Group 1 - Chenghe Acquisition III Co. closed its initial public offering of 12,650,000 units at a price of $10.00 per unit, raising total gross proceeds of $126.5 million [1][2] - The units are listed for trading on the Nasdaq Global Market under the ticker symbol "CHECU," with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant [1][2] - The warrants will be exercisable 30 days after the completion of the Company's initial business combination at a price of $11.50 per share [1] Group 2 - The Company intends to use the net proceeds from the offering and a simultaneous private placement to pursue business combinations with one or more businesses [2][5] - Chenghe Acquisition III Co. is a special purpose acquisition company incorporated in the Cayman Islands, focusing on mergers and acquisitions primarily in Asian markets [5]

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) has approved three exchanges to expedite the listing process for exchange-traded products (ETPs) that hold physical commodities like gold or Bitcoin, aiming to enhance investor access and promote innovation in the market [1]. Group 1 - The approved exchanges include the Chicago Board Options Exchange (CBOE), Nasdaq, and the New York Stock Exchange [1]. - The SEC's approval allows these exchanges to list commodity-based trust stocks as long as they meet the "approved generic listing standards" [1]. - SEC Chairman Paul Atkins stated that this approval simplifies the listing process and reduces barriers to accessing digital asset products in the U.S. capital markets [1].

Core Viewpoint - Nasdaq has submitted a groundbreaking proposal to the SEC to modify exchange rules to allow the trading of tokenized securities on its market, potentially enabling major stocks like Apple and Amazon to be traded in token form, marking a significant integration of blockchain technology into Wall Street's core markets [1][12]. Proposal Key Points - The proposal includes a modification of the definition of "securities" to encompass both traditional and tokenized forms, emphasizing that tokenized securities are still considered securities [2][3]. - Tokenized securities must be fully fungible with their traditional counterparts, sharing the same CUSIP code and granting holders the same rights and privileges, such as voting and dividend rights [3][4]. - Nasdaq plans to integrate tokenized and traditional securities on the same order book, treating them equally during the trading process, while the settlement process will offer the option of using tokenized forms [4][5]. Trading and Settlement Mechanism - The trading mechanism will allow tokenized securities to be traded alongside traditional securities, ensuring price consistency and shared market depth [4][6]. - The settlement process will involve the DTC executing transactions through a blockchain system, providing a transparent and efficient method for ownership transfer [5][7]. - Nasdaq's approach aims to prevent liquidity fragmentation and ensure that the core mechanisms of price discovery and execution remain intact [6][8]. Market Implications - The introduction of tokenized securities is expected to enhance the efficiency of financial market infrastructure, potentially reducing settlement times from T+1 to near real-time [12][14]. - The global market for tokenized assets is projected to grow significantly, from approximately $2.1 trillion in 2024 to about $41.9 trillion by 2032, with a compound annual growth rate of 45.8% [12][14]. - Nasdaq's initiative is seen as a strategic move to attract more capital to the U.S. markets and to position itself competitively in the evolving landscape of digital assets [12][16]. Future Outlook - The proposal is anticipated to pave the way for further innovations in financial markets, including the potential for stocks to be used as collateral in decentralized finance (DeFi) and the automation of dividends and voting through smart contracts [13][14]. - Nasdaq's tokenized securities trading is expected to launch by the end of Q3 2026, pending SEC approval and the readiness of the DTC's distributed ledger technology [14][15]. - This development is viewed as a significant milestone in the commercialization of blockchain technology, marking its entry into mainstream finance and potentially transforming the traditional securities market [16].

Group 1 - Trading in Apollomics Inc., Ltd. was halted on September 17, 2025, at 14:37:17 Eastern Time for additional information requested by Nasdaq [1] - The last sale price of Apollomics' ordinary shares was $18.4331, while the warrants were priced at $0.0191 [1] - Trading will remain halted until Apollomics has fully satisfied Nasdaq's request for additional information [1]

Core Viewpoint - The debate over whether public companies should report quarterly results has resurfaced, with President Trump's proposal to shift to semi-annual reporting to allow managers to focus more on long-term business operations [1][5]. Group 1: Arguments for Semi-Annual Reporting - The SEC has indicated it will prioritize the proposal for semi-annual reporting, which was initially suggested by Trump during his first term in 2018 [1]. - Warren Buffett and JP Morgan CEO Jaime Dimon previously argued that short-termism harms the economy and that companies should focus on long-term performance rather than meeting quarterly earnings forecasts [2][3]. - Robert Grifeld, former NASDAQ chairman, supports the discussion around semi-annual reporting, suggesting it could reduce the burden on companies while still providing investors with valuable information [5][10]. Group 2: Current Reporting Practices - Investors typically desire more frequent information, while companies often prefer less frequent reporting due to the time and effort involved in quarterly earnings releases [6][7]. - Most countries, except for Germany and Austria, have adopted semi-annual reporting to mitigate the focus on short-term results [7]. - Grifeld proposes that companies should provide internal key performance indicators (KPIs) in off quarters to maintain transparency without the full burden of quarterly reporting [8][9]. Group 3: Private Market Considerations - There is a growing concern regarding the lack of disclosure in private markets, where retail investors often have no access to information compared to public companies [12][14]. - Grifeld advocates for private companies with over 100 shareholders to provide management reports every six months, including KPIs, to improve transparency for retail investors [14][16]. - The asymmetry of information in private markets is highlighted as a significant issue that needs addressing, especially as more retail investors seek to invest in these companies [15][17].

当地时间周一，美国总统特朗普在社交媒体平台Truth Social发文，再度提议取消美国企业强制季度财报要求，改为每半年披露一次业绩。他表示，此举可帮 企业节省成本，让管理层更专注长期经营——这一主张与他第一任期内的想法一致，此前2018年他曾推动监管机构研究该改革但无果。 此次提议获长期股票交易所（LTSE）呼应，该机构上周刚宣布计划向SEC递交请愿，要求允许企业自主选择半年披露财务数据。 目前SEC委员会要求企业每90天强制披露财务数据，这一规则已沿用50余年。若改革落地，美国将与英国及欧盟国家的披露周期接轨。 目前，SEC现任领导层已释放 "监管减负" 信号，LTSE与SEC会面后对提案前景表示乐观，但业内预计需经公众意见征询等流程，最快2026年后才可能落 地。 纳斯达克首席执行官阿德纳·弗里德曼周一主张为上市公司提供每季度或每半年报告的选择。根据其白皮书，该公司还建议标准化收益新闻稿指南，以允许 该文件完全取代季度10-Q 表。 ...

格隆汇9月16日｜纳斯达克首席执行官弗里德曼主张为上市公司提供季度报告或半年报告的选择，这家 交易所运营商正加强对改革的支持，以减轻上市公司的报告负担。在此之前，美国总统特朗普周一再次 呼吁停止发布公司季度报告，如果获得批准，此举将标志着美国企业的重大转变。弗里德曼说："谢谢 你，特朗普总统让我们看清了上市公司领导人面临的一个关键挑战：短视主义，而季度报告加剧了这种 挑战。"弗里德曼表示，将上市公司的摩擦、负担和成本降至最低，可能进一步为美国资本市场注入活 力，并刺激经济增长。纳斯达克此前也曾公开提出简化报告要求的理由，建议让公司可以选择每半年而 不是每季度报告一次。 ...

Core Viewpoint - Nasdaq CEO Adena Friedman supports allowing public companies to choose between quarterly and semi-annual reporting to alleviate the reporting burden and combat short-termism in corporate America [1][2]. Group 1: Reporting Frequency - Friedman advocates for the option of semi-annual reporting, which could reduce the friction and costs associated with being a public company [2]. - Currently, U.S. regulations require companies to report financial statements every 90 days, while half-yearly reporting would align the U.S. with the UK and several EU countries [3]. Group 2: Economic Impact - Reducing the reporting burden could energize U.S. capital markets and stimulate economic growth [2]. - Previous discussions among top Wall Street executives have highlighted the need for reforms to ease regulations for public companies [3]. Group 3: Historical Context - In 2018, corporate leaders like Jamie Dimon and Warren Buffett expressed concerns that short-termism, driven by quarterly reporting, was detrimental to the U.S. economy [5]. - Nasdaq has previously proposed streamlining reporting requirements and standardizing earnings press releases to potentially replace the quarterly Form 10-Q [2].

Disciplinary Actions by Companies - Multiple employers across the U.S. have taken disciplinary actions, including terminations, against employees who made inappropriate comments regarding the assassination of Charlie Kirk [1][4][5] - Nasdaq terminated an employee for social media posts that violated its zero-tolerance policy on violence [4] - The Broad Institute fired an employee for posting a "deeply offensive" comment about Kirk's killing [5] - Perkins Coie dismissed a lawyer for criticizing Kirk on social media, stating the comments did not reflect the firm's views [6][7] - Office Depot fired an employee after a viral video showed staff refusing to print posters for a vigil for Kirk [8][9] - The Joe Burrow Foundation terminated an advisory board member for making inappropriate remarks following Kirk's assassination [10] - MSNBC political analyst Matthew Dowd was fired after making comments about the divisive nature of Kirk's rhetoric [12] - The Carolina Panthers fired a communications department employee for social media posts questioning public mourning for Kirk [13][14] - The West Ada School District dismissed a cheerleading coach for allegedly celebrating Kirk's death in a video [16]

Group 1 - Nasdaq's proposal to the SEC marks a significant shift from the "electronic bookkeeping era" to the "on-chain settlement era" in global capital markets [3] - The proposal aims to allow stocks and ETFs to trade in both traditional digital and tokenized forms, potentially rewriting the rules of global capital flow and efficiency [3][4] - The core objectives of the proposal include enhancing efficiency with T+0 real-time settlement, expanding trading hours to 24/7, and lowering barriers for small investors through tokenization [4] Group 2 - The technical design of the proposal focuses on compatibility with traditional systems while embedding blockchain technology, ensuring that tokenized securities share the same rights as traditional securities [5] - The regulatory framework does not break existing rules but integrates blockchain tools within the traditional system, maintaining compliance with AML and KYC processes [5] Group 3 - Institutional investors have shown positive feedback towards the proposal, with major firms like Goldman Sachs and Morgan Stanley initiating tokenized securities trading simulations [6] - A survey indicated that 62% of U.S. retail investors are willing to try tokenized stock trading, attracted by real-time settlement and 24/7 trading capabilities [6] Group 4 - The SEC's historical approval logic has shifted from risk-averse prohibition to compliance-guided openness, as evidenced by the approval of Bitcoin ETFs after a lengthy denial period [9][10] - The SEC's 2025 policy shift under new leadership has created a favorable regulatory environment for Nasdaq's proposal, emphasizing support for tokenization as a natural evolution of financial innovation [11][12] Group 5 - The approval timeline for Nasdaq's proposal is projected to conclude by mid-2026, with a high probability of approval exceeding 80% based on current policy support and market demand [15][8] - The anticipated impact on global capital markets includes a significant increase in trading volume and liquidity, with estimates suggesting a potential daily trading volume exceeding $3 billion upon launch [16][17] Group 6 - The tokenization of securities is expected to reinforce the dominance of the U.S. dollar in global capital flows, with the use of dollar-pegged stablecoins facilitating cross-border transactions [19] - Global exchanges are likely to engage in a digitalization race, with Nasdaq's initiative prompting other markets, such as Hong Kong and the EU, to accelerate their own tokenization efforts [20] Group 7 - Emerging markets may face increased capital outflow pressures as tokenization lowers barriers for investors seeking to access U.S. markets, potentially exacerbating regulatory challenges [22] - Developed countries will experience competitive pressures in their capital markets, necessitating rapid advancements in their own tokenization processes to retain investor interest [23] Group 8 - The impact on China's capital markets includes potential capital outflow risks and intensified competition for technology company listings, as U.S. tokenization may attract Chinese firms seeking better financing opportunities [24][25] - Hong Kong's capital markets may face challenges in maintaining their status as an international financial hub, with the risk of capital diversion to tokenized U.S. securities [28][29]