The Institutional Risk Analyst

The proliferation of low- or no-cost coin systems is ultimately negative for established players in nonbank finance and payments, including the major card issuers, as we discuss below.  Still worried about interchange fees?

We think it is notable that AMP has underperformed the other members of the group other than SCHW over the past year.

The rotation away from institutional investors to retail funding source for the $1.7 trillion direct lending market is an ominous sign

Direct lenders are the pawnbrokers of the 21st Century for subprime commercial borrowers, usually firms financed via leveraged buyouts.