# kaal:claim:2714974-033

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

- applies to position reporting regimes that publish aggregated data

**Source quote.**

> 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, page 26

**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

**Verify.** sha256 of source PDF `7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Oesterle%20-%202016%20-%20The%20History%20of%20Hedge%20Fund%20Regulation%20in%20the%20United%20States.pdf

**Failure mode.** Aggregation destroys informational value  (family: disclosure-ineffectiveness)

**Topics.** disclosure, defi, risk-and-incentives

**Keywords.** position-reporting, aggregation, liquidity-risk, proprietary-information

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.