The Research Desk.
Our research is the foundation of every position on the platform. Published quarterly, rigorously footnoted, distributed to subscribers without further charge.
What we publish
Each quarter we issue a numbered research compendium covering four areas:
- Macro outlook. Our base case, two plausible alternatives, and the probability we assign to each.
- Asset-class deep-dives. One asset class per quarter examined in close detail — typically 4,000-6,000 words with full reproduction data.
- Methodology notes. Documentation of any material change to our execution, risk, or attribution models since the previous quarter.
- Working papers. Earlier-stage research we are still validating, published openly so that subscribers can engage with our thinking before it hardens into method.
Recent publications
Working paper · April 2026 — A close look at how the timing of meaningful EUR/USD liquidity has shifted post-ECB-pivot, with implications for execution scheduling.
Methodology note · February 2026 — A candid retrospective on the design choices that survived contact with real subscriber accounts, and the ones that did not.
Asset-class deep-dive · November 2025 — How the European Markets in Crypto-Assets regulation has changed institutional custody practice, with detailed implications for retail subscribers.
How to access
The quarterly research compendium is distributed to all active subscribers within seven days of publication. Working papers are available on the platform as soon as they are released. We do not paywall any of our research separately from the subscription — it is part of the subscription, and that is the only way to obtain it.
Editorial independence
The Research Desk does not coordinate with the Coverage team on what to publish or when. The principle is simple: if our research said the platform's current direction was wrong, we would want our subscribers to know that before we did. The Editor reserves the right to publish anything the Research Desk produces, in full, without amendment.
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