随着银行间市场规模持续扩张、经纪机构在价格发现中的作用不断凸显，报价不透明、暗盘撮合、信息 不对称套利等问题日益成为制约市场稳健运行的关键风险点。 今年以来，国家金融监督管理总局与中国人民银行针对银行间市场经纪业务陆续出台了新一轮规范措 施，从机构准入、业务边界到市场行为进行全链条规范。业内人士认为，银行间市场将由此迈入更加透 明、规范、稳健的新阶段。 经纪业务监管体系全面强化 上海某货币经纪公司从业人员对上海证券报记者表示，与此前以行业自律规则为主的模式相比，"银行 间办法"有三方面显著升级：一是约束力更强，此前自律规则依赖机构自愿遵守，缺乏强制约束力，此 次"银行间办法"由央行发布，属于行政监管规章，违规机构将面临罚款、暂停业务等行政处罚，法律层 级和威慑力显著提升。二是覆盖范围更广，首次将黄金市场、衍生品市场、跨境经纪纳入统一监管，结 束了此前子市场监管分割的局面，填补了多个领域的监管盲区。三是操作指引更细，对信息披露、留痕 管理、通讯工具使用等提出具体量化要求。 实际上，对于经纪业务的监管强化并非凭空而来，而是针对过去行业中暴露出的典型问题，对症施治。 有现券交易员向上海证券报记者表示：一方面，部分经 ...

随着银行间市场规模持续扩张、经纪机构在价格发现中的作用不断凸显，报价不透明、暗盘撮合、信息 不对称套利等问题日益成为制约市场稳健运行的关键风险点。 周恒 制图 银行间市场经纪业务监管加码 市场定价链条迎来重塑 ◎记者 张欣然 上海某货币经纪公司从业人员对上海证券报记者表示，与此前以行业自律规则为主的模式相比，"银行 间办法"有三方面显著升级：一是约束力更强，此前自律规则依赖机构自愿遵守，缺乏强制约束力，此 次"银行间办法"由央行发布，属于行政监管规章，违规机构将面临罚款、暂停业务等行政处罚，法律层 级和威慑力显著提升。二是覆盖范围更广，首次将黄金市场、衍生品市场、跨境经纪纳入统一监管，结 束了此前子市场监管分割的局面，填补了多个领域的监管盲区。三是操作指引更细，对信息披露、留痕 管理、通讯工具使用等提出具体量化要求。 今年以来，国家金融监督管理总局与中国人民银行针对银行间市场经纪业务陆续出台了新一轮规范措 施，从机构准入、业务边界到市场行为进行全链条规范。业内人士认为，银行间市场将由此迈入更加透 明、规范、稳健的新阶段。 经纪业务监管体系全面强化 本轮监管调整由两项核心制度串联而成。6月，金融监管总局修订发布 ...

Core Viewpoint - The introduction of two regulatory measures signifies that the previously "invisible hand" of brokers will now operate under strict oversight, requiring them to be identifiable, traceable, and accountable in their operations [2][4]. Group 1: Regulatory Framework - The "Interbank Market Brokerage Business Management Measures" outlines clear operational rules for brokerage services in the interbank market, specifying what brokers can and cannot do [6][7]. - Brokers are restricted to facilitating existing transactions without engaging in primary issuance or price manipulation, ensuring they act solely as intermediaries [8][9]. - All brokerage activities must be traceable, with real-time reporting of quotes and transactions to the central bank, and communication records must be securely stored for at least five years [9][10]. Group 2: Licensing and Governance - The "Currency Brokerage Company Management Measures" establishes criteria for who can operate as a licensed brokerage, requiring a minimum registered capital of 100 million and a history of profitability [15][16]. - The scope of services for currency brokerage companies has been expanded to include gold and derivatives, allowing them to provide brokerage services across various financial markets [15][16]. - Governance and data security are emphasized, mandating a comprehensive internal control system and the preservation of all transaction-related information for five years [16][17]. Group 3: Market Impact and Observations - The first successful gold inquiry spot transaction under the new regulations indicates a shift towards a more transparent and regulated market environment, enhancing liquidity and price discovery [20][21]. - The regulatory changes are expected to reshape the industry landscape, moving from "gray intermediaries" to licensed brokers and in-house brokerage departments within financial institutions [25]. - The business model is transitioning from profit through hidden spreads to value creation through transparency and data services, challenging brokers to demonstrate their competitive edge in a regulated environment [26][28]. Group 4: Regulatory Objectives - The focus of regulation has shifted from merely preventing incidents to ensuring accountability and traceability in brokerage activities, creating a comprehensive regulatory loop from institutions to behaviors and data [30][31]. - The new framework aims to transform brokers from an "invisible hand" into a clearly defined entity with identifiable actions, potentially stabilizing the market during periods of volatility [31].

I I TEL Ha t a pro 记者 欧阳晓红 在中国的金融体系里，有一股"隐秘"的参与力量——专门撮合报价和成交的经纪机构。 它每天穿梭在货币、债券、外汇、黄金和衍生品之间，却几乎从不出现在公众叙事中。2025年，这只手被监管接连规范。 2025年6月19日，国家金融监督管理总局（下称"金融监管总局"）修订发布《货币经纪公司管理办法》，自2025年8月1日起施行。时隔20年，监管部门第一 次系统重塑"货币经纪公司"这一类持牌机构的监管框架。 2025年11月14日，中国人民银行（下称"央行"）发布《银行间市场经纪业务管理办法》，自2026年1月1日起施行，专门针对银行间市场上的经纪业务行为划 定边界。 两个办法的出台，意味着经纪这只"看不见的手"，以后要"戴工牌、进系统、留痕迹"了。 业务规则"红绿灯" 先看《银行间市场经纪业务管理办法》。 这是一部针对经纪业务"怎么干"的行为规则：对象是所有在银行间市场提供经纪服务的机构（经纪机构）以及使用经纪服务的金融机构（委托方）。 第二，让所有经纪行为都"有迹可循"。《办法》要求，经纪机构对外展示的最优报价和逐笔成交行情必须实时、完整、准确披露，不得选择性展示 ...

悉尼2025年11月18日-- 全球多元资产经纪商格伦外汇（FXT）正式发布全新企业官网和一体化交易后 台，两者均由其内部技术团队独立开发。 此次上线标志着公司在构建融合创新、透明与高效的无缝数 码生态系统道路上，达成了重要里程碑。 自主研发创新开启全新篇章 AI服务中心，提供智能支持与即时指导。 进阶合作伙伴后台及忠诚度计划，实现自动化奖励与透明返佣。 高级银行与支付解决方案，让存款、提款及资金划转更加快捷安全。 面向未来的平台 格伦外汇（FXT）焕新登场，推出新一代客户平台 格伦外汇（FXT）的全新官网采用移动端优先这一设计理念，带来更快捷、直观的使用体验，让交易者 可实时查阅产品信息、市场洞察及投资教育内容。 透过内部自主搭建的后台系统，格伦外汇（FXT） 实现了对创新进程、数据安全及用户体验的端到端掌控，摆脱了对第三方系统的依赖，能够更快速地回 应客户需求。 打造互联互通的交易生态 此次发布的核心是格伦外汇（FXT）自主研发的「一站式交易后台」，它作为核心枢纽，串联起交易流 程的各个环节。 该系统将所有核心功能集成到一个安全的环境中： 围绕客户成功持续升级 除全新后台外，平台还推出多项关键升级，旨在提 ...

Core Insights - CWG Markets leverages cutting-edge technology to enhance financial trading services, focusing on security, efficiency, and intelligence [1][9] - The company recognizes technological innovation as a key driver for improving core competitiveness and service upgrades [3][9] Technology Integration - CWG Markets has built a robust technological infrastructure that processes trading orders in milliseconds, minimizing slippage for high-frequency trading [3] - The platform utilizes extensive real-time and historical data pools, employing advanced machine learning algorithms for deep analysis, enabling traders to identify patterns and trends [3][4] AI Application - The integration of AI trading tools allows for personalized trading strategies and asset allocation based on user history and market conditions [4] - The risk management system continuously evaluates market data and alerts users to potential risks, enhancing the safety and control of the trading process [4] User Experience Enhancement - The trading platform is designed with ergonomics and user behavior in mind, providing a simple and intuitive interface for both novice and experienced traders [6] - Customizable features allow users to tailor their workspace and set personalized alerts, improving overall user satisfaction [6] Customer Service Innovation - Intelligent customer service bots utilize natural language processing to assist users with account inquiries and basic operations, while complex issues are handled by experienced human agents [6] - The company invests heavily in security measures, including multi-layer firewalls and advanced data encryption, ensuring the protection of customer data [6] Collaborative Ecosystem - CWG Markets fosters a collaborative innovation environment by providing API toolkits for third-party developers to create custom indicators and automated trading strategies [8] - This open ecosystem encourages continuous updates and enhancements to trading tools, catering to diverse user needs [8] Future Outlook - The company aims to redefine convenience, security, and intelligence in trading services, positioning itself as a leader in the evolving fintech landscape [9] - CWG Markets is committed to building a more accessible, intelligent, and trustworthy trading future for global traders [9]

Market Overview - Global financial markets are showing cautious trends, with all three major stock indices rising and both the S&P 500 and Nasdaq reaching all-time highs [1] - Gold futures increased to $3,408.30 per ounce, supported by a weaker dollar that boosted safe-haven demand [1] - European stock markets rose on Thursday, led by the industrial and luxury goods sectors [1][9] Key Indices Performance - S&P 500 Index: Up by 0.32%, closing at 6,466.59, marking a new record due to strength in industrial and financial stocks [3] - Dow Jones Industrial Average: Up by 1.04%, closing at 44,922.27, outperforming the market driven by strong earnings from blue-chip industrial stocks and renewed optimism regarding infrastructure spending [4] - Nasdaq 100: Up by 0.04%, closing at 23,849.04, with mixed performance in tech stocks as semiconductor gains were offset by weakness in large-cap software companies [5] - Russell 2000: Up by 1.98%, closing at 2,328.06, benefiting from a significant rebound in cyclical sectors and better-than-expected regional bank earnings [6] Volatility and Yield - VIX Index: Decreased to 14.49, indicating the lowest market volatility in nearly a month, reflecting stable investor confidence amid rate cut expectations [7] - 10-Year U.S. Treasury Yield: Decreased to 4.24%, as traders priced in a higher likelihood of a Fed rate cut in September, boosting bond demand [7] Commodity Market - WTI Crude Oil: Decreased to $62.65 per barrel, marking a second consecutive day of decline due to signs of slowing global demand and rising U.S. inventories [8] - Gold Futures: Increased to $3,408.30 per ounce, supported by softening U.S. Treasury yields and a weaker dollar, maintaining strong safe-haven demand [8] European Market Performance - European stock markets rose on Thursday, with industrial and luxury goods sectors leading the gains, as investor sentiment improved ahead of key U.S. economic data [9] - FTSE 100 Index: Up by 0.19%, closing at 9,165.23 [10] - DAX Index: Up by 0.67%, closing at 24,185.59 [10] - CAC 40 Index: Up by 0.66%, closing at 7,804.97 [10] - Stoxx 600 Index: Up by 0.54% [10] Top Stock Movers - Kohl's: Up by 9.55% after reporting quarterly sales that exceeded expectations and raising full-year guidance [14] - Nektar: Up by 9.49% following positive updates on its cancer treatment pipeline [14] - Peloton: Up by 7.02% due to optimistic user growth and progress in cost-cutting [14] - Robinhood: Down by 4.86% due to declining trading volumes and warnings about slowing retail investor activity [14] - General Electric: Down by 3.74% despite exceeding earnings expectations, as it issued cautious forward guidance [14] - Oracle: Down by 3.58% after a brokerage downgraded its rating due to concerns over slowing cloud revenue growth [14]

Group 1 - The concept of 0 spread is introduced as a phenomenon that challenges traditional perceptions in trading [1] - Spread is a significant component of trading costs for investors, particularly day traders, as it can directly impact their profitability [3] - Brokers typically aim to offer low spreads to attract more clients, but they also need to maintain profitability [3] Group 2 - 0 spread may occur due to promotional activities by brokers to attract new clients and increase market share [3] - Some brokers achieve 0 spread through deep partnerships with liquidity providers, allowing them to lower costs [3] - Investors are advised to consider the safety and service quality of the platform when encountering 0 spread offers [3]

Group 1 - The core viewpoint of the articles highlights the fluctuations in gold prices influenced by geopolitical tensions and trade negotiations between the US and China, with a notable drop in gold prices due to reduced demand for safe-haven assets as trade talks progress [1][3][4] - Gold prices experienced a significant drop of nearly 2% in early Asian trading on May 7, following a two-week high, attributed to optimism surrounding US-China trade discussions [1][3] - Despite the recent decline, gold prices have increased by over 4% for the week, indicating underlying support from geopolitical risks and inflation concerns [1][4] Group 2 - The US Treasury Secretary's comments on the potential for progress in US-China trade negotiations have contributed to a more optimistic market sentiment, impacting gold's safe-haven demand [3][4] - The ongoing geopolitical risks, including the Russia-Ukraine conflict and tensions in the Middle East, continue to drive safe-haven investments into gold [4][5] - The upcoming Federal Open Market Committee (FOMC) meeting is anticipated to influence gold prices, with expectations that the Fed will maintain interest rates, which could further support gold if a dovish stance is indicated [5][6] Group 3 - Oil prices have surged due to increased demand from Asia and a decrease in US production, with WTI crude oil rising by 3.18% to $58.97 per barrel [7][8] - The OPEC+ decision to increase production significantly in June may create downward pressure on oil prices in the medium term, despite current upward momentum driven by easing trade tensions [8][10] - The market is closely monitoring US inventory data and trade negotiations, as these factors are crucial for understanding future oil price movements [8][10]