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Finance

Korean brokers face cloudy third-quarter results as trading turnover falls and rates rise

South Korean brokerages that posted record first-half results are expected to see a sharp slowdown in third-quarter earnings, hit by weaker brokerage revenue as stock trading turnover falls and by valuation losses in trading amid higher market rates and greater volatility. Investment banking is also seen offering limited support. Among five major firms, combined controlling shareholder net profit is forecast at about 1.063 trillion won, down 44.9 percent from a year earlier and 76.6 percent from the previous quarter.

Crypto

OKX proof-of-reserves shows XRP holdings jump 33 percent to 244.5 million tokens

OKX\'s XRP balance rose 33 percent this year to 244.5 million tokens, blockchain outlet Decrypt reported on Sept. 30. In its latest monthly proof-of-reserves report, OKX disclosed XRP holdings and customer deposits as of Sept. 8. OKX held 238.3 million XRP in internal wallets and 6.19 million on a third-party custodian platform. Customer XRP holdings totalled 227.095 million, putting the reserve ratio at 108 percent.

Crypto

Would a bank charter make crypto safer? Two sides of U.S. federal trust bank approval

An analysis says crypto firms may not fully escape political pressure or supervisory risks even if they obtain a U.S. federal trust bank charter. The charter can strengthen legal standing for custody while bringing firms into direct oversight by the Office of the Comptroller of the Currency. The article contrasts interpretations of Silvergate’s liquidation and notes conditional approvals for several trust bank moves. It adds that regulators retain control through approval conditions and revised supervisory rules.