This talk will look at the global economic and regulatory environment that has emerged from a year of elections and political uncertainty in 2024. 2025 is “the year after” – the talk will look at the emerging geopolitical, geoeconomic and regulatory frameworks and unpick the potential that corporates and individuals have for arbitrage in a multi-polar world. It will look at the shifting balance of political and commercial power around the world and discuss how sanctions and financial controls in the wake of the Russia-Ukraine War have separated out the digital financial system into two spheres. The role of the US in this rapidly changing world cannot be overstated and with the US elections behind us, the session will also focus on the climate for sustainability investments and markets, technology and secondary sanctions as the new administration truly gets engaged with the reality of a fragmented world.