{"id":"https://openalex.org/W7213396160","doi":"https://doi.org/10.2139/ssrn.7430458","title":"Regulated Markets by Design: A State-Based Framework and Reference Implementation for Tokenized Financial Markets","display_name":"Regulated Markets by Design: A State-Based Framework and Reference Implementation for Tokenized Financial Markets","publication_year":2026,"publication_date":"2026-01-01","ids":{"openalex":"https://openalex.org/W7213396160","doi":"https://doi.org/10.2139/ssrn.7430458"},"language":"en","primary_location":{"id":"doi:10.2139/ssrn.7430458","doi":"https://doi.org/10.2139/ssrn.7430458","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.7430458","pdf_url":"https://papers.ssrn.com/sol3/Delivery.cfm/7430458.pdf?abstractid=7430458&mirid=1","source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/7430458.pdf?abstractid=7430458&mirid=1","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5056085897","display_name":"Manuel Naviglio","orcid":"https://orcid.org/0000-0001-9062-5853","observed_orcids":["https://orcid.org/0000-0001-9062-5853"]},"institutions":[{"id":"https://openalex.org/I157210198","display_name":"Scuola Normale Superiore","ror":"https://ror.org/03aydme10","country_code":"IT","type":"education","lineage":["https://openalex.org/I157210198"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Manuel Naviglio","raw_affiliation_strings":["Scuola Normale Superiore"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Scuola Normale Superiore","institution_ids":["https://openalex.org/I157210198"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5075361573","display_name":"Francesco Tarantelli","orcid":"https://orcid.org/0000-0002-3616-9866","observed_orcids":["https://orcid.org/0000-0002-3616-9866"]},"institutions":[{"id":"https://openalex.org/I9360294","display_name":"University of Bologna","ror":"https://ror.org/01111rn36","country_code":"IT","type":"education","lineage":["https://openalex.org/I9360294"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Francesco Tarantelli","raw_affiliation_strings":["University of Bologna"],"raw_orcid":"https://orcid.org/0000-0002-3616-9866","affiliations":[{"raw_affiliation_string":"University of Bologna","institution_ids":["https://openalex.org/I9360294"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5056085897"],"corresponding_institution_ids":["https://openalex.org/I157210198"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9810000061988831,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9810000061988831,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.01080000028014183,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.003700000001117587,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-regulation","display_name":"financial regulation","score":0.5809999704360962},{"id":"https://openalex.org/keywords/state-machines","display_name":"state machines","score":0.6510000228881836},{"id":"https://openalex.org/keywords/tokenized-securities","display_name":"tokenized securities","score":0.8050000071525574},{"id":"https://openalex.org/keywords/security-tokens","display_name":"security tokens","score":0.6019999980926514},{"id":"https://openalex.org/keywords/secondary-market-liquidity","display_name":"secondary market liquidity","score":0.7799999713897705},{"id":"https://openalex.org/keywords/market-congestion","display_name":"market congestion","score":0.4169999957084656}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5332000255584717},{"id":"https://openalex.org/C160145156","wikidata":"https://www.wikidata.org/wiki/Q778586","display_name":"Executable","level":2,"score":0.4819999933242798},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4747999906539917},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4449999928474426},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.43700000643730164},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.4325999915599823},{"id":"https://openalex.org/C2779777834","wikidata":"https://www.wikidata.org/wiki/Q4202277","display_name":"Enforcement","level":2,"score":0.3725000023841858},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3646000027656555},{"id":"https://openalex.org/C70437156","wikidata":"https://www.wikidata.org/wiki/Q7228652","display_name":"Pooling","level":2,"score":0.33980000019073486},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.31929999589920044},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.31619998812675476},{"id":"https://openalex.org/C20136886","wikidata":"https://www.wikidata.org/wiki/Q749647","display_name":"Interoperability","level":2,"score":0.3086000084877014},{"id":"https://openalex.org/C188087704","wikidata":"https://www.wikidata.org/wiki/Q369577","display_name":"Standardization","level":2,"score":0.29989999532699585},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.290800005197525},{"id":"https://openalex.org/C86532276","wikidata":"https://www.wikidata.org/wiki/Q1184065","display_name":"Delegation","level":2,"score":0.2903999984264374},{"id":"https://openalex.org/C165064840","wikidata":"https://www.wikidata.org/wiki/Q1321061","display_name":"Matching (statistics)","level":2,"score":0.2809999883174896},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2759999930858612},{"id":"https://openalex.org/C2778069335","wikidata":"https://www.wikidata.org/wiki/Q32098","display_name":"Sanctions","level":2,"score":0.27480000257492065},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.2689000070095062},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.2671000063419342},{"id":"https://openalex.org/C48103436","wikidata":"https://www.wikidata.org/wiki/Q599031","display_name":"State (computer science)","level":2,"score":0.2630999982357025},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.2621000111103058},{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.25949999690055847},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.25870001316070557},{"id":"https://openalex.org/C77019957","wikidata":"https://www.wikidata.org/wiki/Q2689057","display_name":"Dependability","level":2,"score":0.2581000030040741},{"id":"https://openalex.org/C48145219","wikidata":"https://www.wikidata.org/wiki/Q1335365","display_name":"Security token","level":2,"score":0.25679999589920044},{"id":"https://openalex.org/C2780148112","wikidata":"https://www.wikidata.org/wiki/Q1432581","display_name":"Proxy (statistics)","level":2,"score":0.25270000100135803}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2139/ssrn.7430458","doi":"https://doi.org/10.2139/ssrn.7430458","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.7430458","pdf_url":"https://papers.ssrn.com/sol3/Delivery.cfm/7430458.pdf?abstractid=7430458&mirid=1","source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.7430458","doi":"https://doi.org/10.2139/ssrn.7430458","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.7430458","pdf_url":"https://papers.ssrn.com/sol3/Delivery.cfm/7430458.pdf?abstractid=7430458&mirid=1","source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7213396160.pdf","grobid_xml":"https://content.openalex.org/works/W7213396160.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7213075792","https://openalex.org/W7206206023","https://openalex.org/W7168084539","https://openalex.org/W7154950228","https://openalex.org/W7168888567","https://openalex.org/W7167510791","https://openalex.org/W7153310647","https://openalex.org/W7204893805","https://openalex.org/W7167508303","https://openalex.org/W653747819"],"abstract_inverted_index":null,"counts_by_year":[],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2026-09-17T00:00:00"}