# kaal:claim:3411110-026

**Claim.** Near instant settlement creates its own regulatory problem: there is no practical ability to correct trade errors when settlement is same day, whereas the T+2 or T+3 structure supplies a correction window even as its delay causes other trading violations.

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

**Holds when.**

- same day or near instant settlement compared with T+2 and T+3

**Source quote.**

> Settlement-related issues (e.g., no practical ability to correct trade errors because of same-day / near-instant settlement versus T+3 / T+2 structure).

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), V. Overcoming Regulatory Uncertainty, page 21

**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.** no error correction window under instant settlement  (family: liquidity-and-market-structure-failure)

**Topics.** risk-and-incentives

**Keywords.** settlement, trade-errors, t-plus-two, operational-risk

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