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Programme II

Economic Pharmakon

Derivatives as simultaneously remedy and poison. The hedging paradox: when risk management becomes wealth transfer infrastructure. Market microstructure as friction measurement.

3 papers
27 January 2026 Preprint

Alpha Asymmetry in Foreign Exchange Markets: An Investigation of Exploitability

Murad Farzulla
10 January 2026 Preprint

Legitimate Extraction: Sophisticated Laundering Hides in Plain Sight

Hedging as the Fourth Money Laundering Stage

Murad Farzulla
1 December 2025 Preprint

Privacy-Preserving Financial Surveillance: An Architectural Framework for CBDC Implementation

Murad Farzulla