港交所称，其股票现货市场自1992年以来一直采用T+2结算周期，而其他国际股票市场在过去20年间也 逐渐将结算周期缩短至T+2。近年来，许多市场已转向或正在考虑转向T+1或更短的结算周期。根据世 界交易所联合会和国际交易所的统计数据，港交所预计，到2027年底，全球股票市场88%的交易将采用 T+1或T+0结算周期。 据悉，讨论文件列出了缩短香港股票现货市场现行T+2结算周期的潜在好处和挑战，并参考了其他主要 市场在缩短结算周期过程中的经验，为所有市场参与者展开深入讨论提供了基础。 新华财经北京7月16日电据港交所16日消息，港交所16日刊发了有关缩短香港股票现货市场结算周期的 讨论文件，旨在引导市场就此展开讨论，并与业界就如何及何时缩短结算周期达成共识。 港交所进一步表示，如讨论文件所示，香港向T+1结算周期过度既有好处，也面临挑战。潜在的好处包 括提高市场效率、降低系统性风险，以及让香港市场与其他国际市场更紧密地接轨。同时，转向T+1也 会带来挑战，尤其是对于需要应对时区差异、外汇转换以及更短结算时间窗口的市场参与者来说。为适 应这种变化，市场参与者需要升级系统、实现流程自动化，并与整个市场协调配合，以保 ...

Crypto exchange BigONE hacked for over $27 million in hot wallet exploit https://t.co/4Ti28gu00r ...

Summary of NASDAQ's Q1 2025 Conference Call Company Overview - **Company**: NASDAQ - **Quarter**: Q1 2025 - **Key Financials**: - Net revenues: $1.2 billion, up 12.5% year-over-year [2] - Operating income: Increased by 17% [2] - EPS: Grew by 24% [2] - Free cash flow: $674 million [3] Core Financial Performance - **Revenue Breakdown**: - Solutions revenues: $947 million, up 11% year-over-year [2] - Annual Recurring Revenue (ARR): $2.8 billion, up 9% year-over-year [2] - **Divisional Performance**: - Capital Access Platforms: 5% ARR growth, 11% revenue growth [2] - Financial Technology: 10% revenue growth, 12% ARR growth [2] - Market Services: 19% net revenue growth [2] Strategic Initiatives - **Efficiency Programs**: Targeting $140 million in net synergies from the Advanta transaction, with over $100 million actions completed by the end of Q1 [3] - **Cross-Selling**: 19 cross-sells delivered since the acquisition, with a target to surpass $100 million in run rate revenue by the end of 2027 [3] - **New Product Launches**: 30 new index products launched in Q1, contributing to 33% of net inflows over the last five years [5] Market Dynamics - **IPO Activity**: Welcomed 45 operating companies, raising approximately $5 billion [4] - **Listing Transfers**: Continued momentum with marquee switches, including Shopify and Thompson Reuters [4] - **Market Volatility**: Experienced record trading volumes, with five of the six highest trading days in U.S. cash equities history occurring in Q1 [8] Technology and Innovation - **Cloud Transition**: Enhanced ability to navigate market conditions through cloud infrastructure, improving scalability and resiliency [6] - **Partnership with AWS**: Focus on modernizing financial services infrastructure, with plans to serve market operators through hybrid cloud solutions [6] Regulatory and Compliance - **Financial Crime Management**: Robust demand for solutions, with a 25% increase in new client signings [6] - **Regulatory Technology**: Axiom SL signed a large digital bank as a new client, with strong demand for surveillance solutions [7] Capital Allocation and Shareholder Returns - **Dividends**: Paid a dividend of $0.24 per share, with a 13% increase announced to $0.27 per share [15] - **Debt Repurchases**: Repurchased $279 million in debt, reducing gross leverage ratio to 3.4 times [15] Outlook and Challenges - **Macro Environment**: Ongoing policy shifts and potential tariffs creating short-term volatility, impacting corporate decision-making [9] - **Sales Cycle Delays**: Noted delays in client decision-making due to macroeconomic uncertainties, particularly in the financial technology segment [22] Key Takeaways - NASDAQ demonstrated strong financial performance in Q1 2025, with double-digit growth across all divisions and significant free cash flow generation [2][3] - The company is focused on strategic initiatives to enhance efficiency, drive innovation, and expand its product offerings [3][5] - Market conditions remain volatile, but NASDAQ's diversified business model positions it well for continued growth [9][10]

通报案例显示，某公司未如实披露经销协议情况，保荐机构也未督促其准确完整披露销售模式等信息，北交所据此对该公 司及相关责任主体采取口头警示并要求提交书面承诺的自律监管措施。 北交所特别强调信息披露质量要求，提示关注四大要点：基本信息准确性，包括国家地区名称、发行人信息、法律法规引 用等；财务信息准确性，涵盖数据格式、勾稽关系等；文件版本和格式规范性，涉及上传版本、排版签章等；其他方面如 回复文件齐备性、信息披露规范性等。 数据显示，2025年上半年北交所受理115家企业公开发行并上市申请，上市委审议通过12家，证监会注册通过7家，上市6 家，融资金额（不含行使超额配售选择权）达19.23亿元，北交所已成为企业上市的热门选择。 在监管方面，北交所针对15家申报项目中存在的信息披露违规、中介机构执业质量问题，采取公开谴责1次、出具警示函2 次、口头警示10次、要求提交书面承诺8次，涉及15家发行人、10家保荐机构、3家会计师事务所、1家律师事务所，23名保 荐代表人、9名签字注册会计师、2名签字律师等。同时记录6次执业质量负面行为，涉及6家保荐机构，并对3个申报项目开 展现场督导或配合证监会派出机构现场检查。 【环 ...

Market Dynamics - The UK's Labour government will establish a taskforce [1] to attract new listings to the London Stock Exchange [1]

Core Insights - Bitget launched a dynamic branding campaign at the MotoGP German Grand Prix from July 11 to 13, 2025, combining the excitement of racing with innovative trading solutions to enhance its global presence [2][3] - The campaign aims to reach over 50 million audiences by integrating Web3 innovations with mainstream culture, showcasing an interactive fan booth that attracted over 10,000 attendees [2][3] - Bitget's CEO, Gracy Chen, emphasized the goal of making cryptocurrency appealing to adventure-seekers, paralleling the thrill of racing with blockchain innovation [3] Marketing Strategy - The event is part of a broader marketing initiative with MotoGP that will continue throughout the season, featuring localized activities and interactive challenges to empower Bitget's global user base [4] - Bitget has created a dedicated MotoGP landing page online, offering fans insights into event schedules and upcoming activities, along with various giveaways including MotoGP tickets and exclusive merchandise [3][4] Company Overview - Founded in 2018, Bitget is a leading cryptocurrency exchange and Web3 company serving over 120 million users across more than 150 countries, focusing on innovative trading solutions [6] - Bitget Wallet, previously known as BitKeep, supports over 130 blockchains and millions of tokens, facilitating multi-chain transactions and connecting to over 20,000 decentralized applications [6] - The company has established strategic partnerships to promote cryptocurrency, including being the official crypto partner for La Liga in East Asia, Southeast Asia, and Latin America [6] Social Responsibility - Bitget is collaborating with UNICEF to provide blockchain education support to 1.1 million people by 2027, demonstrating its commitment to social impact alongside its business objectives [7]

Group 1 - Argus recently assigned a "Buy" rating to Coinbase Global (COIN.US), citing the company's strong growth trajectory and the potential of the recently passed "Cryptocurrency Innovation and Regulation Act" (GENIUS Act) to drive business expansion [1] - Analysts Kevin Heal and Masako Inagaki noted that Coinbase's ongoing investments in R&D and strategic acquisitions are expected to effectively increase the platform's daily active user base [1] - Coinbase's current price-to-earnings (P/E) ratio exceeds that of traditional exchanges like ICE (ICE.US), NDAQ (NDAQ.US), CME (CME.US), and CBOE (CBOE.US), but analysts believe its leading profit margins and growth potential during bull markets justify the short-term premium [1] Group 2 - As the U.S. "Crypto Week" advances with three key legislative measures, traditional financial institutions are accelerating their entry into the crypto space, positioning Coinbase as a compliant leader likely to benefit from market expansion [2] - It is anticipated that a clear regulatory framework will mitigate the "bad money drives out good" phenomenon in the cryptocurrency industry, allowing platforms with technological advantages and compliance credentials to dominate the next phase of competition [2]

Core Insights - Bitget's protection fund reached a record high of $716 million in June 2025, more than doubling its initial benchmark of $300 million [2][5] - The fund aims to provide user protection in extreme market conditions, maintaining a stable balance of 6,500 Bitcoin throughout June [2][4] - The fund's value fluctuates with Bitcoin's market price, averaging around $687 million monthly [2][5] Fund Performance - The fund achieved its highest daily valuation on June 9, 2025, coinciding with Bitcoin prices surpassing $110,000 [4] - Even at Bitcoin's lowest point on June 22, the fund's valuation remained at $655 million, significantly above the minimum collateral requirement [4] - Since its launch, the fund has grown by over 140% due to Bitcoin appreciation and Bitget's strategic focus on market insurance [5] Transparency and Security - The fund operates transparently through publicly visible wallet addresses, holding only Bitcoin (BTC) and Tether (USDT) to maintain liquidity [4][5] - Bitget conducts monthly hash tree audits to verify asset backing and has achieved ISO 27001:2022 certification for best practices [6] - The platform has never experienced a compliance incident since its establishment in 2018, earning a AAA security rating [6] Company Overview - Bitget, founded in 2018, serves over 120 million users across more than 150 countries, offering innovative trading solutions [7] - The platform includes Bitget Wallet, a leading non-custodial cryptocurrency wallet supporting over 130 blockchains and millions of tokens [7] - Bitget is the official cryptocurrency partner for La Liga in East Asia, Southeast Asia, and Latin America, promoting cryptocurrency adoption [7]

NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Singapore Exchange Ltd. (SGX: S68; OTCQX: SPXCY, SPXCF), Asia’s most international multi-asset exchange operating equity, fixed income, currency and commodity markets, has qualified to trade on the OTCQX® Best Market. Singapore Exchange Ltd. begins trading today on OTCQX under the symbols “SPXCY, SPXCF.” U.S. investors can find ...

本报（chinatimes.net.cn）记者刘诗萌 北京报道 2025年上半年过去，资本市场谁是赢家已经呼之欲出——中国香港。 Wind数据显示，上半年港股市场共迎来43只新股IPO，与2024年上半年的30家相比增幅达到43.3%，增 长接近半数。新股融资金额累计1067亿港元，不仅超过了港股2024年全年的融资金额，还超越纳斯达 克，跃居上半年全球交易所IPO融资规模的首位。 "香港正全力发挥'双重角色'，既助力内地企业走向全球、推动产业链向东南亚多元化布局，又作为国 际资本进入内地市场的最佳据点，持续引进国际最佳实践标准。"6月底，香港特区政府财政司司长陈茂 波出席天津夏季达沃斯论坛时表示。 米尔肯研究院研究部中国区董事总经理黄华跃向《华夏时报》记者指出，中国香港过去五年十分看重科 技创新及科技产业的发展，背靠中国高科技的迅速发展，如果能担负起将科技产业化的金融服务角色， 将开启一个巨大的市场。此外，在人民币国际化和国际虚拟货币领域，香港也大有可为。当然，相对于 新加坡来说，香港经济结构较为单一，比较多元化的新加坡在电子、高科技、能源等产业均有不俗的经 济增长和活力。"所以，新加坡和香港有竞争，但并不 ...