# kaal:claim:3411110-002

**Claim.** When multiple firms trade the same securities in legacy systems, each maintains its own ledger, and that duplication is itself the source of increased operational risk and cost.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- multiple firms trading the same security
- legacy multi ledger systems

**Source quote.**

> Legacy systems in which multiple firms are trading the same securities utilize multiple ledgers which increases operational risks and increases costs.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), I. Introduction, page 5

**Cite as.** Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**Verify.** sha256 of source PDF `c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Evans%20-%202019%20-%20Blockchain-Based%20Securities%20Offerings.pdf

**Failure mode.** multi-ledger duplication  (family: interoperability-and-fragmentation)

**Topics.** blockchain, risk-and-incentives, securities-law

**Keywords.** multiple-ledgers, operational-risk, cost-structure, securities-trading

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