This month’s edition features news from November, with highlights from the Amman Stock Exchange, Egyptian Exchange, ISSB, ICMA, Luxembourg Stock Exchange, NGX Group, Rwanda Stock Exchange, State Securities Commission of Vietnam, and more. Compiled by the SSE, these monthly updates provide an overview of the latest developments in capital markets and sustainability.
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SSE & SSE PARTNER NEWS
UN SSE & Walk Free launch new guidance to fight modern slavery
On 24 November 2025, UN Sustainable Stock Exchanges Initiative (UN SSE), together with Walk Free, released the new “UN SSE-Walk Free Model Guidance on Preventing and Addressing Modern Slavery”. The guidance - developed by 35 global experts from 25 organisations across 16 countries, with support from UN Office of the High Commissioner for Human Rights (OHCHR) and International Labour Organization (ILO) - provides a practical roadmap for stock exchanges, investors and companies to identify, assess and mitigate modern slavery risks in global supply chains.
The document offers:
- clear steps and frameworks for due diligence and risk reporting;
- guidance for exchanges to work with listed companies, civil society, and regulators to encourage transparent, ethical business practices;
- alignment with international standards including the UN Guiding Principles on Business and Human Rights and support for Sustainable Development Goal 8.7 (ending forced labour, modern slavery and human trafficking).
Leaders at the launch emphasised that exchanges have unique responsibility - beyond capital flows - to uphold human dignity and market integrity. As noted by the Special Rapporteur on contemporary slavery, this guidance invites exchanges worldwide to lead their markets in embedding anti-slavery due diligence. You can download the guidance for free here.
UN SSE and UNICEF collaborate with global stock exchanges to promote children’s rights
UN Sustainable Stock Exchanges Initiative (UN SSE) and UNICEF have launched a new partnership to bring a “child-lens” approach to finance, encouraging stock exchanges, investors and listed companies to put children’s rights and well-being at the heart of sustainability strategies. The collaboration was officially launched on 20 November 2025 at Nasdaq Helsinki, where the first “Ring the Bell for Children” ceremony took place on World Children’s Day. Through practical guidance and training, the initiative aims to integrate children’s rights into corporate policies, ESG reporting, and investment decisions promoting long-term societal value and sustainable growth. Read more on the SSE website and the UNICEF website.
UN SSE announces return of the global “Ring the Bell for LGBTIQ+ Equality” in May 2026
UN Sustainable Stock Exchanges Initiative (UN SSE) and its partners — UN Global Compact, UN Human Rights Office of the High Commissioner (OHCHR), Koppa - The LGBTI+ Economic Power Lab and Open for Business — announced the second global edition of Ring the Bell for LGBTIQ+ Equality, to take place between 14–23 May 2026. The campaign invites stock exchanges worldwide to host in-person or virtual bell-ringing ceremonies around the International Day against Homophobia, Biphobia and Transphobia, and Pride month. This initiative - building on 2025’s inaugural edition that involved 15 exchanges - aims to mobilize capital-market actors, companies and investors in supporting LGBTIQ+ inclusion, equal rights, and non-discrimination in global markets and workplaces. By taking part, exchanges signal their commitment to diversity, inclusion and human rights - reinforcing that inclusive markets are also stronger markets.
For more information on how to participate in Ring the Bell for LGBTIQ+ Equality 2026, please contact the UN SSE secretariat.
UN SSE spotlights financial-market action for gender equality at 2025 WEPs Forum
UN SSE joined the 2025 UN Women Asia-Pacific WEPs Forum to highlight how stock exchanges and investors can accelerate progress on gender equality. The session emphasized the need for better gender-related data, transparent reporting, and increased women’s leadership across listed companies. A key announcement was the launch of the Asia-Pacific Sustainable Finance Systems Lab, created by UN Women with UN SSE, IFC and the World Federation of Exchanges to coordinate regional action. UN SSE reaffirmed its commitment to supporting market participants in advancing gender-inclusive and sustainable finance.
SSE ACADEMY UPCOMING WORKSHOPS & NEWS
The following SSE Academy workshops are coming up soon!
SSE Academy workshops are hosted by SSE Partner Exchanges and invitations are managed directly by the exchange. If you wish to register, please visit the event page. For all upcoming workshops, visit SSEinitiative.org/sse-academy/
- 26 & 28 January: Trinidad & Tobago Stock Exchange Workshop on Gender Equality and Global Capital Markets
UN SSE Academy Opens Registration for Stock Exchanges to Host Nature-related Financial Disclosures
The UN SSE Academy is launching a new training programme designed to help stock exchanges and market participants build capacity on nature-related financial disclosures aligned with the Taskforce on Nature-related Financial Disclosures (TNFD). This interactive workshop introduces the TNFD framework and provides practical guidance on assessing, managing and disclosing nature-related dependencies, impacts, risks and opportunities. Through expert-led presentations, real-world case studies and hands-on exercises, participants will learn how to incorporate nature considerations into ESG reporting, corporate strategy and risk management. Delivered online and offered at no cost to host exchanges, the workshop is aimed at listed companies, investors and other capital-market stakeholders working in areas such as governance, sustainability, finance, investor relations and risk. Stock exchanges interested in hosting a future session are encouraged to contact the UN SSE Academy team. Learn more about the programme here.
EXCHANGE NEWS
S&P Dow Jones Indices and Indonesia Stock Exchange Collaborate on New Equity Indices
3 November 2025
S&P Dow Jones Indices and the Indonesia Stock Exchange (IDX) announced on 3 November 2025 that they have launched three new co-branded equity indices covering IDX-listed stocks — including the S&P/IDX Indonesia ESG Tilted Index, the S&P/IDX Indonesia Shariah High Dividend Index and the S&P/IDX Indonesia Dividend Opportunities Index. The ESG-tilted index is designed to reflect sustainability performance of issuers within Indonesia’s large- and mid-cap universe, providing a benchmark for investors focused on ESG criteria. The collaboration aims to boost Indonesia’s market visibility internationally, facilitate ESG- and dividend-based investing strategies, and support development of index-linked products such as ETFs, mutual funds and structured products tied to the new indices.
NGX Group CEO says gender equity central to governance, profitability
8 November 2025
In a November interview, the NGX Group’s CEO stressed that gender equity is no longer just a moral imperative, but a core element of good governance, long-term resilience and profitability. He noted that for 2025, none of the top 30 companies on NGX has an all-male board — a milestone for corporate Nigeria. The CEO underscored that diverse boards offer stronger oversight, ethical judgment and greater investor confidence. NGX Group has also made gender inclusion a strategic priority across the Exchange, aligning with the UN Sustainable Stock Exchanges Initiative and the UN Women’s Empowerment Principles.
LuxSE unveils new EU Taxonomy Issuers Window on LGX
10 November 2025
The Luxembourg Stock Exchange (LuxSE) has launched a new “EU Taxonomy Issuers Window” on its sustainable-finance platform Luxembourg Green Exchange (LGX), shifting focus from individual securities to the overall business models of issuers. The new window highlights issuers whose revenues or capital expenditures are significantly aligned with the EU Taxonomy — either through generating at least 75% of turnover from green activities or directing the majority of CapEx to taxonomy-aligned investments. By doing so, LGX offers enhanced transparency and visibility to investors seeking companies that contribute to Europe’s environmental objectives — even if they have not issued labelled green bonds. This initiative reinforces LuxSE’s commitment to fostering sustainable finance by broadening the set of companies recognised for their climate-aligned business practices.
Rwanda Stock Exchange To Launch Green Finance Window
11 November 2025
The Rwanda Stock Exchange (RSE) will launch a dedicated Green Exchange Window (GEW) during the African Securities Exchanges Association (ASEA) conference in Kigali later this month. The GEW will provide a platform for green, social, and sustainability-linked financial instruments — enabling issuers to tap capital for eco-friendly, climate-resilient projects under internationally recognised disclosure standards, developed in collaboration with Luxembourg Stock Exchange. RSE’s CEO noted that over Rwf 70 billion has already been raised via green instruments, indicating strong investor interest and a solid foundation for the new market segment.
KASE and KPMG Join Forces to Advance Sustainable Finance in Kazakhstan
11 November 2025
The Kazakhstan Stock Exchange (KASE) and KPMG CCA signed a memorandum of cooperation in November 2025 to advance sustainable finance and ESG disclosure practices among issuers. Under the agreement, KPMG will support public companies in Kazakhstan by providing external reviews and second-party opinions to verify that sustainable-finance instruments meet international standards.This partnership aims to strengthen transparency and trust in ESG-related investments, and help local firms access responsible investors globally.
The Amman Stock Exchange Participates with A Number of Global Exchanges in the "Ring the Bell" Initiative in Support of Climate and Sustainability Initiatives In 2025
16 November 2025
The Amman Stock Exchange (ASE) joined dozens of global exchanges on 16 November 2025 to ring the opening bell as part of the Ring the Bell for Climate initiative — a joint campaign by World Federation of Exchanges (WFE) and International Organization of Securities Commissions (IOSCO) promoting climate- and sustainability-related action in capital markets. ASE’s CEO highlighted that the move underscores the exchange’s commitment to climate disclosure and sustainable finance as part of its broader sustainability strategy. As a follow-up, ASE plans to allow its top listed firms to voluntarily submit climate-related disclosures for fiscal year 2025, with mandatory disclosure expected to begin in 2027.
EGX Celebrates “Ring the Bell for Climate” & Reaffirms its Commitment to Sustainability & Launches a Strategic Collaboration with Chapter Zero Egypt to Enhance Climate Governance & Sustainability
18 November 2025
The Egyptian Exchange (EGX) marked “Ring the Bell for Climate” on 17 November 2025, with Chairman Dr. Islam Azzam opening the trading session in collaboration with the World Federation of Exchanges and in alignment with COP30. Dr. Azzam highlighted EGX’s long-standing leadership in sustainability, from launching Africa’s first voluntary carbon market - now the Egyptian Climate Exchange (EGXC) - to issuing ESG guidance and enhancing systems for trading carbon credits. He emphasized that climate considerations are now central to investment decision-making and reaffirmed EGX’s commitment to advancing climate action and market resilience. During the event, EGX and Chapter Zero Egypt signed an MoU to strengthen climate governance, build technical capacity, and support board-level integration of sustainability. The ceremony also featured a high-level panel on embedding ESG in boardrooms, offering practical insights for listed companies navigating climate risks, CBAM challenges and emerging green-finance opportunities.
REGULATOR AND STANDARD SETTER NEWS
ICMA Launches New Climate Transition Bond Label and Guidance
6 November 2025
ICMA — through the executive committee of the Green, Social, Sustainability and Sustainability‑Linked Bond Principles (the “Principles”) — published the first global Climate Transition Bond Guidelines (CTBG), formally establishing a new “Climate Transition Bond (CTB)” label. The guidelines allow issuers — including those in high-emitting or “hard-to-abate” sectors — to raise capital for credible transition projects (e.g., asset phase-out, cleaner fuels, carbon capture) rather than only classic “green” investments. To support transparency and integrity, the CTBG requires alignment with a clear transition strategy, sector decarbonisation pathways, safeguards against carbon lock-in and external review of issuance frameworks and proceeds use. With this step, ICMA aims to expand sustainable-finance tools — enabling capital markets to mobilize resources toward decarbonization across a broader set of industries, while maintaining investor confidence.
ISSB welcomes TNFD's support as it advances nature-related disclosures
7 November 2025
The ISSB announced in November 2025 that it will begin formal standard-setting for nature-related disclosures, drawing on the framework developed by Taskforce on Nature-related Financial Disclosures (TNFD) to meet investors’ growing demand for clarity on nature-related risks and opportunities. All ISSB members present agreed that this work will build on existing standards — notably IFRS S1 Standard — but introduce additional reporting requirements where gaps remain. The decision also triggered a shift in TNFD’s role: the TNFD will complete its current technical work by Q3 2026, pause further guideline development, and offer its support to the ISSB’s standard-setting process. For markets and exchanges, this signals a coming global baseline for nature disclosures — and a likely uptick in demand for high-quality nature- and biodiversity-related data.
Vietnam to Overhaul ESG Disclosure Rules to Align Listed Companies with Global Sustainability Standards
9 November
The State Securities Commission of Vietnam (SSC) announced in November 2025 that it plans to amend its disclosure regulation (Circular 96) to strengthen sustainability reporting requirements for publicly listed companies, aligning them more closely with international ESG standards. The overhaul aims to raise transparency on environmental, social and governance practices, supporting better-informed investment decisions and improving corporate accountability. By pushing for standardized ESG disclosures, Vietnam seeks to expand green finance, deepen market trust and encourage more sustainable corporate behaviour across its capital markets.
European Union Commission proposes improvements to SFDR
19 November 2025
On 19 November 2025, the European Commission put forward major revisions to the Sustainable Finance Disclosure Regulation (SFDR) to reduce complexity and improve usability for both product providers and investors. The reform introduces clearer categories for sustainable investment products and streamlines reporting requirements to reduce administrative burdens. Policymakers hope the simplified structure will curb greenwashing, improve comparability across funds, and make sustainable products easier for retail investors to understand. The proposal reflects the EU’s broader effort to ensure sustainable-finance rules are both effective and accessible.