1. 加密货币的下一个催化剂即将到来 据外媒报道，特朗普总统数字资产顾问委员会执行董事BoHines表示，白宫将于周三发布一份加密货币 政策报告，该报告是根据唐纳德·特朗普总统1月份签署的有关数字资产的行政命令而制定的。今年1 月，特朗普签署命令称，他将"在保护经济自由的同时，促进美国在数字资产和金融技术领域的领导地 位"。目前，国会正在大力规范该行业。加密货币市场的另一个催化剂将是美联储的利率决议。市场普 遍预计利率将保持不变，但美联储主席鲍威尔的意外举动或言论可能会影响市场，包括加密货币市场。 2. 香港金管局：《稳定币条例》生效后将设6个月过渡安排 据香港电台网站报道，《稳定币条例》本周五起生效，香港金管局表示将设6个月过渡安排，处理之前 在香港已有稳定币发行业务的机构，包括向有能力遵守监管规定的发行人，发出临时牌照；若发行人未 能在条例生效后3个月内符合相关要求，须在法例生效后4个月内有序结束在香港的业务；如果金融管理 专员未能信纳发行人有能力符合发牌准则及监管规定，发行人要在接获拒绝通知后一个月内有序结束香 港业务。 3. 香港金管局就8月1日起实施的稳定币发行人监管制度发布多个文件 据官方公告，香 ...

金融中心的未来，显然已经不能单靠过时的"纸面财富"。如今，香港已不再满足于依赖传统金融模式，它急切地向科技伸出了那渴望的双手。正如那股迎面 而来的数字化浪潮，区块链、人工智能与数字资产这些"硬科技"，正逐步成为全球金融中心争夺的焦点。而香港发布的《数字资产发展政策宣言》无疑是这 一决心的体现，它意图通过引进优质金融科技企业，全面发展数字资产。 但香港要迈向未来的科技航道，仅有政策支持与资金投入远远不够。首先，香港仍缺乏真正的"科技基因"，这座城市的金融优势往往让人忽略了它在硬科技 领域的短板。过去几十年，香港凭借区位优势、内地背靠和全球联系，站稳了全球金融舞台的前沿。但是，数字时代的来临，对这个以金融为核心的城市提 出了更高的要求。 这则新闻不禁让我想起了那种画面，略带讽刺又不失震撼的场景——在信息的洪流中，我们的眼光时常被一条条新闻吸引，扑面而来的充满了"亮点"与"新 奇"。近日，香港理工大学与蚂蚁数科的合作协议就如同那股扰动着金融领域风浪的微弱涟漪，7月29日的消息仿佛是轻轻一推，谁也不知道这背后究竟隐藏 着怎样的深意。 初看，表面上不过是校企合作罢了，常见的形式，谁能不曾见过？然而细细琢磨，便能隐约察觉 ...

白宫发布了期待已久的数字资产报告，其中制定了一项国家战略，旨在让美国在区块链、加密货币市场 和代币化金融领域占据全球领先地位。尽管该报告涵盖了广泛的数字资产政策领域，但并未就政府计划 中的比特币储备提供实质性更新，只是重申了特朗普总统1月行政令中的表述，未列出后续步骤或实施 时间表。此报告的出台源于特朗普总统1月签署的一项行政令，该行政令成立了一个关于数字资产及 人 工智能等新兴技术的跨部门工作组。这份长达166页的文件由白宫加密货币与人工智能事务负责人David Sacks和执行董事Bo Hines牵头编写，整合了财政部、商务部、美国 证券交易委员会（SEC）和美国商 品 期货交易委员会（CFTC）的意见，其中列出了关于简化监管、支持创新和实现监管现代化的多项提 议。（格隆汇） ...

美国白宫发布数字资产报告。 ...

贝莱德投资研究所主管让 布瓦万（Jean Boivin） 在最新的周度评论中指出： （1）美国近期法律巩固了稳定币作为未来金融领域数字支付手段的地位。贝莱德认为比特币有望成为 一种分散投资回报的工具。 （2）美国股市创下历史新高，部分原因是有迹象表明大型科技公司加大了对人工智能的投资计划。日 本股市也创下历史新高。 贝莱德预计美联储本周将维持利率稳定。关注随着 8 月 1 日截止日期临近的美国贸易协议，以及第二季 度国内生产总值（GDP）数据中关税的影响。 （图表：2020-2025 年稳定币市值与加密货币市值占比） 注：橙色线显示稳定币的名义总市值，黄色线显示其相对于整个加密货币市场的规模 贝莱德主要论述如下： 今年对比特币来说是辉煌的一年，截至目前已上涨 25%，因为美国正逐步通过几项关键法律，旨在将 数字支付和数字资产纳入主流，并使美国成为全球加密货币中心。其中一项法律确定了哪个金融监管机 构监管不同的数字资产。该法案仍在国会审议中。另一项是本月早些时候签署成为法律的《天才法 案》，它创建了一个全面的支付稳定币框架。稳定币是与法定货币挂钩并由储备资产支持的数字代币。 它们融合了加密货币的无摩擦转账特性和 ...

Financial Data and Key Metrics Changes - The company achieved record revenues of $513 million, representing a 26.7% year-over-year increase on a reported basis and a 24.7% increase on a constant currency basis [26][28] - Adjusted EBITDA margin increased by 83 basis points to 54.2% compared to the previous year [28] - Free cash flow reached approximately $952 million for the trailing twelve months [35] Business Line Data and Key Metrics Changes - The rates business produced record revenue driven by organic growth across swaps, global government bonds, and mortgages [8] - Credit revenues increased significantly, with double-digit growth in credit derivatives and municipal bonds [15] - Equities revenue grew by 50% year-over-year, led by the global ETF and equity derivatives business [8] - Money markets revenue growth was supported by the addition of ICD and record quarterly revenues across global repos [8] Market Data and Key Metrics Changes - International business revenue grew by 41% year-over-year, with strong performance in emerging markets (EM) and Asia-Pacific (APAC) [7][21] - U.S. Treasury market share declined to 22% year-over-year, attributed to a shift towards voice-centric trades [12] - Global swaps revenues grew over 45% year-over-year, with international swaps achieving record revenues growing over 55% [21][23] Company Strategy and Development Direction - The company is focused on expanding its electronic trading capabilities and enhancing client engagement through innovative solutions [6][39] - Continued investment in digital assets and emerging markets credit is a strategic priority [20][36] - The company aims to deepen penetration in the U.S. credit market while expanding its international footprint [20][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth for 2025, driven by strong client engagement and market dynamics [5][35] - The company noted that recent market volatility has reinforced the value of electronic trading [24] - Management highlighted the importance of adapting to client needs and enhancing trading workflows [39][55] Other Important Information - The company declared a quarterly dividend of $0.12 per Class A and Class B shares, up 20% year-over-year [35] - Adjusted expenses increased by 24% on a reported basis, reflecting investments in technology and client relationship development [32] Q&A Session Summary Question: Market share trends in U.S. Treasuries - Management acknowledged a decline in market share due to a shift towards voice trading and highlighted efforts to address this through innovative protocols [43][49] Question: Client reaction to new buy-side fees in high yield - Management reported an increase in institutional high yield share post-implementation of buy-side fees, indicating positive client reception [61][64] Question: Progress in cross-selling additional products through ICD - Management noted high client retention and modest revenue growth, with ongoing efforts to expand product offerings and client reach [72][80] Question: Fee per million dynamics in the rates business - Management expressed optimism about maintaining or modestly growing fee per million in swaps, driven by higher-priced products and protocols [84][86] Question: Growth opportunities in international markets - Management highlighted strong growth in international revenue, particularly in Europe and Asia, with a focus on expanding product offerings [96][100] Question: Impact of stablecoins and digital assets on the market - Management is bullish on digital assets and sees stablecoins as potential game changers, exploring tokenized versions based on client demand [107]

Financial Data and Key Metrics Changes - The company recorded $568 million in adjusted net trading income, which translates to $9.2 million per day, marking a 50% increase from $6.1 million per day in Q2 2024 [23][24] - Adjusted EPS for Q2 2025 was $1.53, an 83% increase compared to Q2 2024 [24] - The adjusted EBITDA margin reached 65%, the highest since 2022, reflecting disciplined expense management [21][24] Business Line Data and Key Metrics Changes - Market Making contributed $451 million to adjusted net trading income, while Execution Services contributed $116 million, both reflecting strong performance against market opportunities [10] - Growth initiatives reached an all-time high of $1.3 million per day, accounting for 15% of total adjusted net trading income [10] - The institutional business, Virtu Execution Services (VES), recorded $116 million in adjusted net trading income, indicating strong growth potential [13] Market Data and Key Metrics Changes - Mean realized volatility was 30, with the VIX averaging 24, indicating a favorable trading environment [12] - Equity TCV was up 17% quarter-over-quarter, while notional U.S. equity volumes increased by 9% [12] Company Strategy and Development Direction - The company is focused on expanding its ETF block offering in Europe and enhancing its digital asset capabilities, which are expected to drive future growth [11][16] - The management sees broader crypto adoption as a significant driver of future volume and activity, positioning the company as a key partner in the evolving ecosystem [17] - The transition in leadership to Aaron Simons is expected to bring continuity in core values while introducing a fresh perspective on growth opportunities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained retail engagement post-pandemic and highlighted structural trends that should compound growth in the coming quarters [15] - The regulatory landscape is viewed positively, with upcoming legislation expected to create new products that require liquidity, aligning with the company's strengths [17] - The company anticipates that the overnight trading market will continue to grow, driven primarily by retail engagement, with potential for institutional participation in the future [94] Other Important Information - The company repurchased $66 million worth of shares in the quarter, totaling $135 million year-to-date, and has repurchased $1.4 billion since the inception of its share repurchase program [21][25] - The leadership transition is seen as a strategic move to ensure the company's continued success and growth [20] Q&A Session Summary Question: Introduction to Aaron Simons and transition details - Management provided background on Aaron Simons, highlighting his long tenure and contributions to the company, and discussed the planned transition process [27][30] Question: Impact of potential repeal of the order protection rule - Management indicated that the repeal could be neutral to slightly positive for the company, potentially reducing overhead costs associated with connecting to various venues [39][43] Question: Strategic merits of operating a hedge fund alongside market making - Management acknowledged the consideration of launching a hedge fund but emphasized the cultural shift it would entail and the current focus on market making [44][48] Question: M&A opportunities and priorities - Management stated that while they continuously evaluate M&A opportunities, the current focus has been on share repurchases, which have proven to be highly accretive [55][58] Question: Opportunities from stablecoin adoption - Management expressed excitement about the potential for stablecoin adoption to drive digital asset transactions and the company's readiness to facilitate these conversions [62][66] Question: Tokenization of equities and market implications - Management discussed the potential for tokenized equities to create new market opportunities, particularly for overseas clients, while emphasizing the need for regulatory clarity [72][74]

Core Points - The Hong Kong Stablecoin Regulation will take effect on August 1, opening the licensing channel for stablecoin issuers [1] - The Hong Kong Monetary Authority (HKMA) will issue the first phase of licenses in early 2026, with a limited number of licenses to be granted [1][4] - The global stablecoin market is experiencing rapid growth, with a market size exceeding $250 billion as of June 2023 [9] Group 1: Regulatory Framework - The HKMA has released guidelines covering compliance, specificity, and sustainability for stablecoin issuers [4] - Compliance requirements include adherence to anti-money laundering regulations and local laws, especially for cross-border transactions [4] - The HKMA will verify the identity of stablecoin holders to mitigate money laundering risks [4][5] Group 2: Market Dynamics - The stablecoin market is currently dominated by Tether's USDT (60% market share) and Circle's USDC (24% market share) [9] - The compound annual growth rate of the stablecoin market has exceeded 80% over the past five years [9] - There is a significant demand for stablecoins in cross-border trade and investment, indicating a vast market opportunity [9][11] Group 3: Technological and Security Considerations - Companies are focusing on enhancing security measures for stablecoin transactions, including multi-party computation (MPC) to protect private keys [7][8] - The industry is encouraged to implement "programmable compliance" to embed regulatory requirements into smart contracts [8] Group 4: Future Outlook - The demand for stablecoins is expected to grow, particularly in payment services and banking sectors [12] - The potential for offshore RMB stablecoins is increasing, with expectations for significant growth in the offshore RMB market [14][16] - The integration of stablecoins into existing financial systems is anticipated to enhance the efficiency and security of cross-border payments [16]

香港证监会已向11个数字资产交易平台发牌 中新社香港7月30日电 (记者 刘大炜)香港特区政府财经事务及库务局局长许正宇30日书面回复特区立法 会议员质询时表示，截至今年7月初，香港证券及期货事务监察委员会(简称"香港证监会")已正式向11 个来自本地和海外的数字资产交易平台发牌，并正处理另外9个牌照申请。 他提到，继数字资产交易平台发牌制度于2023年6月实施后，《稳定币条例》将于今年8月1日生效。与 此同时，特区政府与香港证监会正就数字资产交易服务提供者和数字资产托管服务提供者发牌制度咨询 公众，以期尽快提出立法建议。有关立法工作完成后，香港的监管框架将全面涵盖数字资产行业的主要 节点。 另就绿色债券相关讨论，许正宇表示，特区政府在2023年和2024年先后两次以代币化形式发行绿色债 券，获市场欢迎。这也是全球首批政府代币化绿色债券及全球首批多币种数码原生代币化债券。鉴于最 新财政预算案宣布将代币化债券发行恒常化，香港金融管理局目前正为第三次代币化绿色债券发行作准 备。(完) 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 7月30日，香港特区政府财经 ...

Market Overview - The Hang Seng Index closed at 25,562, down 0.15% for the day but up 27.24% year-to-date[3] - The Hang Seng China Enterprises Index fell 0.34% to 9,177, with a year-to-date increase of 25.46%[3] - The Hang Seng Tech Index decreased by 0.35% to 5,664, showing a year-to-date rise of 26.33%[3] Stock Performance - Southbound funds recorded a net purchase of HKD 12.72 billion in Hong Kong stocks[9] - Major tech stocks showed mixed results, with Alibaba slightly up while Tencent, JD.com, and Meituan fell within 1%[9] - Biopharmaceutical stocks performed strongly, with WuXi AppTec surging over 11% and several others rising more than 8%[9] U.S. Market Trends - The Dow Jones Industrial Average fell 0.42% to 44,838, while the Nasdaq Composite dropped 0.38% to 21,179[9] - Notable declines in popular tech stocks included Meta down over 2% and Intel, Apple, and Tesla each down over 1%[9] - Novo Nordisk's shares plummeted over 21% after lowering its sales and profit growth forecasts for 2025[9] Japanese Market Insights - The Nikkei 225 index decreased by 0.79% to 40,998, marking three consecutive days of decline[9] - Semiconductor stocks faced significant sell-offs, with Disco down 2.66% and Advantest down 1.05%[9] Economic Indicators - The U.S. trade deficit narrowed by 10.8% in June to USD 86 billion, reflecting a decrease in imports[13] - The Atlanta Fed's GDPNow model estimates a 2.9% growth rate for Q2 2025, up from a previous estimate of 2.4%[13]