Market structure
The $9.6 Trillion Currency Market: What the BIS Survey Really Measures
A record volume figure makes headlines. The more useful question is what that figure actually measures—and what it cannot say about your next trade.
The Market Ledger / Section
Global Markets
Understanding equities, bonds, commodities and the connections between them.
5 carefully sourced educational articles
Digital assets
Crypto Volatility: Market Structure, Liquidity and Risk
Cryptoasset prices can move sharply as trading flows meet fragmented venues, changing liquidity and leverage.
Index investing
Index Funds Explained: Ownership, Weighting, Fees and Tracking Error
Buying a fund labeled 'index' does not mean owning the whole market. Examine the benchmark, holdings, tracking and costs before comparing products.
Commodities
Gold and the Dollar: Why the Relationship Is Not Mechanical
Gold is often discussed alongside the dollar and real interest rates, but its price reflects a wider group of monetary, industrial, investment and geopolitical influences.
Rates & bonds
How Government Bond Yields Influence Currency Markets
Bond yields and foreign exchange are connected through capital allocation, monetary expectations and perceived risk.