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November 2025 (Revised June 2026) Settlement Speed and Financial Stability Agostino Capponi and Jin-Wook Chang Abstract: This paper investigates how settlement speed affects financial stability in payment networks, accounting for netting benefits, liquidity costs, and counterparty risks. Faster settlement reduces crisis likelihood but amplifies crisis severity. The net welfare effect depends on network topology and proximity to default threshold points—settlement times at which the number of defaulting agents changes discontinuously. The optimal settlement speed is not universal: it depends on payment network structure and liquidity conditions. Deteriorating liquidity shifts the optimum toward slower settlement, even when faster settlement reduces…

On the floor of Portmeirion’s factory in Staffordshire, staff are hard at work as clays are moulded, glazed and fired – an intricate process requiring precision and specialist skills honed over years of practice – to manufacture the company’s array of tableware.Portmeirion, a homeware brand founded in 1960 that employs 433 people, is based in Stoke-on-Trent, at the heart of British ceramics. The centuries-old craft is so integral to the area’s identity that the six federated towns that make up the Staffordshire city are known as the Potteries.“All my family were in the industry,” says Sam Pearce, the company’s chief…

New Chairman of the Federal Reserve Kevin Warsh arrives during a swearing in ceremony in the East Room of the White House in Washington, DC on May 22, 2026. Aaron Schwartz | Afp | Getty ImagesAnother big jobs report in May has pretty much swept aside the possibility of interest rate cuts anytime soon — and in the process underscored the tricky policy path ahead for new Federal Reserve Chair Kevin Warsh.The chance of rate reductions already had been on life support heading into Friday’s nonfarm payrolls report. But the unexpectedly strong gain of 172,000, compounded by sharp upward revisions…

Key takeaways:Ether derivatives metrics flip to a heavily bearish bias as cascading liquidations cut off a relief bounce. A critical ZCash bug discovered by AI triggers widespread fears of contagion, driving a contraction in Ethereum TVL.Ether (ETH) plummeted to a 13-month low of $1,540 on Friday, following the bearish trend across the broader cryptocurrency market. Traders now fear a deeper price correction, given weakness in ETH derivatives metrics and heightened risk after a bug was found in the Zcash blockchain.ETH perpetual futures annualized funding rate. Source: LaevitasThe Ether futures annualized funding rate flipped negative on Friday, indicating increased demand for short…

Every earnings season, I see the same headlines: “Missed analyst expectations.” “Lackluster guidance.” “Stock crashes after earnings.” And every time, I ask myself one question: Since when did analysts’ assumptions become more important than actual business performance? recently reported another solid . Revenue grew. AI-related business continued to expand. Cash flow remained strong. Margins were healthy. The company once again demonstrated why it is one of the highest-quality businesses in the semiconductor industry.Yet the headlines focused on one thing: “It didn’t beat expectations by enough.” Think about that for a moment. A company can grow revenues by billions of dollars,…

Stablecoins may have edged ahead of agentic AI as the buzzword of the week, but beneath the headlines a different story is emerging. From packed meeting rooms and infrastructure plays to deeper policy discussions and new partnerships, Money20/20 Europe continues to prove why it remains fintech’s most important gathering place. If your office has been quiet and your LinkedIn buzzing then that’s because this week was Money20/20 Europe, now celebrating its 10th year on the continent. As always, there’s lots to unpack. Not just from the stages, but from the corridors, meeting spaces and conversations happening across Amsterdam’s RAI. The…

The correction in AI stocks following Broadcom’s (AVGO) disappointing guidance gave investors a lesson in how quickly momentum can fade. Stocks go up, and stocks go down.  But one strategy to keep in mind, when valuations are high, as they were with tech stocks just a few days ago, is the chance investors have to profit by writing covered calls and collecting what may ultimately be outsized option premiums. The mantra of buy and hold has served investors well over the long run, but the modern market landscape occasionally throws us some wicked curveballs, and standard indexing cannot easily solve…

Key PointsFor any retailer, there’s one data point that provides a clear look at how the business is performing in any given period.Dividend stock investors might be drawn to Home Depot’s 3% yield.10 stocks we like better than Home Depot ›With 2,361 company stores and first-quarter annualized revenue of $167 billion, Home Depot (NYSE: HD) has a strong position in the home improvement market. But its shares currently trade 28% below their peak (as of June 4), which might prompt investors to want to buy the business.But you shouldn’t consider adding this retail stock to your portfolio until you know…

Abstract This article presents a method to decompose the causal effects of U.S. defense spending on income into a local effect and a spillover effect using panel data. We estimate positive local and spillover multipliers. By construction, the sum provides an estimate of the aggregate multiplier, which is slightly greater than one in our benchmark specification. Using disaggregate data improves precision relative to using aggregate data alone. More generally, we provide a template to conduct inference on local, spillover, and aggregate causal effects in a unified framework. Introduction “No man is an island…”—John Donne, 1624 Over the past few decades,…

Ben Johns comes over to the right side to hit a dink shot against Anna Bright and Hayden Patriquine in the 2026 PPA Carvana Mesa Cup finals match of the Pro Mixed Doubles Division at Arizona Athletic Grounds on February 22, 2026 in Mesa, Arizona. Bruce Yeung | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Last month, investment firms of the ultra wealthy went all-in on sports and played on multiple fronts. At the beginning…