# Ats

`kaal:entity:ats`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `ats`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 1 works, 2019 to 2019.

**2019**

- [3411110-008](https://wulfkaal.github.io/claims/3411110-008) [failure/asserted] *(failure mode)* -- The compliance burden attached to operating an alternative trading system, including fees, consumer protection, examination, and books and records requirements, is typically cost prohibitive for startups.
  > ATS compliance costs are typically cost prohibitive for startups.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-009](https://wulfkaal.github.io/claims/3411110-009) [mechanism/argued] -- 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.
  > 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.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-034](https://wulfkaal.github.io/claims/3411110-034) [failure/argued] *(failure mode)* -- Validating blockchain as a cost effective means of supporting securities offerings does not by itself increase capital raising for private companies, because outside of unicorns there is unlikely to be broad retail interest in privately placed digital securities or in securities trading on a single non-scalable ATS.
  > Hence, capital-raising opportunities for private companies likely would not be materially increased despite the validation of blockchain technology as a means of cost-effectively supporting securities offerings.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/ats.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.