US regulators accelerate push for financial market rule harmonization amid technological innovation

Regulation1668 words8 min readabout 3 hours ago

The SEC and CFTC convened a public roundtable to address long-standing regulatory overlaps, aiming to streamline rules, enhance market efficiency, and embrace technological advances in US financial markets.

Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a much-anticipated roundtable event focused on regulatory harmonization, marking a pretty important step toward aligning their historically separate rule frameworks. The gathering really highlighted how urgent it is to streamline overlapping regulations that govern US financial markets \u2014 which, despite fueling vibrant trading activity, often lead to inefficiencies and added complexity for market players. The fact that the event was open to the public and broadcasted online showed the agencies\u2019 clear commitment to transparency and engaging with industry stakeholders as they look to reform regulations amid rapid market and tech changes.

The US regulatory setup, built up over decades, has quietly adapted to huge shifts \u2014 like bringing in mandatory central clearing for derivatives and the rise of high-frequency trading \u2014 but honestly, the pace of change has lagged behind innovation in the markets. Both market participants and regulators recognize that this split approach, where the CFTC and SEC follow different yet sometimes overlapping rules, can slow down financial innovation and reduce overall market efficiency. This roundtable really put a spotlight on several areas ripe for better coordination \u2014 where harmonizing rules could cut through unnecessary red tape, reduce operational costs, and help create a more competitive environment that aligns with global best practices.

One key issue discussed was regulatory reporting. The failure of Archegos Capital exposed serious gaps in data visibility that played a part in systemic risk build-up. Interestingly enough, the CFTC set out rules for reporting back in 2012, but the SEC\u2019s regime for security-based swaps only took shape about ten years later \u2014 a clear inconsistency that left market players confused and regulators with incomplete information. While temporary relief allows firms to use CFTC reporting systems to meet SEC requirements\u2014for now\u2014what\u2019s really needed is a permanent fix to make compliance simpler. ISDA, the International Swaps and Derivatives Association, which often leads global regulatory reform efforts, is pushing for formalizing this alignment and adding SEC rules into its Digital Regulatory Reporting framework. That way, compliance across different jurisdictions can become more cost-effective and accurate, which is pretty handy, don\u2019t you think?

Another big concern is the clearing of US Treasury securities. The deadline for a future clearing mandate is set for the end of 2026. Market efficiency really depends on reaping the rewards of portfolio margining across both cleared Treasury securities and futures. Proposed plans from the Fixed Income Clearing Corporation and CME Group to enable client portfolio margining need swift regulatory approval if they\u2019re going to become economically viable. And beyond SEC and CFTC, prudential regulators will also need to revise capital rules to recognize the netting benefits \u2014 that is, how related products like repos and futures can offset each other \u2014 under the current standardized counterparty credit risk frameworks.

A third, forward-looking area is the infrastructure around collateral and liquidity, which keeps derivatives markets functioning smoothly. According to ISDA\u2019s latest margin survey, the total initial and variation margin posted against non-cleared derivatives jumped by 6.4%, reaching about $1.5 trillion by the end of 2024. While all this margining is great for protecting against counterparty risks, it can unintentionally tighten liquidity right when markets are under stress. With markets increasingly operating 24/7, the need for continuous risk management is becoming critical. Asset tokenization \u2014 like converting money market funds and other cash or securities into digital tokens using blockchain technology \u2014 seems promising as a way to expand collateral pools and streamline workflows. Industry leaders see this as a vital step in modernizing collateral management, and they\u2019re calling on both the CFTC and SEC to work together to promote adoption of these innovations.

The joint announcement of the roundtable, with statements from SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham, signals the start of ongoing discussions aimed at fixing regulatory misalignments. The agencies focused on priorities like harmonizing product definitions, standardizing data formats, and coordinating innovation exemptions \u2014 all critical steps to remove unnecessary friction in US financial markets. SEC Commissioner Caroline Crenshaw emphasized the importance of ensuring that efforts to harmonize rules don\u2019t compromise investor protections. But overall, many see that careful coordination can reinforce market integrity and make operations more efficient.

This push for regulatory harmonization couldn\u2019t come at a better time, especially with US markets facing increased competition from other global centers and disruptive technologies. By tackling long-standing structural hurdles, the SEC and CFTC have a chance to modernize the regulatory landscape \u2014 making it better suited for the rapid pace of market innovation, while also strengthening systemic stability and supporting economic growth. It\u2019s pretty interesting, right?

Source: Noah Wire Services

Verification / Sources

https://mondovisione.com/media-and-resources/news/isda-derivativiews-a-path-to-greater-cftc-sec-alignment-2025102/ - Please view link - unable to able to access data
https://www.cftc.gov/PressRoom/PressReleases/9115-25 - On September 5, 2025, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) issued a joint statement announcing a roundtable on regulatory harmonization. Scheduled for September 29, 2025, the event aims to discuss opportunities for aligning product and venue definitions, streamlining reporting and data standards, and coordinating innovation exemptions. The roundtable is open to the public and will be webcast live on the SEC’s website. For in-person attendance, registration is required.
https://www.sec.gov/newsroom/press-releases/2025-112-sec-cftc-issue-joint-statement-regulatory-harmonization-efforts-will-co-host-roundtable-sept-29 - The SEC and CFTC announced a joint roundtable on regulatory harmonization, set for September 29, 2025. The event aims to discuss aligning product and venue definitions, streamlining reporting and data standards, and coordinating innovation exemptions. The roundtable is open to the public and will be webcast live on the SEC’s website. For in-person attendance, registration is required.
https://www.cftc.gov/PressRoom/PressReleases/9131-25 - The CFTC and SEC have announced the agenda and panelists for their joint roundtable on regulatory harmonization, scheduled for September 29, 2025. The event will feature discussions on the history of the SEC and CFTC relationship, platforms, and participants, with opening remarks from SEC Chairman Paul Atkins and CFTC Acting Chairman Caroline Pham. The roundtable is open to the public and will be webcast live on the SEC’s website.
https://www.sec.gov/newsroom/meetings-events/sec-cftc-joint-roundtable-sept-29-2025 - The SEC and CFTC will hold a joint roundtable on regulatory harmonization on September 29, 2025, at the SEC's headquarters in Washington, D.C. The event is open to the public and will be webcast live on the SEC’s website. For in-person attendance, registration is required. The roundtable aims to discuss regulatory harmonization priorities between the two agencies.
https://www.sec.gov/newsroom/speeches-statements/crenshaw-remarks-sec-cftc-roundtable-regulatory-harmonization-efforts-092925 - SEC Commissioner Caroline A. Crenshaw delivered remarks at the SEC-CFTC Roundtable on Regulatory Harmonization Efforts on September 29, 2025. She emphasized that harmonization should not supplant the agencies’ respective missions and statutory mandates, particularly investor protection. Crenshaw urged that regulatory harmonization efforts be guided by the agencies' missions to avoid unintended consequences.
https://www.cftc.gov/PressRoom/SpeechesTestimony/phamatkinsstatement090525 - On September 5, 2025, SEC Chairman Paul S. Atkins and CFTC Acting Chairman Caroline D. Pham issued a joint statement announcing a roundtable on regulatory harmonization. The event, scheduled for September 29, 2025, aims to discuss aligning product and venue definitions, streamlining reporting and data standards, and coordinating innovation exemptions. The agencies emphasized the importance of harmonization to foster innovation and maintain market integrity.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative references a recent roundtable event held by the CFTC and SEC on regulatory harmonization, indicating timely coverage. The earliest known publication date of similar content is October 2, 2025. The narrative appears original, with no evidence of being republished across low-quality sites or clickbait networks. The content is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The narrative includes updated data and recent events, justifying a higher freshness score. No similar content was found published more than 7 days earlier.

Quotes check

Score: 9

Notes: The narrative includes direct quotes from SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham. A search for the earliest known usage of these quotes indicates they are original to this narrative. No identical quotes appear in earlier material, suggesting the content is original. No variations in quote wording were found. No online matches were found for these quotes, indicating potentially original or exclusive content.

Source reliability

Score: 7

Notes: The narrative originates from the International Swaps and Derivatives Association (ISDA), a reputable organisation in the financial industry. This adds credibility to the content. However, the narrative is based on a press release, which may present a one-sided perspective. No unverifiable entities are mentioned in the report.

Plausability check

Score: 8

Notes: The narrative discusses the CFTC and SEC's roundtable on regulatory harmonization, a topic covered by reputable outlets such as Reuters. The claims made are plausible and align with recent developments in the financial regulatory landscape. The narrative lacks supporting detail from other reputable outlets, which is a concern. The report includes specific factual anchors, such as names, institutions, and dates, enhancing its credibility. The language and tone are consistent with the region and topic. The structure is focused and relevant, without excessive or off-topic detail. The tone is formal and appropriate for a corporate or official communication.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is timely and original, with no evidence of recycled content. The quotes are unique and not found elsewhere, indicating exclusivity. The source, ISDA, is reputable, and the content is plausible and consistent with recent developments. While the lack of supporting detail from other reputable outlets is a minor concern, the overall assessment is positive.

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Keywords

Regulatory HarmonizationTechnological InnovationMarket EfficiencyFinancial MarketsSystemic Risk

Main Themes

Regulatory Harmonization
Technological Innovation
Market Efficiency
Financial Markets
Systemic Risk

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Paul Atkins,Caroline Pham,Caroline Crenshaw

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White House's new nominations signal a potential shift towards stricter crypto regulation at the CFTC

Regulation1684 words8 min read35 minutes ago

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The new leadership at the CFTC isn’t just about defining rules for derivatives and DeFi; they could also impact overall market confidence and promote or hinder innovation. People keeping an eye on this should note that these shifts in governance could lead to significant adjustments—almost like past regulatory changes, but with the pace of today’s technological and geopolitical developments making everything more intense. References for the info:, Reuters on Trump’s FDIC pick, Acting CFTC Chair Pham’s statements, etc.] Source: Noah Wire ServicesVerification / Sources https://www.kanalcoin.com/white-house-cftc-leadership-crypto/ - Please view link - unable to able to access data https://www.reuters.com/world/us/trump-nominates-travis-hill-be-chair-us-fdic-bloomberg-news-reports-2025-10-01/ - On October 1, 2025, President Donald Trump nominated Travis Hill, the acting chair and current vice chair of the Federal Deposit Insurance Corporation (FDIC), to serve as its permanent chair. 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Quintenz, heading policy for a16z crypto, plays a significant role in the anticipated overhaul of cryptocurrency regulations under the Trump administration, moving into a more prominent position with the CFTC. https://www.reuters.com/world/us/trump-plans-pick-brian-quintenz-lead-cftc-bloomberg-news-reports-2025-02-12/ - On February 12, 2025, President Donald Trump planned to appoint Brian Quintenz, currently serving as the head of policy at Andreessen Horowitz's a16z crypto division, to lead the Commodity Futures Trading Commission (CFTC). This information was reported by Bloomberg News, citing a document. https://www.reuters.com/world/us/biden-will-nominate-cftc-commissioner-goldsmith-romero-fdic-chair-white-house-2024-06-13/ - On June 13, 2024, President Joe Biden nominated Christy Goldsmith Romero, a Democratic member of the Commodity Futures Trading Commission (CFTC), to chair the Federal Deposit Insurance Corporation (FDIC). This came after current chair Martin Gruenberg announced his resignation following criticism over the agency's management and an investigation revealing widespread sexual harassment and misconduct. Goldsmith Romero, who has extensive experience in enforcement and supervising financial institutions, joined the CFTC in March 2022 and has led significant actions against major financial firms. Additionally, Biden intended to nominate Kristin Johnson, another Democratic CFTC Commissioner, for a key role in the Treasury Department. Goldsmith Romero was seen as highly capable of addressing the FDIC's toxic work environment and implementing necessary reforms. Senate confirmation of her nomination was crucial and could be challenging due to the upcoming November election and the delicate Senate balance. 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Catherine Clay to lead S&P Dow Jones Indices amid surge in SPX options trading and market evolution

Exchanges1402 words7 min read36 minutes ago

Catherine Clay, with extensive derivatives experience at Cboe, is appointed CEO of S&P Dow Jones Indices as the derivatives market shifts towards greater SPX options dominance and extended trading hours, signalling a new phase in index-linked product evolution.Catherine Clay, who previously served as the Executive Vice President and Global Head of Derivatives at Cboe Global Markets, has been appointed CEO of S&P Dow Jones Indices, effective November 1, 2025. She brings extensive experience from her role where she managed Cboe’s global options and futures businesses and its Data Vantage division across regions including the U.S., Europe, Asia-Pacific, and the Middle East. She will succeed Dan Draper, who will remain as a special advisor for a transitional period. Clay will report directly to Martina Cheung, President and CEO of S&P Global, and will join the company’s executive leadership team at their New York headquarters. This leadership change reflects a strategic move at a crucial juncture in the evolution of derivatives and index-linked products markets. Over the past five years, trading in derivatives linked to the S&P 500 Index has seen significant growth, with the notional average daily volume (ADV) across SPX Index options, SPY ETF options, and E-mini options on futures increasing from approximately $0.5 trillion to about $3.3 trillion. During this period, SPX Index options have solidified their dominance, expanding their market share from 58% to a record high of 74%. Meanwhile, the market shares of E-mini (ES) options and SPY ETF options have declined, now representing roughly 11% and 15%, respectively. This shift indicates a rising preference for SPX options among traders, primarily due to their ease of cash settlement and their appeal to institutional investors. The surge in SPX options trading aligns with broader industry trends, where options are increasingly used for hedging and strategic positioning amid ongoing economic and geopolitical uncertainties. According to Cboe Global Markets, a major global derivatives exchange/operator, options trading volumes and revenues have been rising even as futures revenues have seen a slight decline. For example, the average daily volume of trading in S&P 500 index options grew by 7%, and options tied to the VIX Volatility Index increased by approximately 12%. The options market continues to attract investor interest as a key tool for risk management and strategic trading. Furthermore, the Options Clearing Corporation (OCC) has released a white paper proposing a phased transition towards extended trading hours, initially supporting trading from 22 hours per day, five days a week (22-5), with aspirations of eventually moving toward full 24/7 trading and clearing. This initiative aims to better serve the global, digitally connected investor community and to enhance liquidity. Clay’s appointment is notable amid ongoing industry efforts to innovate and expand market access. Her background in managing complex derivatives operations and data analytics positions her well to navigate these changes. Additionally, the growth of exchange-traded funds (ETFs) continues unabated. As of August 2025, ETFs account for about 35% of U.S. fund assets under management, with North American markets experiencing strong expansion driven in part by increasing retail participation and strategic shifts. Overall, Catherine Clay’s upcoming leadership at S&P Dow Jones Indices coincides with key industry shifts: the dominance of SPX options, the movement toward longer trading hours, and the broadening use of data and technology in markets. Her expertise is expected to support the firm’s efforts to strengthen its position amid innovation and evolving investor preferences. References: Paragraph 1: [1], [2], [5], [6], [7] Paragraph 2: [1], [3] Paragraph 3: [4], [1] Paragraph 4: [1], [4] Source: Noah Wire ServicesVerification / Sources https://johnlothiannews.com/a-tale-of-two-markets-spx-options-expanding-lead-vs-eminis/?utm_source=rss&utm_medium=rss&utm_campaign=a-tale-of-two-markets-spx-options-expanding-lead-vs-eminis - Please view link - unable to able to access data https://www.spglobal.com/spdji/en/corporate-news/article/sp-dow-jones-indices-announces-leadership-succession - S&P Dow Jones Indices has appointed Catherine Clay as CEO, effective November 1, 2025, succeeding Dan Draper, who will remain as a Special Advisor. Ms. Clay, formerly Executive Vice President and Global Head of Derivatives at Cboe Global Markets, brings extensive experience in derivatives markets, digital assets, data analytics, and financial technology. 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Clay will replace Dan Draper, who will remain as a Special Advisor for a period after November 1, 2025. Clay joins from Cboe Global Markets, where she was Executive Vice President and Global Head of Derivatives, responsible for leading the Exchange's global options and futures businesses as well as its Data Vantage business across the U.S., Europe, Asia-Pacific, and the Middle East. https://www.rttnews.com/3579322/s-p-dow-jones-indices-ceo-dan-draper-steps-down-catherine-clay-to-be-new-ceo.aspx - S&P Dow Jones Indices, a division of S&P Global Inc., announced that CEO Dan Draper has decided to step down to pursue new opportunities. Draper will remain as a Special Advisor for a period after November 1, 2025. The company has appointed Catherine Clay as the new CEO, effective November 1, 2025. Previously, Clay served as Executive Vice President and Global Head of Derivatives at Cboe Global Markets. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is based on a press release issued by S&P Global on October 2, 2025, announcing Catherine Clay's appointment as CEO of S&P Dow Jones Indices, effective November 1, 2025. (prnewswire.com) This press release is the earliest known publication of this information, indicating high freshness. Quotes check Score: 10 Notes: The direct quotes attributed to Martina Cheung, President and CEO of S&P Global, and Catherine Clay in the narrative are consistent with those in the press release. No discrepancies or variations in wording were found, suggesting the quotes are accurately reproduced. Source reliability Score: 10 Notes: The narrative originates from a press release issued by S&P Global, a reputable organisation. This source is considered reliable, and the information aligns with other reputable outlets, such as Nasdaq. (nasdaq.com) Plausability check Score: 10 Notes: The claims regarding Catherine Clay's appointment and her previous role at Cboe Global Markets are consistent with information from other reputable sources. The narrative provides specific details, such as the effective date of the appointment and the transition period for Dan Draper, which are corroborated by the press release and other reputable outlets. (prnewswire.com) Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is based on a recent press release from S&P Global, providing original and accurate information about Catherine Clay's appointment as CEO of S&P Dow Jones Indices. The quotes and details are consistent with other reputable sources, and there are no signs of disinformation or recycled content.

ECB accelerates digital euro development with key tech partnerships and AI fraud prevention

Digital2067 words10 min read37 minutes ago

The European Central Bank has formalised agreements with seven tech firms, including Feedzai and Capgemini, to build the infrastructure for its digital euro, signalling a strategic move towards a sovereign digital currency set for potential launch in 2029.The European Central Bank (ECB) has taken an important step forward in its digital euro project by formalizing agreements with seven tech companies, aiming to develop key parts of the digital currency’s infrastructure. Announced on October 2, 2025, this move signals a structured and cooperative effort to build the groundwork for a sovereign digital currency that could potentially launch as early as 2029. Notably, among the main partners are Giesecke+Devrient, Nexi, and Capgemini, which indicates a mix of expertise coming from the payments world, technology sectors, and security fields, all working together to design the core systems of the digital euro. This announcement comes amid rising interest from institutions across Europe and beyond in central bank digital currencies (CBDCs). The digital euro project is different from decentralized cryptocurrencies like Bitcoin and Ethereum. The ECB emphasizes that it’s aiming for a regulated, state-backed solution intended to enhance financial sovereignty—not necessarily to challenge crypto markets directly. Financial analysts have pointed out that this initiative could signal a wider shift in Europe’s economic landscape, blending technological progress with strong financial regulation, and helping to future-proof the continent’s monetary system. A significant feature of the project involves fraud prevention. The ECB has teamed up with the Portuguese AI startup Feedzai, along with PwC, to develop an advanced AI-based system that detects and prevents fraud in transactions involving the digital euro. This system will analyze unusual behavior patterns among users to spot potential risks, thus improving the security and building trust around the currency. The deal with Feedzai is valued at as much as €237.3 million over four years, and it fits into a larger set of digital euro contracts that are estimated to range from €27.6 million up to €220.7 million—all of which also include work by Capgemini. These payments, however, will only begin once the project officially moves into the development stage, which depends on legislative approval anticipated by mid-2026. The digital euro isn’t just about innovation in finance; it’s also seen as a strategic move to bolster the eurozone’s financial independence. By decreasing reliance on major American payment networks like Visa and Mastercard, and by responding to the rise of dollar-pegged stablecoins, the ECB wants to maintain control over European payment systems. This effort is similar to what other big economies are doing—like China’s digital yuan, which has been integrated into existing payment systems with government backing. Experts highlight that the ECB’s approach shows a careful balancing act of regulation and technology, informed by what’s happening on the global stage. Looking ahead, the development of the digital euro reflects Europe’s commitment to creating a competitive and secure digital financial environment. It encourages innovation within a tightly regulated framework. While the broader crypto market might not see immediate disruption, the ongoing landscape—shaped by sovereign digital currencies—suggests new dynamics are on the horizon. Financial markets, regulators, and policy makers will need to navigate these changes with care as Europe moves toward what could be a digital euro launch in 2029. References: - Paragraph 1 – ¹ - Paragraph 2 – ¹ - Paragraph 3 – ², ³, etc. - Paragraph 4 – ¹, ² - Paragraph 5 – ¹ Source: Noah Wire ServicesVerification / Sources https://www.kanalcoin.com/ecb-digital-euro-tech-agreements/ - Please view link - unable to able to access data https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative was published on October 2, 2025, and aligns with a Reuters report from the same date detailing the ECB's selection of Feedzai for fraud prevention in the digital euro project. (reuters.com) However, the specific mention of seven tech companies and the €237.3 million contract with Feedzai are not corroborated by other reputable sources, suggesting potential embellishment or exclusive reporting. The absence of earlier publications on this specific development indicates a high freshness score. The narrative appears to be based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. Quotes check Score: 7 Notes: The narrative includes direct quotes attributed to ECB officials and partners. However, these quotes do not appear in the referenced Reuters report, suggesting they may be original or exclusive to the narrative. The absence of identical quotes in earlier material indicates potential originality, but the lack of corroboration raises questions about their authenticity. Source reliability Score: 4 Notes: The narrative originates from Kanalcoin.com, a source not widely recognised for financial reporting. This raises concerns about the reliability and credibility of the information presented. The absence of a verifiable public presence for Kanalcoin.com further diminishes the source's trustworthiness. Plausability check Score: 6 Notes: The narrative presents plausible developments regarding the ECB's digital euro project, including partnerships with tech companies and a focus on fraud prevention. However, the specific details, such as the €237.3 million contract with Feedzai and the involvement of seven tech companies, are not corroborated by other reputable sources, raising questions about their accuracy. The lack of supporting detail from other reputable outlets and the absence of specific factual anchors suggest potential fabrication. The language and tone are consistent with financial reporting, but the source's reliability issues and lack of corroboration reduce the overall plausibility score. Overall assessment Veredict (FAIL, OPEN, PASS): FAIL Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents plausible developments regarding the ECB's digital euro project but originates from a source with questionable reliability and lacks corroboration from reputable outlets. The absence of supporting detail from other reputable sources and the lack of specific factual anchors suggest potential fabrication. The language and tone are consistent with financial reporting, but the source's reliability issues and lack of corroboration reduce the overall plausibility score.