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Reports and analysis

Working tools,
not marketing.

Long-form reports and technical carousels on legislation, supervisory practice and market deals.

Reports

MARKET INTELLIGENCE · APRIL 2026 · Apr 2026

Real Estate Tokenization — Global Outlook 2026

Real estate tokenization has moved beyond experimental into the institutional-infrastructure phase. It remains tiny vs global RE (~$393T, Savills 2025) but grows at double-to-triple-digit rates. The report distinguishes retail tokenization from institutional wrapping, maps eight jurisdictions with comparative regulatory analysis, identifies infrastructure bottlenecks and trajectories 2026–2030.

Carousels

Carosello · May 2026

MiCAR and DeFi. The Perimeter.

MiCAR has entered its applicative phase. Edge-cases remain open: DeFi, staking, lending, borrowing, non-custodial wallets and access interfaces to decentralised protocols. The question is not whether a smart contract underlies the activity, but whether — in substance — a subject provides, organises or controls a crypto service to European users.

CAROUSEL · CAPITAL MARKETS · Apr 2026

SMEs and the Listing Act — what changes

9-slide carousel on the main interventions of the EU Listing Act (Reg. 2024/2809 and Dir. 2024/2810) and the implications for Italian SMEs: simplified prospectus, exemption thresholds, dual-class shares, secondary-market liquidity regime, MAR deregulation.

CAROUSEL · M&A · Mar 2026

Multiple voting rights in M&A transactions

9-slide carousel on how Italy's multiple-voting-rights regime (post-reform) reshapes SPA design, shareholders' agreements and drag-along clauses in M&A.