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

Regional innovation networks (iNets) for the East Midlands: prospectus for applicants

Prospectus for expressions of interest to establish regional innovation Networks (iNets) in priority sectors (healthcare, transport, environment and food and drink). These networks were conceived to increase sector-specific knowledge exchange, improve innovation support for businesses and identify and prioritise investments in new and enabling technologies

Experimental reintroduction of woody debris on the Williams River, NSW: geomorphic and ecological responses

A total of 436 logs were used to create 20 engineered log jams (ELJs) in a 1.1 km reach of the Williams River, NSW, Australia, a gravel-bed river that has been desnagged and had most of its riparian vegetation removed over the last 200 years. The experiment was designed to test the effectiveness of reintroducing woody debris (WD) as a means of improving channel stability and recreating habitat diversity. The study assessed geomorphic and ecological responses to introducing woody habitat by comparing paired test and control reaches. Channel characteristics (e.g. bedforms, bars, texture) within test and control reaches were assessed before and after wood placement to quantify the morphological variability induced by the ELJs in the test reach. Since construction in September 2000, the ELJs have been subjected to five overtopping flows, three of which were larger than the mean annual flood. A high-resolution three-dimensional survey of both reaches was completed after major bed-mobilizing flows. Cumulative changes induced by consecutive floods were also assessed. After 12 months, the major geomorphologic changes in the test reach included an increase in pool and riffle area and pool depth; the addition of a pool-riffle sequence; an increase by 0.5-1 m in pool-riffle amplitude; a net gain of 40 m3 of sediment storage per 1000 m2 of channel area (while the control reach experienced a net loss of 15 m3/1000 m2 over the same period); and a substantial increase in the spatial complexity of bed-material distribution. Fish assemblages in the test reach showed an increase in species richness and abundance, and reduced temporal variability compared to the reference reach, suggesting that the changes in physical habitat were beneficial to fish at the reach scale