Meta Requirement

MR-6 - Provision of secondary markets

Bonds are usually traded on OTC markets rather than on exchanges, as most bondholders are institutional investors, and secondary markets for trading bonds remain insufficient. The prototype shall provide sufficient secondary markets.

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design-knowledge/bond-markets-tokenization-tac-mr6

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Producer label: MR-6
Source paper: Designing the future of bond markets: Reducing transaction costs through tokenization
Timestamp: 2026-08-05T00:00:00+00:00
Bundle path: design-knowledge/bond-markets-tokenization-tac-mr6.md

bond-markets-tokenization-tacfinance-bondsmeta-requirementsecuritiestokenizationtransaction-costs

Meta-requirement MR-6: Provision of secondary markets

Source paper

This meta-requirement is proposed by Designing the future of bond markets: Reducing transaction costs through tokenization (David Cisar, Benjamin Schellinger, Jens-Christian Stoetzer, Vincent Gramlich, Tobias Guggenberger, Nils Urbach, Florian Lennart Weiss, 2025).

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1 Design Objective

design-knowledge/bond-markets-tokenization-tac-do3

DO-3 - Reduce access barriers (flexible issuance sizes and secondary market support)

The prototype should allow issuances of all sizes, reducing the barrier to consider bond issuances as a natural financing alternative, and should also support trading in secondary markets, not restricted by business hours or geographics.

bond-markets-tokenization-tacdesign-objectivefinance-bondssecurities+2

1 Paper

papers/bond-markets-tokenization-tac

Designing the future of bond markets: Reducing transaction costs through tokenization

Using a transaction-cost-theory lens, the paper identifies seven meta-requirements and derives five design objectives for an Ethereum-based bond prototype, from which it formulates five design principles for blockchain-based bond markets: apply modular design, exploit multi-token standards, automate on-chain payouts, restrict forced-transfer functions to regulators, and implement smart-contract-based crypto securities registers.

blockchainbond-markets-tokenization-tacdesign-science-researchfinance-bonds+3

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Designing the future of bond markets: Reducing transaction costs through tokenization
Paper
Source
MR-6 - Provision of secondary markets
Target
Designing the future of bond markets: Reducing transaction costs through tokenization
Link label
Designing the future of bond markets: Reducing transaction costs through tokenization
Status
Resolved
Derived heading context: Source paper

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{
  "type": "meta-requirement",
  "title": "MR-6 - Provision of secondary markets",
  "description": "Bonds are usually traded on OTC markets rather than on exchanges, as most bondholders are institutional investors, and secondary markets for trading bonds remain insufficient. The prototype shall provide sufficient secondary markets.",
  "resource": "https://doi.org/10.1007/s12525-025-00753-3",
  "source_paper": "Designing the future of bond markets: Reducing transaction costs through tokenization",
  "label": "MR-6",
  "tags": [
    "bond-markets-tokenization-tac",
    "meta-requirement",
    "finance-bonds",
    "tokenization",
    "transaction-costs",
    "securities"
  ]
}