UBS announced on Nov. 4 the completion of the world’s first live, in-production tokenized fund transaction. The Swiss banking giant executed an end-to-end workflow involving subscription and redemption requests for a tokenized money market fund. The transaction marks a milestone in the institutional adoption of blockchain-based financial products. The transaction processed orders for the UBS USD Money Market Investment Fund Token, known as uMINT, which operates on the Ethereum distributed ledger, accordin ...

瑞银集团（UBS）董事长科尔姆·凯莱赫（Colm Kelleher）警告称，保险公司为其私募信贷资产寻求更 高评级的行为，正为全球金融制造"潜在系统性风险"。 此前，次贷汽车贷款机构三色汽车金融公司（Tricolor）与汽车零部件企业第一品牌公司（First Brands）高调破产，引发外界对这一快速增长行业透明度的广泛担忧，私募信贷评级也因此受到更多审 视。 凯莱赫表示："2007年的次贷危机，本质上就是一场评级机构套利引发的危机。" 瑞银董事长还对瑞士提出严厉批评，称由于香港和新加坡在财富管理领域的竞争，以及制药业受特朗普 贸易战和美国高关税冲击，瑞士正"失去吸引力"。 周二，凯莱赫在香港金融管理局（Hong Kong Monetary Authority，HKMA）全球金融领袖投资峰会上 表示，保险业（尤其美国保险业）正在进行"评级套利"，这种行为与2008年金融危机前银行及其他机构 在次贷领域的操作类似。 目前已有越来越多声音指出数万亿美元规模保险业存在的风险，包括其持有的流动性差的私募信贷贷 款，以及信息披露不透明等问题。凯莱赫正是其中之一。 "当前可见的是，小型评级机构在'投资合规审核'上大量'走 ...

存储芯片行业正面临"严重短缺"，瑞银报告指出2025年第四季度DDR内存合同价格预计环比涨幅达21%或更高。瑞银据此上调三星电子和SK海力士目 标股价，并预计供应短缺状况将至少持续至2026年底，价格涨势有望延续至2027年第一季度。 存储芯片行业正进入一个"严重短缺"的时期，强劲的需求与有限的产能扩张共同推动DRAM价格进入一个强劲的上行周期。在此背景下，瑞银集团显著 上调了对DRAM合同价格的预期，并提升了行业巨头三星电子和SK海力士的目标股价，认为涨价势头将至少延续至2026年底。 据追风交易台， 瑞银在11月3日发布的研究报告中指出，其最新的行业调查显示，2025年第四季度的DDR内存合同价格谈判正以积极势头进行，预计 环比涨幅将达到21%或更高。 报告明确表示，"DRAM供应商显然掌握了上风。" 基于强劲的价格前景，瑞银将SK海力士的12个月目标价从64万韩元上调至71万韩元，并维持其"买入"评级，称其为内存领域的"首选"。同时，三星电子 的目标价也从11.8万韩元上调至12.8万韩元。瑞银因此上调了两家公司2026年及2027年的营收和盈利预测。 这一轮价格上涨的背后，是人工智能（AI）驱动的高带 ...

Mike Dargan, Group Chief Operations and Technology Officer, UBS, said:“This transaction represents a key milestone in how smart contract-based technologies and technical standards enhance fund operations and the investor experience.As the industry continues to embrace tokenized finance, this achievement illustrates how these innovations drive greater operational efficiencies and new possibilities for product composability.Through our UBS Tokenize initiative, we are committed to fostering innovation and appl ...

We’re excited to announce that @UBS has successfully completed the world’s first in-production, end-to-end tokenized fund workflow leveraging the Chainlink Digital Transfer Agent (DTA) technical standard.https://t.co/vY8LIKEPlIUBS—one of the world’s largest private banks with over $6 trillion in AUM—worked with its in-house tokenization unit UBS Tokenize and DigiFT to showcase a live, in-production tokenized fund transaction that leverages the Chainlink DTA technical standard to complete the first-ever subs ...

UBS said it completed the first on-chain redemption of a tokenized fund using Chainlink’s Digital Transfer Agent (DTA) in a live transaction that underscores how blockchain infrastructure is starting to interface with the $100 trillion global fund industry. The transaction involved the tokenized money market fund UBS USD Money Market Investment Fund Token (uMINT) built on Ethereum. DigiFT served as the onchain distributor, settling the redemption using Chainlink’s DTA standard. UBS’ internal systems init ...

瑞银（UBS）分析师表示，当前黄金市场的回调仅为暂时现象，金价仍有望达到每盎司4200美元；若地 缘政治或市场风险加剧，乐观情况下金价甚至可能冲高至每盎司4700美元。 "市场期待已久的回调已暂时平息，"瑞银在周一发布的研究报告中称，"除技术面因素外，我们未发现 此次抛售存在基本面支撑。" 这家瑞士银行业巨头指出，"价格动能减弱引发期货持仓量出现第二轮下滑"，但同时强调，黄金的潜在 需求依然强劲。 瑞银分析师还援引世界黄金协会（World Gold Council）《第三季度黄金需求趋势报告》称，该报告证 实"各国央行与个人投资者的购金需求均表现强劲且持续升温"。 他们在报告中写道："今年以来各国央行已购金634吨，虽低于去年同期速度，但第四季度购金量正逐步 回升，符合我们对2025年全年900-950吨购金量的预测。" 黄金ETF资金流入达222吨，金条与金币需求连续第四个季度超过300吨，这些数据均表明投资者对黄金 的兴趣已显著增强。瑞银指出，"珠宝需求也未如预期般疲软"。 "我们倾向于逢低买入黄金，"分析师表示，并补充称他们仍认为投资者对黄金的"配置比例偏低"。瑞银 建议，投资者应在投资组合中配置中等个 ...

Core Viewpoint - UBS Chairman Colm Kelleher highlighted two major disconnections in global regulation: the lack of oversight in the shadow banking system and inconsistent regulatory speeds across regions [1] Group 1: Regulatory Concerns - Kelleher called for a relaxation of regulations in the banking sector to enable more capital to support credit provision to the real economy [1] - He cited the regulatory failures surrounding the Silicon Valley Bank incident, emphasizing that regulators have been overly rigid in applying rules [1] - The U.S. has recognized the need for effective regulatory mechanisms to promote economic growth after addressing banks' capital issues, with the UK gradually following suit [1] Group 2: Shadow Banking and Systemic Risks - Kelleher pointed out that excessive regulation has led to a significant shift of financial products from the banking system to the shadow banking sector, which is not subject to the same regulatory standards [1] - The U.S. government lacks a comprehensive understanding of the shadow banking situation, as it increasingly favors state-level regulation of the insurance industry over federal oversight, posing systemic risks [1]

Group 1: Insurance Industry Risks - The chairman of UBS warns that the U.S. insurance industry is facing potential risks due to weak and complex regulation, exacerbated by unprecedented private financing growth [1] - There is a significant increase in the allocation of private debt investments by U.S. life insurance companies, with nearly one-third of their $5.6 trillion assets invested in this area last year, up from 22% a decade ago [1] - The rise of small rating agencies, which may be driven by commercial motives, poses a risk of inflated credit assessments, leading to systemic risks in the insurance sector [2] Group 2: Financial System Concerns - Recent bankruptcies of Tricolor Holdings and First Brands Group have raised concerns about potential hidden risks within the financial system, prompting warnings from JPMorgan's CEO [1] - The International Bank for Settlements (BIS) highlights that insurance companies often seek higher ratings to lower capital requirements, which can lead to reliance on smaller rating agencies [2] Group 3: Wealth Management Landscape - UBS chairman criticizes the Swiss market for losing its attractiveness as a wealth management center, facing significant competition from Hong Kong and Singapore [2] - By 2031, the private wealth managed in Hong Kong is expected to nearly double to $2.6 trillion, with Hong Kong projected to surpass Switzerland as the largest cross-border wealth management center this year [2] Group 4: UBS Strategic Moves - UBS is currently integrating Credit Suisse following a rescue plan agreed upon earlier this year, while also seeking to persuade the Swiss government to relax proposed banking regulatory reforms [3]

Group 1: Risks in the US Insurance Industry - UBS Group AG's chairman highlighted risks in the US insurance sector due to weak regulations and a surge in private financing [1][4] - The chairman noted a significant increase in private debt investments by US life insurers, with nearly one-third of their $5.6 trillion in assets allocated to this sector last year, up from 22% a decade ago [3] - Concerns were raised about the potential systemic risks to the banking system stemming from the rapid growth in private debt investments by insurers [3][4] Group 2: Rating Agency Concerns - The chairman pointed out the emergence of rating agency arbitrage in the insurance business, drawing parallels to the subprime crisis of 2007 [2] - Smaller rating agencies are increasingly used by insurers, which may lead to inflated assessments of creditworthiness due to commercial incentives [5] Group 3: Wealth Management Landscape - The chairman criticized Switzerland's declining status as a wealth management hub, facing competition from Hong Kong and Singapore [6] - Hong Kong's private wealth under management is projected to nearly double to $2.6 trillion by 2031, potentially surpassing Switzerland as the largest cross-border center [7] Group 4: UBS's Strategic Moves - UBS is currently integrating Credit Suisse following its acquisition in early 2023 and is negotiating with the Swiss government regarding proposed regulatory changes that could impose up to $26 billion in new capital requirements [8]