Banxa是一家总部设于澳大利亚、欧洲及北美地区的支付服务提供商PSP及监管科技公司 智通财经APP获悉，国海证券发布研报称，2026年1月2日，亚洲领先的稳定币交易及支付平台OSL集团 （00863）宣布，公司已完成对Banxa Holdings Inc.的战略收购。OSL集团和Banxa的共同点在于重视合 规监管、聚焦B2B领域、寻求全球拓张，这样的共识基础有助于后续业务的吸收与整合。考虑公司扩展 支付产品线及全球扩张，维持"增持"评级。 国海证券主要观点如下： Banxa致力于搭建传统金融机构及业务流程与数字资产领域之间的桥梁，该公司于2014年3月开始运 营，经历了将业务重心转向商对商（B2B）领域的过程，深耕支付基础设施与合规系统建设。Banxa已 在澳大利亚市场奠定稳固的领先地位。自2020年6月收购EU Internet Ventures B.V以来，Banxa便将战略 重心转向国际化扩张，积极开拓新兴增长市场。 Banxa始终定位于传统法币与加密货币的"桥梁"服务商，而非与主营加密货币对充交易的传统开放式加 密货币交易所展开竞争。公司拥有一套支付网关基础设施，可支持多币种（包括美元、澳元、加元 ...

纳斯达克交易所表示，市场创新提高了投资者、尤其是亚洲等地的投资者对夜间交易美股的兴趣。纳斯 达克交易所延长交易时长，将能使其与其他多个计划实行一周5天或7天不间断交易的平台展开竞争，从 而在未来数字资产交易中占据有利位置。 目前行业人士对纳斯达克交易所拟延长交易时长存在不同看法。有人认为，这将使投资者、尤其是美国 以外的投资者更快速地应对非正常交易时段的新动态。但华尔街主要银行对推进不间断交易持谨慎态 度，认为此举可能导致流动性降低、波动性加剧以及投资回报不确定性上升。 据报道，纳斯达克交易所计划在2026年下半年实施新的交易规则，但在此之前仍需获得监管机构批准并 完成多方面准备工作。（完） 新华社纽约12月15日电（记者刘亚南）美国纳斯达克交易所15日向美国证券交易委员会提交的文件显 示，该交易所计划把股票及相关交易产品的交易时长从每天16小时延长至23小时，每周仍保持5个交易 日。 根据计划，目前美国东部时间凌晨4时至20时的盘前、盘中和盘后交易时段将被统称为日间交易时段， 该时段内交易所现有运行机制基本保持不变。同时，美东时间21时至次日凌晨4时将开辟为夜间交易时 段。在美东时间20时至21时的时段，将 ...

这是传统金融服务机构通过自有平台提供数字资产交易服务的最新案例，此前这类服务主要由 Coinbase 等加密货币交易所承担。Coinbase 机构业务联席首席执行官布雷特・特伊保尔表示，通过与 PNC 的合 作，Coinbase 将提供经纪服务与技术集成支持，助力客户完成任意金额的比特币交易。 目前该服务仅向 PNC 私人银行客户开放，服务对象包括高净值投资者及家族办公室。客户可通过其投 资管理账户购入加密货币，而这些账户的资金通常来源于客户在 PNC 的支票账户。 PNC 首席执行官比尔・德姆查克在接受采访时表示："整体而言，金融科技公司试图通过各类产品，蚕 食我们与客户的关系，极端情况下甚至会让银行沦为单纯的后台部门，他们本不该有这样的机会。" Coinbase 正愈发频繁地为有意试水加密货币业务的金融机构提供托管及交易服务。特伊保尔将 Coinbase 的这一发展历程比作亚马逊通过亚马逊云科技（AWS）拓展网络基础设施服务的过程。 PNC 金融服务集团的高净值客户如今可直接通过其投资账户进行比特币交易，此举兑现了这家总部位 于匹兹堡的银行今年 7 月与 Coinbase 全球公司达成合作时的初步目标。 ...

Core Viewpoint - OSL Group (00863) has announced plans to expand its operations into Europe, offering compliant digital asset spot and contract trading services, expected to launch in Q1 2026, marking a significant step in its global strategy [1] Group 1: Company Expansion - OSL Group's stock rose over 6%, reaching HKD 17.66 with a trading volume of HKD 88.59 million [1] - The company will provide digital asset trading services through direct operations and partnerships with local entities in Europe [1] - This expansion signifies OSL Group's commitment to organic growth and the establishment of a robust network for future business in the European market [1] Group 2: Market Impact - The move into Europe is expected to enhance OSL Group's ability to offer compliant, efficient, and secure digital asset trading services to European clients [1] - The expansion lays a solid foundation for OSL Group to pursue additional business opportunities in the European market [1]

Core Insights - Bullish (BLSH) is expected to report third-quarter 2025 results on November 19, 2025, with total adjusted revenue projected between $69 million and $76 million, and adjusted transaction revenue estimated at $25.5 million to $28 million [1][9] - The Zacks Consensus Estimate for earnings remains steady at 8 cents per share, with the revenue consensus pegged at $74.10 million [1] Revenue Drivers - The third-quarter performance of Bullish is anticipated to benefit from strong growth in Subscription Services and Other revenue, driven by Liquidity Services and CoinDesk-branded products [2][9] - The Liquidity Services business, particularly through collaboration with Solana and agreements with stablecoin issuers, is expected to significantly boost Subscription Services and Other revenue, projected to be between $43.5 million and $48.0 million for the quarter [3] - The CoinDesk Indices business is also expected to contribute positively, especially following the SEC approval of the Grayscale ETF based on the CoinDesk 5 index, which saw assets under management increase to $41 billion, up over $9 billion from the previous quarter [4] Regulatory Developments - The recent approval of the New York BitLicense is a key factor expected to benefit Bullish, allowing the company to officially launch its exchange in the U.S., which is anticipated to become its largest trading market [5] - The BitLicense provides regulatory clarity that is crucial for attracting institutional clients [5] Market Challenges - Fluctuations in Bitcoin prices may negatively impact Bullish's performance due to potential reductions in market-wide digital asset trading volumes [6] Earnings Expectations - According to the Zacks model, Bullish has an Earnings ESP of 0.00% and a Zacks Rank of 2, indicating a moderate outlook for an earnings beat [7]

Core Viewpoint - The Chinese capital market is experiencing a high level of bilateral opening, with overseas markets becoming a crucial area for Chinese securities firms to expand their business and seek performance growth [1] International Business Performance - In the first half of 2025, 12 out of 15 A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [1] - Leading firms like CICC achieved overseas business revenue of 4.024 billion yuan, a year-on-year increase of 75.66% [2] - Smaller firms such as Guoyuan Securities also showed rapid growth, with international business revenue reaching 178 million yuan, up 65.05% year-on-year [2] - Notable performances from international subsidiaries include CITIC Securities International with revenue of 1.492 billion USD, a 52.8% increase, and net profit of 387 million USD, up 65.85% [2] Expansion of Overseas Services - Chinese securities firms are accelerating their overseas layout to enhance international competitiveness [3] - First Capital plans to invest up to 500 million HKD to establish a wholly-owned subsidiary in Hong Kong for various licensed activities [3] - Western Securities intends to invest an equivalent of 1 billion RMB to set up a wholly-owned subsidiary in Hong Kong to serve cross-border financing needs [3] Future Strategies - CITIC Securities aims to strengthen integrated management between domestic and international operations, focusing on a multi-product and multi-channel strategy for overseas business growth [4] - Huatai Securities plans to enhance its cross-border integrated financial service system to support more Chinese enterprises in their internationalization efforts [4] - Innovations in business and niche markets are expected to be key breakthroughs for Chinese securities firms in expanding overseas [4] Emerging Market Opportunities - The rapid growth of financial demand in emerging markets like Southeast Asia and the Middle East presents significant business potential for Chinese securities firms [5] - There is a growing demand for customized wealth management services targeting high-net-worth clients for cross-border asset allocation [5]

Core Viewpoint - The article highlights the significant growth of international business for Chinese securities firms, driven by the ongoing high-level opening of China's capital markets and the increasing importance of overseas markets for business expansion and performance enhancement [1] Group 1: International Business Growth - In the first half of 2025, 12 out of 15 A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [1] - Leading firms like CICC achieved overseas business revenue of 4.024 billion yuan, a year-on-year increase of 75.66% [2] - Smaller firms such as Guoyuan Securities also showed rapid growth, with international business revenue reaching 178 million yuan, up 65.05% year-on-year [2] Group 2: Performance of International Subsidiaries - Major securities firms' international subsidiaries reported impressive results, with CITIC Securities International generating revenue of 1.492 billion USD, a 52.8% increase year-on-year, and a net profit of 387 million USD, up 65.85% [2] - Huatai International's net profit was 1.145 billion HKD, reflecting a year-on-year growth of 25.55% [2] - Guotai Junan International achieved revenue of 2.825 billion HKD, a 30% increase, with net profit soaring by 182.05% to 550 million HKD [2] Group 3: Expansion of Overseas Networks - Chinese securities firms are accelerating their overseas expansion to enhance international competitiveness, with several firms planning to establish international subsidiaries [3] - First Capital plans to invest up to 500 million HKD to set up a wholly-owned subsidiary in Hong Kong for regulated financial activities [3] - Western Securities announced plans to invest the equivalent of 1 billion RMB to establish a wholly-owned subsidiary in Hong Kong to support international business development [3] Group 4: Future Strategies - CITIC Securities aims to strengthen integrated management between domestic and international operations, focusing on a multi-product, multi-channel, and multi-scenario strategy for overseas business growth [4] - Huatai Securities plans to enhance its cross-border integrated financial service system to support the internationalization of more outstanding Chinese enterprises [4] - The article suggests that innovative and niche business areas, such as green finance and digital asset trading, are expected to provide significant opportunities for securities firms in overseas markets [5]

Core Viewpoint - EDA Group Holdings (02505) experienced a significant stock increase of over 11% following the announcement of a partnership with UTCPAY Limited to enhance digital asset payment solutions for cross-border e-commerce clients [1] Group 1: Partnership Details - On August 27, EDA Group Holdings entered into a partnership agreement with UTCPAY Limited to collaborate in the fields of digital asset trading, Web3 technology, and blockchain applications [1] - The partnership aims to leverage both parties' expertise and resources to provide advanced digital asset payment service solutions for EDA Group's cross-border e-commerce clients [1] Group 2: Technical Collaboration - UTCPAY will provide EDA Group with access to its digital asset payment solution technology, while not participating in the fund settlement business for EDA Group's clients [1] - EDA Group will utilize UTCPAY's technology to facilitate digital asset transactions for its clients and will have full control over the fund settlement service needs of clients using UTCPAY's solutions [1] Group 3: Service Offerings - The collaboration will include the launch of technology services such as stablecoin payments, aimed at optimizing payment solutions and enhancing customer experience [1] - The partnership seeks to promote the widespread application of stablecoins in payment scenarios within the cross-border e-commerce logistics industry [1]

Group 1 - EDA Group Holdings (02505) experienced a significant stock increase of over 11%, reaching a price of 3.17 HKD with a trading volume of 3.49 million HKD [1] - The company announced a partnership agreement with UTCPAY Limited on August 27, focusing on collaboration in digital asset trading, Web3 technology, and blockchain applications [1] - The partnership aims to leverage both parties' expertise and resources to provide advanced digital asset payment service solutions for EDA Group's cross-border e-commerce clients [1] Group 2 - UTCPAY will provide EDA Group with access to its digital asset payment solution technology but will not be involved in the settlement of funds for EDA Group's clients [1] - EDA Group will utilize UTCPAY's technology to facilitate digital asset transactions for its clients and will maintain full control over the settlement service needs of clients using UTCPAY's solutions [1] - The collaboration will include the launch of technology services such as stablecoin payments, optimizing payment solutions, enhancing customer experience, and promoting the use of stablecoins in cross-border e-commerce logistics payment scenarios [1]

Group 1 - EDA Group Holdings has entered into a partnership agreement with UTCPAY Limited to collaborate on digital asset transactions, Web3 technology, and blockchain applications [1] - The partnership aims to provide advanced digital asset payment service solutions for EDA Group's cross-border e-commerce clients, leveraging UTCPAY's technology [1][2] - Since October 2022, the Hong Kong government has implemented a series of regulatory policies regarding cryptocurrency trading, recognizing Web3 as a potential trend for future financial and commercial development [1] Group 2 - The company believes that the entry of virtual assets into the Web3 space presents significant opportunities, with cryptocurrency penetration in global commerce steadily increasing [2] - EDA Group is confident in the future development of Hong Kong's Web3 industry, viewing it as a highly promising emerging market due to favorable regulatory conditions [2] - The partnership with UTCPAY will enhance payment solutions, improve customer experience, and promote the widespread use of stablecoin payment methods in cross-border e-commerce logistics [2]