Exemption of Debt Obligations Issued by the European Union Under the Securities Exchange Act of 1934 for Purposes of Trading Futures Contracts on Those Securities

ment bonds.\135\ Belgium's federal government had outstanding debt totaling [euro]553.1 billion at the end of December 2025.\136\ --------------------------------------------------------------------------- \129\ The EU first entered the market as a large-scale issuer in October 2020 through its first SURE social bond program transaction, while the first NextGenerationEU program EU-Bond transaction took place on June 14, 2021. See European Commission Newsroom, Introduction: Taking Stock and Looking Ahead (Dec. 16, 2025), available at https://ec.europa.eu/newsroom/budget/items/914954/en ; see also European Commission, NextGenerationEU: European Commission raises [euro]20 billion in first transaction to support Europe's recovery (June 14, 2021), available at https://ec.europa.eu/commission/presscorner/detail/en/IP_21_2982 . For a detailed description of EU as a borrower, see https://commission.europa.eu/strategy-and-policy/eu-budget/eu-borrower-investor-relations_en . \130\ See European Union: EU Transactions in Q4 2025, available at https://ec.europa.eu/newsroom/budget/items/914832/en . Long-term issuance in the first half of 2025 carried an average maturity of roughly 12 years (based on six syndicated transactions and seven auctions). See Report from the Commission to the European Parliament and the Council, 1 January 2025 to 30 June 2025, available at https://eur-lex.europa.eu/