The Universal Owner — 5 August 2026: The risk didn’t disappear. It changed hands.

Six systems have been made easier to operate — and in each case the risk changed form or changed hands. Apollo's daily price on private credit; Japan's Treasuries becoming collateral for currency policy via the Fed's FIMA facility; the sanctioned toll booth at Hormuz — OFAC designated Iran's transit-'insurance' collectors a week ago and called the scheme extortion; $1.09 trillion of uncommenced data-centre leases; and Africa's intermediation problem, where Kenya's High Court has ordered audited accounts for the new National Infrastructure Fund by 24 August. The Risk Migration Register, the full brief and sources: https://www.universalassetowners.com/intelligence/