From the Desk of Anthony Pompliano0:00 Equity Portfolios for Bottom 50% have Increased 500%8:01 Larry Fink Speaks on Bitcoin & Tokenization10:16 $OPEN and The Rise of Retail InvestorsEnjoy! https://t.co/bb4Jky0Lji ...

Core Viewpoint - The emergence of blockchain-based tokens linked to traditional equities has raised concerns among Wall Street experts about market fragmentation and investor risks [1][2]. Group 1: Market Developments - Companies like Robinhood Markets Inc., Gemini Trust Company, and Coinbase Global Inc. are either launching or seeking approval for tokenized stocks, which are blockchain instruments tracking traditional equities [2]. - The total value of tokenized public stocks aimed at retail investors has increased significantly to $412 million as of September, up from just a few million dollars a year earlier [2]. Group 2: Product Characteristics - Tokenized stock products often do not provide the same rights, disclosures, and protections as traditional equities, resembling riskier derivatives instead [3]. - Many tokenized stock offerings are marketed similarly to actual shares, but the underlying structure may involve synthetic instruments, shifting the burden of understanding onto the investor [4]. Group 3: Structural Variability - The structures of tokenized stocks vary widely; some are backed 1:1 by underlying stocks, while others offer economic exposure through derivatives, often lacking ownership, voting rights, or traditional dividends [5]. - Different tokenized offerings, such as those linked to Nvidia Corp. and Tesla Inc., have varying rights and disclosures, raising concerns about investor protection [6].

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Financial Performance & Growth Drivers - BNY's profits beat estimates for the quarter, largely due to a jump in fees [1] - The company attributes growth to internal improvements, including desiloing, transformation projects, AI integration, and improved customer service [2] - Approximately 2/3 (66.67%) of BNY's pre-tax income now comes from businesses outside of traditional trust banking [5] Business Strategy & Transformation - BNY is focused on desiloing its various businesses to provide a more integrated service to customers [2][6][8] - The company is investing in digital assets and tokenization as part of a broader strategy to capitalize on mega trends [9][10] - BNY aims to be a leader in new technologies and a standard setter in the global financial system [13][14] Market Outlook & Risk Management - The CEO acknowledges a good operating environment for banks, characterized by exuberant markets, tight credit spreads, and low rates [2][3] - While acknowledging potential risks, BNY does not foresee a major market blowup, citing fundamental support in the US economy [17] - The company emphasizes the importance of risk management and vigilance regarding individual situations [16][18] Legal & Reputational Issues - BNY is facing new lawsuits related to its ties to Jeffrey Epstein, which the company intends to contest vigorously [18][19]

BNY profits beating estimates for the quarter thanks in large part to a jump in fees. Still shares flat this morning. On the beat, CEO Robin Vince joins us here at Post 9.Welcome back. Good to see you. >> It's good to be with you.>> I mean, you do continue to see some nice growth. What's driving it. >> Yeah.Well, it's the people of the company. We are collectively pulling together. We've desoed the company. We've got two big transformation projects.Our commercial model, our platforms operating model. We're ...

Core Viewpoint - The SEC acknowledges a significant delay in crypto regulation, stating it is "10 Years Behind" and prioritizing the development of a robust regulatory framework to foster innovation in the industry [1][4]. Group 1: Regulatory Approach - The SEC is committed to fast-tracking crypto regulation and has shifted its focus to support innovation within the digital asset space [2][3]. - An "innovation exemption" will be introduced to allow experimentation with new ideas in the crypto sector [2][3]. - The SEC has broad authority to grant exemptions under its statutes, enabling a more accommodating approach to new ideas in the crypto industry [3]. Group 2: Importance of Tokenization - Tokenization is highlighted as a crucial aspect of blockchain technology, offering significant potential benefits for the financial industry [4]. - The transparency of blockchain technology is emphasized as a powerful tool for addressing compliance issues [4]. Group 3: Legal Framework - The SEC's comments have brought renewed focus on how existing securities laws, particularly the Securities Act of 1933 and the Securities Exchange Act of 1934, apply to digital assets [5]. - Under the 1933 Act, assets classified as "securities" must be registered with the SEC unless an exemption is applicable [5]. - The 1934 Act extends regulatory oversight to secondary markets, including broker-dealers and exchanges [5].

Market Volatility & Liquidation - Crypto market experienced meltdowns, with Bitcoin's market cap previously at 1200 billion USD rising to 2200 billion USD, and the overall crypto market cap increasing from 2300 billion USD to 4300 billion USD [1] - Bitcoin liquidations of 6 billion USD represent 60 basis points, and overall crypto liquidations of 19 billion USD represent 44 basis points [1] Decoupling & Market Dynamics - Complete decoupling of crypto markets from macro headwinds is unlikely; panic tends to affect all assets [1] - Crypto markets resemble commodity markets with potentially deep liquidity but concentrated market makers, who may reduce activity during times of fear [1] Institutional Perspective & Tokenization - Institutions are realizing tokenization is a better system for transferring and recording value, with major exchanges exploring tokenized trading systems [1] - Retail exposure to tokenization has largely come through memecoins, which, despite being frivolous, have proven the resiliency of the infrastructure [2] - Memecoins, transferring billions of dollars peer-to-peer, demonstrate the 999999% uptime needed to operate an exchange, proving the infrastructure's resilience [2] Adoption & Infrastructure - Critical infrastructure systems like Bitcoin and blockchain have been tested for almost 10 years, with institutional-scale testing for 3-4 years, leading to serious consideration by CIOs, CTOs, and business leaders [2][3] - Transitioning modern financial markets to this infrastructure is estimated to take a decade, with the process already 30-40% complete [4]

Core Insights - Major cryptocurrencies have experienced significant drawdowns, attributed to macroeconomic factors such as tariff threats against China and potential government shutdowns [1][2] - Despite the alarming figures of liquidations in the crypto market, the context of market capitalization growth is crucial, with Bitcoin's market cap increasing from $1.2 trillion to $2.2 trillion year-over-year [1] - The volatility in crypto markets is compared to commodity markets, where liquidity can fluctuate based on market participants' actions, highlighting the unique characteristics of crypto trading [1][2] Market Dynamics - The crypto market's recent volatility is seen as a reflection of broader market panic, similar to past behaviors in commodity and equity markets [1][2] - Institutions are increasingly recognizing the potential of tokenization as a superior system for value transfer, driven by the resilience demonstrated by meme coins [2][3] - The infrastructure supporting meme coins has proven to be robust, which paradoxically boosts institutional confidence in the overall crypto ecosystem [2][3] Institutional Adoption - There is a growing understanding among U.S. companies regarding the benefits of tokenization, with major exchanges exploring tokenized trading systems [2][3] - The transition to a more tokenized financial system is expected to take a decade, with significant progress already made in the last few years [3][4] - Institutional leaders are beginning to take crypto seriously, recognizing its practical applications and the infrastructure being built around it [3][4]

Summary of Charles Schwab's 2025 Update Call Company Overview - **Company**: Charles Schwab (NYSE:SCHW) - **Date of Call**: October 16, 2025 - **Key Speakers**: Lauren Gaspar (Managing Director of Investor Relations), Rick Worcester (President and CEO), Mike Verdeschi (CFO) Key Points Financial Performance - **Third Quarter Results**: - Revenue increased by 27% year over year to $6.1 billion, marking the fourth consecutive quarter of double-digit growth across all major line items [27] - Adjusted earnings per share reached a record $1.31, a 70% increase compared to Q3 2024 [31] - Adjusted pretax margins exceeded 51% [27] Client Growth and Engagement - **New Accounts**: - 1.1 million new brokerage accounts opened in Q3, with $138 billion in core net new assets (NNA), a 44% increase year over year [4][7] - Year-to-date core NNA reached nearly $356 billion [4] - **Client Engagement**: - Daily average trades remained above $7 million for three consecutive quarters, with margin balances at a record $97.2 billion [5][32] - Client satisfaction scores reached an all-time high of 88% [15] Market Position and Strategy - **Competitive Position**: - Schwab serves 45 million client accounts with $11.59 trillion in assets, leading in RIA custodial assets and retail trading [13] - The firm is focused on deepening relationships with clients, particularly former Ameritrade clients, who have shown improved satisfaction scores [9][10] Product and Service Innovations - **Wealth and Lending Solutions**: - Managed investing net flows increased by 40% year over year, with significant contributions from legacy Ameritrade clients [10] - Bank lending balances rose by 24%, with pledged asset line (PAL) balances reaching record levels [10] - **Crypto Offerings**: - Schwab plans to launch spot crypto trading in 2026, starting with Bitcoin and Ethereum, aiming to attract younger investors [12][57] - The firm currently holds approximately 20% of the spot crypto ETP market [11] Operational Efficiency - **Cost Management**: - Adjusted expenses increased by 5% year over year, reflecting ongoing investments in growth and efficiency [30] - The firm is utilizing AI to enhance service efficiency and reduce operational costs [23] Future Outlook - **Market Conditions**: - The firm anticipates continued strong client engagement and revenue growth, despite potential shifts in the macroeconomic environment [36][37] - Interest rates are expected to trend lower, which may influence cash inflows and overall earnings [53][84] Strategic Focus Areas - **Growth and Client Relationships**: - Schwab is committed to deepening relationships with clients and enhancing service offerings [20] - **Efficiency and Scale**: - The firm aims to maintain low costs while reinvesting in growth initiatives [23] - **Employee Investment**: - Continued investment in talent and culture to attract and retain top industry professionals [25] Additional Insights - **Younger Investor Engagement**: - One-third of new retail households at Schwab are Gen Z investors, indicating a shift towards younger demographics [17] - The firm is leveraging social media and educational content to engage younger clients effectively [18] - **Advisor Services Growth**: - The advisor business is thriving, with significant NNA growth attributed to both existing and new advisors transitioning to Schwab [44][46] This summary encapsulates the key insights and data points from Charles Schwab's 2025 update call, highlighting the company's strong financial performance, client engagement strategies, and future growth outlook.

UK-based mortgage fintech MQube has become the first company in Europe to tokenize mortgage debt on the blockchain, a move it says could redefine the way mortgages are financed and traded. Key Takeaways: MQube has become the first European firm to tokenize £1.3 billion in mortgage debt on the blockchain. CEO Stuart Cheetham said tokenization enhances data integrity, security, and traceability. The move could boost liquidity for lenders and lower borrowing costs for consumers. The company announced ...