The Central Bank of the Republic of Kosovo reviewed progress with the World Bank Group on payment infrastructure modernization, the TIPS Clone instant payment system and SEPA integration. The work also covers financial inclusion and digital services, supported by World Bank financing, expertise and technical assistance.

The Council of Europe has opened a protocol strengthening cross-border recovery of criminal proceeds, including crypto-assets, with eight countries and the European Union becoming the first signatories. It expands confiscation, urgent asset-freezing and information-sharing powers, while requiring dedicated asset tracing and management offices. Five ratifications, including three from Council of Europe member states, are needed for entry into force.

The Cayman Islands Monetary Authority found the financial system broadly resilient, with no broad domestic imbalances, but rated interconnectedness, climate related risk, and cyber and operational risk as medium. Its first mutual fund stress test showed that more than 90% of funds could withstand hypothetical redemption shocks of 5% to 20% when liquid assets were considered.

The Bank of Albania and the European Investment Bank discussed expanding cooperation on sustainable finance, climate resilience and Albania’s green transition. Their work has already produced the final draft of the National Green Taxonomy, designed to direct capital toward sustainable activities and improve market transparency.

The Luxembourg State Treasury has placed a EUR 1.7 billion, 10-year sovereign benchmark bond issued natively on distributed ledger technology infrastructure. The 3.70% bond was issued through LuxCSD using Clearstream’s D7 platform and is eligible as collateral in Eurosystem credit operations.

The Oman Financial Services Authority briefed securities firms, capital market institutions and issuers on implementing the new Executive Regulation of the Securities Law. The symposium covered licensing and capital standards, client asset segregation, investment funds, supervisory reporting, disclosure and insider controls. Participant questions will inform detailed rules to be issued subsequently.

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions finalized supplemental guidance for all FMIs on managing general business risks and losses. FMIs should hold liquid net assets funded by equity equal to at least the greater of recovery and orderly wind-down costs or six months of current operating expenses. The guidance also addresses risk assessment, equity-raising plans, board oversight and participant disclosures.

US Federal Reserve Board analysis found that semiliquid retail fund assets increased from USD 15 billion in 2018 to USD 388 billion in 2025. Private credit now represents 49.5% of interval fund holdings and 93.4% of non-traded business development company portfolios. The growth could amplify redemption pressures and make private market credit more sensitive to retail investor behavior and valuation uncertainty.

The U.S. Securities and Exchange Commission approved exchange listing of cash settled, European style binary options based on specified issuer KPIs. The standardized contracts will be National Market System securities and subject to existing exchange trading and investor protection rules. The order does not preclude Commodity Futures Trading Commission jurisdiction over differently structured KPI contracts.

The Consumer Financial Protection Bureau will investigate potential consumer harm and legal violations linked to debanking practices identified by the Office of the Comptroller of the Currency at nine large national banks. The review will assess restrictions based on political or religious beliefs or lawful business activities under federal credit reporting, fair lending and consumer protection laws.

The Office of the Comptroller of the Currency found that all nine largest national banks it supervises maintained policies between 2020 and September 2025 that may have encouraged or influenced service restrictions based on beliefs or lawful business activities. It cited vague reputation risk standards and restrictions affecting sectors including fossil fuels, firearms and digital assets. The agency is assessing further regulatory and supervisory changes for the largest banks.