The code replicates figures from "Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum", by Philippon and Wang. Please see the README file for additional details.

Central Bank Digital Currency Market Outlook

According to our latest research, the global Central Bank Digital Currency (CBDC) market size reached USD 3.0 billion in 2025, demonstrating robust momentum driven by accelerated digital transformation across the financial sector. The market is set to expand at a CAGR of 36.4% from 2026 to 2034, with the forecasted market size expected to reach USD 44.1 billion by 2034. This remarkable growth is fueled by increasing government initiatives, technological advancements, and rising demand for secure, efficient, and transparent payment systems worldwide. As per our latest research, the CBDC market is rapidly evolving as central banks globally pilot and implement digital currencies to modernize monetary systems and enhance financial inclusion. Dedicated Central Bank Digital Currency platform solutions from leading technology providers are accelerating this transformation, offering central banks end-to-end infrastructure for issuance, distribution, and settlement.

The primary growth factor propelling the Central Bank Digital Currency market is the mounting need for enhanced payment efficiency and security. As global economies become more interconnected, there is an increasing demand for cross-border payments that are not only faster but also more cost-effective and transparent. Traditional payment infrastructures often struggle with high fees and slow settlement times, particularly for international transactions. CBDCs, leveraging advanced technologies such as blockchain and distributed ledger technology, offer a promising solution by enabling real-time settlements, reducing intermediaries, and minimizing transaction costs. This efficiency is particularly attractive to both developed and developing economies seeking to modernize their financial systems and support economic growth. Testing these capabilities within controlled environments, as explored in CBDC sandbox platforms, has become a critical step for central banks assessing technological readiness before full deployment.

Another significant driver is the growing emphasis on financial inclusion. A large segment of the global population remains unbanked or underbanked, especially in emerging markets. CBDCs present a unique opportunity for central banks to extend digital financial services to underserved populations, bypassing traditional banking infrastructure. By providing a universally accessible digital currency, governments can facilitate access to essential financial services, promote savings, and stimulate economic participation. Moreover, CBDCs can be integrated with existing mobile payment ecosystems, further enhancing their reach and utility. The ability to offer programmable money also opens new avenues for targeted welfare disbursements and social benefit programs, ensuring that financial aid reaches the intended recipients efficiently.

Regulatory support and policy innovation are also crucial growth catalysts for the CBDC market. Governments and central banks are increasingly recognizing the strategic importance of digital currencies in safeguarding monetary sovereignty and combating the rise of private cryptocurrencies and stablecoins. By launching their own digital currencies, central banks can maintain control over monetary policy, ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations, and foster a more resilient and transparent financial ecosystem. The ongoing collaboration between regulatory bodies, financial institutions, and technology providers is fostering a conducive environment for CBDC experimentation and deployment, further accelerating market expansion.

Regionally, the Asia Pacific market is emerging as a global leader in CBDC adoption and innovation, driven by proactive initiatives from countries such as China, India, and Singapore. Europe and North America are also making significant strides, with several pilot projects and regulatory frameworks under active development. Meanwhile, regions like Latin America and the Middle Ea

Overnight Lending Market Outlook

According to our latest research, the global overnight lending market size reached USD 1.32 trillion in 2024, demonstrating robust activity supported by increasing demand for short-term liquidity solutions. The market is expected to grow at a CAGR of 5.7% during the forecast period, reaching an estimated USD 2.18 trillion by 2033. This growth is primarily driven by the rising need for efficient liquidity management among financial institutions and corporates, as well as the ongoing modernization of interbank transaction systems. The overnight lending market continues to play a pivotal role in global financial stability by facilitating seamless short-term funding and supporting the functioning of money markets.

One of the primary growth factors for the overnight lending market is the increasing emphasis on liquidity management by banks and financial institutions. Regulatory frameworks such as Basel III and evolving central bank policies have made it imperative for market participants to maintain optimal liquidity levels at all times. This has led to a surge in demand for overnight lending facilities, which offer flexibility and immediate access to funds. Additionally, the growing complexity of financial instruments and the interconnectedness of global markets have heightened the need for robust overnight lending mechanisms to mitigate systemic risk and ensure smooth settlement of transactions.

Another significant driver is the rapid adoption of digital technologies and automation in the financial sector. The integration of advanced analytics, blockchain, and real-time transaction processing has streamlined overnight lending operations, reducing settlement times and operational risks. These technological advancements have made it easier for both lenders and borrowers to access overnight funds, thereby expanding the marketÂ’s reach. Furthermore, the rise of fintech platforms and alternative lending solutions has introduced new participants into the overnight lending ecosystem, fostering innovation and competition.

The evolving landscape of corporate treasury management is also contributing to the growth of the overnight lending market. Corporates are increasingly leveraging overnight lending for short-term funding and liquidity optimization, especially in volatile market conditions. The ability to manage cash flows efficiently and respond quickly to market fluctuations is critical for businesses, making overnight lending an attractive option. Moreover, government entities and public sector organizations are utilizing overnight lending for managing daily cash positions and ensuring uninterrupted public services, further broadening the marketÂ’s end-user base.

In the context of overnight lending, Short-Term Money Instruments play a crucial role in facilitating liquidity and ensuring the smooth operation of financial markets. These instruments, which include treasury bills, commercial paper, and certificates of deposit, provide financial institutions with flexible and secure options for managing short-term funding needs. By offering a range of maturities and risk profiles, short-term money instruments enable lenders and borrowers to tailor their strategies to specific market conditions and liquidity requirements. As the demand for efficient liquidity management solutions continues to grow, the integration of short-term money instruments into overnight lending operations is expected to enhance market stability and support the ongoing evolution of global financial systems.

From a regional perspective, North America currently dominates the overnight lending market, accounting for the largest share in 2024, followed closely by Europe and Asia Pacific. The presence of highly developed financial markets, advanced payment infrastructures, and proactive regulatory frameworks in these regions has facilitated the growth of overnight lending activities. Meanwhile, emerging markets in Asia Pacific and Latin America are witnessing rapid adoption of overnight lending solutions, driven by economic growth, financial sector reforms, and increasing cross-border capital flows. As these regions continue to modernize their financial systems, the overnight lending market is expected to experience significant expansion and diversification.

CBDC Privacy-Preserving Payment Trials Market Outlook

According to our latest research, the Global CBDC Privacy-Preserving Payment Trials market size was valued at $1.2 billion in 2024 and is projected to reach $8.7 billion by 2033, expanding at a compelling CAGR of 24.5% during the forecast period of 2025–2033. One of the primary factors fueling the growth of this market is the increasing demand from central banks and financial institutions for robust privacy solutions that balance regulatory compliance with user confidentiality in digital currency ecosystems. As central banks worldwide accelerate their exploration and pilot phases for Central Bank Digital Currencies (CBDCs), the imperative to safeguard sensitive transaction data—while ensuring transparency and traceability for anti-money laundering (AML) and counter-terrorism financing (CTF) compliance—has positioned privacy-preserving payment technologies at the forefront of innovation and investment.

Regional Outlook

North America currently commands the largest share of the CBDC Privacy-Preserving Payment Trials market, accounting for approximately 35% of the global market value in 2024. This dominance is attributed to a mature digital payments infrastructure, proactive policy development by entities such as the Federal Reserve, and significant investments in blockchain and cryptographic technologies. The region's advanced fintech landscape, coupled with strong collaborations between central banks, commercial banks, and technology providers, has fostered an environment conducive to rapid prototyping and scaled trials. The United States and Canada, in particular, have been at the forefront of piloting privacy-centric CBDC solutions, leveraging zero-knowledge proofs and homomorphic encryption to address both consumer privacy concerns and regulatory mandates.

Asia Pacific is projected to be the fastest-growing region in the CBDC Privacy-Preserving Payment Trials market, with an anticipated CAGR of 28.1% through 2033. This remarkable growth trajectory is driven by robust government-led digital currency initiatives in China, Japan, South Korea, and India. The People’s Bank of China’s digital yuan project, for instance, has set global benchmarks in terms of scale and technological sophistication. Regional governments are investing heavily in privacy-preserving technologies to foster public trust and facilitate mass adoption, especially as digital payments become increasingly ubiquitous across retail, wholesale, and cross-border applications. The strong presence of local fintech innovators and a rapidly digitizing economy further amplify the region’s momentum.

In contrast, emerging economies in Latin America and the Middle East & Africa are experiencing a more gradual adoption of CBDC privacy-preserving payment trials. These regions face unique challenges, including limited digital infrastructure, regulatory ambiguity, and varying levels of financial inclusion. However, localized demand for secure, low-cost payment solutions is growing, particularly in markets with high remittance inflows and a large unbanked population. Policy reforms and technical assistance from international organizations are gradually enabling pilot projects, though widespread deployment remains contingent on addressing infrastructure gaps and enhancing digital literacy. Despite these hurdles, the long-term potential for privacy-preserving CBDC solutions in these regions is significant, particularly as governments recognize the role of digital currencies in promoting financial inclusion and economic resilience.

Report Scope

Treasury And Risk Management Software Market size was valued at USD 6.1 Billion in 2024 and is projected to reach USD 13.6 Billion by 2031, growing at a CAGR of 12.4% during the forecast period 2024-2031.

Treasury And Risk Management Software Market Drivers

Growing Financial Complexity:

Expanding Global Operations: Businesses are increasingly operating in a globalized environment, with complex financial transactions across different currencies and markets. Treasury and risk management software helps them centralize and streamline these operations. Increased Regulatory Requirements: Regulatory bodies are implementing stricter financial regulations for businesses. This software helps ensure compliance with these regulations by automating reporting processes and providing real-time data analysis. Focus on Risk Mitigation:

Market Volatility and Uncertainty: Financial markets are becoming increasingly volatile, with factors like geopolitical tensions and economic fluctuations creating uncertainty. This software helps businesses identify, assess, and manage various financial risks. Fraud Prevention and Cybersecurity Threats: The rising threat of financial fraud and cyberattacks necessitates robust risk management solutions. This software can help detect suspicious activity, prevent fraud attempts, and safeguard sensitive financial data. Improved Efficiency and Decision-Making:

Automation of Manual Tasks: Treasury and risk management software automates manual tasks such as cash flow forecasting, liquidity management, and risk assessment. This frees up valuable time for treasury teams to focus on strategic financial planning. Data-Driven Decision Making: These software solutions offer comprehensive data analytics and reporting capabilities. This empowers businesses to make informed decisions based on real-time financial insights and risk assessments.

Regulated Liability Network (RLN) Market Outlook

According to our latest research, the Global Regulated Liability Network (RLN) market size was valued at $2.3 billion in 2024 and is projected to reach $14.7 billion by 2033, expanding at a remarkable CAGR of 22.5% during the forecast period of 2025–2033. The RLN market is gaining significant traction as financial institutions, central banks, and corporates increasingly seek secure and interoperable digital payment infrastructures. A major factor propelling this growth globally is the rapid adoption of blockchain-based settlement and clearing systems, which promise enhanced transparency, efficiency, and compliance in regulated digital asset transactions. As the financial sector continues to digitize, the demand for robust, regulated networks that facilitate seamless domestic and cross-border payments is expected to surge, positioning RLN solutions at the forefront of the digital transformation in global finance.

Regional Outlook

North America currently commands the largest share of the RLN market, accounting for over 38% of global revenue in 2024. This dominance is attributed to the region’s mature financial ecosystem, advanced technological infrastructure, and proactive regulatory frameworks that support digital asset innovation. The presence of major global banks, fintech leaders, and early pilot projects in the United States and Canada have accelerated RLN adoption. Furthermore, North America’s robust investment in cybersecurity and compliance technologies ensures that RLN platforms align with stringent regulatory requirements, bolstering institutional confidence and driving market expansion. The region’s leadership is further reinforced by the collaborative efforts between central banks, financial institutions, and technology providers to develop interoperable RLN solutions tailored to both wholesale and retail applications.

Asia Pacific is emerging as the fastest-growing RLN market, projected to expand at a CAGR of 27.1% from 2025 to 2033. The region’s rapid economic growth, burgeoning fintech sector, and increasing cross-border trade activities have created an urgent need for efficient, secure, and scalable payment systems. Countries like China, Singapore, and Japan are at the forefront of digital currency and blockchain adoption, with government-backed initiatives and regulatory sandboxes fostering RLN innovation. Strategic investments in digital infrastructure, coupled with a young, tech-savvy population, are accelerating RLN deployment for both domestic and international transactions. The Asia Pacific region is also witnessing strong collaboration between public and private sectors, which is expected to further catalyze market growth and position the region as a global RLN innovation hub.

Emerging economies in Latin America, the Middle East, and Africa are experiencing a gradual but steady uptake of RLN solutions. While these regions collectively represent a smaller share of the global market, their potential for growth is significant, driven by the increasing need for financial inclusion, modernization of legacy banking systems, and the rise of digital payment platforms. However, challenges such as regulatory uncertainty, limited digital infrastructure, and varying degrees of financial literacy pose obstacles to widespread RLN adoption. Localized demand for secure and cost-effective payment solutions is spurring pilot projects and partnerships, particularly in cross-border remittances and trade finance. As regulatory clarity improves and digital transformation initiatives gain momentum, these regions are expected to play a more prominent role in the global RLN market landscape.

Report Scope

SLSA Framework Adoption in Banks Market Outlook

According to our latest research, the Global SLSA Framework Adoption in Banks market size was valued at $1.4 billion in 2024 and is projected to reach $7.2 billion by 2033, expanding at a robust CAGR of 20.1% during the forecast period of 2025–2033. The primary factor fueling this growth is the escalating need for robust software supply chain security measures in the banking sector, driven by the increasing frequency and sophistication of cyber threats targeting financial institutions globally. As banks accelerate their digital transformation journeys, the adoption of the Supply-chain Levels for Software Artifacts (SLSA) framework is emerging as a critical standard for ensuring end-to-end software integrity, compliance, and risk mitigation, thereby reshaping the security landscape of the financial services industry.

Regional Outlook

North America currently commands the largest share of the SLSA Framework Adoption in Banks market, accounting for over 38% of the global market value in 2024. This dominance is attributed to the region’s mature banking infrastructure, early adoption of digital security standards, and stringent regulatory requirements surrounding software supply chain security. The presence of numerous global banking giants, coupled with a highly evolved fintech ecosystem and proactive cybersecurity policies, has propelled North America to the forefront of SLSA framework implementation. Furthermore, continuous investments in security automation and the presence of leading SLSA solution providers reinforce the region’s leadership. The well-established compliance culture and frequent collaboration between regulators and financial institutions further drive the adoption of advanced software security frameworks, making North America a bellwether for global trends in this domain.

Asia Pacific is poised to be the fastest-growing region in the SLSA Framework Adoption in Banks market, projected to register a remarkable CAGR of 24.5% through 2033. The region’s rapid digitalization of banking services, burgeoning fintech startups, and increasing cross-border transactions are key factors accelerating SLSA adoption. Countries such as China, India, Singapore, and Australia are witnessing significant investments in cybersecurity infrastructure, with regulatory bodies issuing new guidelines for software supply chain security. The rising sophistication of cyber-attacks targeting Asian financial institutions has heightened awareness about the importance of frameworks like SLSA. Additionally, government-led initiatives to modernize banking IT infrastructure and bolster cyber resilience are creating a fertile ground for the widespread deployment of SLSA-based solutions, positioning Asia Pacific as a pivotal growth engine for the global market.

Emerging economies in Latin America, Middle East, and Africa are beginning to recognize the imperative of SLSA framework adoption, though growth remains nascent due to infrastructure limitations and budgetary constraints. In these regions, banks face unique challenges such as fragmented regulatory landscapes, limited access to advanced security technologies, and varying levels of digital maturity. However, rising incidents of cyber fraud and regulatory pressure to enhance compliance are driving localized demand for SLSA solutions. Governments and central banks are increasingly collaborating with international agencies to develop frameworks and standards that align with global best practices. While adoption is gradual, there is a clear trajectory towards greater investment in software supply chain security, especially as digital banking penetration deepens and the need for resilient, secure IT ecosystems becomes more pronounced.

Report Scope

Project Jura Market Outlook

According to our latest research, the Global Project Jura market size was valued at $1.2 billion in 2024 and is projected to reach $8.7 billion by 2033, expanding at a robust CAGR of 24.6% during the forecast period 2025–2033. The primary driver for this remarkable growth is the accelerating adoption of blockchain-based solutions for cross-border payments and digital currency initiatives, particularly among central banks and major financial institutions. Project Jura, as a pioneering initiative in the digital currency and distributed ledger technology (DLT) ecosystem, is reshaping the landscape of interbank settlements and cross-border transactions, offering enhanced efficiency, transparency, and security. This rapid transformation is further fueled by global regulatory shifts and a rising demand for secure, real-time payment infrastructures, positioning the Project Jura market at the forefront of financial technology innovation.

Regional Outlook

Europe currently holds the largest share of the Project Jura market, accounting for over 38% of global revenue in 2024. The region's dominance is attributed to its mature financial ecosystem, proactive regulatory frameworks, and the presence of key central banks and financial institutions actively participating in digital currency pilots. Switzerland and France, in particular, have played instrumental roles as early adopters and testbeds for Project Jura's cross-border settlement solutions. The European Central Bank's supportive stance on digital euro initiatives and strong collaborations between public and private sectors have fostered a fertile environment for DLT innovation. Additionally, the region's robust IT infrastructure and a well-established payments industry ensure seamless integration of Project Jura solutions, further consolidating Europe's leadership in this space.

The Asia Pacific region is projected to be the fastest-growing market for Project Jura, with an anticipated CAGR of 28.3% from 2025 to 2033. This growth is underpinned by the region's massive unbanked population, increasing cross-border trade, and governments’ keen interest in central bank digital currency (CBDC) pilots. Countries such as China, Singapore, and Japan are investing heavily in blockchain and digital payment ecosystems, driving rapid adoption of Project Jura solutions. Strategic partnerships between central banks and leading technology providers are accelerating pilot programs and commercial rollouts. The region's dynamic fintech landscape, coupled with favorable government incentives and a surge in digital payment volumes, is expected to sustain this high growth trajectory over the forecast period.

Emerging economies in Latin America and the Middle East & Africa are also witnessing increased interest in Project Jura, although adoption is at a nascent stage. These regions face unique challenges, including regulatory uncertainties, limited digital infrastructure, and varying levels of financial inclusion. However, localized demand for efficient cross-border payment systems and the potential for leapfrogging legacy banking infrastructures are driving experimental deployments. Governments in these regions are beginning to recognize the transformative potential of DLT and CBDCs, initiating pilot projects and regulatory sandboxes. Over the next decade, targeted policy reforms and international collaborations could unlock significant growth opportunities for Project Jura market participants in these emerging markets.

Report Scope

The Irish Pension Funding industry is immature compared to other OECD countries. The proportion of the workforce enrolled in some form of pension scheme is low. The industry has been affected by high volatility in financial markets. Revenue is expected to grow at a compound annual rate of 1% over the five years through 2025 to €6.9 billion, including forecast growth of 4.5% in 2025. Changing consumer preferences have induced a continued shift in demand from defined benefit (DB) schemes to defined contribution (DC) schemes. Pension providers have had to contend with greater compliance costs and weaker investment returns in the face of fierce regulation relating to reserve requirements for DB schemes. Most notably, the introduction of the IORP II Directive in 2021 has changed the state of the pensions industry, requiring stricter risk assessments and internal audit schemes. Turbulent financial markets have created similarly erratic investment returns. After a difficult 2022, investors were bracing themselves for a similarly bleak 2023. However, capital markets defied expectations, as equities and bonds rallied at the tail-end of the year amid bets on rate cuts from central banks. Equities were the standout performer in 2024. The Big Tech 7 continued to lead stock markets to impressive returns, with the MSCI World Index up by 26.2% over the year. In 2025, both equity and bond markets have felt the brunt of higher borrowing costs, with markets questioning the credibility of fiscal policy in major economies and the potential for tax hikes that threaten economic growth, weighing on investment income. Lacklustre capital markets will contribute to profit falling to 34.8% in 2025. Over the five years through 2030, revenue is forecast to grow at a compound annual rate of 5.4% to €9 billion. The introduction of the automatic enrolment scheme in 2026 will ramp up demand for pension schemes and catalyse the ongoing shift from DB to DC schemes. The introduction of the IORP II Directive standardising pension funding across Europe will ratchet consolidation activity over the coming years. However, the new legislation will also incite a shift from DC schemes towards master trusts, which aren't as heavily regulated.

Loan Portfolio Stress Testing Market Outlook

According to our latest research, the global Loan Portfolio Stress Testing market size reached USD 2.34 billion in 2024, demonstrating robust demand from financial institutions seeking advanced risk management solutions. The market is expected to expand at a CAGR of 13.8% from 2025 to 2033, with the total market value projected to reach USD 7.54 billion by the end of the forecast period. This growth is primarily fueled by increasing regulatory scrutiny, the rising complexity of loan portfolios, and the need for sophisticated analytics to mitigate credit risk in a volatile economic environment.

One of the most significant growth factors driving the Loan Portfolio Stress Testing market is the intensification of regulatory requirements across major economies. In response to past financial crises and ongoing economic uncertainties, regulatory bodies such as the Basel Committee on Banking Supervision, the European Central Bank, and the Federal Reserve have mandated stringent stress testing frameworks for banks and financial institutions. These regulations demand that organizations not only conduct periodic stress tests but also demonstrate the ability to withstand severe economic shocks. As a result, financial institutions are increasingly investing in advanced software and services to automate and enhance their stress testing capabilities, thereby ensuring compliance and safeguarding their portfolios.

Another key driver is the rapid evolution and adoption of digital technologies within the financial sector. The integration of artificial intelligence, machine learning, and big data analytics into stress testing platforms has greatly improved the accuracy, speed, and scalability of risk assessments. Financial institutions are leveraging these technologies to model complex scenarios, identify vulnerabilities, and make data-driven decisions for capital allocation and risk mitigation. The shift towards cloud-based solutions further accelerates this trend, enabling seamless access to powerful analytics tools, reducing IT infrastructure costs, and facilitating collaboration across geographically dispersed teams.

As the financial sector continues to evolve, Climate Stress Testing for Banks has emerged as a critical component in assessing the resilience of financial institutions against environmental risks. With climate change posing unprecedented challenges, banks are increasingly required to evaluate the potential impacts of extreme weather events, regulatory changes, and shifts in consumer behavior on their loan portfolios. This form of stress testing not only helps banks in identifying vulnerabilities but also supports strategic planning and risk mitigation efforts. By integrating climate risk factors into their stress testing frameworks, banks can better align their operations with sustainability goals and regulatory expectations, ultimately enhancing their long-term stability and reputation.

The growing complexity and diversity of loan portfolios, particularly in the wake of global economic disruptions such as the COVID-19 pandemic and ongoing geopolitical tensions, have underscored the importance of robust stress testing frameworks. Lenders are facing increased exposure to credit risk due to fluctuating interest rates, changing consumer behaviors, and sector-specific downturns. As a result, there is heightened demand for customizable and scalable stress testing solutions that can accommodate a wide range of asset classes, risk factors, and regulatory requirements. This trend is especially pronounced among small and medium enterprises (SMEs) and non-banking financial institutions, which are increasingly recognizing the value of proactive risk management in sustaining business continuity.

Regionally, North America continues to dominate the Loan Portfolio Stress Testing market, driven by the presence of major financial institutions, a mature regulatory environment, and early adoption of advanced risk management technologies. Europe follows closely, with significant investments in stress testing solutions propelled by regulatory harmonization and digital transformation initiatives. Meanwhile, the Asia Pacific region is emerging as a high-growth market, fueled by rapid financial sector expansion, increasing regulatory oversight, and the proliferation of fintech innovations. Lat

Concept: Outstanding balance, in the end of a period, of credit operations which are under regulation by the National Monetary Council (CMN) or linked to budget funds. Refers to special financing operations which require proof of proper use of funds, linked to medium and long term production and investments projects. Funds origins are shares of checking accounts and savings accounts and funds from governmental programs. Source: Central Bank of Brazil – Statistics Department 7ca22664-2014-49e0-b8dc-747d274a713d 20610-earmarked-credit-operations-outstanding---households---real-estate-financing---market-rates

The Financial Elite Policymakers Interviewed (FINEPINT) database consists of interviews with financial policymakers from advanced economies and emerging markets. The interviews touch upon both national-level regulatory developments and global-level policymaking processes, as well as the interactions between the two. Interviewees are officials from Ministries, Central Banks and Financial Supervisors, representatives of banking and financial associations, representatives of Civil Society Organizations, and officials from International Organizations working on global financial governance.The semi-structured interviews followed a standard format in which policymakers were asked about:1. The development of their negotiating positions, asking who is involved internally, how the positions are informed by external actors, and who are the main partners in the policymaking process.2. The developments in policymaking processes, asking what were the main drivers of new issues emerging on the agenda, what issues came up in policymaking processes, and who is influential in the policymaking processes.3. The outcomes, asking how the main issues in policymaking processes were resolved and what the expected impacts of new policies will be.Interviews were conducted from 1992 onwards, covering a period of profound changes in the global financial system and its governance. Broad topics that were the focal points of different waves of interviews were the interaction between public and private actors in global policymaking, the political economy of financial liberalization, the internationalization / globalization of financial markets and the regulatory response to this, the Basel Capital Accords, the resolution of sovereign debt crisis, and sustainable finance.Interviewees have been provided with the following options for the use of the transcript:• Quotation: direct quotes from the interview may be used and attributed in the reference.• Referencing, no quotation: interview may be refenced by name as support for a claim, but no direct quotes may be used.• No quotation or referencing: the interview may not be quoted or referenced by name.The principal investigators of the projects included in this database are prof. G.R.D. Underhill and dr. J. Blom. Data collection and development of this dataset has been made possible by:• NWO MaGW Open Competition grant ‘Public-private interaction and shifting patterns of governance’ (grant no. 400-04-233, prof. G.R.D. Underhill)• UKRI ESRC World Economy and Finance program grant ‘National and International Aspects of Financial Development’ (grant no. RES-156-25-0009).• EU Horizon 2020 Research and Innovation program, Marie Sklodowska-Curie Individual Fellowship grant ‘G20LAP: G20 Legitimacy and Policymaking’ (grant agreement no. 845121, dr. J. Blom).

Central Bank Digital Currency Infrastructure Market Outlook 2025-2034

The global Central Bank Digital Currency Infrastructure market was valued at $2.1 billion in 2025 and is projected to surge to $198.4 billion by 2034, expanding at an extraordinary compound annual growth rate of 54.8% over the forecast period 2026-2034. This explosive trajectory reflects a fundamental transformation underway in global monetary architecture, as central banks across developed and emerging economies race to deploy sovereign digital currencies underpinned by robust, scalable, and interoperable technology stacks. The CBDC infrastructure layer - encompassing wallet platforms, settlement networks, middleware, and interoperability bridges - represents the most capital-intensive and strategically critical component of any national digital currency program, commanding significant procurement budgets from finance ministries, central banking institutions, and multilateral development organizations alike.

The primary growth engine propelling this market at such an exceptional pace is the convergence of three structural forces: the accelerating decline of physical cash usage in major economies, the intensifying G20-level policy pressure to modernize cross-border payment rails, and the maturing availability of enterprise-grade distributed ledger and cryptographic technologies capable of meeting central bank requirements for resilience, security, and programmability. As of 2025, over 130 countries representing more than 98% of global GDP are actively researching, piloting, or launching CBDC programs, a dramatic increase from fewer than 35 countries just five years ago. This near-universal governmental engagement has translated into a procurement wave spanning core ledger infrastructure, API middleware layers, offline payment chips, and compliance-grade digital identity systems. The infrastructure procurement cycle is particularly front-loaded: governments typically commit to a foundational technology vendor for 7-10 year periods, creating substantial recurring revenue streams and a winner-take-most dynamic in key national markets. Technology vendors with proven central bank relationships, regulatory sandbox experience, and demonstrated interoperability with legacy RTGS (Real-Time Gross Settlement) systems are capturing disproportionate shares of early contract value, setting the stage for sustained revenue growth throughout the forecast horizon.

This dataset measures domestic credit extended by banks to the private sector, expressed as a percentage of GDP. It captures loans, securities purchases, trade credits, and other financial claims issued by deposit-taking institutions, excluding central banks. The metric reflects the depth and accessibility of private credit markets and serves as a key indicator of financial system development and economic leverage across nations.

The dataset spans 64 years of historical data from 1960 to 2024, covering 231 countries and regions with 11,560 observations. Global average domestic credit stands at 36.42 percent of GDP, with values ranging from a low of 0.15 percent to a high of 301.02 percent. Hong Kong, China, and East Asia lead current rankings, with Hong Kong at 231.04 percent and China at 194.17 percent in 2024, while Afghanistan, Sierra Leone, and Haiti show the lowest ratios at under 4 percent.

These disparities reveal fundamental differences in financial system maturity and credit market access. Developed financial hubs show credit levels exceeding GDP, indicating extensive leverage and sophisticated banking sectors. Conversely, emerging and low-income economies often display single-digit ratios, reflecting constrained access to formal credit, underdeveloped banking infrastructure, and cash-based economies. China's compound annual growth rate of 2.84 percent since 1985 demonstrates rapid financial deepening alongside economic expansion.

Researchers, economists, and financial analysts use this dataset to assess credit availability, compare financial system development across regions, evaluate economic stability risks from high leverage, and model relationships between credit growth and GDP performance. Policy makers reference these metrics when designing financial regulations and credit market reforms.

Techsalerator offers an extensive dataset of End-of-Day Pricing Data for all 78 companies listed on the Abu Dhabi Securities Exchange (XADS) in United Arab Emirates. This dataset includes the closing prices of equities (stocks), bonds, and indices at the end of each trading session. End-of-day prices are vital pieces of market data that are widely used by investors, traders, and financial institutions to monitor the performance and value of these assets over time.

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Top 5 used data fields in the End-of-Day Pricing Dataset for United Arab Emirates:

1. Equity Closing Price :The closing price of individual company stocks at the end of the trading day.This field provides insights into the final price at which market participants were willing to buy or sell shares of a specific company.

2. Bond Closing Price: The closing price of various fixed-income securities, including government bonds, corporate bonds, and municipal bonds. Bond investors use this field to assess the current market value of their bond holdings.

3. Index Closing Price: The closing value of market indices, such as the Botswana stock market index, at the end of the trading day. These indices track the overall market performance and direction.

4. Equity Ticker Symbol: The unique symbol used to identify individual company stocks. Ticker symbols facilitate efficient trading and data retrieval.

5. Date of Closing Price: The specific trading day for which the closing price is provided. This date is essential for historical analysis and trend monitoring.

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Top 5 financial instruments with End-of-Day Pricing Data in United Arab Emirates:

Dubai Financial Market (DFM) Index: The main stock market index of the Dubai Financial Market, tracking the performance of domestic companies listed on the exchange. It provides insights into the UAE's equity market, with a focus on Dubai-listed companies.

Abu Dhabi Securities Exchange (ADX) General Index: The primary stock market index of the Abu Dhabi Securities Exchange, reflecting the performance of domestic companies listed on the exchange. It offers a snapshot of the equity market in the UAE's capital city.

UAE Dirham (AED): The official currency of the UAE, used for transactions and trade within the country. The UAE Dirham is pegged to the US Dollar, providing stability in international transactions.

Central Bank of the UAE: The central bank responsible for monetary policy, currency issuance, and regulation of the financial sector in the UAE. It plays a key role in maintaining the stability of the UAE's financial system.

Emirates NBD: One of the largest and most prominent banks in the UAE, offering a wide range of financial services to individuals, businesses, and institutions. Emirates NBD is a significant player in the UAE's banking sector.

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If you're interested in accessing Techsalerator's End-of-Day Pricing Data for United Arab Emirates, please contact info@techsalerator.com with your specific requirements. Techsalerator will provide you with a customized quote based on the number of data fields and records you need. The dataset can be delivered within 24 hours, and ongoing access options can be discussed if needed.

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Data fields included:

Equity Ticker Symbol Equity Closing Price Bond Ticker Symbol Bond Closing Price Index Ticker Symbol Index Closing Price Date of Closing Price Equity Name Equity Volume Equity High Price Equity Low Price Equity Open Price Bond Name Bond Coupon Rate Bond Maturity Index Name Index Change Index Percent Change Exchange Currency Total Market Capitalization Dividend Yield Price-to-Earnings Ratio (P/E) ‍

Q&A:

1. How much does the End-of-Day Pricing Data cost in United Arab Emirates ?

The cost of this dataset may vary depending on factors such as the number of data fields, the frequency of updates, and the total records count. For precise pricing details, it is recommended to directly consult with a Techsalerator Data specialist.

1. How complete is the End-of-Day Pricing Data coverage in United Arab Emirates?

Techsalerator provides comprehensive coverage of End-of-Day Pricing Data for various financial instruments, including equities, bonds, and indices. Thedataset encompasses major companies and securities traded on United Arab Emirates exchanges.

1. How does Techsalerator collect this data?

Techsalerator collects End-of-Day Pricing Data from reliable sources, including stock exchanges, financial news outlets, and other market data providers. Data is carefully curated to ensure accuracy and reliability.

1. Can I select specific financial instruments or multiple countries with Techsalerator's End-of-Day Pricing Data?

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Canonical record of investment firms authorised under Regulation 8(3) of the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017) by the Central Bank of Ireland, diffed weekly against the official CBI register (register id 32).

In 2023, Crédit Mutuel led the top 15 European banks with a common equity tier 1 (CET1) ratio of 19.2 percent, followed by UniCredit at 16.1 percent. Following the Basel III accord implementation on January 1, 2015, European banks faced higher capital requirements, including a new minimum CET1 ratio of 4.5 percent. Throughout 2023, the EU banking sector demonstrated strong capital adequacy, with the banking sector's CET1 ratio significantly exceeding the regulatory minimum. European banks on the global stage European banks showcased their strength on the global stage, with the average CET1 ratio of the largest banks surpassing their U.S. counterparts. This signifies a robust capital position and resilience in facing economic challenges. HSBC represents European banks among the world's largest financial institutions. In 2023, the UK-headquartered bank made it to the largest 15 banks worldwide based on market capitalization, with a market cap of over 156 billion U.S. dollars. Banking crisis: Nosedive in March 2023 The March 2023 collapse of Silicon Valley Bank (SVB) and Signature Bank in the United States sparked a banking crisis that quickly spread to Europe, culminating in Credit Suisse's distress. As investor confidence plummeted, major European bank stocks experienced steep declines. Although share prices partially recovered in late March, they remained significantly below their early-month levels. However, in the following months, the banking sector gradually stabilized as regulatory measures and central bank interventions helped restore market confidence.

Poland Other MFIs: Liabilities: Agg: Money Market Fund Shares data was reported at 0.000 PLN mn in Jun 2018. This stayed constant from the previous number of 0.000 PLN mn for May 2018. Poland Other MFIs: Liabilities: Agg: Money Market Fund Shares data is updated monthly, averaging 0.000 PLN mn from Dec 1996 (Median) to Jun 2018, with 259 observations. The data reached an all-time high of 1,000.758 PLN mn in May 2011 and a record low of 0.000 PLN mn in Jun 2018. Poland Other MFIs: Liabilities: Agg: Money Market Fund Shares data remains active status in CEIC and is reported by National Bank of Poland. The data is categorized under Global Database’s Poland – Table PL.KB031: Balance Sheet: Other Monetary Financial Institutions. Effective from January 2006 the aggregated balance sheet of other monetary financial institutions shall also include money market funds (MMFs) data. Starting from January 2012 the list of Polish monetary financial institutions (MFIs) does not include money market funds (MMFs), as no investment fund meets the criteria of MMF definition as set forth in the regulation of the European Central Bank. At present the MFI sector includes banks and credit unions. As a consequence of the above change shares/units issued by MMFs deleted from the List of MFIs and held by banks have been reclassified to “Holdings of shares and other equity issued by domestic residents – other domestic residents”.

Concept: Value of new credit operations started in the reference period, with interest rates established under market conditions. Excludes operations with regulated rates, operations with funds from the National Bank for Economic and Social Development (BNDES) or any operations with government funds or funds with mandatory destination. Source: Central Bank of Brazil – Statistics Department 5b304370-1704-4802-94e1-c66a34a0ab48 20674-nonearmarked-new-operations---households---other-goods-financing

SWIFT Payment Controls Market Outlook

According to our latest research, the global SWIFT Payment Controls market size reached USD 1.87 billion in 2024, reflecting a robust demand for advanced payment security and compliance solutions. The market is poised for a significant expansion, projected to attain USD 5.24 billion by 2033, growing at a compelling CAGR of 12.1% during the forecast period. This growth is primarily driven by the escalating frequency of cyber threats targeting cross-border transactions, stringent regulatory frameworks, and the rapid digital transformation across banking and financial services worldwide.

One of the most pivotal growth factors for the SWIFT Payment Controls market is the increasing sophistication and frequency of cyber-attacks targeting global financial messaging networks. As financial institutions and corporates continue to rely on SWIFT for secure cross-border payments, the threat landscape has evolved, with attackers leveraging advanced tactics such as business email compromise, fraudulent payment instructions, and malware. This has compelled organizations to invest heavily in robust payment control solutions that offer real-time monitoring, anomaly detection, and transaction verification, ensuring the integrity and security of SWIFT-based transactions. The growing awareness of reputational and financial risks associated with payment fraud is further accelerating the adoption of these controls across all tiers of the financial ecosystem.

Another key driver is the tightening regulatory environment and compliance mandates imposed by global authorities such as the Financial Action Task Force (FATF), the European Central Bank, and local regulatory bodies. These entities are continuously updating guidelines to combat money laundering, terrorist financing, and other illicit activities, placing immense pressure on banks, financial institutions, and corporates to implement comprehensive SWIFT payment controls. The need to adhere to regulations such as SWIFT’s Customer Security Programme (CSP), which mandates specific security controls and periodic audits, has made payment control solutions an indispensable component of modern financial operations. This regulatory push is particularly pronounced in regions with high cross-border transaction volumes, driving sustained market growth.

Technological advancements and the digital transformation of financial services are also playing a crucial role in shaping the SWIFT Payment Controls market. The integration of artificial intelligence, machine learning, and advanced analytics into payment control platforms has significantly enhanced their ability to detect complex fraud patterns, automate compliance processes, and provide actionable insights in real-time. As banks and corporates pursue digitalization to improve operational efficiency and customer experience, the deployment of cloud-based and AI-powered SWIFT payment controls is becoming increasingly prevalent. This trend is expected to further fuel market expansion, as organizations seek scalable, agile, and future-proof solutions to safeguard their payment ecosystems.

From a regional perspective, North America continues to dominate the SWIFT Payment Controls market, accounting for the largest share in 2024, followed closely by Europe and Asia Pacific. The region’s leadership can be attributed to the presence of a highly developed financial sector, early adoption of advanced payment technologies, and a strong regulatory focus on payment security. However, Asia Pacific is emerging as the fastest-growing region, driven by the rapid expansion of cross-border trade, increasing digitalization of financial services, and heightened regulatory scrutiny. The Middle East & Africa and Latin America are also witnessing steady growth, supported by rising investments in banking infrastructure and an increasing focus on compliance and risk management.

Component Analysis

The SWIFT Payment Controls market is segmented by component into software and services, each play