Research
Structural research on financial infrastructure: markets, data, identifiers, stablecoins and AI. Written to stay true for years, not days — no price calls.
The Open Financial Data Stack, 2026
Where open financial data actually stands: what is genuinely open, what is licensed, and where the gaps are for builders and AI agents.
Markets · 2026-08Mapping the Global Exchange Landscape
A structural map of the world's stock exchanges: who owns them, how they concentrate, and why listing venues and trading venues are diverging.
Crypto · 2026-08Stablecoins as Market Infrastructure
Stablecoins stopped being a crypto niche and became a parallel dollar-settlement system. What that means for banks, payments and data.
AI · 2026-08AI Agents and Financial Data Access
AI agents are becoming first-class consumers of financial data. Most financial websites are unreadable to them. What machine-readable finance looks like.
Data · 2026-08The Entity Resolution Problem
Why 'which company is this?' is the hardest cheap-sounding question in finance, and how identifiers (LEI, ISIN, FIGI, MIC) actually fit together.
Infrastructure · 2026-08Financial Knowledge Graphs: From Tables to Relationships
Why the future of financial data is a graph, not a table — and how to build one incrementally without boiling the ocean.
Approximate reference values from public sources · seed-0.1 · 2026-08-28 · not real-time. See data & methodology.