Minimum Volume Thresholds for Negotiated Large Trades
SGX RegCo published Appendix A to Regulatory Notice 4.1.11 establishing minimum volume thresholds in lots for contracts eligible under the Negotiated Large Trade System (NLTS). The thresholds apply to various futures and options contracts including equity indices, currencies, commodities, freight rates, and cryptocurrency perpetuals. The table specifies lot minimums ranging from 2 to 50 depending on contract type. These thresholds determine eligibility for block trade execution. The updated thresholds become effective 30 April 2026.
Amendments to Futures Trading Rules - Minimum Volume Thresholds for NLTS
SGX RegCo has amended the Futures Trading Rules, specifically Appendix A to Regulatory Notice 4.1.11 concerning Minimum Volume Thresholds for NLTS. The amendments modify volume thresholds for SGX FTSE Indonesia Index Futures and SGX FTSE Vietnam 30 Index Futures contracts. Changes are marked in blue with underlined insertions and strikethrough deletions indicating specific modifications to lot requirements.
Amendments to Futures Trading Rules – TWD Futures Tick Size and Volume Threshold Restructure
SGX RegCo published amendments to Futures Trading Rules for TWD/USD futures contracts, effective 20 April 2026. The changes reduce minimum tick sizes for Negotiated Large Trades across full-sized and micro contract variants: full-sized contracts tick size drops from US$0.0050 to US$0.0025 per 1,000 TW$ (contract size from US$15 to US$7.50), while micro contract tick sizes are reduced to US$0.0001 per 1,000 TW$ (US$0.30 per contract). Appendix A and B to Regulatory Notice 4.1.11 update minimum volume thresholds and tick schedules accordingly.
Amendments to the Futures Trading Rules
SGX RegCo has amended the Futures Trading Rules, specifically Appendix A (Minimum Volume Thresholds for NLTS) and Appendix B (Minimum Tick Schedule for Negotiated Large Trades) to Regulatory Notice 4.1.11. The amendments update minimum volume thresholds and tick sizes for SGX FTSE Government Bond Futures across India, Indonesia, Malaysia, Philippines, and Thailand. Market participants trading these futures contracts must comply with the updated tick sizes and NLT tick sizes when executing Negotiated Large Trades, effective 20 April 2026.
LCH SA Rulebook Formalizes Clearing Member Relationship
LCH SA maintains a rulebook governing its relationship with clearing members. The rulebook, governed by French law, covers Fixed Income and Triparty Repos, OTC Credit Default Swaps, and Digital Asset Derivatives. It includes provisions on membership requirements, clearing operations, risk management, margin requirements, default fund, collateral, and default events.
Proposed Rule Changes Filed With CFTC and SEC
LCH has filed proposed rule changes with the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) under self-certification procedures. The filings apply to both LCH Ltd and LCH SA entities. Details of the specific rule modifications are accessible through the LCH rulebook.
LCH Ltd Rulebook - General Regulations, Default Rules, and Procedures
LCH Limited published updates to its rulebook components, including General Regulations (updated 6 March 2026), Default Rules (updated 23 March 2026), Settlement Finality Regulations (updated 21 July 2025), and Sponsored Clearing Regulations (updated 6 March 2026). Procedures were updated across multiple sections including Section 1 - Clearing Member and Dealer Status (updated 16 April 2026), SwapClear Service, ForexClear Service, and EquityClear Service (all updated 13 February 2026).
Regulatory Responses for OTC Products
LCH (London Clearing House), a central counterparty clearing house, published a resource page on regulatory responses for OTC (over-the-counter) derivative products. The page provides clearing members and market participants with access to information on regulatory developments affecting OTC clearing obligations and compliance requirements. No specific new regulatory obligations, deadlines, or penalties are detailed in the available content.
CSRC Expands QFII and RQFII Access to Commodity Futures, Options
CSRC, in joint deliberation with the People's Bank of China and the State Administration of Foreign Exchange, announces that starting November 1, 2021, Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors will be eligible to trade commodity futures, commodity options and stock index options listed on approved trading venues. Stock index options trading is limited to hedging purposes only.
Provisions on Supervision and Administration of Depository Receipts under Stock Connect
CSRC issued Announcement [2022] No. 28 establishing provisions for the supervision and administration of depository receipts under the Stock Connect scheme between domestic and overseas stock exchanges. The rules establish regulatory requirements for cross-border depository receipts, including eligibility criteria, disclosure obligations, and ongoing compliance requirements for participating securities firms and investors.
CSRC and CBIRC Jointly Promulgate Administrative Measures on Custodian Business for Securities Investment Funds
CSRC and CBIRC jointly revised and promulgated the Administrative Measures on Custodian Business for Securities Investment Funds (CSRC Decree No.172), effective July 11, 2020. The measures permit foreign bank branches in China to apply for fund custodian licenses with net asset requirements calculable from foreign headquarters, improve supervisory requirements and net asset criteria, streamline application processes, and extend regulation to non-bank financial institutions. Qualified financial institutions including foreign bank branches may now submit custodian license applications.
CSRC Announcement 2020 No. 63
CSRC published Announcement [2020] No. 63, dated September 25, 2020. The announcement was issued by China's securities regulatory authority. No specific regulatory content or compliance obligations are available from the source document.
Measures for the Administration of Domestic Securities and Futures Investment by QFIIs and RQFIIs
CSRC Decree No. 176 establishes revised measures governing Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) domestic securities and futures investment in China, effective 25 September 2020. The decree supersedes prior CSRC measures on QFII/RQFII administration and sets compliance obligations for foreign institutional investors accessing Chinese capital markets.
MIAX Options Exchange Fee Schedule - Liquidity Taker Report Fee Changes
The SEC published notice of MIAX Options Exchange's filing to amend its Fee Schedule, effective immediately upon filing. The exchange proposes to increase the annual fee for all Liquidity Taker Event Reports, establish annual and monthly fees for the new Purge Liquidity Taker Report, create a discount program for subscribers holding multiple annual subscriptions to two or more Reports, and establish a sunset period discontinuing monthly subscription options for all Reports.
Proposed Amendment to Exchange Rule 531(d) - Purge Liquidity Taker Report Timeframe
MIAX proposes to amend Exchange Rule 531(d) to update the timeframe used for the Purge Liquidity Taker Report from the current timeframe to 500 microseconds. The timeframe measures the time difference between when the first response executing against a resting quote was received by the Exchange and when the purge message to cancel that resting quote was received. The Report is an optional daily product providing Market Makers with liquidity response and taker time details for executions occurring before and after receipt of a purge message.
Increases Fees for Liquidity Taker Event Reports and Establishes Purge Report Charges
MIAX Options Exchange proposes to amend its Fee Schedule to: (i) increase the annual fee for all Liquidity Taker Event Reports; (ii) establish annual and monthly fees for the Purge Liquidity Taker Report; (iii) establish a discount program for market participants with multiple annual subscriptions to two or more Reports; and (iv) establish a sunset period for monthly subscriptions to the Reports. The Simple Order Report, Complex Order Report, Resting Simple Order Report, and Purge Report are voluntary Member-specific reports providing liquidity response time details for executions against orders resting on the Simple Order Book or Strategy Book.
Amend Listing Criteria for Multiple Crypto Asset Trusts
MIAX proposes to amend Exchange Rules 402 and 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. This is a competitive filing substantively identical to Nasdaq ISE's proposal that was recently approved by the SEC. The rule change would allow listing and trading of options on trusts holding crypto assets such as Bitcoin.
Rule Change for Multi-Crypto Trust Options Listing
MIAX has filed a proposed rule change (SR-MIAX-2026-13) with the SEC to amend Exchange Rules 402 and 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. The proposal is substantively identical to Nasdaq ISE's approved framework for similar products. The SEC is publishing this notice to solicit public comments on the proposed rule change.
ISE Proposes NY11-5 Colocation Cabinet Power Options Expansion
NASDAQ ISE filed SR-ISE-2026-12 proposing to expand colocation services to its NY11-5 data center expansion area. The Exchange proposes to make five cabinet power options (Phase 1 20/32/40 amp 240 volt and Phase 3 20/32 amp 415 volt) available in NY11-5, matching those currently offered in NY11-4. Technical amendments to Rule General 8, Section 1 would indicate the new service location, with fees to be established in a separate filing.
Market Maker Order Rules Amendment Proposal
NASDAQ ISE has filed SR-ISE-2026-18 proposing to amend rules governing multiple auction mechanisms (Facilitation Mechanism, SOM, PIM, FLEX PIM, FLEX SOM) to permit Market Maker orders to trade against Agency Orders for accounts of Market Makers assigned to the options class. The Exchange cites Cboe Exchange approval of identical rule changes as precedent. A separate amendment to Options 5, Section 4 addresses Immediate-or-Cancel order handling.
ISE Trade Outline Product Changes - Renames Product and Adds Market Maker Origin Type
Nasdaq ISE, LLC filed SR-ISE-2026-17 proposing amendments to Options 3, Section 23 to rename the Trade Outline product to ISE Trade Outline, add Market Makers as a reportable origin type, and update End of Day information categories. The Exchange also proposes conforming changes to Options 7, Section 10 to reflect the new product name. No fee changes are associated with this amendment.
Amends Professional Orders Quarterly Review to Monthly
Nasdaq ISE proposes to amend Options 1, Section 1(a)(40)(b) to change the review period for Professional Orders from quarterly to monthly. Currently, Members must review Priority Customer activity and designate orders within five days after each calendar quarter. The proposal would require monthly reviews instead, maintaining the 390 orders per day threshold for distinguishing Priority Customers from Professionals.
Proposes Installation Fee of $5,940 for Cabinet Co-Location Services in NY11-5 Data Center
NASDAQ ISE, LLC filed a proposed rule change with the SEC to establish fees for expanded colocation services in its NY11-5 data center expansion area in Carteret, NJ. The Exchange proposes an installation fee of $5,940 for the Cabinet offering in NY11-5, consistent with the corresponding fee for the same cabinet option in NY11-4. No ongoing monthly fee is proposed for the NY11-5 Cabinet offering. The proposed fees mirror those for NY11-4, as both expansion areas share similar infrastructure features and the NY11-5 Cabinet offers the same features as the corresponding option in NY11-4.
NYSE Rule Filings
NYSE Arca operates a webpage at nyse.com/regulation/rule-filings to publish securities exchange rule filings. The page currently displays only a browser compatibility notice requesting users to visit ice.com/unsupported-browser for supported browsers, preventing access to actual rule filing content.
Annual CAT Clock Synchronization Certification Reminder
Cboe Exchanges issued Regulatory Circular 26-002 reminding Industry Members of the annual Business Clock Synchronization Certification deadline of March 16, 2026 (extended from March 15, which falls on a Sunday). Under the Exchanges' Consolidated Audit Trail (CAT) Compliance Rules, affected members must maintain certification records internally and make them available to regulators upon request. Members belonging to multiple exchanges or FINRA need only complete a single certification.
Position and Exercise Limits for Options on Crypto Assets
Cboe Options Exchanges (Cboe Options, C2 Options, BZX Options, and EDGX Options) amended their rules to remove product-specific 25,000-contract position and exercise limits for options on crypto asset ETFs (Bitcoin and Ethereum trusts). Effective August 6, 2025 and February 24, 2026, the exchanges applied standard position limits under Cboe Options Rule 8.30.02, which may exceed 25,000 contracts based on trading volume factors. FLEX Options trading is now permitted on these crypto assets.
Annual Reports Filing Reminder - Electronic Filing Requirements Under SEA Rule 17a-5
CBOE issued Regulatory Circular 26-003 reminding trading permit holders and members of their annual audit report filing obligations under SEA Rule 17a-5. The SEC recently amended filing requirements to mandate electronic submissions via EDGAR in Interactive Data File format. Members must also file electronically with exchanges via FINRA's Firm Gateway.
Nomination of Representative Directors for 2026 Annual Meetings
Cboe Exchange, Inc. and affiliated exchanges (Cboe Options, C2 Options, BYX, BZX, EDGA, and EDGX) have announced the nomination of two Representative Directors for election at their 2026 annual meetings. Bruce Andrews and David Roscoe, both current Representative Directors, have been nominated by the Representative Director Nominating Body to continue serving as Non-Industry Directors on each Exchange Board for one-year terms.
CFE Amends MGTN Lead Market Maker Program
Cboe Futures Exchange submitted a rule amendment to the CFTC to modify the Lead Market Maker Program for Cboe Magnificent 10 Index (MGTN) futures. The amendment establishes market performance benchmarks including minimum two-sided quote size and maximum quote width requirements applicable during regular and extended trading hours. The amended program expires on September 30, 2026 unless extended by the Exchange.
Amends Credit Futures Position Limits for CB Index Futures and Options
Cboe Futures Exchange (CFE) submitted rule amendment CFE-2026-011 to the CFTC revising position limit levels for credit futures and options products. The amendment affects CB Index Futures (IBHY and IBIG) and related CB Options. CFE Rule 1502(d) establishes position limits that aggregate futures and delta-adjusted options positions. The amendment will take effect on an implementation date announced by the Exchange following CFTC review.
ERCP Block Trade Order Recordkeeping Requirements
Cboe Futures Exchange (CFE) proposes amendments to its recordkeeping requirements under CFE Rule 403(h) applicable to Exchange of Contract for Related Position (ERCP) transactions and Block Trades. The proposed changes would affect Trading Privilege Holders and their Authorized Traders regarding orders that cannot be immediately entered into CFE's trading system. CFE filed this proposed rule change with both the SEC and CFTC on March 2, 2026, and the SEC is soliciting public comments.
ECRP and Block Trade Recordkeeping Requirements Amendment
Cboe Futures Exchange submitted rule certification CFE-2026-010 to clarify and simplify recordkeeping requirements for Exchange of Contract for Related Position (ECRP) transactions and Block Trades. The amendment modifies CFE Rules 403, 414, and 415 to streamline order ticket documentation requirements for Trading Privilege Holders acting as agents. The rule becomes effective March 16, 2026.
CFE Amends Lead Market Maker Program for Cboe Ether Continuous Futures
Cboe Futures Exchange submitted rule amendment CFE-2026-008 to amend the Lead Market Maker (LMM) Program for Cboe Ether Continuous (PET) futures. The amendment modifies market performance benchmarks including minimum two-sided quote size and maximum quote width parameters applicable during U.S. and non-U.S. trading hours. CFE may appoint up to five LMMs under the program, which expires September 30, 2026 unless extended.
User Fee Exemption Non-Display Usage Codification
CBOE EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-024) with the SEC to codify in its Fee Schedule (i) an existing User Fee exemption for Controlled Distributors regarding Display Usage fees for market data products, and (ii) the amended definition of Non-Display Usage. Both concepts are currently contained in the Cboe Global Markets North American Data Policies. The Exchange states there is no substantive change to how it applies the exemption, which covers Controlled Distributors receiving data solely for software development, QA, testing, sales support for redistribution, or technical monitoring.
Rule 21.17 Wide Market Protection Mechanism Adoption
Cboe EDGX Exchange proposes to amend Rule 21.17(a) to adopt a wide market protection mechanism that triggers a drill-through pause when the National Best Bid and Offer (NBBO) is wide, preventing applicable market orders, limit orders, and Stop orders from executing or posting at potentially extreme prices. The mechanism leverages existing drill-through protection described in Rule 21.17(a)(4) and is substantially similar to one recently implemented by Cboe Exchange. The Exchange's President approved this proposed rule change on April 2, 2026.
Amends Fee Schedule: User Fee Exemption and Non-Display Usage Definition
Cboe EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-025) to amend its Market Data Fee Schedule. The Exchange proposes to codify a User Fee exemption for Controlled Distributors using market data for Permitted Purposes (software development, QA, testing, sales support for redistribution, or technical monitoring), and to formally define Non-Display Usage. Both the Controlled Distributor and Display Usage definitions currently exist in Cboe Global Markets North American Data Policies and are being moved into the Exchange's Fee Schedule.
EDGX Introduces Fee Code ZP and Amends Fee Code DX
Cboe EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-026) to introduce new fee code ZP for Retail Price Improving Orders and amend the fee associated with fee code DX. The Exchange proposes implementation of these changes effective April 1, 2026, as part of the EDGX RPI Program launching April 10, 2026.
Proposes 23-Hour Trading Five Days Per Week for Equity and Derivative Securities
Cboe EDGX Exchange proposes to amend its rules to permit trading of equity securities and Derivative Securities 23 hours per day, five days per week (23x5 Trading). The proposal responds to a 110% increase in Early Trading Session average daily volume from January 2023 to February 2026, driven by demand from Asia-Pacific retail investors in Hong Kong, Japan, Korea, Singapore, and Australia. The Exchange must receive SEC approval under Section 19(b) of the Exchange Act and confirmation that Equity Data Plans have established overnight data collection mechanisms before commencing overnight trading. If overnight trading does not commence within 18 months of SEC approval, the Exchange must file a rule change to remove the overnight trading session rules.
Franklin Ethereum ETF Seeks Generic Listing Standards
Cboe BZX Exchange filed a proposed rule change (SR-CboeBZX-2026-026) on behalf of the Franklin Ethereum ETF to transition the Fund from operating under an individual approval order to operating under the generic listing standards for Commodity-Based Trust Shares under Rule 14.11(e)(4). The Fund currently trades on the Exchange pursuant to BZX Rule 14.11(e)(4) under an approval order and will continue to list and trade under the amended generic listing standards if approved by the SEC.
Amends Fees Schedule, Codifies User Fee Exemption
CBOE BZX Exchange proposes amendments to its Fees Schedule to codify a User Fee exemption for Controlled Distributors and amend the definition of Non-Display Usage. The User Fee exemption currently exists in Cboe Global Markets North American Data Policies and will now be formally codified in the Exchange's fee schedule for transparency. The proposed changes do not substantively alter how the Exchange applies these fees.
Amends Fee Schedule to Codify User Fee Exemption and Non-Display Usage Definition
CBOE BZX Exchange proposes to amend its Fee Schedule to codify (1) a User Fee exemption for Controlled Distributors from Display Usage fees for market data products when used solely for permitted purposes including software development, QA testing, sales support for redistribution, or technical monitoring, and (2) the amended definition of Non-Display Usage. The Exchange initially filed this proposal on April 1, 2026, withdrew it on April 13, 2026, and resubmitted it on that same date.
Amends Rule 21.17 to Adopt Wide Market Protection Mechanism for Extreme Prices
Cboe BZX Exchange proposes to amend Rule 21.17(a) to adopt a wide market protection mechanism designed to reduce the risk of orders executing at extreme or adverse prices when the national best bid and offer (NBBO) is wide. The mechanism would leverage the existing iterative drill-through protection process, triggering a drill-through pause on applicable inbound market orders, limit orders, Stop (Stop-Loss) orders, and Stop-Limit orders that would otherwise execute or post at potentially extreme prices. The Exchange notes its affiliated exchange, Cboe Exchange (C1), recently implemented a substantially similar mechanism. Comments are invited on SR-CboeBZX-2026-030.
BondBloxx Private Credit Trust Listing Under BZX Rule 14.11(f)
Cboe BZX Exchange filed a proposed rule change with the SEC to list and trade shares of the BondBloxx Private Credit Trust under BZX Rule 14.11(f) (Trust Issued Receipts). The Trust seeks to provide risk-adjusted returns through distributions of current income from its private credit portfolio. The Trust intends to operate outside the definition of an investment company under the Investment Company Act of 1940 by meeting the 40% test exclusion.
Proposed Amendment to Binary Options Rules on All Indexes
Cboe Exchange proposes to amend its Rules related to binary options, including expanding the underlying indexes from broad-based indexes to all indexes. The amendment would permit listing binary options on all indexes under Rule 4.16. The Exchange separately intends to file a rule change to reduce the minimum exercise settlement value from $10 to $1.
A.M.-Settled SPX Options, Any Weekday Expiration
Cboe Exchange proposes to amend its rules to permit listing of A.M.-settled SPX options expiring on any weekday (Monday-Friday, excluding third Friday-of-month and end-of-month coincidences) and on the last trading day of the month. The proposed rule change introduces A.M.-Settled Weekly Expirations and End-of-Month Expirations for S&P 500 Index options.
Amends Fee Schedule to Codify User Fee Exemption and Non-Display Usage Definition for Controlled Distributors
Cboe Exchange proposes amending its Fee Schedule to formally codify an existing User Fee exemption for Controlled Distributors and the amended definition of 'Non-Display Usage' under the Market Data section. The filing, originally submitted as SR-CBOE-2026-030 on April 1, 2026 and withdrawn April 13, 2026, was refiled as SR-CBOE-2026-036. Controlled Distributors receiving market data for Permitted Purposes (software development, quality assurance, testing, sales support for redistribution, or technical monitoring) would be exempt from Display Usage fees.
Proposed Amendment to FLEX Options ETF Cash Settlement
Cboe Exchange filed a proposed rule change (SR-CBOE-2026-035) with the SEC to amend Rule 4.21 governing cash settlement for FLEX Equity Options on ETFs. The proposal would permit newly FLEX-eligible ETFs satisfying liquidity thresholds based on a one-month lookback period to elect cash settlement, establish tiered criteria for handling cash-settled FLEX ETF Options when the underlying ETF no longer meets eligibility requirements at bi-annual review, and eliminate the existing 50-ETF cap on cash settlement eligibility.
Stop-Limit Complex Orders and SCOA Auction Mechanism
CBOE Exchange proposes to amend Rules 5.33, 5.21(b), 5.25(c), and 5.34(c) to establish stop-limit complex orders as a new order type and Stop Complex Order Auctions (SCOA) as a new auction mechanism for options trading. The proposal extends existing stop-limit functionality for simple orders to complex orders and introduces a dedicated auction process to facilitate simultaneous management of long and short legs. CBOE's President approved the filing on February 24, 2026, with implementation details to follow within 60 days.
Vic Jokovic Joins ASX Board as Non-Executive Director
ASX Limited announces the appointment of Vic Jokovic as a new non-executive director, effective 4 May 2026. Mr Jokovic brings over 30 years of senior leadership experience across global exchanges and financial markets, including prior service as CEO of Cboe Australia and 26 years at Deutsche Bank. He will stand for election by shareholders at the Annual General Meeting in October 2026.
S&P Downgrades ASX Credit Rating to AA- to A+
S&P Global Ratings has downgraded ASX Limited's long-term issuer credit rating from AA- to A+ with a stable outlook. The downgrade follows a December 2025 revision of ASX's outlook from stable to negative, with S&P citing findings from the ASIC Inquiry's final report as contributing to the action. ASIC has imposed an additional $150 million capital charge on ASX until milestones in the Accelerate Program are achieved. ASX states this rating action does not affect its capital, liquidity, or funding position.
ASX Group Monthly Activity Report March 2026
ASX Limited released its monthly activity report for March 2026, showing total new capital quoted of $3.6 billion, up 43% from $2.5 billion in the previous corresponding period. Average daily trades increased 39% year-on-year to 3,044,176, while average daily on-market value traded rose 28% to $9.067 billion. Total net new capital quoted reached $3.2 billion versus negative $0.5 billion in the prior period.
Responds to Final Report from ASIC Inquiry Panel
ASX has announced its response to the ASIC Inquiry Panel's Final Report, committing to implement a comprehensive Commitments Plan addressing governance, capability, and risk management deficiencies identified across the group. ASIC imposed a $150 million capital charge on ASX that will remain until milestones in the Accelerate Program reset are achieved, with the reset required to be agreed with ASIC and the RBA by 30 June 2026.
Updated ASX Group Dealing Rules Policy - Insider Trading Prevention
ASX Limited released an updated ASX Group Dealing Rules Policy effective 25 March 2026, in accordance with ASX Listing Rule 12.10. The Policy establishes principles, requirements and governance arrangements to mitigate insider trading risk for ASX people and their Connected Persons. The Policy requires pre-clearance approval to deal in Covered Securities and prohibits dealing during designated ASX Trading Windows except in exceptional circumstances.
Adequacy of Systems Requirements for SGX Members
SGX RegCo issued Regulatory Notice 2.6.2A requiring Members to ensure their trading systems and Market connections operate properly with adequate and scalable capacity. The notice mandates comprehensive planning programs covering capacity estimates, system testing, stress testing, and periodic independent reviews. Members must also implement hiring and training policies for qualified technical personnel, with responsibility retained even under outsourcing arrangements.
Regulatory Notice 3.2.3A — Reporting and Other Requirements for Dairy Contracts
SGX RegCo issued Regulatory Notice 3.2.3A establishing new reporting and other requirements for Dairy Contracts traded on the SGX-DT Market. The notice applies to Trading Members that are resident or incorporated in New Zealand, or that are not resident in New Zealand but offer Dairy Contracts to retail investors in New Zealand as defined under Section 6 of the New Zealand Financial Markets Conduct Act 2013. Affected Trading Members must report their circumstances to SGX within 14 calendar days of the effective date and ensure all Dairy Contract trades are cleared through dedicated disclosed accounts.
Regulatory Notice 3.3.3 — Disclosure Obligations for Trading Members Regarding Dairy Contracts with New Zealand Clients
SGX RegCo issued Regulatory Notice 3.3.3 requiring Trading Members to make specific disclosures to New Zealand Clients before accepting orders to trade in Dairy Contracts. The disclosure must address four key areas: the Exchange's principal place of business in Singapore, Singapore's regulatory jurisdiction, differences in investor rights and compensation arrangements compared to New Zealand markets, and currency exchange rate risks for New Zealand investors.
SGX-DT Market Error Trade Policy Amendments
SGX RegCo amended Rule 4.1.8 governing the SGX-DT Market Error Trade Policy. The policy defines error trades as transactions resulting from erroneous bid/offer entries that were matched on the Trading System. The Exchange retains discretion to cancel or adjust error trades where the trade price falls outside the error trade price range, calculated against a reference price. No price adjustments apply to strategy transactions, implied orders from strategy matching, option trades (except designated Option Contracts when underlying cash market is open), or trades with prices relative to predefined reference points.
Audit Trails and Records Requirements for Members
SGX RegCo requires Members to maintain complete and accurate records and audit trails per Rule 2.6.4. Members must store data securely with proper back-ups at separate locations and correct quality or accuracy defects on an ongoing basis. Upon Exchange request, Members must produce complete audit trails from order receipt to settlement immediately for trades within 6 months, and within 2 business days for older records.
SECP Expands Pension Reform, Approves 9 Additional Funds for Balochistan and Punjab
The Securities and Exchange Commission of Pakistan (SECP) approved eight additional pension funds for the Government of Balochistan and one for the Government of Punjab. Balochistan's total authorized pension funds now stands at fifteen, while Punjab's total has reached twenty-five. The approvals are part of the government's transition from the traditional Defined Benefit (DB) pension system to a more sustainable Defined Contribution (DC) framework.
SECP Grants BNPL License to Alibaba-Backed KTPL
The Securities and Exchange Commission of Pakistan (SECP) has granted a Buy Now Pay Later (BNPL) license to KOKO TECH PAKISTAN (PRIVATE) LIMITED (KTPL). KTPL is ultimately owned by Alibaba.com Holdings, marking Alibaba's entry into Pakistan's fintech market. SECP Chairman Dr Kabir Ahmed Sidhu stated that this development represents growing international confidence in Pakistan's digital economy and financial services market.
SECP Approves IPO of Wahdat Poultry Farm Limited
The Securities and Exchange Commission of Pakistan (SECP) has approved the prospectus for the Initial Public Offering (IPO) of Wahdat Poultry Farm Limited. The offering comprises 50,000,000 new ordinary shares plus an offer for sale of 3,102,350 shares representing 15.84% of post-IPO paid-up capital. This is the 8th IPO approved in FY 2025-26.
SECP Proposes ESG Mutual Fund Framework for Sustainable Investing
The Securities and Exchange Commission of Pakistan (SECP) has proposed a regulatory framework for ESG Mutual Funds requiring at least 70 percent of investments in ESG-aligned assets. The framework introduces disclosure requirements, governance standards, and assurance mechanisms to prevent greenwashing. Asset managers will align equity funds with the Pakistan Stock Exchange's upcoming Sustainability Index and debt funds with Pakistan's Green Taxonomy. Stakeholders may submit feedback by April 21, 2026.
CSA Invites Stakeholders to Participate in Project Tokenization Workshops
The Canadian Securities Administrators (CSA) has launched Project Tokenization to examine the potential for tokenized financial products in Canada's capital markets. The initiative invites stakeholders including fintechs, issuers, financial institutions, developers, custodians, marketplaces, and clearing agencies to participate in workshops to explore opportunities and risks of tokenization and distributed ledger technology within securities regulation. The CSA Collaboratory will engage stakeholders through workshops in Calgary on April 9, 2026 and Toronto on June 11, 2026.
CSA Proposes Amendment to NI 55-104 Insider Reporting Requirements for Investment Funds and Structured Products
The Canadian Securities Administrators (CSA) published a proposed amendment to Part 9 of National Instrument 55-104 Insider Reporting Requirements and Exemptions on April 9, 2026. The proposed amendment is intended to clarify insider reporting requirements applicable to transactions involving investment funds and structured products, including structured notes, American Depositary Receipts, and Canadian Depositary Receipts that are based on securities of the reporting insider's reporting issuer. The 60-day comment period closes June 8, 2026.
CSA and CIRO Remind Industry of Prediction Market and Event Contract Rules
The Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) issued a joint notice reminding industry participants and investors that trading or facilitating trading in prediction market event contracts that constitute securities or derivatives requires compliance with applicable registration, recognition, and other requirements under Canadian securities and derivatives legislation. Two CIRO members have been authorized to facilitate Canadian client access to event contracts on foreign prediction markets under specific terms and conditions. No prediction market has yet been recognized as an exchange or registered as a dealer in Canada.
CSA Publishes CIRO, CIPF Oversight Report
The Canadian Securities Administrators (CSA) published Staff Notice 25-315 summarizing key oversight activities for the Canadian Investment Regulatory Organization (CIRO) and Canadian Investor Protection Fund (CIPF) during the 2025 calendar year. For CIRO, the CSA reviewed rules consolidation, delegated registration functions, Dealer Member Fee Model amendments, the new proficiency model for investment dealers, and response to the August 2025 cybersecurity breach. For CIPF, activities included integration of two protection funds, investment policy alignment, and assessment of a credit-risk based fund model.
CSA Launches Semi-Annual Reporting Pilot for Venture Issuers
The Canadian Securities Administrators announced adoption of the Semi-Annual Reporting (SAR) Pilot, permitting eligible venture issuers listed on TSX Venture Exchange or CSE to file semi-annual reports instead of quarterly reports under National Instrument 51-102. The pilot operates via Coordinated Blanket Order 51-933. The CSA indicated the pilot reduces regulatory burden for smaller venture issuers while maintaining investor protection.