Nitin Gaur

I'll be at Insights2040 Annual Meetings in Singapore, 16–17 November 2026. This is the room where the people setting the direction for finance actually meet. Places are subject to approval, but no harm registering interest if you're keen.
Learn More: invt.io/1txbgcg218c

Better technology does not guarantee better information. Grossman and Stiglitz reminded us that information is costly, and fragmentation makes it costlier for some than others. Transparent ledgers do not add up to a transparent market.

I support the innovation exemptions. My ask is to vet, not block: fungibility and rights parity, price linkage across venues, resilience and resolution for new entrants, and a clear view of concentration.

4/ Better tech doesn’t mean better information. Transparent ledgers don’t add up to a transparent market. Regulators are right to grant innovation exemptions. Vet, don’t block: fungibility, price linkage, resilience, concentration. #Tokenization #MarketStructure

3/ That strains the premise of Reg NMS: many venues, one national market. Parallel venues, prices set while the primary market sleeps, one ticker with several instruments and rights. 20+ issuers have already opted out of tokenized trading of their shares.

2/ Each stack now brings its own venue, distribution, cash leg, custody and record. Distribution attracts assets, custody keeps them, programmable cash moves them, collateral locks them in. Each turn deepens one ecosystem, not the market.