{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/market-fragmentation",
 "identifier": "kaal:entity:market-fragmentation",
 "name": "Market fragmentation",
 "termCode": "market-fragmentation",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/market-fragmentation.md",
 "sha256": "66210ccf3df685c0d44a82c2b3686c32fe67fe02e0571807bd5ce531895d410e",
 "additionalProperty": [
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   "name": "status",
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   "name": "claim_count",
   "value": 2
  },
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   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2022"
   ]
  },
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 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3002908-021",
   "identifier": "kaal:claim:3002908-021",
   "text": "Consistent with market fragmentation and disintermediation, smaller private investment fund managers have begun to erode the power of established market institutions such as banks and insurance companies.",
   "abstract": "Moreover, consistenly with the general trends of market fragmentation and disintermediation, smaller private investment fund managers started to erode the power of established market institutions such as banks and insurance companies.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [],
   "source_pdf_sha256": "06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-032",
   "identifier": "kaal:claim:4033886-032",
   "text": "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.",
   "abstract": "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.",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "exchanges excluding participants by residence or other status"
   ],
   "source_pdf_sha256": "52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'market-fragmentation'. Derived node: a roster, not an adjudicated definition."
}