Where Control Lives
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.
Regulation does not guarantee stability.
Control lives where decisions are enforced, not where narratives point.
In financial systems, control typically resides in:
– custody arrangements
– settlement layers
– margin and collateral rules
– operational discretion during stress
During stable periods, control appears distributed.
During stress, it reveals itself.
This is why failures feel sudden.
They are not sudden.
They are structural.
Understanding systems requires tracing control paths, not price signals.
This framework is designed to remain valid across market cycles.
This analysis prioritizes structure over narrative.
