Acknowledgments

The author would like to acknowledge the generous help he received from many people while preparing this report. Apart from those mentioned in the text, particular thanks go to Audrey Blater and Yue Malan of Aite Group, Perianne Boring of the Chamber of Digital Commerce, Arnaud de Bresson of Paris EUROPLACE, Adrian Cartwright and Simon Gleeson of Clifford Chance, Randall Chafetz of MUFG Bank, Emmanuel Daniel of The Asian Banker, Jean-Yves Fillion of BNP Paribas, the financial services and payments team at McKinsey, Kristin Forbes of MIT Sloan School of Management, Edmund Goh of Aberdeen Standard Investments, Rebecca Harding of Coriolis Technologies, Nathan Hilt of Protiviti, Kee Joo Wong of HSBC, Aaron Klein of Brookings Institution, Jean-François Lambert of Lambert Commodities, Thabo Makoko and George Asante of Absa, Marc Murphy of Fenergo, Erik Norland of CME Group, Thomas Olsen of Bain, Chris Papageorgiou of the IMF, Daniela Peterhoff, Peter Reynolds, Ted Moynihan and David Gillespie of Oliver Wyman, the financial services and economics teams at S&P Global, Chris Skinner of The Finanser, Fernando Sotelino of Columbia University, Daniel Tabbush of Tabbush Report, Joe Davis of Vanguard, Nicolas Véron of Bruegel, Charlotte Hogg of Visa, Daniel Webber and Ian Manns of FXC Intelligence, Kuangyi Wei and Colin Williams of Parker Fitzgerald, Tianwei Xu of Standard Chartered, Xiaofeng Zhong of Amundi Asset Management and Hao Zhou of Commerzbank.