Bearish (Global Market Structure):  The Financial Stability Board (FSB) continues to solidify global standards, recommending the structural unbundling of trading and custody. While not immediately binding, local regulators are aggressively adopting these frameworks, signalling the end of the vertically integrated exchange model in compliant jurisdictions. Bullish (US Capital Efficiency):  The US SEC officially updated broker-dealer net capital rules, slashing the penalty for

1. Executive Summary Sentiment:   Bullish (Strategic Opportunity) / Bearish (Operational Friction) The regulatory landscape for the week ending 30 January 2026 presents a stark dichotomy. While the UK  and Japan  are actively engineering pathways for institutional adoption and new revenue models (through “Targeted Support” and tax reform), the US  has signalled a zero-tolerance policy on sanctions evasion, including the piercing of the corporate veil of registered exchanges.