Tokenization & Blockchain Adoption - Tokenized Asset Coalition highlights the shift towards purpose-built blockchains for specific use cases, moving beyond the "AOL days" of single chains [1] - The industry emphasizes that real tokenization scales through interconnected, purpose-built chains sharing liquidity [2] - The industry suggests the tokenization revolution has just started [2] Institutional & Payment Network Integration - Janus Henderson is launching their tokenized fund JAAA on Avalanche (@avax) [1] - Visa is settling stablecoins on the Avalanche network [1] - Traditional asset managers require compliance-first environments, which purpose-built chains can provide [2] - Payment networks need dedicated settlement infrastructure, highlighting the need for specialized blockchains [2] Challenges of Shared Block Space - Traditional financial institutions cannot share block space with meme coins and NFT drops [2]

DeFi and Tokenization - JPMorgan indicates growth in DeFi and tokenization remains 'still disappointing' [1]

Tokenization & Institutional Adoption - R3 pioneered securities tokenization through HQLAx, collaborating with major financial institutions [1] - R3's experience in navigating complex onboarding processes with leading banks and exchanges laid the foundation for scaling tokenization [2] - R3 has facilitated the issuance of over $15 billion in tokenized financial assets within its ecosystem [3] Technology & Ecosystem - R3's technology meets the highest standards of global finance, proven by its track record [3] - R3 is leveraging Solana's high-performance infrastructure to broaden access to institutional-grade assets [3]

Financial Data and Key Metrics Changes - Broadridge reported a 7% increase in recurring revenue on a constant currency basis and an 11% growth in adjusted EPS for fiscal year 2025, aligning with long-term objectives [5][31] - The company generated $1.1 billion in free cash flow, representing 104% of adjusted net income, positioning it well for investments and shareholder returns [29][43] - Adjusted operating income margin expanded by 50 basis points to 20.5% for the full year [31][42] Business Line Data and Key Metrics Changes - Governance recurring revenues rose 6% to $2.7 billion, driven by a 16% increase in equity shareholder positions [7][31] - Capital Markets revenues grew 6% to $1.1 billion, supported by new sales and higher trade volumes [11][36] - Wealth and Investment Management revenues increased by 12%, with a notable 26% growth in Q4, driven by the acquisition of SIS [14][36] Market Data and Key Metrics Changes - Daily average trading volumes rose above $200 billion in June, significantly up from $100 billion earlier in the year [14] - Equity position growth was 18% in Q4, with a 12% growth in revenue-generating positions for the full year [38] - Fund position growth remained strong at 7%, reflecting ongoing demand for both equity and fixed income funds [8][38] Company Strategy and Development Direction - Broadridge is focused on democratizing and digitizing governance, simplifying capital markets, and modernizing wealth management [5][23] - The company aims to leverage its investments in technology to enhance its platform capabilities and drive innovation [24][25] - The acquisition of Aklan is expected to deepen Broadridge's role as an intermediary and enhance fund data quality [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, noting a bounce back in capital markets activity and increased investor confidence [4][5] - The company anticipates 5% to 7% recurring revenue growth and 8% to 12% adjusted EPS growth for fiscal year 2026 [6][48] - Regulatory changes are seen as opportunities for growth, particularly in digital assets and shareholder engagement [19][27] Other Important Information - Broadridge's Board approved an 11% increase in the annual dividend to $3.9 per share, marking the 13th double-digit increase in the last 14 years [6][47] - The company has a recurring revenue backlog of $430 million, providing visibility into future growth [30][78] Q&A Session Summary Question: On the contemplated closed sales acceleration - Management acknowledged longer sales cycles but noted strong underlying demand in areas where investments have been made [56][58] Question: Qualitative color on Distributed Ledger Repo (DLR) - Management highlighted the growth in DLR and its significance in the tokenized securities market, noting strong client interest [60][63] Question: Opportunities on the ICS side of the business with tokenization - Management discussed the potential for digital assets and tokenization to enhance traditional capabilities and democratize investing [68][70] Question: Drivers for Capital Markets revenue outlook - Management indicated that the exit of a business would have a modest impact on growth, contributing to a lower revenue outlook [73] Question: Change in backlog duration due to digital solutions - Management clarified that backlog duration varies by product type, with some sales taking longer to convert [79] Question: Debt profile management going forward - Management expressed confidence in the current debt level and plans to roll forward upcoming debt maturities [98]

Marketing Campaign - WoV Labs 与 Bitget Global 合作，为庆祝 UNTOLD X 推出独家代币化商品，包括 T 恤和 Labubu 毛绒玩具 [1] - 活动鼓励用户发布关于代币化或节日氛围的创意内容，并标记 @bitgetglobal + @wovlabs_com，以登上排行榜 [1] - 用户可以通过提供的链接了解活动详情 [1] Technology & Innovation - WoV Labs 使用智能标签技术为商品提供支持 [1]

Tokenized Assets & Securities - Tokenized assets are similar to ETFs, representing a basket of securities, requiring rules for disclosure and issuance to accommodate tokenization's special features [2] - The industry emphasizes the need for a level playing field and certainty in navigating tokenized securities [2] - The industry anticipates markets will adapt to blockchain trading, ensuring investors get the best price with transparent valuation [3][4] - The industry forsees new forms of securities meshing with existing rules to accommodate open and public pricing [4] - The industry acknowledges the potential for all securities to be tokenized [5] Regulatory Adaptation & Innovation - The SEC is helping the industry adapt rules for immobilizing securities and book entry, similar to the creation of the Depository Trust and Trading Corporation (DTCC) [7] - The SEC aims to accommodate technological development and innovation, avoiding impediments [8] - The SEC is re-evaluating the Howie test's applicability to digital assets, considering new rules that comply with the law and address the current situation [10][12] - The SEC will consider revoking archaic laws that stifle innovation and entrepreneurship, particularly those not applicable to digital-oriented companies [13][14] - The SEC is working to ensure that declaration forms accommodate the unique aspects of new products, clarifying their purpose and innovation [15] ETF Deliberation - The SEC's postponement of the Truth Social Bitcoin ETF decision is part of the normal internal deliberation process [16] - The SEC cautions that a temporary pause does not necessarily indicate the ultimate outcome for the ETF [16]

Tokenization Perspective - Robinhood's CEO, Vlad Tenev, considers tokenization to be significant beyond a mere buzzword [1] Industry Focus - The report highlights the importance of tokenization within the financial industry [1]

Regulatory Initiatives - SEC launches "Project Crypto" to modernize crypto market regulation [1] - The initiative covers asset classification and issuance, tokenization, custody and trading rules [1] - Focus on integrated securities and non-securities markets, super-app access, DeFi compliance, and innovation exemptions [1]

Tokenization & Financial System - Robinhood CEO 表示通证化是新金融体系的“基础” [1]

The vision from the US government reflex’s exactly what $PLUME does…Since it is the leading RWAfi chain, they are proud to contribute to this report (p. 36) and honored to help shape U.S.Bullish for $PLUMEPlume - RWAfi Chain (@plumenetwork):🚨 President @realDonaldTrump's Working Group – @BoHines, @SECPaulSAtkins, @SecScottBessent – just released its roadmap for digital asset markets, and it echoes the vision Plume laid out for the future of tokenization.As the leading RWAfi chain, we’re proud to contribute ...