Developments like the shortening of settlement cycles to T+1 in the North American securities market in May 2024, increasing volatility driven by geopolitical events, an elevated cyber risk landscape and intensifying exploration of new technologies, has kept risk management and operational resilience at the forefront of industry discussions.

Overall, 2024 has been marked by strong operational performance and reinforcing our ongoing focus to address challenges within the FX ecosystem. We remain committed to ensuring high levels of operational resilience for the future and will continue to invest in our technology and infrastructure, resilience, cybersecurity and effective risk management while evolving our services to further mitigate settlement risk. Throughout the period, we have maintained our focus on remaining financially resilient by ensuring we have a strong capital position at all times.