The Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations.  The divisions will not recommend the Commission initiate an enforcement action against Railbird Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a derivatives clearing organization, or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with fully collateralized event contract transactions executed on or subject to the rules of Railbird and cleared through Bitnomial.  Additionally, the supplemental letter removes the condition in CFTC Letter No. 25-26 that prohibited Railbird’s participants from clearing contracts through a third-party clearing member. This no-action position is subject to the terms of the no-action letter issued today.  This position is in response to a request from Railbird and Bitnomial, to modify CFTC Letter No. 25-26 to cover transactions cleared through Bitnomial and remove the condition prohibiting third-party clearing by participants.   RELATED LINKS CFTC Staff Letter No. 26-13

Since Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”),[1] the staff of the U.S. Securities and Exchange Commission (the “Commission”) has received inquiries about how pooled employer plans should be treated under the Federal securities laws. Pooled employer plans, sometimes referred to as “PEPs,” are a type of defined contribution retirement plan created by Congress under the SECURE Act. Pooled employer plans permit multiple, unrelated employers to join a single retirement plan and offer retirement benefits to their employees through the plan, subject to the requirements in the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code of 1986 (the “Code”).[2] Different types of employers may participate in a pooled employer plan, including employers with one or more employees that are “self-employed individuals” as defined in section 401(c)(1) of the Code.[3] The staff of the Division of Investment Management (the “staff”) is thus providing its views regarding the applicability of (i) the “single trust exclusion” in section 3(c)(11) of the Investment Company Act of 1940 (the “Investment Company Act”) to pooled employer plans, and (ii) rule 180 under the Securities Act of 1933 (the “Securities Act”) to interests in collective investment trusts (“CITs”) maintained by a bank and issued to those pooled employer plans that cover self-employed individuals. Applicability of the “Single Trust Exclusion” in Section 3(c)(11) to Pooled Employer Plans In order to avoid regulation as an investment company under the Investment Company Act, employee benefit plans often rely on the exclusion from the definition of “investment company” in section 3(c)(11) of the Investment Company Act for “[a]ny employee's...profit-sharing trust which meets the requirements for qualification under section 401 of [the Code]…” commonly referred to as the “single trust exclusion.”[4] Section 3(a)(2) of the Securities Act includes a similarly-worded exemption under the Securities Act for interests in what are commonly referred to as “single trusts.”[5] Staff of the Divisions of Investment Management and Corporation Finance have historically interpreted the single trust provisions in both Acts as referring to the same type of trust,[6] specifically:  a trust fund for employees of a single employer; a trust fund for employees of employers so closely related as to be regarded as a single employer (e.g., a parent and its subsidiaries); and a trust fund established and controlled by employers and/or a union representing the employees of such employers.[7] Pooled employer plans do not fall into any of these categories because a pooled employer plan is typically structured as a trust fund for employees of multiple, unrelated employers. As discussed above, however, Congress enacted the SECURE Act to, among other things, remove legal barriers preventing the broader use of multiple employer plans.[8] For this reason, Congress, among other actions, amended ERISA and the Code to treat pooled employer plans as single employer plans for purposes of those statutes.[9] Accordingly, the staff would not object if a pooled employer plan treats itself as a single employer plan for purposes of the Investment Company Act and relies on the single trust exclusion in section 3(c)(11) of the Investment Company Act to avoid registration as an investment company; provided that the pooled employer plan: (i) is subject to ERISA; and (ii) meets all of the requirements of the relevant section of the Code referenced in section 3(c)(11).[10] Applicability of Rule 180 to Interests in CITs Issued to Certain Pooled Employer Plans Many pooled employer plans offer CITs as investment options to employers participating in the plan and their employees. CITs typically do not register the offer and sale of their interests under section 5 of the Securities Act in reliance on the exemption in section 3(a)(2) of the Securities Act.[11] However, CITs that accept assets from plans covering “self-employed individuals” as defined in the Code cannot rely on the exemption in section 3(a)(2). Section 3(a)(2) of the Securities Act exempts from registration requirements of the Act interests issued in connection with certain qualified employee benefit plans. Section 3(a)(2), however, does not apply to interests in plans covering self-employed individuals, as defined in section 401(c)(1) of the Code, or to interests in CITs and separate accounts that fund such plans. As a result, CITs that accept such assets may seek to rely on rule 180 under the Securities Act to avoid registering their interests under the Act. Rule 180 exempts from registration any interest or participation in a CIT issued to an employee benefit plan that covers self-employed individuals; provided that the plan and issuer meet the criteria set forth in the rule. Among other criteria,[12] rule 180(a)(2) requires that “[t]he plan covers only employees of a single employer or employees of interrelated partnerships.” Additionally, rule 180(a)(3), commonly referred to as the rule’s “sophistication requirement,” generally requires that the issuer have reasonable grounds to believe that the employer has (or obtains advice from a certain person or entity reflecting) “knowledge and experience in financial and business matters” so the interests of the employer and its employees are adequately represented.[13] The staff has been made aware that sponsors of CITs have interpreted rule 180 as being unavailable to interests issued to pooled employer plans that cover self-employed individuals, because such plans cover multiple, unrelated employers (which is seemingly inconsistent with the requirement in rule 180(a)(2)) and CITs are uncertain as to how they can satisfy the rule’s sophistication requirement with respect to these plans.[14] As a result, pooled employer plans covering self-employed individuals generally do not have access to investments in CITs.[15] This interpretation also may cause pooled employer plans to exclude employers with self-employed individuals from joining the plan to retain the pooled employer plan’s ability to include CITs as plan investment options.[16] As discussed above, Congress adopted the SECURE Act to expand the ability of small employers, including self-employed individuals, to participate in pooled employer plans and benefit from the economies of scale such plans provide.[17] Accordingly, in the staff’s view, it is reasonable to similarly treat pooled employer plans as single employer plans for purposes of rule 180(a)(2). For these reasons, the staff would not object if a CIT issues interests to a pooled employer plan that covers self-employed persons without registering the offer and sale of the CIT’s interests under section 5 of the Securities Act in reliance on rule 180; provided that the plan: (i) is subject to ERISA; and (ii) the issuance meets all of the requirements in rule 180(a)(1) and (a)(3). The staff understands that ERISA requires the pooled plan provider to provide most of the administrative and fiduciary responsibilities with respect to that plan, effectively assuming the role of the employer.[18] As such, the staff takes the view that a CIT may apply the rule’s sophistication requirement with respect to the plan’s pooled plan provider, rather than any employer, to confirm that the provider is able to adequately represent the interests of plan participants.[19] We note that CIT interests eligible to rely on rule 180 remain subject to the Securities Act’s anti-fraud provisions.[20] In addition, our position in this statement applies equally to any other investment option issued to a pooled employer plan that would otherwise qualify for the rule 180 exemption, including any interest or participation in a single trust fund or any security arising out of a contract issued by an insurance contract. Further, this statement focuses on the availability of rule 180 to interests in CITs issued to certain pooled employer plans, not on the interests in pooled employer plans issued to participants. For those interests, a pooled employer plan—like any other employee benefit plan—may rely on available exemptions from the Securities Act’s registration requirements, including rule 180(b), provided the plan satisfies the conditions of the applicable exemption. This staff statement represents the views of the staff of the Division of Investment Management.[21] It is not a rule, regulation, or statement of the Commission. The Commission has neither approved nor disapproved its content. This staff statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. Future changes in rules, regulations, and/or the staff’s no‑action and interpretive positions may supersede some or all of the information in a particular staff statement. If you have any questions about this statement, please contact the Division of Investment Management’s Chief Counsel’s Office at IMOCC@sec.gov.   [1] The SECURE Act was enacted as Division O of the Further Consolidated Appropriations Act 2020 (Pub. L. 116-94) (Dec. 20, 2019). [2] See section 3(43)(A) of ERISA (defining a pooled employer plan generally as “an individual account plan established or maintained for the purpose of providing benefits to the employees of two or more employers”); section 413(e) of the Code (outlining qualification requirements applicable to pooled employee plans). [3] For purposes of this staff statement, “self-employed individuals” has the same meaning as the definition in section 401(c)(1) of the Code, which generally includes employees who receive net earnings from self-employment, such as sole proprietors or partners who work for their own businesses. See section 401(c)(1) of the Code. [4] An employee benefit plan that meets the definition of “investment company” under section 3(a)(1) in the Investment Company Act must register as an investment company unless an exclusion, such as the single trust exclusion in section 3(c)(11), or an exemption applies. [5] See section 3(a)(2) of the Securities Act (exempting from registration “any interest or participation in a single trust fund… issued in connection with (A) a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of [the Code]”). [6] See Employee Benefit Plans, Release No. 33-6188 (Feb. 1, 1980) (“Release 33-6188”) (setting forth the views of the staff of the Division of Corporation Finance concerning the application of the registration provisions of the Securities Act to interests in employee benefit plans and noting that section 3(c)(11) of the Investment Company Act was the model upon which the single trust exemption in section 3(a)(2) of the Securities Act was based); see also Communications Workers of America Savings and Retirement Trust, SEC Staff No-Action Letter (Jan. 27, 1980) (stating the staff’s views that, given the similar statutory language, the single trust exclusion in section 3(c)(11) of the Investment Company Act refers to the same type of trust as that described in the single trust exemption in section 3(a)(2) of the Securities Act). [7] See Release 33-6188 (stating the staff’s view that each of these would be considered a single trust for purposes of section 3(a)(2)). Staff stated similar views on the single trust exclusion in section 3(c)(11) in a series of no-action letters. See e.g., The E.W. Scripps Company, SEC Staff No-Action Letter (Jan. 5, 1983) (discussing the staff’s position that a trust covering employees of various related employers could rely on the single trust exclusion in section 3(c)(11), but a trust covering employees of various unrelated employers could not). [8] See SECURE Act of 2019, Report of the Committee on Ways and Means, H. Rept. 116–65, part 1, May 16, 2019, available at https://www.congress.gov/committee-report/116th-congress/house-report/65/1 (“2019 Report”) (noting that the SECURE Act modifies certain requirements “to make it easier for small businesses to offer such plans to their employees by allowing otherwise completely unrelated employers to join in the same plan”); see also Scott Retirement Security Report, U.S. Senate Special Committee on Aging (Oct. 2021), available at https://www.aging.senate.gov/imo/media/doc/Scott_Retirement_Security_Report_10.28.21.pdf (noting that the SECURE Act established pooled employer plans “[t]o help bridge the access gap in employer-provided retirement plans…[by]allowing unrelated small businesses to join together and provide retirement savings options without some of the costs, administrative burdens, and liability attached to sponsoring a plan on their own.”). [9] See SECURE Act (e.g., amending section 3(2) of ERISA to treat a pooled employer plan as “a single employee pension benefit plan or single pension plan…” and amending section 413 of the Code to permit a pooled employer plan to keep its tax-qualified status under certain circumstances). [10] See section 3(c)(11) of the Investment Company Act (limiting the single trust exclusion to “[a]ny employee's...profit-sharing trust which meets the requirements for qualification under section 401 of [the Code] …”). [11] CITs typically do not register as investment companies under the Investment Company Act by relying on the exclusion in section 3(c)(11) of the Act for collective trust funds maintained by a bank consisting solely of assets of certain types of employee benefit plans. See section 3(c)(11) of the Investment Company Act. [12] For example, rule 180(a)(1) generally requires that: (i) the plan covers self-employed individuals; and (ii) is either (a) a pension or profit-sharing plan that qualifies under section 401 of the Code, or (b) an annuity plan that meets the requirements for deduction of the employer’s contribution under section 404(a)(2) of the Code. [13] Rule 180(a)(3) generally requires that the issuer “have reasonable grounds to believe and, after making reasonable inquiry, shall believe immediately prior to any issuance” that the employer is able to adequately represent its interests and those of its employees because either: (i) the employer is a law firm, accounting firm, investment banking firm, pension consulting firm or investment advisory firm engaged in providing services that involve knowledge and experience in financial and business matters; or (ii) the employer obtains advice from an unaffiliated person/entity that has knowledge and expertise in financial and business matters. [14] More specifically, CITs are unsure whether they may assess the sophistication of the pooled employer plan’s pooled plan provider, or whether they must assess the sophistication of each employer participating in the plan, because the sophistication requirement refers to “the employer.” [15] See e.g., letter from American Bankers Association (Sept. 24, 2019), available at https://www.sec.gov/comments/s7-08-19/s70819-6184363-192414.pdf (noting that “most CITs would continue to admit only [rule 180 qualified plans] in order to maintain the exemption from registering interests in the CIT under the [Securities Act]”). [16] See e.g., letter from Wilmington Trust (Jan. 6, 2020) available at https://www.sec.gov/comments/s7-08-19/s70819-6611993-202936.pdf (noting that the restrictions of the rule “operate in a manner that does not protect persons who are self-employed, but interfere with and impede their eligibility to participate in [PEP] arrangements that invest in CITs”). [17] See supra note 8. [18] See section 3(44) of ERISA (defining pooled plan provider to mean a person that is designated by the terms of the plan as a named fiduciary under ERISA, as the plan administrator, and as the person responsible for the performance of all administrative duties that are reasonably necessary to ensure the pooled employer plan meets Code and ERISA requirements); Registration Requirements for Pooled Plan Providers, 85 FR 72934 (Nov. 16, 2020). [19] For the avoidance of doubt, the sophistication requirement may be applied to a pooled plan provider under either rule 180(a)(3)(i) or (a)(3)(ii). See generally Exemption from Registration of Interests and Participations Issued in Connection with Certain H.R.10 Plans, Release No. 33-636317 (Nov. 24, 1981) (“The Commission believes that the conditions incorporated in proposed rule 180 minimize the potential for abuse. By requiring (1) the plan cover only employees of a single employer or of interrelated partnerships and (2) the employers be sophisticated in financial matters or obtain expert advice, it is likely that the employers adopting [Keogh] plans will be able to protect their own interests as well as those of their employees. It is not unreasonable to rely on the sophisticated employer or the qualified expert to obtain all necessary information from sponsors of potential funding media prior to making any decision or recommendation affecting the disposition of the assets of the [Keogh] plan…[Rule 180] exempts only those issued to plans of employers which can be expected to provide adequate representation of the interests of plan participants.”). [20] See section 17(a) of the Securities Act. [21] This staff statement represents the views of the staff of the Division of Investment Management regarding the application of section 3(c)(11) of the Investment Company Act and rule 180 under the Securities Act. It does not address any other provisions of the Federal securities laws. For the views of the staff of the Division of Corporation Finance regarding the eligibility of pooled employer plans to claim the section 3(a)(2) exemption see Corporation Finance Interpretation 118.01 available at https://www.sec.gov/rules-regulations/staff-guidance/corporation-finance-interpretations-cfis.

TMX Group Limited [TSX:X] ("TMX Group") announced results for the first quarter ended March 31, 2026. TMX Group Limited Reports Results for the First Quarter of 2026

Convergence is a clash – an inevitable tug-of-war between different forces. While geopolitical war takes center stage, AI, Crypto, and other emerging technologies are rapidly developing new frontiers to challenge traditional ways of living. Per this legendary IEA Report, “Any analysis which predicts the outcomes of a given policy will throw light on its desirability… Harm is reciprocal…” Which arrangement would yield the highest net value, avoid greater harm, and minimize frictions/ transaction costs for society? What are the early indicators? How to directionally predict and evaluate different available options to consider not only the BestEx but BATNA, i.e. the most advantageous course of action if no agreement is reached. Evolving or displaced: Hegemony and AI Amid the controversies surrounding Realpolitik, the US pragmatic approach helps ensure survival of the fittest. The IMF-World Bank Spring Meetings’ agenda is not contemporary, off-focus, or lack concrete solutions to ease conflicts. Everybody knows without their saying about economic uncertainty and risks of high global debt. In an unconcerted world, touting old-school, slogan-based diplomacy regarding international cooperation, energy supplies, and ESG does not ease conflicts. Self-interest prevails over altruism when people are asked to contribute resources and take risks for the greater good. Many worry about AI or the future taking our jobs. It is true: private investments that previously poured into SaaS is being disrupted by AI’s code-generation ability. But look, the piping to tokenize/ securitize, perfecting related valuations, and democratizing access to alternative investments are underway. The SEC and CFTC have proposed amendments to reduce private fund reporting burdens. In turn, more resources can be allocated to entrepreneurs to build toward this shared future. Reskilling is uncomfortable, yet countless professional athletes, capital market traders, and those who were overstressed and forced into early retirement have experienced it. Now, this challenge is spreading to the wider population amidst multiple rounds of layoffs across sectors and government. The only way to revive one’s career is to learn, unlearn, and relearn – embracing the surprising usefulness of useless knowledge. While many are short sightedly looking to profit from the commercialization of AI applications, the greater opportunity lies in plugging into the ecosystem that contributes to the advancement of AI/ quantum computing. Aggregation of Volumes and Mass Customization Price-time priority is undermined by initial bias (Exchanges optimally restricted access to price information). Many choose to collaborate with the Haves for outsourced execution rather than compete, when regulators did not do enough to rectify the latency arms race. The SEC proposal to ban volume-based pricing tiers has been withdrawn. Success is defined by picking side and plugging-in with large ecosystems. We are thankful that the voice of critics was ultimately heard. Not only did the SEC approve another modified version of CAT NMS Plan in March to further slash wastage by $50-70 million, but the April’s concept release also incorporated our ideas – such as analyzing data directly at the sources – to overhaul the outdated design, address civil liberties and privacy concerns, and petition for changes to the funding model. It is a tug-of-war where US banks ask for additional reliefs in Basel III endgame. Amid friction with the UK Bank of England, the FCA is weighing a move away from existing EU-derived rules for investment firms’ market risk capital requirements, aligning instead to the US “net risk” approach. Stablecoin issuers rather have no deals with policy makers unless they permit yield-bearing tokens. We recommend a “break-bulk exemption”, so small banks and credit unions can compete. Meanwhile, the higher-for-longer interest rate regime continues to pressure US recession trades. Rising stagflation risks and fractured bond-equity correlations are prompting investors to rethink classic hedges. Many are now actively seeking to insulate their portfolios from intensifying geopolitical shocks (e.g. currencies and trade wars). Line between trading and gambling is blurring when hard efforts in doing ordinary business have little to no payoff. Serendipity is the ability to capitalize on the unexpected The ability to predict the future drives productivity and economic growth. 0DTE Options now drive 59% of S&P 500 Index options (SPX) trading volume. When choosing between a 0DTE Protective Put and an Iron Condor the decision depends on whether one is hedging against a directional crash or seeking to offset the cost-of-waiting in a stagnant market. No doubt that the complexity of the Greeks (Gamma, Theta), Time Decay, and utilize high leverage is analogous to precision scalpels, i.e. may not be suitable for retail. Prediction Market (PM) is relatively cheaper and easier to navigate because of its breadth wide coverage of real-world outcomes and efficiency in aggregate information. Let go of prejudice. Prediction Markets are NOT NOVEL. Intellectual groundwork was laid by Economists who viewed markets as information processors since the 1940s-1970s. The Federal Reserve Board found PM’s performance better than Surveys of Market Expectations for forecasting macroeconomic data. Entities of all sizes can use PMs to predict, gauge, and/or project how their innovative products, services, or business models would be perceived in a live environment. Related Economic works should commence everyone’s respect in advancing societal development. Unlike securities markets defined by continuous price discovery, trading in PMs function as short-lived exposures to the “cause” while 0DTE Options provide exposure to the “effect.” The beauty of simultaneous hedging strategies is the decoupling of Event and Price Risk. Standard options disclosures deem insufficient to explain the all-or-nothing nature, illiquid, expiration timing, susceptibility to influence by a small group, etc. Disclaimer: Event contracts are not designed to track the underlying asset’s price movements. Rather, contract pricing reflects market-implied probabilities of specific outcomes, which may result in a basis risk or a lack of direct correlation with a participant’s underlying financial exposure. Synthesizing Crowd Wisdom with Computational Power Opposers cry fouls to speculative trading in PMs. Per this Whelan Paper, Favorite-longshot bias is the core problem that harms retail. Unconventional, or to some extent counter-intuitive, is – the empirical research suggests PM currently has too much friction. It starves out “healthy” speculators. Liquidity is a Catch-22, Makers widen spreads to protect against being “picked off”.  High fee-to-contract-value ratio prevent arbitrageurs from engaging in price improvement, failing to reduce the “stupid tax” or “overpriced lottery ticket effect” created by market operator. It is a Volume versus Integrity Paradox. We advocate for a Copyright Licensing mechanism to rebalance the “Information Tax”. This structure turns the zero-sum game into a Sovereign Information Hedging Utility (SIHU) aligning everyone’s “selfish” interests toward a “collective” public good. We hope more focus can be channeled toward the constructive fix of market designs (e.g. natural versus toxic liquidity, adverse selection, anti-masquerading, resolution mechanism, surveillance challenges, governance, stress and claw back, etc.) to make PMs a positive sum for risk hedging, market efficiency, growth, and financial stability.      Integrating intelligence about real-world probabilities enhances performance to manage uncertainty. It allows AI to move beyond deterministic “yes/no” outputs to more nuanced “shades of uncertainty,” making systems more robust in messy, real-world environments (noise handling, context awareness). The model requires less data to reach accuracy. Also, it is the “backbone” of quantum computing. AI models are now used to predict and correct “qubit noise.” Qubits exist in a superposition of states defined by probability amplitudes rather than fixed binary bits. Consider what insurance actuaries do – dealing with probabilities of event outcomes. Insurance contracts and Prediction Markets/ 0DTE Options’ event contracts both compete and complement each other. 98% Ò 99.9% incremental improvement is better than 85% Ò 90% because it is 95% error reductions vs just 33%. It is a race to reduce unknown unknowns. The availability of superior insurance products will be driven by a shift from reactive to preventive models, where risks are mitigated before they occur. Amid insurance is expected to remain a necessity, Quantum and pre-cognitive AI will fundamentally transform the industry (e.g. Actuarial roles are evolving from “number crunchers” to strategic risk managers). Stay tuned for our series of discussions on discerning between gaming and PMs (powers of two litmus test), applicability of certain CFTC’s CORE Principles, and the use of market ostracism (3 lines of defense) to deter bad actors/ foreign adversaries.    By Kelvin To, Founder and President of Data Boiler Technologies Data Boiler is a Pioneer in FinTech with patented inventions (US, Canada, Singapore, Japan, Australia, and 20 European countries) in signal processing, trade analytics, machine learning, time-lock cryptography, etc. We frequently comment on regulatory policy both domestically and abroad with over 12 years in business. A type C Member of the European Commission’s Data Expert Group + former committee of BITS (Bank Policy Institute).        

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the April–June 2026 and July–September 2026 quarters.  Sources and Uses Table During the April–June 2026 quarter, Treasury expects to borrow $189 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $900 billion.  The borrowing estimate is $79 billion higher than announced in February 2026, primarily due to lower projected net cash flows, partially offset by the higher-than-assumed beginning-of-quarter cash balance.  Excluding the higher-than-assumed beginning-of-quarter cash balance, the current quarter borrowing estimate is $122 billion higher than announced in February. During the July–September 2026 quarter, Treasury expects to borrow $671 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $950 billion. During the January–March 2026 quarter, Treasury borrowed $577 billion in privately-held  net marketable debt and ended the quarter with a cash balance of $893 billion.      In February 2026, Treasury estimated borrowing of $574 billion and assumed an end-of-March cash balance of $850 billion.  The $3 billion in higher privately-held net marketable borrowing resulted primarily from the higher-than-assumed end-of-quarter cash balance, partially offset by higher net cash flows.  Excluding the higher-than-assumed end-of-quarter cash balance, actual borrowing was $40 billion lower than announced in February.  Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, May 6, 2026.  ###   Privately-held net marketable borrowing excludes rollovers (auction “add-ons”) of Treasury securities held in the SOMA but includes financing required due to SOMA redemptions.  Secondary market purchases of Treasury securities by SOMA do not directly change privately-held net marketable borrowing but, all else equal, when the securities mature and assuming the Federal Reserve does not redeem any maturing securities, would increase the amount of cash raised for a given privately-held auction size by increasing the SOMA “add-on” amount.  Additionally, buybacks are not expected to significantly affect privately-held net marketable borrowing as new issuance replaces securities that are bought back.  2 Cash Balance January - March Quarter April - June Quarter Assumptions Prior Current Change Prior Current Change Opening Balance $873 $873 $0 $850 $893 $43 Closing Balance $850 $893 $43 $900 $900 $0 Impact on Borrowing -$23 $20 $43 $50 $7 -$43  

Release Dates  RSS DDP  FRED Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee. The Federal Reserve occasionally conducts one or two additional surveys during the year. Questions cover changes in the standards and terms of the banks' lending and the state of business and household demand for loans. The survey often includes questions on one or two other topics of current interest. 2026 April* January 2025 October July April January 2024 October July April January 2023 October July April January 2022 October July April January 2021 October July April January 2020 October September July April January 2019 October July April January 2018 October July April January 2017 October July April January 2016 October July April January 2015 October July April January 2014 October July April January 2013 October July April January 2012 October July April January 2011 October July April January 2010 October July April January 2009 October July April January 2008 October July April January 2007 October July April January 2006 October July April January 2005 October July April January 2004 October July April January 2003 October August April January 2002 October August April January 2001 October August May March January 2000 November August May January   1999 November August May January   1998 November September August May January 1997 November August May January *Current Release

S&P Global Market Intelligence’s Top 10 Most Shorted Stocks in the United States, calculated using our Securities Finance data set, follows. The metric used to calculate the short interest is the percentage of outstanding shares on loan. *Please note: This was produced by S&P Global Market Intelligence, not S&P Global Ratings, which is a separately managed division of S&P Global.

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 1, 2026, through April 30, 2026. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution. The list includes the national banks, federal savings associations, and insured federal branches of foreign banks that have received CRA ratings. Possible ratings assigned are outstanding, satisfactory, needs to improve, and substantial noncompliance. The CRA evaluations released are: InstitutionCityStateCRA Rating First National Bank Paragould AR Outstanding First National Bank of Commerce Walnut Ridge AR Satisfactory Colorado Federal Savings Bank Greenwood Village CO Satisfactory First Federal Savings Bank of Twin Falls Twin Falls ID Satisfactory Cornerstone National Bank & Trust Company Palatine IL Satisfactory MidAmerica National Bank Canton IL Satisfactory The First National Bank of Waterloo Waterloo IL Satisfactory First Shore Federal Savings & Loan Association Salisbury MD Outstanding County National Bank Hillsdale MI Satisfactory The Pennsville National Bank Pennsville NJ Satisfactory Community Bank, National Association Canton NY Satisfactory Maple City Savings Bank, Federal Savings Bank Hornell NY Outstanding Kingston National Bank Kingston OH Satisfactory National Cooperative Bank, National Association Hillsboro OH Outstanding The Merchants National Bank Hillsboro OH Satisfactory First National Bank and Trust Company of Ardmore Ardmore OK Satisfactory First National Bank of Tennessee Livingston TN Outstanding Amarillo National Bank Amarillo TX Outstanding Colonial Savings, F.A. Fort Worth TX Satisfactory Kleberg Bank, National Association Kingsville TX Satisfactory Texana Bank, National Association Linden TX Satisfactory   The OCC's website offers access to a searchable list of all public CRA evaluations issued since April 1996. The OCC also publishes a list of institutions to be examined for compliance with the CRA in the next two calendar quarters.

Last week, the Office of the Superintendent of Financial Institutions (OSFI), together with the Canadian Public Accountability Board (CPAB) and the Canadian Securities Administrators (CSA) co-hosted a roundtable that brought together senior representatives from audit firms, accounting professional bodies, standard setters, and regulators. The event provided an opportunity for participants to share perspectives on risks affecting audit quality and the importance of high-quality financial statement audits to maintaining Canada’s trusted and credible capital markets. The dialogue focused on emerging trends, the evolving risk environment, and ways to strengthen public confidence in financial reporting. Topics discussed this year included: Current and emerging risks and their implications for audit quality. Rapid technological developments, including Artificial Intelligence (AI). Governance, culture, and ethics within audit firms and across the reporting ecosystem. Fraud risks linked to financial crimes, geopolitical tensions, technological change, and third-party reliance. Expectations and challenges in auditing and assessing financial statement disclosures in a volatile environment. The roundtable underscored the importance of continued collaboration between regulators and the audit profession to support high-quality audits and maintain public trust in financial reporting across the Canadian capital markets. Key takeaways Canada’s financial system remains resilient, but a more complex and dynamic risk environment makes it essential to identify and prioritize the current and emerging risks that matter most.  External auditors play an essential role in maintaining integrity, trust, and confidence in financial reporting, particularly amid heightened uncertainty and expanding volumes of information. Regulatory coordination and clear guidance in relation to current and emerging risks help reduce regulatory overlap, promote strong risk management, and lay the groundwork for sustainable growth. Technology is advancing quickly. Areas like AI are changing how decisions are made—creating both opportunities and new risks. Regulators continue to modernize their approaches to keep pace, and audit firms are rapidly adopting new technologies that can enhance audit quality while keeping a high level of skepticism. Gaps in governance, culture, and ethics can lead to breaches in trust in any organization. Given that auditors play a key gatekeeper role, strong oversight, clear accountability, and ethical judgment are essential. As fraud becomes more sophisticated, organizations need to strengthen prevention and detection strategies. With management leading prevention efforts, and regulators and auditors applying a risk-focused lens, technology provides an opportunity to strengthen defences. Financial statement disclosures, particularly those involving estimates, judgments and uncertainty, remain an area where improvements are needed. Auditors play an important role in challenging the clarity and robustness of these disclosures to support better decision-making and reinforce market confidence. Quotes “High quality audits are essential to financial system resilience. As risks evolve, from technology to geopolitics to market uncertainty, strong collaboration between regulators and audit professionals helps ensure Canadians can continue to rely on transparent and trustworthy financial reporting.”- Peter Routledge, Superintendent of Financial Institutions “Strong audit quality depends on continuous dialogue and a shared understanding across the regulatory and audit ecosystem. Forums like this roundtable help ensure CPAB’s work remains responsive to emerging risks while staying firmly anchored in our mandate to protect investors and support confidence in Canada’s capital markets.”- Sonny Randhawa, CEO, Canadian Public Accountability Board “Today’s roundtable serves as an important forum for collaboration, enabling the CSA and the accounting profession to exchange views on emerging risks and further strengthen confidence in Canada’s capital markets. The CSA appreciates the significant collaboration with audit firms, other regulatory agencies, standard setters and professional bodies to date, and we look forward to building on this strong foundation.”- Stan Magidson, Chair of the Canadian Securities Administrators

The Public Investors Advocate Bar Association (PIABA) submitted a comment letter strongly urging the Financial Industry Regulatory Authority (FINRA) to reject the majority of the recommendations made in FINRA Regulatory Notice 26-06. PIABA raised concerns over several major issues, including proposals that would reduce investor access to justice, expand pre-hearing dismissals, and significantly limit the arbitrator pool. Michael Bixby, President of PIABA and managing attorney for Bixby Law PLLC, said: “We urge FINRA to reject the bulk of the recommendations made in FINRA Regulatory Notice 26-06. These recommendations would betray FINRA’s investor protection mission and allow the securities industry to escape accountability for damage caused by bad actors and industry members.” Joseph Wojciechowski, Executive Vice President/Incoming President of PIABA and managing partner at Stoltmann Law, said: “The recommendations in Regulatory Notice 26-06 are a threat to investor rights and the fairness of FINRA’s arbitration forum, and they would erase a generation of investor protection progress made by the securities industry, FINRA, PIABA, and other stakeholders. This Notice also follows the recent trend with FINRA’s general regulatory notices, which have became convoluted, lengthy, unwieldy and ambiguous.” According to PIABA’s 115-page letter, “Over the last year, PIABA has grown increasingly concerned with the direction of FINRA Dispute Resolution. Recent developments suggest a shift away from investor-protection principles that should guide FINRA’s actions. … “Regulatory Notice 26-06 sadly reflects many of these same themes. Although framed as modernization, the Notice raises the prospect of increased procedural complexity combined with reduced investor protections. The breadth and structure of the notice, spanning dozens of multipart questions, also place a disproportionate burden on individual investors and their representatives, while institutional participants are far better positioned to respond comprehensively. “Taken together, these changes suggest a broader trajectory that warrants careful scrutiny.FINRA’s arbitration forum exists to provide a fair and accessible means of redress within a mandatory system. Any reforms should strengthen that function, not weaken it. Maintaining investor confidence in the forum requires adherence to that principle. “In summary, PIABA opposes proposals that would reduce investor access to FINRA arbitration, expand pre-hearing dismissal practice, professionalize the arbitrator pool at the expense of representativeness, or otherwise increase industry leverage in a mandatory forum. PIABA supports reforms that improve investor protections, procedural training, discovery enforcement, technology, transparency, and the payment of awards.” Since its formation in 1990, PIABA has promoted the interests of the public investor in all securities and commodities arbitration forums, while also advocating for public education regarding investment fraud and industry misconduct. The members of PIABA have collectively represented hundreds of thousands of investors. Most recently, PIABA testified before the House Financial Services Committee that FINRA’s actions contradict its mission to protect investors; called on FINRA to reject self-serving arbitration reform recommendations from the industry trade group SIFMA; criticized FINRA for ignoring the multimillion-dollar unpaid arbitration award crisis; and pushed FINRA to end its incorrect application of Rule 12407(a).

Monthly statistics including stock and derivative statistics; Volumes and Market cap Most traded companies Most active members Listings and member Attachments:Statistics_April_2026_summary_.pdf

Click here to download the latest data in April 2026 trading on GPW Group (Warsaw Stock Exchange) markets.

The MENA Fintech Association (MFTA), the region’s leading not-for-profit fintech industry body and globally ranked among the top fintech associations, is pleased to welcome Intellect Design Arena, a global leader in AI-First, enterprise-grade financial technology, as a new corporate member. Intellect joins MFTA at a time when financial institutions across the Middle East are moving beyond digital experimentation towards outcome-driven transformation, powered by Business Impact AI. As institutions modernise core systems and reimagine financial services, the focus is shifting from automation to precision, from scale to measurable business outcomes. Responding to this shift, Intellect brings a differentiated approach, combining deep financial domain expertise with AI architectures designed to deliver predictable and tangible business impact. This is powered by eMACH.ai (the world’s most comprehensive, composable and intelligent open finance platform) and Purple Fabric (the world’s first open business impact AI platform), enabling institutions to move from system modernisation to intelligent, outcome-driven execution at scale. With three decades of domain expertise, Intellect delivers AI-first, composable, intelligent platforms to over 500 customers across 61 countries, supporting banks, enterprises, financial institutions, and insurers; spanning Wholesale Banking, Consumer Banking, Central Banking, Wealth, Capital Markets, Treasury, Insurance and Digital Technology for Commerce. These platforms are anchored in Design Thinking and First Principles Thinking, enabling institutions to build contextual, outcome-driven financial solutions with precision and clarity. As part of its engagement with the Association, Intellect will actively contribute to the MFTA Wealth Management Working Group, bringing its deep expertise in enabling end-to-end wealth transformation across advisory, portfolio management, and client lifecycle engagement. Through its composable wealth platforms, Intellect empowers Relationship Managers with contextual insights, AI-driven recommendations, and real-time portfolio intelligence, enhancing both productivity and client outcomes. The wealth management sector in the region is undergoing rapid transformation, driven by growing private wealth, increasing demand for digital advisory services, and the emergence of new fintech-enabled models for portfolio management and client servicing. Institutions are increasingly looking for platforms that can move beyond fragmented insights to unified, action-oriented intelligence, enabling advisors and clients to act with clarity, precision, and confidence. Banesh Prabhu, CEO, IntellectAI, Intellect Design Arena, commented: “We are excited to join the MENA Fintech Association and contribute to its vibrant fintech ecosystem. The region is entering a new phase where wealth management is being redefined by precision, personalisation, and real-time intelligence. Through the Wealth Management Working Group, we look forward to collaborating with industry stakeholders to help institutions deliver outcome-driven, intelligent wealth experiences powered by Business Impact AI.” According to industry estimates, the Middle East’s wealth management market is projected to surpass USD 1 trillion in assets under management within the next few years, while the number of high-net-worth individuals in the GCC continues to grow steadily. This growth is driving a shift from traditional advisory models to intelligent, digital-first platforms that can deliver contextual, personalised, and scalable wealth experiences. MFTA continues to serve as a trusted platform for industry leaders, policymakers, and innovators through working groups, roundtables, partnerships, and thought leadership initiatives. Intellect’s membership further strengthens the Association’s commitment to advancing next-generation financial infrastructure, accelerating responsible AI adoption, and enabling outcome-driven innovation across the MENA ecosystem. Nameer Khan, Chairman of the MENA Fintech Association, added: “We are delighted to welcome Intellect Design Arena to the MENA Fintech Association. Their global expertise across digital banking and wealth platforms brings valuable perspective to our ecosystem, particularly as wealth management evolves rapidly across the region. Through our working groups and collaborative initiatives, we look forward to working together to support innovation and build the next generation of financial services in MENA.” About Intellect Design Arena Intellect Design Arena Ltd is a global leader in AI-First, enterprise-grade financial technology, architected from first principles to deliver measurable business impact at scale. With three decades of domain expertise, Intellect delivers composable, intelligent platforms across Wholesale Banking, Consumer Banking, Central Banking, Wealth, Capital Markets, Treasury, Insurance and Digital Technology for Commerce. Applying First Principles Thinking and Design Thinking, Intellect has elementalised financial services into a finite set of Events, Microservices and APIs, enabling faster, modular transformation with predictable and measurable outcomes. At the heart of this AI-First architecture are eMACH.ai, the world’s most comprehensive, composable and intelligent open finance platform; Purple Fabric, the world’s first Open Business Impact AI platform; and iTurmeric, a composable integration and configuration platform. A pioneer in applying Design Thinking at enterprise scale, Intellect’s 8012 FinTech Design Center™, the world’s first Design Center dedicated to Design Thinking principles, underscores its commitment to continuous, outcome-driven innovation. Intellect serves over 500+ customers across 61 countries, supported by a global workforce of domain, solution and technology experts. For more information, visit www.intellectdesign.com  About the MENA Fintech Association The MENA Fintech Association (MFTA) is an inclusive, not-for-profit organization dedicated to promoting open dialogue and innovation within the MENA fintech community. MFTA supports a diverse network of fintech startups, SMEs, financial institutions, technology companies, investors, and regulators, serving as a trusted platform to shape policy, foster collaboration, and accelerate the future of finance across the region. As part of the MFTA community, Intellect Design Arena will collaborate with banks, fintechs, financial institutions, regulators, and technology providers across the region. The partnership aims to facilitate dialogue on emerging technologies, contribute to policy and regulatory discussions, and support initiatives around AI-driven banking, open finance platforms, and digital financial infrastructure that are shaping the future of financial services. Through this partnership, MFTA and Intellect Design Arena share a common vision of enabling financial institutions to adopt next-generation technology while maintaining strong governance, resilience, and regulatory alignment. By working together, both organizations aim to support sustainable fintech growth, encourage cross-sector collaboration, and strengthen MENA’s position as a global hub for digital financial innovation.

Click here to download the ' Fixed Income Index Dashboard' for the month ended April 2026.

Stablecoins: framing the debate Pablo Hernández de Cos lays out the opportunities and challenges around stablecoins and the case for international cooperation on regulation. Currency risk hedging Under-hedging and a speculative approach to managing currency risk left  fund managers exposed to the April 2025 "Liberation Day" shock. Digital innovation and financial health Technology can help households to manage financial obligations and have confidence in their future - but this is not guaranteed. How are non-bank financial institutions reshaping global banking? Cross-border bank credit to NBFIs increased by $312 billion in Q3 2025, marking a 13% year-on-year growth. This makes NBFIs the fastest-growing counterparty sector globally. Red Book statistics and commentary The use of cashless payments continues to increase globally. Even so, it is impossible to imagine a world without cash.  Cyber risk stress testing for banks How authorities can design stress tests for cyber risk for the banking sector, to improve the operational resilience of firms and the financial sector. Cryptoasset service providers and intermediation The rapid evolution of cryptoasset service providers into financial intermediaries highlights the need for robust prudential frameworks. The geography of AI firms BIS research explores geography of AI production, AI firms’ economic footprint, regional specialisations and domestic and cross-border investment patterns. More BIS publications CPMI Briefs: The future of financial messaging: navigating the ISO 20022 migration journeyThis Brief underscores the pivotal role of the ISO 20022 financial messaging standard in fostering faster, cheaper, and more transparent and inclusive cross-border payments.Working Paper: Imitation and the diffusion of innovationWhen an innovator makes its innovation freely available, competitors adopt it and help consumers discover its value, ultimately benefiting the innovating firm.Statistical Release: BIS international banking statistics and global liquidity indicators at end-December 2025Cross-border bank credit expanded by $656 billion in Q4 2025, reaching $38 trillion. Upcoming 15 May: Over-the-counter Derivatives Statistics for H2 2025 19 May: Andréa M Maechler participates in a panel on central banking in the digital era at the Federal Reserve Bank of Atlanta’s 2026 Financial Markets Conference 19-20 May: Basel Committee meets

I. Introduction 1. The 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) took place on 3 May 2026 in Samarkand, Uzbekistan under the Co-Chairship of H.E. Joven Z. Balbosa, Undersecretary of the Department of Finance of the Philippines, H.E. Rosalia V. De Leon, Monetary Board Member of the Bangko Sentral ng Pilipinas, H.E. KATAYAMA Satsuki, Minister of Finance of Japan, and H.E. HIMINO Ryozo, Deputy Governor of the Bank of Japan. The Director/CEO of the ASEAN+3 Macroeconomic Research Office (AMRO), the President of the Asian Development Bank (ADB), the Deputy Secretary-General of ASEAN Secretariat, and the Deputy Managing Director of the International Monetary Fund (IMF) were also present at the meeting.2. We are pleased to welcome Timor-Leste’s accession as the 11th Member State of ASEAN and its participation in this meeting. To support Timor-Leste’s engagement with the ASEAN+3 Finance Process, we task the Deputies, with AMRO’s support, to facilitate a deeper understanding of the respective frameworks of AMRO and Chiang Mai Initiative Multilateralisation (CMIM).3. We exchanged views on the current global and regional economic development and outlook, as well as policy responses to evolving risks. We recognize the declaration set out in the ASEAN+3 Leaders’ Statement on Strengthening Regional Economic and Financial Cooperation, and remain committed to deepening collaboration through the CMIM, AMRO, Asian Bond Markets Initiative (ABMI), Disaster Risk Financing Initiative (DRFI), and ASEAN+3 Future Initiatives – including cross-border digital payments and enhanced high-level dialogue platforms such as the Fiscal Exchange and Central Banking Dialogue.II. Regional Economic Development and Outlook 4. ASEAN+3 entered 2026 from a position of relative strength, supported by stronger-than-expected growth in 2025, low inflation, and improved external buffers. However, the escalation of conflict in the Middle East has amplified downside risks to the regional outlook significantly. Growth is expected to moderate and inflation is forecast to rise, reflecting the effects of higher oil and gas prices, tighter global financial conditions, and renewed volatility in capital flows and exchange rates. The impact on ASEAN+3 will depend on the duration of the conflict and member economies’ exposure to imported energy and key commodities, available buffers, and domestic policy space. If prolonged, the shock could become broader and more persistent, extending beyond energy markets to industrial inputs, logistics, food prices, tourism, and remittances.5. Against this backdrop, we underscore the importance of upholding multilateralism and strengthening regional unity and cooperation in addressing shared challenges and heightened uncertainty. We strongly reaffirm our commitment to sustained policy dialogue to safeguard macroeconomic and financial stability. To this end, we will remain attentive to risks stemming from excessive volatility and disorderly movements in financial markets and shifts in global liquidity conditions, and stand ready to respond in line with the domestic conditions. We are determined to maintain open and well-functioning trade and investment flows as well as resilient supply chains, and reaffirm our support for a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organization at its core. We are also committed to strengthening the region’s resilience to external shocks, while ensuring fiscal sustainability. In this context, we welcome members’ collective efforts on regional cooperation to strengthen energy security and supply chain resilience across the region, including Japan’s recent launch of “Partnership On Wide Energy and Resources Resilience (POWERR Asia)”. We further underscore the value of ASEAN+3 cooperation in supporting regional stability and resilience during periods of heightened uncertainty. We also reaffirm the continued role of regional financial cooperation mechanisms, including AMRO and the CMIM, in strengthening surveillance, crisis preparedness, and the regional financial safety net, while supporting the region’s longer-term resilience.III. Strengthening Regional Financial Cooperation Strategic Directions of the ASEAN+3 Finance Process 6. To deepen ASEAN+3 financial cooperation over the medium-to long-term, we endorse the “Updated Strategic Direction of the ASEAN+3 Finance Process”, which provides strategic guidance for our collaborative efforts and foster greater synergies across existing initiatives and new areas of cooperation. We task the Deputies to ensure the effective implementation of the updated Strategic Direction with tangible outcomes.Chiang Mai Initiative Multilateralisation (CMIM) 7. We reaffirm our strong commitment to further strengthening the regional financial safety net through continued efforts in enhancing the effectiveness of the CMIM as an essential component of the broader Global Financial Safety Net (GFSN). To support the immediate entry into force of the Rapid Financing Facility, which will enable members to access timely emergency financing to address urgent balance of payments needs arising from sudden exogenous shocks, we encourage the swift completion of domestic procedures for signing the amended CMIM Agreement. Recognizing the growing importance of well-functioning regional financing arrangements, we welcome AMRO’s policy paper on the “Institutional Evolution of CMIM/AMRO in Support of the GFSN”, and instruct the Deputies to continue discussions with the aim of developing specific recommendations and work plans to further enhance the CMIM’s effectiveness and to strengthen AMRO’s core functions including macroeconomic surveillance, supporting the implementation of the CMIM, and Technical Assistance (TA) with its in-depth regional perspectives.8. We endorse the “Roadmap for the Discussion on the CMIM New Financing Structure”, with a flexible timeline and non-exhaustive component, aimed at transitioning the CMIM to include a paid-in capital (PIC) structure, which would further complement the GFSN. We acknowledge the progress made so far, including the agreement reached on three key principles on the legal entity for PIC, as well as the progress in the voluntary survey on domestic legal requirements. We task the Deputies to build consensus on the remaining sound governance principle expeditiously, and to outline and narrow down design options upon the endorsement of the four principles. We recognize the considerable progress made in the discussions with the IMF staff on reserve recognition and appreciate the contribution of the Technical Working Group (TWG) for PIC Financing Structure in this regard, and task the TWG to explore the details of the institutional design options.9. We welcome the Deputies’ endorsement of a regular three-year review cycle for the CMIM USD margin, starting in 2027, to appropriately reflect the potential implication of changes to global interest rates and the IMF’s charges and surcharges. We acknowledge the views expressed on local currency margin options available and task the Deputies to continue discussions, taking into account the scheduled USD margin assessment in 2027 and AMRO’s statistical approach for determining the local currency margin structure developed in line with the Guiding Principles (GPs), while exploring alternative approaches. We also welcome the progress made in the IMF De-linked Portion (IDLP) readiness review survey, including the Deputies’ endorsement of its institutionalization as a regular recurring exercise on a three-year cycle commencing in 2027. We commend the successful completion of the 16th CMIM Test Run conducted in 2025, and look forward to the 17th Test Run to be conducted later this year, which will involve actual fund transfers under the CMIM Stability Facility IDLP, as part of our continued efforts to enhance the CMIM’s operational readiness.ASEAN+3 Macroeconomic Research Office (AMRO) 10. This year, we celebrate the 10th anniversary of AMRO’s establishment as an international organization. We commend AMRO for having played an indispensable role over the past decade in safeguarding our region’s macroeconomic and financial resilience and stability, firmly entrenching itself as a trusted policy advisor. We also appreciate AMRO’s dedicated secretariat support in facilitating the ASEAN+3 Finance Process and call for its continued and more active involvement in strengthening the region’s financial resilience and fostering deeper integration.11. We acknowledge AMRO’s continued efforts in enhancing its organizational capacity and core functions in line with its “Strategic Direction 2030” and look forward to AMRO further advancing these efforts under the strong leadership of Mr. Yasuto Watanabe, AMRO Director/CEO. Continued efforts to strengthen its surveillance functions and engagement with members, including through deeper macro-financial analysis to support policy design under stress scenarios, are essential to provide even more relevant and timely policy recommendations. This will also contribute to improving the CMIM’s operational readiness, including through efforts to enhance program design and formulation of conditionalities.12. We reaffirm the importance of well-tailored TA in enhancing capabilities of policy implementation including in line with policy advice through AMRO’s macroeconomic surveillance, and thank China, Japan, and Korea for their continued contributions to AMRO’s TA funds. We are glad to note that AMRO has initiated a pilot Structural Policy Improvement and Review Instrument with Technical Assistance (SPIRIT) program. We look forward to its successful implementation and comprehensive assessment of the effectiveness of SPIRIT in the coming years before members consider whether to mainstream this initiative and possibly enhance it as a financial instrument if agreed to by members. We acknowledge the continued progress under AMRO’s Regional Knowledge Hub initiative, including the work of the ASEAN+3 Finance Think-tank Network to support informed policymaking. We encourage AMRO to deepen mutually reinforcing collaboration with its partners, such as the IMF, through enhancing crisis preparedness, surveillance, and capacity building.Asian Bond Markets Initiatives (ABMI) 13. We acknowledge the progress that the ABMI has achieved since the Asian Financial Crisis and appreciate the significant developments made in the local currency bond markets. Since the inception of the ABMI, the ASEAN+2 (ASEAN, People’s Republic of China and Republic of Korea) local currency bond market has expanded 25-fold over the last two decades, reflecting sustained efforts to address the double mismatch problem. This development has enabled members to access the requisite local currency funding when needed.14. We endorse the Concept Note on the next ABMI Roadmap, which proposes exploring broader sets of financial instruments beyond bonds, while keeping bonds at the core, to further deepen financial markets and facilitate more effective recycling of savings within the region. To mark a new stage of regional financial cooperation in ASEAN+3, we agreed to evolve the ABMI into the Asian Bond and Financial Markets Initiative (ABFMI) under the next roadmap, while local currency bond market development remains the anchor of the initiative. We task the Deputies to lead the preparation of the next Medium-term Roadmap and the Assessment Report. We look forward to the endorsement at the Deputies’ meeting by the end of this year, and subsequently at the AFMGM+3 in 2027.Disaster Risk Financing Initiative (DRFI) 15. We endorse the DRFI Roadmap 2026–2028, which provides a comprehensive and action-oriented framework going forward. We underscore that effective implementation will require strong support and ownership from member economies, appropriate sequencing, as well as alignment with national fiscal and disaster response frameworks, disaster risk management strategies, and climate adaptation priorities. In this regard, we call on ASEAN member economies to work closely and build on the ASEAN+3 DRFI to take forward the development or implementation of their respective DRF strategies, adopting a comprehensive, risk-informed, and demand-driven approach that integrates risk reduction, preparedness, and financial protection through leveraging a broad range of instruments such as disaster risk insurance, catastrophe bonds, and contingent financing.16. We express our appreciation for the contributions of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) Initiative and its Director General Dr. Yoshihiro Kawai for their leadership in advancing regional cooperation on disaster risk financing as interim ASEAN+3 DRFI Secretariat. We welcome the transition of the interim DRFI secretariat function to the ADB as a permanent DRFI secretariat starting from 1 August 2026. We also welcome ADB’s efforts to further mainstream DRF across its operations and leverage its financing, technical assistance, and convening capabilities to support the effective implementation of the DRFI Roadmap, in close collaboration with implementing entities such as SEADRIF and other development partners.17. We welcome the ongoing development of SEADRIF Sovereign Assets and Fiscal Empowerment (SAFE) Facility, aimed at strengthening disaster financing. We look forward to the full proposal in 2026 and the Facility’s targeted launch in 2027, as an important step toward scaling innovative and sustainable DRF solutions in the region. We also welcome the development of SEADRIF Regional Agricultural Insurance and Sustainable Economies (RAISE) Facility.Future Initiatives 18. Cross-border digital payments have been identified as a new area of cooperation in the “Updated Strategic Direction of the ASEAN+3 Finance Process”. We welcome AMRO’s report, “ASEAN+3 Cross-border Payments, Regional Connectivity and Way Forward”, which identifies the key challenges and opportunities the region faces in integrating its cross-border payment architecture. Building on local currency‑based payment systems, technological innovation in cross‑border payments, such as tokenization, should be pursued in consistency with ongoing global discussions on policy and regulatory frameworks to support safe, efficient, and integrated regional payments, while carefully assessing implications for monetary sovereignty, financial stability, and capital flow management. To ensure sustained progress on this important agenda, we instruct the Deputies, with AMRO’s support, to agree on appropriate modalities by the end of this year – such as the possible establishment of a dedicated Working Group (WG) – to continue deepening policy dialogue on retail and wholesale payment connectivity, and regulatory approaches to stablecoin.19. We are pleased to note the progress made by WG1, chaired by the Indonesia Ministry of Finance, in promoting sustainable infrastructure finance, particularly mobilizing private capital, for the region’s infrastructure development. We also acknowledge the work of WG4, chaired by the Korea Ministry of Finance and Economy, in identifying digital financial crisis risks within the regional banking and payment sectors.Fiscal Exchange and Central Banking Dialogue 20. We recognize that regular, open dialogue to share experiences and explore policy solutions to common challenges is paramount to safeguarding regional stability and growth. In this regard, we welcome the sustained momentum of the Fiscal Exchange that discussed “Optimizing Budgetary Performance Management” and “Revenue Strategies for Demographic Change”. We also welcome the inaugural launch of the Central Banking Dialogue, which facilitated an exchange of views on strategic monetary and financial stability issues, with a focus on cross-border payment connectivity. We extend our appreciation to AMRO for its strong technical support to the Fiscal Exchange and Central Banking Dialogue.IV. Conclusion 21. We express our appreciation to the authorities of the Philippines and Japan for their gracious hospitality and exemplary coordination as the Co-chairs of the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Process in 2026. We agree to meet in Nagoya, Japan in 2027, and look forward to working with Singapore and Korea, as Co-chairs of the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Process in 2027.

Providers of financial services involving digital asset financial products should act quickly to decide whether they require an Australian Financial Services (AFS) licence (or variation to their existing AFS licence) and apply by 30 June 2026, before ASIC’s no-action position expires. Firms who need a licence or a variation to their existing authorisations, but do not apply by 30 June 2026, risk being in breach of financial services laws. Unlicensed conduct carries serious civil and criminal penalties under law, including significant fines that could reach up to 10% of annual turnover. ASIC last year released updated guidance (25-250MR) on what digital asset products are considered to be financial products, including stablecoins, wrapped tokens, tokenised securities and digital asset wallets. Businesses that require an Australian Market Licence or Clearing and Settlement (CS) facility licence must notify ASIC in writing of their intention to apply and hold a pre-meeting with ASIC by 30 June 2026. As part of updating Information Sheet 225 Digital assets: Financial products and services (INFO 225), ASIC granted a sector-wide no-action letter enabling providers to consider the guidance and, where applicable, apply for a new or varied licence until 30 June 2026. Licensing firms improves investor protections and provides greater certainty to providers to operate under the law. Updated INFO 225 is aligned to and supports the Government’s broader work on the new laws that bring digital asset platforms (DAPs) and tokenised custody platforms (TCPs) under the financial services licensing regime from April 2027. ASIC recently released its roadmap for implementation of the reforms that will see new regulatory guidance and operational standards set as part of the new regime. Background INFO 225 ASIC first published INFO 225 in September 2017, with updates made in 2018, 2019, 2021 and 2025. INFO 225 is aimed at all firms involved in digital assets, including: existing financial services and financial markets businesses, including those exploring the application of blockchain technology to existing financial products and real-world assets (e.g. tokenisation) digital asset focused businesses brokers and intermediaries professional advisers to the above businesses. Under our no action position, firms need to apply for a licence (or for markets or CS facility licences, notify us that they intend to apply) by 30 June 2026. Depending on the services they provide, some firms may instead comply by becoming an authorised representative of an AFS licensee by that date. The INFO 225 package also included relief for distribution of certain stablecoins and wrapped tokens. These relief instruments remain in place as part of the transition to the new digital asset and payments services licensing reforms. ASIC's Moneysmart website has information for investors on the risks of investing in crypto assets. Digital Assets law reform The Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act) passed Parliament on 1 April 2026, received Royal Assent on 8 April 2026, and will commence on 9 April 2027. The DAF Act provides for an 18-month implementation timeline. Under the new regime, ASIC is tasked with licensing and supervising digital asset platforms (DAPs), and with enforcing the law as required. To assist the industry, ASIC set out its roadmap for implementing the new regime. This includes our expected timeline and approach to consulting on the new standards and guidance, including early indications of the content that will be covered. Many digital asset firms that apply for a licence based on INFO 225 will also need to add DAP and TCP authorisations to their licence once that regime commences.

All companies listed on the Main Market of Qatar Stock Exchange (*excluding of two companies) have disclosed their financial results for the period ending on March 31, 2026, with a net profit of 12.76 Billion Qatari Riyals for that period compared to 13.19 Billion Qatari Riyals for the same period last year 2025, an decrease of 3.29 %.  It is worth noting that all financial data of the listed companies are available on the website of the Qatar Stock Exchange. Qatar Stock Exchange would like to thank all listed companies for their efforts in enhancing the disclosure and transparency principles. * Al Faleh Educational Holding Q.P.S.C :The financial year ends on 31 August each year. * Qatar German Medical Devices Company: The disclosure of its financial results for the First Quarter Financial Statements for the Year 2026 to be held on 12/05/2026 .

Total operating revenues reached KD 10.15 million, with operating profit at KD 7.31 million and earnings per share at 29.82 fils Total turnover of institutional investors rose to 73.28% while international investors (including GCC nationals) increased their share of total market trading to 21.60% Despite regional tensions, Boursa Kuwait weathered geopolitical shocks with operational resilience Boursa Kuwait Securities Company held its Board of Directors meeting on Thursday,30 April 2026, and announced its financial results for the three months ended 31 March 2026, recording a net profit of KD 5.99 million. The company also achieved total operating revenues of KD 10.15 million for the three months ended 31 March 2026, while operating profit for the period stood at KD 7.31 million. Meanwhile, earnings per share stood at 29.82 fils for the period ended 31 March 2026. Click here for full details.