That is a variety of speed lace, which is popular among runners because it makes the shoe unlikely to become untied (as there is no proper tie). Speed laces have a lot of varieties, but the common theme is that they are elastic - so they stretch as you put your foot in, and then hold the shoe closed.
That specific model (and only that specific model, from what I could tell on their website by filtering running shoes by "closure - alternative"):
Two lace options for a secure fit; regular laces and elastic bungee laces for easy on/off
Your shoes above are the latter. If you don't like them, you can switch them out for "regular" laces (by buying a new pair of laces that are meant for that size of shoe).
As far as tightening them - in theory you don't need to. They're meant to be the right size, assuming your foot is the shape that they anticipate for that shoe. Runners typically wear very tight shoes (my running shoes are much tighter than my normal every day shoes, for example), so that makes it a bit easier to do this kind of lacing; if you don't wear tight shoes, or your feet are a bit shorter than the average foot, you might need to knot the elastic a bit lower than where it's knotted now (on either end).