Series
How money actually moves through the financial system — not the version in the headlines, but the one that runs quietly in the background, every single day.
3 episodes 3 written companions
12:39 Episode 1
Net interest margin, fees, and the float. Where a bank's profit really comes from — and why your deposit rate looks the way it does.
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13:09 Episode 2
Street-name registration, custodians, and the chain between you and the share you think you hold. What beneficial ownership actually means.
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10:49 Episode 3
Payment for order flow, spreads, and best execution. Where the cost of a 'free' trade is actually hiding.
Read the written version →JPMorgan earned $57bn in 2025. Nearly half of the revenue behind it had nothing to do with interest. That split explains what your bank recommends to you.
Check Apple's shareholder register. Your name is not on it. Five institutions sit between the Buy button and legal ownership — and here is what that costs you.
Five brokers, 85,000 identical orders, one second apart. Execution costs varied sixfold — and payment for order flow explained almost none of it. Here is what did.
