# Market fragmentation

`kaal:entity:market-fragmentation`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `market-fragmentation`. 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, 2017 to 2022.

**2017**

- [3002908-021](https://wulfkaal.github.io/claims/3002908-021) [empirical/asserted] -- 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.
  > 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.
  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

**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/market-fragmentation.md | sha256sum

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