Core Viewpoint - The article discusses the evolving dynamics of the Mortgage-Backed Securities (MBS) market since 2025, influenced by factors such as the Federal Reserve's monetary policy, high interest rates, and the performance of residential RMBS [1]. Group 1: Event Background - The MBS market has been experiencing continuous changes since 2025, driven by multiple factors including the Federal Reserve's monetary policy and the high interest rate environment [1]. - Understanding the dynamics of the Agency RMBS market is crucial for assessing the pressures and opportunities facing MBS demand and refinancing activities in a high-rate environment [1]. Group 2: Event Information - The event is scheduled for September 3, 2025, from 10:00 AM to 11:00 AM, and will be held online via Tencent [2]. - The agenda includes presentations on mortgage market dynamics, MBS trading practices, and an overview of the Yield Book's prepayment model [2]. Group 3: Speakers - Hui Ding, the Head of RMBS Research and Modeling at LSEG, has nearly 20 years of experience in the securitization product industry [6]. - Helen Zhang, the Head of Research Model Development at LSEG, has a background in technology and finance, particularly in securitized products [7]. - Irene Shi, a Senior RMBS Researcher at LSEG, focuses on market research and quantitative modeling related to agency RMBS [8]. Group 4: Yield Book Overview - Yield Book has been a reliable source for fixed income analysis for 35 years, offering extensive features for in-depth security and portfolio analysis [11]. - The platform provides market-leading models and derivative analysis solutions, enabling clients to maintain a competitive edge [16]. Group 5: Applications of Yield Book - Yield Book's data and models assist in identifying interest rate and credit risks, crucial for achieving robust financial performance [18]. - The platform offers deep insights into investment strategies, helping clients efficiently allocate their portfolios [19]. - Yield Book serves as a comprehensive solution for pre-trade and post-trade analysis, ensuring accurate assessments of cash flow engines and prepayment/default models [20].

Core Viewpoint - The article discusses the launch of the "Northbound Swap Connect" initiative, which aims to enhance collaboration between the mainland and Hong Kong financial derivative markets by introducing new features for interest rate swaps (IRS) trading and centralized clearing, effective June 30, 2025 [1]. Group 1: Northbound Swap Connect - The "Northbound Swap Connect" will support IRS contracts with a maximum remaining term of 30 years, including FR007 and Shibor_3M interest rate swaps, along with features for IMM contracts, historical start date contracts, and contract compression [1]. - Bloomberg has initiated support for the first day of trading for long-term interest rate swaps under this new framework, enhancing access for global investors to manage interest rate risks effectively [1][2]. Group 2: Bloomberg's Role - Bloomberg's IRS trading portal (BBTI) will now support a variety of financial instruments in the mainland interbank derivative market, including 7-day repos and 3-month Shibor, as part of its commitment to seamless access to China's onshore financial markets [1][2]. - The expansion of the "Swap Connect" solution is based on an upgrade in May 2024, which allows trading of IRS contracts aligned with international money market (IMM) settlement dates, catering to the growing demand for diversified and flexible risk management tools among institutional investors [2]. Group 3: Trading Workflow - Authorized Bloomberg terminal users can initiate requests for quotes (RFQ) from a list of approved onshore dealers by the People's Bank of China (PBOC), allowing for competitive pricing and execution information [5].

Financial Performance - In 2024, revenue increased by 14%, and the adjusted operating margin expanded by 310 basis points to 49% [12] - The company returned $4.4 billion to shareholders in 2024 through dividends and share repurchases [13] - In the first quarter of 2025, over $900 million was returned to shareholders through dividends and repurchases [14] Business Lines and Key Metrics - The energy transition and sustainability revenue grew to $359 million in 2024, indicating strong demand in this area [22] - The company is focusing on five key areas for investment: benchmarks, private markets, enterprise data, GenAI, and energy transition [15] Market Data and Key Metrics - The company acknowledges broad market factors such as trade conflicts and supply chain risks that may impact future performance [14] - There is a growing need for trusted benchmarks across debt, equity, and commodity markets due to geopolitical and macroeconomic risks [16] Company Strategy and Industry Competition - The company plans to separate its mobility division into a standalone public company, indicating a strategic shift [14] - The focus on GenAI is expected to enhance productivity and improve customer workflows, positioning the company favorably in a competitive landscape [21] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate multiple scenarios and support clients amid changing market conditions [15] - The CEO emphasized the importance of fostering a culture of empowerment and innovation within the company [23] Other Important Information - The board approved a 5.5% increase in the company's regular dividend, continuing a 52-year history of dividend increases [13] - The company has established an enterprise data organization to better connect its vast datasets for enhanced client value [20] Q&A Session Summary - No shareholder questions were submitted during the Q&A session [53][54]

Core Insights - The article emphasizes a bullish outlook for the US dollar in early 2025, driven by cyclical and geopolitical factors, while also highlighting the attractiveness of defensive strategies such as going long on the Japanese yen and Swiss franc due to ongoing global economic and political uncertainties [2][7]. G10 Currency Outlook - The US dollar (DXY) is projected to appreciate by 6.5% from January 2, 2024, to January 2, 2025, supported by a strong US economy and favorable policies under a potential Trump administration [9]. - The euro (EUR) is expected to decline by 5.7%, influenced by negative economic and political factors [9]. - The Japanese yen (JPY) is forecasted to decrease by 9.6%, although it remains a strong defensive currency [9]. - The Swiss franc (CHF) is anticipated to drop by 6.3%, with concerns about the Swiss National Bank's tolerance for a strong currency [9]. - The British pound (GBP) is projected to fall by 1.6%, lacking fresh catalysts for growth [9]. - The Canadian dollar (CAD) is expected to decline by 7.6%, while the Australian dollar (AUD) and New Zealand dollar (NZD) are forecasted to decrease by 8.1% and 10.3%, respectively, due to trade tensions with China [9]. Emerging Market Currency Outlook - The Turkish lira (TRY) is expected to remain resilient due to anti-inflation policies and high interest rates, with a projected decline of 16.5% [14]. - The Brazilian real (BRL) is anticipated to appreciate by 17.2%, benefiting from a favorable fiscal outlook and interest rate advantages [16]. - The South African rand (ZAR) is projected to decline by 2.6%, facing pressures from higher tariffs and concerns over China's growth [14]. - The Chilean peso (CLP) is expected to underperform due to low interest rates and reliance on copper exports [16]. Geopolitical and Economic Factors - The article notes that the performance of currencies in the Euro-Middle East and Africa region will depend on responses to US policy adjustments and potential tariff increases, particularly affecting currencies sensitive to the euro [13]. - The article highlights that the potential re-election of Trump could reignite concerns over the Chinese yuan, with a possible depreciation if trade tensions escalate [10].