国家金融监督管理总局发布的《商业银行市场风险管理办法》（以下简称《办法》），落地十余日就已显 效。 但其实"计量能力"并不是每家银行都充足具备，这是银行面临的挑战之一。 《办法》要求商业银行"应当根据模型验证和持续监控模型表现的情况，对市场风险计量方法或者模型进行调 整和改进。"市场风险管理体系的内部审计应包括市场风险计量方法的恰当性、计量模型管理的有效性和计量 结果的准确性。 《办法》明确了市场风险定义，并具体围绕"识别、计量、监测、控制、报告"五个核心环节提出了细致、穿透 的规范化要求。其中计量和监测环节的相关能力建设，被访人士指出存在一定难度。 银行正迅速响应。平安银行告诉券商中国记者，该行积极对《办法》开展监管解读和内部宣导，严格按照其要 求对目前市场风险管理实践情况进行梳理和对照。某上市城商行告诉记者，已正式将市场风险管理纳入银行全 面风险管理体系中。 模型调整和有效预警有难度 《办法》所称的市场风险包括了利率风险、汇率风险、商品风险等，一名城商行金融市场部人士告诉券商中国 记者：商业银行开展债券交易、外汇交易和贵金属交易业务时，都会持有头寸，就会有市场风险敞口暴露。因 此商业银行在开展上述业务前， ...

Core Insights - JPMorgan Chase is set to launch a new tool on Friday that allows investors to research and purchase bonds and certificates of deposit (CDs) through its mobile application [1] - Users will be able to set up custom screens within the same banking app or website used for checking balances, enabling them to compare bond yields [1] - This initiative aims to enhance the bank's credibility among investors who trade a few times each month [1]

日本央行证实2024财年债券交易可能损失的拨备水平为100%。 ...

公司发布2024 年年报及2025 年一季度。2024 年，公司实现营业收入35.32亿元，同比+41.91%；实现归 母净利润9.04 亿元，同比+173.28%；EPS 为0.220，同比+175.00%；加权平均ROE 为5.80%，同比 +3.55pct。公司业绩增长主因系受益于自营及投行业务发力。2025 年一季度，公司实现营收6.61 亿元， 同比-1.87%，实现归母净利润1.18 亿元，同比-17.59%，EPS 为0.03，同比持平，一季度公司TPL 账户 持有债券因市场因素引起波动。 固收业务夯实护城河。公司传统优势业务深化交易转型取得效果，2024 年在银行间及交易所债券交易 量达7.40 万亿元，公司地方政府债在团数量位于行业第一梯队，其中北交所地方债中标金额排名行业第 1 名。 资管业务：创金合信公募管理规模增近三成。2024 年，公司实现资管业务收入9.21 亿元，同比增长 1.77%。截至2024 年末，创金合信受托管理资金总额6,322.97 亿元，同比-36.66%。其中，公募基金 AUM1,457.54 亿元，同比+ 27.79%。后续公司将推进差异化发展，打造精品化资产管 ...

MarketAxess (MKTX) came out with quarterly earnings of $1.87 per share, beating the Zacks Consensus Estimate of $1.82 per share. This compares to earnings of $1.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.75%. A quarter ago, it was expected that this operator of bond trading platforms would post earnings of $1.70 per share when it actually produced earnings of $1.73, delivering a surprise of 1.76%. Over the last four ...

Tradeweb Markets (TW) came out with quarterly earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.18%. A quarter ago, it was expected that this electronic marketplaces operator would post earnings of $0.74 per share when it actually produced earnings of $0.76, delivering a surprise of 2.70%.Over the last four ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was RMB4.4 billion, an increase of 87% from RMB2.4 billion in Q4 2023, with full year revenue growing to RMB13.6 billion, up 36% year over year [16] - Brokerage commission and handling charge income was RMB2.1 billion, up 128% year over year and 35% quarter over quarter [17] - Interest income was RMB2 billion, up 52% year over year and 19% quarter over quarter [18] - Total gross profit was RMB3.7 billion, an increase of 89% from RMB1.9 billion in Q4 2023, with a gross margin of 82.5% [21] - Net income increased by 113% year over year and 42% quarter over quarter to RMB1.9 billion, with a net income margin of 42.2% [23] Business Line Data and Key Metrics Changes - Total client assets were HKD343 billion, up 43% year over year and 7% quarter over quarter [10] - Total trading volume jumped by 202% year over year and 52% quarter over quarter to HKD2.89 trillion [11] - In the U.S., stock trading volume grew by 36% sequentially to a historic high of HKD2.08 trillion [12] - Hong Kong stock trading volume grew by 117% sequentially to HKD75 billion [13] - Total client assets in wealth management increased 93% year over year and 14% quarter over quarter to HKD111 billion [13] Market Data and Key Metrics Changes - Client acquisitions accelerated across all markets, adding 215,000 paying clients in Q4 alone, totaling over 2.4 million paying clients, a 41% year over year increase [5] - In Singapore, total line assets grew by 19% quarter over quarter, marking the tenth consecutive quarter of sequential growth [10] - The overseas markets recorded the highest quarterly net asset inflow, almost equivalent to the full year 2023 inflow [10] Company Strategy and Development Direction - The company plans to guide for 800,000 new paying clients in 2025, focusing on existing markets without new market entries [5][29] - The company aims to enhance its product offerings, including rolling out crypto trading and expanding wealth management services [37][55] - The management emphasized the importance of AI integration to improve operational efficiency and client-facing capabilities [42] Management's Comments on Operating Environment and Future Outlook - Management noted that the trading opportunities in both Hong Kong and U.S. markets remain robust, with high engagement from retail investors [34] - The company expects continued strong net asset inflow in 2025, driven by client engagement and market conditions [85] - The management highlighted the potential for further penetration in the crypto market as regulatory frameworks become clearer [53] Other Important Information - The company underwrote 40 Hong Kong IPOs in 2024, ranking first among all brokers for the third consecutive year [14] - The new digital IPO settlement platform introduced by the Hong Kong Stock Exchange is expected to enhance retail participation and market liquidity [14] Q&A Session Summary Question: Guidance on new paying clients for 2025 - Management clarified that the guidance of 800,000 new paying clients does not include new markets, focusing on existing markets with robust growth potential [28] Question: Client acquisition cost (CAC) increase - Management indicated that the target CAC for 2025 is HKD2,500 to HKD3,000, with increased spending on brand equity to enhance long-term user loyalty [29] Question: Current trading volume and market conditions - Management noted that despite setbacks in U.S. stocks, trading volumes remain robust due to increased volatility and client engagement [48] Question: Breakdown of AUM and market impact - Management reported that 24% of asset inflow came from non-Great China areas, indicating strong overseas market engagement [59] Question: Operating expenses and outlook - Management explained the increase in G&A expenses was due to year-end bonuses and one-off professional expenses, with headcount growth expected to be in the low to middle single digits [65] Question: Interest income breakdown - Management stated that approximately 40% to 45% of interest income was derived from idle cash deposits, with the remainder from margin financing and securities lending [81]