useful, actually: let banks sell risk to the entity most willing to own it

also lots of interesting details about the business of BNPL — merchants pay increased fees because conversion is better, plus late fees are better than credit cards (because more willing risk holders), plus it untangles the small short-term risks from larger credit card txns and lets them be handled separately. value is being created

TIL about Complete Markets. obviously ideal

A Complete Market is one where every risk can be priced, traded, or hedged. i.e. every risk has a price, every future has a counterparty.

dense and well written