Market InfrastructureMar 26, 2026What is Reserve Income Monetization?Learn what reserve income monetization is, how stablecoin issuers earn on reserve assets, and why redemption, risk, and regulation shape the model.22 min read
Market InfrastructureMar 22, 2026What Is Stablecoin Regulation?Learn what stablecoin regulation is, why it exists, how reserve, redemption, custody, and systemic-risk rules work, and where the model breaks down.22 min read
Market InfrastructureMar 22, 2026What Is a Transfer Agent?Learn what a transfer agent is, why securities markets need one, how it maintains issuer ownership records, and how the role is evolving with DRS and tokenization.23 min read
Market InfrastructureMar 22, 2026What Is a Futures Commission Merchant (FCM)?Learn what a Futures Commission Merchant (FCM) is, why it exists, how it holds customer margin, and how it fits into clearing and market risk control.22 min read
Market InfrastructureMar 22, 2026What is a Derivatives Clearing Organization (DCO)?Learn what a Derivatives Clearing Organization (DCO) is, why it exists, and how margin, default waterfalls, and regulation make cleared derivatives work.24 min read
Market InfrastructureMar 22, 2026What Are Crypto Collateral Haircuts?Learn what crypto collateral haircuts are, why institutions apply them, how they work in margining, and why volatility, liquidity, and legal risk matter.20 min read
Market InfrastructureMar 21, 2026What is a Qualified Custodian?Learn what a qualified custodian is, why advisers must use one, how it protects client assets, and why the concept matters in crypto markets.28 min read
Market InfrastructureMar 21, 2026What is an OTC Desk?Learn what an OTC desk is, why institutions use it, how bilateral execution works, and how documentation, clearing, collateral, and reporting fit together.24 min read
Market InfrastructureMar 21, 2026What is Best Execution?Learn what best execution means, why it exists, how brokers and dealers pursue it, and how price, speed, fill probability, and conflicts shape outcomes.23 min read
Market InfrastructureMar 21, 2026What Is an Execution Venue?Learn what an execution venue is, how venues work mechanically, and why venue choice shapes liquidity, best execution, routing, and market risk.25 min read
Market InfrastructureMar 21, 2026What is a Reference Rate?Learn what a reference rate is, why markets use it, how benchmarks like SOFR, SONIA, and €STR are built, and where their assumptions can fail.28 min read
Market InfrastructureMar 21, 2026What is Prime Brokerage?Learn what prime brokerage is, why institutional investors use it, how financing and margin work, and why opacity can turn it into a major risk.28 min read
