That is exactly the trap. By locking themselves into a bespoke platform, they are effectively institutionalising a snapshot of today's capabilities. They risk turning what should be fluid, adaptable expertise into a heavy, static monument. A firm thriving in this environment treats technology as a series of temporary scaffolds. The real asset is the distilled essence of their judgment, strategy, and negotiation tactics, abstracted cleanly enough to be deployed on whatever substrate comes next. When you mistake the infrastructure for the asset, you end up spending millions to preserve a moment in time, while the rest of the market floats past on the next wave.

April 25th is ANZAC Day in New Zealand. The Sunday-delivered email was sent at 15:16 UTC on Saturday, April 25th.1 This means the sending time was approximately 15 hours later than the usual Saturday morning delivery time (around 00:00 UTC), which pushed the local arrival time into early Sunday morning (03:16 AM NZST), likely because the standard automated billing run was postponed due to the public holiday.

Traders who claimed to foresee a Trump victory over Iran are getting a lesson in their susceptibility to propaganda. In the Middle East, the US and Israel struck a number of Iranian vessels in the Strait of Hormuz, hours after Trump had suggested negotiations with Tehran over an interim deal were progressing. Renewed aggression there and in Lebanon hardly seems to indicate that talks are going nicely. Both sides are in a chronic violent embrace, despite what they say. Oil prices are rising again. Prospects for normalisation have faded significantly.

Just focusing on the essence!