Core Insights - Ant International has partnered with UBS to modernize its treasury and payments infrastructure, focusing on blockchain-powered settlement, tokenized deposits, and real-time fund movement [1][2]. Group 1: Partnership Details - The collaboration includes integrating UBS Digital Cash, a blockchain-based payment platform, into Ant's global treasury operations to enhance cross-border liquidity and security [2][3]. - Ant will combine UBS Digital Cash with its Whale platform, a proprietary blockchain-based treasury management system, to facilitate constant multi-currency fund movement across global entities [3]. Group 2: Tokenized Deposits - A significant aspect of the partnership is the joint research and development of tokenized deposits, which are digital representations of traditional bank deposits that can be transferred instantly via blockchain [4]. - Successful implementation of this model is expected to enhance transparency, settlement speed, and auditability for complex transactions [4]. Group 3: Regulatory Environment and Adoption - Hong Kong's Project Ensemble, a regulatory sandbox for tokenized transactions, has enabled real-value settlements between banks and fintech firms, with Ant participating in the pilot [5]. - HSBC recently completed a transfer of HK$3.8 million ($488,820) in tokenized deposits for Ant, indicating accelerating institutional adoption [5]. Group 4: Digital Asset Strategy - The partnership aligns with Ant International's exploration of regulated digital asset infrastructure, including evaluating stablecoin licensing in various jurisdictions [6]. - Ant emphasizes that while it does not plan to engage in speculative crypto activities, it sees significant potential in stablecoins to enhance modern payment infrastructure [6][7].

Core Insights - Northern Trust has been appointed by Osmosis Investment Management NL B.V. to provide middle office support services including investment operations outsourcing, collateral management, and currency management [1][3] Company Overview - Osmosis NL is a sustainable fixed income asset manager based in the Netherlands, part of the Osmosis Group of Companies, which focuses on sustainability-driven investment solutions across equity and credit markets [2] - Northern Trust Corporation is a leading provider of wealth management, asset servicing, asset management, and banking services, with a global presence and significant assets under custody and management [4] Service Offerings - Northern Trust offers a comprehensive range of services including fund administration, global custody, investment operations outsourcing, and data solutions, catering to complex investment strategies across various asset classes [3] - The company provides automated currency management solutions through its Global Foreign Exchange business to support clients' distribution strategies [3] Strategic Collaboration - Clive Bellows, head of EMEA at Northern Trust, emphasized the importance of supporting Osmosis NL's growth and operational model refinement through their middle office infrastructure [3] - Albert Wisgerhof, COO and CFO of Osmosis NL, highlighted Northern Trust's flexibility, scale, and technology as key factors in their decision to partner for long-term growth [3]

Core Viewpoint - OSB Group PLC has announced a cash tender offer for its £150,000,000 Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities, aiming to provide liquidity for investors and manage refinancing alongside the issuance of new securities [2][5]. Offer Details - The offer is for the purchase of all outstanding £150,000,000 Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (ISIN: XS2391408072) [2][4]. - The purchase price is set at 100.250% of the principal amount of the securities [7]. - The offer is subject to the satisfaction or waiver of the New Issue Condition, which involves the concurrent issuance of new sterling denominated additional tier 1 securities [10][11]. Rationale for the Offer - The primary purpose of the offer is to enhance liquidity for investors and to proactively manage the refinancing of the existing securities [5]. - Securities purchased through the offer will be cancelled and will not be re-issued or resold [5]. Tender Instructions - Holders must submit valid tender instructions by 4:00 p.m. (London time) on 24 November 2025 to participate in the offer [22][23]. - Tender instructions must be for a minimum principal amount of £1,000, and can be submitted in integral multiples of £1,000 thereafter [24]. Indicative Timetable - The offer commenced on 17 November 2025, with the expiration deadline for valid tender instructions set for 24 November 2025 [25]. - The announcement of results regarding accepted tenders is expected on 25 November 2025, with the settlement date anticipated for 27 November 2025 [25].

The UK's All-Party Parliamentary Group on Fair Banking has questioned whether the Financial Conduct Authority’s proposed consumer redress model for historic car finance mis-selling provides adequate compensation, after its analysis showed that average payments under the scheme would fall significantly below levels seen through the courts or the Financial Ombudsman Service. According to the report, the FCA’s preferred “hybrid” methodology would produce an average payout of around £700 across all qualifying ...

Group 1 - The U.S. IPO market saw two small IPOs and three SPACs listed last week, with five IPOs and four SPACs filing initial applications [1][2] - Off The Hook YS (OTH) priced its reduced IPO at the lower end of the range, raising $15 million with a market cap of $95 million, but its stock fell by 8% [1] - Phaos Technology (POAS) also priced its IPO at the lower end, raising $14 million with a market cap of $114 million, and its stock remained flat [1] Group 2 - Three SPACs completed pricing last week: Alussa Energy Acquisition II (ALUB.U) raised $250 million targeting energy and power infrastructure, Evolution Global Acquisition (EVOXU) raised $210 million focusing on critical minerals, and Blueport Acquisition (BPACU) raised $50 million [2] - Five companies filed for IPOs last week, including Klook (KLK) seeking $400 million, Grayscale (GRAY) aiming for $100 million, and Reed's (REED) targeting $10 million [2][4] Group 3 - Upcoming IPOs include Central Bancompany (CBC) planning to raise $400 million with a market cap of $5.365 billion, and Gloo Holdings (GLOO) aiming for $100 million with a market cap of $801 million [5][7] - Regentis Biomaterials (RGNT) plans to raise $11 million with a market cap of $62 million, focusing on a hydrogel implant for knee cartilage pain [6][7]

Core Viewpoint - U.K. Finance Minister Rachel Reeves faces significant challenges in preparing the Autumn Budget, with pressure to balance voter satisfaction, public finance stability, and market confidence in her policies [1][2]. Fiscal Strategies - Reeves is exploring various strategies to address a fiscal shortfall estimated at £50 billion ($65.6 billion), which may involve substantial spending cuts or breaking a pledge not to raise certain taxes [2][12]. - Potential tax hikes under consideration include taxing dividends, reducing tax breaks for salary sacrifice schemes, and increasing levies on specific professions, though such measures are likely to be unpopular among the public [3][4]. Public Sentiment - A YouGov poll indicates that nearly one-third of adults believe Reeves should avoid tax increases, even if it necessitates spending cuts or increased borrowing, while over half prioritize maintaining tax promises over borrowing limits [4]. Market Reactions - Some market participants would welcome tax increases, as evidenced by a sell-off in gilts following reports of a potential U-turn on planned income tax rises [5]. - Analysts expect Reeves to announce tax increases, which could positively impact U.K. government bonds (gilts), especially in light of a loosening labor market and expectations of peaking inflation [6][7]. Spending Cuts and Political Dynamics - Investors advocate for a combination of tax hikes and spending cuts to manage the public deficit, emphasizing the need for genuine fiscal consolidation without harming economic growth [10][11]. - Significant spending cuts may face resistance from left-leaning lawmakers within the Labour party, complicating Reeves's fiscal strategy [14]. Fiscal Rules and Market Stability - Reeves's commitment to her fiscal rules, which require day-to-day spending to be funded by tax revenues and public debt to decline as a share of economic output, remains firm, despite the challenges [17][19]. - Any deviation from these rules could negatively impact the bond market, as seen in past instances where political uncertainty led to increased gilt yields [20][21].

Core Viewpoint - Amundi has reached an agreement in principle with Societe Generale to renew their long-term partnership in investment solutions distribution and securities services for another five years, pending regulatory approvals [1][2]. Group 1: Partnership Details - The new partnership agreement will take effect once contractual documentation is finalized and regulatory approvals are obtained [1]. - Amundi has been the primary provider of savings and investment solutions for Societe Generale's retail banking and insurance networks since 2010 [2]. Group 2: Company Overview - Amundi is the leading European asset manager, ranking among the top 10 global players, managing over €2.3 trillion in assets for 100 million clients [3][4]. - The company offers a complete range of savings and investment solutions, enhanced with IT tools and services, covering the entire savings value chain [3]. - Amundi operates six international investment hubs and employs 5,600 staff across 35 countries, emphasizing responsible investment [4].

SINGAPORE--(BUSINESS WIRE)--UBS has entered a strategic partnership with Ant International, a leading global digital payment, digitisation, and financial technology provider, to explore innovations in blockchain-based tokenised deposits to support Ant International's global payments settlement and liquidity management. Both parties signed a Memorandum of Understanding (MoU) at UBS's flagship office at 9 Penang Road in Singapore. Under the MoU, Ant International will leverage UBS Digital Cash, a. ...

Core Insights - Retail investors in India demonstrated strong buying activity in the September 2025 quarter, investing over ₹18,000 crore across ten companies, indicating resilience amid market volatility [11] - The trend shows a shift in retail investor behavior, often acting contrarian to institutional investors, particularly in large-cap stocks [4][11] - Despite a decline in average stock prices of retail-heavy counters by 6.55%, the number of companies with rising retail participation exceeded 1,000, reflecting sustained interest [5][11] Retail Investment Trends - BSE Ltd attracted the highest retail inflow of ₹6,089 crore, followed by Tata Consultancy Services (TCS) with ₹4,531 crore and Trent Ltd with ₹1,752 crore [11] - Retail investors were significant sellers in financial heavyweights, with HDFC Bank experiencing the largest outflow of ₹9,361 crore, followed by Adani Power and State Bank of India [11] - Retail ownership across NSE-listed companies stands at 7.43% by value and 16.38% by volume as of September 2025, highlighting their growing influence [3][11] Market Dynamics - The rise of domestic participation has reduced the share of foreign institutional investors (FIIs) to 16.7% of NSE companies by value, the lowest in 13 years [7][11] - Retail investors are particularly active in mid and small-cap segments, with retail ownership in these categories significantly higher than in Nifty-50 stocks [6][11] - The Q2FY26 earnings season revealed subdued trends in mass consumption but an uptick in select discretionary segments, with better-than-expected performance from metals, mining, and oil marketing companies [9][11] Analyst Perspectives - Analysts suggest a constructive market environment for long-term growth and quality investing, with a focus on domestic-oriented sectors such as consumption, domestic financials, healthcare, and telecom [10][11] - Caution is advised regarding IT, deep cyclicals, energy, and utilities sectors, reflecting a selective investment approach [10][11]

Market Reaction to U.S. Tariffs - The market's reaction to President Trump's tariff reversal on over 200 food products was muted, attributed to ongoing cost-of-living issues [1][14] - The U.S. dollar index rose slightly to 99.37, despite a broad selloff in U.S. stocks and bonds last week [6][14] Currency Movements - The Swiss franc remained around a one-month high at 0.7941 per dollar, supported by concerns over recent stock market selloffs [2][14] - The euro decreased by 0.11% to $1.1607, while the Australian dollar fell 0.15% to $0.6527, and the New Zealand dollar dropped 0.12% to $0.5673 [5][14] U.S. Economic Data Expectations - There is heightened market interest in upcoming U.S. economic data releases, particularly the September nonfarm payrolls report, due to a data vacuum lasting over 40 days [4][14] - Current market expectations for a Federal Reserve rate cut next month have decreased to just over 40%, down from over 60% earlier in the month [6][14] UK Economic Concerns - The British pound traded 0.11% lower at $1.3161, influenced by Finance Minister Rachel Reeves' announcement of no plans to raise income tax rates, which raised concerns about fiscal shortfalls [8][14] - Reeves is expected to need to raise tens of billions of pounds to meet fiscal targets in the upcoming November 26 budget, with financial markets viewing income tax increases as a primary solution [9][14] Japanese Economic Data - Japan's economy contracted an annualized 1.8% in the July-September quarter, marking the first decline in six quarters, primarily due to the impact of U.S. tariffs on exports [11][14]