In the fourth quarter of each year, as we approach the holiday season, Celent publishes what we refer to as our “Previsory Perspectives.” In this series, analysts across all our financial services domains present their forward-looking views on financial technology trends and offer guidance on how institutions should respond to them in the coming year.
Our most recent edition, released on 7 November 2025 and focused on investment managers and the buyside, highlighted private credit prominently across the operational and technology themes discussed. Consequently, there was a distinct sense of déjà vu when one of the key developments we had anticipated materialised earlier than expected this year.
The noteworthy development in question is the Bank of England’s announcement of plans to conduct an industry-wide stress testing exercise—the system-wide exploratory scenario (SWES) exercise—concentrated on the private markets ecosystem, with particular emphasis on private credit.
What dynamic is at play here?
