Overview - The article emphasizes the importance and challenges of meeting regulatory requirements, highlighting that proper management can transform regulatory work into a powerful tool [3] - LSEG's post-trade regulatory reporting solutions help companies reduce operational and regulatory risks while enhancing efficiency through streamlined reporting and data analysis [3][12] Advantages - Proactive Regulatory Reporting: Companies can stay updated on regulatory changes and enhance team skills by engaging with experts [4] - Data Insights: Transforming data into actionable insights and clearly communicating them to business units [4] - Efficient Workflows: Automation of workflows and simplified onboarding processes to eliminate resource constraints [4] - Resource Reallocation: Budget previously allocated for regulatory penalties can be redirected to more meaningful business areas [4] - Strategic Regulation: Transforming process management into strategic thinking to drive business growth [4] - Trusted Infrastructure: LSEG's reliable infrastructure supports the reporting of billions of transactions annually [4] Regulatory Reporting Solutions - The article discusses how regulatory reporting solutions can support businesses in navigating compliance requirements effectively [6][12] Post-Trade Services - LSEG's post-trade services support both cleared and bilateral markets, continuously innovating to adapt to changing conditions [12] - The services aim to enhance operational efficiency and achieve capital and cost savings [14]

Erwan Jacob LSEG 宏观分析师 黄金在2025年成为焦点，上涨50%，表现超过主要资产类别。本篇洞察探讨了为何黄金在全球经济不 确定性、央行买入以及地缘政治紧张局势下，成为终极避风港。以下是推动这一上涨的关键因素： 黄金在2025年飙升50% ，投资者在全球经济和地缘政治不确定性中寻求安全。 央行买入和美联储宽松 推动黄金迎来数十年来最强劲的上涨。 在 货币承压、市场波动 的背景下，黄金在2025年闪耀地成为终极避风港。 今年，黄金迎来自1979年以来最强劲的上涨，当时伊朗革命曾扰乱全球经济。自2025年初以来，黄 金现货价格已上涨50%，表现超过主要资产类别。美国银行(Bank of America)的数据表明，这一势头 可能会延续，驱动力来自央行的结构性需求以及美国联邦储备委员会启动的货币宽松。 美联储的货币政策放松发生在一个关键时刻：就业数据走弱而通胀依然顽固——美国在9月失去了3.2 万个工作岗位。美联储主席鲍威尔在杰克逊霍尔宣布的政策转向反映了更广泛的经济放缓，因为贸易 争端的影响仍在持续。传统上，美国国债和美元一直被视为避风港，但在美联储面临持续挑战以及美 国贸易政策全球再平衡的背景 ...

Core Viewpoint - The article emphasizes the importance of data-driven financial information services and risk management in the context of building Shanghai as a global financial center, highlighting the role of advanced technologies like AI and cloud computing in enhancing financial services and risk management systems [1][7]. Group 1: Event Overview - The 40th "Lujiazui Financial Salon" was held in Shanghai, focusing on "Global Financial Center Construction - Data-Driven Financial Information Services and Risk Management" [1]. - The event gathered experts from various fields, including financial infrastructure, international financial information platforms, and local fintech companies, to discuss the transformation of the global financial landscape [1]. Group 2: LSEG's Role and Contributions - LSEG covers over 70 million financial products globally, connects more than 500 exchanges, and possesses over 4 petabytes of historical data, including 6 million economic indicators across various dimensions such as market sentiment analysis and ESG [3]. - LSEG aims to leverage high-quality data to drive AI applications in risk management, data extraction, customer service operations, and innovative product development, supporting the intelligent transformation of financial markets in the Asia-Pacific region [3]. Group 3: Tradeweb's Insights - Tradeweb's daily trading volume reaches $2.9 trillion, providing cross-asset trading and data services that enhance transaction execution efficiency for institutions [3]. - The integration of electronic trading and AI is highlighted as a means to improve cross-border trading efficiency and transparency, facilitating data-driven decision-making [5]. Group 4: Expert Discussions - Experts unanimously agree that data is the cornerstone for Shanghai's development as a global financial center, with high-quality, standardized, and secure financial data being crucial for market efficiency and risk management [7]. - The experiences of mature markets like London and New York are suggested as references for Shanghai in building a financial information hub [7]. Group 5: LSEG's Global Presence - LSEG is a leading global financial market infrastructure and data provider, operating across Europe, the Americas, Asia-Pacific, and emerging markets [9]. - The company’s capabilities span data, indices, capital formation, trading execution, clearing, and risk management, supporting clients in achieving sustainable growth [8].

Core Viewpoint - The article discusses the current sentiment in the precious metals market, particularly focusing on gold and silver, in light of recent CFTC data and the potential for interest rate changes by the Federal Reserve [2][26]. Group 1: Market Sentiment and CFTC Data - Due to the U.S. government shutdown, CFTC data on futures market positions was only updated until October 28, showing a significant increase in both gold and silver net long positions, with gold up 14.7% and silver up 22.4% [2][6]. - The gold-silver ratio has decreased from over 80 to 72, marking the lowest level since August 2021, with a cumulative decline of 20.7% this year [2][21]. - The market sentiment is influenced by expectations of interest rate cuts by the Federal Reserve, with the probability of a rate cut in December rising to nearly 90% [2][24]. Group 2: Investment Strategies and Future Outlook - Investors are advised to consider their strategies for the period between potential rate cuts in December and April, as the market anticipates a 50% chance of another cut in April [2][26]. - The article suggests that if Trump were to regain influence over the Federal Reserve, it could lead to further rate cuts, thereby supporting gold prices [26][29]. - The current market dynamics indicate a strong demand for physical gold, which may not be fully reflected in futures market positions, suggesting a potential for price increases [16][30]. Group 3: Performance of Precious Metals - Year-to-date, net long positions in gold futures have decreased by 42%, while silver has seen a 35% increase [7][8]. - Platinum and copper have also shown significant changes, with copper net positions turning positive for the first time this year [10][13]. - The article highlights that the gold price has remained high despite a reduction in long positions, indicating strong physical demand [16][19]. Group 4: Broader Economic Context - The article notes that the global economic outlook remains uncertain, with expectations of continued inflationary pressures and potential stagflation, which typically favors investments in commodities [29][30]. - The relationship between U.S. interest rates and gold prices is emphasized, suggesting that a decline in rates could lead to higher gold prices, especially if inflation persists [30][32].

Group 1 - The article highlights the transformation of international trade compliance from a "back-end support" function to a core capability for strategic planning and risk management in enterprises due to the evolving global trade landscape and increasing regulatory pressures [1][2]. - The London Stock Exchange Group (LSEG) is collaborating with Yihailan to host a seminar in Shanghai, focusing on the core pain points of shipping trade and cross-border compliance, inviting professionals from various sectors to discuss challenges and opportunities [1][2]. - Key topics of the seminar include the role of shipping and logistics data in financial compliance, the latest developments in U.S. sanctions and export controls, and practical experiences in building resilient compliance systems [2][7]. Group 2 - The seminar agenda includes guest registration, opening remarks, a keynote speech on shipping trade compliance insights and best practices, and roundtable discussions on the application of compliance data in financial risk control [3]. - Notable speakers include professionals from Yihailan and legal experts from JunHe Law Offices, emphasizing the importance of expert insights in navigating compliance challenges [5][9][10]. - The event aims to foster a robust and transparent global trade environment by facilitating discussions among maritime, shipping, trade, logistics, multinational enterprises, and banking compliance professionals [1].

《绿色金融创新研究报告2025》正式发布，由兴业银行牵头，在中国金融学会绿色金融专业委员会指 导下，联合人行地方分行、金融基础设施机构、高校、研究机构、咨询服务机构及金融企业，形成跨 界协作，共同推动绿色金融体系建设。 报告系统梳理绿色金融标准化、产品创新、碳核算及国际对 接的最新进展，并提出实践路径，兼具政策引领与市场指导价值。 绿色金融正从"政策驱动"迈向"市场驱动"，未来将呈现四大趋势：标准化、数字化、国际化、产品多 元化。行业影响深远：标准体系提升透明度，创新产品加速资本流向绿色领域，风险管理与信息披露 成为核心要求，国际合作持续深化。 扫码获取完整报告 （推荐使用桌面浏览器访问） 我们的产品：LSEG 可持续金融和投资 我们将可持续发展与金融相融合，帮助我们的客户实现可持续增长。 总览 在这一进程中，LSEG作为重要参与方，贡献突出： 未来，LSEG将持续以数据、标准与技术赋能行业，成为绿色金融创新与国际化的重要推动力量。 通过绿色收入模型（Green Revenues）与绿色收入分类系统（GRCS），助力市场精准 识别绿色经济活动并与国际标准接轨； 提供全球绿色经济市值、收入及表现数据，支持绿色指 ...

Core Insights - The green bond market has shown resilience despite uncertainties in early 2025, with issuance reaching $467 billion by the end of Q3 2025, a 1% increase year-on-year, maintaining the potential to achieve the record of $572 billion set in 2024 [1][2][3] - The total outstanding green bonds surpassed $3 trillion for the first time, reflecting a compound annual growth rate (CAGR) of approximately 30% over the past five years, indicating a growing demand for climate finance [4] Group 1: Market Performance - Green bond issuance in Europe remains dominant, totaling $256 billion, accounting for 55% of the global total, despite a 5% year-on-year decline [6] - The Americas experienced a more significant decline of 13%, with U.S. corporate green bond issuance dropping nearly 60%, while municipal bonds rose by 30%, keeping overall issuance roughly stable compared to the previous year [6][5] - The strong performance in the Asia-Pacific region, particularly in China, where domestic green bond issuance doubled year-on-year, offset the declines in Europe and the Americas [6] Group 2: Market Innovation and Diversification - Corporate issuers, including both public and private companies, continue to lead the green bond market, accounting for about two-thirds of issuance in 2025, with financial, utility, and industrial sectors at the forefront [6] - Sovereign issuers are also innovating, with China issuing its first sovereign green bond on the London Stock Exchange and Denmark launching its first sovereign bond under the new European Green Bond (EuGB) standard [6][5][7] - Over a quarter of eligible use categories in the green bond market are related to adaptation and resilience investments, with specific examples such as 12% of green bonds in the UK being allocated to flood and coastal erosion management [7][9] Group 3: Fund Flows and Performance - Sustainable bond funds have shown stable inflows, with 46 out of the past 60 months recording net inflows, indicating strong ongoing demand [11] - The performance of green bonds closely tracks that of traditional bonds, although they have slightly underperformed year-to-date [8] - Since October 2020, sustainable bond funds have attracted a cumulative net inflow of $54 billion, highlighting investor confidence in green and sustainable fixed income strategies [12][13] Group 4: Future Outlook - As 2025 approaches its end, the green bond market continues to demonstrate remarkable resilience amid uncertainties and growth slowdowns in certain regions [15] - The fundamental drivers, including the rising need for climate mitigation and adaptation infrastructure financing, strong investor demand, and stable performance relative to the broader fixed income market, suggest that green bonds will remain a cornerstone of sustainable finance portfolios [15][10]

这里的目标则是利用新闻来预测更广泛的市场趋势。从这一角度来看，新闻一点也不稀疏。每天交易 日都会产生并记录数以万计的文章。然而，当我们从关注具体公司新闻转向对美国市场整体进行聚合 时，一个新的问题出现了。 我们发现，稀疏性的挑战被序列相关性所取代。 正如图1所示，美国每日 整体新闻情绪在相对较长的滞后期内都表现出高度的自相关性。 图1：美国每日整体新闻情绪的滞后自相关 每日整体数据通过对所有与美国上市股票相关的文章的情绪评分进行求和来计算。 这似乎对我们既 定的目标提出了真正的挑战——利用整体新闻信号来预测美国市场的剧烈变化。要实现这一点，我 们需要一个尽可能接近"无记忆"的指标。这样的指标才更有可能及时感知市场的转折。 Amit Das LSEG 新闻数据与API业务 在过去几十年里，美国展现出极强的增长韧性，期间伴随少数几次急剧的熊市。然而，总体趋势保持 积极，熊市后的复苏通常也很迅速。我们可以用S&P500来说明这一点。在COVID-19疫情初期的冲 击下，S&P500市值下跌约30%。然而，仅一个月后它便开始稳步回升。在六个月内，它完全收复了 失地。到年底时，指数较疫情初始已上涨超过10%。 在本篇洞 ...

Group 1 - The article highlights the transformation of international trade compliance from a "back-office support" function to a core capability for strategic planning and risk management in response to evolving global trade dynamics and regulatory pressures [1] - The London Stock Exchange Group (LSEG) is collaborating with partners to host a seminar in Shanghai focused on shipping trade and cross-border compliance, addressing key pain points in the industry [1] - The seminar aims to bring together professionals from maritime, shipping, trade, logistics, multinational corporations, and banking risk and compliance sectors to discuss challenges and opportunities in creating a transparent global trade environment [1] Group 2 - The seminar will cover the latest trends and practical insights in identifying shipping trade risks, including the role of shipping and logistics data in financial compliance and risk control systems [2] - Topics will include the latest developments in the U.S. sanctions and export control systems, along with strategies for corporate responses [2] - The event will feature a roundtable discussion on the application of shipping logistics and sanctions compliance data in financial risk management practices [3][7]

Luke Lu LSEG 信贷研究与量化建模主管 Robin Marshall LSEG 富时罗素全球投资研究总监 美国住房市场正面临一个转折点。随着高企的抵押贷款利率、有限的房源供应以及美联储政策的变化 重塑了住房可负担性，越来越多的美国人选择租房。本文探讨了住房自有率、租赁趋势与利率周期之 间的复杂关系——以及这对投资者和消费者意味着什么。 锁定效应： 低固定利率抵押贷款限制了住房供应，尽管利率上升，房价仍在走高。 租赁回暖： 由于购房成本远远超过租金，多户型租赁市场在2025年出现回暖。 美联储政策转折： 超过4%的抵押贷款利率限制了再融资，并减缓了美联储宽松政策对住 房市场的传统影响。 长期以来，住房自有率一直被视为"美国梦"的基石，象征着强烈的自豪感与安全感，同时也可能通过 房价升值在时间中带来财富积累。早在1990年代克林顿政府时期，这一理念就被积极推动，随着《社 区再投资法案》（《Community Reinvestment Act》）等举措的实施，到2000年住房自有率已提升 至67.7%【注1】。 另一方面，租房具有灵活性、较低的前期成本，并且没有诸如房产税和维护费等持续性支出。总体而 言， ...