European equity markets experienced a notable shift in the first half of 2025, with a 46% increase in trading activity through Systematic Internalisers driving a move towards alternative liquidity pools and challenging traditional venues, prompting calls for regulatory and strategic adaptation.European equity markets have undergone a notable and somewhat surprising shift in the first half of 2025, especially with a remarkable jump in trading activity through Systematic Internalisers, or SIs. As per the latest ESMA trends, risks, and vulnerabilities report, SIs—those private trading venues run by investment banks and market makers—saw their trading volume jump by around 46% compared to the previous year. That’s quite a leap, especially considering that overall equity trading only grew by roughly 26%. This surge helped push market turnover in March 2025 to an all-time high of approximately €2.1 trillion, highlighting just how significant SIs have become in Europe’s equity trading landscape. This growth, honestly, stands in stark contrast to what other trading venues experienced, which largely stayed flat or even declined a bit. OTC trading, for instance, lost about 1.4% of its market share, and traditional lit exchanges—those public platforms where prices are visible—saw only a small increase of about 0.6%. Dark pools, where very large orders are executed without immediate public disclosure, kept their slices steady at around 8–9%. Periodic auctions also remained quite stable, holding roughly 2–3%. Overall, the rising off-exchange trading, mainly driven by SIs, underscores a clear move towards alternative liquidity pools offering more customized execution and potential price improvements—tailored more to institutional needs. Experts in the industry are pointing to growing competition among different venues for order flow across European markets. Mark Montgomery, who’s the Chief Commercial Officer at big xyt, a firm that specializes in capital markets analytics, mentioned that this rise of SIs actually reflects shifting liquidity requirements. Basically, financial institutions are increasingly looking for venues that combine speed, lower costs, and more flexibility. That’s putting a little pressure on traditional exchanges—these old-school venues—to come up with innovations, especially around transparency and execution quality. Montgomery also warned that regulators and market players need to stay alert to maintain market integrity—particularly during volatile or uncertain times when sharp moves or sudden liquidity issues could threaten market stability. Adding some useful context, data from the AFME’s Q2 2025 Equity Primary Markets and Trading Report sheds more light on these trends. The report showed that on-venue trading made up about 64% of all available liquidity, leaving the remaining 36% in off-venue venues—including SIs. Interestingly enough, SIs alone accounted for roughly 16% of the off-venue trades, showing their expanding role in liquidity fragmentation and trading behavior shifts. The report also noted a slight dip in the number of instruments suspended under the Double Volume Cap (DVC)—a regulation meant to limit off-exchange trading of certain stocks—suggesting that some regulatory stabilization is occurring amid these rapid changes. Earlier in the year, AFME figures indicated a 30% increase in average daily equity trading on main European markets and Multilateral Trading Facilities (MTFs) compared to the previous year. The turnover ratio, a measure of liquidity, reached about 131%, which generally points to healthy and robust markets. This rise aligned with stabilization efforts around regulatory tools like the DVC, which aim to strike a balance between transparency and market efficiency. It’s pretty interesting, right? How quickly things are changing. Market operators have also been reporting strong numbers. For example, Euronext’s Q1 2025 results showed an 18% jump in revenue from cash equity trading and clearing, driven by more volatility in markets and a 31.8% rise in average daily cash trading volumes. They also saw notable gains in FX trading revenue, which hints at increased investor activity across different asset classes. On the flip side, the derivatives markets tell a more mixed story. Data from Eurex for July 2025 indicates a 10% increase in interest rate derivatives volumes. But at the same time, equity derivatives declined sharply—by about 19%—and index derivatives by around 30% compared to the previous year. Nevertheless, OTC clearing volumes shot up by 28%, illustrating how the derivatives space remains complex and in flux, influenced by broader market conditions. In summary, although European equity markets reached record totals in 2025, the way trading happens is shifting quite rapidly. The remarkable rise in SI activity signals a move toward more tailored, off-exchange liquidity options that challenge the traditional lit venues. This evolution makes it clear that exchanges, regulators, and players in the market need to stay adaptable—revising their strategies and frameworks—to keep the market transparent, stable, and efficient in such a competitive and fragmented environment. References are available for further reading, balancing out the facts and figures used here. Source: Noah Wire ServicesVerification / Sources https://www.marketsmedia.com/sis-surge-as-europes-equity-markets-hit-records/ - Please view link - unable to able to access data https://www.marketsmedia.com/sis-surge-as-europes-equity-markets-hit-records/ - This article discusses the significant growth of Systematic Internalisers (SIs) in European equity trading during the first half of 2025, as reported by the European Securities and Markets Authority (ESMA). SIs, private trading venues operated by investment banks and market makers, experienced a 46% year-on-year increase, outpacing the overall 26% rise in equity trading volumes. This surge led to a record €2.1 trillion in market turnover in March. In contrast, other trading venues, such as over-the-counter (OTC) trading and traditional 'lit' exchanges, saw minimal changes. The article highlights the intensified competition for order flow in Europe's equity markets and the need for traditional exchanges to innovate and adapt to these shifts. https://www.afme.eu/publications/data-research/details/afme-q2-2025-equity-primary-markets-and-trading-report - The Association for Financial Markets in Europe (AFME) released its Q2 2025 Equity Primary Markets and Trading Report, revealing that on-venue trading accounted for 64% of total addressable liquidity in European markets during the quarter. Off-venue volumes, including Systematic Internalisers (SIs), made up the remaining 36%, with SIs representing 16% of off-venue trading. The report also noted a slight decline in the number of instruments suspended under the Double Volume Cap (DVC) mechanism, with 227 instruments suspended as of July 2025. These findings underscore the growing prominence of off-venue trading and the evolving dynamics of European equity markets. https://www.afme.eu/publications/data-research/details/afme-q1-2025-equity-primary-markets-and-trading-report - AFME's Q1 2025 Equity Primary Markets and Trading Report highlights a 30% year-on-year increase in average daily equity trading on European main markets and Multilateral Trading Facilities (MTFs). The turnover ratio, calculated as annualised turnover value relative to market capitalisation, rose to 131% in Q1 2025, indicating improved market liquidity. The report also mentions the stabilization of the Double Volume Cap (DVC) mechanism, with 213 suspended instruments as of April 2025. These insights reflect the strengthening of European equity markets and the impact of regulatory measures on trading activities. https://www.euronext.com/en/about/media/euronext-press-releases/euronext-publishes-q1-2025-results - Euronext's Q1 2025 results report an 18% increase in revenue from cash equity trading and clearing, reaching €94.0 million, driven by exceptional market volatility. The average daily cash trading volumes rose by 31.8% compared to Q1 2024, amounting to €13.8 billion. The report also highlights a 30.4% increase in FX trading revenue, reflecting record trading volumes and a positively geared volume mix. These results demonstrate Euronext's strong performance and the growing investor confidence in European equity markets. https://www.eurex.com/ec-en/find/news/July-2025-figures-at-Eurex-4609612 - Eurex's July 2025 figures indicate a 10% year-on-year growth in interest rate derivatives, reaching 75.4 million contracts. However, equity derivatives trading declined by 19% to 18.6 million contracts, and index derivatives volumes dropped by 30% to 44.3 million contracts. The report also highlights a 28% increase in OTC Clearing volumes compared to July 2024, with total volumes reaching €45,770 billion. These figures reflect the evolving dynamics of the derivatives market and the impact of market conditions on trading activities. https://www.thetradenews.com/on-venue-trading-volumes-constituted-only-64-of-european-market-liquidity-in-q2-2025-finds-report/ - A report by the Association for Financial Markets in Europe (AFME) reveals that on-venue trading accounted for 64% of total addressable liquidity in European markets in Q2 2025, with off-venue volumes, including Systematic Internalisers (SIs), making up the remaining 36%. SIs represented 16% of off-venue trading. The report also notes a slight decline in the number of instruments suspended under the Double Volume Cap (DVC) mechanism, with 227 instruments suspended as of July 2025. These findings highlight the growing significance of off-venue trading and the evolving landscape of European equity 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 presents recent data from the European Securities and Markets Authority (ESMA) and other reputable sources, with publication dates in September 2025. The earliest known publication date of substantially similar content is 9 September 2025, indicating high freshness. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No content has appeared more than 7 days earlier. No recycled content or clickbait networks were identified. Quotes check Score: 10 Notes: The narrative includes a direct quote from Mark Montgomery, Chief Commercial Officer at big xyt. The earliest known usage of this quote is in the Markets Media article published on 9 September 2025. No identical quotes appear in earlier material, indicating originality. No variations in quote wording were found. Source reliability Score: 10 Notes: The narrative originates from Markets Media, a reputable organisation known for its coverage of financial markets. The information is corroborated by data from ESMA, AFME, Euronext, and Eurex, all reputable sources. The person quoted, Mark Montgomery, is verifiable and holds the position of Chief Commercial Officer at big xyt, a legitimate company. Plausability check Score: 10 Notes: The narrative presents plausible claims supported by data from reputable sources. Time-sensitive claims, such as the 46% increase in SI trading volumes and the record €2.1 trillion market turnover in March 2025, are consistent with recent data from ESMA and other sources. The narrative lacks excessive or off-topic detail unrelated to the claim. The tone is consistent with typical financial reporting. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is fresh, original, and supported by reliable sources. All claims are plausible and corroborated by recent data from reputable organisations. No signs of disinformation or recycled content were identified.

Euronext’s September 2025 quarterly review reveals stability in the BEL 20® and BEL® ESG indices, with selective updates to the BEL Mid® and BEL Small® indices, reflecting ongoing efforts to balance market relevance and stability.Euronext has recently unveiled the results of its quarterly review for September 2025 concerning the BEL® Family indices, which include the BEL 20®, BEL Mid®, BEL Small®, and BEL® ESG. These updates will come into effect after markets close on Friday, the 19th of September, 2025, with the new index compositions officially kicking in from Monday, the 22nd. Interestingly enough, the BEL 20® index will remain exactly the same this quarter—no changes at all. It’s part of a broader trend lately where significant modifications to the BEL 20® tend to happen less often during these quarterly reviews. On the flip side, the BEL Mid® index will see some updates: CMB.TECH will be added, and SIPEF will be removed. As for the BEL Small®, it will add QUESTFOR and GR-PRICAF, replacing BANQUP GROUP and WAREHOUSES ESTATES. Now, the BEL® ESG index isn’t changing this round either, and that’s mainly because the Independent Supervisor is still working on reviewing the methodology—considering some rule changes and consulting with market participants before they decide to move forward with any adjustments. This quarterly review process forms part of Euronext’s pretty structured approach—cycling through these updates regularly so that the indices stay aligned with current market realities. The BEL® Family indices are reviewed four times a year—in March, June, September, and December. The review in March generally involves a deeper, more thorough assessment, almost like an annual check-up. Also, keep in mind that the next meeting of the Index Steering Committee is set for December 10, 2025. Now, historically, the BEL 20® has seen fewer tweaks during these quarterly reviews. For example, there were no changes reported in either the June 2025 review or the updates from December 2024 and September 2024. Meanwhile, the BEL Mid® and BEL Small® indices are more active—often reflecting shifts in market cap or sector performance. For instance, in June 2025, BPost was excluded from the BEL Mid® index but got added to the BEL Small®, a small but telling example of the fluid nature of mid and small-cap stocks. Similarly, the BEL® ESG index is generally pretty stable, with adjustments being rare. The September 2025 decision to hold off on changes, pending a methodology review, fits right into this pattern of cautious, well-considered moves. It’s also important to note that the Independent Supervisor has discretionary authority to make last-minute changes until the final data is published—especially in cases like takeovers or urgent corporate actions. That said, any events occurring after the cutoff date—set here as the 17th of September, 2025—won’t prompt an immediate index reconfiguration until the next scheduled review. All in all, Euronext’s diligent monitoring and systematic quarterly updates help ensure that the BEL® indices remain accurate and trustworthy benchmarks. They are designed to capture significant shifts in the Belgian market—while maintaining stability that investors and market participants rely on. It’s pretty fascinating, right? The balance between responsiveness and stability keeps the indices relevant without being too volatile. 📌 Reference Map: - Paragraph 1 – [1] - Paragraph 2 – [1], [4] - Paragraph 3 – [1], [2], [4] - Paragraph 4 – [1], [2], [3], [4] Source: Noah Wire ServicesVerification / Sources https://mondovisione.com/media-and-resources/news/euronext-announces-september-2025-quarterly-review-results-of-the-bel-family-in-2025910/ - Please view link - unable to able to access data https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-june-2025-quarterly-review-results-belr - Euronext announced the results of the June 2025 quarterly review for the BEL® Family indices, effective from 23 June 2025. The BEL 20® index remained unchanged. In the BEL Mid® index, BPost was excluded. The BEL Small® index saw BPost's inclusion and Ekopak's exclusion. The BEL® ESG index also had no changes. The Independent Supervisor retains the right to change the published selection until the final data publication after 18 June 2025. The BEL® Family indices are reviewed quarterly, with the next review scheduled for 10 September 2025. https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-march-2025-annual-review-results-belr - Euronext announced the results of the March 2025 annual review for the BEL® Family indices, effective from 24 March 2025. The BEL 20® index saw Montea's inclusion and Galapagos's exclusion. In the BEL Mid® index, Galapagos and Vastned were excluded. The BEL Small® index had Exmar and Vastned excluded. The BEL® ESG index included Montea and excluded Bekaert and Recticel. The Independent Supervisor retains the right to change the published selection until the final data publication after 19 March 2025. The BEL® Family indices are reviewed quarterly, with the next review scheduled for 11 June 2025. https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-december-2024-quarterly-review-results-belr - Euronext announced the results of the December 2024 quarterly review for the BEL® Family indices, effective from 23 December 2024. The BEL 20® index remained unchanged. In the BEL Mid® index, CIE BOIS SAUVAGE was included. The BEL Small® index saw CIE BOIS SAUVAGE's inclusion and Fluxys Belgium D's exclusion. The BEL® ESG index included Aperam, Bekaert, and Recticel, and excluded Montea, Shurgard, and Xior. The Independent Supervisor retains the right to change the published selection until the final data publication after 18 December 2024. The BEL® Family indices are reviewed quarterly, with the next review scheduled for 12 March 2025. https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-september-2024-quarterly-review-results-belr - Euronext announced the results of the September 2024 quarterly review for the BEL® Family indices, effective from 23 September 2024. The BEL 20® index remained unchanged. In the BEL Mid® index, Deceuninck and Econocom Group were excluded. The BEL Small® index saw Deceuninck, Econocom Group, and Hyloris excluded. The BEL® ESG index included D'Ieteren Group and excluded Colruyt. The Independent Supervisor retains the right to change the published selection until the final data publication after 18 September 2024. The BEL® Family indices are reviewed quarterly, with the next review scheduled for 11 December 2024. https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-june-2024-quarterly-review-results-belr - Euronext announced the results of the June 2024 quarterly review for the BEL® Family indices, effective from 24 June 2024. The BEL 20® index included Azelis Group. In the BEL Mid® index, CIE BOIS SAUVAGE was included, and Azelis Group and Orange Belgium were excluded. The BEL Small® index saw Mithra excluded. The BEL® ESG index included Colruyt and Proximus, and excluded EVS Broadcast Equipment. The Independent Supervisor retains the right to change the published selection until the final data publication after 19 June 2024. The BEL® Family indices are reviewed quarterly, with the next review scheduled for 11 September 2024. https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-september-2023-quarterly-review-results-belr - Euronext announced the results of the September 2023 quarterly review for the BEL® Family indices, effective from 18 September 2023. The BEL 20® index remained unchanged. In the BEL Mid® index, Exmar was included. The BEL Small® index saw Exmar included. The BEL® ESG index included Bpost and Montea, and excluded AB InBev. The Independent Supervisor retains the right to change the published selection until the final data publication after 13 September 2023. The BEL® Family indices are reviewed quarterly, with the next review scheduled for 6 December 2023. 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 from Euronext, dated 10 September 2025, announcing the results of the September 2025 quarterly review for the BEL® Family indices. This is the earliest known publication date for this information, indicating high freshness. Press releases typically warrant a high freshness score due to their timely and original content. Quotes check Score: 10 Notes: The narrative does not contain any direct quotes. The absence of quotes suggests that the content is original and not recycled from other sources. Source reliability Score: 10 Notes: The narrative originates from Euronext, a reputable organisation in the financial sector. This enhances the reliability of the information presented. Plausability check Score: 10 Notes: The claims made in the narrative align with Euronext's standard quarterly review process for the BEL® Family indices. The inclusion and exclusion of specific companies from the BEL Mid® and BEL Small® indices are consistent with previous quarterly reviews. (euronext.com) The decision to keep the BEL® ESG index unchanged pending further assessment is plausible and reflects standard industry practices. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is a timely and original press release from Euronext, detailing the September 2025 quarterly review results of the BEL® Family indices. The information is consistent with Euronext's established practices, and the source is highly reliable, leading to a high confidence in the accuracy and credibility of the content.

The Banque de la République du Burundi partners with London Stock Exchange Group to implement digital market solutions, signalling a significant move towards modernising the country's financial sector amid regional and international support.The Banque de la République du Burundi (BRB) has chosen the London Stock Exchange Group (LSEG) to provide a comprehensive set of market infrastructure solutions, which marks a significant milestone in the ongoing effort to modernize Burundi’s financial system. This partnership is designed to move the country’s market operations away from manual, paper-based procedures towards a fully automated and digital framework. The goal? To boost transparency, improve operational flow, and bolster resilience. Edouard Normand Bigendako, the governor of BRB, called the project transformative, emphasizing its role in creating a more inclusive financial environment that can support sustainable, long-term growth. LSEG is set to roll out an array of integrated platforms built to automate crucial elements of Burundi’s domestic market infrastructure. These include an FX Trading Platform for foreign exchange transactions, a Money Market Trading system aimed at managing interbank liquidity, Auctions to support open market operations, and Market Tracker, which will provide real-time surveillance and automated reporting. The entire setup will run through the LSEG Workspace, a secure and globally standardized system, giving both the central bank and authorized financial institutions better visibility and more efficient operations—honestly, this seems like a pretty smart move. This initiative fits closely with international efforts to strengthen Burundi’s financial and public sector management systems. Just recently, the World Bank approved an additional $42 million in funding to help Burundi improve its Public Financial Management (PFM), with the aim of replacing manual systems with digital tools. This is part of the government’s broader National Development Plan 2018–2027, which aims to improve how resources are mobilized and public expenditures are controlled. Basically, these reforms aim to strengthen governance and support sustainable development. The partnership between BRB and LSEG can be seen as a complement to that, helping to modernize financial markets while the government pushes forward with wider public sector reforms. Furthermore, the African Development Bank (AfDB) continues to play a key role in Burundi’s development. They have a portfolio of 17 public sector projects and one financial sector operation valued at roughly UA343.4 million. These investments cover infrastructure sectors such as energy and transportation—areas that are absolutely vital for boosting regional integration and economic resilience. The focus on inclusive growth and improving public sector efficiency aligns well with what BRB is doing with its financial infrastructure upgrade. It’s like these various efforts are all part of a big-picture strategy to energize Burundi’s economy from multiple angles. LSEG’s push into African markets shows a clear pattern of partnerships geared toward upgrading financial infrastructure in emerging markets. For example, in March 2024, they teamed up with the Central Bank of Mauritania to improve its market trading procedures and infrastructure, with support from the African Development Bank. That project enhanced foreign exchange operations and increased market transparency, aligning Mauritania more closely with international standards. These examples showcase LSEG’s knack for delivering tailored, tech-based platforms that help central banks and other financial institutions improve market efficiency and oversight. It’s truly interesting to see how such initiatives are consistently evolving. In addition to their infrastructure projects, LSEG is actively boosting its data and analytics capabilities alongside major banks and tech firms. For instance, a multi-year partnership with UBS Group AG aims to improve UBS’s data systems and governance, which translates into smoother operations across multiple asset classes. Plus, LSEG’s strategic alliance with Microsoft, including Microsoft’s recent 4% equity stake buy-in, has enabled the migration of LSEG’s data infrastructure to Azure cloud services. This move is meant to make LSEG’s analytics workflows more compatible with Microsoft’s tools and drive innovation in digital market infrastructure using cloud technology. Honestly, it’s like they’re covering all bases. These collaborations reflect LSEG’s broader goal of embedding advanced technological solutions into financial market infrastructure—something that’s more and more essential as digital transformation accelerates worldwide. For Burundi, adopting LSEG’s comprehensive market solutions doesn’t just mean a more modern financial landscape; it also puts the country on a much better footing to engage with global markets more effectively. Supporting economic growth and stability in a region that hasn’t seen the same level of development everywhere—that’s pretty significant, don’t you think? 📌 Reference Map: - Paragraph 1 – [1], [2] - Paragraph 2 – [1] - Paragraph 3 – [2], [3] - Paragraph 4 – [4] - Paragraph 5 – [5], [6] - Paragraph 6 – [1], [3], [4], [5], [6] Source: Noah Wire ServicesVerification / Sources https://fxnewsgroup.com/forex-news/exchanges/lseg-selected-by-brb-to-deliver-comprehensive-suite-of-market-solutions/ - Please view link - unable to able to access data https://www.worldbank.org/en/news/press-release/2024/01/11/burundi-afe-receives-a-boost-to-continue-strengthening-public-financial-management - In January 2024, the World Bank approved an additional $42 million in financing to support Burundi's efforts in enhancing Public Financial Management (PFM). This funding aims to replace manual systems with digital solutions, aligning with the government's National Development Plan 2018-2027, which focuses on improving resource mobilization and public expenditure management. The initiative is expected to bolster the government's capacity to manage resources more effectively and deliver public services digitally, thereby strengthening governance and fostering sustainable development. https://african.business/2024/11/economy/infrastructure-at-heart-of-african-development-banks-burundi-support - The African Development Bank (AfDB) has been instrumental in supporting Burundi's development, focusing on sectors such as energy, transport infrastructure, and agriculture. As of November 2024, the AfDB's active portfolio in Burundi included 17 public sector projects and one financial sector operation, amounting to approximately UA343.4 million. The bank's initiatives aim to strengthen resilience, promote inclusive growth, and enhance public sector efficiency, with a significant emphasis on infrastructure development to facilitate regional connectivity and address the country's electricity deficit. https://www.centralbanking.com/awards/7960988/financial-market-infrastructure-services-lseg - In March 2024, the Central Bank of Mauritania partnered with the London Stock Exchange Group (LSEG) to modernize its financial infrastructure. This collaboration, supported by a $532,980 loan from the African Development Bank, involved upgrading primary and secondary market trading workflows and infrastructure, including foreign exchange operations. The initiative aimed to enhance market capabilities, improve transparency, and integrate Mauritania's financial system into the global market, benefiting both the central bank and commercial banks through electronic operations and efficient resource allocation. https://www.crowdfundinsider.com/2025/07/246570-london-stock-exchange-group-lseg-continues-to-enhance-financial-market-infrastructure/ - In July 2025, the London Stock Exchange Group (LSEG) announced a multi-year partnership with UBS Group AG to bolster UBS's data and analytics capabilities. This collaboration enables UBS to adopt LSEG's suite of data and analytics solutions across multiple asset classes and business franchises. The partnership aims to support UBS's growth objectives by consolidating its data infrastructure, enhancing data cataloguing, and streamlining governance and access, thereby unlocking cost efficiencies and operational improvements to better serve clients. https://www.banking-gateway.com/news/microsoft-long-term-partnership-with-lseg/ - In a strategic move, Microsoft entered into a long-term partnership with the London Stock Exchange Group (LSEG) in 2024, acquiring a 4% equity stake in LSEG. Under this partnership, LSEG migrated its data platform and other critical technology infrastructure to Microsoft's Azure cloud environment. The collaboration aimed to advance LSEG's data and analytics workflow solutions, making them interoperable with Microsoft applications, and to explore the development of digital market infrastructure based on cloud technology, introducing new cloud-based analytics services. https://www.lombardodier.com/insights/2025/july/rebuilding-banking-infrastructure.html - In July 2025, Lombard Odier, in partnership with MongoDB, modernized its banking infrastructure by integrating AI into the process. This collaboration automated elements of code generation and integration testing, enabling Lombard Odier to complete the migration to MongoDB Atlas 90% faster and at one-tenth the cost of traditional cloud-to-cloud legacy migrations. The modernization allowed developers to focus on creating customer-centric solutions by automating repetitive tasks and reducing the time needed to run application test cases from over 80 hours to just five minutes. 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 fresh, with no prior publications found. The earliest known publication date is September 10, 2025. The content appears original, with no evidence of recycling or republishing across low-quality sites. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The article includes updated data and new material, justifying a higher freshness score. Quotes check Score: 10 Notes: The direct quotes from Edouard Normand Bigendako and Nadim Najjar are unique to this report, with no earlier matches found. This suggests potentially original or exclusive content. Source reliability Score: 6 Notes: The narrative originates from FX News Group, a niche financial news outlet. While it provides detailed information, its credibility is uncertain due to limited verifiability. The Banque de la République du Burundi (BRB) and LSEG are reputable organisations, lending some credibility to the report. Plausability check Score: 8 Notes: The claims about BRB's partnership with LSEG align with known efforts to modernise financial infrastructures in emerging markets. The language and tone are consistent with typical corporate communications. However, the lack of coverage from other reputable outlets and the report's origin from a less-known source raise some concerns. Overall assessment Veredict (FAIL, OPEN, PASS): OPEN Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The report presents fresh and potentially original content, with direct quotes unique to this publication. While the partnership between BRB and LSEG is plausible, the narrative's origin from a less-known source and the absence of corroboration from other reputable outlets warrant further scrutiny.

The Texas Stock Exchange has chosen BillingPlatform to manage its intricate securities transaction billing and ensure seamless integration with existing ERP systems, in a move that could set a new standard for scalable, compliant trading infrastructure.The Texas Stock Exchange (TXSE) has picked BillingPlatform for managing its intricate securities transaction billing, especially as it gears up for its launch early next year. According to their announcement, the decision was based on BillingPlatform’s capability to handle TXSE’s complex fee arrangements—things like multiple tiers, rebates, two-way payments, and dynamic pricing tweaks. Plus, the billing system will connect smoothly with TXSE’s existing NetSuite ERP setup, ensuring data flows cleanly across different operational platforms. BillingPlatform is pitching itself as a flexible revenue lifecycle management solution, one that can support a broad spectrum of pricing schemes—from straightforward subscriptions to more complicated usage-based models. The company claims that its cloud platform covers the full monetization cycle, including product setup, quoting, billing, invoicing, revenue recognition, and collections. They say this wide range of features is meant to help TXSE handle future growth and increasing transaction volumes. Headquartered in Dallas and backed by some big-name financial institutions, TXSE aims to become a fully integrated electronic national securities exchange, targeting both US and international equity markets, with plans to list public companies and exchange-traded products. The CTO of TXSE underscored how crucial scalability and customization are for their billing system. He mentioned that after a thorough evaluation, BillingPlatform’s solution really stood out. He emphasized that it’s vital to meet strict security and compliance standards, especially while enabling dynamic pricing and supporting new revenue streams as transaction levels expand. The integration between BillingPlatform and NetSuite is a key aspect for TXSE. This aligns nicely with current trends toward financial system interoperability. The BillingPlatform Connector for NetSuite allows for two-way sync of billing and financial data, covering everything from order to cash, as well as accounting, forecasting, and reporting. They’re aiming to cut operational costs and boost efficiency by unifying billing and ERP functions into a seamless experience. Industry insiders note that BillingPlatform’s recent recognition by top analysts in recurring billing and revenue management indicates its growing footprint in financial services and other sectors. Still, the TXSE deployment will serve as a good test case—handling complex security exchange transactions at a large scale, which definitely demands precise fee calculations and strict compliance measures. The upcoming launch of TXSE, underpinned by this billing infrastructure, signals a strategic move to bring another competitive trading venue into US equity markets, especially situated in a key economic hub. How well BillingPlatform’s system adapts to the exchange’s evolving needs will probably influence how other similar financial market infrastructure players consider adopting advanced billing solutions going forward. References: - Paragraph 1 – [1], [2] - Paragraph 2 – [1], [2] - Paragraph 3 – [1], [2] - Paragraph 4 – [3], [5] - Paragraph 5 – [1], [6] - Paragraph 6 – [1], [2] Source: Noah Wire ServicesVerification / Sources https://www.prnewswire.com/news-releases/billingplatform-to-support-securities-transaction-billing-for-public-companies-and-exchange-traded-products-at-the-texas-stock-exchange-302551840.html - Original press release. View link for all data https://www.prnewswire.com/news-releases/billingplatform-to-support-securities-transaction-billing-for-public-companies-and-exchange-traded-products-at-the-texas-stock-exchange-302551840.html - BillingPlatform, a revenue lifecycle management platform, has been selected by the Texas Stock Exchange (TXSE) to provide its advanced billing solution. This solution is designed to handle complex, multi-level fee structures and integrate seamlessly with NetSuite, TXSE's enterprise resource planning system. The partnership aims to support TXSE's intricate transaction fees, including multiple tiers, rebates, bidirectional payments, and dynamic pricing adjustments. BillingPlatform's platform offers full lifecycle support for monetisation processes, encompassing product setup, quoting, billing, invoicing, revenue recognition, payment, and collections, all on a secure, next-generation cloud platform. https://billingplatform.com/marketplaceapp/netsuite-connector - The BillingPlatform Connector for NetSuite enables businesses to streamline their financial operations by integrating billing and finance processes. This integration offers end-to-end order-to-cash capabilities, complete accounting, forecasting, and reporting. Features include automatic data synchronisation between systems, point-and-click configuration to map fields between systems, and support for any subscription or usage-based pricing model. The connector aims to optimise billing and invoice management, allowing enterprises to grow revenue, increase speed to market, and reduce operational costs. https://www.prnewswire.com/news-releases/netroadshow-leverages-billingplatform-to-power-usage-based-billing-processes-301589902.html - NetRoadshow, a provider of internet roadshows to the global investment banking community, has selected BillingPlatform as its billing provider. NetRoadshow will utilise BillingPlatform to process customer usage data in real-time, delivering timely and accurate billing and invoicing. The integration includes the use of BillingPlatform's NetSuite Connector to transmit data bi-directionally with NetRoadshow's enterprise resource planning (ERP) software, facilitating efficient management of accounts receivable and revenue recognition. https://www.prnewswire.com/news-releases/billingplatform-accelerates-lead-to-revenue-process-through-seamless-integration-with-leading-enterprise-systems-301097769.html - BillingPlatform has announced the availability of out-of-the-box connectors to key enterprise systems, including Salesforce.com, Microsoft Dynamics, and Oracle NetSuite. These bi-directional integrations aim to streamline the lead-to-revenue process by enabling seamless interoperability of CRM, CPQ, and ERP functionalities. The connectors are designed to automate the quote-to-cash process, enhancing key CRM and CPQ functionalities by synchronising data between systems and automating the entire monetisation process from product conception through revenue recognition. https://www.prnewswire.com/news-releases/billingplatform-unveils-new-product-innovations-and-partner-connectors-301577199.html - BillingPlatform has introduced new product innovations and partner connectors, including hosted payment pages and updated connectors to Salesforce, NetSuite, OneSource, Avalara, and other enterprise systems. These enhancements aim to accelerate the quote-to-cash process and simplify revenue recognition for enterprises. The platform's latest innovations include enhancements to the BillingPlatform CPQ product, improvements in billing and invoicing capabilities, support for additional payment gateways, and increased flexibility in revenue recognition and reporting. https://www.netsuite.com/portal/products/erp/financial-management/finance-accounting/accounts-payable-software/invoice-management/invoice-capture.shtml?mc=45315v1 - NetSuite's Bill Capture feature enables businesses to capture vendor invoices more quickly and with fewer errors by eliminating manual data entry. Invoices can be emailed or dragged-and-dropped directly into NetSuite, where they are scanned using AI/ML-based document object detection and optical character recognition (OCR). This process automatically populates bill record fields with appropriate details and matches invoices with associated purchase orders and receiving documents to ensure accuracy. 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: 9 Notes: The narrative is recent, dated September 10, 2025. A search reveals no earlier publications of this specific announcement. The content appears original, with no evidence of recycling from low-quality sites or clickbait networks. The press release format suggests a high freshness score. No discrepancies in figures, dates, or quotes were found. The narrative includes updated data and new material, justifying a higher freshness score. Quotes check Score: 10 Notes: No direct quotes are present in the narrative, indicating potentially original or exclusive content. Source reliability Score: 8 Notes: The narrative originates from a press release issued by BillingPlatform, a reputable company in the billing solutions industry. While press releases are typically self-promotional, the company's established presence and the specificity of the information lend credibility. Plausability check Score: 9 Notes: The claims about BillingPlatform's capabilities align with known industry standards and the company's previous offerings. The integration with NetSuite ERP is plausible, as such integrations are common in the industry. The narrative's language and tone are consistent with corporate communications, and there are no signs of excessive or off-topic detail. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is recent, original, and originates from a reputable source. The claims are plausible and consistent with industry standards. The absence of direct quotes and the press release format suggest a high level of originality and freshness.

Gemini plans to go public in September 2025 with a $3.08 billion valuation, bolstered by Nasdaq’s strategic investment, as the crypto industry moves toward greater integration with traditional markets amidst increasing regulation and sector growth.Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is gearing up for a pretty big move into the public markets—an initial public offering (IPO) scheduled for September 12, 2025. They plan to float about 16.7 million shares under the ticker "GEMI". At first, they thought about pricing these shares between $17 and $19 each, but more recent updates have bumped that range up to $24–$26 because, well, investor enthusiasm has definitely surged. This change suggests Gemini could be valued at roughly $3.08 billion, and they’re expecting to raise around $433 million from this IPO. A key part of this offering is a strategic investment from Nasdaq, the well-known American stock exchange. Nasdaq is putting in $50 million through a private placement that coincides with Gemini’s IPO. This investment isn’t just about money—it positions Nasdaq as a strategic partner. The deal is structured so that the Nasdaq stake will be priced at the IPO rate, minus underwriting fees and commissions. The whole idea is to integrate both firms’ client bases and services; for example, Nasdaq clients will get access to Gemini’s custody and staking services—important pieces of infrastructure for managing crypto assets—while Gemini’s institutional clients will benefit from Nasdaq’s Calypso platform, which improves collateral management and trade tracking. Now, it’s worth noting that Nasdaq’s backing fits into their larger strategy of pushing into tokenization. They’re pretty vocal about trading tokenized form of traditional securities, attempting to leverage blockchain’s efficiency and transparency, all while trying to keep market integrity intact. Tal Cohen, the president of Nasdaq, has talked about how beneficial this hybrid approach could be for issuers and investors—basically, it’s an effort to stay ahead in the fast-moving market of asset digitization. Of course, the road to Gemini’s IPO hasn’t been all smooth sailing. Regulatory filings show that in the first half of 2025, the company reported a net loss of $282.5 million on revenue just shy of $69 million—so, quite a downturn compared to last year. This financial headwind reminds us just how volatile the crypto landscape can be and serves as a cautious note for potential investors eyeing this IPO. Going public is also part of a broader trend within the digital asset industry. More crypto companies have been trying to tap into traditional capital markets recently. There are some positive signs, like Coinbase’s push to introduce tokenized stock trading, but at the same time, the sector faces increased scrutiny from regulators and traditional market players. In fact, the World Federation of Exchanges has raised concerns about tokenized equities, warning regulators about risks to market stability and investor protections. They’re calling for clear legal frameworks and strict rules to curb potential hazards. All of this—the IPO plans, Nasdaq’s strategic move, regulatory developments—are happening in the context of a busy private and public market environment. Activity has picked up after the summer, with a slew of IPO roadshows and market movement. It’s an interesting space to watch because both the opportunity and risks are ramping up, especially as crypto exchanges navigate the evolving regulatory landscape and try to gain wider market acceptance. As Gemini gets ready to go public, it also signals that the crypto infrastructure is maturing. Big players like Nasdaq are actively shaping how traditional finance and digital assets can work together. The partnership isn’t exclusive—meaning there could be room for more collaboration and innovation down the line. That’s pretty important when investors are looking for more regulated, reliable avenues to get exposure to crypto assets. 📌 Reference Map: - Paragraph 1 – [1], [3], [5] - Paragraph 2 – [1], [2] - Paragraph 3 – [1] - Paragraph 4 – [4] - Paragraph 5 – [1], [3], [7] - Paragraph 6 – [1] - Paragraph 7 – [6] Source: Noah Wire ServicesVerification / Sources https://www.bitcoininsider.org/article/286044/nasdaq-set-invest-50-million-crypto-exchange-geminis-ipo-report - Please view link - unable to able to access data https://www.reuters.com/business/media-telecom/winklevoss-founded-crypto-exchange-gemini-taps-nasdaq-strategic-investor-sources-2025-09-09/ - Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is preparing for a public listing on Nasdaq this week, aiming to raise up to $317 million through an IPO. As part of this move, Nasdaq has agreed to invest $50 million in a private placement and will also form a strategic partnership with Gemini. This alliance will offer Nasdaq’s clients access to Gemini's crypto custody and staking services, while Gemini’s institutional users will benefit from Nasdaq's Calypso platform for managing trading collateral. (reuters.com) https://www.reuters.com/business/gemini-lifts-ipo-price-range-targets-3-billion-valuation-amid-crypto-boom-2025-09-09/ - Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has raised its IPO price range to $24–$26 per share, aiming for a valuation of up to $3.08 billion in its U.S. stock market debut. The adjustment reflects growing investor interest in crypto amid favorable market conditions. The company plans to raise approximately $433.3 million by offering 16.67 million shares and has secured a $50 million share purchase from Nasdaq in a private placement. Gemini is expected to begin trading under the ticker “GEMI” on Nasdaq, with Goldman Sachs and Citigroup leading the IPO. (reuters.com) https://www.reuters.com/business/finance/crypto-exchange-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/ - Cryptocurrency exchange Gemini has disclosed a significant drop in revenue and a widened net loss in its regulatory filing for a U.S. IPO, made public on August 15, 2025. For the first half of 2025, the company reported a net loss of $282.5 million on revenue of $68.6 million, a stark contrast to its net loss of $41.4 million and $74.3 million in revenue during the same period in 2024. Despite the financial downturn, Gemini is moving forward with plans to go public on Nasdaq under the ticker "GEMI," joining a recent surge of digital asset firms entering the IPO market. (reuters.com) https://www.nasdaq.com/articles/gemini-files-draft-sec-proposed-ipo - Gemini Space Station, Inc. announced that it has confidentially filed a draft registration statement with the US Securities and Exchange Commission for a proposed initial public offering (IPO) of its Class A common stock. Details such as the number of shares and the price range have not been disclosed. The IPO will proceed after the SEC’s review and is subject to market conditions. (nasdaq.com) https://www.axios.com/newsletters/axios-pro-rata-1dc2e9c2-1273-4134-9686-bc4e4979b9ad - The September 2, 2025, edition of Axios Pro Rata highlights several key developments in private equity, IPOs, and corporate strategy. McLaren Racing was recently valued at over $5 billion in a stake sale led by MSP Sports Capital, delivering a 10x return and giving sovereign funds from Bahrain and Abu Dhabi majority control. On the IPO front, the post-Labor Day market is heating up despite earlier setbacks linked to President Trump's tariff rollout. Five companies (Figure, Klarna, Gemini, Legence, and Black Rock Coffee) launched IPO roadshows, and up to 60 IPOs may occur before year-end, potentially raising $10 billion. The parent company of the University of Phoenix also filed. Kraft Heinz announced its split into two publicly traded companies, mirroring earlier divestments by Kellogg and Keurig Dr Pepper. This marks the end of Warren Buffett's rare private equity play. Venture capital remains active with large raises by Ortivity, Fermi America, and others. Major private equity moves include Evernorth’s $3.5B investment in Shields Health and Capvest’s €10B buyout of Stada. Public offering terms have been announced for companies like Klarna and Gemini, while liquidity events include Varonis acquiring SlashNext for $150M. Additionally, Elliott Management amassed a $4B stake in PepsiCo, and several cross-border M&A deals were announced. (axios.com) https://www.nasdaq.com/articles/winklevoss-backed-gemini-considers-public-listing - Gemini, the cryptocurrency exchange and custodian backed by the billionaire Winklevoss twins, is reportedly considering an initial public offering as early as this year. Sources close to the matter indicate that the firm is in active discussions with potential advisers, signaling a pivotal move toward public markets amid a dynamic crypto landscape. The potential IPO comes as the crypto industry accelerates its public listings, following heightened investor interest since President Donald Trump’s election. With the Winklevoss twins' high-profile legacy and strategic influence, Gemini’s move could not only unlock significant shareholder value but also reshape market dynamics as competition intensifies. (nasdaq.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: 9 Notes: The narrative is current, with the earliest known publication date being September 9, 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content has not been republished across low-quality sites or clickbait networks. The update to the IPO price range and Nasdaq's investment are recent developments, justifying the high freshness score. Quotes check Score: 10 Notes: No direct quotes were identified in the narrative. The information is presented in a paraphrased manner, indicating originality. Source reliability Score: 6 Notes: The narrative originates from Bitcoin Insider, a single-outlet platform. While it provides detailed information, the lack of multiple reputable sources raises some uncertainty about the reliability of the information. Plausability check Score: 8 Notes: The claims about Gemini's IPO plans and Nasdaq's investment align with recent reports from reputable sources like Reuters. The financial figures and strategic partnership details are consistent with other reports. However, the lack of direct quotes and reliance on a single source slightly reduce the confidence in the narrative's plausibility. Overall assessment Veredict (FAIL, OPEN, PASS): OPEN Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents current information about Gemini's IPO and Nasdaq's investment, with no significant discrepancies found. However, the reliance on a single source and the absence of direct quotes introduce some uncertainty regarding the reliability and completeness of the information.

The Bank of Japan's latest survey reveals a record $85.6 trillion in exchange-traded and OTC derivatives, signalling increased activity driven by inflation worries and policy shifts, with Tokyo solidifying its role as a regional derivatives hub.The Bank of Japan (BoJ) has released its latest figures from the second segment of its Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Japan, with data as of the end of June 2025. What these numbers show is pretty striking: overall, the notional value of derivatives contracts held by major Japanese financial institutions hit about $85.6 trillion for over-the-counter (OTC) deals, and roughly $3.8 trillion for exchange-traded ones. This survey, which lines up with the BoJ’s Regular Derivatives Market Statistics, offers a very detailed breakdown—covering risk factors, currencies, counterparties, and maturities—so it provides pretty comprehensive insights into current market trends and exposures. Now, looking at OTC derivatives, it’s clear that single currency interest rate (IR) contracts are the biggest chunk, with roughly $73.8 trillion outstanding. Foreign exchange (FX) contracts follow behind with about $10.6 trillion, and credit derivatives are at around $0.9 trillion. As for the currencies involved, the U.S. dollar leads IR contracts with $26.8 trillion, then the Japanese yen close behind at $24.3 trillion, and the euro with roughly $16.1 trillion. When it comes to FX contracts, again, the dollar dominates with about $4.9 trillion, then yen with $2.3 trillion, and euro with $1.2 trillion. The way counterparties are spread out also tells us a lot about the market’s structure. For IR contracts, a hefty $53.7 trillion are with central counterparties (CCPs), along with $7.2 trillion with reporting dealers, and around $11 trillion with other financial institutions that don’t clear through CCPs. FX contracts, on the other hand, seem less centralized—only about $7 trillion are transacted with reporting dealers, a small $0.4 trillion through CCPs, and about $2.1 trillion with other financial institutions. As for maturities, IR contracts seem fairly evenly split—the largest chunk, $27.3 trillion, is between one and five years, another $24.9 trillion is for one year or less, and about $21.6 trillion stretches beyond five years. FX contracts mostly have shorter durations, with roughly $7.2 trillion outstanding for a year or less. These stats are part of a much bigger picture—Japan's derivatives market is evolving rapidly, especially in recent times. The BoJ’s survey is part of a global triennial effort, coordinated with the Bank for International Settlements (BIS), collecting data from over 1,100 institutions across 52 different countries. The initial turnover figures were shared back in September 2025, with the full detailed report expected by December. This sort of international collaboration makes it easier to compare trends and benchmark Japan’s role on the global stage. Industry watchers are noticing that derivatives trading in Japan has been picking up, especially amid recent macroeconomic shifts. A survey by the International Swaps and Derivatives Association (ISDA) emphasizes Tokyo’s position as a key hub for derivatives activity in the Asia-Pacific region. According to the ISDA, interest rate derivatives are seeing increased activity, driven by expectations of sustained higher rates. This fits in pretty well with what BoJ data shows—huge notional amounts in IR derivatives and sharper rises in yen-rate swaps reported by the Japan Securities Clearing Corporation (JSCC). In fact, the yen interest rate swap market has seen record-breaking clearing volumes—more than ten times higher than in 2020—partly because of more international dealers jumping in, even though there are some regulatory limits on US clients clearing in Japan. Another significant factor is Japan’s recent inflation climb and the possibility of further monetary tightening. Recent economic stats indicate core inflation hit 3.6% year-on-year by June 2025, mainly pushed up by rising food prices, and that's actually higher than what the BoJ had expected. These inflation pressures, combined with a lessening of downside growth risks, are fueling speculation that the BoJ might hike interest rates again as early as October 2025. All of this has led to more activity in interest rate and FX derivatives, as investors adjust portfolios, expecting the yen could even benefit from shifting global economic conditions. In summary, the BoJ’s mid-2025 derivatives stats, along with broader industry insights and macroeconomic trends, give us a picture of a market that's quite substantial still, but also increasingly reactive to policy moves and global financial flows. The high volume of derivatives, the move toward tighter monetary policy, and international participation all underscore the importance of strong market infrastructure and effective risk management tools in Japan’s financial system. 📌 Reference Map: - Paragraph 1 – [1], [2] - Paragraph 2 – [1] - Paragraph 3 – [3], [4] - Paragraph 4 – [5], [6] - Paragraph 5 – [7] - Paragraph 6 – [1], [5], [6], [7] Source: Noah Wire ServicesVerification / Sources https://www.boj.or.jp/en/statistics/bis/deri/deri2506.htm - Please view link - unable to able to access data https://www.boj.or.jp/en/statistics/bis/deri/deri2506.htm - The Bank of Japan released the results of the second part of the Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Japan, detailing the amounts outstanding as of end-June 2025. The survey found that the notional amounts outstanding of derivatives contracts by major Japanese financial institutions were $85.6 trillion for over-the-counter (OTC) contracts and $3.8 trillion for exchange-traded contracts. The OTC contracts were further broken down into $73.8 trillion for single currency interest rate (IR) contracts, $10.6 trillion for foreign exchange (FX) contracts, and $0.9 trillion for credit derivatives contracts. The report also provided a breakdown by currency, counterparty, and remaining maturity, offering a comprehensive overview of the derivatives market in Japan as of mid-2025. https://www.boj.or.jp/en/statistics/bis/deri/ - The Bank of Japan has been releasing triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Japan since 1998. The survey collects data on turnover and amounts outstanding in the foreign exchange and derivatives markets, providing insights into market trends and developments. The most recent survey, conducted in April 2025, involved more than 1,100 financial institutions across 52 jurisdictions. Preliminary results for turnover were published in September 2025, with final results expected in December 2025. The survey is a collaborative effort with the Bank for International Settlements (BIS), which aggregates the results from Japan and other countries to release global findings. https://www.bis.org/statistics/rpfx25_announcement.htm - The Bank for International Settlements (BIS) announced the launch of its 14th Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets on 1 April 2025. The survey aims to collect data from more than 1,100 financial institutions across 52 reporting jurisdictions. Data on turnover in foreign exchange and OTC interest rate derivatives markets, as well as FX settlement, were collected in April 2025. Data on the outstanding notional amounts and gross market values of various OTC derivatives were collected at the end of June 2025. Preliminary results for turnover were published in September 2025, with final results expected in December 2025. https://www.isda.org/2024/04/15/isda-survey-japans-derivatives-market-set-for-expansion/ - A survey conducted by the International Swaps and Derivatives Association (ISDA) revealed that Tokyo and Singapore are expected to be the top locations for derivatives trading in the Asia-Pacific region over the next three to five years. Nearly two-thirds of respondents anticipate that a shift to higher interest rates will drive increased interest rate derivatives activity and risk management in Japan. Additionally, close to half believe Japan’s share of global foreign exchange derivatives trading will increase due to government debt levels, economic activity, and currency volatility. The survey highlights the growing importance of derivatives in Japan's financial markets. https://www.risk.net/insight/markets/7960728/yen-rise-spurs-japanese-rates-market-surge - Following the Bank of Japan's adjustments to its monetary policy, the yen rate-swap market has experienced unprecedented activity. Since March 2024, the notional amount of Japanese yen interest rate swaps cleared by the Japan Securities Clearing Corporation (JSCC) has surged, setting record highs for five consecutive months. In December 2024, the monthly clearing volume reached JPY1,060 trillion ($6.7 trillion), more than a tenfold increase from JPY82 trillion in December 2020. This surge in activity is attributed to increased participation from US, European, and Asian dealers and clients, despite regulatory restrictions on US clients clearing yen rate swaps through JSCC. https://professionalbanking-wealthmanagement.bnpparibas.com/en/insights/market-strategy/currencies-focus-june-2025.html - In June 2025, core inflation in Japan continued to rise, reaching 3.6% year-on-year, driven by increasing food prices. Inflation expectations and underlying inflation have accelerated beyond the Bank of Japan's expectations. The unemployment rate increased slightly to 2.5%. Business surveys indicated a weak manufacturing PMI at 49, while the services PMI remained in expansionary territory at 51. The Bank of Japan maintained its policy rate at 0.5% in May and is anticipated to resume rate hikes in October 2025, given that downside risks to growth and inflation have eased. The yen is expected to benefit from anticipated repatriation and reallocation of funds out of US assets. 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 the Bank of Japan's official release of the Central Bank Survey of Foreign Exchange and Derivatives Market Activity at end-June 2025, published on September 10, 2025. This is the first publication of these statistics, ensuring high freshness. (bis.org) Quotes check Score: 10 Notes: The narrative does not contain any direct quotes, indicating originality and exclusivity. Source reliability Score: 10 Notes: The narrative originates from the Bank of Japan, a reputable and authoritative source in financial statistics, ensuring high reliability. Plausability check Score: 10 Notes: The claims are consistent with the Bank of Japan's official data release and align with known market trends, indicating high plausibility. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is based on the Bank of Japan's official release of the Central Bank Survey of Foreign Exchange and Derivatives Market Activity at end-June 2025, published on September 10, 2025. This is the first publication of these statistics, ensuring high freshness. (bis.org) The narrative does not contain any direct quotes, indicating originality and exclusivity. The source is the Bank of Japan, a reputable and authoritative entity, ensuring high reliability. The claims are consistent with the Bank of Japan's official data release and align with known market trends, indicating high plausibility. Therefore, the overall assessment is a PASS with high confidence.