Market Performance - The Hang Seng Index closed at 25,176, down 1.36% for the day and up 25.51% year-to-date [1] - The Hang Seng Tech Index fell 2.72% to 5,490, with a year-to-date increase of 22.89% [1] - The Dow Jones Index decreased by 0.38% to 44,461, with a year-to-date rise of 4.51% [1] - The S&P 500 Index closed at 6,362, down 0.12% for the day and up 8.18% year-to-date [1] Currency and Commodity Overview - The Renminbi Index stood at 95.710, down 0.22% over the past month and down 5.14% over six months [2] - Brent crude oil price increased by 8.15% over the past month to $72.210 per barrel, but decreased by 1.00% over six months [2] - Gold prices rose by 0.88% over the past month to $3,332.69 per ounce, with a significant increase of 19.24% over six months [2] Company-Specific Developments - JD.com announced a voluntary public acquisition offer for CECONOMY AG at €4.60 per share, with full support from CECONOMY's supervisory and management boards [13] - Adidas reported a 58% year-on-year increase in operating profit for Q2, reaching €546 million, surpassing market expectations [15] - Guotai Junan International successfully issued the first public digital native bond by a Chinese brokerage, with a size of up to $300 million [16] Economic Indicators - Eurozone GDP grew by 0.1% quarter-on-quarter in Q2, exceeding expectations, with an annual growth of 1.4% [17] - The U.S. GDP for Q2 showed an annualized growth of 3%, rebounding from a contraction in Q1 and surpassing the expected 2.4% [18]

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 ...

Core Insights - The collaboration between Hong Kong Polytechnic University and Ant Group's Ant Financial Technology is a strategic move aimed at enhancing Hong Kong's position in the financial technology sector [1][5] - Hong Kong is shifting from traditional financial models to embrace technology, recognizing the need for digital transformation in the face of global competition [3][5] Industry Overview - Hong Kong's financial center is no longer sustainable solely on traditional wealth; it is actively seeking to integrate advanced technologies such as blockchain, artificial intelligence, and digital assets [3][5] - The release of the "Digital Asset Development Policy Declaration" signifies Hong Kong's commitment to attracting quality fintech companies and developing digital assets comprehensively [3] Company Impact - Ant Financial Technology is positioned as a crucial player in this transformation, leveraging its strong technological foundation in blockchain and AI to support Hong Kong's digital transition [5] - The partnership with Hong Kong Polytechnic University aims not only to transfer technology but also to cultivate local talent, fostering an innovative ecosystem within Hong Kong [5]

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]

Core Points - The Hong Kong Securities and Futures Commission (SFC) has officially issued licenses to 11 digital asset trading platforms as of early July 2023, with an additional 9 applications currently being processed [1][3] Group 1: Licensing and Regulation - The licensing process for digital asset trading platforms is influenced by various factors, including the completeness of the applicant's information and the adequacy of supporting documents [3] - The SFC is continuously reviewing and optimizing its procedures to help applicants better understand regulatory expectations, aiming to shorten the time required for license evaluations [3] - Following the implementation of the digital asset trading platform licensing system in June 2023, the "Stablecoin Regulation" will come into effect on August 1, 2023 [3] Group 2: Future Developments - The Hong Kong government and the SFC are consulting the public on licensing systems for digital asset service providers and custodians, with the goal of proposing legislative recommendations soon [3] - Once the legislative work is completed, the regulatory framework in Hong Kong will comprehensively cover major aspects of the digital asset industry [3] Group 3: Green Bonds - The Hong Kong government has issued tokenized green bonds in 2023 and 2024, which have been well-received in the market, marking them as some of the world's first government tokenized green bonds and multi-currency digital native tokenized bonds [4] - The latest budget announcement indicates that the issuance of tokenized bonds will become a regular practice, with preparations underway for a third issuance of tokenized green bonds by the Hong Kong Monetary Authority [4]