Group 1 - Global trade outlook has worsened, with WTO reducing global goods trade growth forecast from 2% to -0.2% and IMF lowering global economic growth prediction from 3.3% to 2.8%, indicating rising stagflation risks [1] - Central bank policies are diverging, with the Federal Reserve maintaining rates while European central banks are cutting rates to combat recession pressures, leading to increased market uncertainty and heightened risk aversion [1] Group 2 - Investors need flexible and secure trading platforms to navigate the complex financial market environment, emphasizing the importance of technology and compliance in building risk management frameworks [3] - AC Capital Markets (ACCM) offers a comprehensive asset coverage and a dual-direction trading mechanism, allowing investors to diversify risks and enhance returns through various products including forex, precious metals, indices, and commodities [4] - ACCM supports a dual-direction profit model, enabling investors to profit from both rising and falling markets, thus providing opportunities regardless of market conditions [4] Group 3 - ACCM leverages cutting-edge financial trading technology to enhance trading experiences, improving decision-making efficiency and investment success rates [6] - The platform features rapid execution and low latency due to its global data center network, ensuring stable order execution in high-frequency trading environments [6] - ACCM incorporates advanced trading tools such as MT5, Autochartist, and Trading Central to assist investors in market predictions and strategy development [6] Group 4 - Despite ongoing global trade challenges, short-term investment opportunities are emerging, with ACCM focusing on product innovation, technological empowerment, and compliance to create a resilient investment platform [8] - The future of wealth management will increasingly rely on forward-looking trading platforms as supply chains become more regionalized and digital currency systems evolve [8]

Core Viewpoint - Jane Street, a US quantitative trading giant, has been banned from the Indian market by the Securities and Exchange Board of India (SEBI) after reportedly making $4.3 billion in profits over two years, with the regulator planning to confiscate its "illegal gains" of ₹48.4 billion (approximately $570 million) [1][2]. Group 1: Regulatory Actions - SEBI issued a 105-page interim order accusing Jane Street of using significant funds to manipulate futures and spot market prices on weekly index options expiry days, misleading and enticing many small retail investors [1][2]. - The interim order immediately prohibits Jane Street from entering the securities market and from directly or indirectly buying or trading securities [3]. - SEBI had previously warned Jane Street in January to avoid such trading practices, but investigations revealed that the firm continued these strategies in May, leading to severe sanctions [3]. Group 2: Market Impact - The ban is expected to have a chilling effect on the global high-frequency trading industry, with Jane Street's local trading partner, Nuvama Wealth Management, seeing a 6.8% drop in stock price following the news [1]. - Other high-frequency trading firms may temporarily reduce trading activities, potentially impacting market trading volumes in the short term [1]. - SEBI's actions reflect growing vigilance towards foreign institutional activities in India's lucrative derivatives market, especially as algorithmic trading has led to significant profits for foreign funds while retail investors have incurred substantial losses [2]. Group 3: Profitability and Market Dynamics - Jane Street reportedly earned approximately ₹365 billion ($4.3 billion) from trading in India's derivatives and spot markets between January 2023 and March 2025, making it one of the most active foreign participants in the largest derivatives market globally [2]. - SEBI's research indicates that foreign funds and local proprietary trading firms using algorithms generated $7 billion in gross profits in the 12 months ending March 2024, while retail investors lost $21 billion over the same period [2]. - SEBI has implemented several restrictions on options trading since November of the previous year to protect retail investors, including raising minimum investment limits and increasing trading volumes, which have effectively reduced trading activity this year [2].

Group 1 - Bitget has launched a limited-time PRO+2 Level Upgrade Promotion to enhance its offerings for institutional clients and high-frequency traders [2][3] - The Bitget PRO plan introduces a dynamic tiered system that simplifies access to lower fees, optimized API limits, exclusive loans, custody services, and higher withdrawal limits for institutional clients [2][4] - The PRO+2 Level Upgrade Promotion will run from July 2, 2025, to August 31, 2025, allowing eligible users to upgrade their trading capabilities based on their June trading volume [3][4] Group 2 - The promotion allows traders to upgrade two levels based on their trading volume, with new users able to submit past trading activity or asset holdings for equivalent upgrade benefits [3][4] - Eligible users can unlock benefits associated with the highest PRO6 level, including top-tier fee discounts, deeper liquidity, and personalized institutional support [3][4] - Bitget PRO plan automatically assigns levels based on a user's 30-day API trading volume, with a requirement that at least 20% of trades be conducted via API for levels PRO1 and above [4] Group 3 - Earlier this year, Bitget introduced institutional loan services with a maximum leverage of 5 times for spot trading, enhancing its institutional offerings [4] - The company aims to support professional traders with flexible and secure solutions, including unified accounts and enhanced OTC services [4] - Bitget, established in 2018, serves over 120 million users across more than 150 countries, focusing on innovative trading solutions and partnerships to promote cryptocurrency adoption [5]

Core Functions: Coverage of Multiple Trading Markets - Velos Markets operates on a "tripod" core functionality, covering foreign exchange, contracts for difference (CFD), and cryptocurrencies, along with specialty products like spot gold [2] - The platform supports major currency pairs such as EUR/USD and GBP/JPY, providing investors with a "global exchange rate fluctuation map" to capture opportunities in different economies [2] - CFD trading allows users to leverage small amounts of capital for larger trades, enhancing profit potential without holding the underlying assets [2] - Cryptocurrency trading includes major digital assets like Bitcoin and Ethereum, with 24/7 trading capabilities to match the market's volatility [2] Operational Guide: Seamless Transition from Simulation to Real Trading - Velos Markets offers a clear operational pathway for users, particularly focusing on lowering entry barriers for beginners [3] - Users must complete identity verification and risk assessment on the official website, with a bilingual interface for global accessibility [3] - The platform provides a "demo account" feature for new users to practice with virtual funds, allowing them to familiarize themselves with market dynamics without risk [3] - The trading interface is modular, displaying real-time market depth, candlestick charts, and order books, with customizable layouts for different trading types [3] - Users can adjust leverage based on trading products, with risk management systems in place to alert users during significant price fluctuations [3] Efficiency Advantages: Experience Driven by Technology - Velos Markets is known for high performance, with advanced hardware and efficient data processing enabling rapid trading experiences [5] - The platform's low-latency system is crucial for capturing fleeting arbitrage opportunities in high-frequency trading [5] - A distributed server architecture ensures smooth trading even during market volatility, unlike some traditional platforms that may experience delays [5] - Built-in algorithmic trading features allow users to set automated strategies, while tech-savvy investors can connect via API for quantitative strategy deployment [5] Differentiation Advantages: Competitive Edge Compared to Similar Platforms - Velos Markets stands out with a diverse product range, unlike platforms that focus solely on forex or crypto assets, catering to varied investment portfolios [7] - The platform lowers entry barriers for beginners through demo accounts and risk alerts while empowering professional investors with API and algorithmic trading capabilities [7] - A global business network connects major financial markets, enabling users to easily participate in target market trading, achieving "one-click global asset allocation" [7] - Velos Markets provides a robust online trading platform for investors of all levels, characterized by strong functionality, user-friendly operations, exceptional trading efficiency, and clear competitive advantages [7]

Group 1: Core Insights - The article introduces the "Family Office 100" interview series by a family office, aiming to explore governance, operations, and asset allocation in the family office sector to promote industry maturity [1] - Jeremy Chan, CIO of AL Capital, shares insights on establishing a family office from scratch, emphasizing the importance of aligning family values and investment goals [1][2] Group 2: Establishing the Family Office - AL Capital has nearly 10 years of history with a team of about 30 people, headquartered in Australia, and offices in Singapore and Hong Kong [2] - The family office was initiated to cover investments in Hong Kong and mainland China, requiring significant effort to educate Australian colleagues on local market conditions [2] Group 3: Investment Strategy - The family office focuses on diverse investments, including VC/PE, mergers and acquisitions, and secondary market stocks, with plans to expand into wealth management [3] - A key difference between domestic and international family offices is the investment product diversity, with domestic offices often relying on GP investments, which can be risky in adverse market conditions [4] Group 4: Direct Investment Focus - The family office prioritizes investments in high-tech, new consumer retail, and financial services, seeking projects that align with the family's existing business [5] - Recent investments include a smart city project in Chongqing, leveraging technology from domestic projects to enhance operations in Australia [7] Group 5: Investment Philosophy - AL Capital has shifted from a single investment category to a diversified portfolio, including global stocks, bonds, private equity, and real estate, to mitigate risks [10] - The investment strategy emphasizes algorithmic trading and data analysis to adapt to market changes, with a focus on not losing money rather than achieving specific return targets [12][13] Group 6: Family Dynamics and Governance - Building trust with family members is crucial for a CIO, requiring time and demonstrated performance to gain confidence [16][17] - Investment decisions involve a family investment committee, which includes both family members and experienced investors, ensuring alignment with family values and business goals [18][20] Group 7: Recommendations for Family Offices - Family offices should consider their scale and the owner's willingness when deciding to establish an in-house investment team, as operational costs can be high [22] - It is advised to hire investment professionals as the first team member to ensure a strong foundation in investment strategies rather than relying solely on relationship-driven roles [23]

Core Viewpoint - Gold exhibits a unique price fluctuation mechanism influenced by multiple factors, including currency pricing systems, macroeconomic risks, market structure evolution, supply-demand elasticity, and technical reinforcement mechanisms. Group 1: Currency Pricing System Linkage - The international gold price is negatively correlated with the US dollar index, where a 1% increase in the dollar index raises gold purchasing costs, suppressing investment demand [1]. - Major central banks' balance sheet expansions directly elevate gold price benchmarks, with each additional $1 trillion in quantitative easing raising gold valuations by 8%-12% [2]. Group 2: Macroeconomic Risk Matrix - The forward price of gold is determined by the nominal interest rate minus inflation expectations, with gold prices reaching a historical peak of $2075 per ounce when the real yield on US Treasuries fell below -1% [3]. - A 10-point increase in the global geopolitical risk index results in a 3.2% increase in average monthly gold holdings, evidenced by events like the Crimea crisis and the Russia-Ukraine conflict [4]. Group 3: Market Structure Evolution - Emerging market central banks have increased gold purchases for 13 consecutive years, with global official reserves rising by 1136 tons in 2022, accounting for 23% of annual supply [5]. - An increase of 100,000 open contracts in COMEX gold futures raises price volatility by 1.8 basis points, with significant spikes in implied volatility during events like the Silicon Valley Bank incident [6]. Group 4: Supply-Demand Elasticity - The average extraction cost of the top ten gold mines has risen to $1250 per ounce, with newly discovered reserves declining by 15% year-on-year [7]. - India and China account for 55% of global physical gold demand, with a 40% surge in imports during festive seasons, despite India's recent increase in import tax to 15% [8]. Group 5: Technical Reinforcement Mechanisms - Algorithmic trading strategies hold over 30 million ounces of gold, with momentum factors contributing over 35% to price volatility, triggering significant buy orders upon breaking key price levels [9]. - A 50% year-on-year increase in Google searches for "gold investment" correlates with a 68% probability of gold price increases in the following 30 days [10].

Group 1: Development and Efficiency of Algorithmic Trading - Algorithmic trading originated in the US and has rapidly developed in China due to market growth and demand for diverse investment tools[1] - Algorithmic trading enhances market efficiency by improving price discovery, reducing transaction costs, and minimizing human errors[4] - In 2024, over 97% of algorithmic trading at Huachuang Securities utilized TWAP, VWAP, and POV algorithms, indicating their widespread application[5] Group 2: Regulatory Environment and Future Outlook - The China Securities Regulatory Commission (CSRC) implemented regulations on algorithmic trading to ensure market fairness and stability, effective from October 8, 2024[6] - The future of China's algorithmic trading industry looks promising, driven by market maturity and advancements in AI and big data technologies[7] - Algorithmic trading accounted for 1.56% of the total trading volume in the A-share market, with Huachuang's algorithmic trading volume reaching 4 trillion yuan in 2024[16] Group 3: Risks and Challenges - The development of algorithmic trading faces risks related to technology, models, market conditions, and regulatory compliance[8] - The rapid growth of algorithmic trading may lead to increased market volatility and potential manipulation if not properly regulated[6]