1. Executive Summary The most critical impact on Business Models  is the end of “regulatory arbitrage” regarding capital efficiency (EU/Global) and the confirmation of a strict “survival window” for UK market access. Simultaneously, Revenue Generation  faces a sharp dichotomy: immediate compression in APAC (Hong Kong retail restrictions) and the US (potential yield bans), contrasted with new federal banking and derivative revenue pathways opening in the US. 2. Material Impact