# Market participants

`kaal:entity:market-participants`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `market-participants`. 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 2 works, 2012 to 2019.

**2012**

- [1998455-011](https://wulfkaal.github.io/claims/1998455-011) [condition/argued] -- Trigger designs can be ranked by the certainty they give market participants: institution specific triggers presumably grant the most certainty, while regulatory trigger designs provide lower levels of certainty.
  > While institution-specific triggers would presum- ably grant most certainty to market participants, regulatory trig- ger designs could provide lower levels of certainty.
  Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455

**2019**

- [3411110-012](https://wulfkaal.github.io/claims/3411110-012) [mechanism/argued] -- Transfer agents become unnecessary in blockchain based trading models because every function they perform, including maintaining the holding record, can be automated in code and is already produced by the ledger's design.
  > In blockchain- based trading models, transfer agents will not be needed because every task they preform can be automated through coding.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-035](https://wulfkaal.github.io/claims/3411110-035) [condition/argued] -- Using blockchain as a more efficient public offering medium will almost certainly require modifying the regulations governing the offering process, the processes for offering, settling, and administering securities, and the roles of market participants built up over decades.
  > The utilization of blockchain as a more efficient and reliable public offering medium will almost certainly require modifying many of the (i) regulations applicable to the offering process
  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/market-participants.md | sha256sum

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