation to provide data or other information, including through quarterly bank "call reports" creates a disproportionate burden on community banks. Often, regulators and supervisors do not review the information and data that is submitted. This presents an opportunity to revisit these data collections in a rigorous review that would ensure that each collection remains relevant and necessary for supervisory purposes, including whether there are lower-cost and less burdensome alternatives available. This certainly is a departure from recent regulatory approaches, in which more is always better, but collecting less information can help us to ensure we are focused on collecting the right and most valuable information. Revisiting our long-standing processes will help us to understand whether we have struck the right balance. Refining our approach to data collection can make a meaningful difference in reducing burden while also maintaining robust oversight and high standards. Like all banks, community banks often require regulatory approval to engage in some business activities and mergers, or to engage in new activities. The process of applying for regulatory approval has become uncertain, cumbersome, disruptive, and slow. In some cases, application forms may not require a bank to submit the necessary information needed to evaluate an application. The application process may also include standards that make little sense when applied to community banks, like using restrictive screens for evaluating the competitive effects of mergers in rural and underserved communities. In addition, the process often lacks specific action timelines necessary for business planning purposes. Mergers and acquisitions involve coordinating a number of time-dependent processes, including transaction closing and staffing related planning, and the process of scheduling technology integrations with specialized vendors. Missing deadlines can be costly for the institutions involved, and we are currently working to improve this process by addressing these and other challenges, especially for community banks. TransparencyFinally, I would like to discuss transparency, which I see as a critical element of the regulatory and supervisory processes. Transparency in supervisory expectations is just as important as transparency in regulatory requirements, and yet it often receives the least scrutiny and attention. In part, the lack of transparency for supervision results from information security rules and how they apply to communication between banks and examiners. These have been protected from public scrutiny under the broad categorization of "confidential supervisory information" (CSI). Labeling information as CSI results in significant restrictions on its disclosure—banks and bank employees are subject to criminal penalties if they disclose CSI without regulatory approval even if doing so would serve beneficial purposes for bank safety and soundness. When banks share the latest information about fraud prevention among themselves—if some of the data is currently classified as CSI—the disclosure can be prohibited, even if sharing it could make all banks more resilient to emerging fraud risks. Likewise, bank regulators dedicate a great deal of time and effort to reviewing bank cyber risk profiles and controls, and yet opportunities for collaboration and sharing can be limited by the fear that sharing CSI could result in criminal penalties. These examples demonstrate how expansive the definition of CSI has become. The vague and over-broad definition and interpretation of CSI effectively prohibit constructive speech and information sharing. In addition to limiting valuable uses of information sharing, the limits can also serve to shield abusive supervisory behaviors. To address these weaknesses, we are reviewing approaches to better define or create circumstances in which CSI can be shared, including through creating limited use cases exempt from the definition of CSI. In another initiative to increase transparency, in December, we finally published a copy of the LISCC Operating Manual, which is one of the manuals used by Board and Reserve Bank staff to supervise the largest and most complex banks.7 We plan to release the remaining LISCC administrative manuals in the coming weeks and months. The public release of these manuals is just the beginning of our efforts to increase the transparency of our administrative processes. We are working to identify other manuals and guidance to further enhance transparency and provide public accountability for our supervisory processes. Even though these documents are internally focused, they can give banks and the broader public insight into supervisory operations and expectations. Closing ThoughtsAs we continue our work to modernize the bank regulatory framework and our supervisory approach, I look forward to engaging with our stakeholders for feedback. Informal conversations, round table discussions and attending conferences like this one are helpful to achieve this goal. It also allows us to better understand the real-world consequences of our work. Thank you again for the opportunity to discuss our work with you today. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.  2. Michelle W. Bowman, "Taking a Fresh Look at Supervision and Regulation (PDF)," (speech delivered at the Georgetown University McDonough School of Business, Psaros Center for Financial Markets and Policy, Washington, D.C., June 6, 2025).  3. See Board of Governors of the Federal Reserve System, "Federal Reserve Board requests comment on proposals to enhance the transparency and public accountability of its annual stress test," press release, October 24, 2025.  4. See, e.g., Michelle W. Bowman, "Community Banking: Looking Toward the Future (PDF)" (speech delivered at the Community Bank Conference, hosted by the Board of Governors of the Federal Reserve System, Washington, D.C., October 9, 2025); "Thoughts on the Economy and Community Bank Capital (PDF)" (speech delivered at the Kansas Bankers Association 2025 CEO & Senior Management Summit, Colorado Springs, CO, August 9, 2025); "Taking a Fresh Look at Supervision and Regulation (PDF)" (speech delivered at the Georgetown University McDonough School of Business Psaros Center for Financial Markets and Policy, Washington, D.C., June 6, 2025); "Community Banking (PDF)" (speech delivered at The Robbins Banking Institute Lecture Series, Hays, KS, February 27, 2025); "Brief Remarks on the Economy and Accountability in Supervision, Applications, and Regulation (PDF)" (speech delivered at The American Bankers Association 2025 Conference for Community Bankers, Phoenix, AZ, February 17, 2025); "Bank Regulation in 2025 and Beyond (PDF)" (speech delivered at the Kansas Bankers Association Government Relations Conference, Topeka, KS, February 5, 2025); "Brief Remarks on the Economy, and Perspective on Mutual and Community Banks (PDF)" (speech delivered at the New England CEO Summit, Portsmouth, NH, January 31, 2025); "Approaching Policymaking Pragmatically (PDF)" (speech delivered at the Forum Club of the Palm Beaches, West Palm Beach, FL, November 20, 2024); "Challenges to the Community Banking Model (PDF)" (speech delivered at The 18th Annual Community Bankers Symposium, Chicago, IL, October 11, 2024); "Building a Community Banking Framework for the Future (PDF)" (speech delivered at the 2024 Community Banking Research Conference, St. Louis, MO, October 2, 2024).  5. 12 U.S.C. § 1844(c)(1)(B); (c)(2)(B). 6. Board of Governors of the Federal Reserve System, "Uniform Financial Institutions Rating System," SR Letter 96-38 (December 27, 1996).  7. See Board of Governors of the Federal Reserve System, LISCC Program Operating Manual (PDF) (Board of Governors, April 2025). 

Please see attached NZX Limited shareholder metrics for December 2025. Downloads NZX Shareholder Metrics - December 2025

TMX Group Limited today announced December 2025 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX). Related Document:TMX Group Consolidated Trading Statistics – December 2025

SIFMA today announced Todd Klessman has been hired as Managing Director, Financial Services Cyber & Technology. In this role, he will serve as a staff advisor for Business Continuity Planning and Cybersecurity and will also provide support for the Operations and Technology Committee. His responsibilities will include identifying and addressing key business, risk, and regulatory issues for the financial services industry and advocating the industry’s position on key issues to both regulatory and government agencies. “SIFMA’s industry-wide work to strengthen operational and cyber resilience, protect market infrastructure, and ensure continuity of service for clients is a core mandate. Todd’s years of experience on the front lines make him perfectly suited to lead our efforts, and we are pleased to welcome him to the team,” said SIFMA president and CEO Kenneth E. Bentsen, Jr. Todd joins SIFMA from the Cybersecurity and Infrastructure Security Agency (CISA), where he was most recently leading their Cyber Incident Reporting for Critical Infrastructure Act rulemaking effort. While at CISA, which he joined in 2009, he held various roles including Deputy Associate Director for Chemical Security, Senior Advisor to the Executive Assistant Director for Infrastructure Security, Senior Counselor to the CISA Director, and Senior Policy Advisor for the Infrastructure Security Compliance Division. “Todd brings the experience and perspective needed to support our work in the operations and technology area and will enhance how we address complex operational and technology issues,” said Joe Seidel, SIFMA COO. “His work will help ensure our members are well supported as regulatory and risk environments continue to evolve.” “I am pleased to welcome Todd to the team,” said Steve Byron, SIFMA Managing Director, Head of Technology, Operations and Business Continuity. “His background in business continuity planning and cybersecurity makes him a strong fit for this role. I’m looking forward to working closely with him as he helps identify key risks and advocate for practical, effective solutions on behalf of the industry.” Prior to CISA, Todd worked at ICF International; Systems, Planning & Analysis, Inc.; and Dow, Lohnes & Albertson, PLLC. He holds a Juris Doctor degree from The University of Michigan Law School and a Bachelor of Business Administration degree with Highest Distinction from The University of Michigan Business School. He will begin working at SIFMA on January 12.

Alay Patel, Co-Portfolio Manager of Barings Emerging EMEA Opportunities, comments on Saudi Arabia opening the main market to all non‑resident investors: Saudi Arabia’s latest liberalisation move in eliminating the Qualified Foreign Investor (QFI) designation and opening the main market to all non‑resident investors, marks a meaningful evolution in the Kingdom’s capital‑markets framework. By materially lowering entry barriers and simplifying market access, the reform should enhance liquidity, broaden the investor base, and support a higher weighting for the Tadawul in global indices such as MSCI Emerging Markets index. It also comes at a time of rising domestic issuance, with Saudi Arabia continuing to cultivate a robust IPO pipeline, and an economy that is rapidly diversifying under Vision 2030—together creating a more compelling long‑term structural story.  However, the more significant implications lie in what this could signal: A precursor to further liberalisation, most notably the eventual removal of foreign ownership limit (FOL) rules. That would be the true catalyst for driving substantial liquidity through passive foreign inflows. We do not view this interim step as transformational for several reasons: Challenging macro backdrop: With oil prices in the $60s—well below our estimated fiscal breakeven near $100—the Kingdom faces a widening fiscal deficit and has already begun cutting capital expenditure. Tight domestic liquidity: Local retail investors can earn comparable returns through time deposits, limiting immediate domestic participation. Institutional access already broad: Deep‑pocketed institutional investors were already able to participate under the previous framework, so incremental near‑term flows may be modest. Persistent geopolitical risks: Beyond the fallout from the Israel‑Iran conflict in 2025, tensions between Saudi Arabia and traditional allies such as the UAE are adding further uncertainty. Weak market sentiment: The Tadawul’s subdued average daily trading volumes and its position as one of the poorest performers in emerging markets in 2025 highlight ongoing investor caution.  In conclusion, while this reform is a welcome and necessary step in modernising Saudi Arabia’s capital markets, it is not a game changer on its own. Meaningful transformation will require further reforms, particularly a full relaxation of foreign ownership limits to unlock the next phase of foreign participation and liquidity.

Clover, the all-in-one commerce solution from Fiserv (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced a collaboration with Wink, the multimodal biometric identity and payments platform. This first-of-its-kind collaboration integrates Wink’s award-winning face and palm payments technology with advanced identity and intelligence layers directly into the Clover platform. The integration marks a significant transition to identity-based payments with enhanced security and customer checkout experience. The new solution will enable Clover merchants to offer the fastest, most personalized checkout experience while helping to secure every transaction with AI-powered biometrics. Unifying identity, payment, and loyalty allows merchants to offer brand new checkout experiences that shorten checkout times, reduce fraud exposure, and increase repeat visits without adding operational complexity. By leveraging a secure token vault to manage biometric profiles, Clover further enhances transaction security and helps ensure that sensitive data is not stored alongside payment credentials. This integration will initially be available to QSRs, sports venues and retailers, with continued rollout throughout 2026. “The future of commerce is the unification of payment and identity,” said Sanjay Saraf, SVP and Global Chief Product Officer, Merchant Solutions at Fiserv. “By embedding Wink’s leading biometric security and intelligence directly into the Clover platform, we’re making cutting-edge technology simple, secure, and accessible for Main Street SMB businesses, helping them to deliver exceptional experiences and unlock new opportunities for growth.” Consumers will benefit from the convenience of biometric recognition—including contactless palm, face, and voice authentication—for frictionless interactions that are private, compliant, and built to meet the strict standards for payments, data protection, and regulatory frameworks. This technology eliminates the need for physical cards or devices, making transactions faster and more secure than ever before. Additional benefits of this collaboration include: Immediate value for merchants and partners. Clover is enabled to deliver biometric checkout, loyalty enrollment, and age-restricted commerce that requires no IDs, no manual checks and no staff intervention, helping reduce line friction, labor dependency, and abandonment at checkout. Unified, Identity-Driven Commerce. Clover and its merchant partners can connect in-store, mobile, and online experiences through a single biometric identity—linking payments, loyalty, and instant age verification into one seamless, secure moment. Frictionless Enablement. Wink can be activated through the full Clover device family (including Station Duo, Mini, Flex, and Clover Kiosk) with no hardware changes and minimal integration lift. Fraud Prevention. By utilizing Wink’s advanced AI-based human presence assurance technology, Clover merchants can reduce fraudulent transactions while offering more personalized, fast and low-friction checkout experiences. “Wink’s strategic integration with Clover will bring unparalleled security, speed, and intelligence to every transaction across a large ecosystem of merchants, app developers and partners,” said Deepak Jain, Founder and CEO of Wink. “We are excited to work closely with Fiserv to bring to market many advanced use cases of identity-driven payments that will define the future of connected commerce at scale across retail, hospitality, venues, and stadiums.” The new identity-based payment solution will be demonstrated live at the Fiserv booth #5451 during the NRF 2026: Retail's Big Show in New York City, January 11-13, 2026. Attendees are invited to experience the secure, frictionless future of checkout firsthand.

Cracks are emerging in the once red-hot private credit markets as a combination of ongoing market volatility, rising default rates, and increased use of higher-risk payment structures signal changes ahead for the asset class in 2026. According to the Private Credit Outlook 2026 from With Intelligence by S&P Global, some of the biggest changes include an increased focus on Europe where fundraising hit a record $66bn through the first nine months of 2025, a proliferation of evergreen structures, and the rise of opportunistic, special situations, and distressed debt funds looking to capitalize on a market disruption. “The private credit market is facing its first big test as evidence of late-cycle behavior continues to build,” said James Harvey, research lead, private credit, at With Intelligence. “After years of allocating overwhelmingly to U.S. direct lending, limited partners are broadening their horizons, both geographically and by sub-strategy, and we expect some of these shifts to significantly alter the current landscape over the next several years.” Following are some of the highlights in the With Intelligence Private Credit Outlook 2026: • Selective Defaults Tick Up: A series of high-profile leveraged loan defaults and bankruptcies in late 2025 have put a spotlight on growing risks in the private credit market. While the headline default rate in private credit has remained below 2% for several years, once selective defaults and liability management exercises are taken into account, the “true” default rate approached 5% through the first nine months of 2025. Opportunistic, special situations and distressed debt funds have collectively raised $100bn in the past two years, while the 10 largest funds currently in market are targeting almost $50bn – suggesting general and limited partners are looking to build war chests in the event of a turn in the cycle. • Payment-in-Kind (PIK) Usage Grows: Another key indicator of growing instability in the private credit markets is the increased use of payment-in-kind structures, which are a form of interest payment where accrued interest is capitalized into the loan principal rather than paid in cash. PIK, which was once limited to mezzanine and subordinated debt, is increasingly appearing in senior secured loan documentation, with public business development company (BDC) investments now receiving an average of 8% of investment income via PIK. • Focus Turns to Europe from North America: European private credit had a breakout year in 2025, with fundraising hitting a record €56bn ($66bn) through the first nine months of the year – 17% higher than 2024’s full-year total of €48bn ($56bn). European funds accounted for 35% of all private debt fundraising in the first nine months of 2025 – up from roughly 24% in each of 2023 and 2024. North America-specific funds, by contrast, raised just $52bn over the same period, or 24% of the overall total – a sharp fall from 2023 and 2024, when North America accounted for around half of all private credit fundraising. • Evergreen Structures Proliferate: Through June 2025, assets held in evergreen private credit funds surpassed $640bn, up 28% from the end of 2024 and roughly 45% year-over-year. The bulk of evergreen assets under management (AuM) is held in private wealth-focused ’40 Act vehicles – particularly non-traded, perpetual-life business development companies, which have grown from zero in 2021 to more than $200bn today. The five largest listed private markets GPs – Apollo, Ares, Blackstone, Carlyle and KKR – now manage a combined $1.5tn in perpetual capital: around 40% of their combined AuM, up from 35% in 2021. • Private Wealth to Create Challenges for Institutional Investors: The rapid and sustained swell of private wealth inflows to private credit vehicles will drive significant shift in the limited partner landscape by 2030 and create challenges for institutional allocators. Of the $640bn currently held in evergreen vehicles, around $480bn is held in various private wealth-focused fund structures, including BDCs, interval funds and European semi-liquid funds. To access the full With Intelligence Private Credit Outlook 2026, please click here.

December 2025 ADV up 27.5% YoY Fourth Quarter 2025 ADV up 23.3% YoY Full Year 2025 ADV up 16.9% YoY Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of December 2025 of $63.0 trillion (tn). Average daily volume (ADV) for the month was $2.8tn, an increase of 27.5 percent (%) year-over-year (YoY). For the fourth quarter of 2025, total trading volume was $185.3tn and ADV was $2.8tn, an increase of 23.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.04[1] and total preliminary fixed fees for rates, credit, equities and money markets of $95.8 million (mm)[1] Tradeweb CEO Billy Hult said: “Tradeweb capped off an active fourth quarter with solid ADV momentum through December. Client engagement was broad-based, particularly in European government bonds, global swaps, and repo, as markets responded to macro developments and year-end positioning. With our global footprint, diversified product mix, and continued momentum in electronic adoption, we feel good about where Tradeweb is headed as market structure continues to evolve into 2026 and beyond.” Record Highlights: For the fourth quarter of 2025, Tradeweb records included: ADV in European government bonds ADV in swaps/swaptions≥1Y ADV in US ETFs ADV in repurchase agreements For the full year of 2025, Tradeweb records included: ADV in US government bonds ADV in European government bonds ADV in mortgages ADV in swaps/swaptions≥1Y ADV in US high-grade - fully electronic ADV in US high-yield - fully electronic ADV in US high-yield - electronically processed ADV in European credit bonds ADV in municipal bonds ADV in credit swaps ADV in US ETFs ADV in International ETFs ADV in convertibles/swaps/options ADV in repurchase agreements December 2025 Highlights rates    U.S. government bond ADV was up 5.7% YoY to $222.1 billion (bn). European government bond ADV was up 46.5% YoY to $53.4bn. U.S. government bond ADV was led by strong growth in the institutional client channel. European government bond ADV was driven by strong volumes across our institutional and wholesale client channels. Strong activity in the U.S. and Europe was supported by an increased number of clients trading across a diverse set of trading protocols. Mortgage ADV was up 10.0% YoY to $220.2bn. The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in trading from real-money accounts and increased dollar roll activity. Tradeweb’s specified pool platform saw strong ADV growth of over 20%, supported by ongoing expansion in client and dealer participation. Swaps/swaptions ≥ 1-year ADV was up 39.5% YoY to $572.4bn and total rates derivatives ADV was up 64.5% YoY to $1.1tn. Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by a positive outlook on the U.S. macro environment and the continued shift in central bank policy, as well as a 34% YoY increase in compression activity, which carries a relatively lower fee per million (FPM). 4Q25 compression activity as a percentage of swaps/swaptions ≥ 1-year was higher than 3Q25. credit  Fully electronic U.S. credit ADV was up 8.1% YoY to $7.5bn and European credit ADV was up 16.6% YoY to $2.1bn. U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb captured a record 20.5% share of fully electronic U.S. high grade TRACE and 8.0% share of U.S. high yield TRACE, as measured by Tradeweb. We also reported 27.4% total share of U.S. high grade TRACE and 9.9% total share of U.S. high yield TRACE. European credit volumes were driven by a diverse set of trading protocols. Cash credit PT ADV decreased by 1% YoY, with non-comp PT ADV down 37% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall. Municipal bonds ADV was up 10.4% YoY to $509 million. Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was down 1.9%[2] Credit derivatives ADV was up 4.1% YoY to $11.1bn. Increased hedge fund and systematic account activity YoY, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. equities    U.S. ETF ADV was up 9.2% YoY to $10.3bn and International ETF ADV was flat YoY at $3.3bn. U.S. ETFs reported strong growth YoY across our institutional and wholesale offerings. On the institutional side, adoption of our automated rules-based RFQ protocol continued to grow, accompanied by an expanding client base. On the wholesale side, our client base also expanded and we saw higher market volatility YoY. money markets    Repo ADV was up 15.6% YoY to $787.7bn. Record global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility (RRP) remained close to zero for a majority of the month, with a small spike at month end. In Europe, strong activity was driven primarily by dealers actively managing balance sheet and regulatory constraints into year-end, with funding levels remaining orderly. Other Money Markets ADV was down 2.3% YoY to $297.0bn. Other money markets ADV declined primarily due to ICD as energy and utility clients deployed liquidity to fund infrastructure projects and ongoing shareholder returns. YoY Volume for December 2025, Q4 2025 and Full Year (FY) 2025      Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.     [1] See pg. 7 of the report available at https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the detailed breakdown of preliminary average variable fees per million dollars of volume traded for each underlying asset class, as well as preliminary fixed fees by asset class. [2] Based on data from MSRB. Tradeweb Markets December 2025 Monthly Activity Report News Release.pdf

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The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced an agreement with MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, for the NYSE to become the U.S. options listings venue for benchmark MSCI indexes in early 2026, pending regulatory approval. Options on MSCI indexes will be listed on NYSE Arca and NYSE American options markets, including the MSCI Emerging Markets Index, MSCI EAFE Index, MSCI ACWI Index, MSCI World Index, and MSCI USA Index. MSCI and ICE share a decades-long partnership built on innovation and trust. Since ICE launched futures based on MSCI Emerging Markets and MSCI EAFE indexes 16 years ago, its contracts are ranked in the top 10 index futures globally by notional open interest and provide a liquid set of tools for market participants to manage equity risk. “We are thrilled to expand our partnership with MSCI by listing cash settled index options on NYSE Exchanges,” said Jon Herrick, Chief Product Officer, NYSE Group. “By working with MSCI to broaden the product offering while improving cross-product capital efficiencies, we look forward to enhancing the risk management capabilities offered to global investors with assets tracking these important benchmarks.” "The expansion of our partnership with ICE to include MSCI-linked options marks an important development for our clients and the broader market," said George Harrington, Global Head of Fixed Income & Derivatives, MSCI. “Bringing both MSCI futures and options under the ICE umbrella reflects our commitment to provide more integrated solutions that support the evolving needs of global investors.” ICE is home to the most liquid markets to trade futures on the benchmark MSCI EAFE, MSCI Emerging Markets, MSCI ACWI, MSCI Selection, and MSCI Climate indexes with ICE accounting for more than 70% of global MSCI Futures trading by volume. In 2025, average daily volume for ICE’s MSCI derivatives complex was equal to approximately $19.5 billion of notional value.

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced it has received approval from the U.S. Securities and Exchange Commission (SEC) to offer the ACS Triparty Service within its existing Fixed Income Clearing Corporation’s (FICC’s) Agent Clearing Service (ACS) offering. FICC submitted the rule filing with the SEC to offer the ACS Triparty Service in September 2025. With this approval, FICC can now offer cleared triparty repo capabilities to Agent Clearing Members and their Executing Firm Customers. Specifically, FICC’s Agent Clearing Members will be able to submit for clearing eligible triparty repo transactions executed between their Executing Firm Customers and either the Agent Clearing Member itself (“done-with”), or another Government Securities Division (GSD) Netting Member or its client (“done-away”). The ACS Triparty Service will be offered by FICC leveraging BNY’s (NYSE: BK), a global financial services company, Global Collateral infrastructure to support both “done-with” and “done-away” cleared triparty repo trades. The ACS Triparty Service was developed to enable greater access to central clearing as the industry prepares for the SEC’s expanded U.S. Treasury clearing rules which take effect in December 2026 for cash and June 2027 for repo transactions. The service will provide unique benefits to Agent Clearing Members, including the potential for enhanced margin efficiency, reduced capital requirements and balance sheet relief. In addition to the new ACS offering, FICC also announced that its Government Securities Division (GSD) reached a new overall peak volume of $13.2T on December 1, 2025, and on December 31, 2025, reached a new peak volume in buyside activity of $3.1T across its Sponsored and Agent Clearing Services.

ACER has released its multi-annual programming document 2026-2028, outlining its strategic goals and priorities for the coming years, including its 2026 work programme. Which are ACER’s priorities for 2026-2028? ACER will continue its work on: the integration of EU energy markets; infrastructure, flexibility needs and security of supply; the integrity and transparency of the EU’s wholesale energy markets; and longer-term regulatory challenges (e.g. increasing price and geopolitical volatility, Russian gas phase out). In 2026, ACER’s work will focus on the following priorities: REMIT framework to protect against market manipulation: ACER will continue to ensure that REMIT is fully implemented and hence reinforce trust that prices set in Europe’s wholesale energy markets reflect competitive forces and the underlying market fundamentals. The Implementing Regulation and delegated acts related to REMIT II will broaden the scope of market surveillance and the level of transparency of energy markets, while ACER will progressively conduct cross-border investigations, complementing national regulatory authorities’ work. Cross-border trade and energy security: ACER will support amendments to network codes for cross-border electricity and gas trade. In line with REPowerEU, ACER will monitor the phase-out of Russian gas imports to the EU, and contribute to key discussions on energy infrastructure, security of supply and flexibility. Market monitoring: ACER will continue monitoring the energy sector, identifying challenges and opportunities to increase consumer benefits from the integrated EU energy market. The document was adopted on 12 December 2025 by ACER's Administrative Board, following the favourable opinion of the Agency's Board of Regulators. Read more about ACER's programming document. Access previous editions.