Title

Structure, Clearinghouses and Symmetry

Document Type

Discussion Paper

Publication Date

5-1-2003

CFDP Number

1419

CFDP Pages

24

Abstract

We introduce and justify a taxonomy for the structure of markets and minimal institutions which appear in constructing minimally complex trading structures to perform the functions of price formation, settlement and payments. Each structure is presented as a playable strategic market game and is examined for its efficiency, the number of degrees of freedom and the symmetry properties of the structure.

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