Settlement Risk in “Fast” Systems
An applied analysis of settlement risk, explaining why speed does not equal finality and how risk is deferred in “fast” systems.
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When Frameworks Conflict
Structural Red Flags
An applied framework for identifying structural red flags across liquidity, custody, leverage, incentives, settlement, and governance before outcomes change.
Governance Under Stress
Incentives in Market Making
An applied analysis of market making incentives, explaining why liquidity provision is conditional and why it disappears simultaneously under stress.