MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced the completion of its acquisition of a majority stake in the RFQ-hub platform, a bilateral multi-asset and multi-dealer request for quote (RFQ) platform with a focus on equity and fixed-income listed and OTC derivatives, structured products and exchange-traded funds (ETFs). Following the closing, MarketAxess holds approximately a 90% controlling stake in RFQ-hub. Kat Sweeney, Global Head of Data and ETF Solutions at MarketAxess, commented, “We see immense potential in combining RFQ-hub technology with our global client network. We have been working with the consortium and the RFQ-hub team for over two years and are already experiencing synergistic wins.” “MarketAxess is focused on supporting and expanding the role of fixed-income ETFs and credit futures, as they become increasingly important tools for our clients to manage their exposure to the fixed-income market and unlock liquidity in the underlying bonds,” she continued. RFQ-hub is a global derivative and ETF platform that has been operating since 2008. In May 2022, Virtu Financial announced the formation of a consortium, RFQ-hub Holdings LLC, to support the growth of RFQ-hub. In addition to MarketAxess and Virtu, founding consortium members included liquidity providers Citadel Securities, Flow Traders and Jane Street Capital, and asset manager BlackRock. All founding members will retain a minority stake and continue to partner with MarketAxess under the new ownership model. Cautionary Note Regarding Forward-Looking Statements The press release may contain forward-looking statements, including statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the transaction, including statements regarding the expected benefits of the transaction. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the ability of MarketAxess to successfully integrate Pragma’s operations, product lines, and technology. In addition, please refer to the periodic filings MarketAxess makes with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause events and results to differ materially from those contained in the forward-looking statements set forth in this press release. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

April 2025 marked a month of volatility and recovery, with the FTSE Mondo Visione Index achieving an all-time closing high. Global financial markets began April 2025 on shaky ground, grappling with heightened trade and tariff uncertainties. Despite the rocky start, the month showcased a remarkable turnaround, with markets bouncing back to erase early losses by the end of April. The FTSE Mondo Visione Index closed the month at a record-breaking 95,691.18 points, a 3.5% rise from its March close of 92,420.71 points. This milestone, achieved on 30 April, represents the highest closing level in the index’s history. Among the top exchanges by market capitalisation at the end of April were: CME Group: $99.76 billion Intercontinental Exchange: $96.32 billion London Stock Exchange Group: $83.17 billion Deutsche Boerse: $59.66 billion Hong Kong Exchanges & Clearing: $55.72 billion In terms of capital returns, standout performers included Bolsa Mexicana de Valores SAB de CV, which surged 26.6% in U.S. dollar terms, securing the top spot. India’s BSE followed with a 17.4% gain, while the Multi Commodity Exchange of India achieved a 16.7% increase. On the flip side, the Saudi Tadawul Group faced the steepest decline, with a 10.2% drop in share price over the month. Boursa Kuwait Securities and Intercontinental Exchange also saw losses, with decreases of 4.7% and 2.6%, respectively. Herbie Skeete, Managing Director of Mondo Visione and Co-founder of the Index, reflected on the month’s market activity: "April was a month of intense volatility, driven by trade, tariff, and economic uncertainty. But unlike March, April delivered an extraordinary and dramatic recovery, showcasing the resilience of global financial markets." For a detailed breakdown of April’s market performance, click here to download the full report. Performance Chart Of The FTSE Mondo Visione Exchanges Index (USD Capital Return) Source: FTSE Group, data as at 30 April 2025 Monthly FTSE Mondo Visione Exchanges Index Performance (Capital Return, USD)   July 2014 3.1% August 2014 2.3% September 2014 -3.6% October 2014 2.8% November 2014 2.5% December 2014 -0.5% January 2015 -1.0% February 2015 8.5% March 2015 0.0% April 2015 10.7% May 2015 0.1% June 2015 -3.2% July 2015 -2.7% August 2015 -5.3% September 2015 -2.1% October 2015 7.6% November 2015 0.4% December 2015 -2.2% January 2016 -4,7% February 2016 -0.7% March 2016 6.7% April 2016 0.4% May 2016 1.8% June 2016 -2.2% July 2016 5.3% August 2016 2.3% September 2016 -1.6% October 2016 -1.6% November 2016 2.1% December 2016 0.1% January 2017 6.0% February 2017 -0.8% March 2017 1.4% April 2017 0.8% May 2017 1.6% June 2017 5.6% July 2017 2.7% August 2017 0.3% September 2017 3.6% October 2017 -0.7% November 2017 6.4% December 2017 -0.7% January 2018 10% February 2018 -0.5% March 2018 -1.6% April 2018 -1.0% May 2018 -1.5% June 2018 -0.8% July 2018 -0.7% August 2018 2.4% September 2018 -1.7% October 2018 1.0% November 2018 3.1% December 2018 -4.2% January 2019 5.4% February 2019 1.7% March 2019 -2.6% April 2019 4.6% May 2019 1.5% June 2019 4.3% July 2019 2.2% August 2019 3.7% September 2019 -0.8% October 2019 2.0% November 2019 -0.5% December 2019 1.6% January 2020 5.0% February 2020 -7.4% March 2020 -11.5% April 2020 8.0% May 2020 6.7% June 2020 2.3% July 2020 6.6% August 2020 4.9% September 2020 -5.2% October 2020 -6.7% November 2020 8.9% December 2020 7.2% January 2021 0.8% February 2021 1.4% March 2021 -2.7% April 2021 3.3% May 2021 2.5% June 2021 0.4% July 2021 0.4% August 2021 0.1% September 2021 -4.2% October 2021 5.9% November 2021 -5.6% December 2021 4.9% January 2022 -2.2% February 2022 -3.5% March 2022 3.5% April 2022 -8.6% May 2022 -5.1% June 2022 -0.7% July 2022 2.4% August 2022 -3.9% September 2022 -8.8% October 2022 -1.1% November 2022 11.5% December 2022 -2.9% January 2023 3.8% February 2023 -4.1% March 2023 5.0% April 2023 0.9% May 2023 -3.9% June 2023 3.8% July 2023 4.6% August 2023 -2.3% September 2023 -3.0% October 2023 -0.6% November 2023 7.7% December 2023 3.8% January 2024 -2.7% February 2024 4.3% March 2024 -0.1% April 2024 -3.8% May 2024 1.3% June 2024 -0.4% July 2024 3.2% August 2024 8.2% September 2024 4.7% October 2024 -1.2% November 2024 2.6% December 2024 -3.1% January 2025 4.3% February 2025 5.6% March 2025 2.2% April 2025 3.5%   About FTSE Mondo Visione Exchanges Index The FTSE Mondo Visione Exchanges Index, a joint venture between FTSE Group and Mondo Visione, was established in 2000. It is the first Index in the world to focus on listed exchanges and other trading venues. The FTSE Mondo Visione Exchanges Index compares performance of individual exchanges and trading platforms and provides a reliable barometer of the health and performance of the exchange sector. It enables investors to track 33 publicly listed exchanges and trading floors and focuses attention of the market on this important sector. The FTSE Mondo Visione Exchanges Index includes all publicly traded stock exchanges and trading floors: Aquis Exchange Australian Securities Exchange Ltd B3 SA Bolsa de Comercio Santiago Bolsa Mexicana de Valores SA Boursa Kuwait Securities BSE Bulgarian Stock Exchange Bursa de Valori Bucuresti SA Bursa Malaysia Cboe Global Markets CME Group Dar es Salaam Stock Exchange PLC Deutsche Bourse Dubai Financial Market Euronext Hellenic Exchanges SA Hong Kong Exchanges and Clearing Ltd Intercontinental Exchange Inc Japan Exchange Group, Inc Johannesburg Stock Exchange Ltd London Stock Exchange Group Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq New Zealand Exchange Ltd Philippine Stock Exchange Saudi Tadawul Group Singapore Exchange Ltd Tel Aviv Stock Exchange TMX Group Warsaw Stock Exchange Zagreb Stock Exchange The FTSE Mondo Visione Exchanges Index is compiled by FTSE Group from data based on the share price performance of listed exchanges and trading platforms.

Three-year Sukuk matures in May 2028 and offers a profit rate of 8.375% Proceeds will fund sustainable real estate projects focused on energy efficiency and environmental performance Nasdaq Dubai today welcomed a USD 500 million Green Sukuk by OMNIYAT, a leading Dubai-based real estate developer. The three-year Sukuk, maturing on 6 May 2028, was issued under a USD 1 billion Trust Certificate Issuance Programme and carries a profit rate of 8.375%. The Sukuk will support the development of environmentally sustainable real estate projects across OMNIYAT’s portfolio, with a focus on energy efficiency, sustainable construction and environmental performance. The issuance attracted strong demand from regional and international investors, with initial price thoughts around 8% tightening to the final rate, underscoring investor confidence in OMNIYAT’s strategy and Dubai’s real estate sector. Mahdi Amjad, Founder and Executive Chairman of OMNIYAT, rang the market opening bell on behalf of the company at Nasdaq Dubai to celebrate the listing in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Mahdi Amjad, Founder and Executive Chairman of OMNIYAT, said: “Today’s bell ringing marks more than just a financial milestone, it signals OMNIYAT’s long-term commitment to sustainable growth and responsible investment. The successful launch of this green sukuk reflects our belief that profitability and positive environmental impact are intertwined. The oversubscription and subsequent successful issuance are a testament to the growing appetite for investment vehicles that drive both economic growth and sustainable outcomes. We are proud to list our Green Sukuk on Nasdaq Dubai, a world-class international exchange that offers unparalleled visibility, transparency, and connectivity to global investors. We thank the Nasdaq Dubai team for their invaluable support throughout this journey. This platform provides the ideal infrastructure to facilitate seamless market access and supports our ambition to deepen engagement with both regional and international capital markets.” Hamed Ali, CEO of Nasdaq Dubai and DFM, said: "OMNIYAT’s Green Sukuk listing is a strong addition to Nasdaq Dubai’s ESG and Islamic finance ecosystem. It reflects the growing role of the private sector in advancing sustainable finance and adds further depth to the market. We are pleased to support OMNIYAT’s capital markets journey and look forward to further collaboration as they continue to expand their impact." With this listing, the total value of ESG-linked debt instruments on Nasdaq Dubai has reached USD 29.6 billion, representing a growing share of the exchange’s debt market. Green instruments account for over 60% of ESG listings, highlighting strong regional momentum toward sustainable capital markets. The total value of Sukuk listed on Nasdaq Dubai now stands at USD 96.2 billion, while the overall value of debt instruments on the exchange exceeds USD 138 billion.

ASIC is reminding small business company directors that they must manage company money and assets in the best interests of their company. Misuse of company money and assets for personal gain can lead to companies being unable to pay their debts, which can harm other small businesses who are creditors. The reminder follows recent action that has been taken against company directors following ASIC investigations. Legal obligations and why they matter Company directors have legal obligations to ensure they act in good faith in the best interests of the company and to not improperly use their position to gain an advantage. They must consider the interests of the company as a whole which may involve considering the interests of shareholders, customers, suppliers, employees and other stakeholders. Misuse of a company’s money and assets can lead to a company not being able to pay its debts. This can cause significant harm to the community (through unpaid tax debts), employees, customers and suppliers. The impacts can be particularly devastating for small businesses creditors as the disruption to cash flow can impact their own ability to cover expenses and pay suppliers. In 2023-24, poor financial control, which can include misuse of company assets for personal purposes, was a cause of failure for 36 per cent of companies, according to reports lodged by registered liquidators. How company directors can make sure they get it right Actions that company directors should take to make sure they meet their obligations when dealing with company assets and money include: Remembering that it is company money, not their personal money: company directors cannot treat company property, assets or funds as if they are their own. For example, company funds can’t be used to pay for school fees or holidays. Considering the interests of their company as a whole when making decisions about company assets and money: company directors have a legal obligation to act in the best interests of their company. This includes paying small business creditors, employees and tax debts when due. Consequences of getting it wrong ASIC does not hesitate to investigate and take action where company directors breach their obligations by misusing company assets, especially when those breaches cause harm to other small businesses. We are focussed on protecting small businesses and ensuring that there is a level playing field. In the first three months of 2025, as a result of ASIC investigations: a director of two construction-related companies appeared in court charged with dishonestly using her position as a director to gain an advantage for herself. It is alleged that she transferred company funds to a credit card and other accounts and used the funds for her personal use. The two companies subsequently went into liquidation, with one of these owing money to small businesses which has not been repaid (refer 25-011MR). a director of a beverage distribution company was found guilty by a court of dishonestly using his position to gain an advantage by using company funds to pay legal fees and other costs to annul his personal bankruptcy (refer 25-038MR). Company directors may face civil and criminal penalties if they breach their legal obligations. They may also be disqualified from acting as a director of a company. In addition to ASIC investigations and enforcement action, there may be other consequences. For example: The Australian Taxation Office takes action against directors personally in some cases for unpaid company tax debts. If a company goes into liquidation, the liquidator will investigate the reasons for the collapse of the company. If the liquidator believes that a director has breached their obligations, they may sue the director seeking compensation. ASIC supports liquidators by prosecuting directors who fail to assist liquidators, including by providing books and records. For the period of 1 January 2025 - 31 March 2025, ASIC prosecuted a total of 34 individuals for 67 offences in failing to assist registered liquidators, with a total of $244,500 in fines and $4,360 in costs. Further information ASIC encourages company directors to seek professional advice if they are uncertain about their legal obligations or have concerns about the company’s finances. It is important to seek this advice early to avoid trouble. In addition, ASIC’s website has a small business section, which contains information to assist small business company directors in understanding their obligations as company directors.

On Thursday 08/05/2025, the Amman Stock Exchange (ASE) received a student delegation from the Faculty of Finance and Business at the World Islamic Sciences and Education University as part of a field visit to the Jordanian capital market institutions (Jordan Securities Commission, Amman Stock Exchange, Securities Depository Center), to learn more about the nature of the work of the market institutions and about the latest legislative and regulatory developments. The CEO of the ASE, Mazen Wathaifi, welcomed the delegation, stressing that the ASE seeks to strengthen its partnership with universities and enhance awareness, knowledge and culture in everything related to the national capital market and link the theoretical aspect with the practical aspect. Where Dr. Malak Al-Jazazi, Head of the Communications and Public Relations Department, also explained the nature of the ASE’s work in addition to the most important recent developments witnessed by the market and ASE’s future projects. At the end of the visit, the floor was opened for discussion and answers to students’ questions and inquiries about everything related to Jordan Capital Market institutions in general and the Amman Stock Exchange in particular.  

An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded a successful visit to Japan, signing agreements with government entities and the private sector to further enhance partnerships in various industries and high-growth clusters. The Abu Dhabi economic delegation, comprising representatives from more than 80 public sector entities, private enterprises, SMEs, and startups, engaged in high-level meetings with top government officials, key businesses and investors in Japan, exploring collaboration opportunities in across key sectors including life sciences, carbon-neutral technologies, AI, digital infrastructure, robotics, advanced manufacturing, and financial services. The delegation visited Expo 2025 Osaka and SusHi Tech – Tokyo, and organised the 11th Abu Dhabi Japan Economic Council (ADJEC) meeting, the Abu Dhabi Investment Forum (ADIF) and Abu Dhabi-Japan Business Forum, highlighting cooperation opportunities and the role of Abu Dhabi's 'Falcon Economy' initiatives in accelerating transition towards a smart, diversified, and sustainable development. 12 homegrown startups, supported by Hub71 and Khalifa Fund, participated in SusHi Tech- Tokyo, Asia's premier startup and innovation conference, highlighting Abu Dhabi's tech talent, solutions, and investment opportunities in innovation-driven industries. Organised in partnership with the UAE Embassy in Tokyo, the visit included meetings with H.E. Hirofumi Yoshimura, Governor of Osaka, H.E. Yuriko Koike, Governor of Tokyo, H.E. Nobuhiko Yamaguchi, Vice Governor of Osaka, H.E. Ogushi Masaki, State Minister of Economy, Trade and Industry, H.E. Takeuchi Shinji, Parliamentary Vice-Minister of Economy, Trade and Industry (METI), and H.E. H.E. Kodaira Nobuyori, President of the Japan Cooperation Center for the Middle East (JCCME). The delegation also met senior officials and executives of the Osaka Chamber of Commerce and Industry, Japan Business Federation (Keidanren), Sumitomo Corporation, Cosmo Energy, ITOCHU, and Toshiba. His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, said: "Guided by our leadership's ambitious vision, we are doubling down on our efforts to future-proof the economy and cement Abu Dhabi's stature as a rising economic powerhouse and a global hub for talent, business, investment, and trade". "Our visit to Japan presented a valuable opportunity to further strengthen our longstanding partnership by exploring new avenues of collaboration in various sectors. The agreements signed during this visit reinforce our commitment to deepening partnerships across priority industries and clusters to address giga shifts in the global economy. We remain committed to enhancing cooperation with key economies and trading partners, making human development and sustainability our top priorities to shape a brighter tomorrow". The agreements signed during the visit included a strategic partnership for smart mobility solutions between Emirates Driving Company and Zenmov, a leading company in smart mobility solutions, and Abu Dhabi Chamber and the Japan External Trade Organization (JETRO) agreement to deepen business relations and create new opportunities for collaboration. In addition, the Emirates Foundation's Nema initiative and Japan International Cooperation Center (JICE) inked an agreement to bolster cooperation to support achieving Nema's goal of reducing food loss and waste by 50 percent by 2030, in line with the UAE's National Food Security Strategy 2051 and U.N. Sustainable Development Goals. His Excellency Shihab Ahmed Alfaheem, Ambassador of the UAE to Japan, said: "The visit of the Abu Dhabi economic delegation to Japan underscores the strength and strategic depth of the UAE–Japan relationship — one that is rooted in decades of trust and collaboration, and now firmly focused on the future. Japan's global leadership in digital innovation, smart infrastructure, sustainable mobility, and advanced manufacturing aligns closely with Abu Dhabi's economic diversification goals and its ambition to build a resilient, knowledge-based, and climate-conscious economy." H.E. Alfaheem added: "This mission represents a pivotal moment in our bilateral ties, as we prepare to activate transformative frameworks such as the Comprehensive Economic Partnership Agreement (CEPA). CEPA will provide unprecedented access to markets, streamline cross-border investment, and facilitate greater technological exchange between our nations. It is through such frameworks that we will unlock the full potential of UAE–Japan collaboration across sectors — from clean energy and AI to startups and industrial R&D. The UAE Embassy in Tokyo is proud to support this high-level engagement. We remain committed to fostering meaningful partnerships between Emirati and Japanese institutions, and to advancing shared priorities that will shape the next era of sustainable, innovation-led growth." Bilateral trade between the UAE and Japan rose 4.8 percent to AED 182.4 billion (USD 49.7 billion) in 2024, compared to AED 174 billion (USD 47.4 billion) in 2023, while non-oil trade grew 2.2 percent over the same period, reflecting growing ties between the two economies. UAE investment in Japan has increased 100% over the past five years, while the country accounts for 80 percent of Japanese investments in the Middle East. The Abu Dhabi economic delegation included senior officials and executives from government entities, private sector's companies, and startups, including the Department of Culture and Tourism – Abu Dhabi, Abu Dhabi Securities Exchange (ADX), ADGM, Abu Dhabi Investment Office (ADIO), Abu Dhabi Customs, Khalifa Fund for Enterprise Development,    Abu Dhabi Chamber of Commerce and Industry (ADCCI), ADNOC, KEZAD, Hub71, Abu Dhabi Airports, and major companies from different sectors.

Yesterday, Secretary of the Treasury Scott K.H. Bessent and U.S. Trade Representative Jamieson Greer met with President Karin Keller-Sutter and Vice President Guy Parmelin of the Swiss Confederation. The Secretary was pleased to follow up on his earlier discussions with the Swiss delegation, and agreed with Swiss counterparts to accelerate negotiations on reciprocal trade.

Click here to download Tehran Securities Exchange's weekly market snapshot.

Nasdaq (Nasdaq: NDAQ) today announced that Shopify Inc. (Nasdaq: SHOP), will become a component of the Nasdaq-100 Index® (Nasdaq: NDX®) and the Nasdaq-100 Equal Weighted™ Index (Nasdaq: NDXE™) prior to market open on Monday, May 19, 2025. Shopify Inc. will replace MongoDB, Inc. (Nasdaq: MDB) in the Nasdaq-100 Index® and the Nasdaq-100 Equal Weighted™ Index. MongoDB, Inc. will also be removed from the Nasdaq-100 Tech Sector™ Index (Nasdaq: NDXT™), the Nasdaq-100 Technology Sector Market-Cap Weighted™ Index (NDXTMC™), the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted™ Index (NDXT10™), the Nasdaq-100 ESG™ Index (Nasdaq: NDXESG™), the Nasdaq-100 Sustainable ESG Select™ Index (Nasdaq: NDXSES™) , the Nasdaq-100 ex Top 30™ Index (Nasdaq: NDX70™), the Nasdaq-100 ex Top 30 UCITS™ Index (Nasdaq: NDX70U™), and the Nasdaq-100 High Beta™ Index (Nasdaq: NDXHB™) on the same date. Shopify Inc. will replace MongoDB, Inc. in the Nasdaq-100 Tech Sector™ Index (Nasdaq: NDXT™), the Nasdaq-100 Technology Sector Market-Cap Weighted™ Index (NDXTMC™), and the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted™ Index (NDXT10™) on the same date. For more information about the company, go to https://www.shopify.com/.

Notice Type: Exchange Notice ID: 1841.050925 2025 Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(d) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) hereby provides notice that due to increased or decreased volatility, as the case may be, in the underlying markets upon which the Nadex contracts are based, Nadex made changes to the strike widths of various contracts during the week of May 5, 2025 as indicated in the Weekly Notice. Should you have any questions or require further information, please contact the Compliance Department. Should you have any questions or require further information, please contact the Compliance Department. Notice 1841 Weekly Notification

Good afternoon. Thank you for moderating, Peter. It is an honor to be with you today, and it is always great to be back at Stanford and at the Hoover Institution. I spent several formative years of my career here, including as a National Fellow, and always enjoy returning. And it is a privilege to share the panel with Dr. Schnabel, and Presidents Musalem and Hammack. I look forward to our discussion.1 Before that, I would like to briefly discuss a topic I see as critical to the future path of the economy: productivity growth. Productivity growth has been surprisingly strong in recent years, and this has influenced my view of the appropriate stance of monetary policy. I will also explore two ongoing developments that are likely to influence productivity growth moving forward: changes to trade policy and the wider adoption of artificial intelligence (AI). Productivity dynamics are something I have long studied closely and will continue to pay careful attention to as I consider the appropriate stance of monetary policy. It is helpful to start by looking back about three years to the middle of 2022. At that point, the global economy had largely reopened after pandemic closures, a historic amount of federal support had been deployed, and unemployment was falling toward a half-century low. But supply disruptions persisted, and the 12-month inflation rate reached its peak at over 7 percent. The challenge for Federal Reserve policymakers was clear: Move inflation back toward its 2 percent target while maintaining the health of the labor market. The Federal Open Market Committee (FOMC), which I joined that year, began to raise the federal funds rate from near zero, ultimately reaching just above 5 percent by mid-2023. Many forecasters predicted that a recession in 2023 was more likely than not. And yet, one did not materialize. Instead, inflation came down considerably, while unemployment remained low. How did this unusual and welcome outcome happen? Two notable factors were the unwinding of pandemic-era conditions that previously constrained the supply of both goods and labor in conjunction with restrictive monetary policy that contributed to a moderation in aggregate demand. Today, I would like to call attention to a third factor: a greater-than-usual increase in productivity during the pandemic recovery. Prior to the pandemic, from 2007 to 2019, productivity growth in the business sector averaged 1.5 percent annually. In the past five years productivity growth accelerated to 2 percent. While some of the productivity gains may reflect situations unique to the reopening of the economy, it is notable that the level of productivity, as measured by output per hour, remained above trend throughout 2023 and 2024.2 This increase in productivity was partially driven by pandemic labor shortages themselves. When it was difficult to find employees, as many Americans retired or stepped out of the labor force, many businesses innovated. For example, restaurants adopted online ordering apps and retailers accelerated the implementation of self-checkout systems.3 These changes improved efficiency and contributed to an expansion in potential gross domestic product (GDP). As a result, price pressures eased from their peak while demand remained strong. Improved productivity is widely beneficial to the economy. It allows workers to receive pay raises without companies needing to further increase prices and helps ensure consumers have access to the products and services they demand. Furthermore, and particularly relevant to me as a monetary policymaker, a rise in potential output lessens the need to use monetary policy to slow demand. This effect is good for the obvious reason that it allows for increasing economic growth without higher inflation. But importantly, it also lowers the risk of a policy overshoot that could cause the unemployment rate to rise. Now that I have reviewed the role that productivity growth played in the post-pandemic recovery, I would like to focus on two countervailing forces on productivity that I am currently studying. These are changes to trade policy and the growth of AI. I expect to see a drag on productivity in the near term stemming from the recent changes to trade policy and the related uncertainty, for several reasons. First, uncertainty around trade policy is likely to reduce business investment going forward. At this time, firms do not know the ultimate level and incidence of tariffs or their duration. Firms contemplating large investments might observe conditions that could hold under the paradox of thrift, wondering whether they could get a better deal if they just wait. Higher costs of imported materials and components could also cause firms to delay or scale back their investment plans. This reduction in capital formation can lead to slower technological innovation and adoption and decreased overall efficiency in production processes. Second, protectionist trade policies, while intended to support domestic industries, may inadvertently lead to a less competitive environment, if they prop up less efficient firms. And third, any supply-chain disruptions resulting from the policy changes would make production slower and less efficient. These disruptions can lead to inventory mismatches, production delays, and increased costs as firms scramble to find alternative suppliers or redesign their products to accommodate new input constraints. This set of disruptions could pose a particular challenge for monetary policymakers. A reduction in potential GDP means less slack in the economy, which, in turn, means greater inflationary pressure. According to the Taylor Principle, for which no explanation is needed at this conference, taming higher inflation requires a higher policy rate. I believe that keeping inflation expectations credibly anchored is essential. Therefore, all else equal, lower productivity could cause me to support keeping rates at a higher level for longer. The second ongoing economic development I see altering productivity is the rapidly expanding use of AI. I view this emerging technology as likely to have a significant positive effect on productivity growth. In fact, I see AI as poised to be at least as transformative as other general purpose technologies, such as the printing press, the steam engine, and the internet. With wider adoption of AI, we could have a surge in potential output. As I have discussed in several recent speeches, AI has the potential to revolutionize numerous sectors of our economy.4 We already see AI assistants boosting productivity in customer service, software development, and medical diagnosis. AI's ability to process and analyze vast amounts of data could lead to breakthroughs in scientific research and innovation, resulting in an increased arrival rate of new ideas, further amplifying its effect on productivity. Of course, an AI productivity boom would come with its own set of challenges. If potential output expands too rapidly, it could leave slack in the economy and the labor market. Moreover, the productivity gains from AI may not be uniform across all sectors, job types, or tasks, leading to a transitional period as the labor market adjusts. Despite these challenges, I am optimistic about AI and its potential to drive significant productivity growth in the coming years. To summarize, I see an important role for productivity growth to play in assisting FOMC policymakers to achieve our dual-mandate goals. This dynamic played out, alongside other factors, in recent years when inflation eased from historic highs while the labor market remained solid. Two currently unfolding economic events are likely to influence productivity growth in the coming years—specifically, changes to trade policy and the expansion of AI. Those two developments may prove to run counter to each other, but it is too soon to predict precisely. I will be closely monitoring developments in this space. I look forward to engaging with those studying this topic including, I am sure, many in this room. Thank you. I look forward to the discussion. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. 2. For additional discussion, see the box "Labor Productivity since the Start of the Pandemic" in Board of Governors of the Federal Reserve System (2025), Monetary Policy Report (PDF) (Washington: Board of Governors, February), pp. 18–20.  3. See Austan Goolsbee, Chad Syverson, Rebecca Goldgof, and Joe Tatarka (2025), "The Curious Surge of Productivity in U.S. Restaurants," NBER Working Paper Series 33555 (Cambridge, Mass.: National Bureau of Economic Research, March).  4. See Lisa D. Cook (2024), "Artificial Intelligence, Big Data, and the Path Ahead for Productivity," speech delivered at "Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work," a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond, held in Atlanta, Georgia, October 1. 

At the end of the settlement date of April 30, 2025, short interest in 3,156 Nasdaq Global MarketSM securities totaled 13,300,707,903 shares compared with 13,211,633,004 shares in 3,143 Global Market issues reported for the prior settlement date of April 15, 2025. The mid-April short interest represents 2.40 days compared with 1.76 days for the prior reporting period. Short interest in 1,636 securities on The Nasdaq Capital MarketSM totaled 2,645,060,429 shares at the end of the settlement date of April 30, 2025, compared with 2,609,354,721 shares in 1,634 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00. In summary, short interest in all 4,792 Nasdaq® securities totaled 15,945,768,331 shares at the April 30, 2025 settlement date, compared with 4,777 issues and 15,820,987,725 shares at the end of the previous reporting period. This is 1.92 days average daily volume, compared with an average of 1.52 days for the prior reporting period. The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller. For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.  

NYSE today reported short interest as of the close of business on the settlement date of April 30, 2025. SETTLEMENT DATE EXCHANGE TOTAL CURRENTSHORT INTEREST TOTAL PREVIOUSSHORT INTEREST(Revised) NUMBER ofSECURITIES with aSHORT POSITION NUMBER of SECURITIESwith a POSITION >=5,000 SHARES 4/30/2025 NYSE 15,195,322,119 15,192,001,233 2,852 2,596 4/30/2025 NYSE ARCA 2,202,263,610 2,174,528,932 2,305 1,497 4/30/2025 NYSE AMERICAN 760,716,682 725,738,402 307 253 4/30/2025 NYSE GROUP 18,158,302,411 18,092,268,567 5,464 4,346 *NYSE Group includes NYSE, NYSE American and NYSE Arca Reports will be archived here.

The current reports for the week of May 06, 2025 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)

Secretary of the Treasury Scott Bessent announced today President Trump’s intent to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance at the U.S. Department of the Treasury. McKernan has been an advisor at the Treasury Department while awaiting Senate confirmation to lead the Bureau of Consumer Financial Protection. During that time, McKernan has become an integral part of the Secretary’s senior team. His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda. McKernan previously served on the Board of Directors of the Federal Deposit Insurance Corporation and held senior roles at the Federal Housing Finance Agency, the U.S. Senate, and the Treasury Department. Before his government service, McKernan was an attorney in private practice focused on banking and consumer finance laws.

SIFMA confirmed its previous recommendations for the U.S., the U.K., and Japan in observance of the U.S. Memorial Day holiday. These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit. SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Northern District of New York against Dean S. Dellas of Syracuse, New York, and his investment advisory company, DSD Capital Management, LLC, for fraud and misappropriation.  In its complaint, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act, as charged. Case Background The complaint alleges Dellas and DSD Capital acted as commodity trading advisors who, from at least February 2021 through November 2023, committed fraud through material misrepresentations and omissions and misappropriation of more than $690,000 from at least two clients — a 61-year-old man (Client A) and his 91-year-old mother (Client B) — who had entrusted the defendants to manage their entire lifesavings.  The complaint alleges the defendants, who had complete authority over Client A’s accounts, entered into tens of thousands of futures transactions without warning him of the inherent risks. These trades incurred more than $169,000 in trading losses and commissions. The defendants concealed these losses and commissions from Client A, assuring him his accounts were doing well. Although the defendants agreed and represented they would only charge fees equating to 10% of profits, they took considerably more than they were entitled. Indeed, despite the significant losses Client A had suffered, the defendants misappropriated more than $235,000 from Client A by secretly transferring to themselves large sums of Client A’s money and fraudulently charging excessive, unjustified fees. The complaint also alleges after succeeding in defrauding Client A, the defendants expanded their fraud to Client A’s elderly mother, Client B. Without her knowledge, the defendants bought or sold futures contracts through Client B’s account tens of thousands of times, causing her to incur more than $196,000 in trading losses and commissions. The defendants actively concealed these losses from Client B and misappropriated more than $459,000 from her by transferring to themselves large sums of her money and fraudulently charging fees that were excessive and unjustified given the defendants’ promise to only charge fees equating to 10% of profits. According to the complaint, to keep their fraud ongoing, the defendants took various steps to conceal and obfuscate their conduct. Among other things, Dellas concealed the substance of documents he directed Clients A and B to sign and impersonated them in dealings with futures commission merchants.    Parallel Criminal Action On May 6, the U.S. Attorney’s Office for the Northern District of New York unsealed an indictment charging Dean Dellas with wire fraud and aggravated identity theft in connection with the same scheme alleged in the CFTC’s complaint. United States v. Dellas, No. 5:25-cr-184 (N.D.N.Y.), ECF No. 1 (indictment). The CFTC appreciates the assistance of the FBI and the U.S. Attorney’s Office for the Northern District of New York. The Division of Enforcement staff responsible for this case are Chrystal Gonnella, Dmitriy Vilenskiy, Derek S. Hammond, Jonah E. McCarthy, A. Daniell Ullman II, and Paul G. Hayeck. CFTC Fraud Advisories The CFTC has issued several customer protection Fraud Advisories and Articles about how customers can detect, avoid, and report scams. The CFTC also strongly urges the public to verify a company’s registration with the CFTC at NFA BASIC before committing funds. If unregistered, a customer should be wary of providing funds to that entity. Suspicious activities or information, such as possible violations of commodity trading laws, can be reported to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA. RELATED LINKS Complaint: Dean Dellas and DSD Capital Management LLC

A total turnover of 2.645 billion shares worth N77.005 billion in 86,110 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.200 billion shares valued at N75.409 billion that exchanged hands last week in 70,329 deals. Click here for full details.

WHAT: Commissioner Christy Goldsmith Romero will speak on a panel titled “Economic and Market Outlook” at the International Swaps and Derivatives Association’s Annual General Meeting. WHEN: Wednesday, May 14, 20259:30 a.m. to 10:10 a.m. (CEST)3:30 a.m. to 4:10 a.m. (EST) WHERE: Hôtel Mövenpick Amsterdam City CentrePiet Heinkade 111019 BR Amsterdam, Netherlands

Euronext, the leading European capital market infrastructure, today announced trading volumes for April 2025. Monthly and historical volume tables are available at this address: euronext.com/investor-relations#monthly-volumes