The Living Ledger
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The publication’s searchable memory: every dispatch, its first observation, and how the judgment moved.
Search the writing, follow revisions, or return to an argument as the market changes.
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Recorded judgments
Nigeria just invoiced the grey market
$2.3 million, a Nigerian director, and a ban on referral incentives. Every other frontier market is reading the same PDF.
Open 8 days
Buy It or Bank It
One CFD broker grew profit 150% by outspending everyone on marketing. The other handed shareholders more cash than it earned. Both are calling it strategy.
Open 25 days
Cyprus Isn't Dying. It's Just Getting Raided.
CySEC's on-site sweeps, the UK's affiliate ad ban, and a stalled US crypto bill — three signals for where your license actually needs to be this quarter.
Open 32 days
The ARPU Gap Nobody's Reporting
G makes 9x what XTB makes per client. NAGA just proved the fix — and CySEC is now auditing why the rest of the industry hasn't.
Open 35 days
IG Group Just Picked a Fight It's Losing
$1.3B buys you a distant third place behind Kalshi's 90% and Polymarket's lawsuits — here's why that's the smart bet, not the desperate one.
Open 42 days
The Friday Take
Europe's biggest crypto decision this year isn't the one everyone's watching.
Open 50 days
Three Brokers Went Dark. All Three Told You First.
HTFX, YaMarkets, BDSwiss , and the public filing nobody in this industry reads.
Open 52 days
Weekend Gold Is a Marketing Feature Wearing a Risk Product's Clothes
Vantage, eToro, CMC, and LMAX are racing to trade gold 24/7. Nobody's saying who's holding the risk when the real market is closed.
Open 56 days
The Bonus Loophole
CFD brokers can't run trading bonuses in Europe. Crypto exchanges just did ,legally, and right on cue for MiCA.
Open 60 days
The Prop Firm Race to Zero
513 funding programmes. 35 firms. Zero of them can tell you where the payouts come from.
Open 64 days
The Hoodie Comes Off: How Europe Turned Perps Into CFDs Overnight
Perps didn't die in Europe — they just found out they had a dress code.
Open 68 days
MiCA Isn't a Welcome Mat. It's a Cull.
Binance got 10 days' notice before Greece locked it out. Its EU head says that's not how success should be measured. She's wrong.
Open 70 days
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