Executive Summary The 3:2:1 crack spread serves as a primary proxy for gross refining margins, calculated as: 3:2:1 Crack Spread=2×PGasoline (bbl)+1×PDistillate/Heating Oil (bbl)−3×PCrude (bbl)3\text{3:2:1 Crack Spread}…
1.1 Minimum Effective Tax Rate of 15% and calculation of the top-up tax Pillar Two of the OECD framework on…
Oil reserves are rapidly depleting, eroding the world's crucial buffer against supply shocks. A concerning JP Morgan chart, discussed by…
The impact of the Pillar Two international tax regime (OECD) on the valuation and structuring of tokenized carbon credit (TCC)…
CBDC interoperability challenges—particularly in hybrid setups like the Société Générale–Forge/Banque de France (BdF) 2024 repo pilot and ongoing Les Gardiennes/UBS…