DISCLOSURES ABOUT MARKET RISK Credit risk Credit risk is defined as the risk to earnings or capital arising from an obligor’s failure to meet the terms of any contract or to otherwise fail to perform as agreed. For instance, exposure to a counterparty with the potential to produce a significant amount of capital loss due to a bankruptcy or failure to pay. 132 We are exposed to the following institutional counterparties: clearing providers, liquidity providers and payment service providers, as well as banks with respect to our own assets. We manage the credit risk arising from institutional counterparties by setting exposure limits and monitoring exposure against such limits, reviewing periodic credit reviews, and spreading credit risk across a number of different institutions to diversify risk. We set principles in order to monitor and manage the credit risk on a real time basis. Management estimates that the credit exposure as of December 31, 2025, 2024 and 2023 is substantially equal to the carrying value of the related assets, as the credit valuation adjustment is de minimis and no impairment has been identified. Market risk Market risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. We are exposed to market price risk and foreign currency risk as described below: Market price risk We have market price risk as a result of our trading activities in derivatives of underlying assets in currencies, commodities, equities and cryptoassets, part of which is naturally hedged as part of the overall market risk management. The exposure is monitored on a group-wide basis and managed using limits on future potential losses from such exposure. Since we hedge our main exposures to users’ positions with third-party counterparties, we do not have significant exposure to the underlying assets detailed above. Foreign currency risk Transactional foreign currency exposures represent risks associated with financial assets or liabilities denominated in currencies other than the functional currency of which is the U.S. dollar. Transaction exposures arise in the normal course of business. As of December 31, 2025, we had excess financial liabilities over financial assets that are denominated in currencies other than the U.S. dollar of $50.4 million. As of December 31, 2024, we had excess financial liabilities over financial assets that are denominated in currencies other than the U.S. dollar of $39.9 million. As of December 31, 2023, we had excess over financial liabilities that are denominated in currencies other than the U.S. dollar of $20.8 million. Foreign currency risk is managed on a group-wide basis. We monitor transactional foreign currency risks, including currency position and future expected exposures. We use non-designated hedges to mitigate the risks. Interest rate risk The level of prevailing short-term interest rates affects our profitability because we derive a portion of our revenue and net income from interest earned from users’ leveraged positions, interest on users’ funds held in segregated accounts and interest on our corporate cash and cash equivalents. Higher interest rates increase the amount of the above interest income. In addition, we incur interest expense on margin positions which remain open overnight when we execute margin transactions with counterparties, as well as interest expense on other loans and revolving credit facilities. When short-term interest rates decline, our revenue and net income derived from interest correspondingly decline, which negatively impacts our profitability. The table below shows the impact on total Net income (loss) that would result from the hypothetical interest rate increases listed therein for each of the periods described therein: Year ended December 31, ($ in millions) 2025 2024 2023 50 basis points $ 13 $ 9 $ 8 100 basis points $ 26 $ 19 $ 16 150 basis points $ 39 $ 29 $ 24