securities

According to Financewire, blockchain financial infrastructure company tZERO Group announced a strategic partnership with the Sui blockchain to directly integrate the Sui network, providing issuance, transfer agency, custody, trading, compliance, and settlement support for regulated digital asset securities.This integration will allow Sui to access tZERO's regulated trading, custody, and issuance framework in the United States, supporting the development of institutional-grade tokenization projects; at the same time, tZERO will also engage with developers, builders, and decentralized finance projects within the Sui ecosystem. tZERO stated that Sui's object-centric architecture and high-performance network will help drive the development of the next generation of on-chain regulated financial applications.

Hyperliquid Policy Center (HPC) submitted a letter of opinion to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stating that eligible equity perpetual contracts can be classified as securities futures. This category is jointly regulated by the two agencies, allowing exchanges to compete on execution quality rather than jurisdiction.HPC pointed out that there is still no clear classification for perpetual contracts under U.S. law (whether futures or swaps), and this fundamental issue remains unresolved. They possess characteristics of futures such as standardized terms, the ability to hedge positions, and forward value, although they do not have a fixed expiration date, but prices converge continuously through funding rates.The letter of opinion proposed four points: confirm that the definition of securities futures can encompass cash-settled equity perpetuals with futures characteristics; retain flexibility for product listings at trading venues; maintain consistency in classification between the two agencies; modernize the securities futures framework to accommodate new structures. HPC stated that in the past 10 months, the trading volume of Hyperliquid perpetual contracts has exceeded $48 billion, and a clear framework would help relevant products enter the U.S. market.

The Hong Kong Securities and Futures Commission has announced that "Diamond Coin/Diamond Fund" has been listed as a suspicious investment product related to digital tokens. The Hong Kong Securities and Futures Commission stated that the product involves a digital token called Diamond Coin, which claims to represent certain rights in a fund that invests in ancient artworks and historical artifacts, named "Diamond Fund," with a target annual return rate of over 30%.Previous promotional activities held in Hong Kong advertised to investors, and the Hong Kong Securities and Futures Commission reminds investors to be wary of any social media accounts or posts related to this product.

The Korea Exchange (KRX) plans to launch a new type of securities market on November 16, where assets such as artworks, real estate, and music copyrights can be traded through securities accounts like stocks.It is reported that the Korea Exchange is currently advancing the construction of the relevant trading system and the preparation of market participants, and will conduct a 6-week simulation trading period from October 6 to November 13. The official opening time may be adjusted based on the approval progress of the listed products by financial regulatory agencies.After the market opens, investors can buy and sell through securities company accounts, with trading hours consistent with the stock market. Analysts believe that the securities token offering (STO) industry in the Korean market is at a significant turning point. Although the new type of securities to be listed and traded in November will temporarily adopt traditional electronic securities methods for issuance and registration, tokenized securities based on blockchain distributed ledger issuance and management will gradually be implemented after the relevant laws are officially enacted in February 2027.

CITIC Securities International published a report indicating that Pop Mart (09992.HK) reported earnings in the first half of the year that were 15---20% below market expectations, mainly due to a 10% decline in sales in the Americas. An unfavorable product mix eroded gross margins, exacerbating margin pressure. The firm has lowered its average earnings expectations for Pop Mart for 2026---2028 by 25%; the target price is set at HKD 121, based on a projected price-to-earnings ratio of 14 times for 2027; it recommends "Sell."The firm also lowered its average sales forecasts for Pop Mart for 2026---2028 by 17%, reflecting further downward adjustments in overseas sales expectations following disappointing performance in the first half of 2026, and has reduced the gross margin expectations for 2026/2027 by 0.2 percentage points/1 percentage point, respectively, to reflect the structural decline in the proportion of overseas business and the pressure from raw material costs.

CITIC Securities released its 2026 semi-annual report, showing that the company achieved operating revenue of 49.692 billion yuan in the first half of the year, a year-on-year increase of 50%; the net profit attributable to shareholders of the parent company was 23.343 billion yuan, a year-on-year increase of 69.6%. The basic earnings per share reached 1.53 yuan, a year-on-year increase of 71.91%.The company's 2026 interim profit distribution plan is: it is proposed to distribute a cash dividend of 4.27 yuan (tax included) for every 10 shares, totaling a cash dividend distribution of 6.672 billion yuan (tax included).

Castle Securities stated that the Federal Reserve remains unwilling to tighten monetary policy despite inflation rates being above target levels, leading to long-term bond yields being at multi-year highs, posing risks to the market. Noshad Shah pointed out that although the policy rate is 175 basis points lower than its peak, long-term U.S. Treasury yields are still at their highest levels in nearly 20 years. Shah warned that recent improvements in inflation should not be interpreted as a removal of interest rate risks.

Phillip Securities maintains a "Sell" rating on SpaceX (SPCX.O), with a target price of $75. The agency remains cautious about high capital expenditures, the concentration of AI clients, and temporary cloud service contracts, believing that clients need to make longer-term business commitments to drive a revaluation.

According to the official announcement from Bitget, the platform has officially launched Stock+ US stock margin trading services. Users only need to open a Bitget Stock+ account to use this feature. The first batch supports margin trading for over 3,800 underlying stocks and short selling for over 2,300 underlying stocks (currently only supporting short selling ETB), with a maximum leverage of 3 times. Among them, the annual interest rate for margin trading is 5%; during the promotional period for short selling, the annual interest rate is as low as 0%.The launch of this product further enriches the trading scenarios for US stocks in Stock+. Users can use margin trading to borrow funds to buy securities by using securities or assets in their accounts as collateral; they can also borrow securities to sell through short selling, and buy them back to return after the stock price drops, in order to meet the needs of both long and short trading and improve capital efficiency.

The Hong Kong Securities and Futures Commission has published multiple websites impersonating the licensed virtual asset trading platform Hash Blockchain Limited on its official website. It is reported that the relevant websites have been reported by Hash Blockchain Limited as fraudulent sites. At the same time, the Hong Kong Securities and Futures Commission clarified that the relevant websites have no connection with the virtual asset trading platforms licensed by the Commission.

Chairman Paul S. Atkins of the U.S. Securities and Exchange Commission (SEC) wrote to Robert Walley, Chairman of the Consolidated Audit Trail (CAT) Operating Committee, indicating that the SEC plans to undertake a comprehensive reform of the CAT system, including adjustments to its governance structure, funding sources, and operational model.Atkins stated that during his tenure, the SEC has significantly reduced the annual operating costs of CAT by issuing exemptions and approving amendments to the CAT NMS plan, and has eliminated the requirement to report personally identifiable information (PII) to the CAT system.These reforms have lowered system costs and the scope of data collection, but CAT still faces fundamental issues regarding costs, governance, and funding mechanisms. To address these issues, the SEC released a concept request for comments on April 16, 2026, to conduct a comprehensive review of CAT and other audit trail systems and data sources used in the regulation of U.S. securities markets.The SEC indicated that it has received hundreds of feedback comments, with one core consensus being that investors and market participants want the SEC to take more responsibility for the management and funding arrangements of CAT.Atkins stated that he has asked SEC staff to propose deep reforms for CAT, including: 1. Exploring new funding sources for CAT, including the use of congressional appropriations and transaction fees under Section 31 of the Securities Exchange Act; 2. Drafting rule proposals that, if approved, would repeal Rule 613 and require exchanges, FINRA, and broker-dealers to continue using the existing CAT infrastructure and reporting standards to submit CAT data directly to the SEC or its designated agency; 3. Assessing the internal resource needs of the SEC to prepare for the SEC's future assumption of governance responsibilities for CAT.The SEC expects that this reform will involve multiple stages and will need to be advanced simultaneously, with the overall transition potentially lasting until the end of 2027.

Coinbase posted on the X platform stating that the company has designated the Abu Dhabi Global Market (ADGM) as its international tokenization center. After obtaining the new FSRA license, the company can now offer global securities to any user with a wallet.Coinbase stated that the next frontier of global finance is the on-chain space, and the company is advancing related developments from the UAE.

Nomura Securities stated that the scale of the intervention by the Japanese Ministry of Finance may exceed the levels seen from late April to early May, with an estimated intervention scale of approximately 14.1 trillion yen (equivalent to 88 billion USD) during the period from July 30 to August 3, surpassing the total intervention amount of 11.7349 trillion yen on April 30, May 4, and May 6.

On August 10, UMX (The Unified Market Exchange), incubated by Avenir Group under Li Lin, announced the launch of an invitation-only public beta. UMX is positioned as a crypto-friendly securities platform for global professional investors, supporting spot, leverage, contract, and options trading of crypto assets, while also supporting real US stocks, ETFs, and US stock options trading. The aim is to connect crypto assets and real securities trading on the same platform, enhancing the capital efficiency of cross-asset trading.The public beta focuses on opening the capital link between crypto assets and securities accounts, supporting functions such as stablecoin exchange transfers, non-stablecoin collateralized lending, fiat account withdrawals and deposits, and the mutual conversion of securities holdings and stock tokens. To enhance cross-asset capital efficiency, the platform introduces a cross-asset margin mechanism, allowing financial assets to be used as margin. During the public beta, BTC and USDT financial products will also be launched, with the highest annualized returns reaching 2.5% and 5.5%, respectively. This public beta is invitation-only, and users who have not yet obtained a public beta code can reserve the official version and participate in the early bird benefits program.

According to Digital Asset, NYSE President Lynn Martin stated that they are developing an on-chain payment platform for tokenized securities and have participated in the tokenization pilot project of the Depository Trust & Clearing Corporation (DTC) in July.

The Cyprus Securities and Exchange Commission (CySEC) will conduct on-site inspections and off-site reviews of authorized crypto asset service providers from the second half of 2026 to the first half of 2027, with a focus on institutions providing digital asset custody services.This action is part of the 2026 joint supervisory action coordinated by the European Securities and Markets Authority (ESMA), which aims to assess areas such as institutional governance and control frameworks, key and storage management, private key security, wallet storage, and access controls.The review will also cover trading controls, monitoring and incident response, smart contract security, and third-party risk management. CySEC stated that the relevant standards are mandatory, and the institutions' compliance readiness will be used as a selection criterion for subsequent inspections.

The Hong Kong Securities and Futures Commission has announced that Polar Tensor has been included in the list of suspicious virtual asset trading platforms, and 17 related websites have been listed.The Hong Kong Securities and Futures Commission reminds that Polar Tensor and its website are not licensed by the Commission to conduct regulated activities in Hong Kong.

According to the WSJ, Wintermute's U.S. subsidiary has registered as a broker-dealer, marking the company's official entry into the regulated U.S. financial market. This registration qualifies it to apply to become a designated market maker on securities exchanges such as the New York Stock Exchange and NASDAQ, providing a foundation for its expansion into the traditional financial services sector. The report noted that Wintermute is competing with large market-making institutions such as Jane Street Capital and Citadel Securities.

According to Bloomberg, informed sources revealed that a recent wave of complex cyberattacks targeted several large asset management firms on Wall Street, with attackers attempting to infiltrate the information systems of the relevant companies. Several large hedge funds globally became targets of the attacks, including Two Sigma Investments, Citadel, and Point72 Asset Management. In addition, several private equity firms were also attacked.It is currently unclear who the attackers are, the methods used in the attacks, and whether any sensitive data has been compromised. Informed sources requested anonymity due to the involvement of undisclosed information. This incident has once again raised market concerns about the cybersecurity risks faced by financial institutions. As asset management companies increasingly rely on complex information systems, algorithmic trading, and cloud infrastructure, the financial industry is becoming a primary target for cyber attackers.