Publications
Work written for banks, broker-dealers and investment managers since 2011. Every paper downloads as a PDF, without registration and without an email wall. Where a paper is published under licence, the licensee is credited on the paper itself.
More than three dozen best practices for banks and broker-dealers engaged in securities finance and delta-one derivatives — a roadmap to a robust business model, and a toolkit to diagnose existing practices.
Research priced and managed as a business in its own right, rather than as a cost of distribution.
Where distributed ledgers change market structure, and where they do not.
What separates the economics of one equities franchise from another.
What the crisis taught about financing hedge funds, and what the industry kept doing anyway.
The case for clearing repo, argued from market structure rather than from regulation.
Ten operating strategies for an equities business under margin pressure.
Collateral as an operating discipline, and where the risk sits when it is not one.
Coverage models for clients who buy several products from the same firm.
Each paper is the firm's own work, licensed non-exclusively to its publisher; the licensee is credited on the paper itself. Nothing on this site sits behind a form.