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The good, the bad, and the ugly of financial democratization

From crypto and Web3 to Robinhood and Reddit, democratization underscores it all. While it’s a largely benign concept that aims to level the playing field between institutions and individuals, it’s also really hard to get right.

Over the past year or so, some of my reporting has kept me coming back to two key themes—money and technology. On its face, that makes sense; this is WatersTechnology, a publication that covers data and technology as they relate to the capital markets. The way this outlet cares about money and technology is through the lens of helping end-users do their jobs better—showcasing innovative ways to trade, make deals, speed up slog and, hopefully, hold some vendors and institutions to account along

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‘Vibe coding is burning us out’

Vibe coding is rapidly spreading throughout the capital markets, and some are unhappy about it, while others believe the genie is out of the bottle. Engineers spoken to for this story share some choice words—and several expletives—about this new form of coding.

The enshittification of AI

The Waters Wrap: AI may look good to its developers, but there are a few problems lurking below the surface that might cause problems. Max Bowie explains.

DTCC dives into public cloud

The clearing house has begun migrating its equities clearing and settlement systems to AWS, while its tokenization systems have migrated to Microsoft Azure ahead of their launch this fall.

MCP is dead, long live MCP

The Waters Wrap: Reb dives into the trenches of the online developer community to see whether its reputation as the great enabler of the AI age is justified.

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