Thank you. It is a pleasure to be back here in Rhode Island. The last time I had the opportunity to speak to the Greater Providence Chamber of Commerce was in the fall of 2019. I noted then that, "if the outlook changes materially, policy will change as well."1 Little did any of us know! Just a couple of months later, the COVID-19 pandemic arrived. Both the economy and our policy evolved dramatically in ways no one could have predicted. Along with actions by Congress, the Administration, and the private sector, the Fed's aggressive response helped stave off historically severe downside risks to the economy. The COVID pandemic came on the heels of the painfully slow decade-long recovery from the Global Financial Crisis. These two back-to-back world historical crises have left behind scars that will be with us for a long time. In democracies around the world, public trust in economic and political institutions has been challenged. Those of us who are in public service at this time need to focus tightly on carrying out our critical missions to the best of our ability in the midst of stormy seas and powerful crosswinds. Throughout this turbulent period, central banks like the Fed have had to develop innovative new policies that were designed to deliver on our statutory goals during times of crisis, rather than for everyday use. Despite these two unique, extremely large shocks, the U.S. economy has performed as well or better than other large, advanced economies around the world. As always, it is essential that we continue to look back and learn the right lessons from these difficult years, and that process has been ongoing for more than a decade. Turning to the present day, the U.S. economy is showing resilience in the midst of substantial changes in trade and immigration policies, as well as in fiscal, regulatory and geopolitical arenas. These policies are still emerging, and their longer-term implications will take some time to be seen. Economic OutlookRecent data show that the pace of economic growth has moderated. The unemployment rate is low but has edged up. Job gains have slowed, and the downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated. In recent months, it has become clear that the balance of risks has shifted, prompting us to move our policy stance closer to neutral at our meeting last week. GDP rose at a pace of around one and a half percent in the first half of the year, down from 2.5 percent growth last year. The moderation in growth largely reflects a slowdown in consumer spending. Activity in the housing sector remains weak, but business investment in equipment and intangibles has picked up from last year's pace. As noted in the September Beige Book, a report that gathers qualitative information from across the Fed System, businesses continue to say that uncertainty is weighing on their outlook. Measures of consumer and business sentiment declined sharply in the spring; they have since moved up but remain low relative to the start of the year. In the labor market, there has been a marked slowing in both the supply of and demand for workers—an unusual and challenging development. In this less dynamic and somewhat softer labor market, the downside risks to employment have risen. The unemployment rate edged up to 4.3 percent in August but has remained relatively stable at a low level over the past year. Payroll job gains slowed sharply over the summer months, as employers added an average of just 29,000 per month over the past three months. The recent pace of job creation appears to be running below the "breakeven" rate needed to hold the unemployment rate constant. But a number of other labor market indicators remain broadly stable. For example, the ratio of job openings to unemployment remains near 1. And multiple measures of job openings have been moving roughly sideways, as have initial claims for unemployment insurance. Inflation has eased significantly from its highs of 2022 but remains somewhat elevated relative to our 2 percent longer-run goal. The latest available data indicate that total PCE prices rose 2.7 percent over the 12 months ending in August, up from 2.3 percent in August 2024. Excluding the volatile food and energy categories, core PCE prices rose 2.9 percent last month, also higher than the year-ago level. Goods prices, after falling last year, are driving the pickup in inflation. Incoming data and surveys suggest that those price increases largely reflect higher tariffs rather than broader price pressures. Disinflation for services continues, including for housing. Near-term measures of inflation expectations have moved up, on balance, over the course of this year on news about tariffs. Beyond the next year or so, however, most measures of longer-term expectations remain consistent with our 2 percent inflation goal. The overall economic effects of the significant changes in trade, immigration, fiscal and regulatory policy remain to be seen. A reasonable base case is that the tariff-related effects on inflation will be relatively short lived—a one-time shift in the price level. A "one-time" increase does not mean "all at once." Tariff increases will likely take some time to work their way through supply chains. As a result, this one-time increase in the price level will likely be spread over several quarters and show up as somewhat higher inflation during that period. But uncertainty around the path of inflation remains high. We will carefully assess and manage the risk of higher and more persistent inflation. We will make sure that this one-time increase in prices does not become an ongoing inflation problem. Monetary PolicyNear-term risks to inflation are tilted to the upside and risks to employment to the downside—a challenging situation. Two-sided risks mean that there is no risk-free path. If we ease too aggressively, we could leave the inflation job unfinished and need to reverse course later to fully restore 2 percent inflation. If we maintain restrictive policy too long, the labor market could soften unnecessarily. When our goals are in tension like this, our framework calls for us to balance both sides of our dual mandate. The increased downside risks to employment have shifted the balance of risks to achieving our goals. We therefore judged it appropriate at our last meeting to take another step toward a more neutral policy stance, lowering the target range for the federal funds rate by 25 basis points to 4 to 4-1/4 percent. This policy stance, which I see as still modestly restrictive, leaves us well positioned to respond to potential economic developments. Our policy is not on a preset course. We will continue to determine the appropriate stance based on the incoming data, the evolving outlook, and the balance of risks. We remain committed to supporting maximum employment and bringing inflation sustainably to our 2 percent goal. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country. Thank you again for having me here. I look forward to our discussion. 1. See Jerome H. Powell (2019), "Building on the Gains from the Long Expansion," speech delivered at the Annual Meeting of the Greater Providence Chamber of Commerce, Providence, Rhode Island, November 25, paragraph 21. 

The European Banking Authority (EBA) today published its advice in response to the European Commission’s Call for Advice (CfA) on the review and performance of the EU covered bond framework. The EBA welcomes this initiative as a timely opportunity to evaluate the effectiveness of the current framework and to support the development of a deeper and more integrated EU covered bond market. The advice includes targeted recommendations aimed at enhancing harmonisation across national and EU-level frameworks, improving legal clarity and transparency, and expanding the scope of the EU covered bond ecosystem. The CfA requested the EBA to assess the performance of the current EU covered bond framework, the relevance and the design of a potential third-country equivalence regime, the feasibility of introducing a dual recourse-like instrument to support SME financing, the role of green covered bonds and ESG risks in cover pools. Following its assessment, the EBA considers the framework broadly fit for purpose and formulates the following recommendations aimed at further enhancing the framework: Enhancing harmonisation by further aligning national frameworks to reduce market fragmentation, while preserving the flexibility of the principle-based approach under the Covered Bond Directive (CBD). Protecting investors by strengthening safeguards and improving transparency across all national frameworks to better serve investors. Simplifying and streamlining the EU legal framework by aligning the CBD more closely with the Capital Requirements Regulation (CRR). Expanding the scope of the framework by introducing a third-country equivalence regime. Legal basis, background and next steps Under Article 31 of the CBD, the review of the covered bond framework envisages three steps: the European Commission assigned the task of preparing the report to the EBA in July 2023, following which the EBA prepared the analysis in collaboration with the National Competent Authorities (NCAs), including recommendations for further policy action where appropriate. The Commission will then submit the outcome of the report to the European Parliament and the European Council by 8 July 2025. Documents Advice on the review of the EU covered bond framework (4.55 MB - PDF) Related content Page Calls for Advice Topic Securitisation and Covered Bonds

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced today the CFTC will launch an initiative for the use of tokenized collateral including stablecoins in derivatives markets. This initiative builds on the CFTC’s successful Crypto CEO Forum held in February 2025, and is part of the CFTC’s crypto sprint to implement the recommendations in the President’s Working Group on Digital Asset Markets report. Acting Chairman Pham announced CFTC’s crypto sprint on August 1 [See CFTC Press Release No.9104-25]. “Since January, the CFTC has taken clear action to usher in America’s Golden Age of Crypto,” said Acting Chairman Pham. “At our historic Crypto CEO Forum, we discussed how innovation and blockchain technology will drive progress in derivatives markets, especially for modernization of collateral management and greater capital efficiency. These market improvements will unleash U.S. economic growth because market participants can put their dollars to work smarter and go further. “The public has spoken: tokenized markets are here, and they are the future. For years I have said that collateral management is the ‘killer app’ for stablecoins in markets. Today, we are finally moving forward on the work of the CFTC’s Global Markets Advisory Committee from last year. I’m excited to announce the launch of this initiative to work closely with stakeholders to enable the use of tokenized collateral including stablecoins. The CFTC continues to move full speed ahead at the cutting edge of responsible innovation, and I appreciate the support of our industry partners,” Acting Chairman Pham continued.  "The GENIUS Act creates a world in which payment stablecoins issued by licensed American companies can be used as collateral in derivatives and other traditional financial markets," said Circle President Heath Tarbert. "Using trusted stablecoins like USDC as collateral will lower costs, reduce risk, and unlock liquidity across global markets 24/7/365. Circle applauds Acting Chairman Pham for her leadership on this issue and the CFTC for its commitment to innovation, well-functioning markets, and sound regulation." “Stablecoins are the future of money, and tokenized collateral is just the beginning,” said Greg Tusar, VP of Coinbase Institutional Product. “We commend Acting Chair Pham for recognizing the power of stablecoins to revolutionize our derivatives market, keeping pace with the regulatory innovation coming from the Administration and Congress. Now that stablecoins will be regulated under the GENIUS Act, it’s more imperative than ever to ensure that the US remains at the forefront of tokenized innovation.” “During Acting Chairman Pham’s Crypto CEO Forum earlier this year, we discussed how the CFTC can partner with the industry to deliver on the innovations and products that have remained outside the United States, given the prior Administration’s approach,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “We are pleased to support the recommendations advanced by the GMAC related to the use of non-cash collateral, including BTC and CRO, to satisfy regulatory margin requirements. We want to thank Acting Chairman Pham for her leadership and for continuing her pledge to usher in America’s Golden Age of Crypto through innovation at the CFTC.” “This CFTC initiative is an important step toward integrating stablecoins into the heart of regulated financial markets,” said Jack McDonald, SVP of Stablecoins at Ripple. “Establishing clear rules for valuation, custody, and settlement will give institutions the certainty they need, while guardrails on reserves and governance will build trust and resilience. At Ripple, we believe tokenized collateral can drive greater efficiency and transparency in derivatives markets, strengthening U.S. leadership in financial innovation.” The CFTC’s Global Markets Advisory Committee (GMAC), sponsored by Acting Chairman Pham, released a recommendation last year by its Digital Asset Markets Subcommittee (DAMS) on expanding the use of non-cash collateral through distributed ledger technology. The President’s Working Group report directs the CFTC to “provide guidance on the adoption of tokenized non-cash collateral as regulatory margin to implement the CFTC’s GMAC DAMS recommendation.” Acting Chairman Pham has previously proposed a CFTC pilot program as a U.S. regulatory sandbox to provide regulatory clarity for digital asset markets and ensure that robust guardrails are in place. The CFTC has had success with pilot programs dating back to the 1990s.   The CFTC invites interested stakeholders to submit feedback and suggestions on the use of tokenized collateral including stablecoins in derivatives markets. Subject areas include the CFTC’s GMAC 2024 recommendation; CFTC observer status on industry efforts; potential digital asset markets pilot programs; amendments to CFTC regulations in connection with the President’s Working Group report recommendations regarding collateral management (pages 52-53), and other related issues. Members of the public may provide written input by October 20 by submitting a comment on the CFTC website. Submissions will be published on CFTC.gov. For more information, see How to Submit a Comment.

In this set of remarks, Huw Pill discusses his preference for maintaining the existing pace of QT, in contrast to the majority decision at the September MPC meeting. He discusses the challenging environment in which the recent QT decision was taken emphasizing the weight he places on maintaining continuity and consistency as a driver for his vote. Huw Pill Chief Economist and Executive Director, Monetary Analysis   Remarks Thanks to the Pictet Research Institute for their invitation to participate in their inaugural symposium. It is a great honour and pleasure to engage with such a distinguished group of academics and practitioners on contemporary issues of monetary policy. Those issues are many, inter-related and complex. While I don’t expect to attract much sympathy in making this remark, we live in challenging times for monetary policy makers like me! This morning, I will focus on one such monetary policy issue: the pace at which central banks should shrink their balance sheets via ‘quantitative tightening’ (QT). QT entails reducing the stock of bonds (typically government bonds) held by central banks for monetary policy purposes whose purchase was financed by the creation of reserves. It represents the unwinding of previous quantitative easing (QE). I hope you will permit some parochialism here, as I will discuss this issue in a UK context. I appreciate that this discussion may seem a little ‘niche’ or narrow to an international audience. But it sits within a broader web of institutional and policy questions relating to monetary policy and central bank independence. These are topics of global concern. Last week the Bank of England’s Monetary Policy Committee (MPC) announced a slowing in the pace of QT from £100bn per year to £70bn per year. This decision was taken on the grounds that a number of factors – larger term premia on long-term government bonds, greater global economic policy uncertainty, and weaker demand for longer-term government debt stemming from structural changes in the UK bond market – may have increased the risk that QT would disrupt on market functioning. There are certainly risks in this direction and I recognise that these have to be addressed pragmatically by the UK authorities. Nonetheless, I dissented from the majority MPC view on this issue, favouring instead a continuation of the £100bn annual pace of QT that has been implement in recent years. This dissent reflects the high weight I place on maintaining continuity and consistency in the MPC’s approach to QT. In the remainder of my remarks this morning, I will expand on my reasons for this dissent. In August 2021, the MPC set out a set of principles to govern the implementation of QT in its Monetary Policy Reportfootnote[1]. Paraphrasing that document (in the form adopted in recent MPC communication) footnote[2]: The Committee has a preference to use Bank Rate as its active policy tool when adjusting the stance of monetary policy; Sales would be conducted so as not to disrupt the functioning of financial markets, and only in appropriate conditions; and To help achieve that, sales would be conducted in a gradual and predictable manner over a period of time. These principles have served the MPC well. They have helped keep QT “in the background” (to quote an oft-used phrase). This has helped to support the clarity and simplicity of our monetary policy communication around the “active” Bank Rate instrument. The approach has also been honest and transparent: the MPC has neither used QT as an active monetary policy instrument nor discussed doing so. Clarity, simplicity, honesty and transparency are cornerstones of effective central bank communication. Our experience with QT has demonstrated this, representing a (perhaps rare) example of where they work to reinforce on another rather than exhibiting trade-offs among themselves. To be clear, operating “in the background” does not mean (at least to me) that QT has no effect on yields (and wider financial conditions). The evidence suggests there has been a modest impact.footnote[3] What permits QT to operate “in the background” is the scope for Bank Rate (as the “active instrument”) to establish a policy stance that delivers inflation sustainably at target given the impact of QT on yields. With Bank Rate away from its effective lower bound and able to change in either direction, this is the environment in which QT has operated in recent years. Operating within our established principles has allowed the market to price the impact of QT and has thereby allowed the MPC to set Bank Rate to achieve the inflation target given the impact of QT – as well as a multitude of other factors – on the yield curve, bank behaviour and wider financial and credit decisions. Just to emphasise, taking Bank Rate decisions given market pricing of yields and bank credit and loan choices is an entirely standard part of the policy setting process. Operating gradually and predictably – and making QT announcements early in the autumn policy process – allows QT decisions to be digested and priced by the market before the Bank of England staff develop the analyses and forecasts upon which its November Monetary Policy Report and concurrent Bank Rate decision are based. I recognise that the world does not stand still. Principles established in 2021 (before I joined the MPC) are not sacrosanct. And decisions taken on the basis of those principles may need to evolve as the wider environment evolves. Market conditions have changed, with greater pressure on long rates as demand from defined benefit (DB) pension schemes recedes. Fiscal conditions have changed, with the UK’s debt management office (DMO) issuance rising as challenges to public finances intensify. Risks to market functioning have increased – not just in the interbank money market (where QT’s impact on the outstanding stock of central bank reserves may be most relevant) but also in the gilt repo markets central to non-bank financial institution (NBFI)’s activity that is gaining in importance relative to bank finance in the transmission of monetary policy. These are all legitimate concerns that deserve thoughtful analysis and responses. But I am not convinced that these changes are either being driven by QT or that QT should address their implications. On that basis, I favoured a different balance between slowing QT to manage risks to market functioning versus maintaining consistency and continuity in the implementation of QT (and thus running down the portfolio of government debt held for monetary policy purposes more quickly) relative to the majority of the MPC. At best, slowing QT is a temporary and indirect palliative, likely dominated in terms of effectiveness by other tools. And the danger exists that measures to treat the symptoms simply allow the underlying drivers to continue for longer and in greater force, making the eventual denouement more painful all around. For me, both structural challenges to public debt management and concerns about core market functioning are better dealt with via other means than QT. There are both institutional and effectiveness aspects to this assertion. It is when responsibilities are blurred that policy maker accountability and independence are most at risk. And I have faith in the tools that have been designed and introduced to support market functioning (such as the financial stability operations initiated in October 2022 in the face of the LDI / mini budget episode or the contingent NBFI gilt repo facilityfootnote[4]). If QT (which was not designed with that function in mind) is portrayed as the first line of defence in this regard, I worry about the risk of undermining them. I hope I have convinced why I voted to maintain the pace of QT at £100 billion over the coming year. It was driven by a motivation to provide continuity and consistency in the MPC’s approach, particularly as gilt market developments had been predominantly unrelated to QT. And with that, I am happy to take your questions. The text has benefitted from helpful comments from Saba Alam, Andrew Bailey, Jamie Bell, Michael McLeay, Arif Merali, Ben Nelson, Adrian Paul, Amar Radia, Andrea Rosen, Vicky Saporta, Kavya Saxena, Martin Seneca, and Tim Willems for which I am most grateful. See Box A in the August 2021 Monetary Policy Report  The policy decision is explained in greater detail in the September Monetary Policy Summary and Minutes See Box B in the August 2025 Monetary Policy Report which sets out estimated of QT on long-term interest rates in the UK and peers. See Contingent Non-Bank Financial Institution Repo Facility (CNRF) | Bank of England

American Life & Security Corp., a rapidly growing carrier in the annuity and retirement space, announces a partnership with Nasdaq Global Indexes to launch the Nasdaq-100 Intraday Elite 15%™ Index, which is now available on the American Select Fixed Indexed Annuity (FIA).  "The launch of this new index is a testament to American Life's commitment to innovation within the annuity and retirement space," said Thomas Bumbolow, Head of Distribution and Business Development at American Life. "We're proud to be partnering with Nasdaq to introduce an index that offers a consistent, growth-oriented return on investment. This move is a perfect example of our dedication to delivering value and more choices for our clients and partners alike." The Nasdaq-100 Intraday Elite 15%™ is designed to deliver:  Exposure to the Nasdaq-100 Index®: A globally recognized index of 100 of the most innovative large-cap companies listed on the Nasdaq Stock Market®. 15% Volatility Target: A systematic approach that adjusts exposure both upward and downward to help manage risk in changing markets.  Intraday Rebalancing: The ability to rebalance up to three times per day, providing more consistent crediting and participation rates than traditional daily or monthly methodologies.  "This collaboration with American Life reflects our focus on delivering precision index solutions tailored to the evolving needs of insurance carriers," said Rich Macari, Head of Insurance and Bank Solutions at Nasdaq Global Indexes. "The Nasdaq-100 Intraday Elite 15% Index introduces intraday adaptability and simplicity, key attributes for modern annuity design." The Nasdaq-100 Intraday Elite 15%™ is available now and is accessible to both new and existing policyholders through the American Select FIA. For more information on the Nasdaq-100 Intraday Elite 15%™ and the American Select FIA, please contact American Life at sales@american-life.com.  About American LifeAmerican Life & Security Corp., based in Lincoln, NE, is a leading provider of annuity solutions, dedicated to helping individuals and families achieve financial security through innovative product design, trusted partnerships, and a client-first approach. 

DMIST,  the Derivatives Market Institute for Standards, today published the Final Standard designed to improve the processing of position transfers in the exchange-traded derivatives markets. This is the third final standard published by DMIST, an independent organization formed by FIA in July 2022, to promote greater efficiency across the trading and clearing workflow.  The Position Transfer Standard covers the movement of open positions between accounts—whether within a single clearing member firm or across different firms. Position transfers play a critical role in managing risk, optimizing margin, correcting allocations, balancing portfolios, changing clearing relationships and handling ownership changes due to mergers or acquisitions. Currently, the position transfer process is largely manual. By introducing a standardized approach, DMIST aims to strengthen operational efficiency and resiliency, lower regulatory and operational risk by reducing manual intervention, and improve communication between clearing members and clients. This new standard lays the groundwork for greater automation of the process going forward.Samina Anwar, senior director of global derivatives operations at Cargill and chair of the DMIST Sponsor Board, said: “Position transfers are crucial for clients to manage risk and optimize margins efficiently. A standardized approach ensures a more streamlined, consistent process for clients and fewer errors. Clearing members, clients, clearinghouses, and service providers collaborated to create this standard, which demonstrates the value of bringing together a diverse range of industry participants to discuss and shape solutions that benefit everyone.”Tim Hoopes, executive director, Morgan Stanley and leader of the DMIST Position Transfer Working Group: “This standard introduces a new level of consistency and structure to the position transfer process. It harmonizes and streamlines two critical steps in the process: communication from the client to the clearing member, and from the clearing member to the central counterparty (CCP)—while also drawing a distinction between simple and complex transfers.”Don Byron, executive director, DMIST: “This is a real success story for both the industry and DMIST. The Position Transfer Standard will drive meaningful change. The clearing members, clients, CCPs and service providers who collaborated during the standard development process can be proud of what they have achieved.” Final StandardThe Position Transfer Final Standard establishes 1) a template clients can use to submit a position transfer request to its clearing member(s) and a standard template for clearing members to more easily upload position transfer data to CCPs; and (2) a corresponding standard template for CCPs to adopt for receiving data from clearing members.  The standard is accompanied by a guidebook, which provides detailed information about each field in the client request form. DMIST will continually update the client request form and guidebook based on feedback from market participants.  The standard also defines timing for simple and complex position transfers. It recommends that:  Simple position transfers requested five hours ahead of the market clearing close be completed the same day after receiving the completed client request form,  Complex transfers be completed within 48 hours or sooner of receiving the completed client request form, and Complex transfers that require exchange approval be completed within 72 hours or sooner of receiving the completed client request form. The standard also recommends that the client send the client request form simultaneously to both the originating and receiving clearing members.   The Position Transfer Implementation Working Group will continue meeting to encourage adoption of the standard. An API Focus Group will publish guidance for a standard API, using the fields identified in the CCP upload functionality table. The working group also will create an implementation guide to provide additional guidance to CCPs and service providers that are implementing the standard.  Download the Position Transfer Final Standard and Client Request Form Guidebook DMIST also is releasing the Average Pricing Implementation Guide. The Average Pricing Standard applies to all CCPs globally. It calls for CCPs currently offering Average Pricing to review their functionality and adapt to the minimum functionality standards set out in the Standard.For CCPs that currently do not provide on-CCP Average Pricing, the guide provides a detailed roadmap to develop globally recognized Average Pricing functionality. The guide covers how the standard should be applied, provides a CCP workflow, methods for calculating average price and cash residuals, and more information on technology considerations.  Download the Average Pricing Implementation Guide

Orbit Financial Technology today announced a new monthly membership system for Orbit Insight, its flagship research and analysis platform already used by leading asset managers and hedge funds. The change opens access to smaller firms, boutique funds, and independent researchers, giving them the same institutional-grade tools trusted by global investment houses. Orbit Insight combines Orbit’s exclusive financial data with advanced AI infrastructure, including Retrieval-Augmented Generation (RAG) technology, to help investors screen tens of thousands of companies at once and conduct reliable multi-document analysis. The new membership model, called Orbit Flex, increases access to this capability, removing cost and access barriers and allowing a much broader audience to harness AI-driven insights. Both research teams and individual investors have traditionally faced limits on the volume of data they can process, forcing painful choices around coverage. Orbit’s AI infrastructure enables users to screen tens of thousands of companies simultaneously, powered by Retrieval-Augmented Generation (RAG) technology for reliable multi-document analysis. In addition to Orbit’s exclusive data and analytics, users can import their own data into the Orbit environment. Orbit integrates into leading large language models, including Claude, Copilot and ChatGPT. Da Wei, Founder and CEO of Orbit Financial Technology, said: “The true magic of large language models is in unlocking previously impossible workflows. With the right data and our infrastructure, specialist institutional and sophisticated retail investors can tackle any research challenge without custom training. Democratizing access has also been a core tenet of Orbit. That’s why I’m thrilled that, after a decade of development, we can now make this advanced capability accessible to everyone”. Unlike traditional data vendors charging blanket licensing fees, Orbit’s transparent credit-based system ensures users pay only for what they use. The platform also includes an “Agent marketplace”, allowing users to deploy AI agents tailored to their investment strategies. Popular agents include Filings Insight Extractor, Portfolio News Tracker and Data Transformer, as well as sustainability agents such as an Anti-greenwashing monitor. Orbit has built one of the market’s most comprehensive financial data infrastructures. The platform processes over 70 million documents annually across 150,000+ companies in 80 countries, delivering unmatched market intelligence and regulatory insights. Get started with a complementary trial at orbitfin.ai/flex.

Good morning.1 I would like to thank the Kentucky Bankers Association for the opportunity to join you again for your annual convention, this time with an important difference. Earlier this year, the President nominated, and the Senate confirmed, me as the Fed's Vice Chair for Supervision. It's the first time someone with community banking experience has served in this role, and I am working to make sure that the Federal Reserve is addressing the issues I have discussed with you and other community bankers over the past nearly seven years that I've been a member of the Board of Governors. It is really a pleasure to be with you again, and especially in Asheville, North Carolina, after the terrible flooding this area experienced last year. Since the Federal Open Market Committee (FOMC) met for our September meeting last week, I thought I would share my views on the U.S. economy and monetary policy, including on my policy vote. Update on the Most Recent FOMC MeetingAt last week's FOMC meeting, the Committee voted to lower the target range for the federal funds rate by 1/4 percentage point, bringing it to 4 to 4-1/4 percent, and to continue to reduce the Federal Reserve's securities holdings. In my view, the Committee should have begun lowering the policy rate at the July meeting, so, of course, I supported reducing the policy rate at this meeting. For several months, I have been pointing out signs of potential labor market fragility. Since the June FOMC meeting and in public remarks following that meeting, I have argued that increasing signs of weakening labor market conditions provide a basis for beginning to move the policy rate closer to neutral to proactively support the employment side of our mandate. Recent data have revealed a materially more fragile labor market along with inflation that, excluding tariffs, has continued to hover not far above our target. Given this shift in labor market conditions, I am pleased that we have finally begun the process of removing policy restraint, reflecting the economic conditions and the balance of risks to our employment and inflation goals. Assuming the economy evolves as I expect, last week's action should be the first step to bring the federal funds rate back to its neutral level. Economic Conditions and OutlookThe U.S. economy has been resilient, but I am concerned about the weakening in labor market conditions and softer economic growth. I am also more confident that, as trade policy has become more certain, tariffs will have only a small and short-lived effect on inflation going forward. GDP growth slowed to a modest pace in the first half of the year, as consumer spending softened and both investment in residential and commercial real estate and federal government purchases declined. A surge in high-tech investment, likely related to interest-rate-insensitive AI and data-center projects, accounted for at least half of the increased demand in the first six months of the year, while there was weakness in other categories. The incoming data for July and August point to an improvement in third-quarter consumer expenditures. Declines in housing activity, including single-family home construction and sales, have been accompanied by higher inventories of homes for sale and falling house prices, suggesting that housing demand has also weakened. Elevated mortgage rates may be exerting a more persistent drag as income growth expectations have declined while house prices remain high relative to rents. Given very low housing affordability, existing home sales have remained depressed since 2023 and at levels only comparable with the early 2010s following the financial crisis. I am concerned that, in the current environment, declines in house prices could accelerate, posing downside risks to housing valuations, construction, and inflation. Turning to the labor market, conditions have weakened this year as shown by the rise in the unemployment rate and essentially flat payroll employment, which rose only about 25,000 per month since April. This is down sharply from the moderate pace of job gains seen earlier in the year and well below estimates of breakeven rates, due to softening in labor demand. The unemployment rate moved up to 4.3 percent in August, largely reflecting reduced hiring as businesses continue to retain existing workers instead of increasing layoffs. Wage growth has slowed closer to a pace consistent with 2 percent inflation, indicating that the labor market is no longer a source of inflation pressures. Although still near full employment, the labor market has become more fragile and could deteriorate more significantly in the coming months. The unemployment rate has increased notably among groups that tend to be more affected by the business cycle, including teenagers. And the employment-to-population ratio has dropped significantly this year, showing more softening than the unemployment rate implies. Layoffs have edged up from low levels and could rise quickly if the economy weakens further since hiring rates have remained low. One consequence of a less dynamic labor market this year is the significant increase in the number of long-term unemployed workers. Payroll employment growth has been concentrated in just a few services industries that tend to be less affected by the business cycle, with healthcare, social services, and leisure and hospitality more than accounting for all job gains since April. The share of industries with positive job growth over the last six months dropped below 50 percent in August to a historically low level. Actual payroll employment may have started to fall in recent months given the sizable upward bias in the published data implied by the Q1 Quarterly Census of Employment and Wages report. Although less immigration likely explains some of the slower payroll gains and economic growth this year, immigration does not fully explain the slowing. The surge in immigration likely boosted the rise in unemployment through mid-2024, and lower immigration may now be masking a steeper rise in unemployment this year. In addition, these immigrants likely make a smaller contribution to economic activity than the average U.S. worker, as they tend to work in jobs and industries with lower wages and lower productivity.2 On price stability, we have seen some progress in lowering inflation, excluding one-off tariff effects on goods prices. Based on the latest consumer and producer price reports, 12‑month core PCE inflation likely stood at 2.9 percent in August. However, after removing estimated tariff effects, core PCE inflation has hovered around 2.5 percent in recent months, which is significant progress and within range of our target. This progress reflects a considerable slowing in core services inflation, which is consistent with recent softness in consumer spending and the labor market no longer being a source of inflation pressures. The underlying trend in core PCE inflation appears to be moving much closer to our 2 percent target than is currently shown in the data. With housing services inflation on a sustained downward trajectory, and further progress on other categories within core services inflation, only core goods inflation remains elevated, likely reflecting limited pass-through from tariffs. In terms of risks to achieving our dual mandate, as I gain even greater confidence that tariffs will not present a persistent shock to inflation, I see that upside risks to price stability have diminished. With softness in aggregate demand, and signs of fragility in the labor market, I think that we should focus on risks to our employment mandate and preemptively stabilize and support labor market conditions. Memories of pandemic worker shortages are still fresh, and businesses have so far chosen to maintain, rather than to reduce, their workforce in response to the slowing economic conditions. They also seem to be more willing to reduce profit margins as they are less able to fully pass through higher costs and raise prices given the weakness in demand. If demand conditions do not improve, businesses may need to begin to lay off workers, recognizing that it will not be as difficult to rehire given the shift in labor market conditions. On trade policy, foreign suppliers are absorbing some of the new tariffs, and importers are shifting to lower-tariffed sources. Slack in the economy should also allow for only limited one-time price effects this year and very little, if any, "second round" effects on inflation in the medium term. I expect that lower immigration will continue to lessen demand and reduce inflation, especially on housing services. I also expect that less restrictive regulations, lower business taxes, and a more friendly business environment are likely to boost supply and offset any tariff-related effects on economic activity and prices over the medium term. The Policy Decision and the Path ForwardSo far this year, even with inflation within range of our target, the Committee has focused primarily on the inflation side of the dual mandate. Now that we have seen many months of deteriorating labor market conditions, it is time for the Committee to act decisively and proactively to address decreasing labor market dynamism and emerging signs of fragility. In my view, the recent data, including the estimated payroll employment benchmark revisions, show that we are at serious risk of already being behind the curve in addressing deteriorating labor market conditions. Should these conditions continue, I am concerned that we will need to adjust policy at a faster pace and to a larger degree going forward. I recognize and appreciate concerns that we have not yet perfectly achieved our inflation goal. Because our dual mandate places equal weights on the two goals, we should turn our focus toward the side of the mandate that is showing signs of deterioration or fragility even though inflation is above but within range of our target. This should be especially the case since forecasters widely expect inflation to significantly decline next year, and as further deterioration in labor market conditions would likely lead to more persistent damage to the employment side of the mandate that would be difficult to address with our tools. In my role as monetary policymaker, I am agnostic about why shocks happen, I take conditions as they are, and I make monetary policy decisions to support the economy. The credibility and effectiveness of the Federal Reserve depend on the public's trust that we will not bring a value judgment into our assessment of the underlying conditions. Economic research is clear that, when conditions exist like those we are currently facing, monetary policy should de-emphasize inflation. The U.S. economy is experiencing aspects of a negative supply shock from higher tariffs that is also affecting aggregate demand. Since these conditions are unlikely to lead to persistent effects on inflation, and because changes in monetary policy take time to work their way through the economy, optimal policy calls for looking through temporarily elevated inflation readings. Therefore, we should proactively remove some policy restraint on aggregate demand to avoid damage to the labor market and a further weakening in the economy, provided that long-run inflation expectations remain well anchored. In addition, putting tariffs aside, the U.S. economy may also be experiencing an extended productivity surge, in large part because of recent technological advances. And productivity growth has likely been higher than reported due to the downward benchmark revisions to payroll gains. These developments reinforce the case for removing policy restraint because monetary policy should accommodate productivity shocks that raise potential output. In light of all these considerations, in my view, it was appropriate to begin the process of moving policy toward a more neutral stance at this meeting, and it has been for several months. In thinking about the path forward, I supported revising the characterization of the policy outlook in the post-meeting statement. It is important we signal that last week's action includes a forward-looking view of additional adjustments. If the statement had not included a reference to additional cuts, it would have signaled to markets that the Committee would not be responsive to weakening labor market conditions. I am concerned that the labor market could enter into a precarious phase and there is a risk that a shock could tip it into a sudden and significant deterioration. Characterizing an appropriate forward-looking view of additional policy adjustments is important because it shapes the expected path of short-term interest rates, which, in turn, affects longer-term interest rates, including mortgage and corporate bond rates, that are key for household and business decisionmaking. Cutting the policy rate 25 basis points and signaling additional adjustments at upcoming meetings should allow longer-term interest rates to remain materially lower than earlier this year and help to support the economy. Finally, I should note that the rising downside risks to employment and the potential for greater damage to the labor market underscore the need to shift our focus away from overemphasizing the latest data points. A strict interpretation of data dependence is inherently backward looking and would guarantee that we remain behind the curve, requiring us to overcorrect in the future. I think we should consider reframing our focus from overweighing the latest data to a proactive forward-looking approach and a forecast that reflects how the economy is likely to evolve going forward. This approach would better position us to avoid falling behind the curve and then having to implement abrupt and dramatic policy actions. During this intermeeting period, I will continue to carefully monitor the incoming data and information as the Administration's policies, the economy, and financial markets continue to evolve. Before our next meeting in October, we will have received one additional month of employment and inflation data. I will also continue to meet with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance going forward. It is important to note that monetary policy is not on a preset course. At each FOMC meeting, my colleagues and I will make our decisions based on each of our assessments of the incoming data and the implications for risks to the outlook, guided by the Fed's dual-mandate goals of maximum employment and stable prices. Closing ThoughtsBefore we move on to the discussion, I'd like to touch on the supervision and regulatory work underway. We have made a lot of progress in the past few months since I officially became the Vice Chair for Supervision. And Congress has been hard at work considering important banking and digital assets legislation and the passage of the GENIUS Act.3 In addition to working to implement the Fed's responsibilities under this law, we are making significant progress on a number of priorities in supervision and regulation. Early in my tenure, I described my approach that would require taking a fresh look at our activities.4 While we are making progress in a number of areas, there is much left to do. Some of this work will include improving the M&A process; reviewing the appropriateness of capital requirements for all banks, including revising the community bank leverage ratio and approaches for mutual banks; and addressing payments and check fraud (our request for information comment period ended last week). We are continuing to enhance examiner training and development, and we will continue to prioritize economic growth and safety and soundness in the bank regulatory framework. I look forward to sharing details with you during our discussion. Thank you again for the invitation to join you today. It's a pleasure to spend time with our nation's community bankers. 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. See George Borjas (2015), "The Slowdown in the Economic Assimilation of Immigrants: Aging and Cohort Effects Revisited Again," Journal of Human Capital, vol 9 (4), pp. 483–517; and Congressional Budget Office (2024), Effects of the Immigration Surge on the Federal Budget and the Economy (Washington: CBO, July).  3. The Guiding and Establishing National Innovation for U.S. Stablecoins Act was enacted on July 18, 2025.  4. Michelle W. Bowman, "Taking a Fresh Look at Supervision and Regulation," (PDF) (remarks at the Georgetown University McDonough School of Business, Psaros Center for Financial Markets and Policy, Washington, D.C., June 6, 2025). 

MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced the global launch of Axess IQ Connect, a lightweight web-based application for Private Banks and Wealth Managers that is accessible on any device and designed to connect client advisors to their trading desks. Axess IQ Connect is an extension of Axess IQ, a “one-stop-shop” Execution Management System (EMS) and order workflow solution designed to enhance speed, efficiency and transparency in fixed-income trading for Private Banks. The web-based app provides client advisors with transparent, direct access to live market insights, including high-quality liquidity data, as well as bond pricing powered by CP+, MarketAxess's AI-powered real-time pricing engine, along with real-time visibility into their order queue. Erik Tham, Head of Product Management, Global Private Banking at MarketAxess, commented, “Axess IQ Connect was developed to meet the demands of the modern Financial Advisor where real-time access to market insights is critical. With the launch of our app, wealth management advisors can now access actionable bond data, anytime, anywhere—allowing them to respond swiftly to market movements and manage fixed-income exposure more effectively.” Additional key features include interactive watchlists and an optional order management function, which allows advisors to submit client orders from Axess IQ Connect directly into their trading desk’s Axess IQ order queue to track execution status in real-time from order entry to trade completion. For more information on Axess IQ, please visit: https://www.marketaxess.com/trade/private-banking

The Central Securities Depository of Poland (KDPW) and the Central Depository of Armenia (CDA) have jointly signed an agreement to establish a direct operational link between their respective markets. This agreement facilitates the listing of Armenian companies on the Warsaw Stock Exchange. The agreement was signed on September 23, 2025, in Yerevan, with representatives of the Management Boards of both the Armenian and Polish CSDs in attendance. Operational links with foreign CSDs facilitate the settlement of transactions involving financial instruments dual-listed on the Warsaw Stock Exchange and foreign stock exchanges. The agreement signed between CDA and KDPW to establish an operational link with the Armenian CSD will enable the opening of a depository account for KDPW within the CDA system. This will allow local issuers to list financial instruments on the Polish capital market. “I am happy to announce that the agreement signed between our two institutions marks the beginning of a long-term partnership that will offer mutually beneficial outcomes for both the Armenian and Polish markets. This agreement aligns with a broader strategy aimed at supporting the growth of the capital market in Armenia and strengthening its ties with EU markets. The establishment of an operational link between our CSDs will offer new investment opportunities in both markets.” stated Maciej Trybuchowski, President & CEO of KDPW.  In June 2022, the Warsaw Stock Exchange (WSE) acquired a 65.03% stake in the Armenia Stock Exchange (AMX), which is the owner of the Armenian CSD. “For CDA, this achievement represents the culmination of more than a year of dedicated collaboration with KDPW and marks a key milestone in our Capital Market Development Strategy. In addition to enabling cross- and dual-listings between the Armenia Stock Exchange and the Warsaw Stock Exchange, this cooperation positions Armenia as a regional settlement hub with global connectivity. By establishing this link, we are creating a bridge that allows European and Polish investors to access Armenia’s increasingly attractive bond market, ultimately deepening market liquidity, enhancing transparency, and fostering greater integration with international capital markets.” stated Ani Makaryan, CEO of CDA. Including the newly established link with the Armenian CSD, KDPW currently maintains 20 operational links with foreign CSDs. Seven of these links are direct, including two with international CSDs (Clearstream Banking Luxembourg and Euroclear Bank). The Central Depository of Armenia has 15 operational links, including with regional CSDs and global custodians (e.g., KCSD in NDU), as well as a dual link of more than 10 years with Clearstream Banking Luxembourg. These connections provide Armenian investors with the opportunity to invest abroad and enable international investors to access Armenian government bonds. Through these partnerships, Armenia CSD aims to position Armenia as a regional settlement and custody hub. Additionally, the Central Depository of Armenia has been granted the status of KDPW LEI Agent. This decision marks another important milestone in the cooperation between KDPW and the CDA, enabling the launch of a local LEI issuing service in Armenia. This joint initiative addresses the growing demand for Legal Entity Identifiers by Armenian companies and supports the development of financial market transparency in the region. CDA will offer the LEI service in accordance with KDPW standards and procedures. LEI issuance is part of the KDPW Group's integrated portfolio of services supporting the functioning and growth of financial markets. Currently, KDPW manages a database of over 35,000 LEIs issued to entities from Poland and other countries. The service is available at:  https://www.lei.kdpw.pl/

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its Fixed Income Clearing Corporation (FICC) subsidiary has formally submitted a proposed rule change filing to the SEC to offer the ACS Triparty Service within its existing Agent Clearing Service (ACS) offering. The proposed service would provide FICC cleared triparty repo capabilities to Agent Clearing Members and their Executing Firm Customers. A public comment period on the proposal, as detailed in the filing, will begin once it is published in the Federal Register. As an expansion of FICC’s triparty repo offerings, the proposed ACS Triparty Service would enable an Agent Clearing Member to submit for clearing eligible triparty repo transactions executed between its Executing Firm Customer and either the Agent Clearing Member itself (“Done-with”), or another Government Securities Division (GSD) Netting Member or its client (“Done-away”). The proposed ACS Triparty service has been developed to facilitate greater access to central clearing, ultimately enabling increased capacity and liquidity in the market. At the same time, the service would provide unique benefits to Agent Clearing Members, including the potential for enhanced margin efficiency, reduced capital requirements and balance sheet relief. The proposed service would also aid in mitigating risks in default and stress scenarios by lowering the potential for liquidity drain as well as market disruption from fire sales that may occur in such a scenario. “FICC has been keenly focused on leading the industry towards a successful implementation of the SEC’s expanded U.S. Treasury clearing rules in 2026 for cash transactions and 2027 for repo transactions,” stated Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions. “We have worked tirelessly to further enhance our services and deliver new access models to ensure we offer solutions that meet needs across firms, across cash and repo, and done-with and done-away transactions. The proposed ACS Triparty Service, along with the recently filed Collateral In Lieu offering, demonstrate FICC’s commitment to meeting the needs of our clients.” The ACS Triparty service would be offered by FICC leveraging BNY’s tri-party infrastructure to support collateral management and settlement of the cleared triparty repo trades, with both “done-away” and “done-with” styles of trade execution to be supported in the service. “The introduction of FICC’s Agent Clearing Service underscores our commitment to empowering U.S. Treasury market participants with more capital- and margin-efficient triparty repo capabilities, including those that satisfy the SEC’s central clearing mandate,” said Nate Wuerffel, BNY’s Global Head of Market Structure and Product Leader for the Global Collateral Platform. “By leveraging the scale and connectivity of BNY’s Global Collateral Platform—the largest Treasury tri-party repo settlement network—this new service complements our existing suite of centrally cleared repo solutions, streamlining access to central clearing and driving greater operational efficiency across the market.” FICC aims to launch the ACS Triparty Service in December 2025, subject to regulatory approval of the filing.

Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, earned "category leader" status in Chartis Research's latest Market Quadrants Report that provides a detailed evaluation of key providers offering advanced trade surveillance solutions unique to various markets. TT achieved the category leader recognition in both the energy trade solutions and equity trade solutions categories. The company earned scores designating "best-in-class capabilities" across eight criteria in the two categories combined. Nick Garrow, global head of TT's compliance business, said: "We continue to enhance our trade surveillance solution to ensure clients can efficiently and comprehensively monitor the full range of asset classes they trade with our 'best-of-breed' surveillance models. It's always an honor to earn recognition from Chartis Research, which has a rigorous research process and attention to detail." TT Trade Surveillance is a fully hosted solution trusted by more than 100 firms globally. Fully integrated into the TT platform – which includes functionality across the trade life cycle – it combines AI-driven machine learning and parameters-based, configurable models to identify potential regulatory risk and illegal or abusive trading behaviors. TT has garnered numerous recognitions from Chartis Research over the past year. The company previously cited TT Trade Surveillance as Category Leader for Equity and Energy Trade Surveillance Solutions and named TT to the Buyside 50, RiskTech Energy50 and RiskTech100. TT also won Chartis Research's award for Trade Surveillance: Energy Exchange Traded Markets.

Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced plans to launch support for the trading of financial futures on MIAX Futures™ using the MIAX Futures Onyx trading platform effective February 22, 2026, for the February 23, 2026 trade date. The MIAX Futures Onyx trading platform is powered by in-house built, proprietary technology designed to meet the high-performance order processing demands unique to U.S. futures and is differentiated by scalability, latency, reliability and determinism. More information on MIAX Futures and the Onyx trading platform can be found here. Additional details on the launch timeline can be found here. The first financial futures products to be made available on MIAX Futures include Bloomberg 500 Index (B500) and Bloomberg US 100 Price Return Index (B100Q) futures, subject to the submission of certain rule filings to the Commodity Futures Trading Commission. Additional information regarding support for financial futures on MIAX Futures will be provided through the MIAX automated alert system. To register to receive automated alerts on new functionality and trading specifications for MIAX Futures, please visit MIAX Email Subscriptions.

The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, has called for greater post-trade transparency in its response to the Financial Conduct Authority’s Consultation Paper CP25/20: The SI regime for bonds and derivatives including discussion paper on equity markets. FIX Executive Director, Jim Kaye, said the discussion paper section was an opportunity to address legacy issues that have dragged on markets for decades. “Post-trade data quality issues create noise that makes it difficult for investors to make an accurate assessment of market depth and liquidity,” he said. “We have recommended clearer definitions and consistent use of trade flags to eliminate noise — such as non-price-forming or duplicative trades — and improve data quality, which in turn will improve investor confidence in market data.” Mr Kaye also emphasised that duplication of trade reporting was an issue for both UK and the broader European market, artificially inflating volumes. “Our response recommends recognising off-venue EU trade reports in the UK,” he said. “This would streamline obligations and reduce complexity.” The response also recommends mandating the use of separate market identifier codes (MICs) for mid-point and lit trading activity, to ensure market data quality is maintained under the proposal to reformulate the reference price waiver. FIX also supports allowing mid-price referencing from a broader range of venue services. FIX’s response was formulated by FIX Trading Community’s fixed income and equities consolidated tape working groups, both of which have representatives from market operators, sell-side firms, buy-side firms and vendors. The working groups are ongoing and interested parties are encouraged to engage with FIX to participate. The FIX Trading Community is the only independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters. To see what FIX can do for your firm, visit www.fixtrading.org.

Kaizen, a leading provider of regulatory compliance solutions for global financial institutions, today announced the launch of its revolutionary MAR360 solution - a comprehensive, new suite of products that transforms how financial institutions approach market abuse detection and prevention. Kaizen's MAR360 solution combines cutting-edge technology with regulatory expertise to provide a comprehensive compliance offering covering i) market abuse risk assessment, ii) trade and communications surveillance technology and iii) an expert-led market abuse training programme. Transforming how firms manage market abuse Designed by former regulators, senior compliance professionals and technology experts, Kaizen’s solution includes a sophisticated online risk assessment tool which analyses firms’ market abuse risks and controls across more than 27 distinct risk areas. These areas have been meticulously crafted to uncover hidden risks that even experienced compliance professionals might miss and are based on regulatory enforcement actions and industry best practices, then enhanced by AI to ensure no vulnerability goes unnoticed. Kaizen’s MAR360 solution comprises our proprietary trade and communications surveillance platform as well as an advanced market abuse training programme. The training programme includes ongoing support from subject matter experts and former regulators to help firms remediate issues and gaps in their market abuse risk framework giving clients the assurance they need to meet their regulatory obligations. Simon Appleton, Market Abuse & Surveillance Director at Kaizen commented: "Our MAR360 solution moves beyond standard surveillance systems to the proactive management of market abuse risk, supporting the Financial Conduct Authority’s five year strategy to fight financial crime. As global regulators continue to focus on market abuse, firms need to integrate their solutions and controls to demonstrate to regulators how they are taking steps to detect and prevent market abuse incidents happening in the first place.”

  Shield, a leading AI platform for digital communication governance and archiving, today announced a collaboration with PwC UK, one of the world’s most trusted professional services firms. The alliance brings together Shield’s unified, cloud-native solution with PwC’s specialist expertise in communications surveillance delivery, regulatory compliance and complex programme execution.The collaboration is designed to support institutions as they modernise their approach to communications monitoring, helping them implement an advanced and proactive risk management approach at scale and with confidence. This joint offering provides an end-to-end solution designed to meet evolving regulatory expectations, accelerate adoption and enable more effective oversight of digital communications.“This is more than a collaboration, it is a signal to the market that communication compliance can be both transformative and trusted,” said Shiran Weitzman, CEO and co-founder of Shield. “Together with PwC, we are helping firms modernise communications oversight, and defend their firm from risk and vulnerabilities while  accelerating operational efficiencies.”“Our clients want less noise and more flexibility to deploy models that support existing and new risks, delivered at a lower annual cost,” said Graham Ure, Partner, PwC UK. “Our collaboration enables a bold vision for future eCommunications surveillance, bringing together Shield’s AI-first platform with PwC’s surveillance and market abuse expertise.”  Combining Technology and Delivery Expertise to Navigate ComplexityCommunications surveillance is becoming more challenging as firms face increasing regulatory scrutiny, rapid AI adoption and a broader range of digital communication channels. Shield provides advanced technology built for scale, automation and insight. PwC complements this with deep expertise in helping institutions define surveillance strategy, design operating models, manage implementation risk and ensure system deployments meet internal and external expectations.Together, Shield and PwC offer more than just technology. They provide a fully supported path to achieving compliance outcomes that are explainable, effective and built to withstand regulatory challenges. From data sourcing and risk model tuning to testing and governance, this collaboration will help institutions achieve rapid deployment versus the industry standard.Shield has been recognised as a Visionary in Gartner’s 2025 Magic Quadrant™ with top-3 vendor status for Regulatory Compliance and #1 rankings in AI/ML, Connectors, and Policy Management. PwC brings the strength of a dedicated team of market abuse surveillance specialists, with a proven track record in delivering complex surveillance programmes and supporting firms through regulatory scrutiny. Together, we help turn technology into trusted, defensible outcomes that deliver measurable results.     

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 Securities and Exchange Commission released a report to Congress summarizing policy recommendations made during the SEC’s 44th Annual Small Business Forum. The report provides a summary of the forum proceedings, recommendations developed by participants for changes to the capital raising framework, and the Commission’s responses to those recommendations. The forum took place on April 10, 2025, and featured speakers with a breadth of perspectives on ways to approach capital raising from a variety of backgrounds, geographies, and life cycle stages. The sessions focused on the following topics: Early-stage capital raising Growth-stage companies and smaller funds Small cap companies and the public markets The SEC’s Office of the Advocate for Small Business Capital Formation is charged by Congress with hosting the SEC’s annual Small Business Forum, where members of the public and private sectors gather to provide feedback to improve capital-raising policy. The office thanks the speakers, participants, advisory planning group members, and SEC staff members who made this year’s forum a success. Video archives and a transcript of the discussions are available online.

The Prudential Regulation Authority (PRA) has today announced proposals to reduce regulatory requirements for banks by deleting 37 individual reporting templates. The proposals represent an initial set of targeted deletions of whole reporting templates that were inherited from European Union regulations. This is a first deliverable from the PRA’s strategic review of its banking data collections – the Future Banking Data project. The vast majority of the templates being removed relate to financial reporting, improving an area which has been previously identified by firms as having overlapping and complex requirements. The PRA has decided that these templates cover data which are either no longer necessary to support its work or are already available elsewhere. Their removal should benefit firms by reducing their administrative costs. Rebecca Jackson, Executive Director for Authorisations, Regulatory Technology, and International Supervision and executive sponsor of Future Banking Data, said: “It’s essential to get the right data from firms in order to supervise them properly. But it’s also important that we do that as efficiently as possible and in a low-cost way, so they can focus on their core business and supporting their customers. Today’s announcement is another example of our ongoing work to enhance the proportionality of our regulation and support growth without risking the stability of firms or the wider financial system.” The proposals build on a raft of simplifications the PRA has already made to reporting for insurers, reducing insurance reporting by one third. Firms are already benefitting from those changes. This consultation will run for one month, with the goal of implementing the changes on1 January 2026. This would save the industry an estimated £26 million annually. The consultation forms an initial phase of the PRA’s Future Banking Data initiative, which aims over time to significantly reduce burdens on firms whilst ensuring the PRA receives the high-quality data it needs to do its job. The proposed changes, and the planned future work in this area, build upon other recent announcements by the PRA designed to support growth. These include options to enhance competition in the mortgage market, work to make the resolution regime more proportionate, and plans to simplify the capital regime for smaller, UK-focused banks. The Bank's Statistical Reporting team have launched a consultation to discontinue the collection and publication of Form BN on the further sectoral breakdown of non-resident monetary financial institutions. Background The Future Banking Data consultation paper opens today, Monday 22 September 2025, and will close on Wednesday 22 October 2025. This consultation will run for one month, reflecting the desire to implement the changes on 1 January 2026. Templates being removed include topics such as financial assets at amortised cost, information on performing and non-performing exposures, and movements in allowances and provisions for credit losses. And later in the year, the PRA will publish a Discussion Paper setting out the principles underpinning the PRA’s approach to reporting with a view to supporting a series of pragmatic and incremental changes to bank reporting over the coming years, with demonstrated benefits at each step.  The Bank of England, as the UK resolution authority, is also consulting today on deleting six resolution-related reporting templates. Both initiatives contribute to the broader objective of streamlining regulatory reporting. The Resolution deletions consultation paper also opens today, and will close on 21 November. This consultation will run for almost eight weeks, reflecting a later implementation date than the proposed PRA deletions. The Bank's Statistical Reporting team have also launched a consultation to discontinue the collection and publication of Form BN on the further sectoral breakdown of non-resident monetary financial institutions. The Statistical Reporting consultation opens today, and will close on 31 December.

Euronext, the leading European capital market infrastructure, introduces the first ever mini-sized, cash-settled futures on the main European government bonds, marking a significant innovation in the financial derivatives space. This initiative leverages Euronext’s leading position in the fixed income secondary trading ecosystem through MTS, its platform for institutional bond trading, and its retail-focused MOT bond market. This launch marks the first step in Euronext’s ambition to develop further into the fixed income derivatives space, with the aim of bringing added-value to investors internationally. The new mini-futures focus on the main European government bonds: the 10-year OAT, Bund, Bono, and BTP as well as the first ever 30-year BTP. Listed on the Euronext Derivatives Milan market, the mini-futures feature a notional size of €25,000 and cash settlement. The new contracts are powered by Euronext Clearing, offering robust risk management capabilities and further leveraging Euronext’s integrated value chain. This innovative offering delivers unparallelled accessibility and flexibility to investors. Designed primarily to meet the needs of retail investors, these instruments also provide asset managers and institutional investors with the granularity required for hedging or taking exposure to government bonds. The launch has garnered strong support from the trading community, leveraging on Euronext’s integrated Optiq® trading technology and the powerful risk model offered by Euronext Clearing. As such, the new fixed-income futures are accessible to a large number of market participants, including individual investors, since a significant number of retail brokers are connected to the Euronext ecosystem. Market makers are confident in the significant added-value of this innovative solution and have committed to provide liquidity on all the new contracts from the launch date. Anthony Attia, Global Head of Derivatives and Post Trade at Euronext, said: “This initiative is central to our “Innovate for Growth 2027” strategic plan, which aims to  leverage Euronext’s unique presence across the trading value chain to develop truly innovative products that meet evolving market demand. The launch of this offering comes at a crucial time for the European fixed income ecosystem, which is currently experiencing high volatility levels. By launching this new suite of derivatives, which represent a transformational step in the fixed income space, Euronext continues to provide added value to its clients while reinforcing its leadership in the European financial markets.”