Research
The structural argument, in full.
A series on securities markets, blockchain, and the case for structural change. Written for institutional investors who want the argument, not the pitch.
The problem
How the current market was built, how it was captured, and why thirty years of reform have produced nothing.
Why No Moon for Securities on the Blockchain
Why tokenized securities will not replicate the ICO era — and why the real opportunity is something more durable than a price spike.
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Regulatory Capture
Mancur Olson explained it in 1965. The SEC has confirmed it every decade since. Why concentrated interests defeat diffuse majorities — every time.
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The Compact That Was Never Honored
NYSE demutualization. The specialist system. The Flash Crash. How the original quid pro quo between market privilege and market obligation was quietly broken.
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The Netting Myth
DTCC says T-instant settlement is impossible without netting. Neither the liquidity provider argument nor the netting argument holds up under scrutiny.
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Securities and Blockchain Look Like Opposites. They're Not.
Every stock trade you make settles a day later than it should. That delay isn't a technical limitation — it's a structural tax, and someone is collecting it.
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The Rule 611 Hearing: A Necessary Debate with Two Glaring Omissions
Repealing Rule 611 without a replacement isn’t bold market reform. It’s pulling the keystone out of the arch and hoping the bridge holds.
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Abolition of Rule 611 of Regulation NMS and Adoption of a Market-Based Real Execution Reporting Framework
NADX petitions the SEC to repeal Rule 611 and replace it with a market-based Real Execution framework that competes on actual execution quality, not displayed quotes.
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