The current reports for the week of March 31, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The following is the weekly trading summary for DFM Regulated Short Sell Transactions for the abovementioned period. ** No RSS Trades for the period from 30th March 2026 to 03rd April 2026. For further information on RSS, please check the DFM Market Rules Module Three Membership, Trading, And Derivatives Rules & Operational Model and Procedures for Implementation of Regulated Short Selling available at  http://www.dfm.ae/the-exchange/regulation/market-rules This Dubai Financial Market Announcement will be available on the website at  https://www.dfm.ae/the-exchange/news-disclosures/market-announcements

The periodic review for determining the stocks to be included in the BIST Buyback Index has been completed in accordance with the BIST Market Cap Weighted Stock Indices Methodology.  It has been decided to make the changes listed in the below table for the period April 7, 2026 – May 7, 2026.   BIST BUYBACK INDEX CHANGES FOR THE PERIOD APRIL 7, 2026-MAY 7, 2026 INCLUDED STOCKS EXCLUDED STOCKS 1 EFOR EFOR YATIRIM 1 AGROT AGROTECH TEKNOLOJI 2 GWIND GALATA WIND ENERJI 2 AKFGY AKFEN GMYO 3 KONKA KONYA KAGIT 3 BALSU BALSU GIDA 4 LOGO LOGO YAZILIM 4 BIGCH BUYUK SEFLER BIGCHEFS       5 ESCAR ESCAR FILO       6 GEDIK GEDIK Y. MEN. DEG.       7 HALKB T. HALK BANKASI       8 MSGYO MISTRAL GMYO       9 OFSYM OFIS YEM GIDA       10 OYLUM OYLUM SINAI YATIRIMLAR       11 TCKRC KIRAC GALVANIZ       12 TUKAS TUKAS

The Commodity Futures Trading Commission today announced Stephen D. Andrews and M. Jordan Minot have been named deputy general counsel for regulation and litigation, respectively.  “Stephen and Jordan will help enable the general counsel’s office to meet this significant moment as the CFTC engages in vital rulemaking and litigation to preserve and defend its regulatory authority,” said Chairman Michael S. Selig. “I am honored to have these two outstanding deputies join me in advancing the Commission’s pro-growth agenda and ensuring we do so in a lawful and durable way,” said General Counsel Tyler Badgley. Andrews joins the CFTC from the United States Senate, where he served as general counsel to Senator Josh Hawley. Andrews clerked on the Ninth Circuit and Eastern District of New York following his graduation from Yale Law School. He will lead the Regulatory Branch in the General Counsel’s office. Minot comes to the CFTC from the Virginia Attorney General’s Office, where he served as an assistant solicitor general and senior assistant attorney general. Minot clerked on the Seventh Circuit for then-Judge Amy Coney Barrett after graduating from the University of Virginia School of Law. He will lead the Litigation, Enforcement, and Adjudication Branch in the General Counsel’s Office.

On February 12, 2026, JPX Market Innovation & Research, Inc. (JPXI) announced it had launched a study regarding an industry-wide common data platform to enhance securities operations.As part of this initiative, JPXI and Japan Securities Finance Co., Ltd. (JSF) are pleased to announce that the two organizations have agreed to work together to advance discussions on building an industry-wide common data platform. This platform will aggregate various types of corporate and transaction information and distribute this information in a format conducive to automated processing, with the aim of supporting securities companies in improving the accuracy and efficiency of their back-office operations.   “JPXI Launches Study for Industry-wide Common Data Platform to Enhance Securities Operations” dated February 12, 2026   JSF conducts margin loan operations, lending the funds and securities necessary for standardized margin transactions to securities companies and other entities. It also provides notices and publishes information related to restrictions on loans for margin transactions (such as warnings and application suspensions), the handling of rights, and the selection of stocks eligible for loans for margin transactions.JPXI and JSF will seek to build a common data platform that aggregates not only the wide range of data held by Japan Exchange Group but also the various types of data held by JSF, and to provide this data in a format suitable for automated processing.There are no changes to the target timing for the launch of the production service and the release of the beta environment previously announced by JPXI on February 12, 2026.   <Service Diagram>  

The FSA commissioned Deloitte Tohmatsu Cyber LLC to conduct a “Strengthening the Management of Third-Party Cybersecurity Risks by Financial Institutions”. In light of the growing importance of third-party cybersecurity risk management, the study examined management practices adopted by major banks and large insurance companies in the United States, the European Union, and the United Kingdom. The provisional English translation is provided below. The Research Report, "Strengthening the Management of Third-Party Cybersecurity Risks by Financial Institutions" (Summary Report) (PDF:714KB) The Research Report, "Strengthening the Management of Third-Party Cybersecurity Risks by Financial Institutions"(PDF:1389KB)

Click here to download Shanghai Gold Exchange's  monthly report of data highlights.

The Securities and Exchange Commission today announced the agenda and panelists for its April 16, 2026, roundtable on options market structure. The roundtable will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., from 9:00 a.m. to 3:15 p.m. ET. The event will be open to the public and webcast live on the SEC’s website.  Doors will open at 8:00 a.m. ET. For in-person attendance, please register here. Visitors will be subject to security checks. For online attendance, registration is not necessary; a link to watch the event will be available on April 16 at www.sec.gov, and a recording will be available at a later date on the SEC’s website. More information, including how to submit comments, is available on the SEC Roundtable on Options Market Structure event page. Agenda 8:00 a.m.                     Doors Open 9:00 a.m.                     Opening Remarks from SEC Commissioner Hester Peirce, SEC Commissioner Mark Uyeda, and Jamie Selway, Director, SEC’s Division of Trading and Markets 9:30 a.m.                     Data Presentation – SEC’s Division of Trading and Markets – Office of Analytics and Research Presenters: Jesse Brady and Ethan Coombs 10:00 a.m.                   Panel One – Facilitating Competition in a Quote Driven Market Panel One will focus on how the current options market structure facilitates or hinders the ability of liquidity providers to compete fairly and freely in furtherance of a robust national market system for standardized listed options. Moderators: Jamie Selway, Director, and Arun Manoharan, Assistant Director, SEC’s Division of Trading and Markets Panelists: Ivan Brown, IEX Steve Crutchfield, Formerly of Chicago Trading Company Nathan Duckles, Jane Street Options John Fischer, Citadel Securities John Kinahan, Group One Trading Katie Kolchin, Securities Industry and Financial Markets Association Stewart Mayhew, Cornerstone Research Andrew Schultz, Susquehanna Steve Sosnick, Interactive Brokers Kevin Tyrrell, NYSE 11:15 a.m.                    Break 11:30 a.m.                   Panel Two – Evaluating the Customer Experience Panel Two will focus on the customer (i.e., non broker-dealer) experience with listed options. Moderators: Jon Kroeper, Deputy Director, and Eric Juzenas, Associate Director, SEC’s Division of Trading and Markets Panelists: Geralyn Endo, MEMX Ed Hosty, Robinhood Securities JJ Kinahan, Cboe Stino Milito, DASH Financial Technologies Nathaniel Pomeroy, Wolverine Trading Racquel Russell, FINRA Christopher Schwarz, University of California Irvine Stephen Sikes, Public.com 12:45 p.m.                   Lunch Break 1:45 p.m.                     Remarks from SEC Chairman Paul S. Atkins 2:00 p.m.                     Panel Three – Opportunities and Challenges of Growth Panel Three will focus on the growth of listed options, the associated challenges and opportunities that growth presents, and the issues that the Commission and market participants should consider in the years ahead. Moderators: Jamie Selway, Director, and Richard Holley III, Assistant Director, SEC’s Division of Trading and Markets Panelists: Andrej Bolkovic, Options Clearing Corporation Shelly Brown, MIAX Alicia Crighton, Goldman Sachs Ellen Greene, IMC Trading Kevin Kennedy, Nasdaq Matt MacKenzie, Optiver Dmitriy Muravyev, University of Illinois Urbana-Champaign Jeff Starr, Schwab Jim Toes, Security Traders Association Michael Treacy, Apex Fintech Solutions 3:15 p.m.                     End of Program

The Canadian Securities Administrators (CSA) today published a report outlining key oversight activities for the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF).  CSA Staff Notice 25-315 summarizes key information, activities and observations related to the CSA’s oversight of CIRO and CIPF during the 2025 calendar year.  During the report period, the CSA focused its review on several CIRO initiatives, including rules consolidation, operationalization of the delegated registration functions and powers for dealers and individual registrations. The CSA also reviewed the amendments to the Dealer Member Fee Model along with implementation of the new proficiency model for investment dealers. The CSA also considered CIRO’s response to the August 2025 cybersecurity breach.  For CIPF, the CSA reviewed the organization’s continued integration of its two protection funds, monitored alignment of its investment policies and strategies, and assessed whether to apply a credit-risk based fund model to assist in setting fund size. Beyond these key activities, CSA members carried out regular ongoing oversight, including reviewing amendments to CIRO rules and CIPF policies and required filings, completing the CSA’s 2025 Oversight Review of three CIRO functional areas, and the substantial completion of review into specific processes in two functional areas of CIPF.  The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

The Exchange's markets are closed today, April 3, 2026.

The Office of the Comptroller of the Currency (OCC) today announced the promotions of Jason Almonte and Sebastian Astrada to Deputy Comptrollers for Chartering, Organization & Structure (CO&S). In their new roles, Mr. Almonte and Mr. Astrada will set policies and provide executive direction on federal bank applications, chartering, and corporate activities, policies, processes, and requirements. “I look forward to continuing working with Sebastian and Jason in their new roles as deputy comptrollers for CO&S and our efforts in implementing the GENIUS Act and promoting responsible innovation in the federal banking space,” said Stephen Lybarger, Senior Deputy Comptroller for Chartering, Organization and Structure. “They both bring proven executive leadership, along with their deep practical experience to CO&S.” Mr. Almonte most recently served as a Director in CO&S where he was responsible for corporate applications from Large and Global Financial Institutions, including filings for business combinations, conversions, Federal branches and agencies, de novo bank charters, and failure transactions. Prior to joining CO&S, Mr. Almonte served as Special Counsel with the OCC’s Chief Counsel’s Office, providing counsel on supervision support, enforcement, licensing, and administrative matters involving national banks, federal savings associations, federal branches and agencies, and bank service providers. Prior to his government service, Mr. Almonte worked as legal counsel in the private sector. Mr. Almonte holds a bachelor’s degree from Lehman College, The City University of New York, and he holds a law degree from the University at Buffalo School of Law, The State University of New York. Mr. Astrada most recently served as a Director in CO&S, where he was responsible for corporate applications related to digital asset filings and de novo charter applications. During his tenure at the OCC, Mr. Astrada has managed the midsized, credit card, trust bank, and central region portfolios for CO&S. Prior to joining the OCC, Mr. Astrada held positions at the Federal Reserve Bank of San Francisco and the Board of Governors of the Federal Reserve System. He also worked in the private sector as regulatory counsel. Mr. Astrada holds a Bachelor of Arts degree in international politics and economics from Middlebury College. He received his juris doctor from American University, Washington College of Law, and his Master of Arts in international relations from American University, School of International Service.

The FINRA Investor Education Foundation (FINRA Foundation) released today new research, Finfluencer Followers and Social Media Scrollers: The Profile, Patterns, and Pitfalls of Social-Media-Informed Retail Investors. The research examines retail investors who use social media and follow finfluencers to inform their investment decisions. The findings, drawn from the Investor Survey component of the 2024 National Financial Capability Study (NFCS), reveal that while social media is successfully engaging previously underrepresented market participants, these investors may also face elevated fraud risk due to knowledge gaps.  "This research shows that social media is a significant resource for investors, but it comes with both potential benefits and costs," said Gerri Walsh, FINRA Foundation President. "These platforms are drawing in investors who might otherwise remain on the sidelines, providing educational content and fostering community. However, the fact that many of these same investors exhibit low objectively-assessed investing knowledge, high self-rated confidence in their investing knowledge and are vulnerable to investment fraud raises serious concerns. This research underscores the critical need for more targeted financial education efforts to help financial consumers find unbiased information, better assess risk and spot red flags of financial fraud." Key Findings: Demographics: Social media users and finfluencer followers were predominantly younger (60% of investors aged 18-34 use social media vs. 9% of those 55 or older; 61% aged 18 – 34 made an investment decision based on recommendations from a social media personality vs. 6% of those 55 or older), male, had lower portfolio values and were more likely to be a person of color than those who do not use social media or finfluencers to inform their decisions. Nearly half reported not identifying as "typical investors." Knowledge-Confidence Gap: Social media users and finfluencer followers often exhibited overconfidence, with more rating their subjective knowledge high while scoring low on objective investment knowledge tests compared non-users or non-followers. Social media users and finfluencer followers answered an average of 42% questions correctly on an objective investment knowledge quiz, yet 63% rated their investment knowledge as high. Fraud Risk: Social media users and finfluencer followers reported substantially higher fraud exposure and victimization. Among those who reported being targeted for fraud, 68% of social media users and 69% of finfluencer followers reported losing money to fraud (compared to 29% and 26% for non-users and non-followers, respectively). Information-Seeking: Social media users consulted an average of 7.6 information sources versus 4.0 for non-users and were more likely to check the background of a financial professional (36% vs. 14%). Non-Monetary Motives: Social media users reported significantly stronger motivations beyond profit motives for investing, including entertainment (59% vs. 18% for non-users), social activity (59% vs.11%) and supporting personal values (66% vs. 31%). About the FINRA Investor Education Foundation The FINRA Investor Education Foundation supports innovative research and educational projects that empower Americans with the knowledge, skills and tools to make sound financial decisions throughout their lives. For more information about FINRA Foundation research and education initiatives, visit www.finrafoundation.org.

The Commodity Futures Trading Commission today filed lawsuits challenging the actions of Arizona, Connecticut, and Illinois against CFTC-registered designated contract markets.  Despite the CFTC’s clear and longstanding exclusive jurisdiction to regulate event contracts under the Commodity Exchange Act, various states have attempted to outlaw, regulate, or otherwise restrain the activities of DCMs that facilitate trading in lawful event contracts. Congress long ago decided that a national framework for commodity derivatives markets was preferable to a fragmented patchwork of state regulations.  “The CFTC will continue to safeguard its exclusive regulatory authority over these markets and defend market participants against overzealous state regulators,” said CFTC Chairman Michael S. Selig. “This is not the first time states have tried to impose inconsistent and contrary obligations on market participants, but Congress specifically rejected such a fragmented patchwork of state regulations because it resulted in poorer consumer protection and increased risk of fraud and manipulation.” The CFTC recently issued an Advanced Notice of Proposed Rulemaking to assist the agency with identifying areas of confusion regarding the proper application of the CEA and the CFTC’s regulations to prediction markets and expects to move forward with regulation reinforcing those obligations. The CFTC first officially recognized event contracts in 1992 when it allowed the Iowa Electronic Markets, a futures market at the University of Iowa in which traders can buy and sell contracts pegged to events such as presidential elections and corporate earnings. In the wake of the 2008 financial crisis, Congress expressly granted the CFTC comprehensive authority over any such contract based on a commodity, which is broadly defined in statute. The CEA is designed to account for innovation in the financial markets, allowing for new and emerging use cases within CFTC-regulated markets. RELATED LINKS FAQs: CFTC Prediction Markets Jurisdiction

Given the growing interest in prediction markets in Canada, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) want industry and investors to be aware of the applicable requirements governing prediction markets and event contracts (also known as prediction contracts and forecast contracts).  Prediction markets are platforms that facilitate trading of event contracts, which pay out based on the outcomes of future events. Anyone trading, or facilitating trading, in event contracts which are securities or derivatives, must follow applicable requirements under securities or derivatives legislation, such as registration or recognition requirements. For instance, in some CSA jurisdictions, Multilateral Instrument 91-102 Prohibition of Binary Options prohibits any person from advertising, offering, selling or otherwise trading a binary option having a term to maturity of less than 30 days, with or to an individual. Failure to comply with applicable requirements under Canadian securities and derivatives laws may lead to enforcement action.  On March 26, 2026, CIRO published a bulletin, Application of CIRO Requirements to Event Contracts. At present, two CIRO members have been authorized to facilitate Canadian client access to event contracts, including contracts executed on foreign regulated prediction markets. Facilitating trading of event contracts by CIRO dealer members is subject to certain terms and conditions imposed by CIRO, in consultation with CSA members, which relate to what types of products may be offered to Canadian clients and how these products may be traded. The CSA and CIRO continue to review these terms and conditions, which may be subject to change for these dealer members and/or any others in the future. While these CIRO members may facilitate Canadian client access to event contracts, traded on non-Canadian markets, to date, no prediction market has been recognized as an exchange or registered as a dealer (or exempted from those requirements) by the CSA.  The CSA and CIRO continue to monitor developments involving prediction markets and event contracts and intend to issue further guidance on how securities or derivatives legislation applies to them. Due to regulators’ ongoing concerns around prediction markets, the CSA and CIRO will also consider whether other regulatory action is required, including changes to the terms and conditions in the above-mentioned CIRO bulletin. Any industry participant interested in trading, or facilitating trading, in event contracts with Canadian investors, should contact their local CSA member and CIRO before doing so. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. The Canadian Investment Regulatory Organization (CIRO) is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.  

The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of New York entered an order granting the CFTC’s motion for summary judgment against James R. Velissaris, finding that he engaged in a fraudulent scheme in violation of the Commodity Exchange Act. The order imposes a $2.2 million civil monetary penalty and permanently enjoins Velissaris from engaging in further violations of the CEA, trading in any CFTC-regulated markets, entering into any transaction involving commodity interests, and registering with the Commission.  The court cited the egregiousness of Velissaris’s misconduct, which lasted for years and resulted in substantial investor losses. The court also noted the significant sanctions imposed upon him in a related criminal case, including a 15-year prison sentence, $125,969,962 in criminal restitution, and $22 million in forfeiture.  The summary judgment order resolves the CFTC’s enforcement action filed Feb.17, 2022, which charged Velissaris with operating a fraudulent scheme to overvalue assets managed by his multi-billion-dollar hedge fund, Infinity Q Capital Management LLC, a CFTC-registered commodity pool operator. [See CFTC Press Release No. 8495-22] According to that complaint, from 2018 – 2021, Velissaris engaged in a fraudulent valuation scheme to inflate the value of swaps held by two commodity pools managed by Infinity Q. He repeatedly represented that the funds valued their over-the-counter derivative positions using an independent third-party system without any substantive input from Infinity Q. In reality, Velissaris made manual adjustments in the system to artificially increase the reported value of the funds’ OTC derivative positions. These adjustments artificially inflated the funds’ net asset values and created a false record of success. Infinity Q then used those inflated values to charge inflated fees, induce additional investments from existing pool participants, and lure in new participants. Ultimately, the scheme resulted in customers paying more than $125 million in excess fees, of which approximately $22 million Velissaris used for his own benefit. RELATED LINKS Summary Judgement Order: James Robert Velissaris

The market opened for four trading days this week as the Federal Government declared Friday April 3 and Monday April 6, 2026, as Public Holidays to commemorate the Easter Celebration. Meanwhile, a total turnover of 2.856 billion shares worth ₦113.597 billion in 215,287 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.950 billion shares valued at ₦201.312 billion that exchanged hands last week in 359,642 deals. Click here for full details.

The OCC (Options Clearing Corporation) March 2026 Monthly Volume Report shows a total trading volume of 1,519,967,103 contracts, a 23.1% increase compared to March 2025. The average daily volume (ADV) for the year-to-date (YTD) also rose by 19.8%, reaching 69,172,625 contracts.  Contract Volume   March 2026 Contracts March 2025 Contracts % Change 2026 YTD ADV 2025 YTD ADV % Change Equity Options 680,088,296 603,733,346 12.6% 33,718,151 30,973,457 8.9% ETF Options 678,860,777 513,096,542 32.3% 28,928,643 21,751,675 33.0% Index Options 153,712,199 112,098,007 37.1% 6,247,057 4,760,534 31.2% Total Options 1,512,661,272 1,228,927,895 23.1% 68,893,851 57,485,666 19.8% Futures 7,305,831 5,984,504 22.1% 278,774 245,326 13.6% Total Volume 1,519,967,103 1,234,912,399 23.1% 69,172,625 57,730,992 19.8%   Securities Lending   March 2026 Avg. Daily Loan Value March 2025 Avg. Daily Loan Value % Change March 2026 Total Transactions March 2025 Total Transactions % Change Market Loan + Hedge Total 218,805,050,284 181,451,990,995 20.6% 310,510 311,828 -0.42% Additional Data Market share volume by exchange Open interest Historical volume statistics

Kaiko, the global independent leader in digital asset market data, analytics, indices, and pricing, today announced a collaboration with Bruce Markets, which operates the after-hours Bruce ATS, to incorporate its trading data into Kaiko’s 24/7 equity Reference Rates. The partnership comes as participation in overnight trading continues to grow, driven by global investor demand and an increasingly around-the-clock news cycle. Kaiko’s Reference Rates combine equity data from multiple institutional sources into one rate, and with this partnership, Kaiko will ingest market data from Bruce ATS, enhancing Kaiko’s ability to deliver accurate, representative pricing by incorporating data from one of the fastest-growing venues in the overnight market. “No single overnight ATS can give you a comprehensive picture of the market, and pricing infrastructure needs to evolve accordingly,” said Ambre Soubiran, CEO of Kaiko. “Incorporating data from Bruce Markets alongside our existing sources strengthens the accuracy and resilience of our equity Reference Rates, ensuring they reflect true market conditions at all hours.” “The overnight session is here to stay, and we’re seeing both overall participation and our share of that activity continue to grow,” said Jason Wallach, CEO of Bruce Markets. “We’re proud to partner with Kaiko to ensure that high-quality overnight market data is reflected in the pricing infrastructure that traders and institutions rely on.” As platforms launch equity perpetual products, they need a dependable underlying reference price that’s accurate and always available. Kaiko’s real-time 24/7 equity Reference Rates are designed to meet that demand, delivering consolidated, institutional-grade pricing that enables seamless trading across both on-chain and off-chain markets.

Multiplier: 2XReason: In maintenance of a fair and orderly market.Time: OPENING and INTRADAYSubject Summary: Please be advised, effective for trade date April 2, 2026, the MIAX Regulatory Department has granted 2 times OPENING and INTRADAY quote parameter relief for all symbols on MIAX Options and MIAX Emerald Options. Please note, standard quote width is $5 wide, two (2) times width is $10.  The quote width listed in the following will be two (2) times the listed width.https://www.miaxglobal.com/markets/us-options/miax-options/market-maker-requirementshttps://www.miaxglobal.com/markets/us-options/emerald-options/market-maker-requirementsFor questions or comments, please contact the Regulatory Department at regulatory@miaxglobal.com.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for March 2026, indicating that U.S. small business sales continued to grow steadily in March, despite consumers being more selective in their spending. Higher average ticket sizes helped offset slower transaction volumes as small businesses closed out Q1 on solid footing. The seasonally adjusted Index rose to 144. Year-over-year sales grew (+1.3%) despite transactions (foot traffic) slowing (-1.3%). Month-over-month sales (+0.7%) and foot traffic (+0.5%) both grew slightly compared to February. With total transactions easing, sales growth was buoyed by higher average tickets, which grew both year over year (+2.6%) and month over month (+0.2%). “March reflects a small business economy that remains durable, supported by continued growth in consumer spend, but with signs of cautious behavior,” said Prasanna Dhore, Chief Data Officer, Fiserv. “With energy prices rising, households began weighing tradeoffs carefully. Their selectivity was visible with consumers eating out less and making more deliberate purchases.” Key Takeaways Higher gas prices influenced spending decisionsGeopolitical disruption sent Gasoline Station sales higher month over month (+10.3%), driven mostly by a jump in average tickets (+7.2%). Year-over-year sales (+12.7%) grew in line with the rise in average tickets (+12.9%). Consumers may have partially offset higher gas prices by moderating spend at Food Services and Drinking Places (-1.0% year over year). Limited-service restaurants saw sales decline year over year (-2.9%) as foot traffic fell sharply (-4.2%). Full-service restaurant sales were less affected, with sales growing slightly (+0.4%) and foot traffic declining (-0.3%) year over year. Retail sales accelerated from February, while year-over-year growth was modestTotal retail sales rose month over month (+1.2%) and year over year (+0.7%). Gasoline sales accounted for most of the monthly gains. Building Materials (+3.5%), Motor Vehicle Parts (+1.6%) and Furniture (+1.7%) also contributed, with growth in these subsectors driven by higher foot traffic. Food and Beverage Stores (grocery) sales continued to soften (-0.5% month over month and -1.5% year over year) as consumers made more budget‑conscious purchasing choices. Discretionary and essential spending patterns were largely unchanged in MarchEssential spending outpaced discretionary spending for the 12th consecutive month, reinforcing a consistent pattern of prioritization among consumers. Discretionary categories grew year over year (+0.8%) and month over month (+0.8%); essential categories also grew (+1.9%) year over year and (+0.6%) month over month. To access the full Fiserv Small Business Index, visit fiserv.com/FiservSmallBusinessIndex. About the Fiserv Small Business Index® The Fiserv Small Business Index is published during the first week of every month and differentiated by its direct aggregation of consumer spending activity within the U.S. small business ecosystem. Rather than relying on survey or sentiment data, the Fiserv Small Business Index is derived from point-of-sale transaction data, including card, cash, and check transactions in-store and online across approximately 2 million U.S. small businesses, including hundreds of thousands leveraging the Clover point-of-sale and business management platform. Benchmarked to 2019, the Fiserv Small Business Index provides a numeric value measuring consumer spending, with an accompanying transaction index measuring customer traffic. Through a simple interface, users can access data by region, state, and/or across business types categorized by the North American Industry Classification System (NAICS). Featuring the most detailed classification available, the Fiserv Small Business Index provides visibility into 56 standardized level-6 national industries across 26 subsectors and 13 sectors, allowing users to track sales trends with precision and understand the diverse dynamics shaping the U.S. small business economy.