kaal:claim:2714974-033

A system in which hedge funds submit position information to an authority that aggregates and publishes it cannot address liquidity risk, because protecting proprietary information requires so much aggregation that the resulting information loses value to market participants.

Protection of proprietary information would require so much aggregation that the value of the information to market participants would be substantially reduced.

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016), INDIRECT HEDGE FUND REGULATION, p. 26
https://ssrn.com/abstract=2714974 · source PDF

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

• applies to position reporting regimes that publish aggregated data

failuresupport: arguedfailure: Aggregation destroys informational valuefamily: disclosure-ineffectivenessdisclosuredefirisk-and-incentives

The quote above is an exact substring of the source PDF, whose sha256 is 7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/c1a362436956f92b...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2714974-033.md | sha256sum

• Qualification: Protecting Global Financial Market Stability and Integrity: Strengthening SEC Regulation of Hedge Funds
• Qualification: Lmo7a Coordinates Neural Crest Migration and Lineage Specification by Regulating Cell Adhesion Dynamics