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Category: Trade

  • MIL-OSI: MEXC Boosts Stock Futures Selection with TRON, BITF, ICG and More

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Aug. 01, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has expanded its innovative Stock Futures offering by adding five new trading options: ICG, BITF, ETHWSTOCK, TRON, and CRCL. This move continues MEXC’s mission to bridge the gap between digital assets and traditional finance, providing users with seamless access to U.S. stock market opportunities through the flexibility of crypto-based derivatives.

    MEXC’s Stock Futures product is designed with traders in mind—offering zero trading fees, zero funding fees, and deep global liquidity. With a clean and intuitive user interface, the product removes traditional barriers to stock market access and brings popular equity exposures to a new generation of crypto-native investors. Users can now trade select U.S. stock-linked futures directly on MEXC without the need for a brokerage account.

    Each Stock Futures pair supports up to 5x leverage, allowing users to go long or short based on market sentiment, all settled in USDT. This structure empowers traders to capitalize on market movements with limited capital, while simplifying the trading process through familiar crypto infrastructure. By tokenizing price exposure to traditional stocks like ICG, BITF, and CRCL, MEXC is setting a new standard for global trading accessibility.

    Five Key Features of MEXC Stock Futures:

    0 Fees, Maximum Potential
    To celebrate the launch, MEXC is offering a limited-time “Double 0” promotion: 0 trading fees and 0 funding rates. This drastically reduces transaction costs for both high-frequency traders and long-term investors, helping users maximize profit potential.

    Industry-Leading Depth & Execution Speed
    Built on a high-performance matching engine and deep liquidity pools, MEXC delivers industry-leading trading depth for Stock Futures. Users benefit from ultra-low slippage, tight spreads, and millisecond-level execution, even for large-volume trades.

    Streamlined, User-Friendly Interface
    The platform offers an intuitive UI with one-click leverage adjustment, quick order execution, and real-time risk alerts. Compared to the complexity of traditional CFDs, MEXC’s simplified design and smart tools make it easy for beginners to enter the leveraged trading space.

    Trading Hours Synchronized with U.S. Market Operations
    Unlike platforms that offer 24/7 trading, MEXC’s Stock Futures align with NASDAQ and NYSE trading hours, minimizing volatility during illiquid off-hours and ensuring a more authentic market experience. Real-time price feeds are sourced from official data providers, ensure transparency and minimize the risk of market manipulation.

    Institutional-Grade Asset Protection
    MEXC prioritizes user asset security with a dedicated Futures Insurance Fund to cover potential losses and a robust real-time risk management system to maintain a fair, stable trading environment.

    This guide will walk you through how to trade Stock Futures on MEXC, from opening an account to executing your first order.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer: Futures trading carries inherent risk. Ensure you fully understand the associated risks involved before investing.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3945edd-ad57-47dd-b7fd-8791609ce2c2

    The MIL Network –

  • MIL-OSI Africa: Government announces measures to assist exporters

    Source: Government of South Africa

    The Department of Trade, Industry and Competition (the dtic) has announced a set of measures in response to the tariff hike on South African exports to the United States, which comes into effect this month.

    “The dtic has announced a set of measures in response to the imminent 30% tariff hike on South African exports to the United States, which comes into effect on 1 August 2025.

    “These urgent interventions are part of the dtic’s ongoing commitment to protecting jobs, preserving market access in the United States, and promoting export diversification to alternate markets in Africa, the EU [European Union], Asia, Latin America, and other strategic partners,” Minister Parks Tau said in a statement ahead of the start of the implementation of the tariff.

    In Thursday’s statement, Tau said key among the interventions is the establishment of an Export Support Desk, which will serve as a direct point of contact for companies affected by the US tariff hike.

    “The Desk will provide updates on developments and tailored advisory services to exporters on alternative destinations, guidance on market entry processes, insights into compliance requirements and linkages to South African Embassies and High Commissions abroad.”

    READ | SA reaffirms commitment to US trade deal

    In July, President Cyril Ramaphosa noted the correspondence from the United States (US) President Donald Trump on the unilateral imposition of a 30% trade tariff against South Africa.

    In a letter addressed to President Ramaphosa, President Trump announced that he would subject imports from South Africa to new 30% tariffs, that would take effect from 1 August 2025.

    On Thursday, the dtic said the tariff hike poses a “direct threat” to the country’s export capacity, particularly in strategic sectors such as automotive, agro-processing, steel and chemicals, amongst others.

    “As government, we are fully committed to supporting our exporters through this challenging time. We are working with urgency and resolve to implement real and practical interventions that defend jobs and position South Africa competitively in a shifting global landscape.

    “The stakes are high and we must respond decisively to ensure our export industries remain resilient, competitive, and globally integrated into diversified markets.

    “Exporters are encouraged to engage directly with the Export Support Desk and also to visit the dtic website regularly for updates and support mechanisms. The dtic remains steadfast in its mission to assist local producers and safeguard South Africa’s trade interests amid growing global uncertainty,” the Minister explained.

    The contact details of the Export Support Desk are as follows:

    Exporters to the United States and Market Enquiries related to the Americas can contact:
    •    Ms. Nthatisi Moraloge 
    NMoraloge@thedtic.gov.za 
    (012) 394-1125
    Or 
    •    Mr. Karabo Modimokwane
    KModimokwane@thedtc.gov.za
    (012) 394-1164

    Market Enquiries related to other markets:

    In the African region exporters can contact: 
    •    Ms. Zamaswazi Nkosi 
    ZPNkosi@thedtic.gov.za 
    (012) 394-3533

    Or

    •    Mr. Mncedisi Madela
    MMadela@thedtic.gov.za 
    (012) 394-5659

    Or

    •    Ms. Sithembile Shongwe 
    SLShongwe@thedtic.gov.za 
    Or

    •    Ms. Sibongimpilo Mashatola
    SMashatola@thedtic.gov.za
    (012) 394-5507

    In ASEAN and Asia, exporters can contact:

    •    Ms. Meresina Ranphabana 
    MRanphabana@thedtic.gov.za 
    (012) 394-5918

    Or 
    •    Ms. Mundzhedzi Mahosi
    MMahosi@thedtic.gov.za 
    (012) 394-5645

    Or 
    •    Ms. Ledile Bambo  
    LBambo@thedtic.gov.za 
    (012) 394-1997

    Or 
    •    Mr. Kenneth Malatsi 
    MMahosi@thedtic.gov.za 
    (012) 394-1061

    In the Europe region, exporters can contact :

    •    Ms. Hloniphile Nkiwane
    HNkiwane@thedtic.gov.za 
    (012) 394-3496

    Or

    •    Mr. Seth Pule 
    SPule@thedtic.gov.za 
    (012) 394-3087

    In the Middle East, exporters can contact :
    •    Mr. Waseem Rinquest 
    WRinquest@thedtic.gov.za 
    (012) 394-5863

    Or

    •    Ms. Mpho Sebatana
    MSebatana@thedtic.gov.za 
    (012) 394-3415

    – SAnews.gov.za 

    MIL OSI Africa –

  • MIL-OSI: WeTrade Marks 10th Anniversary with Global Campaign Upgrades and Rewards

    Source: GlobeNewswire (MIL-OSI)

    LIMASSOL, Cyprus, Aug. 01, 2025 (GLOBE NEWSWIRE) — WeTrade, the leading international financial broker, is celebrating its 10th anniversary with a global branding campaign, a domain name upgrade, expanded trading tools, and one of its biggest client reward programmes to date. 

    Since its founding in 2015, WeTrade has grown into a globally recognised trading platform serving a fast-expanding community of clients across multiple regions. This year’s anniversary campaign brings together everything the company stands for: performance, visibility, and appreciation. 

    WeTrade marked the milestone by lighting up three of the world’s most iconic skylines — Nasdaq Tower in New York, Leicester Square in London, and Victoria Harbour in Hong Kong — showcasing the brand on some of the largest LED billboards in global finance and culture. The campaign reinforced WeTrade’s position as a trusted international broker and highlighted its growing influence in the financial industry. 

    $100,000 Reward Campaign for Clients 

    Running from 1 to 31 August 2025, the “10 Years In Trust We Trade” campaign features significant incentives for both new and existing clients, terms and conditions apply: 

    New clients receive $2 cashback per standard lot traded, up to $100,000 in total giveaways. 

    Existing clients earn 2 Reward Points per lot, up to 100,000 points. 

    All clients who trade 25 standard lots within the campaign period can redeem a limited-edition Gold Note. 

    All clients stand a chance to win up to 3,000 Reward Points per spin on the Anniversary Lucky Wheel. 

    Major Brand Updates 

    In conjunction with the 10th anniversary celebration, WeTrade has also launched several important updates: 

    The official website has transitioned from wetradebroker.com to wetrade.com — reflecting a more streamlined and global digital identity. 

    MetaTrader 5 (MT5) is now available across mobile and desktop, providing traders with faster execution, deeper market data, more charting options, and multi-asset trading flexibility. 

    Built for the Future 

    WeTrade’s growth has been defined by its commitment to trust, client-first innovation, and strong partnerships. Over the years, the brand has earned multiple regulatory licences, industry recognition, and loyal client support — positioning it as a reliable partner for modern traders. 

    “Ten years ago, we made a promise to create a better trading experience. This 10th anniversary celebration belongs to all who put their trust in us. But we are just getting started,” said George Miltiadou, EU WeTrade’s CEO. 

    About WeTrade 
     
    WeTrade is a globally recognised financial broker, founded in 2015, offering innovative online trading services across a diverse range of CFD instruments. Known for its strong client protection, ultra-low spreads, and award-winning loyalty programs, WeTrade is dedicated to making trading both successful and rewarding. 

    Media Contact

    Organization: WeTrade

    Contact Person Name: CHONG PEI ZHOU

    Website: https://www.wetradebroker.com/

    Email: contactus@wetradebroker.com

    Disclaimer: This press release is provided by WeTrade. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    The MIL Network –

  • MIL-OSI Africa: South Africa continues to engage the United States (US) government on the reciprocal tariffs

    Source: APO


    .

    President Cyril Ramaphosa notes with concern the reciprocal tariffs imposed by the United States (US) on South African products.

    The reciprocal tariffs have been imposed by the US on a significant number of its trade partners and South Africa has not been spared. South Africa will continue negotiating with the US regarding the 30 percent tariff announced by the US, which will come into effect on or after 12h01 eastern daylight time, 7 days after 1 August 2025.

    All applicable exceptions published in the previous US Executive Order are set to remain in force and these exceptions covered products such as copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, stainless steel scrap and energy and energy products. 

    Government has been engaging the United States, and has submitted a Framework Deal that aims to enhance mutually beneficial trade and investment relations. All channels of communication remain open to engage with the US and our negotiators are ready pending invitation from the US. 

    In the meantime, Government is finalising a package to support companies that are vulnerable to the reciprocal tariffs. The package consists of a  number of measures to assist companies, producers and workers affected by the tariffs on SA exports to the US. The details of the measures will be announced in due course. 

    South Africa and US trade relations are complementary in nature and South African exports do not pose a threat to US industry. Importantly, SA exports to the US contain inputs from the African Continent and contribute to intra-Africa trade. 

    South Africa will continue to pursue all diplomatic efforts to safeguard its national interests.  It is important that as a country we keep our people at work and our companies producing some of the high-quality products destined for many parts of the world.

    To this end, Government will intensify its diversification strategy to create resilience of our economy and is working with export councils and industry associations, as well as top exporters to the US with a view to assist with alternative markets. In this regard, an Export Support Desk to provide updates on development and provide advisory services to exporters has been established. The details  are to be published by the Department of Trade, Industry and Competition on its website. 

    Government, through the dtic is also in constant contact with the US on the  Framework Deal. The Executive order published by the United States today clarifies that goods loaded onto a vessel at the port of loading and in transit on the final mode of transit before 12h01 eastern daylight time, 7 days after 1 August 2025, and entered for consumption, or withdrawn from warehouse for consumption, before 12h01 eastern daylight time on 5 October 2025, shall not be subject to such additional duty and shall instead remain subject to the additional ad valorem duties previously imposed in Executive Order 14257, as amended.

    Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.

    MIL OSI Africa –

  • MIL-OSI Economics: South Africa launches safeguard investigation on certain flat-rolled products of iron or non-alloy steel

    Source: WTO

    Headline: South Africa launches safeguard investigation on certain flat-rolled products of iron or non-alloy steel

    The notification indicated, among other things, as follows:
    “Interested parties must make themselves known within a period of 20 days after the initiation of the investigation.
    Any information that the interested parties may wish to submit in writing and any request for a hearing before the Commission that they may wish to put forward should be submitted within 20 days following the initiation of this investigation to the Directorate: Trade Remedies I at the following address:
    The DTI Campus, 77 Meintjies Street, Sunnyside Pretoria, Block Uuzaji, Ground Floor, tel: +27 12 394 3600, fax +27 12 394 0518.”
    The notification is available in G/SG/N/6/ZAF/*.
    What is a safeguard investigation?
    A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to a domestic industry.
    During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.
    A WTO member may take a safeguard action (i.e. restrict imports of a product temporarily) only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.

    Share

    MIL OSI Economics –

  • MIL-OSI: OTC Markets Group Welcomes Apex Critical Metals Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Apex Critical Metals Corp. (CSE: APXC; OTCQX: APXCF), a Canadian exploration company, has qualified to trade on the OTCQX® Best Market. Apex Critical Metals Corp. upgraded to OTCQX from the OTCQB® Venture Market.

    Apex Critical Metals Corp. begins trading today on OTCQX under the symbol “APXCF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

    “Graduating to the OTCQX Market marks another important step forward in our mission to build a leading North American explorer focused on critical metals,” stated Sean Charland, CEO of Apex Critical Metals. “This upgrade reflects the financial strength of our company, our commitment to transparent disclosure, and our intention to engage a broader base of U.S. investors as we continue to advance our rare earth and niobium-focused projects.”

    About Apex Critical Metals Corp.
    Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of properties prospective for carbonatites and alkaline rocks with potential to host economic concentrations of rare earth elements (REE’s), niobium, gold and copper mineralization. Apex’s Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company’s Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The company’s Lac Le Moyne project covers 4,025 hectares located in Northeastern Quebec, and hosts underexplored carbonatite outcrops originally mapped by government geologists in the 1970’s. By acquiring a multitude of carbonatite projects, Apex Critical Metals intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQX market under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at www.apexcriticalmetals.com where you can subscribe for News Alerts, watch our Video, or follow us on Facebook, X.com or LinkedIn.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Talga Group Ltd. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Talga Group Ltd. (ASX: TLG; OTCQX: TLGRF), a leader in the development of sustainable battery materials, has qualified to trade on the OTCQX® Best Market. Talga Group Ltd. upgraded to OTCQX from the Pink® market.

    Talga Group Ltd. begins trading today on OTCQX under the symbol “TLGRF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    Talga Group CEO Martin Phillips commented, “To begin trading on the OTCQX is an important step in Talga’s growth strategy. It will provide North American investors with a convenient way to trade our shares and the OTCQX quotation enhances our exposure to the investment community in the US. We recently announced that a US patent is pending for our graphite battery anode material which paves the way for expansion of our operations in the future.”

    About Talga Group Ltd.
    Talga Group Ltd. (ASX:TLG) is a leader in the development of sustainable battery materials. Via innovative technology and vertical integration of our 100% owned Swedish graphite resources, Talga offers a secure supply of products critical to the green transition. Talga’s flagship product, Talnode-C, is a natural graphite anode material made using renewable energy for a low emissions footprint. Battery materials under development include an advanced silicon anode product, recycled graphite anode material and conductive additives for cathodes.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI Canada: Emancipation Day 2025 Commemorated

    Source: Government of Canada regional news

    Nova Scotia will mark Emancipation Day today, August 1, recognizing Britain’s abolition of slavery across its empire in 1834.

    Emancipation Day acknowledges the history and ongoing impacts of the transatlantic slave trade on people of African descent and African Nova Scotians.

    “Emancipation Day is a time to remember, reflect and recommit,” said Premier Tim Houston. “It reminds us of the resilience of people of African descent and African Nova Scotians and challenges us to strengthen inclusion, justice and equity across our province.”

    This year’s theme is Harbouring Freedom: Honouring the Past, Shaping the Future.

    A series of events will recognize Emancipation Day. A flag raising at Province House at 9 a.m. and a reception on the Halifax waterfront at 11 a.m. will be livestreamed at: https://www.youtube.com/@bcc_ns. There will also be community gatherings throughout the province. Details and a full schedule are available at: https://emancipationdayns.ca/.

    Quotes:

    “On the Halifax waterfront, the Atlantic once carried enslaved African people to our shores and later carried 1,200 Black Loyalists seeking freedom in Sierra Leone. Those waters held pain and injustice, but also resilience and hope. Emancipation Day reminds us that we must confront racism and continue the work of building a more just future.”
    — Twila Grosse, Minister of African Nova Scotian Affairs

    Quick Facts:

    • Nova Scotia designated August 1 as Emancipation Day on April 13, 2021
    • the Slavery Abolition Act 1833 took effect in 1834 and freed about 800,000 enslaved people of African descent throughout the British colonies
    • during the time of enslavement, more than 15 million African women, men and children were victims of the transatlantic slave trade
    • the International Day for the Remembrance of the Slave Trade and its Abolition is observed on August 23, recognizing the 1791 uprisings in Haiti and the Dominican Republic that led to liberation from European colonizers
    • in 2022, the Jamaican Maroons in Nova Scotia were designated as being of national historic significance under Parks Canada’s National Program of Historical Commemoration, with a plaque unveiled at the Halifax Citadel

    Additional Resources:

    News release – Legislation Recognizes Emancipation Day in Nova Scotia: https://novascotia.ca/news/release/?id=20210413007

    Black Cultural Centre for Nova Scotia: https://bccns.com

    African Nova Scotian Affairs – Commemorating Emancipation Day: https://ansa.novascotia.ca/content/commemorating-emancipation-day

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Five companies shut down for filing false and forged accounts

    Source: United Kingdom – Executive Government & Departments

    Press release

    Five companies shut down for filing false and forged accounts

    Companies falsely claimed to have hundreds of millions of pounds in turnover and profits

    • Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd filed false accounts showing turnovers of up to £642 million despite having no genuine business activity 

    • All five companies shared office addresses in South London and Croydon. They also falsely named reputable accountants as auditors, and failed to co-operate with Insolvency Service investigations before being shut down 

    • The companies were investigated by the Insolvency Service as a result of referrals from Companies House following legislation to improve corporate standards 

    Five companies which submitted false accounts showing hundreds of millions of pounds of profits have been shut down following investigations by the Insolvency Service and Companies House. 

    Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd claimed to trade as everything from supermarkets to car dealerships but no evidence was found of any true business activity. 

    The Insolvency Service investigations came following referrals from Companies House as part of the implementation of the Economic Crime and Corporate Transparency Act 2023, introduced to improve transparency over UK companies. 

    Companies House now has powers to remove false, misleading or incorrect information from company registers. The Act also strengthens collaboration between the Insolvency Service and Companies House to crack down on the misuse of UK corporate structures. 

    The five companies were all wound-up at the High Court in Manchester on Thursday 31 July. 

    Dave Magrath, Director of Investigation and Enforcement Services at the Insolvency Service, said: 

    Our investigators were concerned that there was a genuine risk that these wildly inaccurate accounts could have been used to mislead potential customers and suppliers into providing credit in the future based on completely fabricated financial information. 

    Protecting the integrity of the Companies House register is crucial because UK businesses rely on this information to make informed decisions about who they trade with, lend to, and invest in. When companies submit false information, it undermines confidence in our entire business environment. 

    By working together with Companies House, we can take decisive action to remove rogue companies from the system. This protects legitimate businesses and delivers the economic confidence that underpins growth and prosperity.

    Investigations found that the companies were connected through a shared director and/or shareholder and registered office addresses in South Croydon and South London. 

    All submitted accounts claiming hundreds of millions of pounds in profits but containing glaring inconsistencies. Each company also falsely named respected chartered accountants and solicitors in the accounts. 

    Automarket Europe Limited claimed a turnover of £327 million and net profit of £198 million for 2022. However, its declared assets jumped from £629,220 in 2021 to £84 million in the following year’s accounts – with no explanation for the increase. 

    Integra Group Limited reported similar figures, claiming £302 million turnover and £186 million profit for 2022. Again, net assets leapt from £602,374 in 2021 to £233 million in 2022. 

    Maxell Limited went even further, claiming a turnover of £440 million and £229 million in profits in 2022. According to its accounts, assets grew from £618,496 to £422 million in one year. 

    Montana & Montana Limited falsely named PricewaterhouseCoopers (PWC) as its auditors across multiple years. PWC confirmed they had never worked for the company and requested the accounts be removed. The company’s supposed assets ranged from minus £20 million to plus £194 million. 

    Supermarket Plus Ltd claimed the highest turnover of all – £642 million – with £330 million profit in 2022. Its assets supposedly increased from £402,431 to £410 million. 

    Despite the filed accounts claiming the companies ran substantial operations, they were written in poor English and provided no evidence of genuine trading activity.  

    All five companies failed to co-operate with Insolvency Service investigations or provide up-to-date accounting records. 

    Accounts filed by Automarket Europe Limited, Maxell Limited, and Supermarket Plus Ltd were also removed from Companies House after being found to be “factually inaccurate and forged”. 

    Adrian Landeg, Head of Integrity, Compliance & Enforcement at Companies House, said: 

    By working closely with our stakeholders we’re now able to utilise the powers in the Economic Crime and Corporate Transparency Act to take decisive action where false, misleading, or incorrect information is identified on the register. 

    These powers have also strengthened collaboration with our partners at the Insolvency Service which, as this case demonstrates, enables us to crack down on the misuse of UK corporate structures, improve the quality of information on the register and support economic growth.

    The Official Receiver has been appointed as liquidator of Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd. 

    All enquiries concerning the affairs of the five companies should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email piu.or@insolvency.gov.uk. 

    Further information  

    About us 

    The Insolvency Service is a government agency that helps to deliver economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors. 

    The Insolvency Service is an executive agency, sponsored by the Department for Business and Trade. 

    Read more about what we do 

    Press Office 

    Journalists with enquiries can call the Insolvency Service Press Office on 0303 003 1743 or email press.office@insolvency.gov.uk (Monday to Friday, 9am to 5pm). 

    Out of hours 

    For any out of hours media enquiries, please contact the Department for Business and Trade (DBT) newsdesk on 020 7215 2000.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Kinetiq Unveils Launch: The First Exchange-as-a-Service (EaaS) Platform for the Hyperliquid Ecosystem

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

    Kinetiq (the “Company”) is pleased to announce Launch, the first Exchange-as-a-Service (EaaS) platform purpose-built for the Hyperliquid ecosystem. Launch enables any team to deploy their own perpetual futures exchange on Hyperliquid, without the steep technical or capital requirements that previously made it inaccessible.

    By leveraging Hyperliquid’s HIP-3 (Hyperliquid Improvement Proposal 3) protocol and Kinetiq’s battle-tested, fully onchain LST architecture, Launch transforms exchange deployment into a permissionless, modular, secure and open process. This marks a significant milestone in the evolution of decentralized trading, opening the door for more specialized and exotic markets to emerge on Hyperliquid.

    A New Market Primitive: Builder-Deployed Exchanges

    Under Hyperliquid’s HIP-3, deployers can operate custom exchanges but must stake 1,000,000+ HYPE (~$42M USD at current prices) to do so. Launch removes this barrier by enabling crowdfunding through isolated staking pools tied to each exchange. This architecture, featuring exchange-specific LSTs (exLSTs), provides risk isolation, governance control, and new yield opportunities for participants.

    Deployers can focus on market curation, strategy, and community-building, while Kinetiq provides the full technical backend. HYPE holders, meanwhile, can support exchanges aligned with their interests and earn yield from trading activity—creating an entirely new asset class of yield-bearing exchange shares.

    “Launch unlocks a new layer of financial expression on Hyperliquid,” said Kinetiq Co-Founder and CTO, Justin Greenberg. “Teams can now spin up exchanges as easily as stores on Shopify—while backers support visions they believe in, like on Kickstarter.”

    The Launch Model: Combining Shopify x Kickstarter for DeFi

    Launch offers the full stack to spin up HIP-3 exchanges—integrated with crowdfunding rails, validator coordination, governance tooling, and automated fee distribution. Each exchange deployment is risk-isolated, with its own staking pool, exLST token, and validator set.

    This makes Launch the first true EaaS model for decentralized finance, where:

    • Deployers access capital, infrastructure, and instant market access
    • Contributors earn yield, participate in governance, diversify exposure across exchange deployments, and get exclusive benefits on exchanges they contribute to
    • Traders benefit from competitive fees, domain-specific markets, and permissionless access
    • Hyperliquid gains an explosion of new exchange use cases, all interoperable with HyperCore and HyperEVM

    We’ve spoken with tens of teams who all encounter the same bottlenecks around their aspirations for leveraging HIP-3. We’re actively seeking teams interested in deploying specialized perpetual markets. Whether you’re focused on exotic assets, novel market structures, or underserved trading communities, Launch can help bring your vision to life.

    For market makers and liquidity providers, we welcome conversations around bespoke market design, internalized flow opportunities, and strategic alignment through HIP-3.

    About Kinetiq

    The Kinetiq protocol is built natively on Hyperliquid to further staking initiatives around HYPE, the native token of the Hyperliquid blockchain, beginning with fully onchain, non-custodial liquid staking.

    Kinetiq has become one of the fastest growing LSTs, amassing >$750m in TVL (Total Value Locked) within the first two weeks of its launch and cementing its position as the leading liquid staking protocol on Hyperliquid. Kinetiq’s iHYPE deployment is the first HYPE staking initiative crafted exclusively for institutional clientele, and comes ready for immediate usage across institutional integrations both within and beyond the Hyperliquid ecosystem.

    Launch is Kinetiq’s newest product—designed to make HIP-3 exchange deployment permissionless, modular, and scalable. It empowers both deployers and HYPE holders to shape the future of decentralized trading.

    About Hyperliquid

    Hyperliquid is a layer one blockchain (L1) optimized from the ground up for high frequency, transparent trading. The blockchain includes fully onchain perpetual futures and spot order books, with every order, cancel, trade, and liquidation occurring within 70 millisecond block times. It also hosts the HyperEVM, a general-purpose smart contract platform that, like Ethereum, supports permissionless decentralized financial applications.

    For further information, please contact:

    Email: contact@kinetiq.xyz

    Website: https://kinetiq.xyz

    X: https://x.com/kinetiq_xyz

    The MIL Network –

  • Trump tariffs face key test at US appeals court

    Source: Government of India

    Source: Government of India (4)

    A U.S. appeals court on Thursday will review President Donald Trump’s power to impose tariffs, after a lower court said he exceeded his authority with sweeping levies on imported goods.

    The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., will consider the legality of “reciprocal” tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico.

    A panel of all of the court’s active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents, will hear arguments scheduled to begin at 10 a.m. ET in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states.

    The arguments – one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners – mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices.

    The states and businesses challenging the tariffs argued that they are not permissible under emergency presidential powers that Trump cited to justify them. They say the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes.

    Trump claimed broad authority to set tariffs under the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets. Trump is the first president to use it to impose tariffs.

    Trump has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power.

    He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders. The countries have denied that claim.

    On May 28, a three-judge panel of the U.S. Court of International Trade sided with the Democratic states and small businesses that challenged Trump. It said that the IEEPA, a law intended to address “unusual and extraordinary” threats during national emergencies, did not authorize tariffs related to longstanding trade deficits.

    The Federal Circuit has allowed the tariffs to remain in place while it considers the administration’s appeal. The timing of the court’s decision is uncertain, and the losing side will likely appeal quickly to the U.S. Supreme Court.

    The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports.

    Trump’s on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies’ ability to manage supply chains, production, staffing and prices.

    The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam. Trump’s Department of Justice has argued that limiting the president’s tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court.

    Trump has set an August 1 date for higher tariffs on countries that don’t negotiate new trade deals.

    There are at least seven other lawsuits challenging Trump’s invocation of IEEPA, including cases brought by other small businesses and California.

    A federal judge in Washington, D.C., ruled against Trump in one of those cases, and no judge has yet backed Trump’s claim of unlimited emergency tariff authority.

    (Reuters)

  • MIL-OSI: The Bull Market Is Back! Enjoy 100x Leverage, 100% Deposit Bonus, and No KYC on BexBack

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 31, 2025 (GLOBE NEWSWIRE) — BexBack Exchange has launched an aggressive new promotion to empower both new and seasoned crypto traders: All eligible new users receive a $50 welcome bonus and a 100% deposit bonus match. As the crypto market braces for another period of high volatility, BexBack is making futures trading more accessible and profitable than ever. With up to 100x leverage, zero KYC requirements, and support for over 50 digital assets, the platform provides an ideal environment for those seeking to capitalize on market swings without large upfront capital.

    Advantages of 100x Leverage Crypto Futures

    1. Amplified Profits: Control large positions with a small amount of capital, capturing more profits from market fluctuations.
    2. Low Capital Requirement: Participate in high-value trades with minimal investment, lowering the entry barrier.
    3. Increased Market Opportunities: Profit quickly from price fluctuations, especially in volatile markets.
    4. High Capital Efficiency: Leverage enables better use of your capital, expanding your investment potential.
    5. Profit from Both Up and Down Markets: Adapt to any market conditions, with opportunities to profit whether the market goes up or down.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users, Deposit more than 0.001 BTC or 100 USDT and complete a transaction (opening and closing a position) within one week after registration, you can be a winner in the new bull run.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack.The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a9f5a0cf-051d-44d7-a429-02ff4dcbb904

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    https://www.globenewswire.com/NewsRoom/AttachmentNg/2bd1b5aa-9dbf-417b-add5-7229b1e9a13e

    The MIL Network –

  • MIL-OSI Russia: “I felt like an expert” — a RUDN University master’s student about participating in a scientific and practical school at the Eurasian Economic Forum

    Translation. Region: Russian Federal

    Source: Peoples’Friendship University of Russia –

    An important disclaimer is at the bottom of this article.

    How to bring products of the Belarusian company SinRubEnergo, which produces energy equipment, to the Armenian market? A team of students had to think up a business strategy with such a task at a scientific and practical school that took place during the Eurasian Economic Forum in Minsk. It was this team that included a master’s student of the RUDN University Faculty of Economics, Khafiza Nigmatullaeva.

    All participants of the school, and this is more than 50 people from different universities of the Russian Federation and the Republic of Belarus, were divided into five groups. They represented the member countries of the Eurasian Economic Union: Armenia, Russia, Belarus, Kazakhstan and Kyrgyzstan. Each of the groups, except Belarus, developed a project to bring the products of “SinRubEnergo” to the market of the country they were assigned. And the “Belarus” team got the market of Uzbekistan. The company for which the students prepared the projects is a resident of the industrial park “Great Stone”. Therefore, the defense of the works took place on the territory of this park.

    “Armenia is probably one of the most difficult countries to implement such a project, given its political and economic peculiarities. Despite this, we managed to develop an effective and comprehensive plan, which was highly praised by the jury. We competently distributed the tasks among ourselves, relying on the strengths of each: one participant specialized in legal issues, another in marketing, someone confidently worked with analytics and data visualization,” – Khafiza Nigmatullaeva, Master’s student of the Faculty of Economics of RUDN (International Trade, 1st year).

    Logistics and flexibility

    During the tour of the Great Stone, Hafiz, along with another member of the team, was discussed with the residents of the park, how can they use their potential to solve logistics problems. And at a meeting with the Deputy General Director of the North-Western Administrative District of the Industrial Park Development, Arthur Detkov, they found out how appropriate to cooperate with logistics resident companies compared to attracting external operators. “As a result, we reached one of the resident companies, which not only confirmed the possibility of organizing transportation from Belarus to Armenia, but also prepared preliminary calculations of the cost of logistics operations. This has become a significant contribution to the project, since it is logistics that often represents one of the most complex parts of such strategies and requires an accurate miscalculation. Our approach, based on creativity, flexibility and ability to quickly find practical solutions, was also marked by the jury. In addition, one of the members of the commission, Oleg Tabanyukhov, praised our proposals to improve the legal regime of the industrial park and even asked to send our ideas to him. This is largely the merit of our colleague Diana Silchenko – students of the Belarusian Economic State University. In general, I want to emphasize the high level of training and involvement of all members of the team. Working with them was easy and truly productive. The projects of other teams were also very strong, I hope our ideas will be useful to Sinrubenergo, Hafiz Nigmatullaeva, undergraduate of the Faculty of Economics RUDN (direction “International Trade”, I Course).

    Debate on customs rates

    According to the RUDN student, the program of the scientific and practical school was very intense and did not end with work on projects. Every day, students were given excursions, including a visit to the Minsk Tractor Plant and the BelGee automobile plant (a joint Belarusian-Chinese production facility), where they saw the process of assembling cars. The school participants also attended lectures by Belarusian government officials and business representatives. Deputy Minister of Economy of the Republic Kirill Masharsky spoke about the work of the EAEU and his experience in public service. And Director of OJSC Giprosvyaz Anton Alekseev talked to students about digital trends in economic development.

    “Another memorable event was the simulation of the Eurasian Economic Commission. During the business game, we had a lively debate on the issue of extending zero customs duties on electric vehicles. This allowed us to feel like experts and representatives of our country. I am sincerely glad that I took part in the scientific school. Here, each student was able to apply their theoretical knowledge in practice, work in a team, discuss current topics with other participants and experts. I am sure that such initiatives play an important role in building professional confidence, developing communication skills and accumulating real-life experience,” — Khafiza Nigmatullaeva, Master’s student at the Faculty of Economics of RUDN (International Trade, 1st year).

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: TRA proposes keeping anti-dumping measure on bikes from China

    Source: United Kingdom – Executive Government & Departments

    Press release

    TRA proposes keeping anti-dumping measure on bikes from China

    The TRA proposes that an anti-dumping measure on bicycles and bicycle parts from China be maintained, benefitting UK producers by up to £9 million per year.

    The Trade Remedies Authority (TRA) has today (31 July 2025) published its initial findings proposing that an anti-dumping measure on bicycles and certain bicycle parts imported from China be maintained until 30 August 2029.  

    Maintaining these measures will help to protect the UK’s bicycle industry, which includes many small and medium sized businesses employing thousands of people, from unfair international trade practices.

    In its Statement of Essential Facts, the TRA found that the dumping initially identified at the time the measures were first established would (as a result of China’s increased production capacity) likely resume if the measure was removed and that injury to UK industry would be likely as a result. The TRA determined that extending the current measure could help prevent dumping of low-priced bicycles and benefit UK producers by £1-£9 million per year.

    Current anti-dumping duties on Chinese bicycle and bicycle parts imports range from 19.2% to 48.5%, depending on the exporter.

    As part of its investigation, the TRA considered whether the anti-dumping measure should be maintained only on bicycles but removed on bicycle parts. However, the TRA has not presented this as an option due to the lack of clear evidence from industry participants and the continued risk of circumvention if the duties on parts were removed.

    A period of consultation is now open, during which interested parties can comment on the findings and provide any additional evidence, before a final recommendation is made to the Secretary of State. Businesses that may be affected by these findings can submit comments to the TRA by 25 August 2025 and can do so through the TRA’s public file.

    Background Information

    • The initial findings published today follow a transition review that was initiated on 23 August 2024. 
    • The reviewed products include bicycles and certain essential bicycle parts such as frames, wheels, handlebars, and brake components from China, including bicycles consigned from Cambodia, Indonesia, Malaysia, Pakistan, the Philippines, Sri Lanka and Tunisia.

    • In its investigation, the TRA found that China produces the greatest volume of bicycles in the world, estimated to account for 60% of global production. This equated to over 48 million bicycles in 2023 and the TRA found evidence to suggest this production capacity is growing.

    • Around 1.6 million bicycles are sold in the UK each year, with China accounting for around 24% of bicycle imports by volume during the period of investigation.

    • The Trade Remedies Authority is the independent UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.   
    • The TRA is an arm’s length body of the Department for Business and Trade.   
    • Anti-dumping duties allow a country or union to act against goods which are being sold at less than their normal value – this is defined as the price for ‘like goods’ sold in the exporter’s home market.  
    • The period of investigation (POI) for the review was 01 July 2023 to 30 June 2024. To assess injury, the TRA chose the period from 01 July 2020 to 30 June 2024 as the injury period (IP).

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government confirms Dr Mary-Ann Stephenson as the next EHRC chair

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government confirms Dr Mary-Ann Stephenson as the next EHRC chair

    Minister for Women and Equalities Bridget Phillipson has confirmed that Dr Mary-Ann Stephenson will be appointed as the new Chair of the Equality and Human Rights Commission (EHRC).

    • Dr Mary-Ann Stephenson confirmed as new Chair for Equality and Human Right Commission
    • Dr Stephenson will begin on 1 December 2025, after current chair Baroness Falkner’s term ends on 30 November
    • Dr Stephenson brings over 30 years of experience to the role

    Minister for Women and Equalities Bridget Phillipson has today confirmed that Dr Mary-Ann Stephenson will be appointed as the new Chair of the Equality and Human Rights Commission (EHRC).

    This follows a full and open competition to recruit a new chair, in line with the Governance Code for Public Appointments.

    Dr Stephenson appeared in front of the Women and Equalities Committee and the Joint Committee on Human Rights on 1 July as part of a pre-appointment hearing where she was scrutinised by the committees.

    Dr Mary-Ann Stephenson has over 30 years of experience working on equality and human rights issues within the UK and internationally, over 20 of these at board and CEO level. She also holds a PhD in equality law.

    Positions she has held include:

    • Director of the Women’s Budget Group
    • Director of the Fawcett Society
    • tutor and visiting lecturer at University of Warwick Law School, including international human rights, UK employment law, UK equality law
    • visiting lecturer at University of Nottingham School of Law, London School of Economics and University of Wolverhampton
    • consultant to equalities and human rights projects including British Council, United Nations High Commissioner for Human Rights, Trade Union Congress, and Foreign and Commonwealth Office
    • Chair of Early Education and Childcare Coalition
    • board member of Coventry Rape and Sexual Abuse Centre (CRASAC), Coventry Police and Crime Board, Just Fair, and Article 19
    • Campaigns Officer at Liberty

    Minister for Women and Equalities Bridget Phillipson said:

    Equality and opportunity are absolutely vital in improving people’s life chances and the EHRC plays an essential role in upholding and protecting our rights.

    I have the utmost confidence that the depth and breadth of Dr Stephenson’s experience will allow her to run the EHRC with integrity and professionalism. I am particularly encouraged by the balance of her experience across equalities and human rights.

    I look forward to working with her on our shared mission to ensure that background is no barrier to success across the  country.

    Dr Stephenson said:

    It is a great honour to be appointed as the new Chair of the Equality and Human Rights Commission at such a critical time.

    I have spent over 30 years building my career across the equality and human rights sector and I am delighted to have the opportunity  to bring my  insight and experience to lead the EHRC with compassion, honesty and dedication.

    I look forward to working with the Government and all stakeholders alongside my new colleagues at the EHRC to uphold equality and human rights and ensure that everyone is treated with respect and dignity.

    Dr Zubaida Haque, former Deputy Director and Interim Director of Runnymede Trust said: 

    As the former Deputy Director and Interim Director of the Runnymede Trust during pivotal moments like the Windrush Scandal and the global Black Lives Matter protests, I know how important it is to centre the voices and experiences of Black and minority ethnic communities in public policymaking. 

    Having worked closely with Dr Mary-Ann Stephenson for nearly a decade, I can say without hesitation that Dr Stephenson has a very strong understanding of race, intersectionality, and the importance of including marginalised voices in all aspects of policy and decision-making. 

    We are living in uncertain political and economic times. Dr Stephenson’s extensive experience and leadership in equality and human rights is exactly what the EHRC needs right now.

    Ali Harris, Chief Executive Officer of Equally Ours said:

    Equally Ours has worked closely with Dr Stephenson for many years as director of the Women’s Budget Group. 

    At this critical time for people’s equality and human rights, Dr Stephenson will bring to this important role the ability to address complex issues, and the commitment to seeking to find solutions that work for everyone, through integrity and constructive dialogue.

    The current chair Baroness Falkner’s term is due to end on 30 November 2025. Dr Stephenson will therefore begin her position on 1 December 2025.

    The government is committed to ensuring that people of all backgrounds can thrive. The EHRC plays a vital role in upholding and promoting equality and human rights across England and Wales.

    The EHRC is independent of the government and makes its own enforcement decisions, including about any inquiries and investigations it decides to conduct.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Middlefield Banc Corp. Announces Additions to Banking Team

    Source: GlobeNewswire (MIL-OSI)

    John Cunningham appointed Northeast Ohio Commercial Market Executive
    Thomas Young appointed Northeast Ohio Commercial Relationship Manager
    Nick Paradiso appointed Central Ohio Commercial Relationship Manager
    Middlefield also announces the retirement of Jack Gregorin Northeast Ohio Commercial Relationship Manager

    MIDDLEFIELD, Ohio, July 31, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today announced that John Cunningham has been appointed Northeast Ohio Commercial Market Executive, Thomas Young has been appointed Northeast Ohio Commercial Relationship Manager, and Nick Paradiso has been appointed Central Ohio Commercial Relationship Manager. These additions reflect Middlefield’s continued commitment to expanding its commercial banking capabilities and delivering strong relationship-driven services across its Ohio markets.

    The Company also announced the retirement of Jack Gregorin, after a 43-year banking career with the last seven years at Middlefield as the Company’s Northeast Ohio Commercial Relationship Manager.

    Ronald L. Zimmerly, Jr., President, and Chief Executive Officer, stated, “As we continue to invest in our commercial banking business, John, Tom, and Nick bring the experience, leadership, and deep community connections that will support our clients and strengthen our presence in our Northeast and Central Ohio markets. These appointments demonstrate our commitment to build high-performing teams across our Ohio communities and serve as a reliable financial partner to the region’s business community.”

    Zimmerly continued, “On behalf of the entire Middlefield family, I want to thank Jack for his years of service to the Bank. For 43 years, Jack has provided commercial customers throughout Ohio with integrity and proven financial advice. I wish Jack well on his next chapter.”

    John Cunningham Appointed SVP, Northeast Ohio Commercial Market Executive
    In this role, Cunningham will oversee Middlefield’s commercial growth strategy and relationship management across the Company’s Northeast Ohio footprint. With nearly 30 years of banking experience and a reputation for building high-performing teams, Cunningham brings significant expertise in commercial real estate and middle market banking. From 2021 to 2025, Cunningham was the SVP – Senior Managing Director, Commercial Real Estate at Premier Bank. Prior to this, he held positions at TCF Bank / Chemical Bank, The Home Saving and Loan Bank, Huntington National Bank, National City Bank, and Associates First Capital Corporation.

    As a Northeast Ohio native, Cunningham holds degrees from Miami University and Case Western Reserve University’s Weatherhead School of Business. Beyond banking, he’s a passionate supporter of the arts, having recently completed eight years of service as Trustee and Treasurer for the Valley Arts Center in Chagrin Falls.

    Thomas Young Appointed VP, Northeast Ohio Commercial Relationship Manager
    As VP, Northeast Ohio Commercial Relationship Manager, Young will focus on delivering strategic advice to business clients in the Northeast Ohio Region, helping them improve cash flow, finance key assets, and mitigate risk. With a strong analytical skillset and a passion for supporting business growth, Young has built a career helping clients navigate change and seize opportunity.   Most recently, he was VP, Senior Business Banking Relationship Manager at U.S. Bank from 2023 to 2025. His prior experience includes roles at First Federal of Lakewood, First National Bank of Pennsylvania, PNC Bank, FirstMerit Bank, Huntington National Bank, and KeyBank.

    Young holds degrees from Louisiana State University – Shreveport, and Myers University. He has also played a leadership role in local economic development, having served as Director and Past Board President of the Mentor Economic Assistance Corporation (MEACO).

    Nick Paradiso Appointed VP, Central Ohio Commercial Relationship Manager
    As VP, Central Ohio Commercial Relationship Manager, Paradiso will focus on delivering strategic advice to business clients within Central Ohio, helping them improve cash flow, finance key assets, and mitigate risk. With over 15 years of experience in banking, Paradiso is a seasoned commercial lender providing customized financing solutions to small and medium-sized businesses. Most recently, he was VP, Commercial Lending at Civista Bank from 2023 to 2025. His prior experience includes roles at LCNB National Bank, CFBank, Huntington National Bank, and Fifth Third Bank.

    Paradiso holds degrees from John Carroll University and the University of Dayton. He is active across the Columbus community and is currently a member of the Short North Rotary Club, Association for Corporate Growth, Columbus Italian Club, Franklinton Board of Trade, Ohio Business Brokers Association, and Columbus Chamber.

    About Middlefield Banc Corp.
    Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.92 billion at June 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

    Additional information is available at www.middlefieldbank.bank

    FORWARD-LOOKING STATEMENTS
    This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.

    Company Contact: Investor and Media Contact:
    Ron Zimmerly
    President and Chief Executive Officer
    Middlefield Banc Corp.
    (419) 673-1217
    RZimmerly@middlefieldbank.com    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/56766f6d-9249-44ca-8226-d735f1753dd7
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9adb82cd-789f-4649-9e89-d04cfa08261b
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e069967c-0af2-46c4-8ef6-d562ac773761

    The MIL Network –

  • MIL-OSI USA: Tuberville Introduces Bill to Ban Chinese and Iranian Nationals from Studying in the United States

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) is taking aggressive action to prevent students from countries that hate the U.S. from getting their foot in the door at American colleges and universities with his introduction of the Student Visa Integrity Act. Students from adversarial countries—such as China and Iran—would be prohibited from studying in the United States altogether. Senator Tuberville announced his new legislation on Mornings with Maria.

    “I was recently shocked to learn how many students from hostile countries like China and Iran are studying at our American universities—including in my home state of Alabama,” said Senator Tuberville. “We need to go on offense against countries who hate us and are desperate to try to take us down—as we saw with the violent, anti-American protests on our college campuses over the past few months. There is zero reason why we should be allowing students from countries that hate us to take the spot of a law-abiding American citizen at our elite colleges and universities. I’m proud to introduce the Student Visa Integrity Act to crack down on rampant abuse of student visas and to make our American Universities Prioritize Americans Again.”

    Complete text for the Student Visa Integrity Act can be found here. Federation for American Immigration Reform (FAIR), Immigration Accountability Project, and Heritage Action endorsed Senator Tuberville’s legislation.

    “The Student Visa Integrity Act makes it clear: a student visa is a privilege, not a right.  Visas provide foreign nationals a special opportunity to study in the United States before returning home – not a free pass to exploit our laws or remain indefinitely in the country. FAIR is proud to support this bill and applauds Senator Tuberville for fighting to prevent student visa abuse, uphold our laws, and keep American communities safe,” said Joe Chatham, Director of Government Relations for FAIR.

    “The student visa program has been plagued with fraud and abuse for decades, and reforms are long overdue. The Student Visa Integrity Act of 2025 would help restore integrity to the program, ending open-ended ‘duration of status’ for foreign students, increasing penalties for program abuse, and closing significant national security loopholes exploited by our foreign adversaries. The Immigration Accountability Project is thankful to Senator Tuberville for introducing this vital effort,” said Grant Newman, Director of Government Relations for Immigration Accountability Project.

    “China and other adversarial countries pose a direct threat to the United States, our schools, educators, and our students. The Student Visa Integrity Act would protect American educational institutions from foreign influence. Heritage Action has worked tirelessly to promote legislation that protects our education system from destructive foreign adversaries. We are committed to this goal and applaud Senator Tuberville for introducing the Student Visa Integrity Act,” said Steve Chartan, Vice President of Government Relations for Heritage Action.

    BACKGROUND:

    Foreign students are currently tracked and monitored using the Student and Exchange Visitor Information System (SEVIS). This system was mandated by Congress after the 1993 World Trade Center Bombing where one of the people responsible was in the United States on an expired student visa. The system was finally implemented in 2003 and has received minimal updates since.

    Recent data shows that approximately 1.5 million international students are studying in the United States using F-1 or M-1 visas, which is more than DOUBLE the amount in 2012. Data from the U.S. Department of Homeland Security also showed that during Fiscal Year 2023, an estimated 50,000 student or exchange visitor visa holders overstayed the completion of their program.

    The Student Visa Integrity Act would: 

    • Prohibit citizens from adversarial countries from studying in the U.S.
    • Require schools to disclose any dealings with the Chinese government
    • Prohibit foreign students from transferring schools or changing their major/program of study
    • Increase penalties for schools and officials found engaging in visa fraud by making convicted offenders eligible for prison time or to be disqualified from the Student and Exchange Visitor Program altogether
    • Require that foreign students have a definitive end date to prevent visa overstays and also require in-person interviews for some foreign students


    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Security: CISA Announces Release of Thorium for Malware Analysis

    Source: US Department of Homeland Security

    WASHINGTON –Today, the Cybersecurity and Infrastructure Security Agency (CISA), in partnership with Sandia National Laboratories, released Thorium, an automated, scalable malware and forensic analysis platform that can integrate commercial, custom and open-source analysis tools and enable cyber defenders to quickly assess malware threats and index forensic analysis results into a unified platform.  

    Advanced persistent threats using malware continue to increase in volume and complexity. The analysis of malware and forensics must be done accurately and quickly to enable organizations to defend their networks. However, malware analysts across government, public and private sectors are challenged with vast amounts of malware and managing a long list of malware analysis tools with specific capabilities and not enough time & resources to effectively analyze the threat.  

    Thorium allows cyber defenders to integrate their preferred tools into a single platform that orchestrates customized & automated analysis workflows at scale, analyze large amounts of malware quickly, and to add & remove tools quickly as malware threats evolve. Thorium is configured to ingest over 10 million files per hour per permission group and schedule over 1,700 jobs per second, while maintaining a fast results query.  

    “The Thorium framework underscores CISA’s focus and commitment to provide valuable services and resources at scale that help government and critical infrastructure protect against cyber threats and strengthen their cybersecurity. By publicly sharing this platform, we empower the broader cybersecurity community to orchestrate the use of advanced tools for malware and forensic analysis,” said CISA Associate Director for Threat Hunting Jermaine Roebuck. “With our partners at Sandia National Laboratories, we are enabling analysts nationwide to contribute insights and benefit from shared knowledge. Scalable analysis of binaries as well as other digital artifacts further enables cybersecurity analysts to understand and address vulnerabilities in benign software.” 

    Cybersecurity teams with frequent file analysis workflows can use Thorium to:  

    • Integrate command-line tools as docker images (free and open-source software, commercial off-the-shelf, custom, etc.). With additional configuration, integrate virtual machine and bare-metal tools.
    • Filter tool results using tags and full-text search.
    • Control how submissions, tools, and results are accessible by using strict group-based permissions.
    • Scale with hardware using the power of Kubernetes and ScyllaDB to meet workload requirements.
    • Import and export tools for ease of sharing across cyber defense teams.    

    For more information and installation instructions, visit Thorium on CISA.gov. For more cybersecurity services offered by CISA, visit Free Cybersecurity Services & Tools.

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on X, Facebook, LinkedIn, Instagram.

    MIL Security OSI –

  • MIL-OSI: Coface SA: Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Source: GlobeNewswire (MIL-OSI)

    Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Paris, 31 July 2025 – 5.35 p.m.

    • Turnover: €937m, up +2.3% at constant FX and perimeter
      • Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
      • Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative
        (-1.6%), in line with historical trends
      • Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
    • Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
      • Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
      • Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
    • Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
      • Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
      • Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
      • Acquisition of Cedar Rose and Novertur International
    • Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. Annualised RoATE1at 12.6%
    • Estimated solvency ratio of 195%2, above the target range (155% – 175%)

    Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.

    Commenting, Xavier Durand, CEO of Coface, said:
    “Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
    However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
    These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
    Lastly, our solvency ratio remains high, at 195%.”  

    Key figures at 30 June 2025

    The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.

    Income statement items in €m H1-24 H1-25 Variation % ex FX*
    Insurance revenue 754.3 760.0 +0.8% +1.7%
    Other revenues 168.5 176.6 +4.9% +4.8%
    REVENUE 922.7 936.6 +1.5% +2.3%
    UNDERWRITING INCOME (LOSS) NET OF REINSURANCE 195.0 153.6 (21.2)% (20.3)%
    Investment income, net of management expenses,excluding finance costs 40.8 26.3 (35.4)% (36.0)%
    Insurance finance expenses (18.1) 6.7 (137.1)% (130.8)%
    CURRENT OPERATING INCOME 217.7 186.6 (14.3)% (14.1)%
    Other operating income and expenses (0.5) (0.6) +21.8% +12.2%
    OPERATING INCOME 217.2 186.0 (14.4)% (14.2)%
    NET INCOME (GROUP SHARE) 142.3 124.2 (12.7)% (12.7)%
             
    Key ratios H1-24 H1-25 Variation
    Loss ratio after reinsurance 35.0% 40.1% 5.1 ppts
    Cost ratio after reinsurance 28.4% 31.2% 2.8 ppts
    COMBINED RATIO AFTER REINSURANCE 63.4% 71.3% 7.9 ppts
             
    Balance sheet items in €m 2024 H1-25 Variation
    Total equity (Group share) 2,193.6 2,098,0 (4.4)%
      H1-24 H1-25    
    Solvency ratio 195%1 195%1 0 ppt

    * Excluding scope effect.
    1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Revenue

    Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.

    Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.

    Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.

    Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.

    Total revenue in €m
    (by invoicing region)    		 H1-24 H1-25 Variation % ex FX3
    Northern Europe 185.0 185.2 +0.1% +0.1%
    Western Europe 187.6 191.6 +2.1% +1.0%
    Central and Eastern Europe 87.0 83.9 (3.5)% (3.8)%
    Mediterranean & Africa 276.0 280.2 +1.5% +3.0%
    North America 88.7 87.7 (1.2)% +2.0%
    Latin America 38.2 41.5 +8.6% +17.5%
    Asia-Pacific 60.2 66.5 +10.5% +9.5%
    Total Group 922.7 936.6 +1.5% +2.3%

    In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.

    In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.

    In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.

    In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.

    In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.

    In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.

    Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.

    2.   Result

    • Combined ratio

    The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.

    (i)  Loss ratio

    The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.

    The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.

    The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.

    (ii)  Cost ratio

    Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.

    The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.

    • Financial income

    Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.

    The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.

    Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.

    • Operating income and net income

    Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.

    The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).

    Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.

    3.   Shareholders’ equity

    At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).

    The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).

    The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.

    The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).

    4.   Outlook

    The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.

    Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.

    This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.

    Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.

    Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.

    Conference call for financial analysts

    Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers

    Appendices

    Quarterly results

    Income statement items in €m
    Quarterly figures    		 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25   % % ex. FX*
    Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1   +0.4% +2.3%
    Other revenues 85.0 83.4 78.0 85.5 90.3 86.3   +3.5% +4.2%
    REVENUE 463.7 459.1 453.8 468.3 473.2 463.4   +0.9% +2.6%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 94.7 88.8 84.9 85.4 68.2   (27.9)% (25.5)%
    Investment income, net of management expenses, excluding finance costs 17.9 22.8 19.0 31.9 10.4 15.9   (30.3)% (29.5)%
    Insurance finance expenses (11.4) (6.7) (7.3) (17.1) (4.1) 10.8   (262.8)% (249.1)%
    CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6 95.0   (14.3)% (12.9)%
    Other operating income and expenses (0.1) (0.5) (2.6) (5.5) (0.4) (0.3)   (43.9)% (48.0)%
    OPERATING INCOME 106.8 110.4 97.9 94.2 91.2 94.7   (14.2)% (12.7)%
    NET INCOME (GROUP SHARE) 68.4 73.8 65.4 53.4 62.1 62.1   (15.9)% (14.7)%
    Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0% 26.3%   (0,5) ppt

    Cumulated results

    Income statement items in €m
    Cumulated figures    		 Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25   % % ex. FX*  
    Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9 760.0   +0.8% +1.7%  
    Other revenues 85.0 168.5 246.4 331.9 90.3 176.6   +4.9% +4.8%  
    TURNOVER 463.7 922.7 1,376.6 1,844.8 473.2 936.6   +1.5% +2.3%  
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 195.0 283.8 368.7 85.4 153.6   (21.2)% (20.3)%  
    Investment income, net of management expenses, excluding finance costs 17.9 40.8 59.8 91.7 10.4 26.3   (35.4)% (36.0)%  
    Insurance finance expenses (11.4) (18.1) (25.4) (42.5) (4.1) 6.7   (137.1)% (130.8)%  
    CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6 186.6   (14.3)% (14.1)%  
    Other operating income and expenses (0.1) (0.5) (3.1) (8.6) (0.4) (0.6)   +21.8% +12.2%  
    OPERATING INCOME 106.8 217.2 315.1 409.2 91.2 186.0   (14.4)% (14.2)%  
    NET INCOME (GROUP SHARE) 68.4 142.3 207.7 261.1 62.1 124.2   (12.7)% (12.7)%  
    Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0% 24.7%   (2,3) ppt

    * Excluding scope effect.

    CONTACTS

    INVESTOR/ANALYST RELATIONS
    Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia Gaouaoui: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien Billet: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025, after market close

    FINANCIAL INFORMATION
    This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors

    For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed on Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.

    1 RoATE = Return on average tangible equity.
    2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3 Excluding scope effect.
    4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
    5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: 2025 half-year financial report available

    Source: GlobeNewswire (MIL-OSI)

    2025 half-year financial report available

    Paris, 31 July 2025 – 17.35

    Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).

    This report is also on Coface website in “Investor Relations” section (Investor Resources – Coface Group Financial Reports | Coface).

    Copies are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, France.

    The present press release and the full regulated information concerning COFACE SA are available on the Group’s website Financial press releases & Publication announcements | Coface.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI: 2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), July 31, 2025

    2025 second-quarter results
    Solid performance amid a volatile environment
    Annual Net Cash Flow objective reaffirmed

    • Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
    • Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
    • Net Cash Flow generation of $30m in Q2 2025
    • Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF1
    • 2025 financial objectives reaffirmed

    Sophie Zurquiyah, Chair and CEO of Viridien: “Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path.”

    (in millions of $)2 Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment figures            
    Revenue 274 258 +6% 575 532 +8%
    Adjusted EBITDAs 107 94 +14% 250 200 +25%
    IFRS figures            
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating Income 15 52 -72% 71 72 -1%
    Net Income 6 35 -83% -22 32 n.a.
    Net Cash Flow 30 -6 n.a. 10 24 -61%
    Net Debt 997 941 +6% 997 941 +6%

    KEY HIGHLIGHTS PER BUSINESS LINE3

    Data, Digital and Energy Transition (DDE)

    Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.

    Geoscience (GEO)

    • Revenue at $115 m (+10%)
    • Solid performance mostly driven by work performed in Latin America and Middle East
    • For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America

    Earth Data (EDA)

    • Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
    • New OBN projects started in Norway and the US Gulf

    Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.

    Sensing and Monitoring (SMO)

    Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.

    Segment adjusted EBITDAs stood at $13 m, more than double last year’s figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.

    Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.

    CONSOLIDATED IFRS FIGURES4

    Profit & Loss

    Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.

    IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating income 15 52 -72% 71 72 -1%
    Equity from investment -1 0 n.a. -1 0 n.a.
    Net cost of financial debt -27 -25 +6% -52 -49 +6%
    Other financial income (loss) 12 -1 n.a. -34 -1 n.s.
    Income taxes 6 -8 n.a. -7 -6 +32%
    Net Income (loss) from continuing operations 5 19 -74% -24 16 n.a.
    Net Income (loss) from discontinued operations 1 16 -92% 2 16 -88%
    Consolidated Net Income (loss) 6 35 -83% -22 32 n.a.

    Cash Flow and Net debt

    Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group’s working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.

    Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Income Tax Paid -4 -9 -52% -8 -12 -31%
    Change in Working Capital & Provisions 1 -3 n.a. -46 -3 n.s.
    Other Cash Items -1 0 n.a. -1 0 n.a.
    Cash from Operating Activity 103 78 +32% 195 180 +8%
    Total Capex -58 -57 +1% -119 -115 +3%
    Acquisitions and Proceeds of Assets 1 0 n.a. 1 0 n.s.
    Cash from Investing Activity -56 -56 0% -118 -114 +3%
    Paid Cost of Debt -1 -45 -97% -40 -43 -8%
    Lease Repayment -16 -16 +5% -26 -27 -5%
    Cash from Financing Activity -18 -61 -71% -67 -71 -6%
    Discontinued Operations Acquisitions 0 33 -100% 0 30 -100%
    Net Cash Flow 30 -6 n.a. 10 24 -60%

    Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025.
    Ample liquidity in place, including a $125m RCF5.

    (in millions of $) June 30, 2025 Dec. 31, 2024 Change (%) June 30, 2024 Change (%)
    Liquidity 262 392 -33% 430 -39%
    Cash 162 302 -46% 340 -52%
    Undrawn RCF 100 90 +11% 90 +11%
    Gross Debt 1,158 1,223 -5% 1,281 -10%
    Bonds 9876 1,049 -6% 1,126 -12%
    Other borrowings 31 31 -1% 32 -3%
    Accrued interests 25 18 +33% 20 +24%
    Lease liabilities 116 125 -7% 103 +12%
    Net Debt 997 921 +8% 941 +6%

    OUTLOOK

    The oil price environment has remained volatile in recent months but consistently above the $60/bbl threshold, generally considered an industry equilibrium level. In this context, Oil & Gas companies have maintained most of their exploration and development commitments, particularly in Viridien’s core segments.

    Assuming no major disruption to the current environment, Viridien reaffirms its confidence in generating around $100m in Net Cash Flow for 2025, supported by:

    • Geoscience growth, driven by industry-leading technology and a strong backlog;
    • Earth Data late sales, expected to benefit from upcoming lease rounds, combined with disciplined new multi-client engagements;
    • Sensing & Monitoring, fueled by broad land activity.

    ***

    Q2 2025 conference call details

    The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

    An English-language conference call is scheduled today at 6:00 p.m. (CET).

    Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

    A replay of the conference call will be available starting the following day, for a period of 12 months, in audio format on the Company’s website www.viridiengroup.com.

    Status of the statutory auditors’ procedures

    The Board of Directors met on July 31, 2025, and closed the consolidated financial statements as of June 30, 2025. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.

    Next financial information

    2025 third-quarter results: October 30, 2025 (after market close)

    About Viridien

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Disclaimer

    Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 “Risk Management and Internal Control” of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group’s website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

    Investors contact

    VP Investor Relations and Corporate Finance
    Alexandre Leroy
    alexandre.leroy@viridiengroup.com
    +33 6 85 18 44 31

    APPENDICES

    Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.

    Key Segment P&L figures

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Segment Revenue 274 258 +6% 575 532 +8%
    DDE 181 177 +3% 396 362 +9%
    Geoscience 115 105 +10% 226 193 +17%
    Earth Data 66 72 -8% 170 169 +1%
    SMO 93 82 +14% 180 170 +6%
    Land 57 29 +99% 108 74 +47%
    Marine 21 42 -50% 46 75 -39%
    Other 15 11 +36% 26 21 +20%
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Adjusted Segment EBITDAs 107 94 +14% 250 200 +25%
    DDE 101 96 +6% 238 199 +19%
    SMO 13 6 +108% 27 16 +63%
    Corporate and other -7 -8 -15% -15 -16 -8%
    Segment Operating Income 22 26 -16% 87 53 +63%
    Adjusted Segment Operating Income 21 29 -28% 86 57 +50%
    DDE 21 39 -47% 87 74 +17%
    SMO 7 -2 n.a. 15 0 n.s.
    Corporate and other -7 -8 -16% -16 -17 -6%
    EDA Cash EBITDA 0 10 -100% 39 44 -11%

    Other KPIs

    (in millions of $) H1 2025 H1 2024 Change (%)
    Geoscience Backlog 317 246 +29%
    Total Capex 119 115 +3%
    Earth Data Library Net Book Value7 508  440 +15%

    Definition of Alternative Performance Indicators (API)

    In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

    • Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
    • Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
    • Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
    • EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.

    Reconciliation of API with the condensed interim consolidated financial statements

    The table below outlines the accounting adjustments made in accordance with IFRS 158 requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.

      Q2 2025 H1 2025
    (in millions of $) Segment IFRS 15 adjustments IFRS Segment IFRS 15 adjustments IFRS
    Revenue 274 -40 234 575 -83 492
    EBITDAs 108 -40 68 250 -83 167
    Adjustments -1     0    
    Adjusted EBITDAs 107 -40 67 250 -83 167

    Interim Consolidated Statement of Operations

    (In millions of US$, except per share data) H1 2025 H1 2024
    Operating revenues 491.8 565.8
    Other income from ordinary activities 0.1 0.1
    Total income from ordinary activities 492.0 565.9
    Cost of operations (361.0) (424.1)
    Gross profit 131.0 141.8
    Research and development expenses – net (6.8) (9.6)
    Marketing and selling expenses (16.4) (19.0)
    General and administrative expenses (37.7) (38.0)
    Other revenues (expenses) – net 1.0 (3.6)
    Operating Income (loss) 71.2 71.6
    Cost of financial debt – gross (55.2) (55.1)
    Income from cash and cash equivalents 2.9 5.8
    Cost of financial debt – net (52.3) (49.3)
    Other financial income (loss) (34.4) (0.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method (15.4) 21.5
    Income taxes (7.4) (5.6)
    Income (loss) before share of income (loss) from companies accounted for under the equity method (22.8) 15.9
    Net income (loss) from companies accounted for under the equity method (1.0) 0.0
    Net income (loss) from continuing operations (23.8) 15.9
    Net income (loss) from discontinued operations 1.9 16.1
    Consolidated net income (loss) (21.9) 32.0
    Attributable to:    
    Owners of Viridien SA (22.3) 31.6
    Non-controlling interests 0.4 0.4
    Net income (loss) per share9    
    Basic (3.12) 4.43
    Diluted (3.12) 4.41
    Net income (loss) from continuing operations per share8    
    Basic (3.38) 2.17
    Diluted (3.38) 2.16
    Net income (loss) from discontinued operations per share8    
    Basic 0.26 2.25
    Diluted 0.26 2.25

    Interim Consolidated Statement of Financial Position

    (In millions of US$) June 30, 2025 Dec. 31, 2024
    ASSETS    
    Cash and cash equivalents 161.6 301.7
    Trade accounts and notes receivable, net 330.7 339.9
    Inventories and work-in-progress, net 162.1 163.3
    Income tax assets 10.2 22.9
    Other current assets, net 78.8 74.0
    Assets held for sale, net 28.3 24.5
    Total current assets 771.7 926.2
    Deferred tax assets 47.2 43.6
    Other non-current assets, net 9.1 8.9
    Investments and other financial assets, net 24.7 25.7
    Investments in companies under the equity method 5.1 1.1
    Property, plant and equipment, net 205.3 220.6
    Intangible assets, net 589.3 535.4
    Goodwill, net 1,092.8 1,082.8
    Total non-current assets 1,973.5 1,918.1
    TOTAL ASSETS 2,745.2 2,844.3
    LIABILITIES AND EQUITY    
    Financial debt – current portion 63.1 56.9
    Trade accounts and notes payables 113.6 120.9
    Accrued payroll costs 82.5 84.5
    Income taxes payable 12.1 20.4
    Advance billings to customers 20.8 19.2
    Provisions — current portion 17.1 19.7
    Other current financial liabilities 0.0 0.5
    Other current liabilities 218.5 182.5
    Liabilities associated with non-current assets held for sale 2.3 2.4
    Total current liabilities 530.0 507.0
    Deferred tax liabilities 13.2 18.4
    Provisions – non-current portion 33.1 28.8
    Financial debt – non-current portion 1,095.3 1,165.6
    Other non-current financial liabilities 0.0 0.0
    Other non-current liabilities 1.9 1.7
    Total non-current liabilities 1,143.5 1,214.5
    Common stock: 11,201,879 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at June 30, 2025. 8.7 8.7
    Additional paid-in capital 118.7 118.7
    Retained earnings 1,014.7 1,036.5
    Other Reserves (0.9) 55.2
    Treasury shares (20.1) (20.1)
    Cumulative income and expense recognized directly in equity (1.7) (1.1)
    Cumulative translation adjustment (85.0) (113.3)
    Equity attributable to owners of Viridien S.A. 1,034.5 1,084.7
    Non-controlling interests 37.2 38.1
    Total equity 1,071.8 1,122.8
    TOTAL LIABILITIES AND EQUITY 2,745.2 2,844.3

    Interim Consolidated Statement of Cash Flows

    (In millions of US$)   H1 2025 H1 2024
    OPERATING ACTIVITIES      
    Consolidated net income (loss)   (21.9) 32.0
    Less: Net income (loss) from discontinued operations   (1.9) (16.1)
    Net income (loss) from continuing operations   (23.8) 15.9
    Depreciation, amortization and impairment   42.6 47.8
    Earth Data surveys impairment and amortization   59.0 116.3
    Depreciation and amortization capitalized in Earth Data surveys   (7.5) (7.0)
    Variance on provisions   (3.6) (0.3)
    Share-based compensation expenses   1.7 1.8
    Net (gain) loss on disposal of fixed and financial assets   (0.8) 0.1
    Share of (income) loss in companies recognized under equity method   1.0 –
    Other non-cash items   30.0 0.8
    Net cash-flow including net cost of financial debt and income tax   98.5 175.4
    Less: Cost of financial debt   52.3 49.3
    Less: Income tax expense (gain)   7.4 5.6
    Net cash-flow excluding net cost of financial debt and income tax   158.1 230.4
    Income tax paid   (8.3) (12.0)
    Net cash-flow before changes in working capital   149.8 218.4
    Changes in working capital   45.0 (38.2)
    – change in trade accounts and notes receivable   51.0 (17.2)
    – change in inventories and work-in-progress   16.8 11.0
    – change in other current assets   (6.7) 0.9
    – change in trade accounts and notes payable   (3.8) (12.5)
    – change in other current liabilities   (12.3) (20.3)
    Net cash-flow from operating activities   194.8 180.2
           
    INVESTING ACTIVITIES      
    Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys)   (17.2) (17.8)
    Investment in Earth Data surveys, net cash   (101.6) (97.0)
    Proceeds from disposals of tangible and intangible assets   1.0 0.5
    Dividends received from investments in companies under the equity method   – 0.5
    Variation in other non-current financial assets   2.0 (3.3)
    Net cash-flow from investing activities   (115.7) (117.0)
    FINANCING ACTIVITIES      
    Repayment of long-term debt   (1,074.5) (0.4)
    Total issuance of long-term debt   945.7 –
    Call premium   (21.9) –
    Refinancing transaction costs paid   (3.7)  –
    Lease repayments   (26.1) (27.1)
    Interests paid   (40.4) (43.2)
    Dividends paid and share capital reimbursements:      
    – to owners of Viridien   0 –
    – to non-controlling interests of integrated companies   (1.4) (3.8)
    Net cash-flow from financing activities   (222.4) (74.5)
           
    Effects of exchange rates on cash   3.7 (5.3)
    Net cash flows incurred by discontinued operations   (0.4) 29.6
    Net increase (decrease) in cash and cash equivalents   (140.1) 12.9
    Cash and cash equivalents at beginning of year   301.7 327.0
    Cash and cash equivalents at end of period   161.6 339.9

    1 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    2 Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
    3 Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
    4 The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
    5 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    6 Including a $66m negative foreign exchange impact compared to December 31, 2024
    7 Post IFRS15 and 16

    8 IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien’s segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
    9 As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for June 2024 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

    Attachment

    The MIL Network –

  • MIL-OSI: Euronext publishes Q2 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q2 2025 results

    Euronext’s diversified business drives all-time record results, supported by organic growth, favourable market conditions and disciplined capital allocation.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2025.

    • Q2 2025 revenue and income was up +12.8% to €465.8 million:

    Non-volume-related revenue and income represented 58% of total revenue and income and covered 161% of underlying operating expenses, excluding D&A1:

    • Securities Services revenues grew to €86.2 million (+6.5%), driven by increasing assets under custody, higher settlement activity and double-digit growth in value-added services;
    • Capital Markets and Data Solutions revenue grew to €165.4 million (+12.0%), driven by the continued commercial expansion of Advanced Data Solutions and the strong performance of Euronext Corporate and Investor Solutions and Technology Services, supported by the acquisition of Admincontrol. Like-for-like at constant currencies, revenue grew by +6.5%;
    • Net treasury income grew to €20.0 million (+45.1%), demonstrating the benefits of the Euronext Clearing expansion, high volatility and the internalisation of net treasury income from LCH SA following the derivatives clearing migration in Q3 2024.

    Volume-related revenue was driven by high market volatility in the second quarter:

    • FICC2Markets revenue grew to €87.7 million (+20.1%), driven by another record performance in fixed income trading and clearing and in FX trading;
    • Equity Markets revenue grew to €106.2 million (+9.5%), reflecting a strong quarter in cash equity trading and clearing further boosted by high volatility in the first part of the quarter.
    • Underlying operating expenses excluding D&A were at €168.4 million (+7.9%), in line with Euronext’s 2025 underlying costs guidance. This reflects a step-up in growth investments and the impact of acquisitions, partially offset by a strong cost discipline. Euronext’s underlying operating expense guidance excluding D&A of €670 million excludes Admincontrol, acquired on 13 May 2025.
    • Adjusted EBITDA was €297.3 million (+15.8%) and adjusted EBITDA margin was 63.8% (+1.6pt).
    • Adjusted net income was €204.4 million (+23.8%) and adjusted EPS was €2.02 (+27.0%), supported by received dividends .
    • Reported net income was €183.8 million (+29.7%) and reported EPS was €1.81 (+32.1%).
    • Net debt to adjusted EBITDA3was at 1.8x at the end of June 2025, in line with Euronext’s target range. This ratio reflects the impact of the acquisition of Admincontrol on 13 May 2025 and the dividend payment in May 2025.

    Key figures for the second quarter of 2025:

    in €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Underlying operational expenses exc. D&A                         (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Underlying EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Net income4                          183.8 141.7 +29.7%  
    Adjusted net income4                         204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    • Progress with the delivery of ‘Innovate for Growth 2027’:
      • Euronext has strengthened its development in the Nordics and in the UK with the acquisition of Admincontrol on 13 May 2025. This transaction improves the share of subscription-based revenue and is in line with its ambition to scale up the SaaS offering.
      • Euronext is expanding its footprint in the Nordics and in the power business with the acquisition of Nasdaq Nordic’s power futures business. The final regulatory approval for the acquisition has been granted. Euronext and Nasdaq are now focusing on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026.
      • Euronext partnerships with Euroclear5 and Clearstream6 on tri-party collateral management support the broader expansion of its repo clearing services across Europe. In July 2025, Euronext launched the first phase of a multi-year strategy7 to deliver a fully integrated, pan-European clearing model.
      • On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share8,9. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
    “In the second quarter of 2025, Euronext achieved all-time record revenue and income of €465.8 million, driven by organic growth and acquisitions. This is the fifth consecutive quarter of double-digit topline growth. The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.

    We have continued to invest in growth, while we maintained a strong cost discipline. Euronext reached an adjusted EBITDA close to €300 million in Q2 2025, marking a significant +15.8% increase compared to Q2 2024. In Q2 2025, we reached record adjusted EPS of €2.02 per share. Our reported EPS grew by +32.1% compared to Q2 2024, to €1.81 per share.

    We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.

    Europe shows an unprecedented commitment to establish a Savings and Investments Union, and Euronext is a key player in Europe to accelerate the delivery of this ambition. Since the beginning of the year, Euronext has continued to deploy capital to expand across Europe. We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.

    The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the Group.”

    Q2 2025 business highlights

    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Securities Services 86.2 80.9 +6.5% +3.9%
    Capital Markets and Data Solutions                           165.4 147.7 +12.0% +6.5%
    FICC Markets 87.7 73.0 +20.1% +20.9%
    Equity Markets 106.2 97.0 +9.5% +9.5%
    Net treasury income 20.0 13.8 +45.1% +45.1%
    Other income 0.3 0.4 -30.4% -31.1%
    • Non-volume-related revenue
      • Securities Services
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 86.2 80.9 +6.5% +3.9%
    Custody & Settlement 77.5 70.0 +10.8% +7.8%
    Other Post Trade 8.6 10.9 -21.1% -21.1%

    Revenue from Custody and Settlement in Q2 2025 was at €77.5 million, +10.8% compared to Q2 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.34 trillion, up +4.5% compared to end of Q2 2024. Over 36.9 million instructions were settled via Euronext Securities during the second quarter of 2025, up +15.0% compared to the second quarter of 2024.

    Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.6 million in Q2 2025. The -21.1% decrease compared to Q2 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

    • Capital Markets and Data Solutions
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 165.4 147.7 +12.0% +6.5%
    Primary Markets 46.5 45.5 +2.3% +2.5%
    Advanced Data Solutions 65.2 60.6 +7.5% +4.6%
    Corporate and Investor Solutions and Technology Services                             53.7 41.5 +29.2% +13.5%

    Primary Markets revenue was €46.5 million in Q2 2025, an increase of +2.3% compared to Q2 2024. The second quarter recorded slower equity listing activity explained by a volatile environment. Euronext sustained its leading position for equity listing with 6 new listings.

    Advanced Data Solutions revenue was €65.2 million in Q2 2025, up +7.5% compared to Q2 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

    Corporate and Investor Solutions and Technology Services revenue grew by +29.2% in Q2 2025 to €53.7 million. This strong performance reflects the contribution of Admincontrol for half a quarter and double-digit growth of investor solutions and colocation services.

    • Net treasury income

    Net treasury income was at €20.0 million, +45.1% compared to Q2 2024. This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

    • Volume-related revenue
      • FICC Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 87.7 73.0 +20.1% +20.9%
    Fixed income trading & clearing 51.7 39.2 +31.9% +31.9%
    Commodities trading & clearing 26.7 26.0 +2.7% +3.1%
    FX trading 9.3 7.8 +18.9% +25.2%

    Fixed income trading and clearing revenue reached €51.7 million in Q2 2025, up +31.9% compared to Q2 2024, driven by record fixed income trading activity supported by favourable market conditions.

    Commodities10 trading and clearing revenue reached €26.7 million in Q2 2025, up +2.7% compared to Q2 2024, reflecting record intraday power trading volumes and softer agricultural commodity trading and clearing.

    FX trading revenue was up +18.9%, at €9.3 million in Q2 2025, reflecting record trading volumes in April 2025, which outbalanced the negative currency impact of the USD.

    • Equity Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 106.2 97.0 +9.5% +9.5%
    Cash equity trading & clearing 93.4 80.4 +16.2% +16.2%
    Financial derivatives trading & clearing 12.8 16.6 -22.9% -22.9%

    Cash equity trading and clearing revenue11 was €93.4 million in Q2 2025, up +16.2% compared to Q2 2024 driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.4 billion, up +21.2% compared to Q2 2024. Euronext reached solid average revenue capture on cash trading at 0.52 bps for the second quarter of 2025, despite higher volumes and larger average order size compared to Q2 2024. Euronext market share on cash equity trading averaged 63.5% in Q2 2025.

    Financial derivatives trading and clearing revenue was €12.8 million in Q2 2025, -22.9% compared to Q2 2024. This mostly reflects lower volatility and the decrease of the average clearing fees. Following the clearing migration, certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q2 2024.

    Q2 2025 financial performance

    In €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenues and income 465.8 412.9 +12.8% +10.5%
    Underlying operating expenses excl. D&A                        (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Adjusted EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Operating expenses excl. D&A (171.8) (162.9) +5.5% +1.6%
    EBITDA 293.9 249.9 +17.6% +16.2%
    Depreciation & amortisation (48.2) (47.9) +0.5% +1.0%
    Total expenses (220.0) (210.9) +4.3% +1.2%
    Adjusted operating profit 274.7 234.8 +17.0% +15.7%
    Operating profit 245.8 202.0 +21.7%  
    Net financing income / (expense) (5.7) 3.5 N/A  
    Results from equity investments 24.5 1.2 N/A  
    Profit before income tax 264.5 206.7 +28.0%  
    Income tax expense (68.1) (55.7) +22.3%  
    Minority interests (12.6) (9.2) +36.3%  
    Net income 183.8 141.7 +29.7%  
    Adjusted net income 204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    Adjusted EPS (diluted, in€) 2.01 1.59 +26.4%  
    Reported EPS (diluted, in€) 1.81 1.36 +33.1%  
    • Q2 2025 adjusted EBITDA

    Underlying operating expenses excluding D&A1 were at €168.4 million (+7.9%). The increase compared to Q2 2024 reflects investments in growth and the impact of acquisitions performed in 2025, partially offset by cost discipline.
    As a result of a double digit growth in revenue, adjusted EBITDA for the quarter reached €297.3 million, up +15.8% compared to Q2 2024. This represents an adjusted EBITDA margin of 63.8%, up +1.6pts vs. Q2 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +14.4% compared to Q2 2024.
    Q2 2025 non-underlying operating expenses excluding D&A amounted to €3.4 million, mostly related to the integration of recent acquisitions. As a consequence, reported EBITDA was at €293.9 million, up +17.6% compared to Q2 2024.

    • Q2 2025 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €48.2 million in Q2 2025, +0.5% more than Q2 2024. PPA related to acquired businesses accounted for €19.1 million. Adjusted operating profit was €274.7 million, up +17.0% compared to Q2 2024. Euronext reported a net financing expense of €5.7 million in Q2 2025, compared to €3.5 million net financing income in Q2 2024. The variation reflects decreasing interest rates, lower cash position after the redemption of the €500 million bond and the recognition of non-cash interest expense related to the convertible bonds.

    Income tax for Q2 2025 was €68.1 million. This translated into an effective tax rate of 25.7% for the quarter, compared to 27.0% in Q2 2024. The tax rate was positively impacted by the tax-exempt €24.5 million dividend received by Euroclear. Share of non-controlling interests amounted to €12.6 million, correlated with the strong performance of MTS and Nord Pool.

    As a result, the reported net income, share of the parent company shareholders, increased by +29.7%for Q2 2025 compared to Q2 2024, to €183.8 million. This represents a reported EPS of €1.81 basic and €1.81 diluted. Adjusted net income, share of the parent company shareholders, was up +23.8% to €204.4 million. Adjusted EPS (basic) was €2.02 and adjusted EPS (diluted) was €2.01. The increase in EPS reflects higher profit and a lower number of outstanding shares over the second quarter of 2025 compared to Q2 2024. The weighted number of shares used over the second quarter of 2025 was 101,374,346 for the basic calculation and 102,130,793 for the diluted calculation, compared to 103,653,544 and 103,986,292 respectively over the second quarter of 2024. The difference in share count is due to the share repurchase programme executed by Euronext and the consideration of the convertible bonds under IAS 33.

    In Q2 2025, Euronext reported a net cash flow from operating activities of €135.0 million, compared to €111.5 million in Q2 2024, reflecting higher profit before tax and higher income tax paid in Q2 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in Q2 2025.

    Q2 2025 corporate highlights since publication of the first quarter 2025 results on 14 May 2025

    • Euronext received regulatory approval for the acquisition of Nasdaq Nordic power futures

    On 4 June 2025, Euronext received regulatory approval for the extension of Euronext Clearing to power derivatives under Article 15 of EMIR. With this final approval, all regulatory approvals for the acquisition of Nasdaq Nordic’s power futures business have been granted. Euronext and Nasdaq continue to focus on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 202612.

    • Partnership with Clearstream on collateral management

    On 16 June 2025, Euronext and Clearstream announced the start of a new partnership13 to advance the continued development of Euronext Clearing’s collateral management services across repo and other asset classes.
    As part of this initiative, Clearstream will serve as a triparty agent (TPA) for Euronext Clearing, facilitating advanced collateral management capabilities. Clients will benefit from automated, flexible and operationally streamlined solutions that enhance margin and balance sheet optimisation. Clearstream will act as an independent third party, handling the collateral selection, valuation and substitution to ensure compliance with eligibility criteria while minimising operational complexities. In addition, Clearstream will manage settlement and custody services, provide robust regulatory reporting, and support liquidity and risk management objectives. The go-live of this enhanced service offering is scheduled for November 2025.

    • Euronext successfully launched its inaugural convertible bonds issuance

    On 22 May 2025, Euronext announced the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only, for a nominal amount of €425 million (the “Offering”)14. The Bonds were issued with a denomination of €100,000 each (the “Principal Amount”), and will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025. The initial conversion price of the Bonds is set at €191.1654. Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

    • Euronext successfully migrated Italian markets to a harmonised clearing framework

    On 30 June 2025, Euronext completed the migration of the Italian derivatives and cash equity markets to its Core Clearing System. Euronext is now clearing all its financial derivatives, commodities and cash equities markets through a single, streamlined, harmonised clearing gateway. This important milestones delivers to Euronext Clearing clients further material operational and risk management efficiencies, which optimise their total cost of trading on Euronext markets.

    Corporate highlights since 1 July 2025

    • Euronext launched the first phase of its strategic multi-year Repo expansion initiative15

    On 8 July 2025, Euronext announced the launch of its initiative to expand access, improve collateral usage and position Euronext as a leading Central Counterparty (CCP) for European repo markets. As a cornerstone of Euronext’s strategic plan announced in November 2024, the Repo initiative sets in motion Euronext’s vision to build a fully integrated, pan-European post-trade infrastructure. Euronext now offers repo clearing for Spanish, Portuguese and Irish government bonds, alongside its established Italian offering. For the first time, international firms can join the platform with seamless onboarding and scalable settlement operations.

    • Euronext to launch voluntary share exchange offer for all ATHEX shares

    On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share16,17. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    The combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the leading single liquidity pool in Europe.

    Euronext expects the combination to deliver €12 million annual run-rate cash synergies by the end of 2028, with implementation costs related to these synergies expected at €25 million. The Offer is in line with Euronext’s investment criteria of ROCE > WACC in year 3 to 5 after the acquisition and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1.

    The Offer is expected to be open for acceptance, subject to regulatory approvals, from Q4 2025. The transaction is expected to be completed by the end of 2025.

    Results Webcast

    A webcast will be held on Friday, 1 August 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

    For the live webcast go to: Webcast

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    Contacts

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45 

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Catalina Augspach        +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    About Euronext 
    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
    As of June 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this Appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Consolidated income statement

      Q2 2025 Q2 2024
    In € million, unless stated otherwise Underlying Non-
    underlying    		 Reported Underlying Non-
    underlying    		 Reported
    Revenues 465.8 – 465.8 412.9 – 412.9
    Securities Services 86.2 – 86.2 80.9 – 80.9
    Custody and Settlement 77.5 – 77.5 70.0 – 70.0
    Other Post Trade 8.6 – 8.6 10.9 – 10.9
    Capital Markets and Data Solutions 165.4 – 165.4 147.7 – 147.7
    Primary Markets 46.5 – 46.5 45.5 – 45.5
    Advanced Data Solutions 65.2 – 65.2 60.6 – 60.6
    Corporate and Investor Solutions
    and Technology Services    		 53.7 – 53.7 41.5 – 41.5
    FICC markets 87.7 – 87.7 73.0 – 73.0
    Fixed income trading and clearing 51.7 – 51.7 39.2 – 39.2
    Commodities trading and clearing 26.7 – 26.7 26.0 – 26.0
    FX trading 9.3 – 9.3 7.8 – 7.8
    Equity markets 106.2 – 106.2 97.0 – 97.0
    Cash equity trading and clearing 93.4 – 93.4 80.4 – 80.4
    Financial derivatives trading and clearing 12.8 – 12.8 16.6 – 16.6
    Net treasury income 20.0 – 20.0 13.8 – 13.8
    Other income 0.3 – 0.3 0.4 – 0.4
    Operating expenses excl. D&A (168.4) (3.4) (171.8) (156.1) (6.8) (162.9)
    Salaries and employee benefits (92.2) (1.1) (93.3) (79.9) (0.4) (80.2)
    Other operational expenses, of which (76.3) (2.2) (78.5) (76.2) (6.5) (82.7)
    System & Communication (26.5) (0.2) (26.7) (24.7) (1.1) (25.9)
    Professional services (17.7) (2.2) (19.9) (13.6) (4.4) (17.9)
    Clearing expense (0.2) – (0.2) (9.9) – (9.9)
    Accommodation (4.5) 0.1 (4.4) (4.1) (0.3) (4.4)
    Other operational expenses (27.3) – (27.4) (23.9) (0.7) (24.6)
    EBITDA 297.3 (3.4) 293.9 256.8 (6.8) 249.9
    EBITDA margin 63.8%   63.1% 62.2%   60.5%
    Depreciation & amortisation (22.6) (25.6) (48.2) (21.9) (26.0) (47.9)
    Total expenses (191.0) (29.0) (220.0) (178.0) (32.8) (210.9)
    Operating profit 274.7 (29.0) 245.8 234.8 (32.8) 202.0
    Net financing income/(expense) (5.7) – (5.7) 3.5 – 3.5
    Results from equity investment 24.5 – 24.5 0.1 1.2 1.2
    Profit before income tax 293.5 (29.0) 264.5 238.4 (31.7) 206.7
    Income tax expense (75.6) 7.5 (68.1) (64.0) 8.3 (55.7)
    Non-controlling interests (13.4) 0.8 (12.6) (9.2) (0.1) (9.2)
    Net income
    share of the parent company shareholders    		 204.4 (20.6) 183.8 165.2 (23.4) 141.7
    EPS (basic, in €) 2.02   1.81 1.59   1.37
    EPS (diluted, in €) 2.01   1.81 1.59   1.36

    Adjusted EPS definition

     In € million, unless stated otherwise Q2 2025 Q2 2024
    Net income reported                183.8                 141.7
    EPS reported (in €) 1.81 1.37
    Adjustments for non-underlying items included in:    
    Operating expenses exc. D&A (3.4) (6.8)
    Depreciation and amortisation (25.6) (26.0)
    Results from equity investments                   –                  1.2
    Non-controlling interest 0.8 (0.1)
    Tax related to adjustments                       7.5                       8.3
    Adjusted net income                 204.4                  165.2
    Adjusted EPS (in €)                     2.02                     1.59

    Consolidated comprehensive income statement

    In € million Q2 2025 Q2 2024
    Profit for the period 196.4 151.0
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations    (53.6) 15.2
    – Income tax impact on exchange differences on translation of foreign operations    7.4 (1.9)
    – Gains and losses on cash flow hedges    (2.2) –
    – Change in value of debt investments at fair value through other comprehensive income –    0.3
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    –    (0.1)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income    46.1 6.5
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.4) (1.0)
    – Remeasurements of post-employment benefit obligations    1.9 1.9
    – Income tax impact on remeasurements of post-employment benefit obligations – (0.2)
    Other comprehensive income for the period, net of tax (0.8) 20.8
    Total comprehensive income for the period 195.6 171.8
         
    Comprehensive income attributable to:    
    – Owners of the parent 184.0 162.5
    – Non-controlling interests 11.6 9.3

    Consolidated statement of financial position

    In € million 30 June 2025 31 March 2025
    Non-current assets    
    Property, plant and equipment 103.0 107.4
    Right-of-use assets 85.1 88.2
    Goodwill and other intangible assets18 6,586.7 6,096.5
    Deferred income tax assets 24.0 29.1
    Investments in associates and joint ventures 0.8 0.8
    Financial assets at fair value through OCI 403.1 357.0
    Other non-current assets 3.4 3.4
    Total non-current assets 7,206.2 6,682.4
         
    Current assets    
    Trade and other receivables 463.8 574.2
    Income tax receivable 32.2 17.5
    Derivative financial instruments 0.1 2.2
    CCP clearing business assets 348,903.3 341,647.6
    Other current financial assets 59.3 59.5
    Cash & cash equivalents 919.3 1,642.3
    Total current assets 350,378.1 343,943.3
    Total assets 357,584.2 350,625.7
         
    Equity    
    Shareholders’ equity 4,153.5 4,224.6
    Non-controlling interests 144.3 161.7
    Total equity 4,297.9 4,386.3
         
    Non-current liabilities    
    Borrowings 2,311.7 2,537.5
    Lease liabilities 69.8 71.7
    Other non-current financial liabilities 3.5 3.5
    Deferred income tax liabilities 488.4 495.1
    Post-employment benefits 21.2 23.0
    Contract liabilities 53.3 54.2
    Other provisions 7.1 7.0
    Total non-current liabilities 2,955.0 3,192.1
    Current liabilities    
    Borrowings 602.7 524.0
    Lease liabilities 22.2 21.9
    Other current financial liabilities1 103.5 –
    CCP clearing business liabilities 348,949.3 341,695.3
    Income tax payable 68.8 99.3
    Trade and other payables 422.5 526.5
    Contract liabilities 158.5 176.2
    Other provisions 3.7 4.1
    Total current liabilities      350,331.3 343,047.3
    Total equity and liabilities     357,584.2 350,625.7

    Consolidated statement of cash flows

    In € million Q2 2025 Q2 2024
    Profit before tax 264.5 206.7
    Adjustments for:    
    – Depreciation and amortisation 48.2 47.9
               – Share-based payments 5.6 2.9
    -Results from equity investments (24.5) –
    -Gain on sale of associate – (1.2)
    -Share of profit from associates and joint ventures – (0.1)
               – Changes in working capital (43.8) (67.9)
    Cash flow from operating activities 250.0 188.4
    Income tax paid (115.1) (76.9)
    Net cash flows from operating activities 135.0 111.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired                                     (400.4) (38.5)
    Proceeds from sale of associate –                              0.9
    Purchase of current financial assets (0.4) (0.6)
    Redemption of current financial assets (0.2) 17.7
    Purchase of property, plant and equipment                                    (3.2)                               (5.0)
    Purchase of intangible assets (28.1) (15.8)
    Interest received                                     7.3 11.3
    Asset acquisitions (27.7) –
    Proceeds from sale of property, plant, equipment and intangible assets – (0.1)
    Dividends received from equity investments 24.5 –
    Dividends received from associates and joint ventures                                         – 0.1
    Net cash flow from investing activities (428.2) (30.0)
         
    Cash flow from financing activities    
    Proceeds from borrowings, net of transaction fees 846.2 –
    Repayment of borrowings, net of transaction fees (925.0) –
    Interest paid (29.2) (28.2)
    Payment of lease liabilities (3.4) (4.2)
    Transactions in own shares 0.0 (10.0)
    Withholding tax paid at vesting of shares (1.9) (1.2)
    Dividends paid to the company’s shareholders (293.4) (257.3)
    Dividends paid to non-controlling interests (18.2) (18.9)
    Net cash flow from financing activities (424.9) (319.6)
         
    Total cash flow over the period (718.1) (238.1)
    Cash and cash equivalents – Beginning of period 1,642.3 1,609.6
    Non-cash exchange gains/(losses) on cash and cash equivalents (4.9) 4.6
    Cash and cash equivalents – End of period 919.3 1,376.0

    Business indicators for the second quarter of 2025

    • Securities Services
    Custody and Settlement Q2 2025 Q2 2024 % var
    Number of settlement instructions over the period 36,946,162 32,114,794 +15.0%
    Assets under Custody (in €bn), end of period 7,344 7,030 +4.5%
    • Capital Markets
    Primary Markets Q2 2025 Q2 2024 % var
    Number of issuers on Equities – Euronext 1,766 1,862 -5.0%
    Number of issuers on Equities – SMEs 1,371 1,469 -7.0%
    Number of listed Funds 2,179 2,347 -7.0%
    Number of listed ETFs 4,322 3,885 +11.0%
    Number of listed Bonds 57,367 58,147 -1.0%
    Capital raised on primary and secondary market (in €m)      
    Number of new equity listings 13 17  
    Money raised – New equity listings (including over-allotment) 155 3,403 -95.0%
    Money raised – Follow-ons on equities 4,457 2,362 +89.0%
    Money raised – Bonds 316,817 304,686 +4.0%
    • FICC Markets
    Fixed income trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Transaction value (in €m, single counted)      
    MTS      
    ADV MTS Cash 59,182 36,287 +63.0%
    TAADV MTS Repo 612,821 448,618 +37.0%
    Other fixed income      
    ADV fixed income 1,588 1,689 -6.0%
    Number of transactions and lots cleared (double counted)      
    Bonds – Wholesale (nominal value in €bn) 8,571 6,918 +23.9%
    Bonds – Retail (number of contracts) 3,313,182 3,658,240 -9.4%
    Commodities trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 91 91 –
    Power volume (in TWh) – ADV Day-ahead Power Market 2.53 2.53 0.0%
    Power volume (in TWh) – ADV Intraday Power Market          0.56 0.36 +58.0%
    Derivatives volume (in lots)      
    Number of trading days 62 63 –
    Commodity 6,746,377 7,898,126 -14.6%
    Futures 6,473,697 7,197,681 -10.1%
    Options 272,680 700,445 -61.1%
    FX trading Q2 2025 Q2 2024 % var
    Number of trading days 65 65 –
    FX volume (in $m, single counted)      
    Total Euronext FX 2,025,494 1,783,772 +13.6%
    ADV Euronext FX 31,161 27,443 +13.6%
    • Equity Markets
    Cash equity trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Number of transactions (buy and sell) (reported trades included)      
    Total Cash Market 186,375,884 152,354,170 +21.5%
    ADV Cash Market 3,006,063 2,434,193 +23.5%
    Transaction value (€ million, single counted)      
    Total Cash Market 831,391 696,882 +19.3%
    ADV Cash Market 13,410 11,062 +21.2%
    Shares (number of transactions and lots cleared – single counted) 75,751,603 55,211,959 +37.2%
    Financial derivatives trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Derivatives Volume (in lots) – Equity 30,293,449 35,317,815 -14.2%
    Index 10,684,578 13,753,365 -22.3%
    Futures 6,465,795 7,760,863 -16.7%
    Options 4,218,783 5,992,502 -29.6%
    Individual Equity 19,608,871 21,564,450 -9.1%
    Futures 526,418 2,782,606 -81.1%
    Options 19,082,453 18,781,844 +1.6%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2   Fixed income, commodities and currencies
    3 Last twelve months adjusted EBITDA. Net debt to last twelve months reported EBITDA ratio was at 1.9x.
    4 Share of the parent company shareholders
    5https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-collaboration-euroclear-enhance-euronext
    6https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    7https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    8https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    9 Offer is subject to customary and regulatory approvals.
    10 Including revenue from power trading and clearing
    11 Including equities, ETFs, warrants and certificates
    12www.euronext.com/en/news/euronext-nasdaq-clearing-agreement-power-derivatives-transfer-set-for-march-2026.
    13 www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    14www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-success-its-offering-bonds-due
    15 www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    16 https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    17 Offer is subject to customary and regulatory approvals.

    18 The Nasdaq Nordic transaction qualifies as an ‘asset acquisition’. The full purchase price, consisting of a fixed amount of US$35.0 million and a contingent consideration amount estimated at US$115.0 million, is allocated to customer relationships as an intangible asset. The Group has chosen to apply the liability approach that follows IFRIC 1 principles for recognition of the contingent consideration liability, whereby subsequent changes in the liability are adjusted against the carrying amount of the related asset.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: Description of the 2025-2026 Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    Description of the 2025-2026 Share Buyback Program

    1. INTRODUCTION

    It is reminded that the Shareholders’ Combined General Meeting of COFACE SA (the Company) held on of May 16, 2024, had previously authorised the Board of Directors, in its fourth (4th) resolution, to carry out transactions on COFACE SA’s shares under the framework of the 2024-2025 Share Buyback Program. The main features and description of the said program are published on the Company’s website and on the 2024 Universal Registration Document.

    The Company, listed on Euronext Paris – Compartment A -, wishes to continue to have a Share Buyback Program (the Program), pursuant to applicable regulation (See “Legal Framework” below).

    To this end, the Shareholders’ Combined General Meeting of May 14, 2025 issued a new authorisation to the Board of Directors, with the power to sub delegate in accordance with legislative and regulatory provisions, thirteen (13th) resolution, to implement a new Share Buyback Program on the Company’s shares (Code ISIN FR0010667147). This Program shall replace the existing one established by the Shareholders’ Combined General Meeting of May 16, 2024.

    1. MAIN CHARACTERISTICS OF THE 2025-2026 SHARE BUYBACK PROGRAM

    2.1 Date of Shareholders’ General Meeting authorising the Program

    The 2025-2026 Program was authorised by the Shareholders’ Combined General Meeting of May 14, 2025, in its thirteen (13th) resolution.

    The Board of Directors of July 31, 2025, authorised COFACE SA, with the power to sub delegate to the CEO, pursuant to the delegation given by the Shareholder’s Combined General Meeting of May 14, 2025 in its thirteen (13th) resolution, to trade on the Company’s share through the “2025-2026 Share Buyback Program”, whose main features are described below.

    2.2 Allotment by objective of shares held as of June 30, 2025

    COFACE SA held, as of June 30, 2025, 0.57% of its share capital or 852,060 common shares. At that date, the breakdown by objective of the number of shares held was as follows:

    Objectives Number of own shares held
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity contract in compliance with the Charter of Ethics recognised by the French Financial Markets Authority 92,102
    b) allot shares to employees of the Company and in particular within the context:
    (1) of profit sharing;
    (2) any stock option plan of the Company, pursuant to the provisions of Articles L.225-177 et seq. of the French Commercial Code;
    (3) any savings plan in compliance with Articles L.3331-1 et seq. of the French Labour Code;
    (4) any allocation of bonus shares pursuant to the provisions of Articles L.225-197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating thereto, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting upon its delegation    		  

    0
    0

    0

    755,958
    e) cancel all or part of the stock thus purchased 0
    TOTAL 852,060

    2.3 Objectives of the 2025-2026 Share Buyback Program

    Purchases and sales of the Company’s shares may be made, by decision of the Board, to:

    Authorised objectives
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity agreement, in compliance with the market practice accepted by the Autorité des marchés financiers on 2 July 2018;
    b) allocate shares to the corporate officers and employees of the Company and of other Group entities, in particular within the context of:
    (i) employee profit sharing;
    (ii) any stock option plan of the Company, pursuant to Article L.225-177 et seq. of the French Commercial Code;
    (iii) any savings plan in compliance with Article L.3331-1 et seq. of the French Labour Code;
    (iv) any allocation of bonus shares pursuant to the provisions of Article L.225‑197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating to these operations, under the conditions provided for by the market authorities, and at the times to be determined by the Board of Directors or the person acting by delegation thereof
    c) transfer the Company’s shares upon exercise of the rights attached to securities entitling their bearers, directly or indirectly, through reimbursement, conversion, exchange, presentation of a warrant or in any other manner, to the allocation of the Company’s shares pursuant to current regulations; additionally, perform all hedge operations relating to these transactions, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting by delegation of the Board of Directors
    d) keep the Company’s shares and subsequently remit them as payment or trade within the context of any external growth operations
    e) cancel all or part of the stock purchased
    f) implement any market practice that may be authorised by the French Financial Markets Authority and, more generally, perform all operations in compliance with applicable regulations in particular with Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation)

    2.4 Maximum percentage of the share capital, maximum number of shares, maximum purchase price and characteristics of the shares that COFACE SA intends to buyback

    2.4.1 Characteristics of the shares that COFACE SA intends to buyback

    Common shares of the Company traded on Euronext Paris:

    STOCK MARKET PROFILE
    Trading Euronext Paris (compartment A), eligible for
    deferred settlement service (SRD)
    ISIN code FR0010667147
    Reuters code COFA.PA
    Bloomberg code COFA FP
    Stock market indexes SBF 120, CAC All Shares, CAC All-Tradable,
    CAC Financials, CAC Mid & Small, CAC Mid 60, Next 150

    2.4.2 Maximum percentage of the share capital

    The Board of Directors can authorise, with the power to sub-delegate under the legal and regulatory conditions, in compliance with the provisions of Articles L.22-10-62 et seq and  L.225-210 et seq. of the French Commercial Code, the purchase of –in one or more instances and at the times to be determined by it – a number of shares of the Company not to exceed:
    (i)    10% the total number of shares composing the share capital, at any time whatsoever; or,
    (ii)    5% of the total number of shares subsequently composing the share capital if it concerns shares acquired by the Company in view of keeping them and transferring them as payment or exchange under a merger, spin-off or contribution operation.

    These percentages apply to a number of shares adjusted, where appropriate, according to the operations that could affect the share capital subsequent to the Shareholders’ Meeting of 16 May 2024.

    2.4.3 Maximum number of shares

    COFACE SA is committed, by law, not to exceed the holding limit of 10% of its capital, such 10% limit being, for information purposes, 15,017,979 shares as at June 30, 2025.

    2.4.4 Maximum purchase price

    According to the thirteen (13th) resolution proposed and accepted by the Shareholder’s Combined General Meeting of May 14, 2025, the maximum purchase price per unit may not exceed €30, excluding costs.

    The Board of Directors may nevertheless, for operations involving the Company’s capital, in particular a modification of the par value of the share, a capital increase by incorporation of reserves following the creation and allocation of bonus shares, a stock split or reverse stock split, adjust the aforementioned maximum purchase price in order to take into account the impact of these operations on the value of the Company’s stock.

    2.4.5 Other information

    The acquisition, disposal or transfer of these shares may be completed and paid for by all methods authorised by the current regulations, on a regulated market, multilateral trading system, a systematic internaliser, or over the counter, in particular through the acquisition or disposal of blocks of shares, using options or other derivative financial instruments, or warrants or, more generally, securities entitling their bearers to shares of the Company, at the times that the Board of Directors will determine.

    The Board of Directors shall have all powers, with the power to sub delegate in compliance with legislative and regulatory conditions, in order to, in accordance with applicable legislative and regulatory provisions, proceed with the permitted reallocation of repurchased shares in view of one of the objectives of the programme, to one or more of its other objectives, or even their disposal, on or off the market.

    2.5 Term of the 2025-2026 Share Buyback Program

    According to thirteen (13th) resolution proposed and accepted by the Shareholders’ Combined General Meeting of May 14, 2025, this Program will have a maximum period of eighteen (18) months from the date of said Combined General Meeting and will therefore continue no later than November 13, 2026 (including) or until the date of its renewal by a Shareholders’ General Meeting, the one occurring first.

    This authorisation concludes the one granted by the fourth (4th) resolution that was adopted by the Shareholders’ Combined Meeting of May 16, 2024.

    1. LEGAL FRAMEWORK

    Legal Framework

    The legal framework used for this document shall be that in force on June 30, 2025.
    It shall be noted that regulation may evolve during time and its updates shall be taken into consideration.

    1. Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;
    2. Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programs and stabilisation measures;
    3. Article L.225-206 and following of the French Commercial Code (and updates);
    4. General Regulation of the French Market Authority: Article L.221-1 and seq. and Article L.241-1 and seq.;
    5. AMF Policy Documents.

    Historical figures

    The main features of the Share Buyback Programs have been published on the website of the Company (http://www.coface.com/Investors) and are also described in the Universal Registration Documents.

    Share Buyback Program General Assembly authorising the Program Decision to implement the Program by the Board of Directors Transactions framework
    Liquidity Agreement LTIP Cancellation of shares
    2020 – 2021 May 14, 2020 (Res. 5) July 29, 2020 Yes No Yes1
    2021 – 2022 May 12, 2021 (Res. 17) July 28, 2021 Yes No No
    2022 – 2023 May 17, 2022 (Res. 8) July 28, 2022 Yes Yes2 No
    2023 – 2024 May 16, 2023 (Res. 4) August 10, 2023 Yes Yes3 No
    2024 – 2025 May 16, 2024 (Res. 4) August 5, 2024 Yes No No
    2025 -2026 May 14, 2025 (Res. 13) July 31, 2025 Yes Yes No

    (1)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from October 27, 2020 to January 29, 2021, to buy Coface’s shares for their cancellation. For more information, the reader should refer to the Universal Registration Document published in 2021 on the 2020 financial statements.
    (2)   Own shares transactions Agreement, signed with BNP Paribas Exane, from September 13, 2022 to November 15, 2022, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2023 on the 2022 financial statements.
    (3)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from September 11, 2023 to September 29, 2023, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2024 on the 2023 financial statements.

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.

    Attachment

    The MIL Network –

  • MIL-OSI USA: On Senate Floor, Shaheen Leads Colleagues in Attempts to Lessen Harmful Impacts of Trump Tariff Taxes on American Families and Businesses; Republicans Block Shaheen Bill to Shield Granite Staters from Higher Costs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    **Shaheen’s bill would have clarified that the President does not have the authority to level sweeping tariffs through the International Emergency Economic Powers Act (IEEPA), but it was blocked from passage by Senate Republicans**

    (Washington, DC) – Ahead of many of President Trump’s sweeping tariffs taking effect on Friday, U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Committee on Small Business and Entrepreneurship, took to the Senate floor this evening to call for unanimous consent to pass her Protecting Americans from Tax Hikes on Imported Goods Act and lead her colleagues in highlighting the devastating impacts the President’s trade war has on families, small businesses, American manufacturing and key trade partnerships across the world. If Senate Republicans had not blocked the move, Shaheen’s legislation would have clarified that the President does not have the authority to invoke the International Emergency Economic Powers Act (IEEPA) to level sweeping tariffs. Click HERE to watch Shaheen’s remarks in full.

    U.S. Senators Peter Welch (D-VT), Maria Cantwell (D-WA), Ed Markey (D-MA), Ron Wyden (D-OR), Amy Klobuchar (D-MN) and Richard Blumenthal (D-CT) joined Shaheen to underscore the damaging effects of the Trump tariff taxes.

    Key quotes from Senator Shaheen:

    • “Those tariffs are expected to add about $2,400 in costs for the average household per year. That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation. But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: that IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs. Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.”
    • “Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports. Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year. And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year. So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.”
    • “At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive. For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home. Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee. As families do their back to school shopping, they’re going to see higher prices for clothing and shoes. Those prices could go up by 35% by the end of the year. And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.”

    Full Remarks as Delivered

    On Friday, we may be facing the next escalation in the President’s trade war. The tariffs that the President announced in April on virtually every country in the world are set to go into full effect tomorrow night at 12:01 AM.

    Those tariffs are expected to add about $2,400 in costs for the average household per year.

    That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation.

    But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: That IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs.

    Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.

    Virtually every business in New Hampshire that I’ve visited since the President announced his proposed tariffs has said that, in addition to the tariffs, the uncertainty is as difficult for them as the tariffs.

    So, I’m disappointed that Senator Crapo decided to block this commonsense legislation. Sadly, I’m not surprised.

    But this bill would do so much to help families and businesses in all of our states. It would shield them from higher costs.

    And we’ve been hearing about some of these deals that Senator Crapo referred to that have been reached with the EU and Japan. But let’s be clear about what those deals mean, because even after those deals, those “agreements”, trade agreements, Americans are going to be left paying dramatically higher tariffs.

    A new analysis this week found that we will be paying the highest tariffs since the Great Depression. And we saw what those tariffs before the Great Depression contributed to.

    Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports.

    Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year.

    And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year.

    So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.

    At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive.

    For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home.

    Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee.

    As families do their back to school shopping, they’re going to see higher prices for clothing and shoes.

    Those prices could go up by 35% by the end of the year.

    And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.

    And there are countless more products that are facing higher prices.

    So let’s be clear: These tariffs do nothing to bring down costs. And in fact, I could add, as I said earlier in this statement, about $2,400 to the average household’s yearly expenses.

    That’s money that most families don’t have just lying around. We have all of those costs from these tariffs. And yet at this moment, 30 hours from when the tariffs are going to go into effect, we still have seen no official notice implementing any of these deals.

    And that includes, by the way, no clarity on whether prescription drugs coming from Europe will face a 15% tariff starting in two days.

    I had a chance to meet with a pharmaceutical company this week, and they were lamenting what the impact was going to be on prescription drug prices because of the tariffs from the EU.

    Last Friday, I visited the Brueckner Group in New Hampshire. They supply equipment to domestic manufacturers and import some of their specialized machines, which they make in Europe.

    The machines they bring in are sold to manufacturers here in the U.S. to make everything from IV bags to toothpaste containers. They have 80 employees in the U.S., and far more work on their machines at other companies across the country.

    They saw orders put on hold in April, and further investments in the U.S. are delayed because they can’t be certain what the tariffs are going to be that they might face.

    So they told me that even worse than the tariffs in some way, is the uncertainty that’s been created, the chaos that’s been created by President Trump’s announcements because people don’t know how to plan. Businesses don’t know what to invest in.

    I believe in supporting domestic manufacturing. It’s New Hampshire’s third largest industry, but half of all imports are raw materials and intermediate goods. The very things that domestic manufacturers rely on.

    Instead of supporting domestic manufacturing, these trade policies are making future American manufacturing more expensive. And furthermore, they’re threatening jobs.

    You know, my husband and I started out our married life owning and operating a small business. I know the hardest part of small businesses is growing and sustaining those businesses when you’re uncertain about what’s going to happen. And that’s what these tariffs create. As I heard, Brueckner Group USA, as I’ve heard of every business I’ve visited.

    When I visited Brueckner four days ago, we had a 10% tax on everything imported from the EU, and at the time, that was set to jump to 30% this Friday. Then Sunday we saw an agreement to set the tax at 15%, but with unclear exceptions to that tax. Like as I heard from the pharmaceutical company, with prescription drugs.

    I also heard from Flight Coffee Roasters in Bedford, New Hampshire. They’re worried about the President’s threat to place new tariffs on Brazil because they’ve already been paying a 10% markup on coffee because of these tariffs. Now they’re facing a 50% tax on Brazilian coffee starting on Friday, and they have no choice but to charge consumers more.

    Their most popular product comes from Brazil. So this is a big hit to their business. And they can’t be sure how this is going to impact their sales.

    And we should be clear, the U.S. has a trade surplus with Brazil.

    This threat is just because the President wants Brazil’s independent judiciary to stop the prosecution of Brazil’s former President.

    How is any business supposed to plan for that kind of rationale and for those kinds of swings?

    They need to secure financing. They need to place orders. They need to invest in order to grow in the months and years ahead.

    But building a new plant and moving production takes time. In some cases, it takes years.

    So how can companies plan when they don’t even know whether the Trump tax, his tariff, is going to be 10% or 30% or something in between or something higher?

    New Hampshire’s in a housing crisis. How can builders plan their costs when no one can tell them if there’s going to be a new 30 or even 50% tax on their materials come Friday?

    And how can a family already struggling with high costs continue to pay the rent and put food on the table if their household expenses are going up $2,400 this year?

    And now, on Friday, the administration is planning to make the good businesses and families need 10 or 30 or 40 or 50% more expensive overnight.

    This President promised to lower the price of everything: Groceries, rent, energy. What these tariffs do is just the opposite.

    And we’re hearing a lot of positive spin from the administration about the deals that they’re striking. But let me end by making two points.

    First, we heard a lot of talk about 90 deals in 90 days. Well, we’re way past that deadline. And we’ve seen six, count them, six announcements. And it’s not even clear that Vietnam has actually agreed to what the President announced.

    Second, I want to remind all of us that these deals all force Americans and American businesses to pay a tax rate that is far higher than what we saw before the President engaged in this trade war.

    I talked earlier about how for both Europe and Japan, Americans will face a tax that’s ten times higher than we paid last year. That same trend holds across every deal he’s announced.

    With Indonesia, he agreed to a 19% tax, four times what we paid last year. With the Philippines, a 20% tax, up from 1.3%. So 15 times what we paid last year. And for the UK, where we have a trade surplus, again, a trade surplus, he agreed to a 10% tariff, again ten times what we paid in 2024.

    So we should be very clear: All of these rates are an increase from what Americans have been paying since April.

    This President has raised average tariffs from 2.5% to more than 17%, the highest level since the Great Depression.

    Again and again, he is adding cost to American families and businesses. And what are these costs for? They’re to finance tax cuts for the wealthiest Americans, for the biggest corporations.

    The end result of the President’s art of the deal on trade is higher costs for families, uncertainty for businesses and alienated allies who no longer view America as a reliable partner to do business with.

    Thank you, Mr. President. I yield the floor.

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Last week, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products. Last month, Shaheen led 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act.

    In recent months, Shaheen has traveled across the Granite State to discuss the impact of tariffs on New Hampshire’s tourism industry and to visit businesses impacted by President Trump’s trade war including Brueckner Group USA, Colby Footwear, Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall: Let’s Get Government Employees Closer to the People They Serve

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins RFD-TV to Discuss USDA Relocation & Trump Trade Deal
    Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Suzanne Alexander on RFD-TV’s Market Day Report to discuss the USDA coming to Kansas City as part of their relocation efforts, President Trump’s trade deals and their significance to American agriculture, and his legislation to bring farmers more clarity, the Clear Waters Act.

    Click HERE or on the image above to listen to Senator Marshall’s full interview.
    On USDA reorganization:
    “You know, the farmers and ranchers were the original conservationists, and we need to keep bragging on the USDA reorganization. Look, I’m excited to get government employees closer to the people that they serve. So, 4000 USDA employees here in DC, by the way, only 6% of them were working in the offices until January of this year, February of this year. So, we’re going to move about half of those out to the country, and one of those places is Kansas City. And what I’m excited about moving more workers to the Kansas City offices, number one, we get more Kansas City Chiefs fans. But beyond that, they’re going to be closer to my alma mater, Kansas State University, Iowa State University, Nebraska, really some of the strongest ag schools in America, and that’s going to help populate that USDA program there in Kansas City. It’s agriculture economics they focus on, as well as handing out the grants for agriculture research. So, I just think getting USDA workers closer to their customers has to be a good thing. So, I’m excited.”
    On USDA relocation pushback in Congress:
    “Look, I have a great deal of respect for Senator Klobuchar. She’s a good friend, but I we respectfully disagree. This has been well thought out. The first time I met Secretary Rollins in person, back in, goodness, it may have been November, December of last year, she talked about this reorganization. So, I think every member on that committee has had a chance to have her come in and talk about this. This isn’t half-baked. The Assistant Secretary, Steven Vaden, former Judge Vaden, international trade court judge is in charge of this plan. I think it’s well thought out. And again, I just don’t know what American is going to come up to me and say, “It’s not a good idea to move people out of Washington, DC.” I would take two-thirds of the Federal officers that are working here in DC and move them out to those flyover states. It’s just such a different culture here in Washington, DC – it is the swamp. I just think when you have USDA workers going to church, going to soccer games, going to a Kansas State football game together, that they’re going to just have a better product when it’s all said and done.”
    On the Clear Waters Act:
    “Yeah, think about Waters of the US. This has been going on since 1972. You get a Democrat president in office, and they expand what water the US has. And we get President Trump in office, and he tries to cut it back. But what our bill does is clarify this and give our farmers certainty. Look, your listeners understand that a pothole, that a pond, that is not a navigable stream. So, we clearly define what navigable streams are, that it needs to be a body of water that can continuously flow and touches one of those main navigable streams. Kansas only has three navigable streams, for instance, throughout the years. So, it just gives us some clarity. But I want to emphasize to anyone on the other side of this that farmers and ranchers are the best environmentalists. Those that are that are practicing modern precision agriculture are decreasing the drift from their fields by 90% using modern-day agriculture techniques. We’re decreasing 90% of the drip from those fields. But I just want to get the farmers, the ranchers, some certainty, our dairy farmers, people that have feed lots, we need certainty in this area. And look, we’re going to do our best to take care of the environment as well.”
    On the Dairy Pride Act:
    “Well, I think there’s a lot of fake products out there, right? And with all due respect to almond juice and some of the other juices out there, they’re not milk products. As far as I’m concerned. I don’t know why they’re in the milk portion of the grocery store, just like I don’t want plant-based protein sitting beside a hamburger born and raised and processed in Kansas. So, I think again, we just want customers to know what they’re drinking or eating. And almond juice is not milk. And by the way, we’re getting closer and closer to getting whole milk, there it is, whole milk back into schools as well.”
    On how Trump trade deals are benefiting American agriculture:
    “I’m just so ecstatic to see these chickens come home to roost, right? President Trump has used these tariffs to negotiate better trade deals, trade deals that I hope are going to let our grandchildren continue to work on our farms. Look, we’ve not sold a cheeseburger to Europe, a gallon of ethanol to England in my lifetime. So, beyond just the tariffs, what the President is doing is removing non-tariff barriers. And again, your listeners are educated. They understand what China [and] the EU does to keep American agriculture products out of those countries. So, by removing those, we’re going to sell more and more products. And I just, you know, there are lots of things we could talk about, but look at President Trump’s strategy here, how he’s boxing in China. Last night, he announced a deal with South Korea, but beyond that, the EU, Indonesia, the Philippines, Vietnam, Japan, Australia, basically, he’s boxed China in here. China was doing a lot of trans shipments. So, they would make, say, t-shirts or tennis shoes. They would send it to Vietnam and bring it into this country on Vietnam tariff levels. Well, President Trump wasn’t born yesterday, so he’s tightening up that portion, and we’ll get that China trade deal soon, hopefully before the fall. Fall crops need to be harvested.”

    MIL OSI USA News –

  • MIL-OSI USA: American Leadership in the Digital Finance Revolution

    Source: Securities and Exchange Commission

    Good afternoon. Thank you, Norm, for your kind introduction and the invitation to be here. It gives me great pleasure to be with you all, particularly at what I believe is a defining moment for American leadership in the crypto asset markets. Before I share a few reflections, I want to thank the America First Policy Institute for convening such a timely conversation. And, I must note, in order to keep my compliance folks happy, that the views I express here today are my own and do not necessarily reflect those of the SEC as an institution or of the other Commissioners.

    ***

    Today, I would like to discuss what Commissioner Hester Peirce and I are calling “Project Crypto,” which will be the SEC’s north star in aiding President Trump in his historic efforts to make America the “crypto capital of the world.”[1] But before I discuss our plan for crypto market primacy, let me take a few moments to revisit some inflection points in the history of our financial markets that bear similarities to the one we are at now, so that the future we shape is worthy of the legacy that we inherit.

    Evolution of Capital Markets: From Buttonwood to Blockchain

    The winds of innovation have always swept through our capital markets, often at gale force. In 1792, they rustled the leaves of a buttonwood tree, beneath which two dozen stockbrokers assembled to establish the forerunner to the New York Stock Exchange. That modest agreement—fewer than a hundred words handwritten on a slip of parchment—set in motion an elegant design that would govern the flow of capital for generations.[2]

    In the centuries since, our markets have never stood still. They have expanded, evolved, and reinvented themselves in step with the ideas and technologies of their time. Markets are dynamic because of the people who participate in them. Markets channel human ingenuity toward society’s most intractable problems by rewarding those who develop the most innovative solutions that others value enough to buy. They are the mechanism by which Adam Smith’s invisible hand elevates those who act in the common good—even when pursuing their own.

    The SEC’s role is to safeguard markets that allow the spark of human creativity and skill to benefit society. Over the arc of its history, the agency has both enabled innovation and, regrettably at times, stifled it. Fortunately, progress has a way of prevailing. And when our regulatory posture is calibrated to meet innovation with thoughtfulness rather than fear, America’s leadership position has only grown stronger.

    ***

    In the 1960s—before my time, I am happy to say—Wall Street was riding a bull market. But behind the scenes, our market machinery was straining to keep up. Most clearing and settlement transactions involved a costly and cumbersome process. Rising stacks of paper stock certificates had to be physically delivered by clerks wheeling carts up and down Wall Street and in other financial districts all across America.[3] It was a scene from another century struggling to meet the demands of the modern securities markets.

    Indeed, the paper-based clearance and settlement systems, built for a gentler era, began to buckle under the weight of soaring volumes. Delays at one firm held up the work of another. Securities were lost or stolen. Fails ballooned. And many thinly capitalized broker-dealers were caught by the whiplash of scuttled transactions. In desperation, trading hours were reduced and exchanges eventually closed on Wednesdays to allow firms to process the mountains of certificates.

    The breakdown over an antiquated system was described by the SEC chairman at the time as “the most prolonged and severe crisis in the securities industry in 40 years… Firms failed. Investor confidence plummeted.” And very much to its credit, the SEC was proactive in remedying the so-called “Paperwork Crisis.” The agency helped market participants to develop the Depository Trust and Clearing Corporation, which would transform how securities were held and traded.[4] Instead of shuffling paper certificates from customer to broker, broker to broker, and broker to customer, title to shares could now be transferred through computerized ledger entries.[5] The certificates themselves were immobilized, stored securely in vaults, as ownership moved electronically, laying the foundation for the modern clearing and settlement system that has continued to this day.

    The ticker tape machine—like the one here—was also a breakthrough of its time, revolutionizing how Americans accessed market information, line by line, trade by trade.[6] But breakthroughs don’t belong in the past.

    By the late 1990s, electronic trading systems surged in popularity, unsettling old assumptions about how markets should function. Chairman Arthur Levitt likewise believed it behooved the SEC to provide regulatory flexibility for the electronic markets to innovate.[7] So, Regulation Alternative Trading Systems, or “Reg ATS,” adopted in 1999, allowed for ATSs to be regulated like broker-dealers, rather than like exchanges.[8]

    So, this brings me to today. To a moment that demands American ambition. To a project that can unleash it.

    Our regulatory framework need not be anchored to an analog past—unkind to new frontiers. After all, the future is arriving at full speed—and the world is not waiting. America must do more than just keep pace with the digital asset revolution. We must drive it.

    Forging the Future: America’s Leadership in the Golden Age of Finance

    So today, I would like the world to go on notice that under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant. To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one.

    We are at the threshold of a new era in the history of our markets. As I mentioned earlier, today I am announcing the launch of “Project Crypto”—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain.

    Just a few weeks ago, President Trump signed the GENIUS Act into law, ensuring that America will continue to lead in global payments with a gold standard stablecoin regulatory framework. Upon signing the GENIUS Act into law, I was pleased that President Trump endorsed Congressional efforts to pass crypto market structure legislation by the end of the year. I commend the House of Representatives for garnering such strong bipartisan support, and I look forward to working with the Senate as they build off the House’s work and craft market structure legislation that future proofs our markets against regulatory mischief, cementing the United States as the crypto capital of the world.

    Yesterday, the President’s Working Group on Digital Asset Markets released the PWG Report with clear recommendations for the SEC and other federal agencies to build a framework to maintain U.S. dominance in crypto asset markets. This report is the blueprint to make America first in blockchain and crypto technology. The President said last week that he wants “the entire world running on the backbone of American technology.”[9] I stand ready to help get that job done.

    That is why I am launching Project Crypto and directing the SEC’s policy divisions to work with the Crypto Task Force, led by Commissioner Peirce, to swiftly develop proposals to implement the PWG’s recommendations. Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets. We will reshore the crypto businesses that fled our country, particularly those that were crippled by the previous administration’s regulation-by-enforcement crusade and “Operation Chokepoint 2.0”[10] Whether an incumbent or a new entrant, the SEC welcomes all market participants who are hungry to innovate.

    In accord with the PWG Report’s recommendations, I have directed the Commission staff to draft clear and simple rules of the road for crypto asset distributions, custody, and trading for public notice and comment. While the Commission staff works to finalize these regulations, the Commission and its staff will in the coming months consider using interpretative, exemptive, and other authorities to make sure that archaic rules and regulations do not smother innovation and entrepreneurship in America. Many of the Commission’s legacy rules and regulations do not make sense in the twenty-first century—let alone for on-chain markets. The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition—from both new entrants and incumbents—to the detriment of Main Street.[11]

    Onshoring Crypto: A New Day at the SEC

    Now, Project Crypto will involve a broad range of initiatives across the Commission. 

    First, we will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over. President Trump has said that America is in its Golden Age—and under our new agenda, our crypto asset economy will be, too.

    In line with the PWG Report, a key priority of mine will be to establish—as swiftly as we can—a regulatory framework for distributions of crypto assets in America. Capital formation is at the heart of the SEC’s mission, yet for too long the SEC ignored market demands for choice and disincentivized crypto-based capital raising.[12] As a result, crypto markets pivoted away from offering crypto assets and deprived investors of the opportunity to use this technology to contribute to productive economic enterprises. The SEC’s head-in-the-sand posture—as well as its shoot first, ask questions later approach—are days of the past.

    Despite what the SEC has said in the past, most crypto assets are not securities. But confusion over the application of the “Howey test” has led some innovators to prophylactically treat all crypto assets as such. American entrepreneurs are harnessing blockchain technology to modernize a broad range of legacy systems and instruments. One such entrepreneur is Senator Bernie Moreno of Ohio, a successful businessman and freshman senator, who before his election to the Senate founded a company that put car titles on the blockchain.[13] He saw a need for efficiency in transferring titles and devised a practical solution with the new technology.  These entrepreneurs need—and deserve—bright-line rules for determining whether the securities laws apply to their businesses.

    I have directed the Commission staff to work to develop clear guidelines that market participants can use to determine whether a crypto asset is a security or subject to an investment contract. Our goal is to help market participants to slot crypto assets into categories, such as digital collectibles, digital commodities, or stablecoins, and assess the economic realities of a transaction. This approach can allow market participants to determine, based upon clear guidelines, whether any outstanding promises or commitments of the issuer cause the crypto asset to be subject to an investment contract.

    In addition, it should not be a scarlet letter to be deemed a security. We need a regulatory framework for crypto asset securities that allows these products to flourish within American markets. Many issuers will prefer the flexibility in product design that the securities laws afford, and investors will benefit from the opportunity to earn distributions, voting rights, and other features typical of securities. Projects should not be forced to establish decentralized autonomous organizations and offshore foundations or decentralize too early if this is not their desired plan of action. I am excited to see new use cases for crypto asset securities in commerce, such as the ability to participate in blockchain network consensus with tokenized equities.

    Thus, for those crypto asset transactions that are subject to the securities laws, I have asked staff to propose purpose-fit disclosures, exemptions, and safe harbors, including for so-called “initial coin offerings,” “airdrops,” and network rewards. Regarding these sorts of transactions, our goal should be that issuers no longer exclude Americans from their distributions to avoid legal complexity and lawsuits,[14] but instead choose to include Americans to enjoy legal certainty and an accommodating regulatory environment. It is my view that a Cambrian explosion in innovation could occur if we stay true to this course.

    Additionally, many firms seek to “tokenize” their common stock, bonds, partnership interests, and other securities, or tokenize the securities of third parties.[15] Much of this innovation is offshore today due to regulatory challenges in the United States. I also hear from our regulatory policy staff that firms—from household names on Wall Street to unicorn tech companies in Silicon Valley—are lined up at our doors with requests to tokenize. I have asked the Commission staff to work with firms seeking to distribute tokenized securities within the United States and to provide relief where appropriate to assure that Americans are not left behind. 

    Enhancing Freedom: Choice Among Custodians and Trading Venues

    Second, to achieve the President’s goals, it is incumbent on the SEC to ensure that market participants have maximum choice when deciding where to custody and trade crypto assets.  As I have said before, the right to have self-custody of one’s private property is a core American value.[16] I believe deeply in the right to use a self-custodial digital wallet to maintain personal crypto assets and participate in on-chain activities like staking. However, some investors will continue to rely on SEC registrants, such as broker-dealers and investment advisers, to hold assets on their behalf, and these firms are subject to additional regulatory requirements when they do so. It will be a priority of my chairmanship to carry out the PWG Report’s recommendation to modernize the SEC’s custody requirements for registered intermediaries.

    The prior Administration’s “special-purpose broker-dealer” framework, SAB 121, and “Operation Chokepoint 2.0,” resulted in a dearth of custodial service provider options in the market today.[17]  The existing custody rules were created without crypto assets in mind. I have directed the staff to consider how best to adapt the existing regime to facilitate the custody of crypto assets, including possible exemptive or other relief, in addition to changes to the rules themselves.

    As the PWG Report recommends, market participants “should be permitted to engage in multiple business lines under the most efficient licensing structure possible.” We should not force market participants to be stretched to fit a Procrustean bed of regulation for regulation’s sake. I am in favor of affording them the freedom to choose the most efficient regulatory framework for their business, provided that the framework adequately protects investors.

    Facilitating Super-Apps: Horizontal Integration of Product Offerings

    Third, a key priority of my chairmanship is to allow market participants to innovate with “super-apps.”[18] I am often asked, “What do you mean by a super-app?” Plain and simple: securities intermediaries should be able to offer a broad range of products and services under one roof with a single license. A broker-dealer with an alternative trading system should be able to offer trading in non-security crypto assets alongside crypto asset securities, traditional securities, and other services, like crypto asset staking and lending, without requiring fifty-plus state licenses or multiple federal licenses. Nothing in the federal securities laws prohibits SEC-registered trading venues from listing non-securities on their platforms today, and I have directed the Commission staff to develop further guidance and proposals ultimately to make this “super-app” vision a reality. Maybe they’ll call it “Reg Super-App.”

    Consistent with the PWG Report, the SEC in concert with other regulators should strive to have the most efficient licensing structure for SEC registrants. They should not be unnecessarily subject to multiple regulators or regulatory regimes. This model has worked well for banks, which are broadly exempted from many duplicative regulatory frameworks, such as broker-dealer and clearing agency registration. Regulators should provide the minimum effective dose of regulation necessary to protect investors while allowing entrepreneurs and businesses to flourish. We should not overburden them with paternalistic regulation that could drive them offshore or make American companies less competitive internationally. Our regulators should unleash the forces of venue and product competition for the benefit of all Americans. We should not artificially constrain business models and impose duplicative regulatory costs on American businesses that favor the largest firms that are better able to bear the regulatory burdens.

    Per the PWG’s recommendations, I have directed the Commission staff to develop a framework that will allow non-security crypto assets and crypto asset securities to be traded side-by-side on SEC-regulated platforms. Additionally, I have asked the staff to evaluate the use of Commission authority to permit non-security crypto assets that are subject to an investment contract to trade on trading venues that are not registered with the Commission. I am keen to pursue such a solution, as it will not only enable state-licensed crypto asset platforms that are not registered with the SEC to list certain crypto assets, but it also clears the way for CFTC-regulated platforms to offer these products with margin capabilities—even without Congress providing the CFTC with any additional authority, unlocking even greater liquidity for these assets.

    Unleashing U.S. Markets: Big Beautiful On-Chain Software Systems

    Fourth, I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets. On-chain software comes in many shapes and sizes—some of these systems are truly decentralized and not operated by any intermediary. Other on-chain software systems have an operator. Both types of on-chain software should have a place within our financial markets. It is essential that any crypto asset regulatory market structure create a path for software developers to unleash on-chain software systems that do not require operation by any central intermediary. Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them.

    We will create space in our markets for both models, by protecting pure publishers of software code, drawing reasonable lines to distinguish intermediated and disintermediated activity, and creating rational and workable rules of the road for intermediaries that seek to operate on-chain software systems. Decentralized finance and other forms of on-chain software systems will be part of our securities markets and not drowned out by duplicative or unnecessary regulation.

    To make this vision a reality, we will need to consider some changes to our rules. For example, accommodating trading of tokenized securities on-chain may require us to explore amendments to Reg NMS, in addition to what we otherwise would do in the normal course to correct market distortions that it engenders. Many of you will remember that I co-authored with Commissioner Cynthia Glassman a lengthy dissent to the adoption of Reg NMS twenty years ago last month.[19] This dissent is even more compelling now that we have had two decades of prescriptive requirements that distort market activity and impede the evolution of our securities markets. Congress clearly intended that “competitive forces, rather than unnecessary regulation, guide the development of the national market system.”[20] I will look for ways to bring us back in line with that intent and thereby promote innovation and competition in our markets.

    Fostering Innovation:  Commercial Viability is Our True North

    Finally, innovation and entrepreneurialism are the engines of the American economy. President Trump has described America as a “nation of builders.”[21] Under my leadership, the Commission will encourage our nation’s builders rather than constrain them with red tape and one-size-fits-all rules. While the Commission is actively considering industry requests that could jumpstart innovative activity, we are also contemplating an innovation exemption that would allow registrants and non-registrants to quickly go to market with new business models and services that do not neatly fit within our existing rules and regulations. The Commission will continue to ensure that market participants adhere to certain conditions and requirements designed to achieve the policy aims of the federal securities laws.

    Under my vision for an innovation exemption, innovators and visionaries will be able to immediately enter the market with new technologies and business models but will not be required to comply with incompatible or burdensome prescriptive regulatory requirements that hinder productive economic activity. Instead, they will be able to comply with certain principles-based conditions designed to achieve the core policy aims of the federal securities laws. These conditions may include, for example, a commitment to make periodic reports to the Commission, incorporate whitelisting or “verified pool” functionality, and restrict tokenized securities that do not adhere to a token standard that incorporates compliance features, such as ERC3643.[22] I encourage market participants and SEC staff alike to have an eye towards commercial viability when contemplating what various models could look like.

    ***

    As we advance these priorities, I look forward to working with my counterparts across the Administration to make the United States the crypto capital of the world. This represents more than a regulatory shift—it is a generational opportunity.

    From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward. After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America.

    Thank you very much for your time today. I encourage you to be attentive to our coming announcements and proposals and, as always, I welcome your thoughtful comments and suggestions.

    [2] See The History of NYSE, New York Stock Exchange, https://www.nyse.com/history-of-nyse.

    [3] See Wall Street: The Paperwork Predicament, Time Magazine (June 21, 1968), https://time.com/archive/6636314/wall-street-the-paperwork-predicament/.

    [4] See A Short History of the Depository Trust Company, Securities and Exchange Commission Historical Society (1999), https://www.sechistorical.org/collection/papers/1990/1999_0101_DTCHistory.pdf.

    [6] Danny Lewis, The Physical Stock Ticker Is a Relic, But Its Influence Reverberates Loudly Today, Smithsonian Magazine (Nov. 15, 2016), https://www.smithsonianmag.com/smart-news/the-physical-stock-ticker-is-a-relic-but-its-influence-reverberates-loudly-today-180961092/.

    [7] Transformation & Regulation: Equities Market Structure, 1934 to 2018: Reg ATS, Securities and Exchange Commission Historical Society, https://www.sechistorical.org/museum/galleries/msr/msr04c_reg_ats.php.

    [10] See, e.g., David H. Thompson et al., Operation Choke Point 2.0: The Federal Bank Regulators Come For Crypto, Cooper & Kirk (Mar. 24, 2023),  https://www.cooperkirk.com/wp-content/uploads/2023/03/Operation-Choke-Point-2.0.pdf; Testimony of Paul Grewal, Chief Legal Officer, Coinbase, Before the U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations (Feb. 6, 2025), https://www.congress.gov/119/meeting/house/117858/witnesses/HHRG-119-BA09-Wstate-GrewalP-20250206.pdf.

    [11] See The White House, Unleashing Prosperity Through Deregulation (Jan. 31, 2025), https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-prosperity-through-deregulation/.

    [12] See e.g., Commissioner Hester Peirce, Hobs and Hobbes: Wharton FinTech Lecture, Securities and Exchange Commission (Nov. 1, 2024), https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-wharton-fintech-110124.

    [13] See e.g., Akash Sriram, California DMV puts 42 million car titles on blockchain to fight fraud, Reuters (July 30, 2024), https://www.reuters.com/technology/california-dmv-puts-42-million-car-titles-blockchain-fight-fraud-2024-07-30/.

    [14] See Danny Nelson, Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway, CoinDesk (Aug. 21, 2024), https://www.coindesk.com/policy/2024/08/21/crypto-airdrops-ban-us-users-but-americans-are-claiming-tokens-anyway.

    [15] See e.g., CNBC Television, BlackRock CEO Larry Fink: ‘I want the SEC to rapidly approve tokenization of bonds and stocks’, YouTube (Jan. 23, 2025), https://www.youtube.com/watch?v=Mi3q_upPjBM.

    [16] Chairman Paul Atkins, Remarks at Crypto Task Force Roundtable on Decentralized Finance, Securities and Exchange Commission (June 9, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-defi-roundtable-060925.

    [17] See Commissioner Hester Peirce, Lava and Lamps: Opening Remarks for Crypto Custody Roundtable, Securities and Exchange Commission (Apr. 25, 2025), https://www.sec.gov/newsroom/speeches-statements/peirce-lava-lamps-opening-remarks-crypto-custody-roundtable-042525.

    [18] Chairman Paul Atkins, Prepared Remarks Before SEC Speaks, Securities and Exchange Commission (May 19, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-prepared-remarks-sec-speaks-051925.

    [19] Commissioners Cynthia Glassman and Paul Atkins, Dissent of Commissioners Cynthia A. Glassman and Paul S. Atkins to the Adoption of Regulation NMS, Securities and Exchange Commission (June 9, 2005), https://www.sec.gov/files/rules/final/34-51808-dissent.pdf.

    [21] Hendrix, supra note 11.

    [22] For additional  information on the ERC3643 protocol, see Overview of the Protocol: ERC-3643 Permissioned Tokens, ERC3643 Association, https://docs.erc3643.org/erc-3643.

    MIL OSI USA News –

  • MIL-OSI Security: CISA Releases Open-Source Eviction Strategies Tool for Cyber Incident Response

    Source: US Department of Homeland Security

    WASHINGTON –Today, the Cybersecurity and Infrastructure Security Agency (CISA) released an Eviction Strategies Tool, a no-cost resource designed to support cyber defenders in their efforts to respond to cyber incidents. CISA contracted with MITRE to develop this tool that enables cyber defenders to create tailored response plans and adversary eviction strategies within minutes. They will also be able to develop customized playbooks aimed at containing and evicting adversaries from compromised systems and networks.

    The tool includes COUN7ER, a database of atomic post-compromise countermeasures mapped to adversary tactics, techniques, and procedures (TTPs), and Cyber Eviction Strategies Playbook NextGen, a web-based application that matches incident findings with countermeasures obtained from COUN7ER. Together, these resources help defenders build systematic eviction plans with distinct countermeasures to thwart and evict unique intrusions.

    “How an organization approaches remediation and eviction of an incident is critically important to a successful response effort. Over the years, we have seen organizations struggle with identifying the right steps to take and the correct sequencing of actions to properly evict advanced adversaries from their enterprises,” said Jermaine Roebuck, Associate Director for Threat Hunting, CISA. “This tool will level the playing field by making it easier for IT staff and cyber defenders to coordinate efforts and achieve a successful eviction. I encourage public and private sector organizations to incorporate this capability into their incident response plans.” 

    Key features of the Eviction Strategies Tool include:

    • Enables cyber defenders to build response plans based on either MITRE ATT&CK® or on free text that describes threat actor activities on compromised assets.
    • Exports defensive measure options in numerous formats, such as JSON, Microsoft Word and Excel, and markdown.
    • Builds on knowledge from other frameworks, including MITRE D3FEND™, as well as MITRE ATT&CK.
    • Contains more than 100 fully developed, researched and curated atomic actions that incident responders can take to contain and evict adversary agency within their networks and assets.

    To encourage collaboration and development, CISA offers Cyber Eviction Strategies Playbook NextGen and COUN7ER to the public under the MIT Open Source License. Cyber defenders are encouraged to review the new tool and provide feedback using CISA’s anonymous product survey.

    For more information on best practices to implement preventative measures and manage cyber risks, visit Cybersecurity Best Practices.

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on X, Facebook, LinkedIn, Instagram. 

    MIL Security OSI –

  • MIL-OSI USA: VIDEO: Ricketts Fights for America’s Producers

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    WASHINGTON, D.C. – This week, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed the One Big Beautiful Bill and his work to secure the future for those who feed and fuel America.

    Watch the video here.

    “Agriculture is the heart and soul of what we do in Nebraska,” said Ricketts.  “Family farms, ranches, and agri-businesses are the backbone of communities across our state.  The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow. It grows our economy at home and will help gain new markets abroad.”

    TRANSCRIPT:

    Senator Ricketts: “Agriculture is the heart and soul of what we do in Nebraska. 

    “Family farms, ranches, and agri-businesses are the backbone of communities across Nebraska. 

    “The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow.  

    “It grows our economy at home and will help gain new markets abroad. 

    “The One Big Beautiful Bill (OBBB) secures the future for those who feed and fuel America—and the world.  

    “The One Big Beautiful Bill backs our way of life. 

    “First of all, the bill avoided a $2,400 tax increase that would have hit the average Nebraska family. 

    “That’s $2,400 that Nebraskans can continue to spend on groceries, electric bills or to save for a family vacation.   

    “The bill also helps farmers plan for the next generation. 

    “Over 80% of Nebraska’s farms are family-owned. 

    “The 2017 Tax Cuts and Jobs Act cut in half the number of farm and ranch families that were going to be subject to the Death Tax. 

    “The Big Beautiful Bill ensures the Death Tax exemption will now be permanent and rise with inflation. 

    “This will ensure that over $200 billion in hard-earned family farm assets across the country will go to the next generation and not the government. 

    “Now, more farms will be passed down, not taxed away to Uncle Sam.  

    “The 45Z clean fuel production credit is another major win for Nebraska. 

    “Biofuels are a win for consumers who save money at the pump. 

    “It’s a win for the environment, because it helps clean up our environment, and it’s a win for our farmers and ranchers. 

    “Last year, Nebraskans saved $325 million using ethanol blends. 

    “Last time I fueled up at Hy-Vee with E10, I saved 55 cents per gallon. 

    “The 45Z credit boosts biofuel production and creates value for farmers and ranchers. 

    “It narrows eligible feedstock commodities to North America, protecting Nebraska farmers from foreign competition. 

    “Producers in Communist China should be prevented from receiving American tax subsidies. 

    “All of this boosts demand for row crops and renewable fuel production. 

    “That means more jobs and better prices. 

    “Nebraska’s 25 ethanol plants support 1,300 jobs and have a $6 billion impact. 

    “The credit gives investors the certainty they need to hire and expand. 

    “Nebraska agriculture feeds and fuels the world. 

    “When I was Governor, I led trade missions to places like Japan and Vietnam to build strong relationships between foreign importers and Nebraska producers. 

    “I launched an international trade council to discover new opportunities for overseas markets. 

    “Nebraska’s economy thrives when our producers can reach high-paying global markets. 

    “Recognizing this, the One Big Beautiful Bill strengthens the Supplemental Agricultural Trade Promotion Program. 

    “It provides $285 million annually to promote U.S. agricultural exports. 

    “It doubles funding for the Market Access Program and the Foreign Market Development program. 

    “That means more demand for Nebraska beef, corn, and soybeans abroad. 

    “Simply put, when agriculture thrives, so does the entire Nebraska economy. 

    “Maintaining current exports and opening up markets under the bill will help get better prices for their products for our producers.

    “The big beautiful bill gives critical support to young farmers and ranchers, as well, taking over the family business or starting out on their own.  

    “The Beginning Farmer and Rancher Development Benefit was extended from five years to ten years.  

    “That gives new producers access to critical risk management tools.   

    “The bill also supports educational access for rural students.   

    “It excludes agricultural assets from student financial aid calculations. 

    “That means farm kids will not be discriminated against when applying for financial aid.  

    “For young Nebraskans, the bill expands Pell Grant eligibility to short-term job training. 

    “That includes hands-on fields like welding, diesel tech, and irrigation systems. 

    “Now, a young Nebraskan in Scottsbluff, for example, can learn a trade and start working at places like Aulick Industries without piling up debt.  

    “The One Big Beautiful Bill helps Nebraska producers grow and reinvest. 

    “Full expensing is now permanent for property like tractors and other heavy machinery. 

    “A corn grower in Custer County will be able to fully write off a new, more efficient combine. 

    “Another provision in the bill boosts expensing for tools and equipment. 

    “This helps small businesses from welders to seed dealers invest to improve productivity. 

    “The Big Beautiful Bill gives producers needed updates to the farm safety net. 

    “Reference prices now reflect today’s markets. 

    “Drought aid under the Livestock Forage Program has been improved. 

    “Now, producers facing feed losses from grazing shortfalls will see faster relief. 

    “These updates give producers support, stability, and long-term certainty.  

    “Nebraska’s future depends on certainty for farmers, ranchers, and agri-business. 

    “The One Big Beautiful Bill supports agriculture today and protects the next generation of farmers and ranchers. 

    “That is how we keep producing the Good Life.” 

    MIL OSI USA News –

  • MIL-OSI USA: Kaine, Schumer, Shaheen, & Wyden Announce Intent to Challenge Trump’s Tariffs on Brazil

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C.—Today, U.S. Senator Tim Kaine (D-VA), Senate Minority Leader Chuck Schumer (D-NY), and U.S. Senators Jeanne Shaheen (D-NH) and Ron Wyden (D-OR) announced their intent to file privileged legislation to challenge President Donald Trump’s tariffs on goods from Brazil in response to steps Brazil is taking to hold friend of Trump and former Brazilian President Jair Bolsonaro accountable for attempting a coup. The additional tariffs announced by Trump will put the total Trump tariffs on Brazilian exports at 50 percent, raising costs for Americans on basic household goods.

    In an executive order issued yesterday, Trump invoked the International Emergency Economic Powers Act (IEEPA) to impose the tariffs. Any one senator can challenge the use of IEEPA with a privileged resolution, such as the one the lawmakers will file. That means the Senate will be required to vote on the legislation.

    “President Trump has no interest in lowering costs for the American people. If he did, he would not be imposing tariffs and starting senseless trade wars,” said the senators. “We’re particularly concerned about these tariffs on Brazil—which are being put into place to get the Brazilian Supreme Court to stop its prosecution of Trump’s longtime friend Jair Bolsonaro, Brazil’s former president who is facing criminal charges for inciting a violent coup. This is certainly not what tariffs are intended to be used for, and they will raise prices for Americans. That’s why we’ll be introducing legislation to challenge these reckless tariffs against Brazil.”

    Americans import more than $40 billion annually from Brazil, including nearly $2 billion’s worth of coffee. Trade between the U.S. and Brazil supports nearly 130,000 jobs in the U.S., and the U.S. actually has a trade surplus with Brazil. A trade war with Brazil would make life more expensive for Americans, harm both the American and Brazilian economies, and drive Brazil closer to China.

    Last week, Kaine and Shaheen led their colleagues in sending a letter to Trump urging him to end his threats of tariffs on Brazil.

    MIL OSI USA News –

  • Judges question whether Trump tariffs are authorized by emergency powers

    Source: Government of India

    Source: Government of India (4)

    U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump’s tariffs were justified by the president’s emergency powers, after a lower court said he exceeded his authority with sweeping levies on imported goods.

    The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., is considering the legality of “reciprocal” tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico.

    In hearing arguments in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states, judges pressed government lawyer Brett Shumate to explain how the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets, gave Trump the power to impose tariffs.

    Trump is the first president to use IEEPA to impose tariffs.

    The judges frequently interrupted Shumate, peppering him with a flurry of challenges to his arguments.

    “IEEPA doesn’t even say tariffs, doesn’t even mention them,” one of the judges said.

    Shumate said that the law allows for “extraordinary” authority in an emergency, including the ability to stop imports completely. He said IEEPA authorizes tariffs because it allows a president to “regulate” imports in a crisis.

    The states and businesses challenging the tariffs argued that they are not permissible under IEEPA and that the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes.

    Neal Katyal, a lawyer for the businesses, said the government’s argument that the word “regulate” includes the power to tax would be a vast expansion of presidential power, Katyal said.

    The arguments – one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners – mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices.

    Trump has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power.

    He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders. The countries have denied that claim.

    Shumate cited a 1975 appeals court decision that authorized President Richard Nixon’s across-the board surcharge of 10% on imported merchandise to slow inflation. But that decision added that the president did not have authority to impose “whatever tariff rates he deems desirable.”

    Shumate also said that courts cannot review a president’s actions under IEEPA or impose additional limits that are not included in the law. Several judges said that the argument would essentially allow one law, IEEPA, to overwrite all other U.S. laws related to tariffs and imports.

    Katyal said the Trump administration’s argument ignored the more limited nature of Nixon’s tariffs and changes to the law since the 1970s.

    “No trade law in 200 years has been interpreted to give the president this power,” Katyal said.

    The case is being heard by a panel of all of the court’s active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents. The timing of the court’s decision is uncertain, and the losing side will likely appeal quickly to the U.S. Supreme Court.

    TRADE NEGOTIATIONS

    Tariffs are starting to build into a significant revenue source for the federal government, with customs duties in June quadrupling to about $27 billion, a record, and through June have topped $100 billion for the current fiscal year. That income could be crucial to offset lost revenue from Trump’s tax bill passed into law earlier this month.

    But economists say the duties threaten to raise prices for U.S. consumers and reduce corporate profits. Trump’s on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies’ ability to manage supply chains, production, staffing and prices.

    On May 28, a three-judge panel of the U.S. Court of International Trade sided with the Democratic states and small businesses that challenged Trump. It said that the IEEPA did not authorize tariffs related to longstanding trade deficits.

    The Federal Circuit has allowed the tariffs to remain in place while it considers the administration’s appeal.

    The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports.

    The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam. Trump’s Department of Justice has argued that limiting the president’s tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court.

    Trump has set an August 1 date for higher tariffs on countries that don’t negotiate new trade deals.

    There are at least seven other lawsuits challenging Trump’s invocation of IEEPA, including cases brought by other small businesses and California.

    A federal judge in Washington, D.C., ruled against Trump in one of those cases, and no judge has yet backed Trump’s claim of unlimited emergency tariff authority.

    (Reuters)