Aleksandr has over 20 years of experience in financial markets. He is a CFA Charterholder and has a a Master's Degree in Finance from the Stockholm School of Economics
The U.S. dollar’s centrality to the global financial system is rooted not only in its function as the dominant reserve and transaction currency, but also in the infrastructure that enables its movement—namely, the interconnected systems of clearing and settlement. These systems, primarily composed of Fedwire, CHIPS, and
The Trans-European Automated Real-time Gross Settlement Express Transfer system, more commonly referred to as TARGET, represents the core of the Eurozone’s payment infrastructure. As the real-time gross settlement (RTGS) mechanism for the euro, it plays a pivotal role in enabling cross-border payments within the Economic and Monetary Union (EMU)
Banking and Blockchain
The global monetary system remains one of the least understood yet most consequential structures shaping modern economic life. Despite its centrality to financial stability, international trade, and monetary policy, the mechanisms through which money is created, distributed, and recycled across borders remain obscured by institutional complexity and academic neglect. This
Central Banks and CBDCs
The rise and fall of the shadow banking system—as chronicled by Zoltan Pozsar in his seminal 2008 article—offers a crucial case study in how modern financial innovation evolved under faulty assumptions, and ultimately destabilized the global monetary order. From a systemic perspective, the story is not merely one
Banking and Blockchain
The global trading system stands at a crossroads, as outlined in Stephen Miran’s study, A User’s Guide to Restructuring the Global Trading System. The study suggests that the persistent overvaluation of the U.S. dollar, driven by the inelastic demand for reserve assets, is at the heart of
Banking and Crypto Regulations
The European Union's Digital Operational Resilience Act (DORA) is said to be transformative regulation for the financial sector. It aims to strengthen resilience against cyber threats and ICT disruptions, requiring financial institutions and their third-party service providers to implement comprehensive risk management, incident response, and continuous monitoring strategies.
Banking and Blockchain
The repurchase agreement (repo) market is a fundamental component of the global financial system, serving as a crucial mechanism for short-term funding and liquidity management. By allowing financial institutions to engage in collateralized borrowing and lending, the repo market facilitates efficient capital allocation, enhances market liquidity, and supports the functioning
AI and Banking
Activist Treasury Issuance (ATI) - a concept introduced by Hudson Bay Capital describes how the U.S. Treasury dynamically manages financial conditions by adjusting the maturity profile of its debt issuance. By tilting issuance toward short-term Treasury bills and away from long-term notes and bonds, ATI reduces the amount of
Banking and Blockchain
The recent post by Andreessen Horowitz’s a16z on the transformative potential of stablecoins in the payments ecosystem highlights a revolutionary shift in how value can be transferred globally, with stablecoins positioned at the heart of this transition. The article outlines several key points: stablecoins, leveraging blockchain technology, promise faster
Banking and Blockchain
The collaboration between the Digital Dollar Project (DDP) and the Depository Trust & Clearing Corporation (DTCC) represents a groundbreaking step toward modernizing post-trade securities settlement using Central Bank Digital Currency (CBDC). The project explored how tokenized securities and a simulated CBDC can reshape the settlement landscape, enhancing efficiency, reducing risks,
Banking and Blockchain
The dawn of the sixth technological wave heralds a profound transformation across all facets of human activity, from manufacturing and science to commerce and governance. This new era is defined not by discrete technological advancements but by the seamless integration of breakthroughs such as artificial intelligence, additive manufacturing, photonics, virtual
Central Banks and CBDCs
Blockchain and crypto аре undoubtedly changing the world, and the first candidate for substitution is, of course, the financial system. The current financial system is in dire need of a major restructuring since it blew up in 2008 (hint: it was not the subprime issue, it was a global disaster)