Core Insights - Broadridge Financial Solutions reported a significant increase in its Distributed Ledger Repo (DLR) platform, processing an average of $384 billion in daily repo transactions in December 2025, marking a 490% year-over-year increase and a 4% increase from November 2025 [1][2] Group 1: Company Performance - The DLR platform's total transaction volume reached nearly $9 trillion in December 2025, indicating strong institutional adoption of tokenized real-asset settlement [1] - Broadridge's technology and operations platforms facilitate over 7 billion communications annually and support daily trading of over $15 trillion in various securities globally [4] Group 2: Industry Trends - The DLR platform has transitioned from early adoption to becoming the largest institutional platform for settling tokenized real assets, with expectations for continued growth in participants, use cases, and transaction volumes in 2026 [2] - The industry is focusing on improving repo processing, collateral mobility, and reducing operational friction to meet the demands of modern capital markets, with a shift towards trusted platforms that can operate at scale [2]

Core Viewpoint - Morgan Stanley is entering the digital asset product market by filing trusts for bitcoin and Solana exchange-traded products (ETPs), marking a significant shift from its previous avoidance of direct participation in this booming category [1][4]. Group 1: Market Entry and Strategy - The forthcoming ETPs may help Morgan Stanley consolidate wallet share among its wealth management clients, reducing the likelihood of clients using other crypto custodians [2]. - The bank's entry into the ETP market comes after other major players, like BlackRock, have established dominance with significant assets under management, such as BlackRock's $73 billion IBIT [3]. - Morgan Stanley expanded access to crypto ETPs last year, allowing all clients, not just those with $1.5 million and high risk tolerance, to participate [3]. Group 2: Financial Implications - As of September, Morgan Stanley reported $1.8 trillion in assets under management or supervision, indicating a substantial opportunity for growth in asset management and operational efficiency through these new products [4]. - The filings for new products come at a time when the SEC has allowed major exchanges to use generic listing standards, facilitating faster fund launches across various types of ETPs [5]. Group 3: Technological Considerations - The benefits of distributed ledger technology, such as faster transaction speeds, enhanced security, and lower costs, are becoming increasingly recognized, suggesting that the underlying technology could disrupt the financial services sector [6].

Core Insights - ePlus inc. has experienced significant financial and corporate updates since coverage was initiated in August with a Strong Buy rating [1] Company Updates - ePlus is characterized as a quiet mid-cap name in the market [1]

Digital Bond Issuance - Doha Bank 完成了 1.5 亿美元的数字债券发行 [1] - 该数字债券使用了 Euroclear 的受监管分布式账本基础设施 [1] - 实现了 T+0 瞬时结算 [1]

Core Insights - Doha Bank has successfully issued its first digitally native US dollar bond, amounting to $150 million in floating-rate notes, utilizing distributed ledger technology for instant settlement [1][8] - The bond was listed on the London Stock Exchange's International Securities Market and achieved same-day settlement through Euroclear's Digital Financial Market Infrastructure (D-FMI) [2][3] - This issuance represents a significant step in Qatar's efforts to modernize its capital markets infrastructure and reflects a growing trend in the Gulf region towards digital financial solutions [2][5] Company-Specific Highlights - Standard Chartered acted as the sole global coordinator and arranger for the bond issuance, overseeing its structuring, execution, and distribution [3][6] - The digital notes were issued, allocated, and settled in real time, contrasting with traditional securities that typically settle one or two days post-trading [3][4] - Doha Bank aims to diversify its sources of capital and expand its investor base through this issuance, aligning with broader funding strategies [4][5] Industry Trends - The transaction underscores rising institutional demand for digital issuance, which offers measurable operational efficiencies [6][8] - The use of regulated digital infrastructure, such as Euroclear's D-FMI, is moving beyond pilot projects into live market activities, indicating a shift in the industry towards permissioned distributed ledger systems over public blockchains for tokenized debt [6][7] - Regulated platforms provide issuers with benefits like instant settlement and automated recordkeeping while ensuring legal finality and compatibility with existing custody and clearing frameworks [7]

Core Insights - The US financial infrastructure is moving towards blockchain technology with the DTCC receiving a no-action letter from the SEC, allowing for the tokenization of real-world assets [1][3] - The digital versions of securities will maintain the same ownership rights and investor protections as traditional securities, potentially transforming the US securities market [2][4] - The initiative is part of a broader trend by the US government to create a crypto-friendly environment and modernize market technology [3][5] Group 1 - The DTCC can now issue blockchain-based representations of highly liquid assets, including Russell 1000 stocks and treasury bills, following SEC approval [1][2] - The DTCC holds approximately $100 trillion in assets, indicating its significant role in the US securities market [2] - The rollout of this initiative on approved blockchains is anticipated in the second half of 2026 [4] Group 2 - The SEC and CFTC are making regulatory adjustments to support digital assets, with the CFTC launching a digital assets pilot program that includes major cryptocurrencies [5] - The CFTC is also providing regulatory clarity for tokenized collateral related to real-world assets like US Treasuries [5] - SEC chair Paul Atkins is focused on overhauling crypto regulations to ensure long-term stability and prevent future administrations from reversing progress [6]

Core Insights - Robinhood Markets, Inc. (HOOD) experienced a year-over-year increase in equity and options Daily Average Revenue Trades (DARTs) in November 2025, with equity DARTs at 2.7 million (up 8%) and options DARTs at 1.3 million (up 30%), while crypto DARTs declined 40% to 0.6 million [1] Group 1: Financial Performance - In November 2025, total platform assets reached $324.5 billion, a 67% increase year over year [6] - Net deposits (excluding TradePMR) were $7.1 billion, up 27% [6] - Funded customers totaled 26.9 million, an 8% increase from November 2024 [6] - Equity notional trading volumes were $201.5 billion, up 37% year over year, while options contracts traded increased 24% to 193.2 million [7] - Margin balances surged 147% year over year to $16.8 billion [8] - Total cash sweep balance was $32.5 billion, up 23% from November 2024 [8] - Total securities lending revenues grew 48% year over year to $34 million [8] Group 2: Product Innovation and Market Strategy - Robinhood is focusing on becoming a leader in the active trader market by diversifying its offerings and expanding into lucrative businesses [2] - The company has launched new products such as Cortex, an AI assistant for market analysis, and Legend, which includes advanced trading tools [3] - Robinhood Social introduces features like verified trading profiles and strategy sharing, allowing users to open multiple accounts for different strategies [4] - The company is also offering tokenized U.S. stocks and ETFs across 31 EU/EEA countries with 24/5 commission-free trading [4] - Rapid product innovation is expected to continue expanding Robinhood's client base, with transaction-based revenues showing a five-year compound annual growth rate (CAGR) of 36.7% [5] Group 3: Competitive Landscape - Key competitors like Interactive Brokers (IBKR) and Tradeweb Markets Inc. (TW) are also enhancing their product offerings to challenge Robinhood's market share [9] - Interactive Brokers has introduced features such as the Karta Visa card and zero-commission U.S. stock trading in Singapore [10][11] - Tradeweb is focusing on the electronification of bond markets and investing in blockchain technology [12] Group 4: Valuation and Earnings Estimates - Robinhood shares have surged 83% over the past six months, compared to the industry's 21.6% growth [13] - The company is trading at a significant premium with a 12-month trailing price-to-tangible book of 15.55X compared to the industry average of 3.07X [14] - The Zacks Consensus Estimate for Robinhood's earnings implies year-over-year growth of 78.9% for 2025 and 16.2% for 2026, with upward revisions in estimates [16]

Core Viewpoint - The Bank of England has introduced comprehensive regulations aimed at establishing the U.K. as a global hub for digital assets, particularly focusing on stablecoins, which may influence major issuers to consider relocating to the U.S. due to its more lenient regulations [1]. Group 1: Regulatory Framework - The new proposals mandate that "systemic" stablecoin issuers must hold 40% of their reserves in non-interest-bearing accounts at the Bank of England and 60% in U.K. government bonds, marking a significant shift in the operational landscape for digital currencies in the U.K. [2]. - The U.K. is striving to implement its stablecoin and tokenization framework as quickly as the U.S. to maintain competitiveness in the evolving digital asset market [3]. Group 2: Central Bank's Vision - The Bank of England is actively working to establish a regulatory regime for stablecoins intended for widespread payment use, ensuring that the U.K.'s monetary framework is prepared for future developments [4]. - The approach emphasizes enabling responsible innovation in finance during a period of significant technological change, with the potential for tokenization and distributed ledger technology to enhance the efficiency of financial services [4]. - The U.K. aims to ensure that stablecoins can coexist safely with commercial and central bank money, contributing to a more diverse and resilient payments ecosystem [5].

Core Viewpoint - Amundi has launched a tokenized share class of its euro cash fund to enhance product offerings on distributed ledgers [1] Group 1: Product Development - The Amundi Funds Cash EUR fund now operates in a hybrid model, allowing investors to choose between traditional cash purchases or a tokenized version on Ethereum [2] - The first transaction for the tokenized share class was settled on November 4 [2] - The product was developed in partnership with CACEIS, which provides digital wallets and manages subscriptions and redemptions [2] Group 2: Technology and Benefits - Tokenization transforms fund shares into blockchain-based records, facilitating quicker settlements and clearer audit trails [3] - The fund utilizes distributed ledger technology and the Ethereum blockchain for transparent record-keeping and transaction traceability [3] Group 3: Market Position and Regulation - This development reinforces Europe's lead in regulated tokenized funds, with firms in Luxembourg, France, and Germany having issued blockchain-native fund units for several years [4] - Clear regulatory guidance in these countries has enabled asset managers to hold and record digital shares effectively [4] Group 4: Future Prospects - CACEIS announced that investors will have the option to purchase the fund using stablecoins or central bank digital currencies (CBDCs) [5] - The introduction of a hybrid Transfer Agent service aims to provide a new distribution channel via blockchain for clients [5] - The goal is to offer 24/7 subscription and redemption services for investment fund units payable in stablecoins or CBDCs when available [6]

Core Insights - Securitize has received full regulatory authorization from Spain's CNMV to operate the EU's first blockchain-based Trading and Settlement System, utilizing Avalanche as the underlying infrastructure [1][3] - This positions Securitize as the only company globally licensed to run a regulated digital securities infrastructure across both the U.S. and the EU, facilitating a direct connection between the two largest capital markets [1][6] Regulatory Milestone - The approval follows four years of regulatory collaboration with CNMV, ESMA, Bank of Spain, and the European Central Bank [2] - Securitize's first issuance under the EU TSS framework on Avalanche is anticipated in early 2026 [2] Digital Market Framework - The approved framework integrates the functions of a Multilateral Trading Facility and a Central Securities Depository into a single digital platform, allowing seamless trading and settlement of tokenized stocks and bonds across all 27 EU member states [4] - Securitize Europe Brokerage and Markets, SV SA, obtained its Investment Firm license in December 2024, which covers order execution, custody, transfer-agent services, and market infrastructure operation [4] Licensing and Market Reach - The Investment Firm license has been passported across major EU jurisdictions, including Germany, France, Italy, Luxembourg, and the Netherlands [5] - The authorization grants Securitize ERIR status in Spain, enabling end-to-end management and servicing of tokenized assets throughout their lifecycle [5] Strategic Positioning - Securitize's CEO emphasized that tokenizing assets will eliminate historical barriers that fragmented global capital markets [5] - The unique licensing allows Securitize to connect issuers and investors across the U.S. and EU financial markets [6] Infrastructure Selection - Avalanche was chosen for its institutional-grade performance, offering sub-second finality and the ability to deploy purpose-built blockchains tailored to regulatory requirements [6] - This architecture provides predictable settlement times and compliance frameworks essential for regulated trading venues, addressing concerns about blockchain performance in traditional finance [7]