Opinion
Tokenisation: a load of old bull for London’s financial markets?
Focusing on tech in context of digital transformation risks repeating 1980s Taurus debacle
Podcast: Alexander Barzykin on modelling FX market-making
HSBC quant discusses adverse selection, price reading and internal liquidity management
Critics say perps are all froth. The numbers suggest otherwise
Healthy open interest in perpetual futures with TradFi underlyings could threaten incumbent exchanges like CME and Eurex
Op risk data: Japanese restaurant payments firm swallows $700m loss
Also: Bank of Baroda fraud filing, Wells’ Ponzi woes, and Swedbank’s Panama Papers payout. Data by ORX News
Burnett and Piau on their comprehensive framework for XVAs
Barclays quants explain the bank’s approach to a long-standing problem
Private credit risk doesn’t have to be systemic to be serious
Risk management leader outlines three cracks in the consensus that risk in the private credit sector is contained
Perpetual futures: when expiry disappears, governance is key
Perps solve the futures roll problem, but run market-structure and regulatory risks, warns Vishal Gupta
SpaceX gives CME’s single-stock futures a much-needed boost
New contracts could take off as IPO bolt-on to S&P 500 contracts
Bank vs non-bank: FX’s two-tier reality
CME and LSEG data show banks provide sticky and broad liquidity, while non-banks cling tightly to the price
Op risk data: Pentwater pays up for taking Avis shares for a spin
Also: Romania’s Robor cop gets tough on benchmark rigging; Wamco’s cherry-picking squashed. Data by ORX News
Have regulators gone soft on enforcement? (And should we care?)
US agencies are scaling back punishments for technical rule breaches, raising concerns that small but crucial risks may be ignored
Beyond FX HedgePool: what’s next for all-to-all?
Proponents see bright future for trading model, but obstacles to take-up remain
EUR vs USD stablecoins is the wrong debate
Market structure and regulatory cohesion is at the centre of the stablecoin liquidity evolution, says Flow Traders’ digital assets head
Basel’s CVA upgrade: persuasive in the US, less so in Europe
Ban on credit risk models could encourage US banks to adopt more sophisticated CVA method
AI compute has a governance problem
As exchanges move to launch compute futures, Vishal Gupta argues that the real test is not product innovation, but whether governance can keep pace
Podcast: Lipton and Lopez de Prado on a quant approach to private equity
The pair introduce analytical methods to valuing and allocating private asset investments
Why do prices jump? by Jean-Philippe Bouchaud
After years of investigation, we still aren’t sure, says Jean-Philippe Bouchaud
Don’t mind the gap risk: regulatory treatment of credit repacks
Gap risk in repackaging is not a credit valuation adjustment for Basel III capital purposes, argues senior quant Andrey Chirikhin
Op risk data: HSBC hit with $400m external fraud loss
Also: China’s unlicensed trading clampdown; SocGen’s insurance mis-selling woes. Data by ORX News
Vinicius fortune: quantifying luck in the World Cup draw, by Julien Guyon
Julien Guyon explains how bias, variance and luck affect teams in this summer’s tournament – and explores wider relevance for portfolio managers
Is alt data betting on prediction markets?
While offering a rich source of new data, legal uncertainties remain