# Exchange access

`kaal:entity:exchange-access`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `exchange-access`. 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

2 claims across 2 works, 2019 to 2022.

**2019**

- [3411110-018](https://wulfkaal.github.io/claims/3411110-018) [failure/argued] *(failure mode)* -- Neither the Overstock offering nor the Linq based offerings were structured to support widespread ownership or trading through blockchain, and no major exchange or inter-dealer market permits or will foreseeably permit trading of blockchain issued securities.
  > no major exchange or inter- dealer market permits, or will permit in the foreseeable future, trading of securities issued through blockchain.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**2022**

- [4033886-032](https://wulfkaal.github.io/claims/4033886-032) [mechanism/argued] *(failure mode)* -- When exchanges apply different standards about who may trade on their platform, the market ends up showing different prices for the same asset across exchanges, which is one reason trading arbitrage has become common in crypto.
  > When different exchanges apply different standards as to who can trade on their platform, the market sees different prices for the same asset across exchanges.
  Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

## 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/exchange-access.md | sha256sum

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