The cost curve of inference, and who it favours
Falling unit costs move the advantage from model builders to firms with proprietary workflows.
Insights / Technology & Disruption
Technology & Disruption
Research on how data, automation and digital platforms are reshaping capital markets, operations and the client relationship. Published daily by the Northbridge research desk.
Outlook · This week
Technology and the next capital cycle
Our quarterly view: where automation is lowering costs, where it is concentrating returns, and the four questions we are asking every management team this season.
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Twenty-four hour equities: what breaks first
Overnight sessions test clearing, margin and liquidity provision more than trading venues.
The quiet end of the ERP replacement cycle
Composable finance stacks are winning mid-market deals that used to take five years to close.
Agents in the back office: a first tally
We surveyed forty operations teams. Reconciliation leads; client onboarding lags.
Tokenised treasuries pass $10bn
Collateral mobility, not yield, is doing most of the work in adoption.
Model risk rules arrive for machine learning
Supervisors are extending SR 11-7 thinking to systems that retrain every week.
Data platforms consolidate, again
Three vendors now account for most new warehouse spend in financial services.
The shrinking public company
Fewer listings, larger private rounds, and what it means for index investors.
Where the productivity gains are showing up
Early evidence from wage data and margins, sector by sector.
The Monday Brief