# kaal:claim:3411110-009

**Claim.** Running an alternative trading system on a blockchain cures the ATS system's traditional price discovery latency, because every trade is posted to a public ledger that everyone can access.

**Type.** mechanism  **Support.** argued

**Holds when.**

- ATS operating on a public blockchain ledger

**Source quote.**

> By creating an ATS that trades securities over blockchain, there is no latency in price discovery, which has traditionally been a criticism of the ATS system. This is because every trade is posted to a public ledger to which everyone has access.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), II. Overstock Blockchain Securities Offering, page 9

**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

**Topics.** economics, disclosure, blockchain

**Keywords.** price-discovery, ats, transparency, public-ledger, dark-pools

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