Identification of where decision-making power, control, and influence reside within systems.
Market Structure
This is Part 4 of 5 in the Beginner Learning Path. * Previous: Incentives Define Outcomes Markets do not fail because prices move. They fail when control concentrates invisibly. Control determines: – who can act – when they can act – under what conditions Ownership does not guarantee control. Liquidity does not guarantee access.
Frameworks
Custody and ownership are often treated as interchangeable. They are not. Ownership defines who bears economic risk and benefit. Custody defines who controls the asset operationally. When these two diverge, failure modes emerge. In traditional financial systems, custody is deliberately layered. Legal ownership, beneficial ownership, and operational control are separated