Interactive papers — each one an argument you can test, with models that run on your own numbers. Browse by the part of the business you run, or by the kind of change you’re weighing. The thinking behind them all is on the Thesis page.
Why the operating model — not regulation, custody, or liquidity — is the binding constraint on institutional digital assets. With live market data, the five-layer operating model, an ROI model, and the Lights Out Maturity Index.
Read the paper →The batch ritual on a streaming business: the three shifts that make closing a standing condition, the evidence dividend, the 90-day wedge — and the close-compression model to run on your own numbers.
Read the paper →Executable policy, the intraday frontier, and why maker-checker fails at volume — with the attention-concentration model that shows where each control design spends the scarcest resource.
Read the paper →Finance as both payer and operator of the machine workforce: the rate card, showback to the exception, and a unit-economics model where routing moves cost by an order of magnitude.
Read the paper →Clean core reframed as agent-readiness, the three operating surfaces, the migration as the wedge — and the exception-tail explorer showing where the remaining cost of the back office lives.
Read the paper →The five-layer control plane that makes agents attestable, and the sampling-versus-census model: set a realistic failure rate and watch what a 25-item sample can honestly promise.
Read the paper →Microsecond execution, days-long operations. The quant desk’s disciplines transferred to post-trade, and the collateral-drag model pricing the buffer nobody optimizes at 6 a.m.
Read the paper →Pyramid to diamond: the four roles that remain, the apprenticeship that must be rebuilt, and an interactive function reshaper that sizes the target operating model as you drag the slider.
Read the paper →Why agents amplify defects, the autonomy-ceiling model, the minimum viable foundation in four bounded moves, and the standing patrol that should ship before any transactional agent.
Read the paper →T+1, MiCA, DORA, AI regimes, e-invoicing: one specification in five rulebooks. The dividend calculator prices what a shared control plane returns against point solutions that die with their mandate.
Read the paper →Financial-crime operations manufacture documentation: 95% false positives triaged by arrival date. The alert-factory model shows what changes when agents investigate and humans judge.
Read the paper →GBS 3.0 is not a faster queue — it is resolution at source. Three generations of shared services, the center’s identity trade, and the deflection model for your own volumes.
Read the paper →The back office that pays out twice: pre-billing patrols, same-day disputes, behavioral collections — and the DSO-unlock model converting days into working capital.
Read the paper →Each cell is where a practice area meets an operating-model lens. Solid chips are an paper’s primary lens; dashed chips are lenses the paper argues through on the way. Click a row or column header to filter the grid above.
Core banking’s overnight batch is the oldest surviving artifact in financial technology. What real-time cores and autonomous operations do to the bank’s back office.
In preparationFrom quarterly reforecast theater to a standing model of the business — and what the FP&A analyst becomes when the deck builds itself.
In preparationThe inaugural benchmark report — maturity by domain, industry, and region — published when the survey reaches its first cohort.
Collecting now — take the IndexThe Lights Out Maturity Index: six questions, two minutes, no scales to interpret. Your anonymous result joins the inaugural Lights Out Finance Survey — the benchmark this publication reports on.
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