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The EBA Publishes Its Final Guidelines On Proportionate Retail Diversification Methods Under The Standardised Approach For Credit Risk
The European Banking Authority (EBA) today published its final Guidelines on proportionate retail diversification methods under the Capital Requirements Regulation (CRR). The Guidelines provide a harmonised framework to assess whether their retail portfolios are sufficiently diversified, while ensuring a proportionate application for smaller institutions. To benefit for the preferential 75% risk weight for retail exposures, the Guidelines outline an approach whereby institutions demonstrate that retail portfolios are sufficiently granular. As a starting point, no single exposure to a counterparty or group of connected clients should exceed 0.2% of the total eligible retail portfolio. Recognising that not all institutions, particularly smaller ones, can consistently meet this benchmark, the Guidelines introduce an additional approach: institutions may still apply the preferential risk weight even if they exceed the baseline benchmark, provided that no more than 10% of their eligible retail portfolio is above the 0.2% threshold. In the consultation paper, the EBA presented two alternative approaches for assessing diversification: an iterative method proposed as the baseline option, and a one-step alternative. In the final Guidelines, the EBA opted for the one-step approach to ensure proportionality and reduce the operational burden for institutions. The diversification threshold has also been raised from 5% to 10% compared with the consultation proposal, reflecting industry feedback and easing the impact on small and medium-sized institutions while maintaining sound prudential safeguards. The Guidelines also clarify the treatment of securitised retail exposures, distinguishing between the diversification assessment applicable when institutions act as originators and when they act as investors. For investor institutions, a limited and temporary derogation is introduced when obligor‑level information is not available under the applicable transparency templates, allowing the diversification condition to be deemed fulfilled. Legal basis and background The Guidelines have been developed pursuant to Article 123(1) of Regulation (EU) No 575/2013 (CRR), which mandates the EBA to specify proportionate diversification methods for retail exposures under the Standardised Approach for credit risk.  Documents Final Report on Guidelines on retail diversification (537.91 KB - PDF) Related content GuidelinesFinal and awaiting translation into the EU official languages Guidelines on proportionate retail diversification methods Topic Credit risk  
dlvr.it
February 13, 2026 at 5:41 PM
ESMA Publishes Latest Edition Of Its Newsletter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its latest edition of the Spotlight on Markets Newsletter. This edition opens with ESMA’s Digital and Data Strategies, outlining how enhanced data use and improved digital tools will strengthen effective and risk-based supervision. Top news highlights include the launch of the selection process for the Consolidated Tape Provider (CTP) for OTC derivatives, an important step toward greater post-trade transparency. ESMA has also signed a Memorandum of Understanding with the Reserve Bank of India, and another with UK regulators under DORA to enhance cooperation on oversight of critical ICT third-party providers. Key publications featured in this edition include: * A thematic note on ESG strategy claims to promote clear and accurate sustainability-related communications * Principles on Risk-Based Supervision, supporting proportionality and simplification * A report on cross-border marketing of funds, presenting notification trends and insights on marketing communications * Joint Guidelines on ESG stress testing Other updates include the launch of ESMA’s Instagram account, the ESMA Chair vacancy (deadline 3 March), and a recap of the recent visit by Commissioner Albuquerque. The newsletter also provides an overview of upcoming events. For regular updates, follow ESMA on LinkedIn, X and Instagram. Related Documents Date Reference Title Download Select 13/02/2026 ESMA newsletter Newsletter January and February 2026
dlvr.it
February 13, 2026 at 5:32 PM
SEC Announces 45th Annual Small Business Forum To Improve Capital-Raising Policy
The Securities and Exchange Commission will host the agency’s 45th Annual Government Business Forum on Small Business Capital Formation at SEC headquarters in Washington, D.C., on March 9 from 1 p.m. to 5 p.m. ET. The event will be webcast live. Registration information and an agenda are available on the event page. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors. "The annual Small Business Forum is a unique opportunity for innovators, investors, advisors, and policymakers to come together and help identify challenges in capital raising,” said SEC Chairman Paul S. Atkins. “I encourage members of the public to join us to share ideas and have their voices heard on ways to improve capital formation." The event will feature appearances by SEC Commissioners and discussions with thought leaders from across the small business ecosystem on capital raising by early- to late-stage private companies and smaller public companies. Both in-person and online participants will have the opportunity to submit policy recommendations in advance by emailing smallbusiness@sec.gov by noon ET on March 5. Online voting to prioritize recommendations to be included in the report for the Commission and Congress will open to the public at the end of the event.
dlvr.it
February 13, 2026 at 5:19 PM
ETFGI Reports ETF Industry In Canada Hits Record US$615.85 Billion As January Sees Highest Ever Monthly Inflows
ETFGI, reported today that assets invested in the ETFs industry in Canada reached a new record of US$615.85 billion at the end of January. During January the ETFs industry in Canada gathered a record net inflows of US$19.49 billion, according to ETFGI's January 2026 Canadian ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, industry events, and ETF TV, covering global ETF industry trends. (All dollar values in USD unless otherwise noted.) Highlights * Canadian ETF assets reached a new record of $615.85 billion at the end of January, surpassing the previous high of $584.47 billion set in December 2025. * ETF assets grew 5.4% year‑to‑date in 2026, rising from $584.47 billion at year‑end 2025 to $615.85 billion in January. * January net inflows totaled $19.49 billion — the highest monthly inflows on record. This surpasses the previous January records of $7.43 billion in 2025 and $4.40 billion in 2022. * January marked the 43rd consecutive month of net inflows into Canadian ETFs. “The S&P 500 rose 1.45% in January. Developed markets excluding the US gained 6.15% in January and are up 6.15%, with Korea (+26.73%) and Luxembourg (+18.64%) posting the strongest increases among developed markets. Emerging markets climbed 5.50% in January, led by Peru (+26.23%) and Colombia (+23.24%).” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the ETFs industry in Canada as of the end of January The ETFs industry in Canada has 1,496 ETFs, with 1,871 listings, record $615.85 Bn in AUM, from 49 providers listed on 2 exchanges at the end of January. RBC iShares is the largest provider in Canada with US$168.44 billion in assets, representing a 27.4% market share. BMO Asset Management ranks second with US$124.43 billion and a 20.2% share, followed by Vanguard with US$100.21 billion and 16.3%. Together, the top three providers account for 63.8% of total Canadian ETF AUM. The remaining 46 providers each hold less than a 6% share of the market. ETFs industry in Canada gathered a record $19.49 billion in net inflows during January.  Equity ETFs: $9.71 billion in inflows, up from $2.72 billion in January 2025.  Fixed Income ETFs: $2.33 billion in inflows, compared with $538.73 million in January 2025.  Active ETFs: $6.51 billion in inflows, higher than $3.86 billion in January 2025.  Crypto ETFs: $12.08 million in inflows, down from $73.59 million in January 2025.  Currency ETFs: $33.47 million in inflows, below the $61.73 million recorded in January 2025. Investors have tended to invest in Equity ETFs during January.
dlvr.it
February 13, 2026 at 4:07 PM
ETFGI Reports ETFs Industry In The US Reaches Record US$13.96 Trillion In Assets And Highest Ever Monthly Inflows At The End Of January
ETFGI reported today that assets invested in the ETFs industry in the United States reached a new record of US$13.96 trillion at the end of January.  During January, the ETFs industry in the United States gathered record net inflows of US$166.65 billion, according to ETFGI's January 2026 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, industry events, and ETF TV, covering global ETF industry trends (All dollar values in USD unless otherwise noted.) Highlights * Assets invested in U.S. ETFs climbed to a record $13.96 trillion at the end of January, surpassing the previous high of $13.43 trillion set in December 2025. * Industry assets rose 4.0% year‑to‑date, increasing from $13.43 trillion at year‑end 2025 to $13.96 trillion at the end of January 2026. * January net inflows reached an all‑time monthly record of $166.65 billion, exceeding the $90.25 billion gathered in January 2025 and the prior third‑highest January inflows of $78.78 billion in 2018. * January marked the 45th consecutive month of net inflows for the U.S. ETF industry. “The S&P 500 rose 1.45% in January. Developed markets excluding the US gained 6.15% in January and are up 6.15%, with Korea (+26.73%) and Luxembourg (+18.64%) posting the strongest increases among developed markets. Emerging markets climbed 5.50% in January, led by Peru (+26.23%) and Colombia (+23.24%).” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the ETFs industry in the United States as of the end of January The ETFs industry in the United States has 4,947 products, assets of $13.96 Tn, from 462 providers listed on 3 exchanges at the end of January. iShares is the largest provider in terms of assets with $4.13 Tn, reflecting 29.6% market share; Vanguard is second with $3.99 Tn and 28.6% market share, followed by State Street SPDR ETFs with $1.90 Tn and 13.6% market share. The top three providers, out of 462, account for 71.8% of AUM invested in the ETFs industry in the US, while the remaining 459 providers each have less than 6% market share. During January, ETFs attracted a record $166.65 billion in net inflows. Equity ETFs saw strong demand, gathering $78.14 billion—more than triple the $24.55 billion recorded in January 2025. Fixed income ETFs brought in $29.02 billion in net inflows, up from $20.28 billion a year earlier. Commodities ETFs recorded $3.68 billion in net inflows, a sharp reversal from the $1.06 billion in net outflows in January 2025. Active ETFs also experienced significant growth, attracting $64.71 billion in net inflows compared to $44.03 billion in January 2025. Investors have tended to invest in Equity ETFs during January.
dlvr.it
February 13, 2026 at 3:08 PM
Coming Attractions From The SEC Division Of Corporation Finance, Director Jim Moloney, Feb. 13, 2026
This Statement describes, among other things, my remarks and other matters discussed by Duc Dang, Sebastian Gomez Abero, Jonathan Ingram, Heather Rosenberger, and Ted Yu during various presentations at the 2026 Securities Regulation Institute from January 26-28, 2026, in Coronado, California.[1] Steven Spielberg is directing a movie called Disclosure Day, coming this summer to a theater near you. As I keep telling my team, the changes you will see emerge from the Securities and Exchange Commission by way of the Division of Corporation Finance (the “Division”) will be the equivalent of a series of blockbuster movies, reminiscent of Spielberg’s greatest hits. He may have already taken the perfect title for one of our movies, but you can expect our very own “disclosure day” releases. And while Spielberg and I have very different plots in mind for our productions, I promise you that our releases will be just as thrilling. It’s time to leave some of these burdensome regulations on the cutting room floor. I rejoined the Commission’s staff a few short months ago after nearly a quarter century in private practice, ready to implement Chairman Paul Atkins’ sweeping agenda to return the agency to its core mission of protecting investors and facilitating capital formation. The intent of his agenda is to reduce barriers to going public, rationalize burdensome requirements while ensuring that investors continue to have access to the material information they need, and simplify and modernize our rules so that more companies are willing to go and stay public. The Division will play a starring role in executing that agenda. Just take a look at the long list of Division rulemakings on the Regulatory Flexibility Agenda.[2] The Division staff is currently working on advancing our rulemakings as quickly as possible. In line with the Chairman’s priorities, we are first focusing on crypto assets reform, implementing the Holding Foreign Insiders Accountable Act (“HFIAA”) to require Section 16 reporting for Foreign Private Issuers (“FPIs”) as mandated by Congress, creating an option for semi-annual, rather than quarterly, reporting, and reducing regulatory burdens from Regulation S-K, including executive compensation disclosures. Crypto Assets Last year, then-Acting Chairman Mark Uyeda referenced Spielberg’s first blockbuster, Jaws, in his remarks at the SEC Speaks conference.[3] He described a dangerous sea with the ever-lurking threat of regulation by enforcement. In the prior administration, nowhere was that more evident than in crypto assets enforcement. Two of the Division’s blockbuster recommendations headed to the Commission will focus on crypto assets. Last November, Chairman Atkins outlined the next steps for “Project Crypto,” which he expects will provide a clear taxonomy for crypto assets and guidance on when crypto assets are no longer part of, or subject to, an investment contract.[4] The Division is preparing to deliver these recommendations to the Commission in the form of interpretive guidance that provides a taxonomy for crypto assets and describes a framework for determining when crypto assets are subject to an investment contract. For those crypto assets that are subject to an investment contract, we are also working on a proposal that will seek to provide a rational regulatory structure for the offer and sale of those securities. Following these big releases, the markets will no doubt continue to innovate. You’ve seen that the Division has been willing to jump in and has provided needed market clarity through Division statements and no-action letters.[5] We will continue to monitor the marketplace and provide additional guidance as needed to further facilitate capital formation and accommodate innovation in this space without sacrificing investor protection. Regulation S-K Securities lawyers from the early days of the Securities Act of 1933 and the Securities Exchange Act of 1934 would want to “phone home” if they were transported, E.T.-style, to witness today’s disclosure regime. The overall length of proxy statements and periodic filings – not to mention compliance costs – have skyrocketed over the past decades, creating massive documents that would be alien to those who created our disclosure regime. To invigorate the process of right-sizing these disclosures, the Chairman recently put out a statement instructing the Division to review Regulation S-K with the goal of “revising the requirements to focus on eliciting disclosure of material information and avoid compelling the disclosure of immaterial information.”[6] The Chairman’s statement requested public comment on any part of Regulation S-K, following upon the informative Executive Compensation Roundtable and related request for comment last year focused on Item 402 of Regulation S-K.[7] Companies, investors, and other market participants now have the unique opportunity to help us draft the scripts for the next several sequels. We have plenty of long academic letters about the principles of disclosure, but we are looking for targeted, concrete recommendations to reduce immaterial disclosure and encourage companies to focus on the information that is material to investors. The Division can especially use data, including but not limited to the cost of compliance with specific SEC rules. Go ahead and mark up the reg text itself – we aren’t afraid of some red ink on our script. Please feel free to submit your comments on Regulation S-X as well. Semi-Annual Reporting It may feel as though we’re still stuck in The Terminal with semi-annual reporting. President Trump initially called for an end to quarterly reporting in a social media post in 2018, and the SEC followed up with a request for comment, but unfortunately nothing materialized at the time.[8] In September 2025, the President again called for a reconsideration of mandatory quarterly reporting. This time, however, I expect things will be different. Chairman Atkins has asked us to prioritize this proposal.[9] It’s time to leave the airport at last and travel forward with a formal rulemaking. As we prepare recommendations for the Commission, we will be considering what other rule changes may be needed to ensure any transition to a semi-annual reporting process will be smooth and free from any regulatory turbulence. Like selecting the perfect travel snack once in the air, there’s no one-size-fits-all solution. For some companies and their investors, semi-annual reporting may make sense. Other companies, however, may have reasons why quarterly reporting still works best for them. We want to hear a broad range of market participants’ thoughts on the best way to structure the final rule before making the Division’s ultimate recommendation to the Commission. If you have any data (including from other jurisdictions) on the possible effects of changing the reporting cycle, please send us that information through the comment process once a rule proposal is out. HFIAA and Concept Releases As in Indiana Jones, distant foreign lands offer unexpected changes, excitement, and adventure. As part of the 2026 National Defense Authorization Act, Congress passed the HFIAA. The HFIAA subjects the directors and officers of reporting FPIs to the SEC’s insider transaction reporting regime and mandates that the SEC implement any necessary rule changes by March 18, 2026.[10] Unlike some of the mazes that challenged the intrepid explorer Indiana Jones, Congress gave us a clear map to guide us for what needs to be done in short order. And, like Indy, we are racing ahead of a rolling boulder – in this case, the March 18, 2026, deadline to complete the mandated rulemaking. The Division is working to get its rulemaking recommendations to the Commission ahead of the deadline. Still, it’s important to keep in mind that the Exchange Act Section 16(a) amendments made by the HFIAA are self-executing, so, regardless of the rulemaking’s status, officers and directors of reporting FPIs must comply with the Section 16(a) reporting obligations beginning March 18, 2026. Our EDGAR Business Office recently put out a message recommending that directors and officers of FPIs request their filer identification numbers early so that there are not thousands of requests rushing in right before the deadline comes crashing down.[11] The HFIAA gave the Commission the authority to exempt directors and officers of reporting FPIs in jurisdictions in which the applicable foreign law requirements are “substantially similar” to Section 16(a). Division staff is analyzing the laws of foreign jurisdictions and may make recommendations to the Commission in this area. FPIs also have a starring role in our June 2025 Concept Release on Foreign Private Issuer Eligibility.[12] The Division is processing the comments received thus far on that release. And don’t forget our September 2025 Concept Release on Residential Mortgage-Backed Securities Disclosures and Enhancements to Asset-Backed Securities Registration.[13] The comment period for that release recently closed and we’re wrapping up our review of comments received to date in preparation for making a recommendation to the Commission about a potential rule proposal. Staff Guidance and More Don’t expect a quiet summer ahead as we continue our work on an extensive overhaul of our rules to implement regulatory reform. Nowadays, in between the flashy blockbuster sequels, you can watch a steady stream of good shows that help move the plot along to keep pace with the market. Between the big rulemakings that I just described, we will be issuing staff-level guidance that will continue to help companies, their advisors, investors, and other market participants more efficiently navigate our rules. The Division has been putting out interpretive guidance and no-action letters on a variety of topics, including tender offers, broker searches, exempt proxy solicitations, spin-offs, crypto assets, and Section 13(d) group formation. You can expect to see even more staff guidance in the near future. We want to do what we can to assist registrants and smooth the path to capital formation without sacrificing investor protection. Disclosure Review Some movie franchises have a seemingly endless number of sequels and remakes. Our Disclosure Review Program’s prolific output dwarfs the number of Jurassic Park films. After receiving nearly 1,000 registration statements during the Fall 2025 government shutdown (with more flowing in after the shutdown ended), the Disclosure Review Program triaged filings and processed them as quickly as possible in the order received. Lapse times are still a bit longer than usual, but they are trending downward as the program resumes normal operations. I am proud of our updated shutdown guidance related to Rule 430A that allowed issuers greater flexibility with respect to pricing offerings that were filed without a delaying amendment.[14] Some of these offerings went effective automatically after the passage of 20 days. Remember that you won’t see notices of effectiveness on EDGAR for registration statements that went automatically effective. Those notices are only issued when the staff declares a registration statement effective by delegated authority. There has also been a delay in posting comment letters due to the dig-out from the shutdown, so keep in mind that the number of letters and correspondence posted may not yet reflect what was actually finalized over the last few months. If you have any questions, your review team stands ready to assist. Shareholder Proposals Speaking of sequels, the shareholder proposals task force is taking a much-needed break after decades of proxy proposal review seasons. The Division’s November statement pausing the task force due to resource constraints has led to a number of questions and practical approaches taken by proponents and companies alike.[15] We have been doing a lot of outreach to companies, investors, and proxy advisors to answer questions and listen to concerns. We are seeing a mixed result so far, with over 150 no-objection letter requests received, while other proposals are included in company proxy statements. We aren’t putting a thumb on the outcome scale either way, so we aren’t surprised to see companies reaching different conclusions based on the details of the proposals, independent legal analysis, and their own business and risk assessments. A rulemaking to modernize the shareholder proposals rule is on the Commission’s agenda and the Division is in the process of preparing its recommendations. *** Under my leadership, there is an open-door policy in the Division. I invite companies, investors, and other market participants to tell us what’s working and what’s not, and where there are issues, please propose a solution. The Division is ready to usher in a new day for public companies and their investors. We need your ideas, suggestions, comments, and data to get there. Help us help you! Then grab a seat and your popcorn before the feature films start rolling. Exciting times lie ahead! --- [1] This statement is provided in the author’s official capacity as the Commission’s Director of the Division of Corporation Finance but does not necessarily reflect the views of the Commission, Commissioners, or other members of the staff. This statement is not a rule, regulation, or statement of the Commission. The Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. [2] Office of Information and Regulatory Affairs, Agency Rule List – Spring 2025, Securities and Exchange Commission, https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode&showStage=active&agencyCd=3235. [3] Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, Remarks at the “SEC Speaks” Conference 2025 (May 19, 2025), https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-sec-speaks-051925. [4] Paul S. Atkins, Chairman, U.S. Securities and Exchange Commission, The SEC’s Approach to Digital Assets: Inside “Project Crypto” (Nov. 12, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-111225-secs-approach-digital-assets-inside-project-crypto. [5]See Crypto@SEC, https://www.sec.gov/featured-topics/crypto-task-force/cryptosec. [6] Paul S. Atkins, Chairman, U.S. Securities and Exchange Commission, Statement on Reforming Regulation S-K (Jan. 13, 2026), https://www.sec.gov/newsroom/speeches-statements/atkins-statement-reforming-regulation-s-k-011326. [7] Paul S. Atkins, Chairman, U.S. Securities and Exchange Commission, Statement on the Upcoming Executive Compensation Roundtable (May 16, 2025), https://www.sec.gov/newsroom/speeches-statements/statement-upcoming-executive-compensation-roundtable. [8] Request for Comment on Earnings Releases and Quarterly Reports, Release No. 33-10588 (Dec. 18, 2018), https://www.sec.gov/files/rules/other/2018/33-10588.pdf. [9] Cherian, J.M, Krauskopf, L., Gillison, D., Reuters, Trump renews calls for ending quarterly reports for companies (Sept. 16, 2025), https://www.reuters.com/sustainability/boards-policy-regulation/trump-renews-calls-ending-quarterly-reports-companies-2025-09-16/. [10] National Defense Authorization Act, Pub. L. No. 119-60 (Dec. 18, 2025), Sec. 8103. [11] New Reporting Requirements Pursuant to Holding Foreign Insiders Accountable Act (Jan. 13, 2026), https://www.sec.gov/newsroom/whats-new/new-reporting-requirements-pursuant-holding-foreign-insiders-accountable-act. Note that foreign law requirements for notarization can differ quite a bit from what’s required in the U.S., so those new Section 16 filers may want to allow sufficient time to meet the requirements. [12] Concept Release on Foreign Private Issuer Eligibility, Release No. 33-11376 (June 4, 2025), https://www.sec.gov/files/rules/concept/2025/33-11376.pdf. [13] Concept Release on Residential Mortgage-Backed Securities Disclosure and Enhancements to Asset-Backed Securities Registration, Release No. 33-11391 (Sept. 26, 2025), https://www.sec.gov/files/rules/concept/2025/33-11391.pdf. [14] Updated Division of Corporation Finance Actions in Advance of a Potential Government Shutdown (Oct. 9, 2025), https://www.sec.gov/newsroom/whats-new/updated-division-corporation-finance-actions-advance-potential-government-shutdown-october-09-2025. [15]Statement Regarding the Division of Corporation Finance’s Role in the Exchange Act Rule 14a-8 Process for the Current Proxy Season (Nov. 17, 2025), https://www.sec.gov/newsroom/speeches-statements/statement-regarding-division-corporation-finances-role-exchange-act-rule-14a-8-process-current-proxy-season.
dlvr.it
February 13, 2026 at 2:54 PM
MIAX Chairman And CEO Thomas P. Gallagher Named Chief Executive Of The Year By FOW
Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced that its Chairman and CEO Thomas P. Gallagher was named Chief Executive of the Year at the FOW International Awards 2026 held on February 12 in London. Mr. Gallagher is one of MIAX's principal founders, becoming chairman in 2008 and leading the company since 2012 when the first of its MIAX electronic options exchanges launched. Since then, he has overseen MIAX's growth from a single options exchange to a global exchange group currently operating eight exchanges across options, futures, equities, and international markets. In 2025, Mr. Gallagher led the company through its initial public offering and secondary offering, the launch of the MIAX Futures Onyx trading platform, the announcement of its strategic sale of 90% of MIAXdx, the launch of the MIAX Sapphire options trading floor in Miami, and the acquisition of TISE. "I am deeply honored to be recognized with this prestigious award by FOW," said Mr. Gallagher in his acceptance remarks. "Receiving this award means a great deal since this past year has been nothing short of extraordinary for MIAX and it reflects the significant milestones we have achieved. As you know, success is never a solo effort and I would like to dedicate this award to the entire MIAX team for its vision, commitment, and contributions over the past 18 years. Thank you again to FOW and the editorial team for this tremendous honor and congratulations to this year's other winners." For over two decades, the FOW International Awards have celebrated excellence, innovation, and leadership across the global derivatives industry. Established as one of the most trusted accolades in the market, these awards spotlight firms and individuals whose achievements are redefining the future of derivatives.
dlvr.it
February 13, 2026 at 2:45 PM
Trading Technologies Wins Multi-Asset Trading System Of The Year For TT® Platform At FOW International Awards 2026 - Former TT CEO Keith Todd Honored With Lifetime Achievement Award
Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, last night won Multi-Asset Trading System of the Year for its TT platform at the FOW International Awards 2026. The awards, presented at a dinner ceremony in London last night, also honored Keith Todd, who served as CEO of TT from December 2021 to March 2025, with a Lifetime Achievement Award. The FOW International Awards celebrate excellence, innovation and leadership across the global derivatives industry, spotlighting firms and individuals whose achievements are "redefining the future of derivatives." Award winners were chosen by an independent panel of experts from throughout the industry. The Lifetime Achievement Award was selected by the editorial team of Futures & Options World (FOW). Comments from the judges included: "TT have been the gold standard for more than 20 years, and continue to innovate, both with new exchange offerings to the main trading functionality and the host of new functions coming online since the 7RIDGE deal." TT CEO Justin Llewellyn-Jones said: "We've worked diligently over the past four years to ensure we built on the capabilities of our leading derivatives platform to meet the growing multi-asset needs of our clients across the trade life cycle. It's gratifying to earn the global recognition of Multi-Asset Trading System of the Year in such short order. We are also delighted that FOW has recognized the extraordinary contributions of Keith Todd, who put into place our multi-asset strategy when he assumed the CEO role in late 2021. Congratulations to Keith on this well-deserved honor." FOW comments about Todd referenced his "great contributions" to the industry through his various leadership roles, his "impressive CV" and the "impactful change" he has made at various organizations and across the wider industry." TT's multi-asset platform, handling more than 3 billion transactions in 2025, offers trade execution services across futures and options, fixed income, foreign exchange (FX) and cryptocurrencies, augmented by business lines that provide solutions for data and analytics, quantitative trading, compliance and trade surveillance, clearing and post trade allocation, infrastructure services and derivatives margin analytics. The expansion of the platform to deliver multi-asset functionality enables clients to leverage sophisticated order and execution management tools for high-, low- and no-touch workflows across their global trading operations in each of the asset classes. TT earned more than 20 awards and honors in 2025, including for its EMS and OMS, algorithmic trading solution, trade surveillance solution and transaction cost analysis (TCA) offering.
dlvr.it
February 13, 2026 at 1:15 PM
Eventus Wins Market Surveillance Solution Of The Year At FOW International Awards 2026
Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, last night won Market Surveillance Solution of the Year at the FOW International Awards 2026 in London. Eventus has now won the category for its Validus platform four times since 2019. The FOW International Awards celebrate excellence, innovation and leadership across the global derivatives industry. Award winners were chosen by an independent panel of experts from throughout the industry. Comments from the judges included: "The field of surveillance has seen a huge amount of change since first becoming a requirement in the early 2000's, and many firms have built applications to satisfy these needs. Of the current crop, Eventus seems to be blazing a trail for continuing development, with their moves into digital markets and AI showing leadership in their field." Eventus CEO Travis Schwab said: "It's always a tremendous honor to earn recognition from FOW in these awards. The introduction of our Frank AI solution was an important milestone last year. And just as we've played a leadership role in trade surveillance for cryptocurrency markets, we are now proud to help other marketplaces and participants understand how to surveil in 24/7 environments and to spearhead the implementation of proper surveillance tools for the rapidly growing information and prediction markets space as these venues and regulators alike navigate this new landscape." Eventus has now earned nearly 50 global and regional awards for excellence in its platform and client service over the past seven years.
dlvr.it
February 13, 2026 at 1:15 PM
U.S. Department Of The Treasury Accepting Whistleblower Tips On Fraud, Money Laundering, Sanctions Violations
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today launched a new dedicated webpage to confidentially accept whistleblower tips on fraud, money laundering, and sanctions violations. While in Minnesota last month in support of President Trump’s efforts to stop the rampant government benefits fraud schemes, which have cost taxpayers billions of dollars, Secretary of the Treasury Scott Bessent announced that Treasury would provide financial rewards for eligible whistleblower tips.  In Minnesota, Secretary Bessent also unveiled a series of initiatives Treasury is undertaking to combat fraud, including investigating Money Services Businesses, enhancing reporting to accelerate prosecutions and recover laundered funds, alerting financial institutions to help disrupt fraud rings exploiting child nutrition programs, and training law enforcement to better leverage financial data to combat complex fraud schemes. In addition, the IRS will launch a dedicated fraud task force focused on targeting the misuse of funding by 501(c)(3) tax-exempt entities.  “President Trump has been clear that Americans have a right to know that their tax dollars are not being diverted to fund acts of global terror or to fund luxury cars for fraudsters. At Treasury, we follow the money. We did it with the mafia, we have done it with the cartels, and we’re doing it with the Somali fraudsters,” said Secretary of the Treasury Scott Bessent. “We are going to offer whistleblower payments to anyone who wants to tell us the who, what, when, where, and how this fraud and money laundering has occurred.” FinCEN’s Office of the Whistleblower is accepting tips involving violations and conspiracies related to the Bank Secrecy Act, U.S. sanctions programs, and several other laws critical to safeguarding the U.S. financial system and national security. Individuals who provide information may be eligible for awards if their tip leads to a successful enforcement action. Whistleblowers are encouraged to submit information as soon as possible and to provide detailed, specific documentation to support their claims. For more information on FinCEN’s whistleblower program and how to submit tips, visit fincen.gov/whistleblower.
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February 13, 2026 at 1:01 PM
ICE Announces Record Open Interest Across Its Interest Rate Derivatives Markets
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that ICE’s interest rate derivatives markets hit record open interest (OI) of 42.3 million contracts on February 11, 2026, up 45% year-over-year (y/y), as ICE’s total OI across its futures and options markets hit a record 116.5 million. ICE SONIA futures and options - the benchmark for managing U.K. interest rate risk - hit record OI of 15.4 million on February 11, 2026, including a record 11.7 million SONIA options, with OI up 63% and 70% respectively. In January 2025, a record 8.9 million SONIA options traded during the month, with record average daily volume of 426,000 contracts. Meanwhile, ICE’s MPC Dated SONIA futures, a cash settled future based on the interest rate accrued over a Bank of England Monetary Policy Meeting period, is seeing increased use by market participants who want to more precisely trade around central bank meeting dates, utilizing the margin offsets available when trading and clearing alongside ICE SONIA. On January 29, 2026, OI in MPC Dated SONIA futures surpassed 51,000 contracts for the first time. Elsewhere, OI across Gilts, the benchmark for the U.K. government bond yield curve, is up 21% at 1.2 million contracts. “As the only global exchange to offer a multi-currency rates portfolio, customers are benefiting from the diversity and deep liquidity of ICE’s benchmark U.K. and EU rates markets as they respond to shifting monetary policy paths and cross-market signals,” said Caterina Caramaschi, VP of Financial Derivatives at ICE. “The record open interest reflects the value customers find in using a single platform to align exposure across assets.” In addition to U.K. rates, ICE is home to Euribor, the benchmark for managing short term euro-related interest rate risk, with OI of 22.7 million across futures and options, up 33% y/y; as well as €STR, which reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area, with futures OI of 2.2 million, up over 100% y/y; and SARON, the Swiss benchmark, with OI up 16% y/y.
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February 13, 2026 at 1:01 PM
Bank Of England: Minutes Of The Market Participants Group Meeting – 12 February 2026
The Market Participants Group (MPG) is a senior-level forum for financial market participants to share their views on relevant themes and narratives in financial markets with members of the Bank of England’s Monetary Policy Committee. Time: 5pm – 6.30pm | Location: Bank of England Minutes Item 1 – Welcome The Governor began the meeting by thanking attendees for joining and reminding participants of the purpose of these meetings. The Governor made clear that the MPC would be in listening mode, and that the meeting would be conducted in accordance with relevant competition and conduct laws, as per the terms of referenceOpens in a new window . Item 2 – International developments Market participants discussed the outlook for the global economy and developments in financial markets since the start of the year. A positive global growth picture continued to support risk sentiment, with evidence of some rotation into European and Asian assets. Geopolitical concerns remained a source of volatility, including in precious metals. There had been record corporate issuance in January and credit spreads remained tight reflecting strong demand. Market participants also discussed developments in AI, including its potential impact on productivity, capital investment, employment and prices – but acknowledged significant uncertainty around the timing and magnitude of these impacts, and across different countries and industries. The discussion moved on to the emerging evidence of the impact of tariffs, trade policy uncertainty and trade diversion on global prices and their relevance to the UK, where market participants had a range of views. Market participants concluded by identifying relevant risks to the outlook, including the potential for a correction in asset valuations as well as continued fiscal sustainability pressures globally. Item 3 – Domestic developments Market participants shared their reactions to the February MPC meeting. Although the policy outcome was as expected, market participants highlighted the finely balanced nature of the vote split and associated communications as driving a dovish market reaction. This had seen market pricing for the near-term path of Bank Rate move lower. Considering the UK market curve further out, market participants highlighted the role of term premium in explaining the upward sloping nature of the yield curve towards the end of the forecast horizon, which they did not interpret as reflecting expectations for increases in Bank Rate. Market participants noted that term premium reflected a range of factors but was broadly characterised as remunerating investors for uncertainty. Market participants expressed a range of opinions on the UK macroeconomic outlook, and on the prevailing degree of restrictiveness of monetary policy. Some market participants considered that signs of weaker growth and employment could have been driven by sources of uncertainty which may now be abating, and that wage inflation was at a level above that which they would consider consistent with achieving the inflation target. Other market participants assigned more weight to evidence of subdued economic growth, a rising unemployment rate, and other measures of labour market weakness. This range of views had led market participants to differing conclusions about the appropriate setting and path for Bank Rate. Attendees Market Participants Group (MPG) members John Butler – Wellington Management  Andrew Law – Caxton Associates LLP  Fraser Lundie – Aviva Investors Kunal Shah – Goldman Sachs Gertjan Vlieghe – Millennium Capital Partners Guy Winkworth – Barclays Monetary Policy Committee (MPC) members Andrew Bailey Sarah Breeden  Swati Dhingra Megan Greene  Clare Lombardelli  Catherine L Mann  Huw Pill  Dave Ramsden  Alan Taylor  Bank of England staff Geoff Coppins  Arif Merali Iain Ramsay Andrea Rosen  Vicky Saporta Fergal Shortall 
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February 13, 2026 at 10:19 AM
Boerse Stuttgart Digital And tradias Plan Merger To Form European Crypto Champion - Fully Regulated One-Stop-Shop For Crypto Infrastructure - Joint Management Team Of Boerse Stuttgart Digital And radias Planned - Boerse Stuttgart Digital And tradias Aim To Expand Leading European Position In The Digital And Crypto Business As A Unit Of Boerse Stuttgart Group
The leading European crypto infrastructure providers Boerse Stuttgart Digital and tradias plan to merge. Boerse Stuttgart Digital operates the largest crypto business of all European exchange groups, while tradias is a leading European crypto trading firm. The planned merger will create a fully regulated European crypto champion, covering the entire value chain of brokerage, trading, custody, staking, and tokenized assets. The newly formed unit of Boerse Stuttgart Group will include around 300 employees and will operate under a joint management team from Boerse Stuttgart Digital and tradias, with headquarters in Frankfurt and Stuttgart. With their rapid growth and complementary offerings, Boerse Stuttgart Digital and tradias make an excellent match. Boerse Stuttgart Digital operates a regulated crypto broker, a regulated crypto exchange, and a MiCAR-licensed crypto custodian. Its institutional clients include Italy’s biggest bank, Intesa Sanpaolo, DZ Bank with the cooperative banking group, and DekaBank with its crypto offering for savings banks – the two largest retail banking groups in Germany. tradias also operates across Europe, has outstanding expertise in trading and market making, and its client portfolio includes leading online brokers as flatexDEGIRO, internationally active neobrokers as Trade Republic, service providers as dwpbank, and government institutions. Boerse Stuttgart Digital and tradias intend to combine their strengths in a one-stop shop for European financial institutions that want to offer their customers secure, fully regulated access to cryptocurrencies or to engage in the crypto market themselves. "With the planned merger of Boerse Stuttgart Digital and tradias, Boerse Stuttgart Group is driving the development and consolidation of the European crypto market. As a reliable and trusted crypto infrastructure partner, we will serve a significant number of leading financial institutions across Europe. In doing so, we want to set the course for further growth and expand our leading position in the digital and crypto business in Europe,“ says Dr. Matthias Voelkel, CEO of Boerse Stuttgart Group. Christopher Beck, founder of tradias: "We have built strong growth momentum in recent years. By merging with Boerse Stuttgart Digital, we will take the next logical step in our corporate development.” Michael Reinhard, CEO of tradias: "Together, we will cover the entire value chain for digital assets and create a new European champion with significantly greater reach, strategic depth, and creative power for further market consolidation.“ The merger is expected to be completed in the second half of 2026, subject to the successful conclusion of negotiations and the approval of the supervisory authorities.
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February 13, 2026 at 9:12 AM
Calculation And Launch Of “JPX Start-Up Acceleration 100 Index”
As announced on December 12, 2025 1, JPX Market Innovation & Research, Inc. (JPXI) has been developing the “JPX Startup Acceleration 100 Index,” composed of 100 leading high-growth startups in Japan. We hereby announce that the details have now been finalized as described below, and distribution will commence on March 9, 2026 2. * Calculation of the new “JPX Startup Acceleration 100 Index,” Focused on the Growth of Startups. * Starting from mid-February 2026, the daily index values will be posted on the JPX website. Overview of the JPX Startup Acceleration 100 Index * For details, please refer to the calculation methodology. Name JPX Start-Up Acceleration 100 Index (Abbreviation: JPX Startup 100) Concept An index comprising Japan’s top high-growth startups Issue selection method * As a general rule, companies that have changed their listing from the Growth Market within five years are eligible. However, companies that continue to demonstrate growth may remain eligible even after five years. * With regard to the growth criteria, a buffer rule is applied to existing constituents. Number of constituent issues 100 Calculation method Free-float adjusted market capitalization-weighted Record date / base price July 28, 2022 / 1,000 points Calculation and distribution of index values Index values will be calculated and disseminated in real time (every second) from March 9, 2026. Total return index Available Distribution of basic index information Provided via the Index Data Service (for a fee) TSE Index Guidebook (JPX Start-Up Acceleration 100 Index) Constituent Issues of JPX Start-Up Acceleration 100 Index (as of February 13, 2026) Please see here for more details about the index. JPX Start-Up Acceleration 100 Index   Contact (Regarding the overview of this index and how to obtain index values) JPX Market Innovation & Research, Inc.   Index Business Department E-mail : index@jpx.co.jp Contact (Regarding license agreements) JPX Market Innovation & Research, Inc.   Client Services Department E-mail : index-license@jpx.co.jp
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February 13, 2026 at 7:11 AM
Statement On Jury’s Verdict In Trial Of Ismael Sanchez: Margaret Ryan, Director, SEC Division Of Enforcement, Feb. 12, 2026
Today, after a four-day trial, a jury in the United States District Court for the Southern District of Texas found defendant Ismael Sanchez liable for securities fraud and registration violations. As shown at trial, Defendant Sanchez was a lead salesperson for CryptoFX, a large-scale Ponzi scheme that targeted approximately 40,000 investors by promising to trade investor funds in the crypto asset and foreign exchange markets, but in reality used investor money to make Ponzi payments, pay commissions to salespeople, and fund personal expenses. The office in Chicago that Sanchez led raised tens of millions of dollars from investors. The jury found Sanchez liable for securities fraud and registration failures under the federal securities laws. Statement of SEC Enforcement Director Margaret A. Ryan: “We are pleased with the jury verdict holding Mr. Sanchez liable for fraud and other violations for his role in soliciting retail investors to put their money into this egregious Ponzi scheme. This action demonstrates our ongoing commitment to our core mission of protecting investors and holding wrongdoers accountable. I thank the trial team for its hard work and professionalism in trying this case.”
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February 13, 2026 at 6:49 AM
Cboe Launches Nearly 24-Hour Trading In Russell 2000 Index Options
* Cash-settled Russell 2000® Index (RUT) options now available during Cboe's Global Trading Hours * Cboe now offers nearly 24x5 trading for RUT, S&P 500 Index and Cboe Volatility Index options * RUT options and Cboe's Global Trading Hours both reached record volumes in 2025 Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced Russell 2000 Index (RUT) and Russell 2000 Index Weeklys (RUTW) options are now available to trade on the Cboe Options Exchange nearly 24 hours a day, five days a week.   The addition of RUT options to Cboe's Global Trading Hours (GTH) session offers European and Asia Pacific investors the ability to better manage U.S. small-cap exposure and trade during their local daytime hours. Cboe also offers S&P 500 Index (SPX), Mini-SPX (XSP) and Cboe Volatility Index (VIX) options during its GTH session, which experienced record volumes in 2025, up 27% compared to 2024. RUT options saw record demand as investors increasingly turned to cash-settled, European-style options to help manage positioning and implement a broad range of trading strategies. Retail and institutional investors typically utilize RUT options to hedge or express market views, generate yield, or implement zero-days-to-expiry (0DTE) positions. In January, 0DTE trading represented 23% of total RUT options activity, reflecting growing investor demand for short-dated strategies. "Cboe remains steadfast in our efforts to expand global access to U.S. markets and empower investors with the flexibility and tools they need to manage today's market environment," said Rob Hocking, Global Head of Derivatives at Cboe. "Demand for Russell 2000 Index options remained elevated as market participants navigated uncertainty, looked to diversify exposure and sought the utility index options can provide. By offering nearly 24-hour RUT trading alongside our SPX and VIX options, global investors can better act on their strategies in real time, regardless of time zone."   Milan Galik, Chief Executive Officer of Interactive Brokers, said: "Interactive Brokers is committed to expanding trading hours across the wide scope of asset classes we offer to our global clientele, as soon as and wherever such expansion is possible. With exchanges like Cboe now enabling 24/5 trading for Russell 2000 Index options, our clients worldwide gain the ability to manage their small-cap options positions around the clock and respond to international market developments in real-time."  Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell, said: "Cboe's decision to introduce nearly 24-hour trading for Russell 2000 Index options is a significant milestone for global investors. As a key benchmark for U.S. small-cap equities, the expansion of Russell 2000 Index options will now offer investors enhanced flexibility to capture opportunities across time zones." On February 25 at 12:30 p.m. ET, Cboe will host a webinar featuring Mandy Xu, Head of Derivatives Market Intelligence at Cboe, and Catherine Yoshimoto, Director of Product Management at FTSE Russell. The discussion will cover the expansion of RUT trading hours, recent RUT options trading trends, and the outlook for small-cap performance and volatility. Visit here to sign up to receive webinar registration details and additional Cboe derivatives insights and analysis. RUT and RUTW options now trade Monday through Friday during Cboe's Regular Trading Hours (RTH) (9:30 a.m. ET to 4:15 p.m. ET), Global Trading Hours (GTH) (8:15 p.m. ET to 9:25 a.m. ET) and Curb Trading Hours (4:15 p.m. to 5:00 p.m. ET). For more information on Cboe's Global Trading Hours, visit Cboe Global Trading Hours.
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February 13, 2026 at 6:39 AM