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CME Group: liquidity is the product, open interest is the cornered resource, and the clearing house is the toll gate A convention for this note: statements mark…

Moody's: when accepted judgment becomes financial infrastructure Executive summary Moody's is best understood not merely as a producer of credit opinions or fin…

Moody's and the business of making trust machine-readable Moody's looks like a ratings company with a software/data add-on. I think the better mental model is n…

CME Group: the toll bridge that gets paid on both fear and greed CME Group is not a bank. It is not a broker. It is not a hedge fund. It is the venue — the plac…

CME Group: the toll bridge that gets wider every time someone trades Most people think of exchanges as neutral venues where buyers and sellers meet. That is tru…