The New Zealand Financial Markets Authority (FMA) has released its 2025 report reviewing how well Ice Futures Europe (IFEU) met its obligations as a licensed market operator in New Zealand. The review covers the two-year period from 1 January 2023 to 31 December 2024 and forms part of the FMA’s requirement to report at least once every two years on IFEU’s performance against its licensed market operator obligations. The FMA also pointed to earlier IFEU reviews published for 2023, 2021, 2019 and 2017.