As the UK enjoys something of a scorcher and much of the continent is blazing into summer, conference season has chosen a timely moment to loosen the tie. For our clients and our team, that means a natural pause to take stock of H1, sharpen our thinking for H2 and reflect on the themes that kept turning up in the plenaries, panels and coffee station chats.
With the World Cup in full swing, prediction markets might be an obvious hot topic to chase. Tempting as that is, our focus this month is on another theme heating up the financial services agenda: quantum.
Hailing from Waterloo, Canada, home to the Perimeter Institute, I had an early introduction to the fascinating world of theoretical physics, albeit mostly from arm’s length. Quantum computing, however, is no longer something financial services can politely park in the world of science fiction, chalkboards and laboratories. It is edging closer to the boardroom as attention turns to Q-day: the point at which a cryptographically relevant quantum computer could challenge the encryption standards beneath modern markets, payments, custody, identity and data security.
That makes quantum uncomfortable, important and, for those willing to understand it early, full of opportunity. The risks are real, but so is the upside.
For this Quantum Special, our Practice Lead, resident nerd and actual astrophysicist, Andrew Dunn, has worked with the wider Streets team to put together a four-part series that moves from first principles – weird and wonderful as they may be – through to what quantum could mean for financial markets, investment, institutional deployment and the emerging regulatory landscape. We round things off with 10 key takeaways and an ecosystem spotlight for anyone wondering where to look next.
I am proud of the team for taking on a subject this complex and making it useful, accessible and relevant. That is where we believe Streets should sit: helping clients understand what is coming next, without pretending every new thing needs to be wrapped in panic or hype.
So, whether your summer watchlist is quantum readiness, the road to Q-day, or in my case a World Cup that gives me Canada, England and a few thrilling underdogs to cheer for, we hope this month’s edition gives you something useful to think about.
If quantum is already on your agenda, or sitting somewhere on the “we should probably understand this better” list, please do get in touch. We would be delighted to continue the conversation.
Kind regards,
Ian Stirling, CEO
Our Practice Lead and resident astrophysics survivor, Andrew Dunn, decodes the complex mechanics of quantum computing to answer a crucial question: ‘Why should FinTech care?’. Read the first article in our four-blog series to understand why this cryptographic arms race threatens the stability of the global economy. Settle in, this is a long-form read.
With 80% of the largest global banks already exploring its applications, quantum computing is a present commercial reality. Read part two of our series to discover how financial institutions are simultaneously building post-quantum cryptographic defences and deploying offensive quantum algorithms to optimise portfolios and detect fraud.
Our third piece explores the regulatory urgency driving the financial sector’s cryptographic overhaul. With global quantum investment reaching $12.6 billion in 2025, discover how institutions must navigate strict 2035 migration deadlines and cross-border compliance mandates to secure critical infrastructure.
What must financial leaders understand about the impending quantum shift? This final instalment outlines the ten essential facts for the sector, from immediate data decryption threats to complex migration strategies and using quantum to transform risk modelling, portfolio optimisation, cybersecurity, and fraud detection.
Quantum technology is nearing a commercial tipping point. McKinsey’s 2026 Quantum Technology Monitor reveals surging investment, growing revenues, and real-world industry adoption as organisations move from experimentation to value creation. With trillions in economic potential at stake, the race to secure quantum advantage is accelerating.
Central bank digital currencies are moving from concept to reality. A BIS survey finds that emerging economies are leading development efforts, with central banks representing one-fifth of the world’s population likely to issue CBDCs in the near future. The findings signal a major shift in the future of money and payments.
Quantum computing promises major gains for financial services, but it also threatens the cryptographic foundations of the global financial system. A joint World Economic Forum and FCA report outlines four principles for a quantum-secure transition, urging regulators and industry leaders to collaborate now to strengthen resilience, harmonise standards, and manage emerging risks.
Quantum computing could reshape financial services through advances in portfolio optimisation, machine learning, and risk modelling. A new FCA research note finds that commercial applications are drawing closer, prompting firms and regulators to build quantum readiness strategies now. The message: prepare early to capture opportunities and manage emerging risks.
AI Valuations Continue to Advance Despite Revenue Model Concerns
OpenAI has confidentially filed for an initial public offering (IPO) on the US stock market. Valued at over $850 billion, the ChatGPT maker’s debut is anticipated to be one of the highest-valued listings in market history. While the move highlights a meteoric rise since 2015, the company faces immediate hurdles, including difficulties turning a profit and mounting legal scrutiny. Following a similar IPO filing by rival Anthropic a week earlier, OpenAI’s transition marks a banner year for the sector. The listing will rigorously test investor appetite for generative AI giants amid ongoing questions surrounding their long-term revenue viability.
US Congress Unveils “Great American AI Act”
U.S. lawmakers have released a bipartisan discussion draft of the “Great American AI Act”, proposing a unified federal framework for artificial intelligence governance. The legislation establishes accountability for frontier models and seeks to preempt a fragmented patchwork of state-level regulations to maintain global competitiveness.
Anthropic Launches Claude Fable 5 and Mythos 5… Then Gets Immediately Shut Down
Anthropic launched its most powerful models, Claude Fable 5 and Claude Mythos 5, on 9 June – the company itself said that Claude Fable 5 was “too powerful to release”. Just three days later the US Commerce Department, citing a “narrow potential jailbreak risk” and national security, issued an export control directive ordering Anthropic to suspend all access to both models for any foreign national worldwide. Anthropic had to disable them globally for all users to comply. Anthropic is currently suing the Pentagon over the end of a previous agreement, where Defense Secretary Pete Hegseth had described the company as a “supply chain risk” effectively banning its use by any federal agencies or their suppliers.
Newly-Listed SpaceX Wastes No Time in Aquisitions
SpaceX has agreed to acquire the AI coding assistant Cursor in a $60 billion all-stock transaction, striking the deal just days after its blockbuster IPO. While SpaceX is historically known for aerospace hardware, this massive acquisition signals a strategic expansion into foundational AI development tools.
Google DeepMind Goes to Hollywood
Google DeepMind has invested $75 million in a research partnership with film studio A24 (the makers of Marty Supreme and Backrooms) to co-develop bespoke AI production workflows. By collaborating directly with filmmakers, DeepMind is shifting focus from generic models to highly specialized, domain-specific tools. However, the immediate fan backlash against A24 underscores the severe reputational risks of AI adoption.
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