Market structure · securities infrastructure · commentary
NADX is a view on how markets should work, not just how they do work now.
Why No Moon for Securities on the Blockchain
Securities on the blockchain only make sense if they are a true change agent for fixing the current market structure.
Regulatory Capture — Why Markets Never Get Fixed
The data keeps supporting reform, but a concentrated trading minority keeps winning — not by cheating, but by understanding the structure better than everyone else.
The Compact That Was Never Honored
Market makers inherited the privileges of the old NYSE specialists without the obligations, and the buy‑side quietly moved from owner to product.
The Netting Myth
Claims that T‑instant settlement is impossible without netting are less about capital math and more about protecting the economics of an entrenched clearing franchise.