b'Each great story usually starts with an idea or question from an enterprising and sophisticated client. Or, with a pressing challenge theyve brought us in to address. And for us, if truth be told, satisfaction and excitement still come from seeing an opportunity in almost every problem, and from crafting business-minded and practical solutions that frequently tend not to come out exactly where we started. Quite often, that journey takes both our clients and us to more interesting and rewarding places. That process, involving our very capable, multi-disciplinary teams, working together and partnering with clients, most often yields fine results as well as the palpable joy that keeps us motivated. Let us share some stories with you.1The Long View of the Short-Term: 11Oldie but Goodie at Play:Guggenheim Tokenization of National Bank of Canadas Acquisition of Commercial Paper Canadian Western Bank 2Digitally Empowered: 12Continuously Growing and Improving:Trkiyes First Digital Native NotesMarexs Entry into the U.S. Market 3Forging a Digital Future: 13GenAI Use and Retail Trading Apps:SocGen FORGE Squaring Technological Innovation with 4A Future Vision: Robust Regulatory Frameworks RepublicXs Mirror Tokens14Construction Workers:5Tokenization on a QIS and Proprietary Indices Central Securities Depositary15Big Deals for BDCs 6More to Come: 16Long-term Collaboration ResultsSharia-compliant CDsin First-to-Market:7Conversion for ConservationEJF Capitals Deconsolidation Risk Transfers 17Flywheel Effect:8Taking Flight on its Angel WingsAddressing Synthetic Risk TransfersAround the Globe 9Its a Wrap: Efficient Solutions for Investors18Building Strong Bonds:10Who Says You Cant Right a Wrong? CDFIs and the Ties that Bind Communities Managing Repo Wrong-Way Risk 19CDRs:The Investment World at Canadas Fingertips 20A Border Crossed and Uncrossed'