Digital currency
Lifetime achievement award: Dennis McLaughlin
Risk Awards 2026: When the stakes are systemic, ex-Princeton prof is never far away
Metaverse momentum: analyzing financial system risks in an expanding virtual landscape
The authors respond to a lack of regulation in the metaverse, evaluate its vulnerabilities and draw attention to potential future issues that could require supervisory attention.
Risk prevention and regulatory challenges in metaverse trading
This paper focuses on the regulatory model of the metaverse, discussing the regulation of assets found within the metaverse, issues surrounding censorship and possible legal responsibilities that could arise.
LMAX: stablecoin bill sets stage for FX and crypto convergence
David Mercer on what the Genius Act means for markets, and where the venue’s FX business goes next
DRW’s Wilson: regulatory confusion hinders euro stablecoins
Conflicting interpretations of EU rules will divert more capital to USD coins and away from euro assets, says Don Wilson
FCMs take wait-and-see approach to digital collateral
“It takes a very brave person to be the first mover,” says David Martin at GH Financial
Digital asset derivatives: unlocking growth through regulated trading and clearing
The broader market trends driving institutional adoption before examining regulatory developments, risk management and the role of central clearing
Digital money and finance: a critical review of terminology
The authors put forward an etymology of key concepts and review key terminology and definitions within the sphere of decentralized finance to facilitate discussions about their merits and use cases/
Law firm of the year: Linklaters
Risk Awards 2025: Law firm’s work helped buttress markets for credit derivatives, clearing and digital assets
Functional consistency across retail central bank digital currency and commercial bank money
The authors discuss the ‘digital pound’ and how to ensure that retail CBDCs and commercial bank money have common operational characteristics and offer functional consistency.
Can tax evasion be reduced by fostering cashless payments? A systematic literature review
This paper offers a review of literature on how different payment methods impact tax evasion, finding cash to facilitate tax evasion and digital methods of payment to make evasion more difficult.
Financial industry adoption of distributed ledger technologies: implications for central bank money settlement
The authors investigate the Eurosystem's exploring of central bank money settlement through distributed ledger technology and look forward to potential next steps.
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
Gearing up for FX’s blockchain resurgence
FX markets can benefit from the digital asset revolution but need to pay attention now, says LMAX Group’s Mercer
Hidden Road ready for rush hour after FCM approval
Prime broker is trading “trillions” of notional with “a few hundred” counterparties in FX and crypto
Crypto ECNs aim to offer alternative to Clobs
CrossX and Cypator bring ECN-style trading and settlement to crypto, but rivals claim infrastructure isn’t ready
Illustrative industry architecture to mitigate potential fragmentation across a central bank digital currency and commercial bank money
The authors put forward a means to mitigate the fragmentation risk to payments markets and retail deposits presented by the adoption of CBDCs.
On-chain FX’s brave new world excites some, worries others
Trading tokenised versions of currencies on blockchain could slash settlement risk but sceptics raise concerns over liquidity and pricing
Crypto custody faces regulatory death-roll
New measures to safeguard digital assets threaten to squeeze the life out of custody business, insiders fear
Dealers eye benefits of ‘on-chain’ FX
Automated market-makers are already used for EUR/USD trades – now can they tackle settlement risk?
EBS ventures into crypto market with upcoming NDF
The move could be a big step forward for mainstream adoption of crypto NDF trading