EDITORS NOTE Q4 EDITION
Digitalization, Crypto, Forex, Technology, AI, Sugar, Dairy, Debt, Treasuries, T-Bills, Money Market Funds, Shipping, Net Zero Framework, Middle Office, Risk, Efficiency, Perception, Reality, Investment
Welcome to the Q4 edition of the Ghost In The Machine as the curtains close on another tumultuous year in which trade and geopolitical tensions continue to create uncertainty and ambiguity, but are also vying with the hope of rapid technological advances and investment.
We examine the implications of a strategic shift in US Treasury Debt issuance for money market funds and the potential risks for overall financial market stability, and by extension US federal government financing. FX markets have long been a first adopter of technology, with each shift transforming how liquidity is sourced, priced, and delivered.
There is a gradual convergence and integration of the crypto into the FX world, both due to increasing institutional adoption, and via customer demands for multi-asset exchanges and platforms. Tangential to that is the transformative impact of digital wallets, going well beyond the realm of payments, creating a connected and protected digital society.
Technology is transforming ‘Middle Office’ functions, increasing oversight, simplifying processes, reducing risk and creating efficiencies, aided by automation and AI. ESG related regulation is no stranger to implementation delays, with the latest edition of ‘kicking the can down the road’ coming via way of a failure to agree on, and a delay to the IMO Net Zero Framework for shipping.
Soft commodities have been on a roller coaster ride, most notably cocoa and coffee, but sugar has also been buffeted both by trade tensions as well as a dramatic reassessment of supply estimates for the current season, so what is the outlook for key producing countries in 2026.
Dairy prices have also been hit by the threat of a ‘milk tsunami’ as well as the strength of the Euro, which will likely spill into livestock prices. There is also another look at the ‘perception reality divide’ in financial markets, specifically in the context of the AI investment boom.
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2 | ADMISI - The Ghost In The Machine | Q4 Edition 2025 THE GHOST IN THE MACHINE
EDITORS IN CHIEF Eddie Tofpik
E:
eddie.tofpik@
admisi.com Marc Ostwald
E:
marc.ostwald@admisi.com
PRODUCTION & CIRCULATION CREATIVE DESIGN Alfred Michelin
Simrat Kaur Sounthe
MARKETING Alfred Michelin
Simrat Kaur Sounthe
ADM CONTRIBUTORS Eddie Tofpik
Edwin Burgers John Steiner Marc Ostwald
EXTERNAL CONTRIBUTORS Alberto Peixoto Jon Shamah Nathan Cartmill
Rachel Lindstrom Tom Higgins
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