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.

Source quote, verbatim

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

From

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

Cite as

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

Holds when

applies to position reporting regimes that publish aggregated data

Classification

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

Verify

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