# kaal:claim:3411110-014

**Claim.** Any settlement completed in less than ten seconds removes counterparty risk and with it systemic risk entirely, which makes settlement speed, not disclosure, the operative variable for systemic risk.

**Type.** condition  **Support.** argued

**Holds when.**

- settlement finality achieved in under ten seconds
- if such speed is ever achieved in any setting

**Source quote.**

> Most importantly, any settlement that takes less than 10 seconds, if ever achieved in any setting, removes counterparty risk and with it systemic risk entirely.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), III.3 Reduced Settlement Cycle, page 16

**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.** systemic-risk, risk-and-incentives

**Keywords.** settlement-finality, systemic-risk, counterparty-risk, t-zero

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3396522-039

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