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Risk of reclassification of Data Tokens as securities. Switzerland (FINMA) and Liechtenstein (TVTG)

Swiss FINMA classifies tokens into three categories: payment tokens, utility tokens, and asset tokens. A utility Data Token that does not grant rights to a financial underlying is a utility token not subject to the Stock Exchange Act (LBVM). Switzerland has historically been favorable to blockchain innovation (Crypto Valley). Liechtenstein, with the Token and Trusted…

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Close-up of colorful copper electrical wires against a vibrant green backdrop, showcasing vivid contrasts and textures.

The Super-Cycle of Energy Transition and AI Metals

1. Demand Megatrends FTSE Russell identifies two megatrends: AI and the energy transition. We quantify them as follows: A. AI Infrastructure: The five hyperscalers (Amazon, Microsoft, Google, Meta, Apple) invested $320 billion in H1 2026, in line with an annual projection of $650 billion. Each 100 MW data center requires approximately 30,000 tons of…

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A woman walking by the Palais de Justice in Genève, featuring Swiss and cantonal flags.

Criteria of Swiss Public Policy (Art. 17 PILA) in the Context of Recognition of Foreign Trusts (Hague Convention) and Asset Recovery (Civil Proceedings under the Federal Act on Debt Collection and Bankruptcy vs. Criminal Confiscation)

The immediate context involves an analysis of the New Zealand discretionary trust, Trust O|...|, focusing on the seizability of distributions and a villa in Vésenaz, financed by trust distributions. The central legal framework includes Articles 17 and 18 of the Swiss Private International Law Act, the 1985 Hague Convention, and Swiss confiscation law. The analysis…

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A stunning aerial view of Lucerne, Switzerland with a Swiss flag and scenic lake backdrop.

Legal Analysis of the Swiss Federal Supreme Court (ATF) Case Law on Foreign Trusts

www.steelldy-indices.com The Swiss Federal Tribunal's jurisprudence on foreign trusts evolved in two phases. Pre-2007, trusts were analogized to fiduciary contracts or "organized assets" under old law, offering limited recognition with high reclassification risk. Post-ratification of the Hague Convention (2007), validly constituted foreign trusts are automatically recognized, ensuring asset separation and protection from the trustee's creditors.…

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ECB’s TPI Backstop Anchors Eurozone Spreads, OAT-Bund Capped at 85-90 bp in 2026

The European Central Bank (@ecb ) exerts a dominant and stabilizing influence on eurozone sovereign spreads in 2026 through three main channels: the Transmission Protection Instrument (TPI) anti-fragmentation backstop (activated since 2022), the interest rate policy (25 bp hike on June 11, 2026: deposit rate at 2.25%, MRO at 2.40%), ongoing quantitative tightening (QT) and…

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French Debt Crosses the Rubicon: 30-Year OAT Yield Hits Phase Transition at 4.6926%

https://www.steelldy-indices.com The morning fixing of the 30-year French OAT yield at 4.6926% marks a "phase transition" market event. Cross-referenced with our proprietary risk engines, this level signals a critical threshold for French debt sustainability, with non-negligible probability of a self-fulfilling confidence crisis. Key findings: the 5-year implied probability of a French fiscal accident jumped from…

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Bank of America Warns: Stock Market Speculation Hits Highest Level Since 1999, Gold Poised for Historic Rally

According to @BankofAmerica , speculation in the U.S. stock market has reached its highest level since 1999-2000, a period that preceded the start of the longest bull market for gold in modern history. Overvalued stocks and lagging gold are a pattern, not a mystery. On July 6, 2026, gold was around $4,160, down 3% year-to-date,…

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Copper-to-optics transition, commoditization of AI interconnects, quantitative analysis of Corning, Coherent, Lumentum drivers

www.steelldy-indices.com This study analyzes the evolution of the fiber optics industry in the context of the explosion of data centers for artificial intelligence, covering the period 2026-2031. The central thesis we defend is as follows: the transition from copper to optics in data center infrastructure is an irreversible structural trend, based on fundamental physical constraints…

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