3,138 research outputs found
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
Fault Localization Models in Debugging
Debugging is considered as a rigorous but important feature of software
engineering process. Since more than a decade, the software engineering
research community is exploring different techniques for removal of faults from
programs but it is quite difficult to overcome all the faults of software
programs. Thus, it is still remains as a real challenge for software debugging
and maintenance community. In this paper, we briefly introduced software
anomalies and faults classification and then explained different fault
localization models using theory of diagnosis. Furthermore, we compared and
contrasted between value based and dependencies based models in accordance with
different real misbehaviours and presented some insight information for the
debugging process. Moreover, we discussed the results of both models and
manifested the shortcomings as well as advantages of these models in terms of
debugging and maintenance.Comment: 58-6
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