Download PDF USA US equity markets closed out the final week of Q1 under sustained selling pressure, as the Iran conflict entered its fourth week with the Strait of Hormuz still closed and no clear resolution in sight. The sell-off was broad-based across all major indices and growth-oriented names bearing Read more…
Download PDF Introduction A persistent feature of short-term interest rate markets is that the rate implied by STIR futures systematically exceeds the corresponding forward rate derived from the swap curve, despite both referencing the same underlying fixing. This article examines this, known as the convexity bias which arises from the Read more…
Download PDF Introduction With nearly $60bn of global capital flowing into core women’s health segments between 2020 and 2025 alone, reproductive health has become one of healthcare’s most active spaces, drawing increasing interest from private investors attracted by a highly fragmented market, favourable margin profiles, rapid technological advances, and demand Read more…
Download PDF Introduction “Taxes are the price we pay for a civilized society.” – Oliver Wendell Holmes Jr. One of the first lessons in any basic economics course covers trade and specialization. The idea is simple: people are more efficient when focusing on one range of tasks, and exchanging the Read more…
Download PDF Introduction Options are among the most information-rich instruments in financial markets. Unlike traditional asset classes, such as equities or bonds, whose prices reflect a single point estimate of value, options are priced across a continuum of strikes and maturities, which means they embed an entire probability distribution over Read more…
Download PDF Legacy Betting Industry: the Post-PASPA Landscape For the better part of the last three decades, sports betting in America existed in a legal paradox. The games were everywhere, but the ability to wager on them legally was restricted to a single state. PASPA – the Professional and Amateur Read more…
Download PDF Introduction The yacht manufacturing industry occupies a unique position within the broader manufacturing sector, characterised by an extreme form of high-value, low-volume production where a single commission can reach hundreds of millions of euros. While this may resemble other advanced industrial sectors, the key distinction lies in the Read more…
Download PDF Introduction Beer has long been a quintessential part of British culture. However, rising living costs and growing health-consciousness have threatened this tradition. British pubs are disappearing rapidly, with numbers now at only a quarter of their 2001 levels. This decline in drinking and pubs has had a considerable Read more…
Download PDF USA March’s initial market regime is dominated by a sudden and aggressive return of geopolitical risk premiums and supply-side energy shocks. The American equity markets faced a period of pronounced defensive positioning this week, as the optimism that defined the early weeks of the year has been tempered Read more…
Download PDF Macro overview Can the world’s most privileged issuer face liquidity stress? The U.S. Treasury is considered the most stable market in the world, anchoring global pricing and liquidity conditions. However, 2026 poses an unprecedented challenge for the U.S. Treasury Department. A sizable maturity wall of $9.6tn, accounting for Read more…
Download PDF Executive Summary On February 28th and in the subsequent days the first wave of headlines were released: “Israel and the U.S. Strike Hundreds of Targets: Nuclear Sites and Missile Launchers Hit in the First Wave” – House of Commons Library. “IRGC Launches ‘Operation True Promise 4’: Hundreds of Read more…
Download PDF Introduction Revolut and Stripe were born within a decade of each other, yet both companies embody radically different visions of financial disruption. While one seeks to become a fully-fledged digital bank by replacing the primary customer relationship, the other one builds infrastructure, optimizing the rails of an already Read more…
Download PDF Technical analysis is often regarded with skepticism in academic finance. It is frequently associated with delusional day traders who attempt to extract signals from price charts, relying on patterns they believe can be visually identified in candlestick formations. Over time, a vast number of technical indicators have been Read more…
Download PDF Introduction One of the biggest concerns regarding participants in the market is volatility. Through the years there have been different ways to model volatility in the market, starting with Black-Scholes that assumes constant volatility. Multiple major models have been developed at the scope of modelling volatility as a Read more…
Download PDF Introduction Athleisure is the 21st century trend defined by the unique combination of athletic comfort and the fashion quotient of leisure apparel, creating a contemporary style of clothing. It mainly refers to apparel designed for athletic and fitness activities, as well as casual wear at workplaces or at Read more…