In today’s briefing:
- Hong Kong Ratifies Stablecoin Legislation
- Japan Morning Connection: Apple Suppliers Continue Higher but SMCI and AMD Disappoint After-Hours
- NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?
Hong Kong Ratifies Stablecoin Legislation
- Hong Kong’s Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins.
- Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
- Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using … the real currency.
Japan Morning Connection: Apple Suppliers Continue Higher but SMCI and AMD Disappoint After-Hours
- Skyworks and Cirrus both beating should help the likes of Nitto Denko and Alps.
- SMCI tanking -16% as investor confidence shaken by a swift U-turn from previous bullish guidance.
- Mitsubishi Heavy continues to surge with its earnings lifted by strong growth for its gas turbine business.
NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?
- India’s depository duopoly shows strong growth, with NSDL (NSDL IN) leading in institutional assets and Central Depository Services (CDSL IN) dominating the expanding retail investor base.
- Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.
- NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.
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