Tokyo Commodity Exchange, Inc. (TOCOM) has today approved The Hokuriku Bank, Ltd. as a TOCOM Broker Member. The Hokuriku Bank has also been approved by Japan Securities Clearing Corporation for an Energy Futures Clearing Qualification on the same date. The Hokuriku Bank will be the 11th Broker Member of TOCOM and the 12th Energy Futures Clearing Member starting from the scheduled Membership acquisition date of March 16, 2026, and will become able to offer services from brokerage to clearing of TOCOM’s Electricity (Power) Futures to market participants. The Hokuriku Bank will be the first regional financial institution in Japan to acquire a Broker Member qualification from TOCOM. New Broker Member Overview Company Name: The Hokuriku Bank, Ltd. Scheduled Membership Acquisition Date: Monday, March 16, 2026 Comment from The Hokuriku Bank We are very honored and pleased to be able to offer a new type of transaction as a TOCOM Broker Member. As one of only five banks in Japan with a license to engage in the commodity derivatives business, we already provide our customers with hedging tools to address price fluctuation risks across various commodities, including crude oil and non-ferrous metals such as copper and aluminum, thereby supporting companies’ stable operations. By entering into the electricity futures market, we will leverage the extensive knowledge and experience we have cultivated in the commodity futures trading business. By improving domestic market liquidity and increasing the number of market participants, we will help stabilize power prices and expand risk management options in the energy sector. As a regional bank, we believe that contributing to the development of the regional economy and the realization of a sustainable society is an important mission. Our entry into the electricity futures market will also support regional companies and local governments conduct business operations under stable power prices, and contribute to the revitalization of the regional economy and the promotion of renewable energy and decarbonization by stabilizing the electricity market. We will continue to meet the various needs of our customers and build a sustainable future together with the region. Comment from Tokyo Commodity Exchange We are pleased to welcome The Hokuriku Bank to our TOCOM market as a new Broker Member. The Hokuriku Bank’s participation will be the first case of a Japanese regional financial institution in the listed commodity futures market. We expect The Hokuriku Bank to develop comprehensive new financial services, including electricity futures trading, and drive innovation for customers not only in the Hokuriku region but also in other regions. Regarding the TOCOM electricity futures market, due to growing hedging needs against electricity price fluctuations, the annual trading volume in 2025 reached approximately 4,583 GWh, about five times higher than the previous year, setting a new all-time high. Additionally, TOCOM is actively engaged in developing the electricity market ecosystem by improving investor convenience. We will contribute to this by listing new Chubu-area products in April and transitioning to Phase 2 of the linkage services for spot and futures trading (JJ-Link) this summer. We believe that the expansion of the TOCOM electricity futures market will contribute to the stabilization of the price of electricity—an essential element of daily life—which will ultimately lead to the stability of people’s livelihoods. We are confident that The Hokuriku Bank’s participation in the TOCOM electricity futures market will further diversify investor participation and improve market liquidity. Contact Tokyo Commodity Exchange, Inc.　Business OperationsTEL:+81 3-3666-1361 (Operator)

CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a global leading asset manager specialising in digital assets and European leader, today announced the launch of the CoinShares Physical Hyperliquid Staking ETP, providing investors with regulated, institutional-grade exposure to Hyperliquid's native HYPE token at 0% management fee with a 0.5% annual yield. The launch reflects CoinShares' conviction-led approach to product development: building investment products around protocols that demonstrate exceptional fundamentals and embody the firm's hybrid finance thesis — the convergence of decentralised innovation with institutional-grade infrastructure. Product Details Attribute Details Product Name CoinShares Hype ETP Ticker LIQD ISIN GB00BVBJQ593 Exchange Xetra Management Fee 0% Staking Yield 0.5% p.a. Backing 100% physically backed   Why Hyperliquid: The Data Behind the Conviction Hyperliquid has emerged as the leading decentralised perpetual futures exchange, processing over $3 trillion1 in trading volume and capturing approximately 70% of on-chain perpetual futures market share. The protocol has achieved what many considered impossible: matching — and in some cases exceeding — the performance metrics of centralised exchanges while maintaining fully decentralised execution. Key performance indicators supporting CoinShares' investment thesis include: $3.8 trillion2 in perpetual futures trading volume 30%3 market share of on-chain derivatives trading 41% seven-day price appreciation during a period when Bitcoin declined 38% from its October 2025 peak Ripple Prime integration (4 February 2026), providing 300+ institutional clients access to on-chain perpetuals — the first institutional prime brokerage integration for any decentralised exchange Hyperliquid's performance during the current market correction has led analysts to characterise HYPE as a "defensive play" within digital assets, demonstrating resilience typically associated with traditional safe-haven sectors. The main reason for this characterisation is how HYPE is benefiting from volatile periods through trading fee revenues. Hybrid Finance in Practice Jean-Marie Mognetti, CEO and Co-Founder at CoinShares, commented: "CoinShares builds products around protocols we believe in. Hyperliquid represents exactly the kind of infrastructure we've anticipated since we launched the world's first Bitcoin ETP in 2015: decentralised systems performing at institutional scale, with the transparency and composability that traditional finance cannot replicate. "The future isn't TradFi versus DeFi. It's hybrid finance,  the best of both worlds. Hyperliquid exemplifies this convergence, and our Hype ETP gives investors a regulated pathway to participate." James Butterfill, Head of Research at CoinShares, added: "Our approach has always been to develop products for projects we genuinely believe in and have a sound fundamental investment thesis. Hyperliquid's fundamentals speak for themselves: it has matched centralised exchange volumes while remaining fully on-chain. The 0% management fee and 2% yield structure reflect our confidence in this protocol's long-term positioning."   [1] https://dune.com/queries/4078319/6867133 [2] https://dune.com/queries/4078319/6867133 [3] https://dune.com/queries/4078319/6867133

The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) is conducting a series of surveys as part of its thematic review of operational resilience, supporting the FMA’s regulatory priority of identifying emerging risks and opportunities, to promote market integrity, transparency, and resilient markets and providers, as set out in the 2025 Financial Conduct Report. The purpose of these surveys is to understand the overall level of operational resilience maturity and to support continuous improvement in a constructive and collaborative way. It is also designed to deepen our understanding of risks and potential harm associated with weaknesses in operational resilience and gain a better understanding of current practices. By voluntarily sharing experiences and practices, those who participate are demonstrating a genuine desire to strengthen operational resilience for the benefit of their organisation, their customers, and New Zealand’s financial markets. Peer-to-Peer lending sector The FMA conducted a survey of the Peer-to-Peer lending sector between 9 and 30 September 2025. The resulting report, operational resilience thematic: findings and insights – Peer-to-Peer lending sector, outlines the sector’s strengths, identifies areas for improvement, and provides practical recommendations to support further development. Download operational resilience thematic: findings and insights – peer-to-peer lending sector [248KB] Crowdfunding service providers The FMA conducted a survey of the crowdfunding service providers sector between 9 and 30 September 2025. The resulting report, operational resilience thematic: findings and insights – crowdfunding service providers sector, outlines the sector’s strengths, identifies areas for improvement, and provides practical recommendations to support further development. Download operational resilience thematic: findings and insights – crowdfunding service providers [258KB]

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 attached option classes will begin trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange on Tuesday, February 24, 2026.Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments.  All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.MIAX Options and MIAX Emerald Options Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP. Please contact MIAX Listings with any questions at Listings@miaxglobal.com or (609) 897-7308. MIAX Options® Exchange MIAX Pearl® Options Exchange MIAX Emerald® Options Exchange MIAX Sapphire™ Options Exchange

Please refer to the Regulatory Circulars listed below for newly added symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges. The newly listed symbols will be available for trading beginning Tuesday, February 24, 2026. MIAX Options Regulatory Circular 2026-24 MIAX Pearl Options Regulatory Circular 2026-24 MIAX Emerald Options Regulatory Circular 2026-23 MIAX Sapphire Options Regulatory Circular 2026-24 Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309. 

Tokenization has the potential to bring much-needed efficiency and flexibility to collateral management. Sandy Kaul from Franklin Templeton and the DTCC’s Joseph Spiro talk about the opportunities and the path to broader adoption. Please view this page via Chrome to access the recording.

Commodity Futures Trading Commission Chairman Michael S. Selig today announced four senior staff appointments in his office. Brooke Nethercott as Director, Office of Public Affairs Brooke Nethercott joins the CFTC as director, Office of Public Affairs. “I’m excited to welcome Brooke to the CFTC as director of public affairs,” Chairman Selig said. “Her extensive congressional experience and commitment to advancing President Trump’s vision for making America the crypto capital of the world will be invaluable as we drive innovation forward. “I also thank Taylor Foy for his service as acting director of the Office of Public Affairs.”  “It’s an honor to join Chairman Selig’s team at this important moment for emerging technologies,” Nethercott said. “I look forward to supporting the Commission’s pro-innovation agenda and ushering in a Golden Age for our markets.” Nethercott most recently served as deputy communications director for the House Financial Services Committee under Chairman French Hill (R-Ark.), having previously been Chairman Hill’s communications director. Earlier, she was a senior consultant in strategic communications at FTI Consulting and worked in digital media for WebMD and Pandora Music. She holds a B.A. in Communication from the University of Hartford. Emma Johnston as Senior Agriculture Advisor  Emma Johnston joins the CFTC as senior agriculture advisor to the Chairman. “I’m excited to have Emma join our team here at the CFTC,” Chairman Selig said. “The U.S. agriculture industry is the foundation of this agency. Emma’s expertise will help guide us as we create more efficient and transparent markets for farmers across this great country.” “I’m thrilled to join Chairman Selig’s team to advise on agricultural issues in our commodity markets,” Johnston said. “It’s an honor to serve the Trump Administration and our nation’s agricultural producers in this role, especially as the CFTC works to increase efficiency and access to risk hedging tools for the agricultural community.” Johnston joins the CFTC after serving as senior policy advisor to Sen. Tommy Tuberville (R-Ala.), where she managed a portfolio including agriculture, trade, energy, and environment, and supported his work on the Senate Agriculture Committee. She brings nearly a decade of Capitol Hill experience, including roles in the offices of former Sen. David Perdue (R-Ga.) and Rep. Elise Stefanik (NY-21). A Georgia native, Johnston earned her B.S. in Food Science from the University of Georgia, M.S. in Agricultural Economics from Purdue University, and M.B.A. from Indiana University. Meghan Tente as Senior Advisor Meghan Tente serves as a senior advisor to the Chairman. Tente has served in multiple leadership roles at the CFTC, including most recently as chief of staff to acting Chairman Caroline D. Pham and acting general counsel. She previously served as acting director of the CFTC’s Division of Market Oversight. Tente joined the CFTC in the Division of Clearing and Risk in 2012 and has worked with exchanges, derivatives clearing organizations, swap data repositories, and market participants on issues ranging from registrations and data reporting to international standards and novel derivatives products. Tente is a graduate of Brown University and Cornell Law School. Elizabeth (Libby) Mastrogiacomo as Senior Advisor  Libby Mastrogiacomo serves as a senior advisor to the Chairman. Mastrogiacomo previously served as senior counsel to former CFTC Commissioners Summer Mersinger and Dawn Stump. In those roles, she advised the commissioners on agency rulemakings, enforcement actions, litigation, proposed legislation, examinations of registered entities, and registration applications. Before joining the CFTC, Mastrogiacomo practiced law in the derivatives group of Skadden, Arps, Slate, Meagher & Flom LLP. There, she counseled CFTC-registered trading platforms, clearing organizations, swap dealers, and swap data repositories, as well as banks, asset managers, pension funds, and end users of derivatives. She holds a B.B.A. from the College of William and Mary and a J.D. from The George Washington University Law School.

The European Banking Authority (EBA) today published the follow-up to its 2022 peer review report on ICT risk assessment under the supervisory review and evaluation process (SREP). The follow-up Report shows that competent authorities have made notable progress in strengthening ICT risk assessment, driven largely by the implementation of the Digital Operational Resilience Act. At the same time, further work and continued investment remain necessary to ensure consistent and effective ICT risk supervision across the European Union (EU). The follow-up exercise reviewed the recommendations issued to competent authorities in 2022, including a targeted follow-up on relevant benchmarking questions. It assessed progress in light of the application of DORA since January 2025, and the forthcoming integration of the ICT SREP Guidelines into the revised SREP Guidelines - one of the key recommendations of the 2022 report. In conducting this review, the EBA primarily relied on related supervisory convergence work. The findings confirm that competent authorities are enhancing their ICT supervisory capacity and expertise, increasingly using horizontal analyses, and systematically applying supervisory tools. In relation to benchmarks, improvement was observed in the use of the ICT risk sub-categories, which are now broadly implemented by almost all authorities. More broadly, the Report encourages competent authorities to fully integrate ICT risk methodologies and ICT risk sub-categories into supervisory processes, along with continued efforts to enhance supervisory convergence and operational resilience across the EU. Legal basis and background The follow-up Peer Review has been conducted in accordance with Article 30 of the EBA Regulation (Regulation (EU) No 1093/2010), which requires a review committee to prepare a follow report two years after the publication of the initial peer review and submit it to the Board of Supervisors. The follow-up report shall include an assessment of, but not be limited to, the adequacy and effectiveness of the actions undertaken by the competent authorities that are subject to the peer review in response to the follow-up measures of the peer review report.  Documents Follow up Peer Review Report on ICT Risk Assessment under SREP (650.49 KB - PDF) Related content Page Peer Reviews Topic Supervisory Review and Evaluation Process (SREP) and Pillar 2

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a public consultation following the review of the European Market Infrastructure Regulation (EMIR 3). ESMA is encouraging all interested stakeholders, including non-financial counterparties (NFCs), to share their views about:    the relevant conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted by central counterparties (CCPs) as collateral; the conditions under which debt instruments can be considered as eligible financial instruments for the purpose of CCP investment policy; and the highly secured arrangements in which emission allowances posted as margins or default fund contributions can be deposited. EMIR 3 introduces several measures to make EU clearing services and EU CCPs more efficient, competitive and accessible. These include permanent broadening of both the type of guarantees that may be accepted by CCPs as eligible collateral and the scope of entities that may use them, now also covering clients of CCPs that are NFCs.  Next steps The deadline for responses is 30 April 2026. Based on the responses received, ESMA will prepare the final report and submit the final draft technical standards to the European Commission by the end of 2026. Respond Related Documents DateReferenceTitleDownloadSelect 23/02/2026 ESMA91-1505572268-4513 Consultation paper on guarantees as CCP collateral and on certain aspects of CCP investment policy

NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, has issued an advisory to the investing public in response to notable price movements observed in the shares of certain listed companies over recent trading sessions.Issued as part of NGX RegCo’s standard market surveillance functions, the advisory serves as a measured reminder for investors to prioritize informed and disciplined decision-making. The Exchange continues to monitor market activities closely in line with its mandate to ensure a fair, orderly, and transparent market.NGX RegCo encourages all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile. Investors are also advised to exercise due diligence, avoid speculative trading based on unverified information, and consult licensed intermediaries such as stockbrokers or investment advisers when needed.Commenting on the advisory, Olufemi Shobanjo, CEO of NGX Regulation Limited, said: “Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information. This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market.”NGX RegCo reassures all stakeholders that Nigerian Exchange remains stable, well-regulated, and resilient. The Exchange continues to foster an environment where investors can participate with confidence, supported by robust oversight and transparent market operations.

Thank you, Constance, and thank you for the opportunity to speak to you today.1 Let me commend NABE for focusing this year's conference on economic disruptions including artificial intelligence, a subject I have spoken on often lately, and which I will address again tomorrow at a Boston Fed conference. But today, I will turn to another topic that I know is of interest, the outlook for the U.S. economy and the implications for the Federal Open Market Committee's (FOMC) goals of maximum employment and stable prices. At our January meeting, the FOMC voted to hold our policy rate steady, following three 25-basis-point cuts since September. The Committee had cut rates because job gains had slowed and downside risks to employment had increased, amid somewhat elevated inflation. In my view, appropriate policy should look through tariff effects on inflation. Underlying inflation was running close to 2 percent while the labor market remained at risk, and these circumstances led me to favor another cut in January, and to dissent against the Committee's decision. I felt that the risk of a substantial downturn in the labor market combined with a limited risk of higher inflation warranted another cut, bringing the policy rate closer to a neutral setting. Even in the absence of some data due to last year's government shutdown, a factor cited by some FOMC colleagues voting to pause, the balance of risks for me were weighted toward further policy easing. Since that meeting, we have received quite a bit of economic data. In particular, the January employment report came in substantially stronger than I and most forecasters and market participants expected. Before we delve into the implications for monetary policy, let's celebrate this as some welcome good news. According to newly updated payroll numbers for the past year, the initial estimate is that the U.S. economy created more jobs in January than in the previous nine months combined. Many workers have been struggling to find new jobs in a labor market with a low hiring rate, so this sign of a pickup in hiring is fortunate for them, and a suggestion that labor market risks have diminished. Other data showed that underlying inflation is running close to 2 percent. Taken together the data were positive, but not conclusive that the labor market is on a more solid footing and, hence, also not conclusive about the proper setting of monetary policy. One month of good news does not constitute a trend, but a year does, and the year of 2025 was an extraordinarily weak one for job creation—the weakest outside of a recession since 2002. We will not know whether the upturn in this initial estimate of job creation is signal or noise until we get more data. Fortunately, before the next meeting of the FOMC on March 17 and 18, we will get employment and inflation data for February, as well as more data on job openings and retail sales. If these data support the idea of an improvement in the labor market in January that continued in February, along with additional progress toward 2 percent inflation, that could result in my outlook turning a bit more positive and my view of appropriate monetary policy may tilt toward a pause at our upcoming meeting, a possibility that I will discuss in greater detail in a moment. But even if inflation continues to make progress toward 2 percent, if the new labor data dent the idea of a turnaround and instead point to continued weakness like we saw in 2025, then there may be an equally credible case for a further reduction in the policy rate, and I will lay out that argument as well. With those cases outlined, let's talk about where things stand as of today. Overall economic activity has been growing at a solid pace. On Friday, we received the advanced estimate of real gross domestic product (GDP) growth in the fourth quarter of 2025 of 1.4 percent at an annual rate. Purchases by consumers and businesses, often referred to as private domestic final purchases, increased by 2.4 percent. The government shutdown last year reduced growth in the fourth quarter and has likely boosted it in the first quarter of 2026, both by about 1 percentage point. Smoothing through those effects, I expect real GDP to grow above 2 percent for these six months, with both business and household spending continuing at a solid pace. The Supreme Court ruling Friday overturning a large share of import tariffs imposed last year may have a positive impact on spending and investment, but how large that impact may be and how long it could last is unclear. The Administration plans to reimpose at least some of the tariffs using other laws, but there is considerable uncertainty over to what extent tariffs will continue. As of now, business surveys indicate a pickup in activity in January. Manufacturing production increased 0.6 percent last month, the strongest reading in almost a year. Manufacturing supply managers also reported an increase last month. The message was broad in the survey—increases in all the aspects of manufacturing surveyed: inventories, new orders, supplier deliveries, and production and employment. In services, which accounts for the majority of business output, purchasing managers reported that activity increased for the 19th straight month. This is all good news and should support GDP growth this quarter. That said, business investment last year was largely due to data center construction and related investments—still a relatively narrow slice of the economy and not representative of overall economic activity. Data for household spending is fairly solid but has shown some signs of softening. Personal consumption expenditures (PCE) growth slowed from 3.5 percent in the third quarter of 2025 to 2.4 percent in the fourth quarter, still solid spending growth. Retailers who I talk to continue to report a divergence between higher income shoppers, whose spending remains resilient, and lower- and middle-income customers, who are starting to spend less or switch to lower-cost goods and services. The strong gains in the stock market in 2025 boosted wealth for higher income households, which should support their spending in 2026, but it will probably do little for lower income households. The highest-earning 20 percent of households account for 35 percent of spending, and their share of stocks is even higher. Research shows they are relatively less affected by higher prices or a slower economy. By contrast, the bottom 60 percent of households by income own only 15 percent of stocks, and account for 45 percent of spending. And, I'm hearing that some of these shoppers are making more frequent trips to stores with fewer purchases during each visit. More trips to stores sounds good, but fewer purchases may indicate people feel a pinch in their wallets and pocketbooks, and this behavior may presage cutbacks in discretionary purchases. As I said in a speech last October, I worry that the still-solid spending increases lately may be driven by stock-rich households and thus be masking weakness in the still substantial share of spending that relies on lower- and middle-income people.2 For these latter households, spending is highly influenced by their view of the labor market, so let me turn to that. The January employment report included the usual annual revisions that affected the payroll data for all of 2025, which adjusted the picture we have of the labor market going into 2026. As expected, the data were revised down, turning 2025 from a year with relatively weak job creation into one of the weakest years in decades outside of a recession. For the year, 181,000 new jobs were reported. This amounts to an average of only 15,000 a month. But 2025 was even worse than that, because even after those revisions, there likely remains an upward bias in the payrolls from April through December and the correction to those numbers won't happen until 2027.3 Accounting for those upcoming revisions, it seems clear that payroll employment in the United States probably fell in 2025, only the third year that has happened since 1945. There is no doubt that the decline in net immigration last year has significantly lowered labor force growth and thus the number of new jobs that are needed to reflect a healthy labor market. However, last year the labor force grew by 2.9 million while payroll gains were much less. There has been much discussion of the current low-hire, low-fire labor market. A relatively low level of layoffs means that slow hiring is not as bad as it looks. Even so, I continue to believe that close to zero net job creation over 2025 indicates a weak, and fragile job market, and this is some important context for the data we received in January. The labor data that came out the week before the jobs report was bleak—Job Openings and Labor Turnover Survey data showed a dramatic decline in job openings and the payroll services firm ADP reported January was a lackluster month of hiring with job gains of only 22,000. So, when the jobs report showed that the total number of jobs grew by 130,000, and that private sector payroll growth was even stronger at 172,000, this was a welcome surprise. Even with downward revisions to the previous two months, the three-month average of total payroll increases was 73,000, which is above current estimates of breakeven net hiring. And unemployment did fall last month though it is still higher than a year ago. This report was clearly a surprise to the upside and suggests that the labor market may be turning a corner. But how much signal can we take from this jobs report about the future health of the labor market? I have some concerns that the report may contain more noise than signal. First, job gains were concentrated in a few sectors of the economy, primarily health care and construction, that constitute around only around 20 percent total employment. Health care and social assistance accounted for nearly 125,000 of the 130,000 jobs and the jump in construction jobs may have been influenced by warm weather last month during the week that the government surveyed firms. Many other sectors lost jobs, more consistent with what happened in 2025. All this does not suggest the whole labor market is heading for a more robust footing. Second, initial payroll reports for January in each of the past few years have seen big revisions downward in subsequent reports a month or two later, and two other estimates of private-sector employment suggest something similar may be happening now. In contrast to the 172,000 gains reported by the Bureau of Labor statistics, as I noted, ADP reported that U.S. businesses created only 22,000 jobs last month. Another firm, Revelio, estimated only 3,000 new private-sector jobs in January. A less scientific survey of layoff announcements by the outplacement firm Challenger Gray and Christmas counted 108,000 layoff announcements last month, the most since October and the worst January for job cuts since 2009. Again, this conflict between private data sources and the initial jobs numbers leaves me concerned that the jobs report may contain more noise than signal. Make no mistake—official government data, which I still consider the gold standard, was positive for January and a very encouraging sign of a turnaround. But I will say again, one month is not a trend, and that is especially true after the kind of labor market that limped along in 2025. There are enough asterisks around the January data that I will need to see the February report due March 6 before forming any judgment on whether there has been a rebound in the labor market. It will contain a second estimate for January and indications of whether the good news has continued. Now let's talk about the FOMC's 2 percent inflation goal. Headline consumer price index (CPI) inflation came in below expectations for January, in part due to lower energy prices. However, excluding volatile food and energy prices, core CPI inflation rose a strong 0.3 percent and was up 2.5 percent over the previous 12 months. Based on what we know today, PCE inflation targeted by the FOMC is estimated to have been higher than CPI inflation in January, around 2.8 percent over the previous 12 months, with core, a better guide to future inflation, about 3 percent over that same period. We will have a clearer picture of January PCE inflation after producer prices are reported on February 27. PCE inflation has crept up in the past few months, and is meaningfully above the FOMC's 2 percent goal, but a crucial factor has been the estimated effect of tariffs. I think it is widely acknowledged now that tariff increases have not affected longer-term inflation expectations and thus will only temporarily boost inflation rather than be a source of ongoing inflationary pressure. So, I estimate that what I call underlying inflation—inflation without the effects of tariffs—is close to the FOMC's 2 percent goal. Two questions are how much tariff effects will be, and how long they will last. Over 2025, the inflationary effects from tariffs tended to be smaller than expected, in part from downward adjustments to the ultimate size of tariffs. However, I also suspect that exporters and importers were eating a sizable share of the costs to maintain market share and retain customers. There were many anecdotal reports that firms had been holding the line on prices through 2025 but planned markups in January as contracts were renewed at the start of the year. But we didn't see as large a jump in prices as some expected in the CPI data and it's hard to believe that February is 'the new January' when it comes to resetting contract prices. So that story doesn't seem to be holding water. Looking forward, there is now a question of how Friday's Supreme Court ruling may affect near-term price increases. Perhaps firms will lower their prices as their input costs associated with tariffs decline Or, prices may be unaffected if the Administration quickly reimposes at least some of the tariffs under other laws. It is too soon to know. In any case, since tariffs only temporarily affect inflation, that is why I consider underlying inflation for my policy decisions. Traditional central bank wisdom suggests that we should "look through" tariffs. I did this when they went up and will do so if they come down. So, this ruling is unlikely to have a significant impact on my view of the appropriate stance of policy. We will get another CPI report for February on March 11, a week before the next FOMC meeting, and, along with the February labor report, it will be an important basis for my judgment on the proper stance of monetary policy. Assuming underlying inflation continues to signal we are close to our 2 percent goal, the key to setting appropriate policy will be my view of the labor market. If the labor market data for February are consistent with the stronger job creation and low unemployment rate initially reported in January, indicating that downside risks to the labor market have diminished, it may be appropriate to hold the FOMC's policy rate at current levels and watch for continued progress on inflation and strength in the labor market. But if the good labor market news of January is revised away or evaporates in February, it would support my position at the FOMC's last meeting, that a 25-basis-point reduction in the policy rate was appropriate, and that such a cut should be made at the March meeting. As things stand today, I rate these two possible outcomes as close to a coin flip. There is no dismissing the weakness of job creation in 2025, and, for the reasons I have noted, it won't be a huge surprise if the strong January report turns out to be noise and not signal. But it is also true, as I have noted before, that data on economic activity have been consistently stronger than one might expect based on the weakness in the payroll numbers. So I can't dismiss the possibility that the labor market data has pivoted to a more solid footing. As we get more data, I will be able to decipher which of these cases we are in and can then be more deliberate in my decision on the appropriate setting of policy. 1. The views expressed here are my own and are not necessarily those of my colleagues at the Federal Reserve Board or the Federal Open Market Committee.  2. See Christopher J. Waller, "Cutting Rates in the Face of Conflicting Data," speech, October 16, 2025.  3. My estimate of the anticipated revision is based on the difference between the currently published level of payroll employment and the count of employment from the Quarterly Census of Employment and Wages (QCEW), which is used to benchmark the payroll employment figures that are currently available through 2025:Q2.

The Financial Stability Board is seeking feedback from stakeholders as part of its thematic peer review on the implementation of public sector backstop funding mechanisms. The FSB adopted the Key Attributes of Effective Resolution Regimes for Financial Institutions in 2011, with the aim of facilitating the resolution of financial institutions without severe systemic disruption or taxpayer losses, while protecting vital economic functions. One element of an effective resolution regime is a public sector backstop funding mechanism, which, if needed as a last resort, can provide temporary funding to firms in resolution to support orderly resolution. The objective of the review is to examine progress made by FSB member jurisdictions in implementing Key Attribute 6 and the Guiding Principles on the Temporary Funding Needed to Support the Orderly Resolution of a Global Systemically Important Bank (“G-SIB”). The Summary Terms of Reference provides more details on the objectives, scope, and process for this review. The FSB has distributed a questionnaire to FSB member jurisdictions to collect information. In addition, as part of this peer review, the FSB invites feedback from financial institutions, industry and consumer associations, academics, and other stakeholders on the implementation of public sector backstop funding mechanisms. This could include comments on: how financial stability vulnerabilities associated with the liquidity needs of a G-SIB, or banks that may be systemically significant or critical if they fail (“banks systemic in failure”), during resolution differ across jurisdictions, and how these vulnerabilities are evolving; the nature, credibility, and capabilities of public sector backstop funding mechanisms for banks in FSB jurisdictions, including: the key design features of public sector backstop funding mechanisms to ensure their temporary, last-resort use to achieve an orderly resolution of a G-SIB or banks systemic in failure; the conditions and provisions that mitigate taxpayer losses and minimise moral hazard risk; experiences and challenges in addressing funding in resolution, and implications for public sector backstop funding mechanisms. The peer review report is expected to be published in October 2026. Feedback should be submitted by 31 March 2026 to fsb@fsb.org under the subject heading “FSB Thematic Peer Review on public sector backstops”. Individual submissions, unless requested otherwise, will be made public on the FSB’s website. Related Information 13 November 2024 The importance of resolution planning and loss-absorbing capacity for banks systemic in failure: Public statement Statement outlines considerations to enhance the resolution preparedness of banks that may be systemically significant or critical if they fail. 25 April 2024 Key Attributes of Effective Resolution Regimes for Financial Institutions (revised version 2024) This version of the Key Attributes incorporates additional guidance on financial resources and tools to support the orderly resolution of a central counterparty (CCP). 18 August 2016 Guiding principles on the temporary funding needed to support the orderly resolution of a global systemically important bank (“G-SIB”) FSB guiding principles on funding in resolution to ensure that temporary funding is available to enable the effective resolution of G-SIBs without bail-out by the public sector.

The allure of impact investing among private investors is surging, with an increasing number seeking not just financial returns but also positive societal impact. According to the GIIN, the Global Impact Investing Network, assets managed by impact investors have increased at a compound annual growth rate of 21% over the past six years, with an 11% increase in the past year — a signal of enduring confidence in our market. “While much of the impact funding still comes from national and multinational banks and development finance institutions, the growth is a clear indicator of market confidence among private investors”, says Finnfund´s Chief Investment Officer Hanna Loikkanen. The Finnish state-owned impact investor Finnfund’s portfolio now spans roughly 200 companies across 55 countries, totalling 1.2 billion euros in investments and commitments. Climate change has emerged as a defining issue in impact investing. “Our goal is to help companies adapt to climate change through our investments, because its effects touch every aspect of the business environment,” says Loikkanen. Finnfund’s companies face mounting risks: forest fires, droughts, and floods increasingly threaten agricultural and forestry investments. In some cases, extreme weather can halt operations altogether. Yet, the gravest risks are political and macroeconomic. Political unrest, coups, civil wars, and outright wars can disrupt Finnfund’s investment targets. Current conflicts in Ukraine and Myanmar exemplify the challenges. Even relatively stable countries are not immune, as global events—like U.S. tariffs imposed in spring 2025—can have ripple effects. Navigating risk Finnfund’s investment strategy is not for the faint of heart. “We operate in developing markets, investing in private companies that may not have well-established business practices yet. The challenges are diverse, and risks can materialise in many ways,” Loikkanen explains. Nevertheless, resilience is a hallmark of Finnfund’s portfolio. "However, the companies in the portfolio have demonstrated an ability to adapt to challenges and have succeeded in growing their business profitably”, says Loikkanen. One standout example is EthioChicken, an Ethiopian firm that continues to grow and thrive despite civil war. Finnfund also backs companies building telecom towers in conflict zones—structures often spared in war because all sides rely on communication. “These situations demand extraordinary adaptability. We seek out companies with strong leadership and robust business models that can weather extreme conditions,” says Loikkanen. Growing demand for funding Investing in developing countries requires a tolerance for uncertainty and unpredictability. To mitigate risk, financiers often seek instruments with protective features. Finnfund, for instance, has negotiated with the EU for a guarantee instrument for its new digital fund, with the European Commission backing up a portion of the investments. Despite the hurdles, Loikkanen sees immense potential in emerging markets. “These are the markets of the future. The Global South is experiencing the world's fastest economic growth, driven by favourable demographics. This opens up ever more opportunities for meaningful business,” Loikkanen notes. Technological leapfrogging is another source of opportunity. Developing countries can adopt the latest technologies directly—such as banks moving online without ever establishing physical branches. Finnish expertise in demand Finnfund’s 36-person team, led by Loikkanen, scouts for companies where investments can deliver both impact and financial returns. Finnfund provides loans and equity to firms in five sectors: sustainable agriculture and forestry, renewable energy and green transition, financial institutions, digital solutions, and infrastructure. “We ensure our investment targets grow and succeed. Eventually, we exit when the time is right, reinvesting the proceeds into new ventures. Our companies are unlisted, so we actively seek strategic investors. We do everything we can to make this happen,” Loikkanen says.

Global deal activity fell sharply year-on-year (YoY) in January 2026, underscoring a broad-based slowdown in risk appetite across markets. The broad-based contraction points to a structural reset in capital allocation priorities, as investors pivot from aggressive expansion to capital preservation, pricing discipline, and execution certainty amid persistent macro and geopolitical volatility, reveals GlobalData, a leading intelligence and productivity platform. An analysis of GlobalData’s Financial Deals Database revealed that the total number of deals (mergers & acquisitions (M&A), private equity and venture financing) announced nosedived 28% YoY during January 2026.   Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The pullback signals that dealmakers continued to prioritize selectivity, stronger diligence, and clearer paths to value creation over volume-led strategies.” The total number of M&A deals announced globally fell by 28% during January 2026 while venture financing and private equity deals volume were down by 23% and 57% YoY, respectively. Deal activity in North America remained comparatively resilient with the region experiencing a decline of 17% YoY in volume while deal Europe, Asia-Pacific, Middle East and Africa and South and Central America witnessed respective deal volume fall by 33%, 36%, 35% and 55%. The US, China, the UK, India, Canada, Germany, France and South Korea witnessed their deal volume decline by 15%, 17%, 19%, 24%, 36%, 46%, 29%, and 35%, respectively, YoY during January 2026. Bose concludes: “While the current slowdown reflects cyclical caution, it is also laying the groundwork for a more rationalized deal environment. Strategic investors are reassessing portfolios for non-core divestitures. As financing markets stabilize, GlobalData expects a phased recovery led by high-quality assets in key sectors.” Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a global leading asset manager specialising in digital assets and Europe's largest and longest-standing digital asset investment firm, today announced a permanent reduction in the management fee on its flagship CoinShares Bitcoin ETP (ticker: BITC) to 0.15% (15 basis points), effective immediately. BITC is the largest physically-backed Bitcoin ETP in Europe by assets under management, representing a core holding for institutional and retail investors seeking regulated Bitcoin exposure through traditional brokerage accounts. The fee reduction positions BITC competitively with the lowest-cost Bitcoin ETPs available globally, including recent entrants to the European market. "This fee reduction reflects our conviction that accessible pricing must be structural, not promotional," said Jean-Marie Mognetti, CEO and Co-Founder of CoinShares. "We launched Europe's first Bitcoin ETP in 2015 with a clear mission: to make digital asset investment accessible to all investors through familiar, regulated structures. As the European leader in digital asset investment, we are passing the benefits of our scale directly to our clients. This is not a fee holiday: it is a permanent commitment to competitive pricing that reinforces our market leadership." Strategic Rationale The European Bitcoin ETP market has undergone significant transformation over the past twelve months, with new entrants and intensifying fee competition. CoinShares' decision to reduce BITC's management fee to 0.15% reflects the Group's ability to leverage its vertically integrated infrastructure, operational efficiency, and market-leading scale to deliver institutional-grade products at increasingly competitive price points. Commitment to Quality and Accessibility CoinShares has consistently maintained that broad adoption of digital assets as an investment class requires two elements: institutional-quality products and accessible pricing. The BITC fee reduction advances both objectives. "Our investors, whether portfolio managers, wealth advisors, or self-directed retail clients,  deserve access to Bitcoin exposure at fee levels that reflect the maturity of this market," said Romain Barrot, Head of European ETP Products at CoinShares. "BITC now offers one of the most competitive fee structures among established, physically-backed Bitcoin ETPs in Europe, without compromising on the security, liquidity, or operational standards our clients expect." Product Details Product CoinShares Bitcoin ETP Ticker BITC ISIN GB00BLD4ZL17 Structure Physically-backed New Management Fee 0.15% (15 bps) Effective Date Immediate Listings Xetra, SIX Swiss Exchange, Euronext Paris, Euronext Amsterdam, LSE, Borsa Italiana

The Securities Commission Malaysia (SC) today charged AUF MBZ Consortium PLT (AUF MBZ) founder Datuk Wira Mahadi bin Badrul Zaman (Mahadi) at the Kuala Lumpur Sessions Court with two charges relating to unlicensed capital market activities under section 58(1) of the Capital Markets and Services Act 2007 (CMSA). The charges were in relation to AUF MBZ’s conduct of carrying on a business of dealing in securities without a Capital Markets Services Licence issued by the SC.   Mahadi, who is also a partner of AUF MBZ, is deemed to have committed the offence which occurred between 14 June 2021 to 9 August 2023 (the first charge) and between 3 September 2021 to 15 February 2024 (the second charge) in Selangor under section 367(1) of the CMSA.   Mahadi claimed trial to both charges, which were read out in two separate courts. For the first charge, Sessions Court judge Tuan Azrul bin Darus granted Mahadi bail of RM50,000 with one local surety. He was also ordered to surrender his passport and to report to the SC’s Investigating Officer monthly, until the completion of the trial as additional bail conditions.   For the second charge, Sessions Court judge Puan Norma binti Ismail granted Mahadi bail of RM50,000, also with one local surety. The court also imposed similar additional bail conditions as the earlier court. Separately, Tan Sri Datuk Dr. Mohd Daud bin Bakar (Tan Sri Daud), former director of unlisted public company Energy Eco Berhad (EEB), was charged with one charge of abetment under section 58(1) read together with section 370(c) of the CMSA.   The charge was in relation to EEB’s act of abetting AUF MBZ in the commission of the offence with regards to the first charge. Tan Sri Daud, who was a representative of EEB at the material time, is deemed to have committed the offence under section 367(1) of the CMSA.    Tan Sri Daud claimed trial before Sessions Court judge Puan Norma binti Ismail and was granted bail of RM50,000 with one local surety. He was also ordered to surrender his passport and to report to the SC’s Investigating Officer monthly.   Apart from this, also before Sessions Court judge Puan Norma binti Ismail, Dato’ Muhamad Iqbal bin Mohamad (Iqbal), director of another unlisted public company Qew Group Berhad (Qew) faced an abetment charge under section 58(1) read together with section 370(c) of the CMSA.   The charge concerned Qew’s act of abetting AUF MBZ in the commission of the offence pertaining to the second charge. Iqbal is deemed to have committed the offence under section 367(1) of the CMSA as he was a director of Qew at the material time.   Iqbal was granted bail of RM50,000 with one local surety. The court also imposed on him similar additional bail conditions as Tan Sri Daud. If convicted, all three Accused persons may be imposed with a fine not exceeding RM10 million or imprisonment for a term not exceeding 10 years, or both.   The SC reminds investors to exercise caution before parting with their monies and when considering investment opportunities. The SC’s Investor Alert List is constantly updated to guide the public to identify unauthorised/unlicensed platforms, companies or individuals. AUF MBZ and Mahadi had previously been placed on the SC’s Investor Alert List on 26 February 2024. Further queries can be made to the SC’s Consumer and Investor Office at 03-6204 8999 or e-mail: aduan@seccom.com.my.      

Qatar Stock Exchange would like to announce that the results of FTSE Russell Global Equity Index Series Semi Annual review, published on February 20th , 2026,will become effective at the open on Monday, March 23rd, 2026 for the Qatari market.  The changes announced may be subject to revision until close of business on Friday, 6 March 2026. Effective Monday, 9 March 2026 the index review changes will be considered final.   The details of the review for Qatari stocks are as follows:  Additions Zad Holding Company to Micro Cap Segment Deletions Qatar National Navigation & Transport from Mid Cap segment Dlala Brokerage & Investment Holding Co. from Micro Cap Segment Inma Holding from Micro Cap Segment Qatar Oman Investment Company from Micro Cap Segment Reclassifications None The review results will be effective at the open of March 23rd, 2026 for the Qatari market To view FTSE Russell press release, click here  Notice and Disclaimer:   • The information provided 0in this document is an extract of information that has publicly been made available by a third party on their website on the internet.   QSE is providing the information in this document (as is) and does not make any representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, timeliness or availability of the third party information and/or the information provided in this document for any purpose.     • QSE has no control over the nature, content, timeliness and availability of the third party information, and does not endorse or express any opinion on its contents. Any reliance you place on the information provided by us in this document and the information provided by the third party on their website or elsewhere is strictly at your own risk. The user should also note that the information of the third party is subject to certain intellectual property rights.    • In no event will QSE be liable for any loss or whatsoever arising from, arising out of, or in connection with, the use of the information provided in this document, or any information provided by the third party.

The current reports for the week of February 17, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

A total turnover of 7.662 billion shares worth ₦252.566 billion in 345,118 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 4.652 billion shares valued at ₦193.326 billion that exchanged hands last week in 286,751 deals. Click here for full details.