The launch marks Wolters Kluwer’s return to the indirect auto lending forms market, with its new vehicle financing documents designed around regulatory complexity, digital transformation and changing expectations from dealers, lenders and consumers.

New Documents Target Indirect Auto Lending Needs

The offering includes compliant Retail Installment Sales Contracts (RISCs) and lease agreements supported by Wolters Kluwer’s content governance processes, content maintenance practices and ongoing regulatory support. The company said the documents are designed to provide lenders and dealers with greater confidence when processing indirect lending transactions.

Key elements of the offering include:

• Retail Installment Sales Contracts for indirect vehicle financing transactions
• Lease agreements designed for the current lending environment
• Content governance and maintenance processes
• Regulatory support for lenders and dealerships

“For decades, financial institutions have relied on Wolters Kluwer solutions to support critical lending processes,” said Keri McCollum, Director of Market Strategy, Wolters Kluwer Financial & Corporate Compliance. “As we expand our indirect lending portfolio, we’re not simply reintroducing contracts to the market. We’re taking a clean, fresh approach to vehicle financing documentation that combines trusted regulatory expertise, content governance, and a technology foundation for future innovation.”

The company is also collaborating with technology vendors serving automotive dealerships, providing channels through which dealers and lenders can access the vehicle financing documents. The approach is intended to improve operational efficiency while maintaining confidence in compliance and funding decisions.

Wolters Kluwer Expands Financing Documentation Offering

Wolters Kluwer said the new offering responds to demand for compliance content solutions that can support regulatory requirements and digital transformation initiatives in the indirect lending market. By modernizing both the documents and their delivery, the company aims to help lenders and dealerships manage financing transactions more efficiently.

The solution focuses on several areas:

• Supporting compliance in indirect lending processes
• Improving operational efficiency for dealers and lenders
• Helping lenders accept and fund contracts with greater confidence
• Providing financing documents through dealership technology channels

“Auto dealers and lenders have an opportunity to work together to create a more efficient, transparent, and connected vehicle financing experience,” said Marguerite Watanabe, President of Connections Insights. “By modernizing financing documentation and how it is delivered, the industry can simplify operations, strengthen confidence in lending transactions, and improve the experience for lenders, dealers, and consumers.”

The launch gives lenders and dealerships access to updated vehicle financing documents intended to support retail installment and lease transactions in the US indirect auto market. Wolters Kluwer’s offering combines financing documentation with compliance-focused content management as the company expands its presence in the indirect lending forms market.

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PFS, headquartered in Atlanta, Georgia, provides leasing and financing products for Porsche customers and dealers in the United States. The completed securities transaction was backed by a pool of retail sales contracts financing Porsche vehicles and was divided into five tranches, including a floating rate tranche.

Porsche Expands Access to Public Capital Markets

The inaugural SEC registered transaction gives PFS another avenue for funding through the public capital markets. The securities issued received AAA ratings from major rating agencies and achieved competitive pricing, according to the company.

Key transaction details include:

• Principal amount of $911 million
• First SEC registered ABS transaction in the United States for PFS
• Five tranches, including a floating rate tranche
• Backing from retail sales contracts financing Porsche vehicles

The securities transaction was led by Wells Fargo Securities, with RBC Capital Markets, Société Générale and Truist Securities acting as joint book runners. DZ Financial Markets and Scotiabank served as co managers.

“With both our lease and retail programs now SEC-registered, we are holding ourselves to the highest standard of public-market disclosure across the full portfolio,” says Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc. “The deal attracted a record orderbook, confirmation that investors appreciate the strength of the Porsche brand, underlying quality of collateral, and the direction of our funding strategy.”

Funding Strategy Adds New Public Market Route

PFS said the securities transaction further expands its access to public capital markets as both its lease and retail programmes are now SEC registered. The company described the completed issuance as another milestone in its broader funding strategy.

The funding structure provides PFS with a public market transaction backed by retail sales contracts associated with Porsche vehicles. The company also highlighted the transaction’s rating and pricing as indicators of the reception of the issuance.

The transaction was supported by a group of financial institutions:

• Wells Fargo Securities as lead
• RBC Capital Markets, Société Générale and Truist Securities as joint book runners
• DZ Financial Markets and Scotiabank as co managers

The completed securities transaction adds to PFS’s funding options as its US operations continue to provide vehicle leasing and financing products. PFS is an indirect, wholly owned subsidiary of Porsche AG and has provided financial solutions to Porsche customers and dealers in the United States since 1991.

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The initiative is supported by strategic investments from PEAK6 Investments and Robinhood Markets, with Bruce Markets also working with Nasdaq and Apex Clearing Corporation on the infrastructure required for the expansion. The development is aimed at extending access to equity trading beyond the traditional five-day market schedule for global investors.

Bruce Markets Expands Weekend Trading Infrastructure

Bruce Markets said the expansion will build on its existing market infrastructure and involve several financial technology and market infrastructure providers.

Key elements of the planned expansion include:

• Increased use of Nasdaq’s trading technology by Bruce Markets.
• Clearing, carrying and custody services provided by Apex Clearing Corporation.
• Strategic investments from PEAK6 Investments and Robinhood Markets.
• Continued participation from investors including Apex Fintech Solutions, Fidelity Investments, Nasdaq Ventures, NH Investment & Securities, tastytrade and Webull.

The company said the agreement represents a significant development in U.S. market structure by extending equity trading into the weekend. Bruce Markets expects the new session to launch in the coming months, although the planned service remains subject to regulatory review.

Jason Wallach, CEO, Bruce Markets, said,“We are changing the way customers can access U.S. equities and finally ushering in true 24/7 trading. Market-moving news does not wait for Monday’s open, and soon, neither will investors. Together with our partners, we are breaking down the limitations of traditional market structure and redefining how the world trades.”

Weekend Equity Trading Planned for Global Investors

The proposed weekend session is intended to provide investors with access to equity trading outside the traditional market week, allowing activity to continue when markets would normally be closed.

Jenny Just, Co-Founder and Managing Partner, PEAK6 Investments, said,“The world doesn’t take weekends off, and now neither will the markets. This is the end of the five-day market. For the first time, markets will keep moving with the people, and Bruce Markets is here to lead that change.”

Robinhood also said its customers will eventually be able to participate in equity trading around the clock through the planned expansion. Steve Quirk, Chief Brokerage Officer, Robinhood, said,“Market-moving news can break at any moment, including over the weekend. With 24/7 trading, Robinhood customers will soon be able to trade equities around the clock, seven days a week, so they can manage their portfolios in real time and trade on their own schedule.”

Nasdaq said its trading technology is intended to provide the infrastructure needed for extended market access, while Apex will support the clearing, carrying and custody functions associated with the initiative. Magnus Haglind, Head of Capital Markets Technology, Nasdaq, said,“Always-on markets demand resilient, flexible and scalable infrastructure. Our trading technology gives Bruce Markets a proven foundation to extend resilient, transparent market access throughout the weekend.”

William Capuzzi, CEO, Apex Fintech Solutions, said, “Apex continues to modernize market infrastructure, and weekend trading is a natural next step in that work. We’re proud to support Bruce Markets, PEAK6, and Robinhood in delivering it.”

Bruce Markets said the planned weekend session is still awaiting regulatory review, with launch expected in the coming months.

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BBVA obtained registration from the Japan Financial Services Agency and Kanto Local Finance Bureau on August 31 to conduct Type I Financial Instruments Business. On September 30, BBVA Japan Securities Limited joined the Japan Securities Dealers Association, marking the latest step in establishing the new local platform.

BBVA Builds Local Channel for Japanese Institutional Investors

The new securities business is intended to strengthen BBVA Corporate & Investment Banking’s international distribution capabilities by providing Japanese institutional investors with a regulated point of contact within their domestic market.

The platform is designed to connect Japanese capital with BBVA’s global product offering, including:

• Structured credit products
• Investment solutions from Mexico
• Products and solutions from the United States
• Investment offerings from Spain

BBVA said the business model focuses on providing Japanese institutional investors with access to its international platform without requiring them to contact teams outside Japan. The local presence is intended to reduce operational friction while providing direct support within the Japanese financial ecosystem.

Japan represents a strategic market for BBVA CIB because of the depth and sophistication of its financial markets, the international reach of its large corporations and its growing role in global investment and capital flows. The new platform is intended to respond to the growing demand among institutional investors for diversification and access to international financial products.

New Platform Supports Global Investment Access

Before the establishment of BBVA Japan Securities Limited, accessing BBVA’s international products generally required Japanese clients to work with BBVA teams located outside Japan. The new subsidiary provides a locally based and regulated channel through which institutional investors can access the bank’s global platform.

BBVA said the arrangement will allow clients to diversify their portfolios while maintaining access to local support and a familiar financial operating environment.

Yuko Kamiya, President and Representative Director of BBVA Japan Securities Limited, said, “This authorization enables the creation of a high-value-added bridge between Japanese capital and our global product platform,” explains Yuko Kamiya, President and Representative Director of BBVA Japan Securities Limited. “Our fundamental goal is to streamline operations for our institutional clients: we want them to access top-tier investment solutions in the Americas and Europe with the agility, trust, and proximity that only a local presence can provide.”

The establishment of the subsidiary further develops BBVA’s presence in Asia and reflects its focus on providing specialized services to clients seeking broader international investment opportunities. The platform will serve as a local distribution and middle office operation rather than a separate global product platform.

BBVA said the new structure is intended to provide Japanese institutional investors with more direct access to international products while supporting the bank’s broader Corporate & Investment Banking distribution strategy in the region.

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The expanded relationship is designed to create a more open data ecosystem in which customers can use LSEG’s financial intelligence directly within the platforms and applications they already rely on. The companies said the arrangement will support the use of financial data alongside proprietary and third-party information in governed environments for analytics and AI applications.

Expanded Collaboration Covers Data and Risk Intelligence

Under the agreement, LSEG is increasing its commitment with Snowflake to support planned growth, migration programmes and customer-facing services across Markets, Data & Analytics, AI and Risk Intelligence. The relationship also expands Snowflake’s use of LSEG products, with Snowflake becoming a licensed customer of LSEG’s Risk Intelligence World-Check services.

Key elements of the expanded relationship include:

• LSEG increasing its commitment with Snowflake to support planned growth, migration programmes and customer-facing services across Markets, Data & Analytics, AI and Risk Intelligence.
• Snowflake becoming a licensed customer of LSEG’s Risk Intelligence World-Check services.
• World-Check supporting Snowflake’s customer onboarding and third-party risk management processes.

World-Check will support Snowflake’s customer onboarding and third-party risk management processes, extending the use of LSEG’s financial data and risk intelligence capabilities within Snowflake’s own operations.

LSEG is also continuing its use of Snowflake’s AI Data Cloud for data and analytics, reporting and Snowflake Marketplace services. The expanded arrangement will allow joint customers to combine licensed LSEG content with their own proprietary and other third-party data while applying analytics and AI within a governed environment.

David Schwimmer, CEO of LSEG, said, “This expanded collaboration advances our ‘LSEG Everywhere’ AI and data strategy, bringing our financial intelligence into customers’ chosen environments and enabling them to scale AI with trusted data and clear controls. We are also delighted that Snowflake has selected our Risk Intelligence products as its KYC compliance solution.”

Financial Intelligence Moves into Cloud Based AI Workflows

The collaboration reflects a broader effort to make financial data available within the technology environments used by financial professionals and enterprises. By connecting LSEG content with Snowflake’s cloud-based infrastructure, customers can work with financial data alongside other information while maintaining governance and control.

Sridhar Ramaswamy, CEO of Snowflake, said, “The future of finance will be built by institutions that can put AI to work directly on their most trusted data, without ever compromising governance or control. That’s what it means to become an Agentic Enterprise, and it’s what LSEG and Snowflake are building together: an open, governed foundation where the world’s most regulated markets can move at the speed of AI. In this industry, trust isn’t a constraint on innovation. It’s the platform for it.”

LSEG was also named Snowflake’s 2026 EMEA Product Innovation Partner of the Year. The companies highlighted the Cortex Ready designation for Yield Book, which enables financial professionals to use Snowflake Cortex AI with the fixed income analytics platform.

The expanded five-year relationship positions financial data , analytics and risk intelligence within a shared cloud environment while extending the companies’ existing technology relationship across additional services and customer use cases.

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Digital Securities Moving into Established Market Structures

The shift is becoming visible across several major markets. AFME recorded €4.8 billion of global DLT-based fixed-income issuance in 2025, up 48% from the previous year, indicating that activity is expanding from a relatively small base. Asia accounted for the largest share, while European and other markets also recorded issuance. At the infrastructure level, firms are responding by developing hybrid models that connect digital securities with established post-trade capabilities, rather than requiring investors to move entirely into separate digital ecosystems.

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Fragmented Market Data Moving Toward Consolidated Access

The European Union is developing consolidated tapes to bring market information from multiple trading venues and authorised publication arrangements into unified data streams. In July 2026, ESMA authorised EuroCTP to operate the consolidated tape for shares and exchange-traded funds. The platform is intended to combine pre-trade and post-trade information from different contributors, giving users a more comprehensive view of trading activity and supporting price discovery.

The initiative reflects a broader change in the architecture of market transparency. Rather than requiring investors and other users to assemble information independently from numerous sources, consolidated infrastructure can bring those datasets together through a common distribution mechanism. This can make market information easier to access while also placing greater importance on the quality, consistency and timeliness of the data being transmitted by contributors.

ESMA has also highlighted the technical requirements involved in preparing the consolidated tapes, including transmission arrangements, connectivity and end-to-end testing between contributors and providers. This means transparency cannot be treated solely as a disclosure obligation. It also depends on whether the underlying systems can transfer and process information reliably across different market participants.

The transition therefore creates a closer connection between market transparency and financial-market technology. As trading information becomes more consolidated and accessible, infrastructure will need to support continuous data transmission, standardised formats and reliable distribution at scale. This development also connects naturally with the earlier shift toward faster post-trade processes and faster market information supporting settlement activity.

Data Accessibility Becoming Part of Market Infrastructure

The push for greater market transparency is increasingly tied to how financial information is structured, identified and made accessible across different systems. In the European Union, the European Single Access Point (ESAP) began its first phase of data collection on 10 July 2026, bringing information from national competent authorities and officially appointed mechanisms into a centralised framework. ESMA says the platform is intended to provide free and centralised access to financial and sustainability information, with public access scheduled for July 2027.

The quality of the information entering these systems is becoming part of the infrastructure itself. Under the Transparency Directive requirements taking effect from 10 July 2026, relevant information submitted for ESAP must be provided in an extractable or, where required, machine-readable format and accompanied by defined metadata. ESMA is also tasked with developing technical standards covering additional metadata and the structuring of information for machine readability.

Interoperability Supporting Wider Data Access

The same principle is emerging in financial regulatory systems outside Europe. In the United States, the SEC established joint data standards in June 2026 with eight additional federal financial agencies involved in the framework. The standards introduce common identifiers for entities, locations, dates, products and currencies, alongside principles-based requirements covering data transmission, schemas and taxonomies. The objective is to improve interoperability and support the submission of high-quality, machine-readable data.

For financial institutions, these developments mean market transparency increasingly depends on whether information can move consistently between databases, reporting systems and market-data platforms. Common identifiers and structured metadata can make datasets easier to locate, compare and process, while machine-readable formats reduce the dependence on manual interpretation. The value of market transparency therefore increasingly rests not only on the information disclosed, but also on the infrastructure that determines how that information can be accessed and used.

Data Infrastructure Supporting Market Transparency

As market information becomes more fragmented across exchanges, trading venues and disclosure systems, market transparency increasingly depends on how efficiently that information can be collected, standardised and distributed. Centralised access points and consolidated data services can make information easier to compare, while machine-readable formats allow firms and regulators to process larger datasets with less manual intervention.

The effectiveness of these systems will depend on data quality, consistent identifiers, reliable connectivity and the ability to maintain information across different sources. Infrastructure therefore becomes an important part of transparency itself, rather than simply a technical layer operating behind disclosure requirements.

The wider development points toward financial markets where transparency increasingly depends on the architecture supporting the data, from its collection and validation to its distribution and accessibility.

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Tokenised Assets Entering Financing Workflows

Recent market activity shows this shift from concept to operational use. DTCC reported in July 2026 that DTC-tokenized securities had been used in production trades covering collateral pledges, securities lending, U.S. Treasury repo delivery-versus-payment transactions and central counterparty margin workflows. The transactions demonstrated that tokenised representations of securities can participate in several collateral-related processes while remaining connected to established post-trade infrastructure.

Large institutional volumes on distributed-ledger repo infrastructure show that tokenisation is already being applied to core financing and collateral activity.

The emergence of these workflows also changes how market participants can think about digital securities. Instead of functioning only as digital representations of assets held for investment, tokenised instruments can become operational assets that move through financing arrangements and support liquidity needs. Broadridge’s distributed-ledger repo activity illustrates the scale that dedicated digital infrastructure can already process, although platform volumes should not be treated as a measure of the entire tokenised collateral market.

Collateral Eligibility Expanding with Market Infrastructure

The policy framework is developing alongside these market applications. From 30 March 2026, the Eurosystem began accepting eligible marketable assets issued through DLT-based services at central securities depositories as collateral for Eurosystem credit operations. The assets must still meet existing collateral requirements and be available for settlement in eligible systems, including TARGET2-Securities. The ECB is also examining how assets issued and settled entirely on DLT networks could become eligible in the future.

As digital securities become more embedded in collateral workflows, attention is also shifting toward how collateral can move between digital and conventional environments without creating new settlement or liquidity silos.

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