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Briefings
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Each briefing has a companion paper below, so you can watch it or read it.
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Evolution of the FX market in the last 3 years
Crypto is back
T+1: the catalyst towards digital money
Papers and points of view
Read the working.
2025
What has really happened in the FX markets: Part 1
What the Bank for International Settlements' 2025 Triennial Survey actually shows about FX market dynamics, and the methodology caveats most readers skip.
Nov 2025
Should financial markets be worried?
What the Bank of England's July 2025 Financial Stability Report means concretely for gilt markets, clearing houses (CCPs), banks and non-bank lenders.
2025
T+1 is just the beginning. The endgame is digital money.
A one-day acceleration in securities settlement is compressing liquidity timelines and exposing how badly money still moves across borders.
2025
Crypto's great comeback, and why banks should join the party
Basel's 1,250% risk weighting made crypto uneconomic for banks. US regulators moved in March 2025, and the capital arithmetic changed.
2025
AI and the future of consulting
Three archetypes of consulting firm (the plumbers, the artists and the doers) and why AI threatens each of them in a different way.
2025
Consulting's self-inflicted wound: firing the experts who make AI work
The more machines produce, the more senior judgement matters. The EU AI Act makes human oversight a compliance requirement, not a preference.
Oct 2025
Can consulting survive its people problem?
Set AI aside entirely: the pyramid model most firms depend on, lots of juniors billing hours under a few partners, has already failed, and that alone is enough to finish them.
Oct 2025
Consulting's survival crisis: AI, people, and the path forward
Two crises converging at once, one technological and one human, and what a firm would actually have to do to come through both.
2025
The future of consulting: faster, smarter, more human
The manifesto behind the Shift: smart technology and senior experts, instead of armies of juniors billing hours.
2025
A typical day in 2030: the 10X factor
A Monday-morning brief that once meant weeks of proposals, firm selection and kickoff meetings, told as it might run five years from now.
2025
Why don't we care about our money?
Private banks keep clients dependent and overcharged; low-cost platforms leave them alone with no guidance. A third model, for investors who want to understand their own capital.
Sep 2026
Why firms do what they must, not what they need
By our estimate, around three quarters of change budgets go to projects imposed by regulators. The ideas exist; the problem is getting them to move.
2025
The strategic role of compliance
A survey, open to responses: as shrinking margins reshape who can compete in capital markets, is compliance a cost centre or a shield?
Oct 2025
Employee burnout in financial services
17% of UK finance workers show all three burnout symptoms against 12% in other sectors. The cost lands on the balance sheet, not only on careers.
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