Multilateral Transparency for Security Markets Through DLT

For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper that distributed ledger technology (DLT) contains the potential to convert fragmented securities markets back to multilateral transparency. Leading markets generally lack transparency in two ways that derive from their basic structure: (1) multiple platforms on which trades in the same security are matched have separate bid/ask queues and are not consolidated in real time (fragmented pricing), and (2) highspeed transfers of securities are enabled by placing ownership of the securities in financial institutions, thus preventing transparent ownership (depository or street name ownership). The distributed nature of DLT allows multiple copies of the same pricing queue to be held simultaneously by a large number of order-matching platforms, curing the problem of fragmented pricing. This same distributed nature of DLT would allow the issuers of securities to be nodes in a DLT network, returning control over securities ownership and transfer to those issuers and thus, restoring transparent ownership through direct holding with the issuer. A serious objection to DLT is that its latency is very high—with each Bitcoin blockchain transaction taking up to ten minutes. To remedy this, we first propose a private network without cumbersome proof-of-work cryptography. Second, we introduce into our model the quickly evolving technology of “lightning networks,” which are advanced two-layer off-chain networks conducting high-speed transacting with only periodic memorialization in the permanent DLT network. Against the background of existing securities trading and settlement, this Article demonstrates that a DLT network could bring multilateral transparency and thus represent the next step in evolution for markets in their current configuration

Trends in Standardization Towards 6G

Mobile networks have always been an indispensable part of a fully connected digital society. The industry and academia have joined hands to develop technologies for the anticipated future wireless communication. The predicted Key Performance Indicators (KPIs) and use cases for the 6G networks have raised the bar high. 6G networks are developing to provide the required infrastructure for many new devices and services. The 6G networks are conceptualized to partially inherit 5G technologies and standards but they will open the ground for innovations. This study provides the vision and requirements for beyond 5G (B5G) networks and emphasizes our vision on the required standards to reach a fully functional and interoperable 6G era in general. We highlight various KPIs and enabling technologies for the B5G networks. In addition, standardization activities and initiatives concerning challenges in the se of spectrum are diuscussed in detail.This work was supported by FCT/MCTES through national funds and when applicable cofounded EU funds under the project UIDB/50008/2020, ORCIP (22141-01/SAICT/2016) and TeamUp5G. TeamUp5G has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie ETN TeamUp5G, grant agreement No. 813391.info:eu-repo/semantics/publishedVersio

Techno-economic viability of integrating satellite communication in 4G networks to bridge the broadband digital divide

Bridging the broadband digital divide between urban and rural areas in Europe is one of the main targets of the Digital Agenda for Europe. Though many technological options are proposed in literature, satellite communication has been identified as the only possible solution for the most rural areas, due to its global coverage. However, deploying an end-to-end satellite solution might, in some cases, not be cost-effective. The aim of this study is to give insights into the economic effectiveness of integrating satellite communications into 4G networks in order to connect the most rural areas (also referred to as white areas) in Europe. To this end, this paper proposes a converged solution that combines satellite communication as a backhaul network with 4G as a fronthaul network to bring enhanced broadband connectivity to European rural areas, along with a techno-economic model to analyse the economic viability of this integration. The model is based on a Total Cost of Ownership (TCO) model for 5 years, taking into account both capital and operational expenditures, and aims to calculate the TCO as well as the Average Cost Per User (ACPU) for the studied scenarios. We evaluate the suggested model by simulating a hypothetical use case for two scenarios. The first scenario is based on a radio access network connecting to the 4G core network via a satellite link. Results for this scenario show high operational costs. In order to reduce these costs, we propose a second scenario, consisting of caching the popular content on the edge to reduce the traffic carried over the satellite link. This scenario demonstrates a significant operational cost decrease (more than 60%), which also means a significant ACPU decrease. We evaluate the robustness of the results by simulating for a range of population densities, hereby also providing an indication of the economic viability of our proposed solution across a wider range of areas

The Question of Spectrum: Technology, Management, and Regime Change

There is general agreement that the traditional command-and-control regulation of radio spectrum by the FCC (and NTIA) has failed. There is no general agreement on which regime should succeed it. Property rights advocates take Ronald Coase's advice that spectrum licenses should be sold off and traded in secondary markets, like any other assets. Commons advocates argue that new technologies cannot be accommodated by a licensing regime (either traditional or property rights) and that a commons regime leads to the most efficient means to deliver useful spectrum to the American public. This article reviews the scholarly history of this controversy, outlines the revolution of FCC thinking, and parses the question of property rights vs. commons into four distinct parts: new technology, spectrum uses, spectrum management, and the overarching legal regime. Advocates on both sides find much to agree about on the first three factors; the disagreement is focused on the choice of overarching regime to most efficiently and effectively make spectrum and its applications available to the American public. There are two feasible regime choices: a property rights regime and a mixed licensed/commons regime subject to regulation. The regime choice depends upon four factors: dispute resolution, transactions costs, tragedies of the commons and anticommons, and flexibility to changing technologies and demands. Each regime is described and analyzed against these four factors. With regard to pure transactions costs, commons may hold an advantage but it appears quite small. For all other factors, the property rights regime holds very substantial advantages relative to the mixed regime. I conclude that the choice comes down to markets vs. regulation as mechanism for allocating resources.

Quality of service monitoring: Performance metrics across proprietary content domains

We propose a quality of service (QoS) monitoring program for broadband access to measure the impact of proprietary network spaces. Our paper surveys other QoS policy initiatives, including those in the airline, and wireless and wireline telephone industries, to situate broadband in the context of other markets undergoing regulatory devolution. We illustrate how network architecture can create impediments to open communications, and how QoS monitoring can detect such effects. We present data from a field test of QoS-monitoring software now in development. We suggest QoS metrics to gauge whether information "walled gardens" represent a real threat for dividing the Internet into proprietary spaces. To demonstrate our proposal, we are placing our software on the computers of a sample of broadband subscribers. The software periodically conducts a battery of tests that assess the quality of connections from the subscriber's computer to various content sites. Any systematic differences in connection quality between affiliated and non-affiliated content sites would warrant research into the behavioral implications of those differences. QoS monitoring is timely because the potential for the Internet to break into a loose network of proprietary content domains appears stronger than ever. Recent court rulings and policy statements suggest a growing trend towards relaxed scrutiny of mergers and the easing or elimination of content ownership rules. This policy environment could lead to a market with a small number of large, vertically integrated network operators, each pushing its proprietary content on subscribers.Comment: 29th TPRC Conference, 200