# kaal:claim:3808852-020

**Claim.** Markets whose trades do not depend on physical location evolved without centralized coordination, as shown by the foreign exchange market, which developed decentralized because currency trading required no physical location.

**Type.** condition  **Support.** evidenced

**Holds when.**

- holds where physical location is not determinative for the trade

**Source quote.**

> For example, the foreign exchange (FX) market evolved without centralized coordination because currency trading did not require a physical location.

**From.** Wulf A. Kaal, *Decentralization and Feedback Effects* (2021), IV. Market Decentralization, page 14

**Cite as.** Wulf A. Kaal, Decentralization and Feedback Effects (2021). SSRN: https://ssrn.com/abstract=3808852

**Verify.** sha256 of source PDF `31e91158fdeefebc2f0be54ebf89751f7cdd4c89ecea932888f5ba9be6b1caba` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Decentralization%20and%20Feedback%20Effects.pdf

**Topics.** economics, decentralization

**Keywords.** fx-market, otc-markets, market-decentralization, physical-settlement

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