Daily · Quantum Migration and Market Updates · November 4, 2026

Key points

FCA urges immediate post-quantum cryptography planning

The UK Financial Conduct Authority (FCA) stated it is engaging with firms to prepare for post-quantum cryptography (PQC) now, noting that a viable hostile quantum computer could break today's widely used cryptography standards. The FCA expects firms to act immediately to achieve a thorough and accurate understanding of the cryptography in place across systems and information.

The National Centre for Cyber Security (NCSC) has established specific milestones for this transition. Firms are recommended to complete a PQC migration plan by 2028, carry out high-priority migration activities by 2031, and have migrated all systems, services, and products to PQC by 2035.

To meet these deadlines, the FCA advises firms to set clear, achievable, safe, and risk-based migration objectives. This involves implementing migration plans while continuously monitoring, testing, and validating the changes.

FINMA opens consultation on bank interest rate risks

On 4 November 2026, the Swiss Financial Market Supervisory Authority (FINMA) launched a consultation on the partially revised Circular 2019/2, titled "Interest rate risks – banks." The consultation period will remain open until 15 January 2027.

Swiss banks are expected to review the proposed changes to interest rate risk requirements within this window. The deadline provides roughly two months for institutions to prepare and submit feedback on the revisions.

ECB wage tracker shows modest upward revision

The European Central Bank (ECB) released its wage tracker, which suggests slightly higher wage growth in the first three quarters of 2027 compared with the full year of 2026. This modest upward revision in the wage-growth outlook feeds into inflation and rate-path expectations, which is relevant for EUR-denominated funding and hedging decisions.

US market infrastructure rule changes

Cboe C2 Exchange, Inc. and Cboe Exchange, Inc. filed proposed rule changes with the Securities and Exchange Commission (SEC) to introduce enhancements to the Missed Liquidity Report offered as part of the Cboe Timestamping Service. Both filings were granted immediate effectiveness by the SEC. Parallel notices of filing and immediate effectiveness were also issued for proposed rule changes by Cboe EDGX Exchange, Inc. and Cboe BZX Exchange, Inc.

National Securities Clearing Corporation (NSCC) filed a proposed rule change to enhance automated reasonability checks for the submission of ETF creation and exemption transactions, which was also granted immediate effectiveness by the SEC. Nasdaq ISE, LLC filed a proposed rule change to amend strike price intervals for options on certain exchange-traded fund shares that meet qualifying securities criteria.

Nasdaq Stock Market LLC filed a proposed rule change to amend transaction fees at Equity 7, Sections 115 and 130, and to delete obsolete references to the CORE FIX Order Entry Protocol. Nasdaq PHLX LLC and Nasdaq Texas, LLC filed parallel rule changes to delete similar obsolete references from their transaction fee schedules; all were granted immediate effectiveness.

SEC regulatory actions and exemptions

The SEC adopted amendments updating the definitions of small entity for registered investment companies, investment advisers, and business development companies under the Regulatory Flexibility Act. These updated thresholds will change which entities are subject to reduced reporting and compliance obligations.

The SEC issued an order granting a conditional exemption to Japan Credit Rating Agency, Ltd. from certain requirements of Section 15E(t) of the Securities Exchange Act of 1934. Additionally, the SEC granted exemptive relief from the definition of an "Eligible Secondary Market Transaction" in Rule 17ad-22(a), pursuant to Sections 17A and 36(a) of the Securities Exchange Act of 1934.

The Public Company Accounting Oversight Board (PCAOB) issued an order granting approval of amendments to QC 1000, A Firm's System of Quality Control, and related rules and forms.

UK statutory instruments

The UK issued the International Controlled Transaction Reporting Regulations 2026, which make provision for information reporting in relation to international controlled transactions. The UK government also issued a correction slip amending the Ministry of Defence Police (Conduct, Performance and Appeals Tribunals) Regulations 2020 to align with 2025 police disciplinary procedure changes.

Furthermore, the UK government amended the Employment Tribunals Early Conciliation Regulations to expand the information prospective claimants must provide to ACAS before instituting proceedings. The Seafarers (Wages and Working Conditions) Regulations 2026 were also issued under the Seafarers (Wages and Working Conditions) Act 2023.

Our read

The FCA's guidance on post-quantum cryptography is a significant operational shift, moving PQC from a long-term theoretical concern to an immediate compliance requirement with hard milestones. Firms must begin their cryptographic inventory now to meet the 2028 planning deadline, as the lead time for migration is substantial. In the US market, the cluster of immediate-effectiveness rule changes indicates a steady state of operational refinement rather than structural disruption, focusing on data reporting and fee clarity. For Swiss banks, the FINMA consultation on interest rate risks requires prompt attention to ensure input into the final circular before the January 2027 deadline.

This digest was produced automatically by a large-language-model system from the regulator publications and official sources listed below; it is AI-generated content and may contain inaccuracies. It is not legal advice — verify wording and deadlines against the original documents.

Sources