TermMax Daily Topic: The Endgame of Finance is Never Chaos. Looking back at financial history, a pattern emerges: Every new market undergoes three stages of development:



Stage 1: Speculation
Participants chase volatility and opportunities.

Stage 2: Arbitrage
Capital begins conducting structural trades by exploiting price discrepancies.

Stage 3: Structure
The market establishes interest rate, credit, and maturity frameworks.
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