Meta Requirement

MR-7 - Reduce room for opportunistic behavior

Information asymmetries can be found in many aspects of the bond token market; potential issuers often lack financial and credit history, counterparty and settlement risks exist, and processes are not transparent, hindering traceability and auditability. The prototype shall reduce information asymmetries as much as possible.

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design-knowledge/bond-markets-tokenization-tac-mr7

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Producer label: MR-7
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-mr7.md

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

Meta-requirement MR-7: Reduce room for opportunistic behavior

Information asymmetries can be found in many aspects of the bond token market. Potential issuers often lack financial and credit history. Further, counterparty and settlement risks exist. Also, the processes are not transparent, hindering traceability and auditability. The prototype shall reduce information asymmetries as much as possible.

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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2 Design Objectives

design-knowledge/bond-markets-tokenization-tac-do4

DO-4 - Optimized information sharing

The prototype should reduce information asymmetries, creating transparency across permitted stakeholders and reducing risk, while still ensuring investor privacy for data protection and banking confidentiality.

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

design-knowledge/bond-markets-tokenization-tac-do5

DO-5 - Ensure regulatory compliance (with MiCAR and eWpG)

The prototype must fully comply with the legal framework in Germany, covering both the token and specific regulatory requirements such as KYC and AML checks, forced transfer under judicial enforcement, and inclusion of a crypto securities registry (CSR).

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
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MR-7 - Reduce room for opportunistic behavior
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Designing the future of bond markets: Reducing transaction costs through tokenization
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Designing the future of bond markets: Reducing transaction costs through tokenization
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Resolved
Derived heading context: Source paper

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{
  "type": "meta-requirement",
  "title": "MR-7 - Reduce room for opportunistic behavior",
  "description": "Information asymmetries can be found in many aspects of the bond token market; potential issuers often lack financial and credit history, counterparty and settlement risks exist, and processes are not transparent, hindering traceability and auditability. The prototype shall reduce information asymmetries as much as possible.",
  "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-7",
  "tags": [
    "bond-markets-tokenization-tac",
    "meta-requirement",
    "finance-bonds",
    "tokenization",
    "transaction-costs",
    "securities"
  ]
}