作为欧洲金融中心与全球数字资产创新高地，卢森堡凭借前瞻性的监管框架、完善的金融基础设施及明确的数字化国家战略，已成为区块链与加密资产领域 "创新与合规并重" 的标杆 jurisdiction。其法律体系既为数字资产发展提供了稳定预期，也通过国内立法与欧盟规则的协同，构建了覆盖全产业链的监管闭 环，以下结合核心法规与实践应用展开解读。 一、卢森堡数字资产领域的核心定位与生态优势 卢森堡之所以能吸引 Coinbase、XRP 等国际机构落地，以及欧洲投资银行（EIB）、世界银行选择其发行区块链债券，核心源于三大支柱：一是创新友好的 法律环境，通过系列 "区块链法案" 率先将分布式账本技术（DLT）纳入现有金融法律体系；二是强大的金融基础设施，管理着 6000 亿欧元跨境投资基金资 产，持有 8 万亿欧元托管资产，证券交易所是全球最大债务上市平台及 ESG 债券交易场所；三是开放的产业生态，不仅有 The House of Web3 等社群推动 Web3 生态扩张，更聚集了 123 家国际银行、九成美国顶级私募股权机构及七成中国头部银行的欧洲总部，形成了数字资产与传统金融深度融合的产业集 群。 这种生态优势直接转化 ...

Summary of The Bank of New York Mellon Conference Call Company Overview - **Company**: The Bank of New York Mellon (NYSE: BK) - **Date**: December 10, 2025 - **Speaker**: Dermot McDonogh, CFO Key Points 1. Business Performance and Momentum - BNY Mellon experienced solid momentum in 2025, with accelerating organic growth and better-than-expected net interest income (NII) [1][2] - The stock price increased over 40% year-to-date, reflecting positive performance and shareholder returns [1] 2. Strategic Focus for 2026 - The company is focused on maintaining strong momentum and executing its strategic pillars laid out over the past three years [2][3] - Key areas of focus include enhancing the commercial model and operationalizing the "1BNY" strategy to improve client engagement and retention [3][4] 3. Commercial Model and Client Engagement - The commercial model has been a significant driver of growth, with efforts to do more with the existing client base [4][5] - The Platform Operating Model is being implemented, with 75% of the firm already integrated, leading to improved growth and productivity [5] 4. Organic Revenue Growth - Organic revenue growth was approximately 4% in the first half of the year, with expectations for continued improvement [6][7] - BNY Mellon has a diversified business model, with some segments performing exceptionally well while others are in transformation phases [8][9] 5. Digital Assets and Innovation - BNY Mellon is positioning itself as a bridge between traditional finance and digital ecosystems, with ongoing investments in digital asset custody and product innovation [20][21] - The firm anticipates that digital assets will become increasingly material to its revenue in the medium term [22][23] 6. Inorganic Growth and M&A - The company does not prioritize inorganic growth for its strategic ambitions, focusing instead on internal execution and transformation [12][13] - BNY Mellon remains open to evaluating M&A opportunities but maintains a high cultural and financial bar for any potential deals [14] 7. Asset Servicing Business - The asset servicing business is the largest fee pool and is expected to deliver the fastest growth in nearly a decade, driven by macro factors and improved client service [15][16] - Leadership and cultural changes have positively impacted the asset servicing business, leading to increased market share [17][18] 8. Investment and Wealth Management (IWM) - The IWM segment has faced organic growth challenges, but recent strategic hires and a focus on efficiency are expected to improve performance [30][31] - BNY Mellon aims to return this segment to mid-20s growth in the medium term [31] 9. Financial Dynamics and Expense Management - The firm is on track to deliver over 35% pre-tax margins, with a focus on positive operating leverage and disciplined expense management [32][33] - The company has achieved approximately $500 million in efficiencies annually and plans to continue investing in growth opportunities [32][33] 10. Capital Returns - BNY Mellon has maintained a capital-like business model, with a capital return strategy of around 100% payout expected to continue into 2026 [42][43] - The firm generated a 28% return on tangible common equity (ROTCE) in recent quarters, reflecting strong financial health [42] 11. Outlook for 2026 - The company is optimistic about its ability to grow NII and maintain strong deposit performance, with expectations for mid-single-digit growth in Q4 [37][41] - BNY Mellon is preparing for potential changes in the economic environment, including Fed policy impacts on deposits [41] Additional Insights - The firm is focused on enhancing its technological capabilities and client service offerings, particularly in the digital asset space [20][21] - There is a strong emphasis on collaboration across different business units to leverage the full capabilities of BNY Mellon for client benefit [28][29]

Core Insights - Chengdu's historical significance in finance and its role in the future of financial infrastructure is highlighted, particularly focusing on collateral tokenization as a response to challenges faced by banks, regulators, and investors [1] Group 1: Liquidity Constraints and Collateral Management Inefficiencies - Post-2008 financial crisis regulations have reshaped the banking landscape, introducing key metrics like capital adequacy and liquidity coverage ratios, which require banks to maintain sufficient capital and liquidity buffers [2] - As of the end of 2017, European banks held €10.8 trillion in high-quality liquid assets, with approximately €2.7 trillion above regulatory minimums but unable to be mobilized, resulting in "trapped liquidity" costing banks €13.5 billion annually [2] - Traditional settlement systems struggle to quickly transfer collateral or achieve precise, synchronized settlements across different custodians, leading to uncertainty due to asset mismatches and credit risks [2] Group 2: Distributed Ledger Technology (DLT) Solutions - HQLAX aims to leverage DLT to address liquidity issues by enabling the transfer of securities ownership on the ledger without physically moving the securities [3] - The successful completion of the first cross-custodian collateral swap by three global banks in December 2019 demonstrated the feasibility of ownership transfer without physical movement, marking a significant step towards interoperability of collateral across infrastructures [3] Group 3: Challenges in Securities Financing, Repo, and Margin Practices - Securities financing is crucial for liquidity management but introduces intraday credit risk, with daily settlement risk exposure estimated at $80 billion, potentially rising to $119 billion under stress scenarios [4] - The Basel Committee has called for enhanced monitoring of intraday credit risk, which is not currently covered by a clear regulatory framework, emphasizing the need for innovation to improve market resilience [4] - DLT is positioned as a key tool not only for efficiency but also for meeting regulatory requirements by enabling synchronized settlements across custodians and accurately recording transaction times [4] Group 4: Enhancing Collateral Flexibility and Quality of RMB Collateral - Increasing collateral mobility can enhance market efficiency and the attractiveness of securities, as reusable securities can boost investor demand and serve as liquidity sources [5][6] - The principle of collateral reuse is particularly relevant for high-quality RMB collateral, such as Chinese government bonds, which are increasingly viewed by international investors as both investment tools and cross-border collateral [6] - Developing compliant collateral flexibility mechanisms within a transparent regulatory framework can drive international demand and promote the globalization and scalability of RMB bonds [6]

Core Insights - Collateral management has become a crucial element for the stable operation of capital markets amid increasing global financial market volatility [2][10] - The daily average scale of third-party collateral management services in the European market exceeded €3 trillion in 2023, with eligible collateral securities in the euro system reaching €195 billion in Q1 2025, a 25% increase over the past decade [2][3] Market Trends - The European bond repo market is experiencing three major trends: a contraction in overall excess liquidity in the eurozone, a significant alleviation of concerns regarding collateral scarcity, and a stabilization in the scale of centrally cleared bond repo transactions [3] - Non-centrally cleared third-party repo transactions are showing a substantial growth trend, indicating the attractiveness of flexible and efficient third-party collateral management mechanisms in a changing liquidity environment [3] Financial Infrastructure Changes - The transition to "T+1" settlement in markets like the US and Canada will be completed in Europe by October 2027, necessitating system optimization and operational mechanism innovations among market participants [4] - This shift will challenge existing complex custodial chains and require enhanced operational efficiency, prompting participants to accelerate internal system automation and reassess liquidity and risk management strategies [4] Strategic Vision and Practices - As an International Central Securities Depository (ICSD), the company aims to provide secure, efficient, and composite services, moving beyond traditional service provision [5] - The company is a founding member of the "Global Liquidity Alliance," collaborating with various exchanges and institutions to innovate and expand global collateral solutions [5] - In North America, the company has developed the Canadian Collateral Management Service (CCMS) in partnership with TMX Group, enhancing market flexibility and efficiency [5] Technological Innovations - Collateral optimization has become a core industry issue, with third-party collateral management services increasingly relying on service optimization capabilities and data analytics [6] - The company is investing in AI technology, having launched the OSCAR platform in collaboration with IntelliSelect, which automates collateral negotiation and selection processes [6][7] - Partnerships with Euronext aim to enhance the automation of collateral list creation and qualification review, reflecting the industry's urgent need for intelligent infrastructure [7] Future Development Path - Financial technology is reshaping market operations, with AI and cloud computing redefining the foundational infrastructure supporting the global financial system [8] - The Deutsche Börse Group's digital securities platform D7 offers a fully digital alternative for traditional securities issuance, processing over 1.7 million transactions valued at more than €30 billion [8] - The rise of digital assets and tokenized collateral is changing the way collateral is allocated and used, with distributed ledger technology (DLT) enhancing transparency and efficiency in cross-custodial collateral transfers [8] Global Market Dynamics - The resilience of the Chinese economy is enhancing the acceptance of RMB bonds as eligible collateral in global markets, with the Central Clearing Company playing a key role in promoting their application [9] - Collaborations with ISDA and ICMA have explored the role of RMB bonds in OTC derivatives margining and the global repo market [9] - The London Clearing House (LCH) has expanded the range of eligible non-cash collateral to include Chinese government bonds, marking a broader application of Chinese bonds in international collateral frameworks [9]

Core Insights - The London Stock Exchange Group (LSEG) has launched a Digital Market Infrastructure (DMI) in collaboration with Microsoft, aimed at enhancing the efficiency of the entire asset lifecycle from issuance to post-trade services [3][6] - DMI is designed to be a trusted, scalable, and interoperable financial infrastructure that leverages Distributed Ledger Technology (DLT) to drive innovation and efficiency in capital markets [3][4] - The initiative focuses on creating seamless connections between digital platforms and traditional systems, ensuring market participants can operate efficiently and securely [3][5] Group 1: DMI Overview - DMI aims to support any asset class and geographic region, with an initial focus on private markets, particularly private equity, private credit, and physical assets [6][7] - The architecture of DMI is universal, facilitating transactions and innovations in capital flows at any time and place [6][7] - DMI will enhance distribution capabilities for General Partners (GPs) and Limited Partners (LPs), providing access to a wide range of LP resources and enabling the trading of fund shares in a secure environment [7] Group 2: DLT Advantages - DLT offers significant practical advantages in addressing the challenges of capital markets, including a transparent and immutable ledger that ensures data integrity and auditability [4][5] - The decentralized architecture of DLT helps reduce settlement friction and counterparty risk, creating a resilient infrastructure that adapts to the rapidly evolving market [4][5] - The technology has moved beyond the experimental phase, with leading institutions making substantial investments and validating DLT's resilience in practical applications [5][6] Group 3: Future Potential - DMI is designed for cross-asset class expansion and is adaptable to the evolving needs of the industry, with future integration of artificial intelligence to optimize trading and service processes [8] - The initiative represents a new chapter in connecting market participants, promoting interoperability, and supporting the entire financial ecosystem [8] - Collaboration with industry stakeholders, including GPs, LPs, service providers, and innovators, is essential for shaping the future of digital and private markets [8]

Core Insights - Swift is introducing a blockchain-based shared ledger in its technical infrastructure, marking a significant step in the global financial sector for enabling real-time, 24/7 cross-border transactions [1] Group 1: Shared Ledger Development - Swift is collaborating with over 30 global financial institutions to design and build the shared ledger, with the first use case focusing on real-time cross-border payments [1] - The development of the ledger is a natural extension of Swift's ongoing ecosystem innovation and digital asset pilot projects over the past two years [1] Group 2: Technical Features and Support - The shared ledger will facilitate interoperability between distributed ledger technology (DLT) and existing fiat currency payment channels, with a customer-facing solution to coordinate different systems [1] - The solution will support both private and public blockchains, ensuring efficient and synchronized processing of various use cases [1] Group 3: Feedback and Implementation - Financial institutions from 16 countries and regions are providing feedback on the ledger's design, and after development and concept validation, Swift will work with its global cooperative community for implementation [1] - Javier Pérez-Tasso, CEO of Swift, emphasized the importance of this initiative in enhancing payment experiences and contributing to the digital transformation of the industry [1]

Core Insights - The article emphasizes the transformative role of electronic trading in the global asset management industry, highlighting its significance in enhancing efficiency and scalability amid increasing regulatory scrutiny and market pressures [2][4]. Group 1: Industry Trends - The asset management industry is undergoing profound changes, with approximately 50% of global assets concentrated in the top 25 firms, leading to a slowdown in net growth due to mergers and acquisitions [2]. - There is a notable shift from active to passive investment strategies, alongside rising pressures on profit margins and increasing demands for operational resilience [2]. - Regulatory reforms post-2008 financial crisis have accelerated the adoption of electronic trading, pushing the market towards greater transparency and efficiency [2]. Group 2: Value of Electronic Trading - Electronic trading enhances scalability, allowing clients to handle more transactions with fewer resources while maintaining higher operational consistency [3]. - It improves pricing capabilities by connecting a broader range of liquidity pools, resulting in tangible price optimization for end investors [3]. - The speed of transactions is significantly increased, with platforms like Tradeweb reducing execution delays and shortening the time between decision-making and action [3]. - Enhanced transparency through pre-trade data and audit trails ensures compliance with "best execution" requirements, creating a measurable accountability framework [3][4]. Group 3: Tradeweb's Role - Tradeweb is recognized as a leader in the electronic trading space, operating a platform that serves over 3,000 clients globally, including nearly all top asset management firms, with a daily trading volume exceeding $2.4 trillion [5]. - The company has established a strong presence in the Asia-Pacific region, with six offices and a core team in Shanghai, facilitating local market engagement [5]. - Tradeweb's network effect enhances market liquidity, which in turn optimizes execution efficiency, creating a self-reinforcing cycle of client acquisition and service improvement [5]. Group 4: Technological Innovations - The integration of AI and data analytics in electronic trading processes allows for smarter decision-making, with tools that assess liquidity and market conditions in real-time [6]. - Specific applications in niche markets, such as the ETF market, have improved pricing transparency and trading confidence through services like intraday net asset value (iNAV) [7]. - The future of the industry is expected to be shaped by digital assets and distributed ledger technology (DLT), focusing on shared data, smart contracts, and tokenization [8]. Group 5: China's Role - China is increasingly pivotal in the global asset management landscape, with Tradeweb's collaboration with local stakeholders spanning over eight years [8]. - As the internationalization of capital markets progresses, electronic trading is positioned as a key driver for enhancing market access, efficiency, and alignment with international standards [8].

Core Viewpoint - The upcoming "breakthrough" technology agreement between the UK and the US focuses on collaboration in artificial intelligence and quantum computing, with significant investments expected from major US tech companies like Nvidia and OpenAI [1][2][3] Group 1: Agreement Details - The agreement aims to deepen cooperation in key technology areas, including AI, semiconductors, telecommunications, and quantum computing, marking an important upgrade in existing collaborations [3] - The UK government emphasizes the natural partnership between the UK and the US, both of which have trillion-dollar tech industries [3] - During President Trump's state visit, a strong delegation of US business executives will accompany him, highlighting the focus on commercial and tech investments [3] Group 2: Investment Commitments - Nvidia's CEO Jensen Huang and OpenAI's CEO Sam Altman are expected to announce support for multi-billion dollar investments in the UK data center sector during the visit [2][3] - Asset management giant BlackRock plans to invest up to £500 million (approximately $678 million) in the UK data center market [3] - These investment commitments are anticipated to significantly boost the UK's digital infrastructure and send positive signals to investors [3] Group 3: Blockchain Advocacy - A coalition of industry associations is urging the UK government to include blockchain technology in the agreement, warning that excluding digital assets could hinder the UK's ability to shape future financial standards [2][4][5] - The coalition includes organizations like the UK Cryptoasset Business Council and UK Finance, which have expressed concerns about the UK's lag in crypto asset regulation compared to the EU, US, and parts of Asia and the Middle East [5][6] - The lobbying efforts highlight the strategic importance of stablecoins and asset tokenization for both economies [5] Group 4: Regulatory Landscape - The UK's Financial Conduct Authority (FCA) is consulting on a regulatory framework for crypto assets, aiming to accept license applications next year [6] - The lobbying groups warn of a fragmented regulatory environment that could reduce opportunities for UK companies in the transatlantic market and increase competitive pressures [6] - The UK government has indicated plans to collaborate with US officials on regulatory frameworks for the crypto industry [6]

Core Insights - Blockchain technology is increasingly being applied in offshore capital markets, with the International Capital Market Association (ICMA) predicting that blockchain financing will reshape global capital markets by 2030 [1] - The article discusses the regulatory frameworks and practical experiences related to digital bonds, highlighting the importance of legal text considerations and the evolving landscape of offshore blockchain capital markets [2][17] Legal Text Considerations and Practical Analysis - The drafting of legal texts for blockchain bonds is crucial due to uncertainties in technology, liquidity, and legal compliance, with major financial centers like Hong Kong and the EU establishing clearer regulatory frameworks [2] - Digital bonds' legal frameworks largely follow traditional bond rules but exhibit innovative differences in core legal document handling and disclosure logic [2] Offering Circular/Prospectus - The offering circular for digital bonds must meet local regulatory disclosure requirements while addressing unique risks associated with Distributed Ledger Technology (DLT) [3] - Important risk factors include cybersecurity, platform operation risks, and the non-enforceability of smart contracts [3] Transaction Documents - Digital bond terms must clearly outline the mechanisms for on-chain issuance, transfer, and registration, granting legal status to blockchain platforms [4] - Subscription agreements and custody contracts need to ensure secure delivery of tokens to investors' electronic wallets and detail data compatibility with local and overseas central depositories [5] Business Continuity Plan (BCP) - The BCP for digital native bonds should focus on technical resilience, operational continuity, legal compliance, and market protection [6] - Key elements include multi-node deployment, backup servers, and compliance with EU DLT pilot regulations [6][7] Execution Cycle Considerations - The execution cycle for digital bonds can be divided into seven key stages, each presenting new compliance, security, and market acceptance requirements [8] - Stages include pre-issuance considerations, marketing, registration, trading, investor rights protection, asset servicing, and third-party participation [8] Global Development Trends - Major economies are exploring blockchain technology in bonds, currencies, and financial infrastructure, with institutions like the Bank for International Settlements (BIS) and the European Central Bank (ECB) leading initiatives [17] - The DLT settlement framework aims to integrate central bank digital currencies (CBDCs) with blockchain technology, enhancing efficiency and reducing intermediary costs [18] Collaborative Innovation and Regulatory Standardization - Singapore's Monetary Authority (MAS) is advancing a tokenization strategy to solidify its position as a global fintech hub, focusing on multi-currency and multi-asset industry pilots [20] - The MAS aims to address interoperability challenges and establish regulatory standards to enhance market liquidity and issuance efficiency [20] Conclusion - The evolution of financial infrastructure through blockchain technology represents a significant shift towards a more efficient, transparent, and inclusive financial system, bridging traditional finance and Web 3.0 ecosystems [22][23]

Core Viewpoint - The European Central Bank (ECB) warns that a dollar-dominated digital currency system poses a strategic challenge to European monetary sovereignty, potentially undermining financial stability and monetary autonomy if no strategic response is implemented [1] Group 1: Impact of Dollar Stablecoins - Dollar stablecoins dominate the global market, accounting for approximately 99% of the total stablecoin market capitalization, while euro stablecoins remain marginal with a market cap of less than €350 million [1][5] - The potential widespread use of dollar stablecoins in the Eurozone could weaken the ECB's control over monetary policy, especially as stablecoins are increasingly adopted for mainstream payments and commercial transactions [6][7] Group 2: Financial Stability Risks - The ECB has previously warned that stablecoins could pose financial stability risks, particularly if a mainstream stablecoin were to collapse, potentially causing widespread disruption in the financial system [5] - Major U.S. payment organizations like Visa and Mastercard are integrating stablecoins into their global products, which could lead to significant transactions bypassing traditional banking systems [6] Group 3: Strategic Responses for Europe - The ECB has several policy options to counter the challenges posed by dollar stablecoins, including supporting well-regulated euro-denominated stablecoins to meet legitimate market demand and enhance the euro's international role [8] - The digital euro project and private sector innovations should be viewed as complementary elements of a broader European digital payment strategy, with the digital euro potentially serving as a strong defense of European monetary sovereignty [8] - Strengthening global coordination on stablecoin regulation is crucial to avoid a fragmented regulatory landscape that could exacerbate financial instability and the dominance of the dollar [8]