We remind investors that this is a highly fluid and evolving situation subject to ongoing legal proceedings. As such, we're unable to provide further detail or comment at this time beyond the information we provided to you in the letter. We will, of course, have further updates for investors in future periods as this matter progresses. With that, I'll welcome everyone to the call, and we'll open it up for questions.It also organizes our go-to-market strategy around our customer verticals. Brokers, carriers, ...

Institutions can secure their OKX trading collateral at a major bank. Credit:May James/SOPA Images/LightRocket via Getty Images. Key Takeaways OKX and Standard Chartered have extended their custody solution to Europe. The platform lets institutions trade on OKX while a major bank secures their assets. Bank-grade custody brings a degree of trust that has been absent since the collapse of FTX, according to OKX’s Erald Ghoos. As more European banks bolster their crypto offerings, Standard Chartered h ...

Oct 16, 2025 11:30 AM Eastern Daylight Time Rain Announces Integration With Paylocity, Improving Seamless Earned Wage Access Share The implementation and operation of Rain's on-demand pay services will be streamlined for employers using Paylocity's payroll platform LOS ANGELES--(BUSINESS WIRE)--Rain, a leading provider of earned wage access (EWA) solutions, today announced the launch of a new integration with leading HR, payroll and spend management platform, Paylocity. The more than 41,650 clients using Pa ...

Core Insights - Cass Information Systems specializes in payment and information processing services, primarily serving manufacturing, distribution, and retail sectors in the U.S. The company operates through two segments: Information Services and Banking Services, offering services like freight invoice rating, payment processing, and telecom expense management [1] Price Target Analysis - The consensus price target for Cass Information Systems has shown stability over the past year, with an average price target of $47 last month and last quarter, compared to $46 the previous year. This indicates a consistent outlook from analysts regarding the company's performance and growth potential. However, analyst Frank Schiraldi from Piper Sandler has set a lower price target of $45, reflecting a more cautious perspective [2] Earnings Performance - Cass Information Systems is expected to report third-quarter results, with Wall Street anticipating earnings growth. However, the company may lack the optimal factors for an earnings beat, as noted by Zacks. In Q2 2025, Cass reported GAAP earnings per share of $0.66, below the expected $0.72, and GAAP revenue was also below the anticipated $51 million. Net income for the quarter was $9 million, a 25.4% increase from $7.2 million in the same period last year, indicating improved financial performance over time [3] Investor Considerations - Investors should consider the financial results and analyst expectations when evaluating Cass Information Systems. The stable price target and recent earnings performance provide insights into future prospects, but it is crucial to stay informed about any recent developments that could impact these targets, such as earnings reports or strategic initiatives [4][5]

Reeve Collins Warns Stablecoin 2.0 Could Disrupt Global Banking Systems. | Credit: Jakub Porzycki/NurPhoto via Getty Images Key Takeaways Allegations have emerged of a lobbying effort to pardon Sam Bankman-Fried. The allegations came just one day before a new interview with Bankman-Fried was released. Despite speculation, there is no official sign that the Trump administration is considering a pardon. Stablecoins are entering what Tether co-founder Reeve Collins calls their “2.0 era,” a new genera ...

Financial Data and Key Metrics Changes - IT services revenue for Q2 FY 2026 was $2.6 billion, with a sequential growth of 0.3% in constant currency and a year-on-year decline of 2.6% [6][18] - Adjusted operating margin for the quarter was 17.2%, an improvement of 0.4% compared to the same period last year [6][19] - Net income and EPS grew by 1% year on year, while operating cash flows remained higher than net income at 104% for Q2 [23] Business Line Data and Key Metrics Changes - Americas One grew 0.5% sequentially and 5% year on year, while Americas Two declined 2% sequentially and 5% year on year [20] - Europe reported a sequential growth of 1.4% but a year-on-year decline of 10.2% [21] - APMEA grew 3.1% sequentially and 2.6% year on year, with strong performance in India, Australia, and Southeast Asia [21] - BFSI sector showed sequential growth of 2%, driven by Europe and APMEA [85] Market Data and Key Metrics Changes - The healthcare sector is undergoing structural changes, impacting performance, but remains a strong performer for the company [9][88] - Consumer, energy, and manufacturing sectors are facing tariff uncertainties, leading to reevaluation of supply chains [9] Company Strategy and Development Direction - The company is focusing on AI adoption and vendor consolidation as key strategies for growth [9][10] - Wipro Intelligence, a unified suite of AI-powered platforms, is being introduced to enhance client capabilities [13][14] - The company aims to maintain operational discipline while converting a strong backlog into revenue [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth, particularly in BFSI, as large deals begin to ramp up [30][31] - The company anticipates a sequential IT services revenue growth of -0.5% to +1.5% in constant currency for Q3 [16][24] - Management acknowledged headwinds from large deal ramp-ups and seasonal factors affecting Q3 performance [35] Other Important Information - The Harman Digital Transformation Solutions acquisition is expected to close in the upcoming quarter, but revenues from this acquisition are not included in current guidance [24] - The company is actively investing in growth, which may pressure margins in the short term [19][35] Q&A Session Summary Question: Thoughts on deal to revenue conversion and future growth - Management noted that large deal wins in BFSI are expected to ramp up in Q3, contributing to future growth [28][29] Question: Margin outlook and transition costs - Management indicated that while there are headwinds from large deals, operational improvements and currency fluctuations have positively impacted margins [32][34] Question: Sustainability of year-on-year growth in line with peers - Management expressed confidence in sustaining growth, focusing on executing deal wins and maintaining a robust pipeline [50][52] Question: Clarity on renewal deals and their impact - Management clarified that renewal deals are a mix of renewals and expansions, with some deflationary pressures expected [95][96] Question: Impact of bankruptcy on revenue - Management confirmed that there was no impact on Q2 revenue from the bankruptcy provision made [99]

周四，美联储官员就降息节奏出现不同声音，理事沃勒主张维持每次25个基点的谨慎降息步伐以应对疲 软的劳动力市场，而临时担任美联储理事的米兰则呼吁采取更激进的50个基点降息。 沃勒周四在接受媒体采访时表示，美联储可以继续以25个基点的幅度逐步降低利率。沃勒表示： 你不想犯错，所以避免错误的方法是谨慎小心地行动，降息25个基点，观察会发生什么，然 后你就能更好地判断下一步该怎么做。 沃勒表示，过去六周内情况没有太大变化，民间部门数据持续反映劳动力市场疲软。目前通胀率估计在 2.5%左右，似乎没有什么迹象表明通胀会大幅上升。褐皮书并未显示经济形势乐观和繁荣，年底GDP 可能走弱。 关于AI的影响，沃勒表示，对AI的担忧在于它是否会导致劳动力需求的结构性变化，而美联储的周期 性工具无法解决这个问题。 他表示，关税不确定性以及对AI对生产力可能影响的疑问，使得企业CEO招聘意愿不强。企业投资主 要集中在AI领域，并未广泛分布。一旦扣掉AI，企业固定投资是下降的。 关于美联储主席的选拔，沃勒还表示，与贝森特的面试非常顺利，进行得很快。尚未与特朗普总统通 话，不清楚是否会通话。 分歧的核心在于政策调整的速度，Waller强调 ...

Sony has taken Wall Street by surprise after its banking division, Sony Bank, filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish a national crypto bank under its subsidiary “Connectia Trust.” The move positions the Japanese tech giant to become one of the first major global corporations to issue a U.S. dollar–backed stablecoin through a federally regulated institution. The application outlines plans to issue a U.S. dollar-pegged stablecoin, maintain the reserv ...

资金面均衡偏松，资金利率平稳，DR001在1.31%附近，DR007在1.42%附近。 | | | | 银行间资金 | (2025. 10. 16) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化量 (亿 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | 元) | 比 (%) | | R001 | 1. 35 | 0 | NO | 1.80 | 0 | 72450. 65 | 1027.56 | 87.82 | | R007 | 1.48 | 1 | - M | 1.75 | -5 | 8772. 05 | 2472. 16 | 10. 63 | | R014 | 1.50 | 0 | V | 1.85 | -5 | 788. 18 | 110. 66 | 0.96 | | R1M | 1.57 | | | 1.80 | -90 | 152. 89 | 40. 04 | ...

Market Performance - In 3Q 2025, U.S. stock indices experienced significant gains, with the Dow rising 5%, S&P 500 up 8%, Nasdaq increasing by 11%, and small-caps (Russell 2000) jumping 12% [2] - The S&P 500 set 28 all-time closing highs through the end of 3Q, reflecting a strong market performance [2] - The S&P 500 climbed over 30% in the six months leading up to October 6, 2025, but historical data suggests such gains may be difficult to sustain [3] Market Concentration - The rally was uneven, with an equal-weight version of the S&P 500 rising only 4% in 3Q, indicating that gains were concentrated among a few large companies [4] - Currently, 10 stocks account for over 40% of the S&P 500, marking an unprecedented level of concentration [4] Federal Reserve and Economic Policy - Changing expectations regarding the Federal Reserve's willingness to cut interest rates have been a major driver of the recent market advance [5] - The Trump administration's pressure on the Fed to cut rates more aggressively has raised concerns about the central bank's independence [6] Corporate Earnings and Consumer Behavior - Corporate earnings for 2Q exceeded expectations, with momentum likely carrying into 3Q despite tariff headwinds [7] - Consumer spending growth is steady at around 5% year-over-year, supporting the economy, but signs of strain are emerging among lower-income households [18][26] Global Market Trends - Asian markets posted double-digit gains in 3Q, with Japan's Nikkei up 11.0%, Hong Kong's Hang Seng up 11.6%, and China's Shanghai Composite up 12.7% [9] - The Consumer Staples sector was the only S&P 500 sector to decline in 3Q, losing almost 3%, while Technology and Communication Services sectors performed well [10] Artificial Intelligence and Market Dynamics - The AI trade continues to drive market performance, with mega-cap companies like Apple, Alphabet, and NVIDIA leading the way [11] - The performance of the so-called Magnificent Seven has varied significantly, with NVIDIA gaining 39% while Amazon remained flat [11] Housing Market Insights - The U.S. faces a structural housing shortage, needing over 16 million new homes by 2033, which could impact economic growth [20] - Housing accounts for about 3%–5% of GDP, and easing mortgage rates could stimulate demand and new construction [22][21] Emerging Markets - Emerging market equities have outperformed, up 28% year-to-date through early October, driven by a weaker dollar and resilient growth in several countries [36][39] - However, risks remain, including sensitivity to commodity cycles and political instability, particularly in China [36] Valuation Concerns - The S&P 500 trades at about 23 times expected earnings, a level reached only twice this century, indicating stretched valuations [25] - Investment-grade bonds are yielding historically low premiums over Treasuries, raising concerns about risk compensation [26]