The sandbox point of view is that every exchange in the sandbox is via personal contract, and the sandbox assumes no regulation. So, any firm is free to sell ownerships by contract, and being unregulated, they need no common exchange; all the firms assumed to be independent.
But, the issue of liability comes up, folks who want government to insure against liability will have to trade with government regulation clauses. The sandbox supports the concept, on a voluntary basis, government is welcome.
But, there is still no need for common exchanges, except that anyone can create an index and trade it as a statistical aggregate under secure contract (the data algorithms are known and operational). How the government sells their limited liability is up to government.
No comments:
Post a Comment