A warm welcome to Ms Erum Iftikhar, who is visiting us for a 6-month PhD visit, supervised by Dr Wei Wei and Prof John Cartlidge. Erum is a second-year PhD student at Università Cattolica del Sacro Cuore, Milan, where she is supervised by Prof Elena Beccalli and funded by a PNNR scholarship. While at Bristol, Erum will be exploring risk in de-fi lending mechanisms.