FIX Guidance for Electronic Securities Lending
What the Recommended Practices Standardize, What They Leave to the Firm, and Where the T+1 Clock Lands
Journal
Analyst research on the operational machinery of the securities and investment industry, in full papers and shorter research notes
SEC Proposed Rules on Crypto Custody
What Changes for Advisers, Funds and Their Custodians When the Ledger Becomes the Record of Proof
Interoperability and Digital Finance: The Crossing Is the Settlement
How Securities Operations Should Count, Control and Price the Moments When Assets and Cash Move Between Records
Reimagining Front-to-Back Securities Operations
Which Boundaries Stay, Which Go, and How to Tell Them Apart Before the December Mandates Land
Fast Ledgers, Slow Molecules
What On-Chain Settlement Can and Cannot Change in Commodity Markets
Operational Alpha: The Basis Points Hiding in the Back Office
How AI, Data, and Tokenization Turn Operations from a Cost Center into a Performance Engine
Every Deadline Is a Data Deadline
Why Post-Trade Data Modernization Underpins Everything Else on the Roadmap 💡Research Report | 21 Pages | 7 Exhibits | 29 Conclusions, Recommendations & Action Items The post-trade agenda for 2026 reads as a list of named programs. Europe's transition to T+1 now has a regulation and a date.
From Repair to Prevention
Redesigning Trade Fails Management for T+1 and Beyond 💡Research Report | 21 Pages | 8 Exhibits | 30 Recommendations & Action Items Settlement fails have always been an accepted cost of doing business. For decades firms managed them the same way: wait for the depository rejection or the custodian status message, print
Reasonable Basis, Real Work
Preparing the Back Office for the EU's Market Data Regime 💡Research Report | 20 Pages | 8 Exhibits | 27 Recommendations & Action Items For most of the past decade the price of European market data was governed by a principle nobody could enforce. MiFID II required trading venues to make
Top 10 Operational Risk Trends, 2026
Change, Concentration, and AI Redefine the Risk Register for 2026 💡Research Report | 21 Pages | 6 Exhibits | 10 Conclusions Operational risk used to be the discipline of preventing yesterday's loss from recurring. 2026 makes it the discipline of surviving tomorrow's delivery calendar. Broker-dealers, investment managers and
Top 10 Trends in Securities Finance, 2026
Clearing and Collateral Mobility Rebuild the Financing Markets While Transparency Waits 💡Research Report | 22 Pages | 6 Exhibits | 10 Conclusions Securities finance spent years as the quiet corner of post-trade, making headlines only when something broke. 2026 ends that anonymity. The US Treasury clearing mandate is redrawing the world'
Redrawing the Post-Trade Map
Operational Implications of the EU's Market Integration and Supervision Package for Custody and Settlement 💡Research Report | 22 Pages | 5 Tables | 4 Figures On December 4, 2025 the European Commission published the Market Integration and Supervision Package: a Master Regulation, a Master Directive and a proposed Settlement Finality Regulation
Top 10 Trends in Post Trade, 2026
AI, Tokenization, and Accelerated Settlement Reshape the Back Office 💡Research Report | 18 Pages | 6 Exhibits | 10 Conclusions 2025 was the year the post-trade agenda stopped being theoretical. The United States settled comfortably into T+1, the Digital Operational Resilience Act moved from countdown to compliance, tokenization graduated from proofs