A total turnover of 3.075 billion shares worth ₦254.614 billion in 287,157 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 4.964 billion shares valued at ₦207.521 billion that exchanged hands last week in 235,966 deals. Click here for full details.

The following is the weekly trading summary for DFM Regulated Short Sell Transactions for the abovementioned period. ** No RSS Trades for the period from 16th June 2026 to 19th June 2026. For further information on RSS, please check the DFM Market Rules Module Three Membership, Trading, And Derivatives Rules & Operational Model and Procedures for Implementation of Regulated Short Selling available at  http://www.dfm.ae/the-exchange/regulation/market-rules This Dubai Financial Market Announcement will be available on the website at  https://www.dfm.ae/the-exchange/news-disclosures/market-announcements

Click here to download Malawi Stock Exchange weekly summary report.

The biopharmaceutical industry has seen a recovery in funding through 2026, following a prolonged downturn that limited access to capital across the sector. This recovery includes investment increasingly concentrated in later-stage, lower risk assets rather than early-stage innovation, according to GlobalData, a leading intelligence and productivity platform. According to GlobalData’s State of the Biopharmaceutical Industry 2026 (Mid-Year Update), the most notable recovery has occurred in M&A deals, as big pharma aim to replenish their pipelines ahead of the upcoming patent cliff. The recent high-value transactions include Eli Lilly’s acquisition of Centessa Pharmaceuticals and Sun Pharmaceutical’s acquisition of Organon, valued at $7.8 billion and $11.75 billion, respectively. A similar trend is also seen across other funding routes. The biopharmaceutical IPO market has reopened, supported by the completion of larger offerings such as Kailera Therapeutics ($718.8 million) and Generate Biomedicines ($400 million), while venture financing deals have favored later-stage rounds over early discovery and preclinical investment. George El-Helou, Pharma Strategic Intelligence Analyst at GlobalData, comments: “Following years of market volatility, investors and acquirers have shown a clear preference for assets with reduced development risk. While the biotech funding thaw is real, allocation is hyper-selective; capital is strictly flowing to late-stage assets with clear clinical proof of concept, leaving early-stage platforms stranded in a highly constrained financing environment.” This selectivity is most evident at the earliest stages of development where companies have fewer funding alternatives. A temporary lapse in the US SBIR/STTR program’s authorization between October 2025 and April 2026 also disrupted government grants, an important non-dilutive funding source for early stage biotechs. Although the program has since been reauthorized, the interruption added to the pressure facing this part of the sector. El-Helou adds: “While the focus on later-stage assets is understandable, continued underinvestment in early-stage assets presents a long-term risk to the industry’s pipeline. The late-stage assets that investors are competing for rely on early-stage research that was funded years ago, and this early-stage activity must continue to be supported to enhance innovation.” El-Helou concludes: “As the funding environment continues to recover, companies that can generate later-stage, lower-risk assets are expected to be best positioned to attract investment. Early-stage companies are increasingly turning to industry partnerships to secure the capital needed to advance their pipelines. With collaborative models now viewed as the most favored funding approach across the industry, these partnerships are likely to play a central role in sustaining early-stage innovation.”

The Prudential Regulation Authority (PRA) has today published a consultation on the internal model approach to market risk (IMA), which represents the final piece of Basel 3.1’s implementation in the UK. Under Basel 3.1’s market risk rules – often referred to as the Fundamental Review of the Trading Book – banks calculate how much capital they must hold against potential losses from trading activities. This comes either through the standardised approach, which is simpler, but typically has higher capital requirements, or by developing their own internal models, which are typically used by larger firms with extensive trading operations, including international banks. The PRA delayed implementing its IMA rules to provide time to consider the UK’s alignment to other major trading jurisdictions, taking into account the PRA’s competitiveness and growth objective given the very international nature of this part of banks’ activities. Today’s consultation proposes several targeted changes to support international alignment and proportionality, including: Extending the monitoring period for the profit and loss attribution test from one year to three, to provide enough time for the PRA to gather data to confirm the appropriate calibration of the test before it could apply to calculating capital; Adjusting the PRA’s treatment of activity that has limited trading data to include a more targeted approach to identifying risks that cannot be modelled. This will allow more modelling where appropriate, delivering a more risk-sensitive capital framework; Reducing barriers to transitioning to full IMA approval by adjusting calculations for firms who use a mix of the internal models and standardised approaches, preventing a scenario where capital requirements could rise as firms move gradually on to IMA; and Introducing a number of operational simplifications and amendments to make the operation of the IMA more proportionate. Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA, said:  “These rules mark the very last piece of the reform programme agreed between the UK and other major jurisdictions following the global financial crisis. We’ve allowed some extra time to implement this last set of rules in order to be able to take account of how they are being implemented elsewhere – today’s proposals do that, while ensuring that trading activities by banks in the UK are appropriately capitalised.”  The PRA intends to implement its adjustments to the IMA on its previously-announced implementation date of 1 January 2028. No other changes are being proposed and all other rules come into force in January 2027, as previously planned.  The PRA’s upcoming implementation of Basel 3.1 will build upon extensive work already done to support the UK’s economic growth while maintaining financial stability. This includes: The Financial Policy Committee’s recent capital review, which cut the benchmark for capital requirements in the financial sector from 14% to 13%; Simplifying capital requirements for smaller firms through its Strong and Simple framework for small domestically focused lenders;  Increasing thresholds for own funds and eligible liabilities (MREL) requirements and Resolvability Assessment Framework reporting, focusing the full resolvability regime on the largest and most complex firms while supporting growth and competitiveness for smaller banks. Background Read the full consultation.  Read the PRA’s final Basel 3.1 rules.  

In November 2025, 38 central counterparties (‘CCPs’) from across the world, together with clearing members, conducted a coordinated fire drill exercise simulating the failure of a hypothetical common participant. Known as the CCP Global International Default Simulation (CIDS), the exercise aimed to promote preparedness and coordination across jurisdictions.  ESMA participated in the lead authorities’ group together with Bundesbank, BaFin, the Commodity Futures Trading Commission and the Bank of England. The group advised on the design of the exercise, monitored its execution, surveyed participants to draw lessons learned and inform design improvements for future exercises.  The report published today by the lead authorities summarises the 2025 exercise outcomes and sets out feedback from participating clearing members and clients, alongside the observations and recommendations of the lead authorities. The report follows ESMA’s 2023 report on the Global CCP fire drill.  The report highlights several areas where lead authorities expect further progress in the next iteration of the exercise:  Encourage industry-led progress to reduce fragmentation in procedures and communication conventions employed by CCPs, and promote greater use of portal-based solutions.  Support more realistic testing of porting arrangements to better reflect operational conditions.  Consider implementing a voluntary “market stress overlay” module with a coherent cross-CCP macro stress scenario as to fully test operational capacity and constraints under stressed but plausible market conditions.  Global fire‑drills strengthen the collective understanding of default management processes and improve operational readiness across the financial system, reinforcing the value of these exercises as a core component of system‑wide resilience. 

The outstanding balance in commercial paper programs on the MARF rose to 6.331 billion euros at the end of May, 16.3% higher than at the end of the previous year BME’s fixed-income market, MARF, has admitted to listing a new Commercial Paper Program from Saturn Group, the parent company of Culmia, for an amount of 50 million euros. The commercial paper issued under this program will have nominal values of 100,000 euros. Banca March is the Registered Adviser for the issue and the Lead Arranger for the operation. Banca March itself and Kutxabank Investment are the dealers for the issue. For its part, Cuatrecasas has been the legal adviser and the credit rating agency EthiFinance has provided a solvency report on the issuer. Saturn Group is a Spanish real estate company specializing in (i) the development, promotion, and commercialization of residential housing; (ii) the land development and (iii) the management of developments for third parties in a co-investment scheme. The Group’s activities encompass the full value chain of residential projects, including the identification and acquisition of land, urban planning, architectural design, construction oversight, marketing, and sales, as well as the management of residential assets for rental schemes. Saturn Group operates across key urban and metropolitan areas in Spain, addressing diverse housing needs with a focus on quality, customer service, and responsible development practices. The MARF has 160 national and international issuing companies. At the end of May, the outstanding balance in commercial paper programs was 6.331 billion, representing an increase of 16.3% compared with the end of the previous year. There are 80 corporate and securitized commercial paper programs currently in force on this BME market, according to figures at the end of May.  You can consult all the information about the MARF on its website.

CCP Global has submitted a response to the US Basel III Endgame re-proposals. To read the response, please follow this link.

The operational synergy will allow issuers and investors to benefit from a true bridge between traditional finance and on-chain instruments. Seturion, the pan-European settlement platform for tokenized assets of Boerse Stuttgart Group, Weltix S.p.A. (“Weltix”) and Real House S.r.l., owner of the BlockInvest platform (“BlockInvest”), today announced a strategic collaboration to build the first integrated end-to-end infrastructure for the issuance, settlement and trading of DLT-based financial instruments in Italy. The collaboration combines three complementary regulated components: the technological platform developed by BlockInvest for the tokenization of financial instruments, the DLT register operated by Weltix as DLT Register Manager authorized by Consob under the Italian FinTech Decree, and the pan-European settlement platform of Seturion, capable of handling both on-chain payments and central bank money. Europe has developed strong capabilities for issuing tokenized securities, but the settlement layer remains fragmented. This partnership is a direct response to that gap, positioning Italy as a model for integrated digital capital markets infrastructure at European scale. The partnership responds to growing demand from banks, intermediaries, corporate issuers and institutional investors for issuance and settlement solutions for tokenized financial instruments that are fully regulated, interoperable at European level, and integrable within existing workflows. The architecture envisaged by the parties allows an issuer to: structure and issue tokenized financial instruments through the BlockInvest platform register such instruments and manage their circulation through the DLT register operated by Weltix, in full compliance with Italian and European regulatory frameworks handle transaction settlement through Seturion’s platform, with the flexibility of settling in central bank money or on-chain cash make those instruments operationally eligible for MTF and OTC trading environments, while enabling direct access to Boerse Stuttgart Group’s trading venues and other European trading venues connected to Seturion The architecture is designed to support a broad range of instruments. The collaboration is open to additional participants, including banks, trading venues and other market players. “We are delighted to partner with Weltix and Blockinvest for the Italian market. Together, we are advancing our pan-European settlement platform in Italy, one of the most dynamic European markets for the tokenization of financial instruments. We offer Italian issuers and investors the entire value chain in one regulated architecture, from issuance to settlement. This is a concrete step towards a European infrastructure for digital capital markets,” said Sven Wilke, Deputy CEO & CGO, Seturion. “Italian banks tell us that the value of tokenization lies in redefining the entire lifecycle of a financial instrument, removing the frictions of today’s infrastructure. By combining Weltix’s regulatory perimeter, BlockInvest’s technology and Seturion’s settlement infrastructure, we can offer the market a complete, fully regulated solution that dramatically reduces time to market and streamlines management across the entire value chain. This is exactly the kind of partnership that turns tokenization from a promise into a working product for investors,” said Antonio Chiarello, CEO & Co-Founder, Weltix S.p.A. "While Europe has proven its ability to issue digital assets under progressive legal frameworks, the lack of an integrated, secure and compliant settlement layer has remained the missing link for institutional scaling. This partnership directly solves that bottleneck. By combining BlockInvest's orchestration platform with a robust, regulated settlement layer, we are building a seamless, end-to-end corridor, a turnkey highway for banks and corporates to move assets and capital fluidly across European borders. One block at a time," said Lorenzo Rigatti, Founder & CEO, Blockinvest.

SpaceX has agreed to acquire Anysphere, the company behind the AI coding tool Cursor, in a $60 billion all-stock transaction. The announcement arrives just days after SpaceX’s debut on the Nasdaq in the biggest initial public offering (IPO) ever, which lifted its market capitalization beyond $2 trillion. The scale and timing of the deal highlight the company’s growing ambitions in artificial intelligence (AI) and place it on a more direct collision course with established leaders in the space, according to GlobalData, a leading intelligence and productivity platform. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The deal stands out as Elon Musk’s most significant AI wager to date. The transaction’s size reflects how AI platforms are increasingly viewed as strategically vital assets, and that SpaceX appears ready to leverage its post-IPO equity firepower to buy best-in-class capabilities.” Although $60 billion is a striking number, it represents only a small portion of SpaceX’s post-IPO valuation. This reinforces a clear strategy – use an elevated share price as acquisition currency – when the stock is higher, fewer shares are needed to fund major deals. Cursor has quickly become a renowned AI coding product. At the same time, SpaceX’s AI arm, xAI, has trailed competitors in coding capabilities. The acquisition is positioned as a direct move to narrow that gap by combining Cursor’s capabilities with xAI and Grok, sharpening SpaceX’s competitive standing against rivals such as OpenAI and Anthropic. Bose concludes: “The post-IPO momentum may accelerate into an acquisition spree and this high-value transaction sets the tone for more M&A to follow. With its expanded post-IPO scale and rising stock price, SpaceX is well positioned to pursue major strategic acquisitions using equity rather than relying on cash reserves or debt financing.”

The Securities and Exchange Commission and the Commodity Futures Trading Commission today issued a joint request for public comment on potential opportunities to further update, clarify, and harmonize certain derivatives product definitions and interpretive issues. The request for comment is intended to support the Commissions’ ongoing evaluation of whether current regulatory definitions, interpretations, and jurisdictional frameworks appropriately reflect evolving market structures, financial products, and trading practices. “Clarification is long overdue on Title VII definitional issues, including event-based products. Through good-faith cooperation efforts, we can create a level playing field where established firms and new entrants alike can compete and innovate on equal footing regardless of whether they’re registered with the SEC or CFTC,” said SEC Chairman Paul S. Atkins. “Today’s joint request for public comment presents an opportunity to address longstanding ambiguities within Title VII of Dodd-Frank that have stifled fair competition and responsible innovation,” said CFTC Chairman Michael S. Selig. “I appreciate the partnership of the SEC and Chairman Atkins as we work together to further clarify jurisdictional lines and enhance cooperation between our agencies.” The joint request for comment seeks input on topics including: Definitions relating to swaps and security-based swaps, including the scope of certain exclusions from the swap definition.  Treatment of mixed swaps  Treatment of novel or emerging products Jurisdictional and interpretive questions Potential areas in need of greater clarity regarding regulatory definitional lines Potential areas for alternative compliance The SEC and CFTC encourage the public to provide input on these topics, as identified in the agencies’ request for comment. The public comment period will remain open for 60 days following publication of the request for comment in the Federal Register. Resources Joint Request for Comment Submit Comments

The Securities and Exchange Commission and Commodity Futures Trading Commission today issued a joint request for public comment on potential opportunities to harmonize, modernize, and streamline data reporting requirements in their regulation of the security-based swap and swap markets, respectively. “Extensive data collection, if not appropriately calibrated, can hinder, rather than enhance, understanding and accountability,” said SEC Chairman Paul S. Atkins. “Working closely with the CFTC, we can ensure that we are collecting the data necessary to meet statutory objectives under a harmonized reporting regime. I welcome feedback on how we can improve our security-based swap data reporting regime in a manner that protects the integrity of the information and lowers costs.” “I’m proud to be working alongside SEC Chairman Atkins to streamline and harmonize swap data reporting for registrants in accordance with our ongoing efforts to foster interagency cooperation,” said CFTC Chairman Michael S. Selig. “I look forward to hearing from market participants about the ways we can cut red tape and reduce costs, while still collecting the data we need to conduct our market oversight responsibilities.” The request for comment is intended to assist the agencies in evaluating whether changes to the design, scope, and structure of security-based swap and swap data reporting requirements would lead to greater alignment between their respective reporting frameworks. The SEC and CFTC seek input to enhance market transparency, reduce unnecessary operational complexity, promote data quality, and improve regulatory oversight while preserving the distinct statutory mandates of each agency under the Dodd-Frank Act. The joint request for comment seeks input on the following topics: Harmonization across frameworks Transparency and data quality Operational complexity Standardized identifiers and reference data Implementation considerations The SEC and CFTC encourage the public to provide input on the operational, technological, and policy implications of these topics identified in the agencies’ request for comment. The public comment period will remain open for 60 days following publication of the request for comment in the Federal Register. Resources Joint Request for Comment Submit Comments

In lieu of the Federal holiday on Friday, June 19, the weekly Commitments of Traders report will be released on Monday, June 22 at 3:30pm ET. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of New York entered a consent order that resolves the CFTC’s 2023 enforcement action against Alexander Mashinsky, the founder and former CEO of Celsius Network LLC. [See CFTC Press Release No. 8749-23]. The consent order permanently enjoins Mashinsky from further violations of certain anti-fraud provisions in the CEA and CFTC regulations and imposes permanent trading and registration bans against him. On July 13, 2023, the CFTC filed a complaint against Celsius and Mashinsky in the U.S. District Court for the Southern District of New York. The complaint alleged Celsius was an online platform on which Celsius’ customers would allow Celsius to pool their digital assets and deploy these pooled assets to generate revenue for Celsius, which purportedly would be returned to the customers in the form of weekly interest payments or ‘rewards’.  The complaint alleged that beginning in 2018 and continuing through at least June 2022, Mashinsky and Celsius engaged in a scheme to defraud hundreds of thousands of customers by mispresenting the safety, profitability, and regulatory compliance of Celsius’ digital asset-based finance platform. The complaint alleged Mashinsky, via publicly available videos, blog posts, livestreams and postings on social media and the Celsius website, touted Celsius as a “safe” alternative akin to a traditional bank for customers’ digital assets while simultaneously promising customers high yield interest payments on their deposits.  The complaint alleged, to meet the returns promised to its customers, Celsius engaged in increasingly risky investment strategies, including extending millions of dollars in uncollateralized loans and unregulated, risky decentralized finance agreements. The complaint alleged, while continuing to tell its customers their assets were safe and earning rewards, Celsius suffered devasting losses. In fact, customer funds were not at all secure and Celsius eventually filed for bankruptcy. In total, Celsius received funds totaling approximately $20 billion in value. On July 17, 2023, the court entered a consent order of permanent injunction against Celsius, leaving Mashinsky as the only remaining defendant.  On July 11, 2023, the U.S. Attorney’s Office for the Southern District of New York filed a parallel criminal action against Mashinsky in connection with the same conduct at issue in the CFTC’s action. USA v. Alexander Mashinsky, No. 1:23-cr-00347-JGK (S.D.N.Y. July 11, 2023). On Dec. 3, 2024, Mashinsky pled guilty to one count of commodities fraud and one count of securities fraud. On May 8, 2025, Mashinsky was sentenced to 12 years in prison and ordered to pay a $50,000 fine and forfeiture of $48,393,446 for committing commodities fraud and securities fraud at Celsius. RELATED LINKS Consent Order: Alexander Mashinsky

The Office of the Comptroller of the Currency (OCC) today released enforcement actions for June 2026. The OCC uses enforcement actions against an institution-affiliated party (IAP) to deter, encourage correction of, or prevent violations, unsafe or unsound practices, or breaches of fiduciary duty. Enforcement actions against IAPs reinforce the accountability of individuals for their conduct regarding the affairs of a bank. The term “institution-affiliated party,” or IAP, is defined in 12 USC 1813(u) and includes bank directors, officers, employees, and controlling shareholders. Orders of Prohibition prohibit an individual from any participation in the affairs of a bank or other institution as defined in 12 USC 1818(e)(7). The OCC has taken the following actions against IAPs: Order of Prohibition against Steven Ho, former Vice President and Senior Mortgage Lending Officer at Quontic Bank, Astoria, New York, for concealing his work with unapproved third-party mortgage brokers, falsifying material loan application information, and transferring confidential bank customer and business information to non-bank employees. (Docket No. AA-ENF-2026-16) Order of Prohibition against Danny Seibel, former President, Chief Executive Officer, and Director at The First National Bank of Lindsay, Lindsay, Oklahoma, for extending loans to borrowers without adequately considering their ability to repay, allowing customers to significantly overdraft their accounts without repayment, and concealing loans that had been nonperforming for years by manipulating the bank’s core system to change the loans’ maturity dates, payment due dates, and past due statuses. This misconduct caused the bank’s insolvency, and the bank was placed into receivership in October 2024. Mr. Seibel pled guilty to one count of violating 18 U.S.C. §1344, Bank Fraud. (Docket No. AA-ENF-2026-27) The OCC terminates enforcement actions when a bank has demonstrated compliance with all articles of an enforcement action; or when the OCC determines that articles deemed “not in compliance” have become outdated or irrelevant to the bank’s current circumstances; or when the OCC incorporates the articles deemed “not in compliance” into a new action. The termination actions are: Order Terminating the Cease and Desist Order against Bank of America, N.A., Charlotte, North Carolina, dated July 14, 2022 (AA-ENF-2022-21). (Docket No. AA-ENF-2026-32) Order Terminating the Formal Agreement with Maple City Savings Bank, FSB, Hornell, New York, dated July 23, 2024 (AA-NE-2024-71). (Docket No. AA-NE-2026-30) Order Terminating the Formal Agreement with The Federal Savings Bank, Chicago, Illinois, dated October 29, 2021 (AA-CE-2021-47). (Docket No. AA-CE-2026-24 ) To receive alerts for news releases announcing public OCC enforcement actions, subscribe to OCC Email Updates. All OCC public enforcement actions taken since August 1989 are available for download by viewing the searchable enforcement actions database at https://apps.occ.gov/EASearch. Related Link Enforcement Action Types

An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with negative consequences for the economy. As the Basel III framework has evolved over the years, ISDA has never lost its focus on making sure the rules in every country are appropriate and risk sensitive. With the US moving to finalize the Basel III endgame package, we’ve conducted thorough testing and analysis that shows US policymakers have made good progress and clarifies the steps that are now needed. When the original Basel III endgame proposal was published nearly three years ago, ISDA and the Securities Industry and Financial Markets Association carried out a quantitative impact study (QIS) that showed the market risk component of the package, known as the Fundamental Review of the Trading Book (FRTB), would lead to a substantial rise in market risk capital of between 73% and 101%, depending on the extent to which banks use internal models. We have now run the same exercise on the revised proposal that was published on March 19, with input from the eight US global systemically important banks. The picture has improved materially. Under the FRTB standardized approach, the projected increase falls from 101% to 89%; under the internal models approach, it drops from 73% to 30%. This is a great step forward. US policymakers have engaged constructively with the industry and improved the risk sensitivity of the proposal, while also increasing the viability of internal models. Now it’s time to build on this progress and make the final changes that are needed to achieve a fully fit-for-purpose capital framework. As we set out in our response to the US consultation today, there are still some components of the package that are not fully aligned with economic risk, and these must be addressed in the final rule. One of the most critical outstanding issues is cross-product netting under the standardized approach for counterparty credit risk. The latest proposal recognizes offsets across derivatives and repos, but applies a conservative methodology that lacks risk sensitivity and would overstate capital requirements. ISDA has recommended a hedge coverage ratio that would calibrate the netting benefit according to how well the repos in a portfolio actually hedge the derivatives, avoiding overstatement of risk in well-hedged portfolios. Other components of the framework that still require some fine-tuning include the FRTB default risk charge, which would overstate the risk of short-dated equity derivatives that hedge longer-dated equity exposures, and the credit valuation adjustment risk capital requirement, which should distinguish between regulated and non-regulated financial counterparties to improve risk sensitivity. ISDA has set out the remedies we believe should now be applied to the framework to address these outstanding issues. After many years of drafting, consulting and refining the US Basel III framework, the end is now in sight. Thanks to the willingness of regulators to listen to industry concerns, we have a credible framework that will allow banks to use internal models to calculate market risk capital – something that simply wouldn’t have been possible in the original proposal. This was a key objective for ISDA and will allow banks to closely align capital with economic risk, a vital foundation for effective prudential regulation. Having come so far, we mustn’t lose focus. With some further adjustments as set out in our response, we can achieve a highly effective capital framework that will stand the test of time.

The Institute of International Finance (IIF), the International Swaps and Derivatives Association, Inc. (ISDA), and the Securities Industry and Financial Markets Association (SIFMA),today submitted a joint comment letter to the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) on the proposed Basel III Endgame capital rule governing Category I and II banking organizations and banking organizations with significant trading activity. The letter addresses key aspects of the proposal relating to the Fundamental Review of the Trading Book (FRTB), credit valuation adjustment (CVA) risk, and counterparty credit risk (CCR), including issues around securities financing transactions (SFTs), derivatives, and the standardized approach for counterparty credit risk (SA-CCR). “The calibration of the regulatory capital framework directly affects the pricing, availability and structure of market intermediation, client hedging, financing and liquidity services provided by large banking organizations. Capital requirements that are more risk-sensitive better support market liquidity, reduce costs for end users seeking to hedge or finance positions, and promote the efficient functioning of U.S. capital markets, including the important market for U.S. Treasury securities,” the organizations wrote in the letter. The Associations appreciate the Agencies’ efforts to modernize and improve the risk sensitivity of the regulatory capital framework for large banking organizations. The proposal reflects a constructive step forward in several respects, particularly by recognizing the importance of calibration for capital markets and trading activities. The Associations’ recommendations are organized around three themes: enhancing risk sensitivity; enhancing consistency across the capital rules; and reducing unnecessary operational burdens. The Associations also recommend that the final rule be implemented with an effective date no earlier than January 1, 2028. SIFMA AMG also submitted a comment letter which highlights the downstream effects the proposals would have on ordinary investors and end-user clients, including making it more difficult for asset managers to meet investment targets or mitigate portfolio risks. The comments focus on three key concerns: the harm to institutional and retail investors from significant proposed increases in CVA capital requirements for derivative transactions with regulated investment vehicles;  inadequate recognition of hedging with equity derivatives under the FRTB DRC; and the harm to investment funds and their clients from the GSIB Surcharge Proposal’s treatment of ETF holdings by banking organizations as systemically risky activities. The IIF, ISDA and SIFMA comment letter can be found here: https://www.sifma.org/advocacy/letters/basel-iii-capital-proposal-for-trading-activities-and-counterparty-credit-risk-joint-trades The SIFMA AMG comment letter can be found here: https://www.sifma.org/advocacy/letters/basel-iii-endgame-standardized-approach-and-gsib-surcharge-proposals-sifma-amg IIF, ISDA and SIFMA also submitted a letter recommending targeted changes to certain aspects of the GSIB surcharge proposal to ensure the treatment of derivatives is more appropriately reflected in the GSIB surcharge calculation, which can be found here: https://www.sifma.org/advocacy/letters/proposed-regulatory-capital-rule-risk-based-capital-surcharges-for-gsibs-joint-trades

FIA has filed two comment letters responding to US federal banking regulators' proposals to revise capital standards for Category I and II banking organizations, including the implementation of Basel III’s enhanced risk-based approach (ERBA) in the US, as well as proposed changes to the Federal Reserve’s capital surcharge for US global systemically important bank holding companies (G‑SIBs).  The revised rules, released in March, would replace the July 2023 Basel III Endgame proposal and the July 2023 GSIB Surcharge Proposal, both of which drew widespread criticism for raising capital requirements beyond those set by the Basel Committee on Banking Supervision.  FIA commends the agencies for the thoughtful and constructive revisions they have made to the earlier capital proposals.   The Basel III enhanced risk-based approach includes several meaningful improvements that would strengthen risk sensitivity and better support centrally cleared derivatives markets, including:  Excluding client-facing derivative exposures from the Credit Valuation Adjustment framework;  Permitting the netting of settled-to-market and collateralized-to-market derivative exposures;  Introducing a framework for cross-product netting;  Calculating operational risk capital charges for fee-based businesses by reference to net income, rather than gross revenues or expenses; and  Removing the requirement that an investment-grade obligor be publicly traded to qualify for a lower risk weight.  FIA also welcomes changes to the Federal Reserve’s capital surcharge for US G-SIBs. Most notably, FIA appreciates that the proposal does not add a clearing member’s exposure arising out of its guarantee of a client’s obligation to a central counterparty to the G‑SIB Surcharge’s Complexity or Interconnectedness indicators.  Taken together, these changes represent important progress towards ensuring that bank capital standards do not unnecessarily discourage the central clearing of derivatives. As US banking regulators have consistently observed, prudential requirements should support, rather than undermine, the use of central clearing as a tool to reduce systemic risk.  Consistent with that objective, FIA generally supports the proposals and encourages the agencies to finalize them.  “The US prudential regulators’ proposals on bank capital appropriately recognize the important role that central clearing plays in risk management,” said Jacqueline Mesa, FIA’s Chief Operating Officer and Senior Vice President of Global Policy. “This is particularly important for ensuring that end-users, including farmers, corporates and producers, can continue to access clearing services to hedge risk, even during periods of market stress.  “However, the framework should go further in recognizing the true economics of risk. In particular, capital requirements should reflect the risk offsets that exist across related positions, rather than measuring exposures on a gross basis. FIA looks forward to working with regulators as they finalize the proposals.”  In its letter on Basel III’s enhanced risk-based approach, FIA offers targeted recommendations to further improve the proposal’s coherence and risk sensitivity, while preserving its overall structure and policy objectives.  FIA’s recommendations include:  Revising the proposed cross-product netting methodology to ensure that the risk-reducing benefits of cross-product netting are appropriately reflected in the framework;  Clarifying that if a banking organization elects to use cross-product netting for purposes of risk-weighted assets, that election will not automatically apply to calculations under the Supplementary Leverage Ratio;  Expanding the scope of transactions eligible for cross-product netting to include eligible margin loans and cleared house transactions;  Refining the existing operational criteria for cleared transactions to eliminate disincentives for depository institutions to seek clearing services from an affiliate;  Finalizing the proposed framework for reflecting cross-margining agreements in the calculation of KCCP, with revisions to the allocation methodology; and  Clarifying that the existing 1.0 alpha factor for derivative transactions with commercial end-users will be maintained.  FIA is also seeking amendments to the Federal Reserve’s G‑SIB surcharge proposal. In particular, FIA recommends additional revisions to the FR Y‑15 reporting instructions so that derivatives exposures from cleared transactions are not counted towards the Cross-Jurisdictional Activity indicator, consistent with the proposed treatment of exposures arising from client clearing of derivatives.  In addition, FIA’s response is supportive of aspects of the proposed revisions that would not apply an alpha factor to derivatives exposures for purposes of the Interconnectedness Indicator.  Finally, FIA believes the final rule should confirm that cross-product netting is not mandatory for inclusion in relevant indicators of the G‑SIB surcharge that count derivative exposures. 

Nadex will observe the following holiday schedule for the 2026 Juneteenth Holiday. Monday, June 15, 2026: The Exchange will observe normal business hours. Tuesday, June 16, 2026: The Exchange will observe normal business hours. Wednesday, June 17, 2026: The Exchange will observe normal business hours. Thursday, June 18, 2026: The Exchange will observe normal business hours. Friday, June 19, 2026: The Exchange will observe normal business hours. · Cryptos will observe their regular schedule. · Industry Event - Live Presentations - NAICS 711 will observe their regular schedule In accordance with the Nadex Notice ID: 1990.05152026 - Nadex Upcoming System Update and Temporary Delisting of Contracts - FX, Indices, and Commodities Event Contracts have been temporarily paused and will remain unavailable until further notice. Additionally, please note, Nadex is extending the Illiquid Markets coverage to Cryptocurrency products for trade date June 19, 2026. As such, Nadex authorized Market Makers operating pursuant to a Market Maker Agreement will be relieved of their quoting obligations relating to size on trade date June 19, 2026, from 6:00pm ET on calendar date June 18, 2026, to 5:00pm ET on calendar date June 19, 2026. A Market Maker(s) that elects to quote in any Cryptocurrency markets during this period will be required to comply with the spread obligations set forth in its Market Maker Agreement. Please refer to the Holiday Product Schedule Guidelines for specific product trading hours. Should you have any questions or require further information, please contact the Compliance Department.

Warsaw Stock Exchange has announced an update to the implementation schedule for the GPW WATS system. The decision follows an analysis of the results of tests and dress rehearsals, as well as consultations with the System Implementation Committee. The WSE Management Board has set the production launch date of the new system for 5 October 2026, while the migration from the UTP system is planned for 3–4 October 2026. The updated schedule reflects an ongoing process aimed at ensuring the stability and security of the capital market infrastructure. 3–4 October 2026 – planned migration from the UTP system to GPW WATS 5 October 2026 – planned production launch date of the GPW WATS system The GPW WATS System Implementation Committee is composed of representatives of Exchange Members, KDPW/KDPW CCP, and the WSE The decision to update the implementation schedule for the GPW WATS trading system was taken following an analysis of test results and dress rehearsals and in ongoing dialogue with market participants. It reflects a responsible approach to the deployment of new critical infrastructure in the capital market. Both dress rehearsals were assessed positively and were conducted on a very large scale. In particular, the second rehearsal involved virtually all active market participants, both domestic and international, which made it possible to test the system under conditions closely reflecting real market operations. Hundreds of thousands of test transactions were executed and participants used the environment not only for migration testing but also for extensive functional testing of their own systems. The coming period will be dedicated to final system validation, optimisation of selected components and further alignment of the migration process with the infrastructure of Exchange Members and post trade systems, in order to ensure the highest possible level of security and stability of the implementation. GPW indicates that in the case of a trading system of this scale, the implementation date is not superior to the quality of implementation, trading stability and investor safety. Dress rehearsals serve as a tool for verifying the operational and technological readiness of the entire market environment and support data driven decision making. – Tests are conducted to ensure that decisions on the system launch are based on data rather than schedule pressure. The priority remains to ensure a safe and stable implementation of the new solution. The objective is not rapid deployment at any cost, but deployment that guarantees quality and reliability. In the case of infrastructure critical to the capital market, safety and stability take precedence, while expanding the scope of testing and extending the preparation phase reduces the risk of disruptions after launch - said Sławomir Panasiuk, Vice President of the Management Board of the Warsaw Stock Exchange. Current trading on GPW continues without disruption based on the existing UTP system. The updated GPW WATS implementation schedule does not affect the ongoing functioning of the market. In the coming weeks, GPW will continue testing and operational work in line with the updated schedule. Market participants will receive detailed information on the next stages of preparations, including the scope of additional validation, planned testing activities and the conditions for transition to the production environment. Over the past several months, a broad range of preparatory work has been completed, including infrastructure build out, system integration, preparation of documentation and a significant expansion of testing. At the same time, key supporting systems were developed or redesigned, effectively marking a transition from a prototype solution to a system ready for operation in the target market environment. In parallel with completing the functional scope of the trading system itself, intensive work was carried out to adapt and integrate a number of GPW side systems which together form a coherent architecture necessary for handling trading and market data distribution. Activities aimed at reducing technological debt were also undertaken, requiring substantial investment in infrastructure including a new data processing centre. The GPW WATS project remains a strategic priority for the Exchange and is part of strengthening the technological foundations of the capital market. The implementation of the new trading platform is aligned with the process of building a stable and predictable trading environment that supports the development of services for market participants.