id	sid	tid	token	lemma	pos
cblr-8636	1	1	microsoft	microsoft	PROPN
cblr-8636	1	2	word	word	NOUN
cblr-8636	1	3	6	6	NUM
cblr-8636	1	4	.	.	PUNCT
cblr-8636	2	1	fox	fox	PROPN
cblr-8636	2	2	et	et	PROPN
cblr-8636	2	3	al	al	PROPN
cblr-8636	2	4	.	.	PROPN
cblr-8636	3	1	(	(	PUNCT
cblr-8636	3	2	8	8	NUM
cblr-8636	3	3	-	-	SYM
cblr-8636	3	4	22	22	NUM
cblr-8636	3	5	-	-	SYM
cblr-8636	3	6	21	21	NUM
cblr-8636	3	7	9.05pm	9.05pm	NUM
cblr-8636	3	8	)	)	PUNCT
cblr-8636	3	9	fox	fox	NOUN
cblr-8636	3	10	et	et	PROPN
cblr-8636	3	11	al	al	PROPN
cblr-8636	3	12	.	.	PROPN
cblr-8636	4	1	8/22/2021	8/22/2021	NUM
cblr-8636	4	2	9:05	9:05	NUM
cblr-8636	4	3	pm	pm	NOUN
cblr-8636	4	4	distributed	distribute	VERB
cblr-8636	4	5	ledger	ledger	NOUN
cblr-8636	4	6	technology	technology	NOUN
cblr-8636	4	7	and	and	CCONJ
cblr-8636	4	8	the	the	DET
cblr-8636	4	9	securities	security	NOUN
cblr-8636	4	10	markets	market	NOUN
cblr-8636	4	11	of	of	ADP
cblr-8636	4	12	the	the	DET
cblr-8636	4	13	future	future	NOUN
cblr-8636	4	14	:	:	PUNCT
cblr-8636	4	15	a	a	DET
cblr-8636	4	16	stakeholder	stakeholder	NOUN
cblr-8636	4	17	survey	survey	NOUN
cblr-8636	4	18	merritt	merritt	PROPN
cblr-8636	4	19	b.	b.	PROPN
cblr-8636	4	20	fox	fox	PROPN
cblr-8636	4	21	,	,	PUNCT
cblr-8636	4	22	*	*	PUNCT
cblr-8636	4	23	lawrence	lawrence	PROPN
cblr-8636	4	24	r.	r.	PROPN
cblr-8636	4	25	glosten	glosten	PROPN
cblr-8636	4	26	,	,	PUNCT
cblr-8636	4	27	*	*	PROPN
cblr-8636	4	28	*	*	PROPN
cblr-8636	4	29	edward	edward	PROPN
cblr-8636	4	30	f.	f.	PROPN
cblr-8636	4	31	greene	greene	PROPN
cblr-8636	4	32	*	*	PROPN
cblr-8636	4	33	*	*	PROPN
cblr-8636	4	34	*	*	PROPN
cblr-8636	4	35	&	&	CCONJ
cblr-8636	4	36	sue	sue	PROPN
cblr-8636	4	37	s.	s.	PROPN
cblr-8636	4	38	guan	guan	PROPN
cblr-8636	4	39	*	*	PROPN
cblr-8636	4	40	*	*	PUNCT
cblr-8636	4	41	*	*	PUNCT
cblr-8636	4	42	*	*	PUNCT
cblr-8636	4	43	this	this	DET
cblr-8636	4	44	article	article	NOUN
cblr-8636	4	45	evaluates	evaluate	VERB
cblr-8636	4	46	the	the	DET
cblr-8636	4	47	implications	implication	NOUN
cblr-8636	4	48	of	of	ADP
cblr-8636	4	49	distributed	distribute	VERB
cblr-8636	4	50	ledger	ledger	NOUN
cblr-8636	4	51	technology	technology	NOUN
cblr-8636	4	52	(	(	PUNCT
cblr-8636	4	53	dlt	dlt	PROPN
cblr-8636	4	54	)	)	PUNCT
cblr-8636	4	55	for	for	ADP
cblr-8636	4	56	the	the	DET
cblr-8636	4	57	securities	security	NOUN
cblr-8636	4	58	markets	market	NOUN
cblr-8636	4	59	of	of	ADP
cblr-8636	4	60	the	the	DET
cblr-8636	4	61	future	future	NOUN
cblr-8636	4	62	and	and	CCONJ
cblr-8636	4	63	their	their	PRON
cblr-8636	4	64	regulation	regulation	NOUN
cblr-8636	4	65	.	.	PUNCT
cblr-8636	5	1	dlt	dlt	PROPN
cblr-8636	5	2	is	be	AUX
cblr-8636	5	3	an	an	DET
cblr-8636	5	4	integral	integral	ADJ
cblr-8636	5	5	part	part	NOUN
cblr-8636	5	6	of	of	ADP
cblr-8636	5	7	the	the	DET
cblr-8636	5	8	larger	large	ADJ
cblr-8636	5	9	revolution	revolution	NOUN
cblr-8636	5	10	in	in	ADP
cblr-8636	5	11	computing	computing	NOUN
cblr-8636	5	12	,	,	PUNCT
cblr-8636	5	13	communication	communication	NOUN
cblr-8636	5	14	and	and	CCONJ
cblr-8636	5	15	data	datum	NOUN
cblr-8636	5	16	storage	storage	NOUN
cblr-8636	5	17	capacity	capacity	NOUN
cblr-8636	5	18	that	that	PRON
cblr-8636	5	19	has	have	AUX
cblr-8636	5	20	transformed	transform	VERB
cblr-8636	5	21	securities	security	NOUN
cblr-8636	5	22	markets	market	NOUN
cblr-8636	5	23	over	over	ADP
cblr-8636	5	24	the	the	DET
cblr-8636	5	25	last	last	ADJ
cblr-8636	5	26	few	few	ADJ
cblr-8636	5	27	decades	decade	NOUN
cblr-8636	5	28	and	and	CCONJ
cblr-8636	5	29	promises	promise	VERB
cblr-8636	5	30	further	further	ADJ
cblr-8636	5	31	radical	radical	ADJ
cblr-8636	5	32	change	change	NOUN
cblr-8636	5	33	in	in	ADP
cblr-8636	5	34	the	the	DET
cblr-8636	5	35	years	year	NOUN
cblr-8636	5	36	to	to	PART
cblr-8636	5	37	come	come	VERB
cblr-8636	5	38	.	.	PUNCT
cblr-8636	6	1	the	the	DET
cblr-8636	6	2	potential	potential	NOUN
cblr-8636	6	3	of	of	ADP
cblr-8636	6	4	dlt	dlt	PROPN
cblr-8636	6	5	,	,	PUNCT
cblr-8636	6	6	if	if	SCONJ
cblr-8636	6	7	it	it	PRON
cblr-8636	6	8	can	can	AUX
cblr-8636	6	9	be	be	AUX
cblr-8636	6	10	realized	realize	VERB
cblr-8636	6	11	,	,	PUNCT
cblr-8636	6	12	could	could	AUX
cblr-8636	6	13	improve	improve	VERB
cblr-8636	6	14	the	the	DET
cblr-8636	6	15	functioning	functioning	NOUN
cblr-8636	6	16	of	of	ADP
cblr-8636	6	17	our	our	PRON
cblr-8636	6	18	securities	security	NOUN
cblr-8636	6	19	markets	market	NOUN
cblr-8636	6	20	while	while	SCONJ
cblr-8636	6	21	at	at	ADP
cblr-8636	6	22	the	the	DET
cblr-8636	6	23	same	same	ADJ
cblr-8636	6	24	time	time	NOUN
cblr-8636	6	25	sharply	sharply	ADV
cblr-8636	6	26	reducing	reduce	VERB
cblr-8636	6	27	costs	cost	NOUN
cblr-8636	6	28	.	.	PUNCT
cblr-8636	7	1	based	base	VERB
cblr-8636	7	2	on	on	ADP
cblr-8636	7	3	an	an	DET
cblr-8636	7	4	interview	interview	NOUN
cblr-8636	7	5	survey	survey	NOUN
cblr-8636	7	6	of	of	ADP
cblr-8636	7	7	about	about	ADV
cblr-8636	7	8	100	100	NUM
cblr-8636	7	9	persons	person	NOUN
cblr-8636	7	10	who	who	PRON
cblr-8636	7	11	play	play	VERB
cblr-8636	7	12	prominent	prominent	ADJ
cblr-8636	7	13	roles	role	NOUN
cblr-8636	7	14	in	in	ADP
cblr-8636	7	15	actually	actually	ADV
cblr-8636	7	16	making	make	VERB
cblr-8636	7	17	these	these	DET
cblr-8636	7	18	markets	market	NOUN
cblr-8636	7	19	work	work	VERB
cblr-8636	7	20	or	or	CCONJ
cblr-8636	7	21	in	in	ADP
cblr-8636	7	22	regulating	regulate	VERB
cblr-8636	7	23	them	they	PRON
cblr-8636	7	24	,	,	PUNCT
cblr-8636	7	25	this	this	DET
cblr-8636	7	26	article	article	NOUN
cblr-8636	7	27	reports	report	VERB
cblr-8636	7	28	on	on	ADP
cblr-8636	7	29	the	the	DET
cblr-8636	7	30	most	most	ADV
cblr-8636	7	31	important	important	ADJ
cblr-8636	7	32	topics	topic	NOUN
cblr-8636	7	33	and	and	CCONJ
cblr-8636	7	34	themes	theme	NOUN
cblr-8636	7	35	that	that	PRON
cblr-8636	7	36	have	have	AUX
cblr-8636	7	37	emerged	emerge	VERB
cblr-8636	7	38	from	from	ADP
cblr-8636	7	39	the	the	DET
cblr-8636	7	40	wide	wide	ADJ
cblr-8636	7	41	range	range	NOUN
cblr-8636	7	42	of	of	ADP
cblr-8636	7	43	interviewees	interviewee	NOUN
cblr-8636	7	44	’	’	PART
cblr-8636	7	45	opinions	opinion	NOUN
cblr-8636	7	46	about	about	ADP
cblr-8636	7	47	the	the	DET
cblr-8636	7	48	extent	extent	NOUN
cblr-8636	7	49	to	to	PART
cblr-8636	7	50	which	which	PRON
cblr-8636	7	51	dlt	dlt	PROPN
cblr-8636	7	52	will	will	AUX
cblr-8636	7	53	affect	affect	VERB
cblr-8636	7	54	the	the	DET
cblr-8636	7	55	future	future	NOUN
cblr-8636	7	56	of	of	ADP
cblr-8636	7	57	securities	security	NOUN
cblr-8636	7	58	markets	market	NOUN
cblr-8636	7	59	and	and	CCONJ
cblr-8636	7	60	their	their	PRON
cblr-8636	7	61	regulation	regulation	NOUN
cblr-8636	7	62	.	.	PUNCT
cblr-8636	8	1	a	a	DET
cblr-8636	8	2	significant	significant	ADJ
cblr-8636	8	3	number	number	NOUN
cblr-8636	8	4	saw	see	VERB
cblr-8636	8	5	the	the	DET
cblr-8636	8	6	*	*	PUNCT
cblr-8636	8	7	arthur	arthur	PROPN
cblr-8636	8	8	levitt	levitt	PROPN
cblr-8636	8	9	professor	professor	PROPN
cblr-8636	8	10	of	of	ADP
cblr-8636	8	11	law	law	NOUN
cblr-8636	8	12	;	;	PUNCT
cblr-8636	8	13	co	co	NOUN
cblr-8636	8	14	-	-	NOUN
cblr-8636	8	15	director	director	NOUN
cblr-8636	8	16	,	,	PUNCT
cblr-8636	8	17	center	center	NOUN
cblr-8636	8	18	for	for	ADP
cblr-8636	8	19	law	law	NOUN
cblr-8636	8	20	and	and	CCONJ
cblr-8636	8	21	economic	economic	ADJ
cblr-8636	8	22	studies	study	NOUN
cblr-8636	8	23	;	;	PUNCT
cblr-8636	8	24	co	co	NOUN
cblr-8636	8	25	-	-	NOUN
cblr-8636	8	26	director	director	NOUN
cblr-8636	8	27	,	,	PUNCT
cblr-8636	8	28	the	the	DET
cblr-8636	8	29	program	program	NOUN
cblr-8636	8	30	in	in	ADP
cblr-8636	8	31	the	the	DET
cblr-8636	8	32	law	law	NOUN
cblr-8636	8	33	and	and	CCONJ
cblr-8636	8	34	economics	economic	NOUN
cblr-8636	8	35	of	of	ADP
cblr-8636	8	36	capital	capital	NOUN
cblr-8636	8	37	markets	market	NOUN
cblr-8636	8	38	,	,	PUNCT
cblr-8636	8	39	columbia	columbia	PROPN
cblr-8636	8	40	law	law	NOUN
cblr-8636	8	41	school	school	NOUN
cblr-8636	8	42	.	.	PUNCT
cblr-8636	9	1	*	*	PUNCT
cblr-8636	9	2	*	*	PUNCT
cblr-8636	9	3	s.	s.	PROPN
cblr-8636	9	4	sloan	sloan	PROPN
cblr-8636	9	5	colt	colt	PROPN
cblr-8636	9	6	professor	professor	NOUN
cblr-8636	9	7	of	of	ADP
cblr-8636	9	8	banking	banking	NOUN
cblr-8636	9	9	and	and	CCONJ
cblr-8636	9	10	international	international	ADJ
cblr-8636	9	11	finance	finance	NOUN
cblr-8636	9	12	,	,	PUNCT
cblr-8636	9	13	columbia	columbia	PROPN
cblr-8636	9	14	business	business	NOUN
cblr-8636	9	15	school	school	PROPN
cblr-8636	9	16	.	.	PUNCT
cblr-8636	10	1	*	*	PUNCT
cblr-8636	10	2	*	*	PUNCT
cblr-8636	10	3	*	*	VERB
cblr-8636	10	4	edward	edward	PROPN
cblr-8636	10	5	f.	f.	PROPN
cblr-8636	10	6	greene	greene	PROPN
cblr-8636	10	7	is	be	AUX
cblr-8636	10	8	currently	currently	ADV
cblr-8636	10	9	senior	senior	ADJ
cblr-8636	10	10	counsel	counsel	NOUN
cblr-8636	10	11	and	and	CCONJ
cblr-8636	10	12	was	be	AUX
cblr-8636	10	13	formerly	formerly	ADV
cblr-8636	10	14	a	a	DET
cblr-8636	10	15	partner	partner	NOUN
cblr-8636	10	16	in	in	ADP
cblr-8636	10	17	the	the	DET
cblr-8636	10	18	new	new	PROPN
cblr-8636	10	19	york	york	PROPN
cblr-8636	10	20	office	office	PROPN
cblr-8636	10	21	of	of	ADP
cblr-8636	10	22	cleary	cleary	PROPN
cblr-8636	10	23	gottlieb	gottlieb	PROPN
cblr-8636	10	24	steen	steen	PROPN
cblr-8636	10	25	&	&	CCONJ
cblr-8636	10	26	hamilton	hamilton	PROPN
cblr-8636	10	27	llp	llp	PROPN
cblr-8636	10	28	.	.	PUNCT
cblr-8636	11	1	mr	mr	PROPN
cblr-8636	11	2	.	.	PROPN
cblr-8636	11	3	greene	greene	PROPN
cblr-8636	11	4	is	be	AUX
cblr-8636	11	5	also	also	ADV
cblr-8636	11	6	a	a	DET
cblr-8636	11	7	senior	senior	ADJ
cblr-8636	11	8	research	research	NOUN
cblr-8636	11	9	scholar	scholar	NOUN
cblr-8636	11	10	&	&	CCONJ
cblr-8636	11	11	lecturer	lecturer	PROPN
cblr-8636	11	12	-	-	PUNCT
cblr-8636	11	13	in	in	ADP
cblr-8636	11	14	-	-	PUNCT
cblr-8636	11	15	law	law	NOUN
cblr-8636	11	16	at	at	ADP
cblr-8636	11	17	columbia	columbia	PROPN
cblr-8636	11	18	law	law	PROPN
cblr-8636	11	19	school	school	NOUN
cblr-8636	11	20	,	,	PUNCT
cblr-8636	11	21	and	and	CCONJ
cblr-8636	11	22	a	a	DET
cblr-8636	11	23	co	co	NOUN
cblr-8636	11	24	-	-	NOUN
cblr-8636	11	25	director	director	NOUN
cblr-8636	11	26	of	of	ADP
cblr-8636	11	27	the	the	DET
cblr-8636	11	28	program	program	NOUN
cblr-8636	11	29	in	in	ADP
cblr-8636	11	30	the	the	DET
cblr-8636	11	31	law	law	NOUN
cblr-8636	11	32	and	and	CCONJ
cblr-8636	11	33	economics	economic	NOUN
cblr-8636	11	34	of	of	ADP
cblr-8636	11	35	capital	capital	NOUN
cblr-8636	11	36	markets	market	NOUN
cblr-8636	11	37	at	at	ADP
cblr-8636	11	38	columbia	columbia	PROPN
cblr-8636	11	39	law	law	PROPN
cblr-8636	11	40	school	school	PROPN
cblr-8636	11	41	and	and	CCONJ
cblr-8636	11	42	columbia	columbia	PROPN
cblr-8636	11	43	business	business	NOUN
cblr-8636	11	44	school	school	PROPN
cblr-8636	11	45	.	.	PUNCT
cblr-8636	12	1	mr	mr	PROPN
cblr-8636	12	2	.	.	PROPN
cblr-8636	12	3	greene	greene	PROPN
cblr-8636	12	4	served	serve	VERB
cblr-8636	12	5	as	as	ADP
cblr-8636	12	6	general	general	ADJ
cblr-8636	12	7	counsel	counsel	NOUN
cblr-8636	12	8	of	of	ADP
cblr-8636	12	9	the	the	DET
cblr-8636	12	10	securities	securities	PROPN
cblr-8636	12	11	and	and	CCONJ
cblr-8636	12	12	exchange	exchange	PROPN
cblr-8636	12	13	commission	commission	PROPN
cblr-8636	12	14	from	from	ADP
cblr-8636	12	15	1981	1981	NUM
cblr-8636	12	16	to	to	ADP
cblr-8636	12	17	1982	1982	NUM
cblr-8636	12	18	and	and	CCONJ
cblr-8636	12	19	director	director	NOUN
cblr-8636	12	20	of	of	ADP
cblr-8636	12	21	the	the	DET
cblr-8636	12	22	division	division	NOUN
cblr-8636	12	23	of	of	ADP
cblr-8636	12	24	corporation	corporation	NOUN
cblr-8636	12	25	finance	finance	NOUN
cblr-8636	12	26	from	from	ADP
cblr-8636	12	27	1979	1979	NUM
cblr-8636	12	28	to	to	ADP
cblr-8636	12	29	1981	1981	NUM
cblr-8636	12	30	.	.	PUNCT
cblr-8636	13	1	from	from	ADP
cblr-8636	13	2	2004	2004	NUM
cblr-8636	13	3	to	to	ADP
cblr-8636	13	4	2008	2008	NUM
cblr-8636	13	5	,	,	PUNCT
cblr-8636	13	6	mr	mr	PROPN
cblr-8636	13	7	.	.	PROPN
cblr-8636	13	8	greene	greene	PROPN
cblr-8636	13	9	served	serve	VERB
cblr-8636	13	10	as	as	ADP
cblr-8636	13	11	general	general	ADJ
cblr-8636	13	12	counsel	counsel	NOUN
cblr-8636	13	13	of	of	ADP
cblr-8636	13	14	citigroup	citigroup	PROPN
cblr-8636	13	15	’s	’s	PART
cblr-8636	13	16	institutional	institutional	ADJ
cblr-8636	13	17	clients	client	NOUN
cblr-8636	13	18	group	group	NOUN
cblr-8636	13	19	.	.	PUNCT
cblr-8636	14	1	*	*	PUNCT
cblr-8636	15	1	*	*	PUNCT
cblr-8636	15	2	*	*	PUNCT
cblr-8636	15	3	*	*	PUNCT
cblr-8636	15	4	assistant	assistant	NOUN
cblr-8636	15	5	professor	professor	NOUN
cblr-8636	15	6	of	of	ADP
cblr-8636	15	7	law	law	NOUN
cblr-8636	15	8	,	,	PUNCT
cblr-8636	15	9	santa	santa	PROPN
cblr-8636	15	10	clara	clara	PROPN
cblr-8636	15	11	university	university	PROPN
cblr-8636	15	12	school	school	NOUN
cblr-8636	15	13	of	of	ADP
cblr-8636	15	14	law	law	NOUN
cblr-8636	15	15	.	.	PUNCT
cblr-8636	16	1	fox	fox	PROPN
cblr-8636	16	2	et	et	PROPN
cblr-8636	16	3	al	al	PROPN
cblr-8636	16	4	.	.	PROPN
cblr-8636	17	1	8/22/2021	8/22/2021	NUM
cblr-8636	17	2	9:05	9:05	NUM
cblr-8636	17	3	pm	pm	NOUN
cblr-8636	17	4	652	652	NUM
cblr-8636	17	5	columbia	columbia	PROPN
cblr-8636	17	6	business	business	NOUN
cblr-8636	17	7	law	law	PROPN
cblr-8636	17	8	review	review	NOUN
cblr-8636	17	9	[	[	X
cblr-8636	17	10	vol	vol	NOUN
cblr-8636	17	11	.	.	PUNCT
cblr-8636	17	12	2021	2021	NUM
cblr-8636	17	13	potential	potential	NOUN
cblr-8636	17	14	for	for	SCONJ
cblr-8636	17	15	dlt	dlt	PROPN
cblr-8636	17	16	to	to	PART
cblr-8636	17	17	transform	transform	VERB
cblr-8636	17	18	securities	security	NOUN
cblr-8636	17	19	markets	market	NOUN
cblr-8636	17	20	and	and	CCONJ
cblr-8636	17	21	market	market	NOUN
cblr-8636	17	22	structure	structure	NOUN
cblr-8636	17	23	,	,	PUNCT
cblr-8636	17	24	from	from	ADP
cblr-8636	17	25	the	the	DET
cblr-8636	17	26	possibility	possibility	NOUN
cblr-8636	17	27	of	of	ADP
cblr-8636	17	28	stock	stock	NOUN
cblr-8636	17	29	trading	trading	NOUN
cblr-8636	17	30	on	on	ADP
cblr-8636	17	31	dlt	dlt	PROPN
cblr-8636	17	32	to	to	ADP
cblr-8636	17	33	the	the	DET
cblr-8636	17	34	potential	potential	ADJ
cblr-8636	17	35	impact	impact	NOUN
cblr-8636	17	36	on	on	ADP
cblr-8636	17	37	intermediaries	intermediary	NOUN
cblr-8636	17	38	,	,	PUNCT
cblr-8636	17	39	the	the	DET
cblr-8636	17	40	ordinary	ordinary	ADJ
cblr-8636	17	41	retail	retail	ADJ
cblr-8636	17	42	investor	investor	NOUN
cblr-8636	17	43	,	,	PUNCT
cblr-8636	17	44	and	and	CCONJ
cblr-8636	17	45	on	on	ADP
cblr-8636	17	46	preventing	prevent	VERB
cblr-8636	17	47	wrongdoing	wrongdoing	NOUN
cblr-8636	17	48	in	in	ADP
cblr-8636	17	49	the	the	DET
cblr-8636	17	50	stock	stock	NOUN
cblr-8636	17	51	market	market	NOUN
cblr-8636	17	52	.	.	PUNCT
cblr-8636	18	1	however	however	ADV
cblr-8636	18	2	,	,	PUNCT
cblr-8636	18	3	key	key	ADJ
cblr-8636	18	4	questions	question	NOUN
cblr-8636	18	5	remain	remain	VERB
cblr-8636	18	6	about	about	ADP
cblr-8636	18	7	implementation	implementation	NOUN
cblr-8636	18	8	and	and	CCONJ
cblr-8636	18	9	the	the	DET
cblr-8636	18	10	appetite	appetite	NOUN
cblr-8636	18	11	for	for	ADP
cblr-8636	18	12	making	make	VERB
cblr-8636	18	13	dlt	dlt	PROPN
cblr-8636	18	14	-	-	PUNCT
cblr-8636	18	15	based	base	VERB
cblr-8636	18	16	changes	change	NOUN
cblr-8636	18	17	among	among	ADP
cblr-8636	18	18	both	both	DET
cblr-8636	18	19	market	market	NOUN
cblr-8636	18	20	participants	participant	NOUN
cblr-8636	18	21	and	and	CCONJ
cblr-8636	18	22	regulators	regulator	NOUN
cblr-8636	18	23	.	.	PUNCT
cblr-8636	19	1	i.	i.	PROPN
cblr-8636	19	2	introduction	introduction	NOUN
cblr-8636	19	3	...............................................................	...............................................................	PUNCT
cblr-8636	19	4	653	653	NUM
cblr-8636	19	5	ii	ii	NOUN
cblr-8636	19	6	.	.	PUNCT
cblr-8636	20	1	the	the	DET
cblr-8636	20	2	survey	survey	NOUN
cblr-8636	20	3	.................................................................	.................................................................	PUNCT
cblr-8636	20	4	656	656	NUM
cblr-8636	20	5	iii	iii	NOUN
cblr-8636	20	6	.	.	PUNCT
cblr-8636	21	1	the	the	DET
cblr-8636	21	2	overall	overall	ADJ
cblr-8636	21	3	potential	potential	NOUN
cblr-8636	21	4	of	of	ADP
cblr-8636	21	5	dlt	dlt	PROPN
cblr-8636	21	6	....................................	....................................	PUNCT
cblr-8636	21	7	659	659	NUM
cblr-8636	21	8	iv	iv	NOUN
cblr-8636	21	9	.	.	PUNCT
cblr-8636	21	10	public	public	ADJ
cblr-8636	21	11	trading	trading	NOUN
cblr-8636	21	12	and	and	CCONJ
cblr-8636	21	13	offering	offering	NOUN
cblr-8636	21	14	of	of	ADP
cblr-8636	21	15	stocks	stock	NOUN
cblr-8636	21	16	on	on	ADP
cblr-8636	21	17	dlt	dlt	PROPN
cblr-8636	21	18	?	?	PUNCT
cblr-8636	21	19	.......	.......	PUNCT
cblr-8636	22	1	660	660	NUM
cblr-8636	22	2	a.	a.	NOUN
cblr-8636	22	3	potential	potential	ADJ
cblr-8636	22	4	advantages	advantage	NOUN
cblr-8636	22	5	..........................................	..........................................	PUNCT
cblr-8636	22	6	660	660	NUM
cblr-8636	22	7	b.	b.	NOUN
cblr-8636	22	8	views	view	NOUN
cblr-8636	22	9	of	of	ADP
cblr-8636	22	10	interviewees	interviewee	NOUN
cblr-8636	22	11	as	as	ADP
cblr-8636	22	12	to	to	ADP
cblr-8636	22	13	the	the	DET
cblr-8636	22	14	potential	potential	NOUN
cblr-8636	22	15	for	for	ADP
cblr-8636	22	16	trading	trading	NOUN
cblr-8636	22	17	and	and	CCONJ
cblr-8636	22	18	offering	offer	VERB
cblr-8636	22	19	stock	stock	NOUN
cblr-8636	22	20	using	use	VERB
cblr-8636	22	21	dlt	dlt	PROPN
cblr-8636	22	22	..............	..............	PUNCT
cblr-8636	22	23	663	663	NUM
cblr-8636	22	24	c.	c.	NOUN
cblr-8636	22	25	problems	problem	NOUN
cblr-8636	22	26	implementing	implement	VERB
cblr-8636	22	27	dlt	dlt	PROPN
cblr-8636	22	28	-	-	PUNCT
cblr-8636	22	29	based	base	VERB
cblr-8636	22	30	systems	system	NOUN
cblr-8636	22	31	for	for	ADP
cblr-8636	22	32	securities	security	NOUN
cblr-8636	22	33	.............................................................	.............................................................	PUNCT
cblr-8636	22	34	665	665	NUM
cblr-8636	22	35	d.	d.	NOUN
cblr-8636	22	36	summation	summation	NOUN
cblr-8636	22	37	and	and	CCONJ
cblr-8636	22	38	questions	question	NOUN
cblr-8636	22	39	going	go	VERB
cblr-8636	22	40	forward	forward	ADV
cblr-8636	22	41	........	........	PUNCT
cblr-8636	23	1	670	670	NUM
cblr-8636	23	2	v.	v.	ADP
cblr-8636	23	3	market	market	NOUN
cblr-8636	23	4	structure	structure	NOUN
cblr-8636	23	5	.......................................................	.......................................................	PUNCT
cblr-8636	24	1	670	670	NUM
cblr-8636	24	2	a.	a.	NOUN
cblr-8636	24	3	fees	fee	NOUN
cblr-8636	24	4	for	for	ADP
cblr-8636	24	5	proprietary	proprietary	ADJ
cblr-8636	24	6	data	datum	NOUN
cblr-8636	24	7	...................................	...................................	PUNCT
cblr-8636	24	8	671	671	NUM
cblr-8636	24	9	b.	b.	NOUN
cblr-8636	24	10	rebates	rebate	NOUN
cblr-8636	24	11	and	and	CCONJ
cblr-8636	24	12	user	user	NOUN
cblr-8636	24	13	fees	fee	NOUN
cblr-8636	24	14	........................................	........................................	PUNCT
cblr-8636	24	15	674	674	NUM
cblr-8636	24	16	c.	c.	NOUN
cblr-8636	24	17	order	order	NOUN
cblr-8636	24	18	protection	protection	NOUN
cblr-8636	24	19	rule	rule	NOUN
cblr-8636	24	20	.........................................	.........................................	PUNCT
cblr-8636	24	21	675	675	NUM
cblr-8636	24	22	d.	d.	NOUN
cblr-8636	24	23	fragmentation	fragmentation	NOUN
cblr-8636	24	24	.....................................................	.....................................................	PUNCT
cblr-8636	24	25	676	676	NUM
cblr-8636	24	26	e.	e.	PROPN
cblr-8636	24	27	special	special	ADJ
cblr-8636	24	28	regulatory	regulatory	ADJ
cblr-8636	24	29	status	status	NOUN
cblr-8636	24	30	of	of	ADP
cblr-8636	24	31	the	the	DET
cblr-8636	24	32	stock	stock	NOUN
cblr-8636	24	33	exchanges	exchange	NOUN
cblr-8636	24	34	.................................................	.................................................	PUNCT
cblr-8636	24	35	678	678	NUM
cblr-8636	24	36	f.	f.	NOUN
cblr-8636	24	37	the	the	DET
cblr-8636	24	38	technological	technological	ADJ
cblr-8636	24	39	arms	arm	NOUN
cblr-8636	24	40	race	race	NOUN
cblr-8636	24	41	.............................	.............................	PUNCT
cblr-8636	24	42	679	679	NUM
cblr-8636	24	43	g.	g.	NOUN
cblr-8636	24	44	the	the	DET
cblr-8636	24	45	quality	quality	NOUN
cblr-8636	24	46	of	of	ADP
cblr-8636	24	47	the	the	DET
cblr-8636	24	48	market	market	NOUN
cblr-8636	24	49	for	for	ADP
cblr-8636	24	50	large	large	ADJ
cblr-8636	24	51	issuer	issuer	ADJ
cblr-8636	24	52	stocks	stock	NOUN
cblr-8636	24	53	versus	versus	ADP
cblr-8636	24	54	that	that	PRON
cblr-8636	24	55	for	for	ADP
cblr-8636	24	56	smaller	small	ADJ
cblr-8636	24	57	issuer	issuer	NOUN
cblr-8636	24	58	stocks	stock	NOUN
cblr-8636	24	59	................	................	PUNCT
cblr-8636	25	1	680	680	NUM
cblr-8636	25	2	h.	h.	NOUN
cblr-8636	25	3	debt	debt	NOUN
cblr-8636	25	4	markets	market	NOUN
cblr-8636	25	5	.......................................................	.......................................................	PUNCT
cblr-8636	26	1	681	681	NUM
cblr-8636	26	2	i.	i.	NOUN
cblr-8636	26	3	summation	summation	NOUN
cblr-8636	26	4	and	and	CCONJ
cblr-8636	26	5	questions	question	NOUN
cblr-8636	26	6	going	go	VERB
cblr-8636	26	7	forward	forward	ADV
cblr-8636	26	8	........	........	PUNCT
cblr-8636	27	1	682	682	NUM
cblr-8636	27	2	vi	vi	NOUN
cblr-8636	27	3	.	.	PUNCT
cblr-8636	28	1	public	public	ADJ
cblr-8636	28	2	versus	versus	ADP
cblr-8636	28	3	private	private	ADJ
cblr-8636	28	4	markets	market	NOUN
cblr-8636	28	5	..................................	..................................	PUNCT
cblr-8636	29	1	682	682	NUM
cblr-8636	29	2	a.	a.	NOUN
cblr-8636	29	3	the	the	DET
cblr-8636	29	4	potential	potential	ADJ
cblr-8636	29	5	impact	impact	NOUN
cblr-8636	29	6	of	of	ADP
cblr-8636	29	7	dlt	dlt	PROPN
cblr-8636	29	8	on	on	ADP
cblr-8636	29	9	the	the	DET
cblr-8636	29	10	relative	relative	ADJ
cblr-8636	29	11	size	size	NOUN
cblr-8636	29	12	of	of	ADP
cblr-8636	29	13	private	private	ADJ
cblr-8636	29	14	versus	versus	ADP
cblr-8636	29	15	public	public	ADJ
cblr-8636	29	16	markets	market	NOUN
cblr-8636	29	17	.......................	.......................	PUNCT
cblr-8636	29	18	684	684	NUM
cblr-8636	29	19	b.	b.	PROPN
cblr-8636	29	20	issues	issue	NOUN
cblr-8636	29	21	related	relate	VERB
cblr-8636	29	22	to	to	ADP
cblr-8636	29	23	the	the	DET
cblr-8636	29	24	public	public	ADJ
cblr-8636	29	25	/	/	SYM
cblr-8636	29	26	private	private	ADJ
cblr-8636	29	27	market	market	NOUN
cblr-8636	29	28	divide	divide	NOUN
cblr-8636	29	29	......................................................	......................................................	PUNCT
cblr-8636	29	30	687	687	NUM
cblr-8636	29	31	c.	c.	NOUN
cblr-8636	29	32	summary	summary	NOUN
cblr-8636	29	33	and	and	CCONJ
cblr-8636	29	34	questions	question	NOUN
cblr-8636	29	35	going	go	VERB
cblr-8636	29	36	forward	forward	ADV
cblr-8636	29	37	...........	...........	PUNCT
cblr-8636	29	38	690	690	NUM
cblr-8636	29	39	vii	vii	PROPN
cblr-8636	29	40	.	.	PUNCT
cblr-8636	30	1	the	the	DET
cblr-8636	30	2	ordinary	ordinary	ADJ
cblr-8636	30	3	investor	investor	NOUN
cblr-8636	30	4	...............................................	...............................................	PUNCT
cblr-8636	30	5	691	691	NUM
cblr-8636	30	6	viii	viii	NOUN
cblr-8636	30	7	.	.	PUNCT
cblr-8636	31	1	intermediaries	intermediary	NOUN
cblr-8636	31	2	...........................................................	...........................................................	PUNCT
cblr-8636	32	1	696	696	NUM
cblr-8636	32	2	fox	fox	NOUN
cblr-8636	32	3	et	et	PROPN
cblr-8636	32	4	al	al	PROPN
cblr-8636	32	5	.	.	PROPN
cblr-8636	33	1	8/22/2021	8/22/2021	NUM
cblr-8636	33	2	9:05	9:05	NUM
cblr-8636	33	3	pm	pm	NOUN
cblr-8636	33	4	no	no	INTJ
cblr-8636	33	5	.	.	PUNCT
cblr-8636	34	1	2:651	2:651	NUM
cblr-8636	34	2	]	]	X
cblr-8636	34	3	a	a	DET
cblr-8636	34	4	stakeholder	stakeholder	NOUN
cblr-8636	34	5	survey	survey	VERB
cblr-8636	34	6	653	653	NUM
cblr-8636	34	7	a.	a.	NOUN
cblr-8636	34	8	the	the	DET
cblr-8636	34	9	shrinking	shrink	VERB
cblr-8636	34	10	role	role	NOUN
cblr-8636	34	11	of	of	ADP
cblr-8636	34	12	brokers	broker	NOUN
cblr-8636	34	13	for	for	ADP
cblr-8636	34	14	ordinary	ordinary	ADJ
cblr-8636	34	15	investors	investor	NOUN
cblr-8636	34	16	..............................................................	..............................................................	PUNCT
cblr-8636	35	1	696	696	NUM
cblr-8636	35	2	b.	b.	NOUN
cblr-8636	35	3	redefinition	redefinition	NOUN
cblr-8636	35	4	of	of	ADP
cblr-8636	35	5	duties	duty	NOUN
cblr-8636	35	6	..........................................	..........................................	PUNCT
cblr-8636	36	1	697	697	NUM
cblr-8636	36	2	c.	c.	NOUN
cblr-8636	36	3	conclusion	conclusion	NOUN
cblr-8636	36	4	...........................................................	...........................................................	PUNCT
cblr-8636	37	1	698	698	NUM
cblr-8636	37	2	ix	ix	ADJ
cblr-8636	37	3	.	.	PUNCT
cblr-8636	38	1	wrongdoing	wrongdoing	NOUN
cblr-8636	38	2	................................................................	................................................................	PUNCT
cblr-8636	39	1	699	699	NUM
cblr-8636	39	2	x.	x.	NOUN
cblr-8636	39	3	digital	digital	ADJ
cblr-8636	39	4	coins	coin	NOUN
cblr-8636	39	5	..............................................................	..............................................................	PUNCT
cblr-8636	39	6	701	701	NUM
cblr-8636	39	7	xi	xi	NOUN
cblr-8636	39	8	.	.	PUNCT
cblr-8636	40	1	regulatory	regulatory	ADJ
cblr-8636	40	2	learning	learning	NOUN
cblr-8636	40	3	..................................................	..................................................	PUNCT
cblr-8636	41	1	702	702	NUM
cblr-8636	41	2	xii	xii	NOUN
cblr-8636	41	3	.	.	PUNCT
cblr-8636	42	1	conclusion	conclusion	NOUN
cblr-8636	42	2	..................................................................	..................................................................	PUNCT
cblr-8636	43	1	706	706	NUM
cblr-8636	43	2	xiii	xiii	NOUN
cblr-8636	43	3	.	.	PUNCT
cblr-8636	44	1	appendices	appendix	NOUN
cblr-8636	44	2	.................................................................	.................................................................	PUNCT
cblr-8636	45	1	706	706	NUM
cblr-8636	45	2	appendix	appendix	VERB
cblr-8636	45	3	a	a	PRON
cblr-8636	45	4	:	:	PUNCT
cblr-8636	45	5	june	june	PROPN
cblr-8636	45	6	25	25	NUM
cblr-8636	45	7	,	,	PUNCT
cblr-8636	45	8	2019	2019	NUM
cblr-8636	45	9	roundtable	roundtable	ADJ
cblr-8636	45	10	attendees	attendee	NOUN
cblr-8636	45	11	...	...	PUNCT
cblr-8636	45	12	706	706	NUM
cblr-8636	45	13	appendix	appendix	NOUN
cblr-8636	45	14	b	b	NOUN
cblr-8636	45	15	:	:	PUNCT
cblr-8636	45	16	survey	survey	NOUN
cblr-8636	45	17	interviews	interview	NOUN
cblr-8636	45	18	conducted	conduct	VERB
cblr-8636	45	19	to	to	ADP
cblr-8636	45	20	date	date	NOUN
cblr-8636	45	21	..	..	PUNCT
cblr-8636	45	22	707	707	NUM
cblr-8636	45	23	appendix	appendix	VERB
cblr-8636	45	24	c	c	NOUN
cblr-8636	45	25	:	:	PUNCT
cblr-8636	45	26	questions	question	NOUN
cblr-8636	45	27	sent	send	VERB
cblr-8636	45	28	stakeholder	stakeholder	NOUN
cblr-8636	45	29	survey	survey	VERB
cblr-8636	45	30	interviewees	interviewee	NOUN
cblr-8636	45	31	in	in	ADP
cblr-8636	45	32	advance	advance	NOUN
cblr-8636	45	33	............................................	............................................	PUNCT
cblr-8636	45	34	710	710	NUM
cblr-8636	45	35	i.	i.	NOUN
cblr-8636	45	36	introduction	introduction	NOUN
cblr-8636	45	37	information	information	NOUN
cblr-8636	45	38	and	and	CCONJ
cblr-8636	45	39	securities	security	NOUN
cblr-8636	45	40	markets	market	NOUN
cblr-8636	45	41	have	have	AUX
cblr-8636	45	42	always	always	ADV
cblr-8636	45	43	been	be	AUX
cblr-8636	45	44	tightly	tightly	ADV
cblr-8636	45	45	intertwined	intertwine	VERB
cblr-8636	45	46	.	.	PUNCT
cblr-8636	46	1	over	over	ADP
cblr-8636	46	2	history	history	NOUN
cblr-8636	46	3	,	,	PUNCT
cblr-8636	46	4	progress	progress	VERB
cblr-8636	46	5	around	around	ADP
cblr-8636	46	6	the	the	DET
cblr-8636	46	7	communication	communication	NOUN
cblr-8636	46	8	and	and	CCONJ
cblr-8636	46	9	processing	processing	NOUN
cblr-8636	46	10	of	of	ADP
cblr-8636	46	11	information	information	NOUN
cblr-8636	46	12	has	have	AUX
cblr-8636	46	13	brought	bring	VERB
cblr-8636	46	14	successive	successive	ADJ
cblr-8636	46	15	transformations	transformation	NOUN
cblr-8636	46	16	in	in	ADP
cblr-8636	46	17	how	how	SCONJ
cblr-8636	46	18	these	these	DET
cblr-8636	46	19	markets	market	NOUN
cblr-8636	46	20	operate.1	operate.1	PROPN
cblr-8636	46	21	with	with	ADP
cblr-8636	46	22	each	each	PRON
cblr-8636	46	23	of	of	ADP
cblr-8636	46	24	these	these	DET
cblr-8636	46	25	transformations	transformation	NOUN
cblr-8636	46	26	has	have	AUX
cblr-8636	46	27	come	come	VERB
cblr-8636	46	28	a	a	DET
cblr-8636	46	29	new	new	ADJ
cblr-8636	46	30	set	set	NOUN
cblr-8636	46	31	of	of	ADP
cblr-8636	46	32	regulatory	regulatory	ADJ
cblr-8636	46	33	challenges	challenge	NOUN
cblr-8636	46	34	and	and	CCONJ
cblr-8636	46	35	opportunities.2	opportunities.2	PROPN
cblr-8636	46	36	today	today	NOUN
cblr-8636	46	37	,	,	PUNCT
cblr-8636	46	38	there	there	PRON
cblr-8636	46	39	is	be	VERB
cblr-8636	46	40	much	much	ADJ
cblr-8636	46	41	excitement	excitement	NOUN
cblr-8636	46	42	around	around	ADP
cblr-8636	46	43	the	the	DET
cblr-8636	46	44	latest	late	ADJ
cblr-8636	46	45	manifestation	manifestation	NOUN
cblr-8636	46	46	of	of	ADP
cblr-8636	46	47	the	the	DET
cblr-8636	46	48	information	information	NOUN
cblr-8636	46	49	technology	technology	NOUN
cblr-8636	46	50	revolution	revolution	NOUN
cblr-8636	46	51	:	:	PUNCT
cblr-8636	46	52	distributed	distribute	VERB
cblr-8636	46	53	ledger	ledger	NOUN
cblr-8636	46	54	technology	technology	NOUN
cblr-8636	46	55	(	(	PUNCT
cblr-8636	46	56	dlt	dlt	PROPN
cblr-8636	46	57	)	)	PUNCT
cblr-8636	46	58	.	.	PUNCT
cblr-8636	47	1	dlt	dlt	PROPN
cblr-8636	47	2	is	be	AUX
cblr-8636	47	3	an	an	DET
cblr-8636	47	4	integral	integral	ADJ
cblr-8636	47	5	part	part	NOUN
cblr-8636	47	6	of	of	ADP
cblr-8636	47	7	the	the	DET
cblr-8636	47	8	larger	large	ADJ
cblr-8636	47	9	revolution	revolution	NOUN
cblr-8636	47	10	in	in	ADP
cblr-8636	47	11	computing	computing	NOUN
cblr-8636	47	12	,	,	PUNCT
cblr-8636	47	13	communication	communication	NOUN
cblr-8636	47	14	,	,	PUNCT
cblr-8636	47	15	and	and	CCONJ
cblr-8636	47	16	data	datum	NOUN
cblr-8636	47	17	storage	storage	NOUN
cblr-8636	47	18	that	that	PRON
cblr-8636	47	19	has	have	AUX
cblr-8636	47	20	totally	totally	ADV
cblr-8636	47	21	remade	remade	VERB
cblr-8636	47	22	securities	security	NOUN
cblr-8636	47	23	markets	market	NOUN
cblr-8636	47	24	in	in	ADP
cblr-8636	47	25	recent	recent	ADJ
cblr-8636	47	26	decades3	decades3	NOUN
cblr-8636	47	27	and	and	CCONJ
cblr-8636	47	28	promises	promise	VERB
cblr-8636	47	29	further	further	ADJ
cblr-8636	47	30	radical	radical	ADJ
cblr-8636	47	31	change	change	NOUN
cblr-8636	47	32	in	in	ADP
cblr-8636	47	33	the	the	DET
cblr-8636	47	34	1	1	NUM
cblr-8636	47	35	see	see	NOUN
cblr-8636	47	36	dan	dan	PROPN
cblr-8636	47	37	awrey	awrey	PROPN
cblr-8636	47	38	&	&	CCONJ
cblr-8636	47	39	kathryn	kathryn	PROPN
cblr-8636	47	40	judge	judge	PROPN
cblr-8636	47	41	,	,	PUNCT
cblr-8636	47	42	why	why	SCONJ
cblr-8636	47	43	financial	financial	ADJ
cblr-8636	47	44	regulation	regulation	NOUN
cblr-8636	47	45	keeps	keep	VERB
cblr-8636	47	46	falling	fall	VERB
cblr-8636	47	47	short	short	ADJ
cblr-8636	47	48	,	,	PUNCT
cblr-8636	47	49	61	61	NUM
cblr-8636	47	50	b.c	b.c	PROPN
cblr-8636	47	51	.	.	PROPN
cblr-8636	47	52	l.	l.	PROPN
cblr-8636	47	53	rev	rev	PROPN
cblr-8636	47	54	.	.	PROPN
cblr-8636	47	55	2295	2295	NUM
cblr-8636	47	56	,	,	PUNCT
cblr-8636	47	57	2302–08	2302–08	NUM
cblr-8636	47	58	(	(	PUNCT
cblr-8636	47	59	2020	2020	NUM
cblr-8636	47	60	)	)	PUNCT
cblr-8636	47	61	(	(	PUNCT
cblr-8636	47	62	outlining	outline	VERB
cblr-8636	47	63	the	the	DET
cblr-8636	47	64	dynamic	dynamic	ADJ
cblr-8636	47	65	nature	nature	NOUN
cblr-8636	47	66	of	of	ADP
cblr-8636	47	67	financial	financial	ADJ
cblr-8636	47	68	markets	market	NOUN
cblr-8636	47	69	)	)	PUNCT
cblr-8636	47	70	;	;	PUNCT
cblr-8636	47	71	see	see	VERB
cblr-8636	47	72	also	also	ADV
cblr-8636	47	73	generally	generally	ADV
cblr-8636	47	74	u.s	u.s	PROPN
cblr-8636	47	75	.	.	PROPN
cblr-8636	47	76	sec	sec	PROPN
cblr-8636	47	77	.	.	PROPN
cblr-8636	47	78	&	&	CCONJ
cblr-8636	47	79	exch	exch	PROPN
cblr-8636	47	80	.	.	PUNCT
cblr-8636	48	1	comm’n	comm’n	PROPN
cblr-8636	48	2	,	,	PUNCT
cblr-8636	48	3	the	the	DET
cblr-8636	48	4	impact	impact	NOUN
cblr-8636	48	5	of	of	ADP
cblr-8636	48	6	recent	recent	ADJ
cblr-8636	48	7	technological	technological	ADJ
cblr-8636	48	8	advances	advance	NOUN
cblr-8636	48	9	on	on	ADP
cblr-8636	48	10	the	the	DET
cblr-8636	48	11	securities	security	NOUN
cblr-8636	48	12	markets	market	NOUN
cblr-8636	48	13	(	(	PUNCT
cblr-8636	48	14	1997	1997	NUM
cblr-8636	48	15	)	)	PUNCT
cblr-8636	48	16	,	,	PUNCT
cblr-8636	48	17	https://www.sec.gov/news/studies/techrp97.htm	https://www.sec.gov/news/studies/techrp97.htm	PROPN
cblr-8636	49	1	[	[	X
cblr-8636	49	2	https://perma.cc/9ck7-qfqb	https://perma.cc/9ck7-qfqb	X
cblr-8636	49	3	]	]	X
cblr-8636	49	4	(	(	PUNCT
cblr-8636	49	5	discussing	discuss	VERB
cblr-8636	49	6	the	the	DET
cblr-8636	49	7	effect	effect	NOUN
cblr-8636	49	8	of	of	ADP
cblr-8636	49	9	technological	technological	ADJ
cblr-8636	49	10	advances	advance	NOUN
cblr-8636	49	11	on	on	ADP
cblr-8636	49	12	the	the	DET
cblr-8636	49	13	securities	security	NOUN
cblr-8636	49	14	market	market	NOUN
cblr-8636	49	15	)	)	PUNCT
cblr-8636	49	16	.	.	PUNCT
cblr-8636	50	1	2	2	NUM
cblr-8636	50	2	see	see	VERB
cblr-8636	50	3	supra	supra	PROPN
cblr-8636	50	4	note	note	NOUN
cblr-8636	50	5	1	1	NUM
cblr-8636	50	6	.	.	SYM
cblr-8636	50	7	3	3	NUM
cblr-8636	50	8	see	see	VERB
cblr-8636	50	9	generally	generally	ADV
cblr-8636	50	10	merritt	merritt	PROPN
cblr-8636	50	11	b.	b.	PROPN
cblr-8636	50	12	fox	fox	PROPN
cblr-8636	50	13	,	,	PUNCT
cblr-8636	50	14	lawrence	lawrence	PROPN
cblr-8636	50	15	r.	r.	PROPN
cblr-8636	50	16	glosten	glosten	PROPN
cblr-8636	50	17	&	&	CCONJ
cblr-8636	50	18	gabriel	gabriel	PROPN
cblr-8636	50	19	d.	d.	PROPN
cblr-8636	50	20	rauterberg	rauterberg	PROPN
cblr-8636	50	21	,	,	PUNCT
cblr-8636	50	22	the	the	DET
cblr-8636	50	23	new	new	ADJ
cblr-8636	50	24	stock	stock	NOUN
cblr-8636	50	25	market	market	NOUN
cblr-8636	50	26	:	:	PUNCT
cblr-8636	50	27	law	law	NOUN
cblr-8636	50	28	,	,	PUNCT
cblr-8636	50	29	economics	economic	NOUN
cblr-8636	50	30	,	,	PUNCT
cblr-8636	50	31	and	and	CCONJ
cblr-8636	50	32	policy	policy	NOUN
cblr-8636	50	33	(	(	PUNCT
cblr-8636	50	34	2019	2019	NUM
cblr-8636	50	35	)	)	PUNCT
cblr-8636	50	36	.	.	PUNCT
cblr-8636	51	1	fox	fox	PROPN
cblr-8636	51	2	et	et	PROPN
cblr-8636	51	3	al	al	PROPN
cblr-8636	51	4	.	.	PROPN
cblr-8636	52	1	8/22/2021	8/22/2021	NUM
cblr-8636	52	2	9:05	9:05	NUM
cblr-8636	52	3	pm	pm	NOUN
cblr-8636	52	4	654	654	NUM
cblr-8636	52	5	columbia	columbia	PROPN
cblr-8636	52	6	business	business	NOUN
cblr-8636	52	7	law	law	PROPN
cblr-8636	52	8	review	review	NOUN
cblr-8636	52	9	[	[	X
cblr-8636	52	10	vol	vol	NOUN
cblr-8636	52	11	.	.	NOUN
cblr-8636	52	12	2021	2021	NUM
cblr-8636	52	13	years	year	NOUN
cblr-8636	52	14	to	to	PART
cblr-8636	52	15	come.4	come.4	VERB
cblr-8636	52	16	a	a	DET
cblr-8636	52	17	distributed	distribute	VERB
cblr-8636	52	18	ledger	ledger	NOUN
cblr-8636	52	19	is	be	AUX
cblr-8636	52	20	a	a	DET
cblr-8636	52	21	data	data	NOUN
cblr-8636	52	22	base	base	NOUN
cblr-8636	52	23	that	that	PRON
cblr-8636	52	24	is	be	AUX
cblr-8636	52	25	shared	share	VERB
cblr-8636	52	26	across	across	ADP
cblr-8636	52	27	many	many	ADJ
cblr-8636	52	28	individual	individual	ADJ
cblr-8636	52	29	computers	computer	NOUN
cblr-8636	52	30	,	,	PUNCT
cblr-8636	52	31	with	with	ADP
cblr-8636	52	32	each	each	PRON
cblr-8636	52	33	having	have	VERB
cblr-8636	52	34	an	an	DET
cblr-8636	52	35	identical	identical	ADJ
cblr-8636	52	36	copy	copy	NOUN
cblr-8636	52	37	of	of	ADP
cblr-8636	52	38	the	the	DET
cblr-8636	52	39	ledger.5	ledger.5	NOUN
cblr-8636	52	40	each	each	DET
cblr-8636	52	41	change	change	NOUN
cblr-8636	52	42	in	in	ADP
cblr-8636	52	43	the	the	DET
cblr-8636	52	44	ledger	ledger	NOUN
cblr-8636	52	45	is	be	AUX
cblr-8636	52	46	verified	verify	VERB
cblr-8636	52	47	by	by	ADP
cblr-8636	52	48	some	some	DET
cblr-8636	52	49	kind	kind	NOUN
cblr-8636	52	50	of	of	ADP
cblr-8636	52	51	consensus	consensus	NOUN
cblr-8636	52	52	protocol	protocol	NOUN
cblr-8636	52	53	without	without	ADP
cblr-8636	52	54	the	the	DET
cblr-8636	52	55	involvement	involvement	NOUN
cblr-8636	52	56	of	of	ADP
cblr-8636	52	57	a	a	DET
cblr-8636	52	58	central	central	NOUN
cblr-8636	52	59	authority.6	authority.6	PROPN
cblr-8636	52	60	the	the	DET
cblr-8636	52	61	blockchain	blockchain	PROPN
cblr-8636	52	62	is	be	AUX
cblr-8636	52	63	a	a	DET
cblr-8636	52	64	kind	kind	NOUN
cblr-8636	52	65	of	of	ADP
cblr-8636	52	66	digital	digital	ADJ
cblr-8636	52	67	ledger.7	ledger.7	NOUN
cblr-8636	52	68	for	for	ADP
cblr-8636	52	69	many	many	ADJ
cblr-8636	52	70	kinds	kind	NOUN
cblr-8636	52	71	of	of	ADP
cblr-8636	52	72	transactions	transaction	NOUN
cblr-8636	52	73	,	,	PUNCT
cblr-8636	52	74	dlt	dlt	PROPN
cblr-8636	52	75	has	have	VERB
cblr-8636	52	76	the	the	DET
cblr-8636	52	77	potential	potential	NOUN
cblr-8636	52	78	to	to	PART
cblr-8636	52	79	eliminate	eliminate	VERB
cblr-8636	52	80	the	the	DET
cblr-8636	52	81	need	need	NOUN
cblr-8636	52	82	for	for	ADP
cblr-8636	52	83	a	a	DET
cblr-8636	52	84	trusted	trust	VERB
cblr-8636	52	85	intermediary	intermediary	NOUN
cblr-8636	52	86	,	,	PUNCT
cblr-8636	52	87	assure	assure	VERB
cblr-8636	52	88	compliance	compliance	NOUN
cblr-8636	52	89	to	to	PART
cblr-8636	52	90	agreed	agree	VERB
cblr-8636	52	91	terms	term	NOUN
cblr-8636	52	92	,	,	PUNCT
cblr-8636	52	93	and	and	CCONJ
cblr-8636	52	94	keep	keep	VERB
cblr-8636	52	95	a	a	DET
cblr-8636	52	96	traceable	traceable	ADJ
cblr-8636	52	97	record.8	record.8	PROPN
cblr-8636	52	98	this	this	DET
cblr-8636	52	99	potential	potential	NOUN
cblr-8636	52	100	,	,	PUNCT
cblr-8636	52	101	if	if	SCONJ
cblr-8636	52	102	it	it	PRON
cblr-8636	52	103	can	can	AUX
cblr-8636	52	104	be	be	AUX
cblr-8636	52	105	realized	realize	VERB
cblr-8636	52	106	,	,	PUNCT
cblr-8636	52	107	could	could	AUX
cblr-8636	52	108	improve	improve	VERB
cblr-8636	52	109	the	the	DET
cblr-8636	52	110	functioning	functioning	NOUN
cblr-8636	52	111	of	of	ADP
cblr-8636	52	112	our	our	PRON
cblr-8636	52	113	securities	security	NOUN
cblr-8636	52	114	markets	market	NOUN
cblr-8636	52	115	while	while	SCONJ
cblr-8636	52	116	at	at	ADP
cblr-8636	52	117	the	the	DET
cblr-8636	52	118	same	same	ADJ
cblr-8636	52	119	time	time	NOUN
cblr-8636	52	120	sharply	sharply	ADV
cblr-8636	52	121	reducing	reduce	VERB
cblr-8636	52	122	costs	cost	NOUN
cblr-8636	52	123	.	.	PUNCT
cblr-8636	53	1	what	what	PRON
cblr-8636	53	2	are	be	AUX
cblr-8636	53	3	the	the	DET
cblr-8636	53	4	implications	implication	NOUN
cblr-8636	53	5	of	of	ADP
cblr-8636	53	6	dlt	dlt	PROPN
cblr-8636	53	7	for	for	ADP
cblr-8636	53	8	the	the	DET
cblr-8636	53	9	securities	security	NOUN
cblr-8636	53	10	markets	market	NOUN
cblr-8636	53	11	of	of	ADP
cblr-8636	53	12	the	the	DET
cblr-8636	53	13	future	future	NOUN
cblr-8636	53	14	and	and	CCONJ
cblr-8636	53	15	their	their	PRON
cblr-8636	53	16	regulation	regulation	NOUN
cblr-8636	53	17	?	?	PUNCT
cblr-8636	54	1	one	one	NUM
cblr-8636	54	2	way	way	NOUN
cblr-8636	54	3	to	to	PART
cblr-8636	54	4	try	try	VERB
cblr-8636	54	5	to	to	PART
cblr-8636	54	6	address	address	VERB
cblr-8636	54	7	this	this	DET
cblr-8636	54	8	question	question	NOUN
cblr-8636	54	9	is	be	AUX
cblr-8636	54	10	to	to	PART
cblr-8636	54	11	gather	gather	VERB
cblr-8636	54	12	and	and	CCONJ
cblr-8636	54	13	assess	assess	VERB
cblr-8636	54	14	the	the	DET
cblr-8636	54	15	thoughts	thought	NOUN
cblr-8636	54	16	of	of	ADP
cblr-8636	54	17	the	the	DET
cblr-8636	54	18	wide	wide	ADJ
cblr-8636	54	19	range	range	NOUN
cblr-8636	54	20	of	of	ADP
cblr-8636	54	21	persons	person	NOUN
cblr-8636	54	22	who	who	PRON
cblr-8636	54	23	play	play	VERB
cblr-8636	54	24	prominent	prominent	ADJ
cblr-8636	54	25	roles	role	NOUN
cblr-8636	54	26	in	in	ADP
cblr-8636	54	27	actually	actually	ADV
cblr-8636	54	28	making	make	VERB
cblr-8636	54	29	these	these	DET
cblr-8636	54	30	markets	market	NOUN
cblr-8636	54	31	work	work	VERB
cblr-8636	54	32	or	or	CCONJ
cblr-8636	54	33	in	in	ADP
cblr-8636	54	34	regulating	regulate	VERB
cblr-8636	54	35	them	they	PRON
cblr-8636	54	36	.	.	PUNCT
cblr-8636	55	1	this	this	DET
cblr-8636	55	2	article	article	NOUN
cblr-8636	55	3	reports	report	VERB
cblr-8636	55	4	on	on	ADP
cblr-8636	55	5	an	an	DET
cblr-8636	55	6	effort	effort	NOUN
cblr-8636	55	7	to	to	PART
cblr-8636	55	8	do	do	AUX
cblr-8636	55	9	just	just	ADV
cblr-8636	55	10	that	that	PRON
cblr-8636	55	11	and	and	CCONJ
cblr-8636	55	12	is	be	AUX
cblr-8636	55	13	based	base	VERB
cblr-8636	55	14	on	on	ADP
cblr-8636	55	15	an	an	DET
cblr-8636	55	16	interview	interview	NOUN
cblr-8636	55	17	survey	survey	NOUN
cblr-8636	55	18	of	of	ADP
cblr-8636	55	19	about	about	ADV
cblr-8636	55	20	100	100	NUM
cblr-8636	55	21	such	such	ADJ
cblr-8636	55	22	persons	person	NOUN
cblr-8636	55	23	.	.	PUNCT
cblr-8636	56	1	such	such	DET
cblr-8636	56	2	a	a	DET
cblr-8636	56	3	survey	survey	NOUN
cblr-8636	56	4	can	can	AUX
cblr-8636	56	5	be	be	AUX
cblr-8636	56	6	informative	informative	ADJ
cblr-8636	56	7	for	for	ADP
cblr-8636	56	8	a	a	DET
cblr-8636	56	9	number	number	NOUN
cblr-8636	56	10	of	of	ADP
cblr-8636	56	11	reasons	reason	NOUN
cblr-8636	56	12	.	.	PUNCT
cblr-8636	57	1	one	one	NUM
cblr-8636	57	2	,	,	PUNCT
cblr-8636	57	3	of	of	ADP
cblr-8636	57	4	course	course	NOUN
cblr-8636	57	5	,	,	PUNCT
cblr-8636	57	6	is	be	AUX
cblr-8636	57	7	that	that	SCONJ
cblr-8636	57	8	people	people	NOUN
cblr-8636	57	9	who	who	PRON
cblr-8636	57	10	have	have	VERB
cblr-8636	57	11	a	a	DET
cblr-8636	57	12	direct	direct	ADJ
cblr-8636	57	13	stake	stake	NOUN
cblr-8636	57	14	in	in	ADP
cblr-8636	57	15	how	how	SCONJ
cblr-8636	57	16	our	our	PRON
cblr-8636	57	17	securities	security	NOUN
cblr-8636	57	18	markets	market	NOUN
cblr-8636	57	19	operate	operate	VERB
cblr-8636	57	20	,	,	PUNCT
cblr-8636	57	21	and	and	CCONJ
cblr-8636	57	22	who	who	PRON
cblr-8636	57	23	have	have	VERB
cblr-8636	57	24	experience	experience	NOUN
cblr-8636	57	25	with	with	ADP
cblr-8636	57	26	them	they	PRON
cblr-8636	57	27	in	in	ADP
cblr-8636	57	28	a	a	DET
cblr-8636	57	29	hands	hand	NOUN
cblr-8636	57	30	-	-	PUNCT
cblr-8636	57	31	on	on	ADP
cblr-8636	57	32	way	way	NOUN
cblr-8636	57	33	every	every	DET
cblr-8636	57	34	day	day	NOUN
cblr-8636	57	35	,	,	PUNCT
cblr-8636	57	36	can	can	AUX
cblr-8636	57	37	provide	provide	VERB
cblr-8636	57	38	insights	insight	NOUN
cblr-8636	57	39	and	and	CCONJ
cblr-8636	57	40	knowledge	knowledge	NOUN
cblr-8636	57	41	not	not	PART
cblr-8636	57	42	easily	easily	ADV
cblr-8636	57	43	accessible	accessible	ADJ
cblr-8636	57	44	by	by	ADP
cblr-8636	57	45	scholars	scholar	NOUN
cblr-8636	57	46	in	in	ADP
cblr-8636	57	47	other	other	ADJ
cblr-8636	57	48	ways	way	NOUN
cblr-8636	57	49	.	.	PUNCT
cblr-8636	58	1	the	the	DET
cblr-8636	58	2	survey	survey	NOUN
cblr-8636	58	3	can	can	AUX
cblr-8636	58	4	also	also	ADV
cblr-8636	58	5	be	be	AUX
cblr-8636	58	6	useful	useful	ADJ
cblr-8636	58	7	to	to	PART
cblr-8636	58	8	help	help	VERB
cblr-8636	58	9	understand	understand	VERB
cblr-8636	58	10	the	the	DET
cblr-8636	58	11	political	political	ADJ
cblr-8636	58	12	economy	economy	NOUN
cblr-8636	58	13	of	of	ADP
cblr-8636	58	14	these	these	DET
cblr-8636	58	15	markets	market	NOUN
cblr-8636	58	16	and	and	CCONJ
cblr-8636	58	17	their	their	PRON
cblr-8636	58	18	regulation	regulation	NOUN
cblr-8636	58	19	,	,	PUNCT
cblr-8636	58	20	and	and	CCONJ
cblr-8636	58	21	to	to	PART
cblr-8636	58	22	sharpen	sharpen	VERB
cblr-8636	58	23	our	our	PRON
cblr-8636	58	24	understanding	understanding	NOUN
cblr-8636	58	25	of	of	ADP
cblr-8636	58	26	the	the	DET
cblr-8636	58	27	various	various	ADJ
cblr-8636	58	28	goals	goal	NOUN
cblr-8636	58	29	that	that	PRON
cblr-8636	58	30	securities	security	NOUN
cblr-8636	58	31	regulation	regulation	NOUN
cblr-8636	58	32	seeks	seek	VERB
cblr-8636	58	33	to	to	PART
cblr-8636	58	34	serve	serve	VERB
cblr-8636	58	35	and	and	CCONJ
cblr-8636	58	36	the	the	DET
cblr-8636	58	37	tradeoffs	tradeoff	NOUN
cblr-8636	58	38	among	among	ADP
cblr-8636	58	39	them	they	PRON
cblr-8636	58	40	.	.	PUNCT
cblr-8636	59	1	changes	change	NOUN
cblr-8636	59	2	that	that	PRON
cblr-8636	59	3	4	4	NUM
cblr-8636	59	4	see	see	VERB
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cblr-8636	59	6	securities	security	NOUN
cblr-8636	59	7	market	market	NOUN
cblr-8636	59	8	issues	issue	NOUN
cblr-8636	59	9	for	for	ADP
cblr-8636	59	10	the	the	DET
cblr-8636	59	11	21st	21st	ADJ
cblr-8636	59	12	century	century	NOUN
cblr-8636	59	13	(	(	PUNCT
cblr-8636	59	14	merritt	merritt	PROPN
cblr-8636	59	15	b.	b.	PROPN
cblr-8636	59	16	fox	fox	PROPN
cblr-8636	59	17	et	et	PROPN
cblr-8636	59	18	al	al	PROPN
cblr-8636	59	19	.	.	PUNCT
cblr-8636	59	20	eds	eds	PROPN
cblr-8636	59	21	.	.	PROPN
cblr-8636	59	22	,	,	PUNCT
cblr-8636	59	23	2018	2018	NUM
cblr-8636	59	24	)	)	PUNCT
cblr-8636	59	25	.	.	PUNCT
cblr-8636	60	1	5	5	NUM
cblr-8636	60	2	for	for	ADP
cblr-8636	60	3	a	a	DET
cblr-8636	60	4	discussion	discussion	NOUN
cblr-8636	60	5	of	of	ADP
cblr-8636	60	6	the	the	DET
cblr-8636	60	7	different	different	ADJ
cblr-8636	60	8	ways	way	NOUN
cblr-8636	60	9	dlt	dlt	PROPN
cblr-8636	60	10	has	have	AUX
cblr-8636	60	11	been	be	AUX
cblr-8636	60	12	defined	define	VERB
cblr-8636	60	13	,	,	PUNCT
cblr-8636	60	14	see	see	VERB
cblr-8636	60	15	michel	michel	PROPN
cblr-8636	60	16	rauchs	rauchs	PROPN
cblr-8636	60	17	et	et	PROPN
cblr-8636	60	18	al	al	PROPN
cblr-8636	60	19	.	.	PROPN
cblr-8636	60	20	,	,	PUNCT
cblr-8636	60	21	cambridge	cambridge	PROPN
cblr-8636	60	22	ctr	ctr	PROPN
cblr-8636	60	23	.	.	PUNCT
cblr-8636	61	1	for	for	ADP
cblr-8636	61	2	alt	alt	ADJ
cblr-8636	61	3	.	.	PUNCT
cblr-8636	62	1	fin	fin	NOUN
cblr-8636	62	2	.	.	PROPN
cblr-8636	62	3	,	,	PUNCT
cblr-8636	62	4	univ	univ	PROPN
cblr-8636	62	5	.	.	PROPN
cblr-8636	62	6	of	of	ADP
cblr-8636	62	7	cambridge	cambridge	PROPN
cblr-8636	62	8	,	,	PUNCT
cblr-8636	62	9	distributed	distribute	VERB
cblr-8636	62	10	ledger	ledger	NOUN
cblr-8636	62	11	technology	technology	NOUN
cblr-8636	62	12	systems	system	NOUN
cblr-8636	62	13	:	:	PUNCT
cblr-8636	62	14	a	a	DET
cblr-8636	62	15	conceptual	conceptual	ADJ
cblr-8636	62	16	framework	framework	NOUN
cblr-8636	62	17	19	19	NUM
cblr-8636	62	18	–	–	SYM
cblr-8636	62	19	20	20	NUM
cblr-8636	62	20	(	(	PUNCT
cblr-8636	62	21	2018	2018	NUM
cblr-8636	62	22	)	)	PUNCT
cblr-8636	62	23	,	,	PUNCT
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cblr-8636	63	1	[	[	X
cblr-8636	63	2	https://perma.cc/6s7t-dfkk	https://perma.cc/6s7t-dfkk	X
cblr-8636	63	3	]	]	X
cblr-8636	63	4	.	.	PUNCT
cblr-8636	64	1	6	6	NUM
cblr-8636	64	2	i	i	PRON
cblr-8636	64	3	d.	d.	PROPN
cblr-8636	64	4	at	at	ADP
cblr-8636	64	5	24	24	NUM
cblr-8636	64	6	.	.	PUNCT
cblr-8636	64	7	7	7	NUM
cblr-8636	64	8	see	see	VERB
cblr-8636	64	9	i	i	PRON
cblr-8636	64	10	d.	d.	PROPN
cblr-8636	64	11	at	at	ADP
cblr-8636	64	12	25–27	25–27	NUM
cblr-8636	64	13	;	;	PUNCT
cblr-8636	64	14	ryan	ryan	PROPN
cblr-8636	64	15	j.	j.	PROPN
cblr-8636	64	16	davies	davies	PROPN
cblr-8636	64	17	&	&	CCONJ
cblr-8636	64	18	erik	erik	PROPN
cblr-8636	64	19	r.	r.	PROPN
cblr-8636	64	20	sirri	sirri	PROPN
cblr-8636	64	21	,	,	PUNCT
cblr-8636	64	22	the	the	DET
cblr-8636	64	23	economics	economic	NOUN
cblr-8636	64	24	of	of	ADP
cblr-8636	64	25	trading	trading	NOUN
cblr-8636	64	26	markets	market	NOUN
cblr-8636	64	27	,	,	PUNCT
cblr-8636	64	28	in	in	ADP
cblr-8636	64	29	securities	security	NOUN
cblr-8636	64	30	market	market	NOUN
cblr-8636	64	31	issues	issue	NOUN
cblr-8636	64	32	for	for	ADP
cblr-8636	64	33	the	the	DET
cblr-8636	64	34	21st	21st	ADJ
cblr-8636	64	35	century	century	NOUN
cblr-8636	64	36	,	,	PUNCT
cblr-8636	64	37	supra	supra	PROPN
cblr-8636	64	38	note	note	NOUN
cblr-8636	64	39	4	4	NUM
cblr-8636	64	40	,	,	PUNCT
cblr-8636	64	41	at	at	ADP
cblr-8636	64	42	145	145	NUM
cblr-8636	64	43	,	,	PUNCT
cblr-8636	64	44	203–04	203–04	NUM
cblr-8636	64	45	.	.	NOUN
cblr-8636	64	46	8	8	NUM
cblr-8636	64	47	see	see	VERB
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cblr-8636	64	49	&	&	CCONJ
cblr-8636	64	50	sirri	sirri	PROPN
cblr-8636	64	51	,	,	PUNCT
cblr-8636	64	52	supra	supra	PROPN
cblr-8636	64	53	note	note	PROPN
cblr-8636	64	54	7	7	NUM
cblr-8636	64	55	,	,	PUNCT
cblr-8636	64	56	at	at	ADP
cblr-8636	64	57	203–06	203–06	NUM
cblr-8636	64	58	.	.	PUNCT
cblr-8636	65	1	fox	fox	PROPN
cblr-8636	65	2	et	et	PROPN
cblr-8636	65	3	al	al	PROPN
cblr-8636	65	4	.	.	PROPN
cblr-8636	66	1	8/22/2021	8/22/2021	NUM
cblr-8636	66	2	9:05	9:05	NUM
cblr-8636	66	3	pm	pm	NOUN
cblr-8636	66	4	no	no	INTJ
cblr-8636	66	5	.	.	PUNCT
cblr-8636	67	1	2:651	2:651	NUM
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cblr-8636	67	3	a	a	DET
cblr-8636	67	4	stakeholder	stakeholder	NOUN
cblr-8636	67	5	survey	survey	NOUN
cblr-8636	67	6	655	655	NUM
cblr-8636	67	7	could	could	AUX
cblr-8636	67	8	be	be	AUX
cblr-8636	67	9	brought	bring	VERB
cblr-8636	67	10	by	by	ADP
cblr-8636	67	11	dlt	dlt	PROPN
cblr-8636	67	12	,	,	PUNCT
cblr-8636	67	13	like	like	ADP
cblr-8636	67	14	so	so	ADV
cblr-8636	67	15	many	many	ADJ
cblr-8636	67	16	other	other	ADJ
cblr-8636	67	17	changes	change	NOUN
cblr-8636	67	18	that	that	PRON
cblr-8636	67	19	information	information	NOUN
cblr-8636	67	20	technology	technology	NOUN
cblr-8636	67	21	has	have	AUX
cblr-8636	67	22	been	be	AUX
cblr-8636	67	23	bringing	bring	VERB
cblr-8636	67	24	to	to	ADP
cblr-8636	67	25	the	the	DET
cblr-8636	67	26	markets	market	NOUN
cblr-8636	67	27	in	in	ADP
cblr-8636	67	28	recent	recent	ADJ
cblr-8636	67	29	years	year	NOUN
cblr-8636	67	30	,	,	PUNCT
cblr-8636	67	31	would	would	AUX
cblr-8636	67	32	substantially	substantially	ADV
cblr-8636	67	33	disrupt	disrupt	VERB
cblr-8636	67	34	how	how	SCONJ
cblr-8636	67	35	business	business	NOUN
cblr-8636	67	36	is	be	AUX
cblr-8636	67	37	done	do	VERB
cblr-8636	67	38	.	.	PUNCT
cblr-8636	68	1	as	as	ADP
cblr-8636	68	2	in	in	ADP
cblr-8636	68	3	any	any	DET
cblr-8636	68	4	regulated	regulated	ADJ
cblr-8636	68	5	industry	industry	NOUN
cblr-8636	68	6	,	,	PUNCT
cblr-8636	68	7	that	that	SCONJ
cblr-8636	68	8	disruption	disruption	NOUN
cblr-8636	68	9	would	would	AUX
cblr-8636	68	10	force	force	VERB
cblr-8636	68	11	regulators	regulator	NOUN
cblr-8636	68	12	to	to	PART
cblr-8636	68	13	adapt	adapt	VERB
cblr-8636	68	14	,	,	PUNCT
cblr-8636	68	15	prompting	prompt	VERB
cblr-8636	68	16	an	an	DET
cblr-8636	68	17	inevitable	inevitable	ADJ
cblr-8636	68	18	reexamination	reexamination	NOUN
cblr-8636	68	19	of	of	ADP
cblr-8636	68	20	the	the	DET
cblr-8636	68	21	goals	goal	NOUN
cblr-8636	68	22	of	of	ADP
cblr-8636	68	23	the	the	DET
cblr-8636	68	24	regulatory	regulatory	ADJ
cblr-8636	68	25	system.9	system.9	PROPN
cblr-8636	68	26	if	if	SCONJ
cblr-8636	68	27	such	such	DET
cblr-8636	68	28	a	a	DET
cblr-8636	68	29	disruption	disruption	NOUN
cblr-8636	68	30	occurs	occur	VERB
cblr-8636	68	31	,	,	PUNCT
cblr-8636	68	32	it	it	PRON
cblr-8636	68	33	will	will	AUX
cblr-8636	68	34	bring	bring	VERB
cblr-8636	68	35	to	to	ADP
cblr-8636	68	36	the	the	DET
cblr-8636	68	37	fore	fore	NOUN
cblr-8636	68	38	underlying	underlie	VERB
cblr-8636	68	39	conflicts	conflict	NOUN
cblr-8636	68	40	among	among	ADP
cblr-8636	68	41	the	the	DET
cblr-8636	68	42	different	different	ADJ
cblr-8636	68	43	types	type	NOUN
cblr-8636	68	44	of	of	ADP
cblr-8636	68	45	market	market	NOUN
cblr-8636	68	46	participants	participant	NOUN
cblr-8636	68	47	that	that	PRON
cblr-8636	68	48	have	have	AUX
cblr-8636	68	49	just	just	ADV
cblr-8636	68	50	simmered	simmer	VERB
cblr-8636	68	51	in	in	ADP
cblr-8636	68	52	the	the	DET
cblr-8636	68	53	background	background	NOUN
cblr-8636	68	54	when	when	SCONJ
cblr-8636	68	55	debates	debate	NOUN
cblr-8636	68	56	have	have	AUX
cblr-8636	68	57	only	only	ADV
cblr-8636	68	58	involved	involve	VERB
cblr-8636	68	59	more	more	ADJ
cblr-8636	68	60	minor	minor	ADJ
cblr-8636	68	61	changes	change	NOUN
cblr-8636	68	62	in	in	ADP
cblr-8636	68	63	established	establish	VERB
cblr-8636	68	64	ways	way	NOUN
cblr-8636	68	65	of	of	ADP
cblr-8636	68	66	doing	do	VERB
cblr-8636	68	67	business	business	NOUN
cblr-8636	68	68	.	.	PUNCT
cblr-8636	69	1	more	more	ADV
cblr-8636	69	2	idealistically	idealistically	ADV
cblr-8636	69	3	,	,	PUNCT
cblr-8636	69	4	such	such	DET
cblr-8636	69	5	a	a	DET
cblr-8636	69	6	disruption	disruption	NOUN
cblr-8636	69	7	could	could	AUX
cblr-8636	69	8	remake	remake	VERB
cblr-8636	69	9	the	the	DET
cblr-8636	69	10	world	world	NOUN
cblr-8636	69	11	anew	anew	ADV
cblr-8636	69	12	from	from	ADP
cblr-8636	69	13	a	a	DET
cblr-8636	69	14	regulatory	regulatory	ADJ
cblr-8636	69	15	and	and	CCONJ
cblr-8636	69	16	business	business	NOUN
cblr-8636	69	17	point	point	NOUN
cblr-8636	69	18	of	of	ADP
cblr-8636	69	19	view	view	NOUN
cblr-8636	69	20	.	.	PUNCT
cblr-8636	70	1	all	all	PRON
cblr-8636	70	2	of	of	ADP
cblr-8636	70	3	this	this	PRON
cblr-8636	70	4	means	mean	VERB
cblr-8636	70	5	that	that	SCONJ
cblr-8636	70	6	an	an	DET
cblr-8636	70	7	intelligent	intelligent	ADJ
cblr-8636	70	8	discussion	discussion	NOUN
cblr-8636	70	9	of	of	ADP
cblr-8636	70	10	the	the	DET
cblr-8636	70	11	implications	implication	NOUN
cblr-8636	70	12	of	of	ADP
cblr-8636	70	13	dlt	dlt	PROPN
cblr-8636	70	14	for	for	ADP
cblr-8636	70	15	the	the	DET
cblr-8636	70	16	securities	security	NOUN
cblr-8636	70	17	markets	market	NOUN
cblr-8636	70	18	requires	require	VERB
cblr-8636	70	19	an	an	DET
cblr-8636	70	20	understanding	understanding	NOUN
cblr-8636	70	21	not	not	PART
cblr-8636	70	22	only	only	ADV
cblr-8636	70	23	of	of	ADP
cblr-8636	70	24	the	the	DET
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cblr-8636	70	26	and	and	CCONJ
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cblr-8636	70	30	market	market	NOUN
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cblr-8636	70	32	,	,	PUNCT
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cblr-8636	70	35	of	of	ADP
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cblr-8636	70	49	be	be	AUX
cblr-8636	70	50	and	and	CCONJ
cblr-8636	70	51	how	how	SCONJ
cblr-8636	70	52	they	they	PRON
cblr-8636	70	53	think	think	VERB
cblr-8636	70	54	those	those	DET
cblr-8636	70	55	goals	goal	NOUN
cblr-8636	70	56	should	should	AUX
cblr-8636	70	57	be	be	AUX
cblr-8636	70	58	met	meet	VERB
cblr-8636	70	59	.	.	PUNCT
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cblr-8636	71	2	article	article	NOUN
cblr-8636	71	3	proceeds	proceed	VERB
cblr-8636	71	4	as	as	SCONJ
cblr-8636	71	5	follows	follow	VERB
cblr-8636	71	6	.	.	PUNCT
cblr-8636	72	1	part	part	PROPN
cblr-8636	72	2	ii	ii	PROPN
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cblr-8636	72	5	background	background	NOUN
cblr-8636	72	6	concerning	concern	VERB
cblr-8636	72	7	the	the	DET
cblr-8636	72	8	survey	survey	NOUN
cblr-8636	72	9	and	and	CCONJ
cblr-8636	72	10	information	information	NOUN
cblr-8636	72	11	on	on	ADP
cblr-8636	72	12	how	how	SCONJ
cblr-8636	72	13	it	it	PRON
cblr-8636	72	14	was	be	AUX
cblr-8636	72	15	conducted	conduct	VERB
cblr-8636	72	16	.	.	PUNCT
cblr-8636	73	1	parts	part	NOUN
cblr-8636	73	2	iii	iii	NOUN
cblr-8636	73	3	through	through	ADP
cblr-8636	73	4	xi	xi	PART
cblr-8636	73	5	summarize	summarize	VERB
cblr-8636	73	6	and	and	CCONJ
cblr-8636	73	7	assess	assess	VERB
cblr-8636	73	8	the	the	DET
cblr-8636	73	9	most	most	ADV
cblr-8636	73	10	important	important	ADJ
cblr-8636	73	11	topics	topic	NOUN
cblr-8636	73	12	and	and	CCONJ
cblr-8636	73	13	themes	theme	NOUN
cblr-8636	73	14	that	that	PRON
cblr-8636	73	15	have	have	AUX
cblr-8636	73	16	emerged	emerge	VERB
cblr-8636	73	17	from	from	ADP
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cblr-8636	73	20	.	.	PUNCT
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cblr-8636	74	10	conceived	conceive	VERB
cblr-8636	74	11	.	.	PUNCT
cblr-8636	75	1	part	part	NOUN
cblr-8636	75	2	iv	iv	NUM
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cblr-8636	77	6	of	of	ADP
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cblr-8636	77	8	on	on	ADP
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cblr-8636	77	11	of	of	ADP
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cblr-8636	77	15	and	and	CCONJ
cblr-8636	77	16	public	public	ADJ
cblr-8636	77	17	markets	market	NOUN
cblr-8636	77	18	for	for	ADP
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cblr-8636	77	20	.	.	PUNCT
cblr-8636	78	1	part	part	NOUN
cblr-8636	78	2	vii	vii	PROPN
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cblr-8636	78	4	the	the	DET
cblr-8636	78	5	possible	possible	ADJ
cblr-8636	78	6	impact	impact	NOUN
cblr-8636	78	7	of	of	ADP
cblr-8636	78	8	dlt	dlt	PROPN
cblr-8636	78	9	on	on	ADP
cblr-8636	78	10	the	the	DET
cblr-8636	78	11	ordinary	ordinary	ADJ
cblr-8636	78	12	retail	retail	ADJ
cblr-8636	78	13	investor	investor	NOUN
cblr-8636	78	14	.	.	PUNCT
cblr-8636	79	1	part	part	NOUN
cblr-8636	79	2	viii	viii	PROPN
cblr-8636	79	3	considers	consider	VERB
cblr-8636	79	4	its	its	PRON
cblr-8636	79	5	potential	potential	ADJ
cblr-8636	79	6	impact	impact	NOUN
cblr-8636	79	7	on	on	ADP
cblr-8636	79	8	the	the	DET
cblr-8636	79	9	role	role	NOUN
cblr-8636	79	10	of	of	ADP
cblr-8636	79	11	intermediaries	intermediary	NOUN
cblr-8636	79	12	.	.	PUNCT
cblr-8636	80	1	part	part	NOUN
cblr-8636	80	2	ix	ix	ADV
cblr-8636	80	3	considers	consider	VERB
cblr-8636	80	4	how	how	SCONJ
cblr-8636	80	5	dlt	dlt	PROPN
cblr-8636	80	6	-	-	PUNCT
cblr-8636	80	7	based	base	VERB
cblr-8636	80	8	changes	change	NOUN
cblr-8636	80	9	might	might	AUX
cblr-8636	80	10	provide	provide	VERB
cblr-8636	80	11	opportunities	opportunity	NOUN
cblr-8636	80	12	for	for	ADP
cblr-8636	80	13	both	both	PRON
cblr-8636	80	14	undertaking	undertake	VERB
cblr-8636	80	15	and	and	CCONJ
cblr-8636	80	16	preventing	prevent	VERB
cblr-8636	80	17	wrongdoing	wrongdoing	NOUN
cblr-8636	80	18	in	in	ADP
cblr-8636	80	19	the	the	DET
cblr-8636	80	20	market	market	NOUN
cblr-8636	80	21	,	,	PUNCT
cblr-8636	80	22	and	and	CCONJ
cblr-8636	80	23	part	part	NOUN
cblr-8636	80	24	x	x	NOUN
cblr-8636	80	25	considers	consider	VERB
cblr-8636	80	26	digital	digital	ADJ
cblr-8636	80	27	coins	coin	NOUN
cblr-8636	80	28	.	.	PUNCT
cblr-8636	81	1	finally	finally	ADV
cblr-8636	81	2	,	,	PUNCT
cblr-8636	81	3	part	part	NOUN
cblr-8636	81	4	xi	xi	NUM
cblr-8636	81	5	focuses	focus	VERB
cblr-8636	81	6	specifically	specifically	ADV
cblr-8636	81	7	on	on	ADP
cblr-8636	81	8	regulatory	regulatory	ADJ
cblr-8636	81	9	responses	response	NOUN
cblr-8636	81	10	to	to	ADP
cblr-8636	81	11	dlt	dlt	PROPN
cblr-8636	81	12	-	-	PUNCT
cblr-8636	81	13	based	base	VERB
cblr-8636	81	14	changes	change	NOUN
cblr-8636	81	15	.	.	PUNCT
cblr-8636	82	1	9	9	NUM
cblr-8636	82	2	see	see	VERB
cblr-8636	82	3	awrey	awrey	PROPN
cblr-8636	82	4	&	&	CCONJ
cblr-8636	82	5	judge	judge	PROPN
cblr-8636	82	6	,	,	PUNCT
cblr-8636	82	7	supra	supra	PROPN
cblr-8636	82	8	note	note	NOUN
cblr-8636	82	9	1	1	NUM
cblr-8636	82	10	,	,	PUNCT
cblr-8636	82	11	at	at	ADP
cblr-8636	82	12	2320–21	2320–21	NUM
cblr-8636	82	13	.	.	PUNCT
cblr-8636	83	1	fox	fox	PROPN
cblr-8636	83	2	et	et	PROPN
cblr-8636	83	3	al	al	PROPN
cblr-8636	83	4	.	.	PROPN
cblr-8636	84	1	8/22/2021	8/22/2021	NUM
cblr-8636	84	2	9:05	9:05	NUM
cblr-8636	84	3	pm	pm	NOUN
cblr-8636	84	4	656	656	NUM
cblr-8636	84	5	columbia	columbia	PROPN
cblr-8636	84	6	business	business	NOUN
cblr-8636	84	7	law	law	NOUN
cblr-8636	84	8	review	review	NOUN
cblr-8636	84	9	[	[	X
cblr-8636	84	10	vol	vol	NOUN
cblr-8636	84	11	.	.	NOUN
cblr-8636	84	12	2021	2021	NUM
cblr-8636	84	13	in	in	ADP
cblr-8636	84	14	this	this	DET
cblr-8636	84	15	review	review	NOUN
cblr-8636	84	16	of	of	ADP
cblr-8636	84	17	the	the	DET
cblr-8636	84	18	survey	survey	NOUN
cblr-8636	84	19	’s	’s	PART
cblr-8636	84	20	results	result	NOUN
cblr-8636	84	21	,	,	PUNCT
cblr-8636	84	22	we	we	PRON
cblr-8636	84	23	will	will	AUX
cblr-8636	84	24	see	see	VERB
cblr-8636	84	25	that	that	SCONJ
cblr-8636	84	26	the	the	DET
cblr-8636	84	27	interviewees	interviewee	NOUN
cblr-8636	84	28	expressed	express	VERB
cblr-8636	84	29	a	a	DET
cblr-8636	84	30	wide	wide	ADJ
cblr-8636	84	31	range	range	NOUN
cblr-8636	84	32	of	of	ADP
cblr-8636	84	33	opinions	opinion	NOUN
cblr-8636	84	34	about	about	ADP
cblr-8636	84	35	the	the	DET
cblr-8636	84	36	extent	extent	NOUN
cblr-8636	84	37	to	to	PART
cblr-8636	84	38	which	which	PRON
cblr-8636	84	39	dlt	dlt	PROPN
cblr-8636	84	40	will	will	AUX
cblr-8636	84	41	affect	affect	VERB
cblr-8636	84	42	the	the	DET
cblr-8636	84	43	future	future	NOUN
cblr-8636	84	44	of	of	ADP
cblr-8636	84	45	securities	security	NOUN
cblr-8636	84	46	markets	market	NOUN
cblr-8636	84	47	and	and	CCONJ
cblr-8636	84	48	their	their	PRON
cblr-8636	84	49	regulation	regulation	NOUN
cblr-8636	84	50	.	.	PUNCT
cblr-8636	85	1	a	a	DET
cblr-8636	85	2	significant	significant	ADJ
cblr-8636	85	3	number	number	NOUN
cblr-8636	85	4	saw	see	VERB
cblr-8636	85	5	the	the	DET
cblr-8636	85	6	potential	potential	NOUN
cblr-8636	85	7	for	for	SCONJ
cblr-8636	85	8	dlt	dlt	PROPN
cblr-8636	85	9	to	to	PART
cblr-8636	85	10	transform	transform	VERB
cblr-8636	85	11	securities	security	NOUN
cblr-8636	85	12	markets	market	NOUN
cblr-8636	85	13	,	,	PUNCT
cblr-8636	85	14	but	but	CCONJ
cblr-8636	85	15	key	key	ADJ
cblr-8636	85	16	questions	question	NOUN
cblr-8636	85	17	remain	remain	VERB
cblr-8636	85	18	about	about	ADP
cblr-8636	85	19	implementation	implementation	NOUN
cblr-8636	85	20	and	and	CCONJ
cblr-8636	85	21	the	the	DET
cblr-8636	85	22	appetite	appetite	NOUN
cblr-8636	85	23	for	for	ADP
cblr-8636	85	24	making	make	VERB
cblr-8636	85	25	dlt	dlt	PROPN
cblr-8636	85	26	-	-	PUNCT
cblr-8636	85	27	based	base	VERB
cblr-8636	85	28	changes	change	NOUN
cblr-8636	85	29	among	among	ADP
cblr-8636	85	30	both	both	DET
cblr-8636	85	31	market	market	NOUN
cblr-8636	85	32	participants	participant	NOUN
cblr-8636	85	33	and	and	CCONJ
cblr-8636	85	34	regulators	regulator	NOUN
cblr-8636	85	35	.	.	PUNCT
cblr-8636	86	1	ii	ii	PROPN
cblr-8636	86	2	.	.	PUNCT
cblr-8636	87	1	the	the	DET
cblr-8636	87	2	survey	survey	NOUN
cblr-8636	87	3	the	the	DET
cblr-8636	87	4	columbia	columbia	PROPN
cblr-8636	87	5	law	law	PROPN
cblr-8636	87	6	school	school	PROPN
cblr-8636	87	7	/	/	SYM
cblr-8636	87	8	columbia	columbia	PROPN
cblr-8636	87	9	business	business	PROPN
cblr-8636	87	10	school	school	NOUN
cblr-8636	87	11	program	program	NOUN
cblr-8636	87	12	in	in	ADP
cblr-8636	87	13	the	the	DET
cblr-8636	87	14	law	law	NOUN
cblr-8636	87	15	and	and	CCONJ
cblr-8636	87	16	economics	economic	NOUN
cblr-8636	87	17	of	of	ADP
cblr-8636	87	18	capital	capital	NOUN
cblr-8636	87	19	markets	market	NOUN
cblr-8636	87	20	has	have	AUX
cblr-8636	87	21	been	be	AUX
cblr-8636	87	22	conducting	conduct	VERB
cblr-8636	87	23	interviews	interview	NOUN
cblr-8636	87	24	using	use	VERB
cblr-8636	87	25	its	its	PRON
cblr-8636	87	26	stakeholder	stakeholder	NOUN
cblr-8636	87	27	survey	survey	NOUN
cblr-8636	87	28	since	since	SCONJ
cblr-8636	87	29	the	the	DET
cblr-8636	87	30	summer	summer	NOUN
cblr-8636	87	31	of	of	ADP
cblr-8636	87	32	2019	2019	NUM
cblr-8636	87	33	.	.	PUNCT
cblr-8636	88	1	this	this	PRON
cblr-8636	88	2	is	be	AUX
cblr-8636	88	3	an	an	DET
cblr-8636	88	4	interview	interview	NOUN
cblr-8636	88	5	-	-	PUNCT
cblr-8636	88	6	based	base	VERB
cblr-8636	88	7	survey	survey	NOUN
cblr-8636	88	8	of	of	ADP
cblr-8636	88	9	a	a	DET
cblr-8636	88	10	wide	wide	ADJ
cblr-8636	88	11	range	range	NOUN
cblr-8636	88	12	of	of	ADP
cblr-8636	88	13	stakeholders	stakeholder	NOUN
cblr-8636	88	14	in	in	ADP
cblr-8636	88	15	the	the	DET
cblr-8636	88	16	securities	security	NOUN
cblr-8636	88	17	markets	market	NOUN
cblr-8636	88	18	.	.	PUNCT
cblr-8636	89	1	the	the	DET
cblr-8636	89	2	interviewees	interviewee	NOUN
cblr-8636	89	3	include	include	VERB
cblr-8636	89	4	domestic	domestic	ADJ
cblr-8636	89	5	and	and	CCONJ
cblr-8636	89	6	international	international	ADJ
cblr-8636	89	7	regulators	regulator	NOUN
cblr-8636	89	8	,	,	PUNCT
cblr-8636	89	9	relevant	relevant	ADJ
cblr-8636	89	10	persons	person	NOUN
cblr-8636	89	11	from	from	ADP
cblr-8636	89	12	securities	security	NOUN
cblr-8636	89	13	-	-	PUNCT
cblr-8636	89	14	issuing	issue	VERB
cblr-8636	89	15	corporations	corporation	NOUN
cblr-8636	89	16	,	,	PUNCT
cblr-8636	89	17	securities	security	NOUN
cblr-8636	89	18	-	-	PUNCT
cblr-8636	89	19	trading	trading	NOUN
cblr-8636	89	20	venues	venue	NOUN
cblr-8636	89	21	of	of	ADP
cblr-8636	89	22	different	different	ADJ
cblr-8636	89	23	types	type	NOUN
cblr-8636	89	24	,	,	PUNCT
cblr-8636	89	25	broker	broker	NOUN
cblr-8636	89	26	-	-	PUNCT
cblr-8636	89	27	dealer	dealer	NOUN
cblr-8636	89	28	firms	firm	NOUN
cblr-8636	89	29	,	,	PUNCT
cblr-8636	89	30	institutional	institutional	ADJ
cblr-8636	89	31	investors	investor	NOUN
cblr-8636	89	32	,	,	PUNCT
cblr-8636	89	33	retail	retail	ADJ
cblr-8636	89	34	investor	investor	NOUN
cblr-8636	89	35	protection	protection	NOUN
cblr-8636	89	36	organizations	organization	NOUN
cblr-8636	89	37	,	,	PUNCT
cblr-8636	89	38	securities	security	NOUN
cblr-8636	89	39	law	law	NOUN
cblr-8636	89	40	firms	firm	NOUN
cblr-8636	89	41	,	,	PUNCT
cblr-8636	89	42	blockchain	blockchain	PROPN
cblr-8636	89	43	entrepreneurs	entrepreneur	NOUN
cblr-8636	89	44	,	,	PUNCT
cblr-8636	89	45	technology	technology	NOUN
cblr-8636	89	46	and	and	CCONJ
cblr-8636	89	47	financial	financial	ADJ
cblr-8636	89	48	institutions	institution	NOUN
cblr-8636	89	49	utilizing	utilize	VERB
cblr-8636	89	50	new	new	ADJ
cblr-8636	89	51	dlts	dlt	NOUN
cblr-8636	89	52	,	,	PUNCT
cblr-8636	89	53	and	and	CCONJ
cblr-8636	89	54	academics	academic	NOUN
cblr-8636	89	55	whose	whose	DET
cblr-8636	89	56	thinking	thinking	NOUN
cblr-8636	89	57	is	be	AUX
cblr-8636	89	58	driving	drive	VERB
cblr-8636	89	59	the	the	DET
cblr-8636	89	60	field	field	NOUN
cblr-8636	89	61	forward	forward	ADV
cblr-8636	89	62	.	.	PUNCT
cblr-8636	90	1	the	the	DET
cblr-8636	90	2	stakeholder	stakeholder	NOUN
cblr-8636	90	3	survey	survey	NOUN
cblr-8636	90	4	is	be	AUX
cblr-8636	90	5	part	part	NOUN
cblr-8636	90	6	of	of	ADP
cblr-8636	90	7	the	the	DET
cblr-8636	90	8	program	program	NOUN
cblr-8636	90	9	’s	’s	PART
cblr-8636	90	10	new	new	ADJ
cblr-8636	90	11	special	special	ADJ
cblr-8636	90	12	study	study	NOUN
cblr-8636	90	13	of	of	ADP
cblr-8636	90	14	the	the	DET
cblr-8636	90	15	securities	security	NOUN
cblr-8636	90	16	markets	market	NOUN
cblr-8636	90	17	,	,	PUNCT
cblr-8636	90	18	a	a	DET
cblr-8636	90	19	multi	multi	ADJ
cblr-8636	90	20	-	-	NOUN
cblr-8636	90	21	year	year	ADJ
cblr-8636	90	22	,	,	PUNCT
cblr-8636	90	23	comprehensive	comprehensive	ADJ
cblr-8636	90	24	,	,	PUNCT
cblr-8636	90	25	from	from	ADP
cblr-8636	90	26	-	-	PUNCT
cblr-8636	90	27	the	the	DET
cblr-8636	90	28	-	-	PUNCT
cblr-8636	90	29	ground	ground	NOUN
cblr-8636	90	30	-	-	PUNCT
cblr-8636	90	31	up	up	ADP
cblr-8636	90	32	examination	examination	NOUN
cblr-8636	90	33	of	of	ADP
cblr-8636	90	34	the	the	DET
cblr-8636	90	35	securities	security	NOUN
cblr-8636	90	36	markets	market	NOUN
cblr-8636	90	37	and	and	CCONJ
cblr-8636	90	38	their	their	PRON
cblr-8636	90	39	regulation.10	regulation.10	NOUN
cblr-8636	90	40	the	the	DET
cblr-8636	90	41	survey	survey	NOUN
cblr-8636	90	42	’s	’s	PART
cblr-8636	90	43	purpose	purpose	NOUN
cblr-8636	90	44	is	be	AUX
cblr-8636	90	45	to	to	PART
cblr-8636	90	46	gain	gain	VERB
cblr-8636	90	47	a	a	DET
cblr-8636	90	48	deeper	deep	ADJ
cblr-8636	90	49	understanding	understanding	NOUN
cblr-8636	90	50	of	of	ADP
cblr-8636	90	51	the	the	DET
cblr-8636	90	52	specific	specific	ADJ
cblr-8636	90	53	legal	legal	ADJ
cblr-8636	90	54	and	and	CCONJ
cblr-8636	90	55	economic	economic	ADJ
cblr-8636	90	56	issues	issue	NOUN
cblr-8636	90	57	10	10	NUM
cblr-8636	90	58	the	the	DET
cblr-8636	90	59	new	new	ADJ
cblr-8636	90	60	special	special	ADJ
cblr-8636	90	61	study	study	NOUN
cblr-8636	90	62	of	of	ADP
cblr-8636	90	63	the	the	DET
cblr-8636	90	64	securities	security	NOUN
cblr-8636	90	65	markets	market	NOUN
cblr-8636	90	66	is	be	AUX
cblr-8636	90	67	patterned	pattern	VERB
cblr-8636	90	68	after	after	ADP
cblr-8636	90	69	the	the	DET
cblr-8636	90	70	original	original	ADJ
cblr-8636	90	71	special	special	ADJ
cblr-8636	90	72	study	study	NOUN
cblr-8636	90	73	completed	complete	VERB
cblr-8636	90	74	in	in	ADP
cblr-8636	90	75	1963	1963	NUM
cblr-8636	90	76	,	,	PUNCT
cblr-8636	90	77	which	which	PRON
cblr-8636	90	78	had	have	VERB
cblr-8636	90	79	a	a	DET
cblr-8636	90	80	huge	huge	ADJ
cblr-8636	90	81	influence	influence	NOUN
cblr-8636	90	82	over	over	ADP
cblr-8636	90	83	the	the	DET
cblr-8636	90	84	development	development	NOUN
cblr-8636	90	85	of	of	ADP
cblr-8636	90	86	the	the	DET
cblr-8636	90	87	securities	security	NOUN
cblr-8636	90	88	laws	law	NOUN
cblr-8636	90	89	for	for	ADP
cblr-8636	90	90	several	several	ADJ
cblr-8636	90	91	succeeding	succeed	VERB
cblr-8636	90	92	decades	decade	NOUN
cblr-8636	90	93	.	.	PUNCT
cblr-8636	91	1	see	see	VERB
cblr-8636	91	2	generally	generally	ADV
cblr-8636	91	3	report	report	VERB
cblr-8636	91	4	of	of	ADP
cblr-8636	91	5	the	the	DET
cblr-8636	91	6	special	special	ADJ
cblr-8636	91	7	study	study	NOUN
cblr-8636	91	8	of	of	ADP
cblr-8636	91	9	the	the	DET
cblr-8636	91	10	securities	security	NOUN
cblr-8636	91	11	markets	market	NOUN
cblr-8636	91	12	of	of	ADP
cblr-8636	91	13	the	the	DET
cblr-8636	91	14	securities	securities	PROPN
cblr-8636	91	15	and	and	CCONJ
cblr-8636	91	16	exchange	exchange	PROPN
cblr-8636	91	17	commission	commission	PROPN
cblr-8636	91	18	,	,	PUNCT
cblr-8636	91	19	h.r	h.r	PROPN
cblr-8636	91	20	.	.	PROPN
cblr-8636	91	21	doc	doc	PROPN
cblr-8636	91	22	.	.	PUNCT
cblr-8636	92	1	no	no	INTJ
cblr-8636	92	2	.	.	NOUN
cblr-8636	93	1	88	88	NUM
cblr-8636	93	2	-	-	SYM
cblr-8636	93	3	95	95	NUM
cblr-8636	93	4	(	(	PUNCT
cblr-8636	93	5	1963	1963	NUM
cblr-8636	93	6	)	)	PUNCT
cblr-8636	93	7	.	.	PUNCT
cblr-8636	94	1	the	the	DET
cblr-8636	94	2	goal	goal	NOUN
cblr-8636	94	3	of	of	ADP
cblr-8636	94	4	the	the	DET
cblr-8636	94	5	new	new	ADJ
cblr-8636	94	6	study	study	NOUN
cblr-8636	94	7	is	be	AUX
cblr-8636	94	8	to	to	PART
cblr-8636	94	9	make	make	VERB
cblr-8636	94	10	securities	security	NOUN
cblr-8636	94	11	regulation	regulation	NOUN
cblr-8636	94	12	reform	reform	NOUN
cblr-8636	94	13	more	more	ADV
cblr-8636	94	14	proactive	proactive	ADJ
cblr-8636	94	15	and	and	CCONJ
cblr-8636	94	16	less	less	ADV
cblr-8636	94	17	reactive	reactive	ADJ
cblr-8636	94	18	,	,	PUNCT
cblr-8636	94	19	much	much	ADV
cblr-8636	94	20	as	as	SCONJ
cblr-8636	94	21	the	the	DET
cblr-8636	94	22	original	original	ADJ
cblr-8636	94	23	study	study	NOUN
cblr-8636	94	24	did	do	VERB
cblr-8636	94	25	.	.	PUNCT
cblr-8636	95	1	see	see	VERB
cblr-8636	95	2	the	the	DET
cblr-8636	95	3	new	new	ADJ
cblr-8636	95	4	special	special	ADJ
cblr-8636	95	5	study	study	NOUN
cblr-8636	95	6	of	of	ADP
cblr-8636	95	7	the	the	DET
cblr-8636	95	8	securities	security	NOUN
cblr-8636	95	9	markets	market	NOUN
cblr-8636	95	10	,	,	PUNCT
cblr-8636	95	11	colum	colum	NOUN
cblr-8636	95	12	.	.	PUNCT
cblr-8636	96	1	l.	l.	PROPN
cblr-8636	96	2	sch	sch	PROPN
cblr-8636	96	3	.	.	PUNCT
cblr-8636	96	4	:	:	PUNCT
cblr-8636	97	1	the	the	DET
cblr-8636	97	2	program	program	NOUN
cblr-8636	97	3	in	in	ADP
cblr-8636	97	4	the	the	DET
cblr-8636	97	5	l.	l.	PROPN
cblr-8636	97	6	&	&	CCONJ
cblr-8636	97	7	econ	econ	PROPN
cblr-8636	97	8	.	.	PUNCT
cblr-8636	97	9	of	of	ADP
cblr-8636	97	10	cap	cap	NOUN
cblr-8636	97	11	.	.	PUNCT
cblr-8636	98	1	mkts	mkts	NOUN
cblr-8636	98	2	.	.	PUNCT
cblr-8636	98	3	,	,	PUNCT
cblr-8636	98	4	https://capital-markets.law.columbia.edu/content/new-specialstudy-securities-markets	https://capital-markets.law.columbia.edu/content/new-specialstudy-securities-market	VERB
cblr-8636	99	1	[	[	X
cblr-8636	99	2	https://perma.cc/3wmb-rlvd	https://perma.cc/3wmb-rlvd	X
cblr-8636	99	3	]	]	X
cblr-8636	99	4	(	(	PUNCT
cblr-8636	99	5	last	last	ADV
cblr-8636	99	6	visited	visit	VERB
cblr-8636	99	7	feb	feb	PROPN
cblr-8636	99	8	.	.	PROPN
cblr-8636	99	9	24	24	NUM
cblr-8636	99	10	,	,	PUNCT
cblr-8636	99	11	2021	2021	NUM
cblr-8636	99	12	)	)	PUNCT
cblr-8636	99	13	.	.	PUNCT
cblr-8636	100	1	fox	fox	PROPN
cblr-8636	100	2	et	et	PROPN
cblr-8636	100	3	al	al	PROPN
cblr-8636	100	4	.	.	PROPN
cblr-8636	101	1	8/22/2021	8/22/2021	NUM
cblr-8636	101	2	9:05	9:05	NUM
cblr-8636	101	3	pm	pm	NOUN
cblr-8636	101	4	no	no	INTJ
cblr-8636	101	5	.	.	PUNCT
cblr-8636	102	1	2:651	2:651	NUM
cblr-8636	102	2	]	]	X
cblr-8636	102	3	a	a	DET
cblr-8636	102	4	stakeholder	stakeholder	NOUN
cblr-8636	102	5	survey	survey	VERB
cblr-8636	102	6	657	657	NUM
cblr-8636	102	7	that	that	SCONJ
cblr-8636	102	8	these	these	DET
cblr-8636	102	9	stakeholders	stakeholder	NOUN
cblr-8636	102	10	consider	consider	VERB
cblr-8636	102	11	to	to	PART
cblr-8636	102	12	be	be	AUX
cblr-8636	102	13	most	most	ADV
cblr-8636	102	14	critical	critical	ADJ
cblr-8636	102	15	to	to	ADP
cblr-8636	102	16	the	the	DET
cblr-8636	102	17	market	market	NOUN
cblr-8636	102	18	’s	’s	PART
cblr-8636	102	19	regulation	regulation	NOUN
cblr-8636	102	20	.	.	PUNCT
cblr-8636	103	1	in	in	ADP
cblr-8636	103	2	particular	particular	ADJ
cblr-8636	103	3	,	,	PUNCT
cblr-8636	103	4	the	the	DET
cblr-8636	103	5	survey	survey	NOUN
cblr-8636	103	6	explores	explore	VERB
cblr-8636	103	7	what	what	PRON
cblr-8636	103	8	regulatory	regulatory	ADJ
cblr-8636	103	9	changes	change	NOUN
cblr-8636	103	10	each	each	DET
cblr-8636	103	11	respondent	respondent	NOUN
cblr-8636	103	12	regards	regard	VERB
cblr-8636	103	13	as	as	SCONJ
cblr-8636	103	14	most	most	ADV
cblr-8636	103	15	needed	need	VERB
cblr-8636	103	16	and	and	CCONJ
cblr-8636	103	17	why	why	SCONJ
cblr-8636	103	18	.	.	PUNCT
cblr-8636	104	1	understanding	understand	VERB
cblr-8636	104	2	the	the	DET
cblr-8636	104	3	impact	impact	NOUN
cblr-8636	104	4	of	of	ADP
cblr-8636	104	5	dlt	dlt	PROPN
cblr-8636	104	6	on	on	ADP
cblr-8636	104	7	the	the	DET
cblr-8636	104	8	securities	security	NOUN
cblr-8636	104	9	markets	market	NOUN
cblr-8636	104	10	and	and	CCONJ
cblr-8636	104	11	their	their	PRON
cblr-8636	104	12	regulation	regulation	NOUN
cblr-8636	104	13	will	will	AUX
cblr-8636	104	14	inevitably	inevitably	ADV
cblr-8636	104	15	be	be	AUX
cblr-8636	104	16	a	a	DET
cblr-8636	104	17	critical	critical	ADJ
cblr-8636	104	18	part	part	NOUN
cblr-8636	104	19	of	of	ADP
cblr-8636	104	20	the	the	DET
cblr-8636	104	21	mission	mission	NOUN
cblr-8636	104	22	of	of	ADP
cblr-8636	104	23	the	the	DET
cblr-8636	104	24	larger	large	ADJ
cblr-8636	104	25	new	new	ADJ
cblr-8636	104	26	special	special	ADJ
cblr-8636	104	27	study	study	NOUN
cblr-8636	104	28	project	project	NOUN
cblr-8636	104	29	,	,	PUNCT
cblr-8636	104	30	so	so	CCONJ
cblr-8636	104	31	this	this	PRON
cblr-8636	104	32	has	have	AUX
cblr-8636	104	33	been	be	AUX
cblr-8636	104	34	a	a	DET
cblr-8636	104	35	special	special	ADJ
cblr-8636	104	36	focus	focus	NOUN
cblr-8636	104	37	of	of	ADP
cblr-8636	104	38	the	the	DET
cblr-8636	104	39	stakeholder	stakeholder	NOUN
cblr-8636	104	40	survey	survey	NOUN
cblr-8636	104	41	.	.	PUNCT
cblr-8636	105	1	this	this	DET
cblr-8636	105	2	article	article	NOUN
cblr-8636	105	3	reports	report	VERB
cblr-8636	105	4	on	on	ADP
cblr-8636	105	5	what	what	PRON
cblr-8636	105	6	this	this	DET
cblr-8636	105	7	focus	focus	NOUN
cblr-8636	105	8	has	have	AUX
cblr-8636	105	9	uncovered.11	uncovered.11	VERB
cblr-8636	105	10	as	as	ADP
cblr-8636	105	11	a	a	DET
cblr-8636	105	12	starting	starting	NOUN
cblr-8636	105	13	point	point	NOUN
cblr-8636	105	14	,	,	PUNCT
cblr-8636	105	15	the	the	DET
cblr-8636	105	16	program	program	NOUN
cblr-8636	105	17	organized	organize	VERB
cblr-8636	105	18	a	a	DET
cblr-8636	105	19	roundtable	roundtable	NOUN
cblr-8636	105	20	in	in	ADP
cblr-8636	105	21	june	june	PROPN
cblr-8636	105	22	2019	2019	NUM
cblr-8636	105	23	to	to	PART
cblr-8636	105	24	test	test	VERB
cblr-8636	105	25	and	and	CCONJ
cblr-8636	105	26	discuss	discuss	VERB
cblr-8636	105	27	a	a	DET
cblr-8636	105	28	set	set	NOUN
cblr-8636	105	29	of	of	ADP
cblr-8636	105	30	draft	draft	NOUN
cblr-8636	105	31	questions	question	NOUN
cblr-8636	105	32	to	to	PART
cblr-8636	105	33	be	be	AUX
cblr-8636	105	34	included	include	VERB
cblr-8636	105	35	in	in	ADP
cblr-8636	105	36	the	the	DET
cblr-8636	105	37	survey	survey	NOUN
cblr-8636	105	38	.	.	PUNCT
cblr-8636	106	1	with	with	ADP
cblr-8636	106	2	backgrounds	background	NOUN
cblr-8636	106	3	in	in	ADP
cblr-8636	106	4	law	law	NOUN
cblr-8636	106	5	,	,	PUNCT
cblr-8636	106	6	finance	finance	NOUN
cblr-8636	106	7	,	,	PUNCT
cblr-8636	106	8	and	and	CCONJ
cblr-8636	106	9	computer	computer	NOUN
cblr-8636	106	10	science,12	science,12	VERB
cblr-8636	106	11	the	the	DET
cblr-8636	106	12	participants	participant	NOUN
cblr-8636	106	13	focused	focus	VERB
cblr-8636	106	14	on	on	ADP
cblr-8636	106	15	how	how	SCONJ
cblr-8636	106	16	data	data	NOUN
cblr-8636	106	17	,	,	PUNCT
cblr-8636	106	18	blockchain	blockchain	NOUN
cblr-8636	106	19	,	,	PUNCT
cblr-8636	106	20	and	and	CCONJ
cblr-8636	106	21	smart	smart	ADJ
cblr-8636	106	22	contract	contract	NOUN
cblr-8636	106	23	technologies	technology	NOUN
cblr-8636	106	24	are	be	AUX
cblr-8636	106	25	affecting	affect	VERB
cblr-8636	106	26	economics	economic	NOUN
cblr-8636	106	27	,	,	PUNCT
cblr-8636	106	28	law	law	NOUN
cblr-8636	106	29	,	,	PUNCT
cblr-8636	106	30	and	and	CCONJ
cblr-8636	106	31	policy	policy	NOUN
cblr-8636	106	32	in	in	ADP
cblr-8636	106	33	the	the	DET
cblr-8636	106	34	securities	security	NOUN
cblr-8636	106	35	markets	market	NOUN
cblr-8636	106	36	.	.	PUNCT
cblr-8636	107	1	the	the	DET
cblr-8636	107	2	roundtable	roundtable	ADJ
cblr-8636	107	3	was	be	AUX
cblr-8636	107	4	critical	critical	ADJ
cblr-8636	107	5	in	in	ADP
cblr-8636	107	6	shaping	shape	VERB
cblr-8636	107	7	the	the	DET
cblr-8636	107	8	survey	survey	NOUN
cblr-8636	107	9	,	,	PUNCT
cblr-8636	107	10	helping	help	VERB
cblr-8636	107	11	to	to	PART
cblr-8636	107	12	determine	determine	VERB
cblr-8636	107	13	who	who	PRON
cblr-8636	107	14	would	would	AUX
cblr-8636	107	15	be	be	AUX
cblr-8636	107	16	interviewed	interview	VERB
cblr-8636	107	17	and	and	CCONJ
cblr-8636	107	18	the	the	DET
cblr-8636	107	19	questions	question	NOUN
cblr-8636	107	20	they	they	PRON
cblr-8636	107	21	would	would	AUX
cblr-8636	107	22	be	be	AUX
cblr-8636	107	23	asked	ask	VERB
cblr-8636	107	24	.	.	PUNCT
cblr-8636	108	1	following	follow	VERB
cblr-8636	108	2	the	the	DET
cblr-8636	108	3	roundtable	roundtable	NOUN
cblr-8636	108	4	,	,	PUNCT
cblr-8636	108	5	interviews	interview	NOUN
cblr-8636	108	6	began	begin	VERB
cblr-8636	108	7	late	late	ADV
cblr-8636	108	8	in	in	ADP
cblr-8636	108	9	the	the	DET
cblr-8636	108	10	summer	summer	NOUN
cblr-8636	108	11	of	of	ADP
cblr-8636	108	12	2019	2019	NUM
cblr-8636	108	13	and	and	CCONJ
cblr-8636	108	14	have	have	AUX
cblr-8636	108	15	been	be	AUX
cblr-8636	108	16	conducted	conduct	VERB
cblr-8636	108	17	with	with	ADP
cblr-8636	108	18	about	about	ADV
cblr-8636	108	19	100	100	NUM
cblr-8636	108	20	persons	person	NOUN
cblr-8636	108	21	.	.	PUNCT
cblr-8636	109	1	on	on	ADP
cblr-8636	109	2	the	the	DET
cblr-8636	109	3	regulatory	regulatory	ADJ
cblr-8636	109	4	side	side	NOUN
cblr-8636	109	5	,	,	PUNCT
cblr-8636	109	6	these	these	PRON
cblr-8636	109	7	have	have	AUX
cblr-8636	109	8	included	include	VERB
cblr-8636	109	9	nine	nine	NUM
cblr-8636	109	10	current	current	ADJ
cblr-8636	109	11	or	or	CCONJ
cblr-8636	109	12	former	former	ADJ
cblr-8636	109	13	sec	sec	PROPN
cblr-8636	109	14	commissioners	commissioner	NOUN
cblr-8636	109	15	,	,	PUNCT
cblr-8636	109	16	including	include	VERB
cblr-8636	109	17	three	three	NUM
cblr-8636	109	18	former	former	ADJ
cblr-8636	109	19	chairs	chair	NOUN
cblr-8636	109	20	or	or	CCONJ
cblr-8636	109	21	acting	act	VERB
cblr-8636	109	22	chairs	chair	NOUN
cblr-8636	109	23	of	of	ADP
cblr-8636	109	24	the	the	DET
cblr-8636	109	25	commission	commission	NOUN
cblr-8636	109	26	,	,	PUNCT
cblr-8636	109	27	the	the	DET
cblr-8636	109	28	head	head	NOUN
cblr-8636	109	29	of	of	ADP
cblr-8636	109	30	the	the	DET
cblr-8636	109	31	brazilian	brazilian	ADJ
cblr-8636	109	32	commissão	commissão	NOUN
cblr-8636	109	33	de	de	PROPN
cblr-8636	109	34	valores	valores	PROPN
cblr-8636	109	35	mobiliários	mobiliário	NOUN
cblr-8636	109	36	(	(	PUNCT
cblr-8636	109	37	“	"	PUNCT
cblr-8636	109	38	cvm”—the	cvm”—the	DET
cblr-8636	109	39	brazilian	brazilian	ADJ
cblr-8636	109	40	equivalent	equivalent	ADJ
cblr-8636	109	41	to	to	ADP
cblr-8636	109	42	the	the	DET
cblr-8636	109	43	sec	sec	PROPN
cblr-8636	109	44	)	)	PUNCT
cblr-8636	109	45	,	,	PUNCT
cblr-8636	109	46	the	the	DET
cblr-8636	109	47	former	former	ADJ
cblr-8636	109	48	chair	chair	NOUN
cblr-8636	109	49	of	of	ADP
cblr-8636	109	50	the	the	DET
cblr-8636	109	51	committee	committee	NOUN
cblr-8636	109	52	of	of	ADP
cblr-8636	109	53	european	european	PROPN
cblr-8636	109	54	securities	security	NOUN
cblr-8636	109	55	regulators	regulator	NOUN
cblr-8636	109	56	,	,	PUNCT
cblr-8636	109	57	and	and	CCONJ
cblr-8636	109	58	the	the	DET
cblr-8636	109	59	ceo	ceo	NOUN
cblr-8636	109	60	of	of	ADP
cblr-8636	109	61	finra	finra	PROPN
cblr-8636	109	62	.	.	PUNCT
cblr-8636	110	1	on	on	ADP
cblr-8636	110	2	the	the	DET
cblr-8636	110	3	private	private	ADJ
cblr-8636	110	4	side	side	NOUN
cblr-8636	110	5	,	,	PUNCT
cblr-8636	110	6	the	the	DET
cblr-8636	110	7	interviewees	interviewee	NOUN
cblr-8636	110	8	included	include	VERB
cblr-8636	110	9	the	the	DET
cblr-8636	110	10	heads	head	NOUN
cblr-8636	110	11	of	of	ADP
cblr-8636	110	12	some	some	PRON
cblr-8636	110	13	the	the	DET
cblr-8636	110	14	largest	large	ADJ
cblr-8636	110	15	trading	trading	NOUN
cblr-8636	110	16	venues	venue	NOUN
cblr-8636	110	17	as	as	ADV
cblr-8636	110	18	well	well	ADV
cblr-8636	110	19	as	as	ADP
cblr-8636	110	20	the	the	DET
cblr-8636	110	21	former	former	ADJ
cblr-8636	110	22	ceo	ceo	NOUN
cblr-8636	110	23	of	of	ADP
cblr-8636	110	24	the	the	DET
cblr-8636	110	25	management	management	NOUN
cblr-8636	110	26	company	company	NOUN
cblr-8636	110	27	of	of	ADP
cblr-8636	110	28	one	one	NUM
cblr-8636	110	29	of	of	ADP
cblr-8636	110	30	the	the	DET
cblr-8636	110	31	world	world	NOUN
cblr-8636	110	32	’s	’s	PART
cblr-8636	110	33	largest	large	ADJ
cblr-8636	110	34	mutual	mutual	ADJ
cblr-8636	110	35	fund	fund	NOUN
cblr-8636	110	36	families	family	NOUN
cblr-8636	110	37	.	.	PUNCT
cblr-8636	111	1	we	we	PRON
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cblr-8636	111	3	interviewed	interview	VERB
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cblr-8636	111	5	persons	person	NOUN
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cblr-8636	111	9	responsibilities	responsibility	NOUN
cblr-8636	111	10	on	on	ADP
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cblr-8636	111	12	regulatory	regulatory	ADJ
cblr-8636	111	13	and	and	CCONJ
cblr-8636	111	14	private	private	ADJ
cblr-8636	111	15	11	11	NUM
cblr-8636	111	16	the	the	DET
cblr-8636	111	17	stakeholder	stakeholder	NOUN
cblr-8636	111	18	survey	survey	NOUN
cblr-8636	111	19	and	and	CCONJ
cblr-8636	111	20	its	its	PRON
cblr-8636	111	21	particular	particular	ADJ
cblr-8636	111	22	focus	focus	NOUN
cblr-8636	111	23	on	on	ADP
cblr-8636	111	24	dlt	dlt	PROPN
cblr-8636	111	25	has	have	AUX
cblr-8636	111	26	been	be	AUX
cblr-8636	111	27	assisted	assist	VERB
cblr-8636	111	28	by	by	ADP
cblr-8636	111	29	a	a	DET
cblr-8636	111	30	generous	generous	ADJ
cblr-8636	111	31	grant	grant	NOUN
cblr-8636	111	32	from	from	ADP
cblr-8636	111	33	the	the	DET
cblr-8636	111	34	columbia	columbia	PROPN
cblr-8636	111	35	-	-	PUNCT
cblr-8636	111	36	ibm	ibm	PROPN
cblr-8636	111	37	center	center	NOUN
cblr-8636	111	38	for	for	ADP
cblr-8636	111	39	blockchain	blockchain	PROPN
cblr-8636	111	40	and	and	CCONJ
cblr-8636	111	41	data	datum	NOUN
cblr-8636	111	42	transparency	transparency	NOUN
cblr-8636	111	43	.	.	PUNCT
cblr-8636	112	1	see	see	VERB
cblr-8636	112	2	understanding	understand	VERB
cblr-8636	112	3	blockchain	blockchain	PROPN
cblr-8636	112	4	technology	technology	PROPN
cblr-8636	112	5	’s	’s	PART
cblr-8636	112	6	impact	impact	NOUN
cblr-8636	112	7	on	on	ADP
cblr-8636	112	8	the	the	DET
cblr-8636	112	9	securities	security	NOUN
cblr-8636	112	10	markets	market	NOUN
cblr-8636	112	11	,	,	PUNCT
cblr-8636	112	12	columbia	columbia	PROPN
cblr-8636	112	13	-	-	PUNCT
cblr-8636	112	14	ibm	ibm	PROPN
cblr-8636	112	15	ctr	ctr	PROPN
cblr-8636	112	16	.	.	PUNCT
cblr-8636	113	1	for	for	ADP
cblr-8636	113	2	blockchain	blockchain	PROPN
cblr-8636	113	3	and	and	CCONJ
cblr-8636	113	4	data	datum	NOUN
cblr-8636	113	5	transparency	transparency	NOUN
cblr-8636	113	6	(	(	PUNCT
cblr-8636	113	7	june	june	PROPN
cblr-8636	113	8	12	12	NUM
cblr-8636	113	9	,	,	PUNCT
cblr-8636	113	10	2019	2019	NUM
cblr-8636	113	11	)	)	PUNCT
cblr-8636	113	12	,	,	PUNCT
cblr-8636	113	13	https://cu-ibm-blockchaindata.columbia.edu/news/blockchain-technology-securities-markets	https://cu-ibm-blockchaindata.columbia.edu/news/blockchain-technology-securities-market	NOUN
cblr-8636	114	1	[	[	X
cblr-8636	114	2	https://perma.cc/f5c4-grvl	https://perma.cc/f5c4-grvl	NOUN
cblr-8636	114	3	]	]	PUNCT
cblr-8636	114	4	.	.	PUNCT
cblr-8636	115	1	12	12	NUM
cblr-8636	115	2	the	the	DET
cblr-8636	115	3	attendees	attendee	NOUN
cblr-8636	115	4	at	at	ADP
cblr-8636	115	5	the	the	DET
cblr-8636	115	6	roundtable	roundtable	ADJ
cblr-8636	115	7	are	be	AUX
cblr-8636	115	8	listed	list	VERB
cblr-8636	115	9	in	in	ADP
cblr-8636	115	10	part	part	NOUN
cblr-8636	115	11	xiii	xiii	X
cblr-8636	116	1	app	app	X
cblr-8636	116	2	.	.	PUNCT
cblr-8636	117	1	a.	a.	PROPN
cblr-8636	117	2	fox	fox	PROPN
cblr-8636	117	3	et	et	PROPN
cblr-8636	117	4	al	al	PROPN
cblr-8636	117	5	.	.	PROPN
cblr-8636	118	1	8/22/2021	8/22/2021	NUM
cblr-8636	118	2	9:05	9:05	NUM
cblr-8636	118	3	pm	pm	NOUN
cblr-8636	118	4	658	658	NUM
cblr-8636	118	5	columbia	columbia	PROPN
cblr-8636	118	6	business	business	NOUN
cblr-8636	118	7	law	law	NOUN
cblr-8636	118	8	review	review	NOUN
cblr-8636	118	9	[	[	X
cblr-8636	118	10	vol	vol	NOUN
cblr-8636	118	11	.	.	NOUN
cblr-8636	118	12	2021	2021	NUM
cblr-8636	118	13	side	side	NOUN
cblr-8636	118	14	,	,	PUNCT
cblr-8636	118	15	among	among	ADP
cblr-8636	118	16	them	they	PRON
cblr-8636	118	17	a	a	DET
cblr-8636	118	18	number	number	NOUN
cblr-8636	118	19	of	of	ADP
cblr-8636	118	20	lawyers	lawyer	NOUN
cblr-8636	118	21	and	and	CCONJ
cblr-8636	118	22	economists	economist	NOUN
cblr-8636	118	23	with	with	ADP
cblr-8636	118	24	firsthand	firsthand	ADJ
cblr-8636	118	25	knowledge	knowledge	NOUN
cblr-8636	118	26	of	of	ADP
cblr-8636	118	27	the	the	DET
cblr-8636	118	28	securities	security	NOUN
cblr-8636	118	29	markets	market	NOUN
cblr-8636	118	30	.	.	PUNCT
cblr-8636	119	1	the	the	DET
cblr-8636	119	2	full	full	ADJ
cblr-8636	119	3	list	list	NOUN
cblr-8636	119	4	and	and	CCONJ
cblr-8636	119	5	their	their	PRON
cblr-8636	119	6	positions	position	NOUN
cblr-8636	119	7	at	at	ADP
cblr-8636	119	8	the	the	DET
cblr-8636	119	9	time	time	NOUN
cblr-8636	119	10	of	of	ADP
cblr-8636	119	11	the	the	DET
cblr-8636	119	12	interview	interview	NOUN
cblr-8636	119	13	are	be	AUX
cblr-8636	119	14	listed	list	VERB
cblr-8636	119	15	in	in	ADP
cblr-8636	119	16	appendix	appendix	PROPN
cblr-8636	119	17	b.	b.	PROPN
cblr-8636	120	1	each	each	DET
cblr-8636	120	2	interview	interview	NOUN
cblr-8636	120	3	lasted	last	VERB
cblr-8636	120	4	approximately	approximately	ADV
cblr-8636	120	5	an	an	DET
cblr-8636	120	6	hour	hour	NOUN
cblr-8636	120	7	.	.	PUNCT
cblr-8636	121	1	each	each	DET
cblr-8636	121	2	interviewee	interviewee	NOUN
cblr-8636	121	3	was	be	AUX
cblr-8636	121	4	sent	send	VERB
cblr-8636	121	5	a	a	DET
cblr-8636	121	6	list	list	NOUN
cblr-8636	121	7	with	with	ADP
cblr-8636	121	8	a	a	DET
cblr-8636	121	9	wide	wide	ADJ
cblr-8636	121	10	range	range	NOUN
cblr-8636	121	11	of	of	ADP
cblr-8636	121	12	potential	potential	ADJ
cblr-8636	121	13	questions	question	NOUN
cblr-8636	121	14	,	,	PUNCT
cblr-8636	121	15	attached	attach	VERB
cblr-8636	121	16	as	as	ADP
cblr-8636	121	17	appendix	appendix	NOUN
cblr-8636	121	18	c	c	NOUN
cblr-8636	121	19	,	,	PUNCT
cblr-8636	121	20	but	but	CCONJ
cblr-8636	121	21	the	the	DET
cblr-8636	121	22	interview	interview	NOUN
cblr-8636	121	23	itself	itself	PRON
cblr-8636	121	24	was	be	AUX
cblr-8636	121	25	conducted	conduct	VERB
cblr-8636	121	26	in	in	ADP
cblr-8636	121	27	an	an	DET
cblr-8636	121	28	open	open	ADJ
cblr-8636	121	29	-	-	PUNCT
cblr-8636	121	30	ended	ended	ADJ
cblr-8636	121	31	,	,	PUNCT
cblr-8636	121	32	discursive	discursive	ADJ
cblr-8636	121	33	fashion	fashion	NOUN
cblr-8636	121	34	in	in	ADP
cblr-8636	121	35	order	order	NOUN
cblr-8636	121	36	to	to	PART
cblr-8636	121	37	take	take	VERB
cblr-8636	121	38	full	full	ADJ
cblr-8636	121	39	advantage	advantage	NOUN
cblr-8636	121	40	of	of	ADP
cblr-8636	121	41	each	each	DET
cblr-8636	121	42	interviewee	interviewee	NOUN
cblr-8636	121	43	’s	’s	PART
cblr-8636	121	44	specific	specific	ADJ
cblr-8636	121	45	expertise	expertise	NOUN
cblr-8636	121	46	and	and	CCONJ
cblr-8636	121	47	to	to	PART
cblr-8636	121	48	solicit	solicit	VERB
cblr-8636	121	49	the	the	DET
cblr-8636	121	50	particular	particular	ADJ
cblr-8636	121	51	insights	insight	NOUN
cblr-8636	121	52	they	they	PRON
cblr-8636	121	53	had	have	VERB
cblr-8636	121	54	to	to	PART
cblr-8636	121	55	offer	offer	VERB
cblr-8636	121	56	.	.	PUNCT
cblr-8636	122	1	the	the	DET
cblr-8636	122	2	interviews	interview	NOUN
cblr-8636	122	3	were	be	AUX
cblr-8636	122	4	recorded	record	VERB
cblr-8636	122	5	for	for	ADP
cblr-8636	122	6	our	our	PRON
cblr-8636	122	7	own	own	ADJ
cblr-8636	122	8	purposes	purpose	NOUN
cblr-8636	122	9	,	,	PUNCT
cblr-8636	122	10	but	but	CCONJ
cblr-8636	122	11	the	the	DET
cblr-8636	122	12	interviewees	interviewee	NOUN
cblr-8636	122	13	were	be	AUX
cblr-8636	122	14	told	tell	VERB
cblr-8636	122	15	these	these	DET
cblr-8636	122	16	recordings	recording	NOUN
cblr-8636	122	17	would	would	AUX
cblr-8636	122	18	not	not	PART
cblr-8636	122	19	be	be	AUX
cblr-8636	122	20	made	make	VERB
cblr-8636	122	21	public	public	ADJ
cblr-8636	122	22	and	and	CCONJ
cblr-8636	122	23	that	that	SCONJ
cblr-8636	122	24	they	they	PRON
cblr-8636	122	25	would	would	AUX
cblr-8636	122	26	not	not	PART
cblr-8636	122	27	be	be	AUX
cblr-8636	122	28	quoted	quote	VERB
cblr-8636	122	29	by	by	ADP
cblr-8636	122	30	name	name	NOUN
cblr-8636	122	31	or	or	CCONJ
cblr-8636	122	32	in	in	ADP
cblr-8636	122	33	some	some	DET
cblr-8636	122	34	other	other	ADJ
cblr-8636	122	35	easily	easily	ADV
cblr-8636	122	36	identifiable	identifiable	ADJ
cblr-8636	122	37	way	way	NOUN
cblr-8636	122	38	.	.	PUNCT
cblr-8636	123	1	when	when	SCONJ
cblr-8636	123	2	interviews	interview	NOUN
cblr-8636	123	3	began	begin	VERB
cblr-8636	123	4	in	in	ADP
cblr-8636	123	5	the	the	DET
cblr-8636	123	6	summer	summer	NOUN
cblr-8636	123	7	of	of	ADP
cblr-8636	123	8	2019	2019	NUM
cblr-8636	123	9	,	,	PUNCT
cblr-8636	123	10	the	the	DET
cblr-8636	123	11	u.s	u.s	PROPN
cblr-8636	123	12	.	.	PROPN
cblr-8636	123	13	economy	economy	NOUN
cblr-8636	123	14	was	be	AUX
cblr-8636	123	15	experiencing	experience	VERB
cblr-8636	123	16	robust	robust	ADJ
cblr-8636	123	17	growth,13	growth,13	NOUN
cblr-8636	123	18	and	and	CCONJ
cblr-8636	123	19	our	our	PRON
cblr-8636	123	20	interviews	interview	NOUN
cblr-8636	123	21	reflected	reflect	VERB
cblr-8636	123	22	thoughts	thought	NOUN
cblr-8636	123	23	about	about	ADP
cblr-8636	123	24	the	the	DET
cblr-8636	123	25	world	world	NOUN
cblr-8636	123	26	as	as	SCONJ
cblr-8636	123	27	it	it	PRON
cblr-8636	123	28	existed	exist	VERB
cblr-8636	123	29	then	then	ADV
cblr-8636	123	30	.	.	PUNCT
cblr-8636	124	1	the	the	DET
cblr-8636	124	2	world	world	NOUN
cblr-8636	124	3	has	have	AUX
cblr-8636	124	4	,	,	PUNCT
cblr-8636	124	5	of	of	ADP
cblr-8636	124	6	course	course	NOUN
cblr-8636	124	7	,	,	PUNCT
cblr-8636	124	8	changed	change	VERB
cblr-8636	124	9	drastically	drastically	ADV
cblr-8636	124	10	since	since	ADV
cblr-8636	124	11	,	,	PUNCT
cblr-8636	124	12	including	include	VERB
cblr-8636	124	13	the	the	DET
cblr-8636	124	14	sharp	sharp	ADJ
cblr-8636	124	15	spring	spring	NOUN
cblr-8636	124	16	2020	2020	NUM
cblr-8636	124	17	decline	decline	NOUN
cblr-8636	124	18	in	in	ADP
cblr-8636	124	19	equity	equity	NOUN
cblr-8636	124	20	prices	price	NOUN
cblr-8636	124	21	and	and	CCONJ
cblr-8636	124	22	subsequent	subsequent	ADJ
cblr-8636	124	23	recovery,14	recovery,14	AUX
cblr-8636	124	24	the	the	DET
cblr-8636	124	25	severe	severe	ADJ
cblr-8636	124	26	spring	spring	NOUN
cblr-8636	124	27	2020	2020	NUM
cblr-8636	124	28	difficulties	difficulty	NOUN
cblr-8636	124	29	in	in	ADP
cblr-8636	124	30	the	the	DET
cblr-8636	124	31	short	short	ADJ
cblr-8636	124	32	-	-	PUNCT
cblr-8636	124	33	term	term	NOUN
cblr-8636	124	34	corporate	corporate	ADJ
cblr-8636	124	35	credit	credit	NOUN
cblr-8636	124	36	market,15	market,15	NOUN
cblr-8636	124	37	the	the	DET
cblr-8636	124	38	continued	continue	VERB
cblr-8636	124	39	economic	economic	ADJ
cblr-8636	124	40	downturn	downturn	NOUN
cblr-8636	124	41	with	with	ADP
cblr-8636	124	42	its	its	PRON
cblr-8636	124	43	severe	severe	ADJ
cblr-8636	124	44	damage	damage	NOUN
cblr-8636	124	45	to	to	ADP
cblr-8636	124	46	certain	certain	ADJ
cblr-8636	124	47	sectors	sector	NOUN
cblr-8636	124	48	of	of	ADP
cblr-8636	124	49	the	the	DET
cblr-8636	124	50	economy,16	economy,16	NOUN
cblr-8636	124	51	and	and	CCONJ
cblr-8636	124	52	the	the	DET
cblr-8636	124	53	remarkable	remarkable	ADJ
cblr-8636	124	54	covid	covid	NOUN
cblr-8636	124	55	13	13	NUM
cblr-8636	124	56	see	see	VERB
cblr-8636	124	57	sarah	sarah	PROPN
cblr-8636	124	58	chaney	chaney	PROPN
cblr-8636	124	59	,	,	PUNCT
cblr-8636	124	60	strength	strength	NOUN
cblr-8636	124	61	in	in	ADP
cblr-8636	124	62	u.s	u.s	PROPN
cblr-8636	124	63	.	.	PROPN
cblr-8636	124	64	consumer	consumer	NOUN
cblr-8636	124	65	spending	spending	NOUN
cblr-8636	124	66	drives	drive	VERB
cblr-8636	124	67	economy	economy	NOUN
cblr-8636	124	68	,	,	PUNCT
cblr-8636	124	69	wall	wall	PROPN
cblr-8636	124	70	st	st	PROPN
cblr-8636	124	71	.	.	PROPN
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cblr-8636	124	73	(	(	PUNCT
cblr-8636	124	74	aug	aug	PROPN
cblr-8636	124	75	.	.	PROPN
cblr-8636	124	76	30	30	NUM
cblr-8636	124	77	,	,	PUNCT
cblr-8636	124	78	2019	2019	NUM
cblr-8636	124	79	,	,	PUNCT
cblr-8636	124	80	1:41	1:41	NUM
cblr-8636	124	81	pm	pm	NOUN
cblr-8636	124	82	)	)	PUNCT
cblr-8636	124	83	(	(	PUNCT
cblr-8636	124	84	on	on	ADP
cblr-8636	124	85	file	file	NOUN
cblr-8636	124	86	with	with	ADP
cblr-8636	124	87	the	the	DET
cblr-8636	124	88	columbia	columbia	PROPN
cblr-8636	124	89	business	business	PROPN
cblr-8636	124	90	law	law	PROPN
cblr-8636	124	91	review	review	PROPN
cblr-8636	124	92	)	)	PUNCT
cblr-8636	124	93	,	,	PUNCT
cblr-8636	124	94	https://www.wsj.com/articles/u-s-consumerspending-rose-sharply-in-july-11567168319	https://www.wsj.com/articles/u-s-consumerspending-rose-sharply-in-july-11567168319	PROPN
cblr-8636	124	95	.	.	PUNCT
cblr-8636	124	96	14	14	NUM
cblr-8636	124	97	see	see	VERB
cblr-8636	124	98	akane	akane	NOUN
cblr-8636	124	99	otani	otani	PROPN
cblr-8636	124	100	,	,	PUNCT
cblr-8636	124	101	covid-19	covid-19	PROPN
cblr-8636	124	102	fueled	fuel	VERB
cblr-8636	124	103	stock	stock	NOUN
cblr-8636	124	104	market	market	NOUN
cblr-8636	124	105	selloff	selloff	NOUN
cblr-8636	124	106	last	last	ADJ
cblr-8636	124	107	year	year	NOUN
cblr-8636	124	108	.	.	PUNCT
cblr-8636	125	1	here	here	ADV
cblr-8636	125	2	are	be	AUX
cblr-8636	125	3	some	some	DET
cblr-8636	125	4	lessons	lesson	NOUN
cblr-8636	125	5	learned	learn	VERB
cblr-8636	125	6	.	.	PUNCT
cblr-8636	126	1	,	,	PUNCT
cblr-8636	126	2	wall	wall	PROPN
cblr-8636	126	3	st	st	PROPN
cblr-8636	126	4	.	.	PROPN
cblr-8636	126	5	j.	j.	PROPN
cblr-8636	126	6	(	(	PUNCT
cblr-8636	126	7	mar	mar	PROPN
cblr-8636	126	8	.	.	PROPN
cblr-8636	126	9	7	7	NUM
cblr-8636	126	10	,	,	PUNCT
cblr-8636	126	11	2021	2021	NUM
cblr-8636	126	12	,	,	PUNCT
cblr-8636	126	13	5:30	5:30	NUM
cblr-8636	126	14	am	am	NOUN
cblr-8636	126	15	)	)	PUNCT
cblr-8636	126	16	(	(	PUNCT
cblr-8636	126	17	on	on	ADP
cblr-8636	126	18	file	file	NOUN
cblr-8636	126	19	with	with	ADP
cblr-8636	126	20	the	the	DET
cblr-8636	126	21	columbia	columbia	PROPN
cblr-8636	126	22	business	business	PROPN
cblr-8636	126	23	law	law	PROPN
cblr-8636	126	24	review	review	PROPN
cblr-8636	126	25	)	)	PUNCT
cblr-8636	126	26	,	,	PUNCT
cblr-8636	126	27	https://www.wsj.com/articles/covid-19-crashed-the-stock-market-a-yearago-here-are-some-lessons-learned-11615113001	https://www.wsj.com/articles/covid-19-crashed-the-stock-market-a-yearago-here-are-some-lessons-learned-11615113001	PROPN
cblr-8636	126	28	.	.	PUNCT
cblr-8636	126	29	15	15	NUM
cblr-8636	126	30	see	see	VERB
cblr-8636	126	31	matt	matt	PROPN
cblr-8636	126	32	wirz	wirz	PROPN
cblr-8636	126	33	,	,	PUNCT
cblr-8636	126	34	short	short	ADJ
cblr-8636	126	35	-	-	PUNCT
cblr-8636	126	36	term	term	NOUN
cblr-8636	126	37	bond	bond	NOUN
cblr-8636	126	38	market	market	NOUN
cblr-8636	126	39	roiled	roil	VERB
cblr-8636	126	40	by	by	ADP
cblr-8636	126	41	panic	panic	NOUN
cblr-8636	126	42	selling	selling	NOUN
cblr-8636	126	43	,	,	PUNCT
cblr-8636	127	1	wall	wall	PROPN
cblr-8636	127	2	st	st	PROPN
cblr-8636	127	3	.	.	PROPN
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cblr-8636	128	1	(	(	PUNCT
cblr-8636	128	2	mar	mar	PROPN
cblr-8636	128	3	.	.	PROPN
cblr-8636	128	4	18	18	NUM
cblr-8636	128	5	,	,	PUNCT
cblr-8636	128	6	2020	2020	NUM
cblr-8636	128	7	,	,	PUNCT
cblr-8636	128	8	10:43	10:43	NUM
cblr-8636	128	9	am	am	NOUN
cblr-8636	128	10	)	)	PUNCT
cblr-8636	128	11	(	(	PUNCT
cblr-8636	128	12	on	on	ADP
cblr-8636	128	13	file	file	NOUN
cblr-8636	128	14	with	with	ADP
cblr-8636	128	15	the	the	DET
cblr-8636	128	16	columbia	columbia	PROPN
cblr-8636	128	17	business	business	PROPN
cblr-8636	128	18	law	law	PROPN
cblr-8636	128	19	review	review	PROPN
cblr-8636	128	20	)	)	PUNCT
cblr-8636	128	21	,	,	PUNCT
cblr-8636	128	22	https://www.wsj.com/articles/short-term-bond-market-roiledby-panic-selling-11584542633	https://www.wsj.com/articles/short-term-bond-market-roiledby-panic-selling-11584542633	PROPN
cblr-8636	128	23	.	.	PUNCT
cblr-8636	129	1	16	16	NUM
cblr-8636	129	2	see	see	VERB
cblr-8636	129	3	gwynn	gwynn	PROPN
cblr-8636	129	4	guilford	guilford	PROPN
cblr-8636	129	5	,	,	PUNCT
cblr-8636	129	6	u.s	u.s	PROPN
cblr-8636	129	7	.	.	PROPN
cblr-8636	129	8	unemployment	unemployment	NOUN
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cblr-8636	129	10	reach	reach	VERB
cblr-8636	129	11	new	new	ADJ
cblr-8636	129	12	covid19	covid19	NOUN
cblr-8636	129	13	pandemic	pandemic	ADJ
cblr-8636	129	14	low	low	ADJ
cblr-8636	129	15	,	,	PUNCT
cblr-8636	129	16	wall	wall	PROPN
cblr-8636	129	17	st	st	PROPN
cblr-8636	129	18	.	.	PROPN
cblr-8636	129	19	j.	j.	PROPN
cblr-8636	129	20	(	(	PUNCT
cblr-8636	129	21	may	may	PROPN
cblr-8636	129	22	6	6	NUM
cblr-8636	129	23	,	,	PUNCT
cblr-8636	129	24	2021	2021	NUM
cblr-8636	129	25	,	,	PUNCT
cblr-8636	129	26	11:56	11:56	NUM
cblr-8636	129	27	am	am	NOUN
cblr-8636	129	28	)	)	PUNCT
cblr-8636	129	29	(	(	PUNCT
cblr-8636	129	30	on	on	ADP
cblr-8636	129	31	file	file	NOUN
cblr-8636	129	32	with	with	ADP
cblr-8636	129	33	the	the	DET
cblr-8636	129	34	columbia	columbia	PROPN
cblr-8636	129	35	business	business	PROPN
cblr-8636	129	36	law	law	PROPN
cblr-8636	129	37	review	review	PROPN
cblr-8636	129	38	)	)	PUNCT
cblr-8636	129	39	,	,	PUNCT
cblr-8636	129	40	https://www.wsj.com/articles/weeklyjobless-claims-coronavirus-05-06-2021-11620247798	https://www.wsj.com/articles/weeklyjobless-claims-coronavirus-05-06-2021-11620247798	VERB
cblr-8636	129	41	(	(	PUNCT
cblr-8636	129	42	noting	note	VERB
cblr-8636	129	43	that	that	SCONJ
cblr-8636	129	44	employment	employment	NOUN
cblr-8636	129	45	numbers	number	NOUN
cblr-8636	129	46	,	,	PUNCT
cblr-8636	129	47	though	though	SCONJ
cblr-8636	129	48	improved	improve	VERB
cblr-8636	129	49	,	,	PUNCT
cblr-8636	129	50	remained	remain	VERB
cblr-8636	129	51	low	low	ADJ
cblr-8636	129	52	even	even	ADV
cblr-8636	129	53	in	in	ADP
cblr-8636	129	54	may	may	PROPN
cblr-8636	129	55	2021	2021	NUM
cblr-8636	129	56	)	)	PUNCT
cblr-8636	129	57	.	.	PUNCT
cblr-8636	130	1	fox	fox	PROPN
cblr-8636	130	2	et	et	PROPN
cblr-8636	130	3	al	al	PROPN
cblr-8636	130	4	.	.	PROPN
cblr-8636	131	1	8/22/2021	8/22/2021	NUM
cblr-8636	131	2	9:05	9:05	NUM
cblr-8636	131	3	pm	pm	NOUN
cblr-8636	131	4	no	no	INTJ
cblr-8636	131	5	.	.	PUNCT
cblr-8636	132	1	2:651	2:651	NUM
cblr-8636	132	2	]	]	X
cblr-8636	132	3	a	a	DET
cblr-8636	132	4	stakeholder	stakeholder	NOUN
cblr-8636	132	5	survey	survey	VERB
cblr-8636	132	6	659	659	NUM
cblr-8636	132	7	19	19	NUM
cblr-8636	132	8	-	-	PUNCT
cblr-8636	132	9	imposed	impose	VERB
cblr-8636	132	10	switch	switch	NOUN
cblr-8636	132	11	to	to	ADP
cblr-8636	132	12	remote	remote	ADJ
cblr-8636	132	13	work	work	NOUN
cblr-8636	132	14	for	for	ADP
cblr-8636	132	15	most	most	ADJ
cblr-8636	132	16	people	people	NOUN
cblr-8636	132	17	involved	involve	VERB
cblr-8636	132	18	in	in	ADP
cblr-8636	132	19	the	the	DET
cblr-8636	132	20	securities	security	NOUN
cblr-8636	132	21	markets.17	markets.17	PROPN
cblr-8636	132	22	iii	iii	PROPN
cblr-8636	132	23	.	.	PUNCT
cblr-8636	133	1	the	the	DET
cblr-8636	133	2	overall	overall	ADJ
cblr-8636	133	3	potential	potential	NOUN
cblr-8636	133	4	of	of	ADP
cblr-8636	133	5	dlt	dlt	PROPN
cblr-8636	133	6	multiple	multiple	ADJ
cblr-8636	133	7	interviewees	interviewee	NOUN
cblr-8636	133	8	said	say	VERB
cblr-8636	133	9	using	use	VERB
cblr-8636	133	10	dlt	dlt	PROPN
cblr-8636	133	11	in	in	ADP
cblr-8636	133	12	the	the	DET
cblr-8636	133	13	securities	security	NOUN
cblr-8636	133	14	markets	market	NOUN
cblr-8636	133	15	might	might	AUX
cblr-8636	133	16	have	have	VERB
cblr-8636	133	17	significant	significant	ADJ
cblr-8636	133	18	benefits	benefit	NOUN
cblr-8636	133	19	.	.	PUNCT
cblr-8636	134	1	these	these	PRON
cblr-8636	134	2	could	could	AUX
cblr-8636	134	3	include	include	VERB
cblr-8636	134	4	lower	low	ADJ
cblr-8636	134	5	clearing	clearing	NOUN
cblr-8636	134	6	and	and	CCONJ
cblr-8636	134	7	settlement	settlement	NOUN
cblr-8636	134	8	costs	cost	NOUN
cblr-8636	134	9	,	,	PUNCT
cblr-8636	134	10	an	an	DET
cblr-8636	134	11	indelible	indelible	ADJ
cblr-8636	134	12	and	and	CCONJ
cblr-8636	134	13	unified	unified	ADJ
cblr-8636	134	14	record	record	NOUN
cblr-8636	134	15	of	of	ADP
cblr-8636	134	16	transactions	transaction	NOUN
cblr-8636	134	17	that	that	PRON
cblr-8636	134	18	would	would	AUX
cblr-8636	134	19	make	make	VERB
cblr-8636	134	20	it	it	PRON
cblr-8636	134	21	far	far	ADV
cblr-8636	134	22	easier	easy	ADJ
cblr-8636	134	23	for	for	SCONJ
cblr-8636	134	24	enforcement	enforcement	NOUN
cblr-8636	134	25	officials	official	NOUN
cblr-8636	134	26	to	to	PART
cblr-8636	134	27	survey	survey	VERB
cblr-8636	134	28	and	and	CCONJ
cblr-8636	134	29	trace	trace	NOUN
cblr-8636	134	30	transactions	transaction	NOUN
cblr-8636	134	31	in	in	ADP
cblr-8636	134	32	order	order	NOUN
cblr-8636	134	33	to	to	PART
cblr-8636	134	34	detect	detect	VERB
cblr-8636	134	35	and	and	CCONJ
cblr-8636	134	36	prove	prove	VERB
cblr-8636	134	37	violations	violation	NOUN
cblr-8636	134	38	,	,	PUNCT
cblr-8636	134	39	enhanced	enhance	VERB
cblr-8636	134	40	data	data	NOUN
cblr-8636	134	41	privacy	privacy	NOUN
cblr-8636	134	42	and	and	CCONJ
cblr-8636	134	43	monitoring	monitor	VERB
cblr-8636	134	44	capabilities	capability	NOUN
cblr-8636	134	45	,	,	PUNCT
cblr-8636	134	46	and	and	CCONJ
cblr-8636	134	47	,	,	PUNCT
cblr-8636	134	48	as	as	SCONJ
cblr-8636	134	49	discussed	discuss	VERB
cblr-8636	134	50	below	below	ADV
cblr-8636	134	51	,	,	PUNCT
cblr-8636	134	52	even	even	ADV
cblr-8636	134	53	a	a	DET
cblr-8636	134	54	platform	platform	NOUN
cblr-8636	134	55	for	for	ADP
cblr-8636	134	56	trading	trading	NOUN
cblr-8636	134	57	at	at	ADP
cblr-8636	134	58	least	least	ADJ
cblr-8636	134	59	some	some	PRON
cblr-8636	134	60	,	,	PUNCT
cblr-8636	134	61	and	and	CCONJ
cblr-8636	134	62	perhaps	perhaps	ADV
cblr-8636	134	63	all	all	PRON
cblr-8636	134	64	,	,	PUNCT
cblr-8636	134	65	stocks.18	stocks.18	VERB
cblr-8636	134	66	broadly	broadly	ADV
cblr-8636	134	67	speaking	speak	VERB
cblr-8636	134	68	,	,	PUNCT
cblr-8636	134	69	as	as	SCONJ
cblr-8636	134	70	one	one	NUM
cblr-8636	134	71	member	member	NOUN
cblr-8636	134	72	of	of	ADP
cblr-8636	134	73	the	the	DET
cblr-8636	134	74	broker	broker	NOUN
cblr-8636	134	75	-	-	PUNCT
cblr-8636	134	76	dealer	dealer	NOUN
cblr-8636	134	77	community	community	NOUN
cblr-8636	134	78	put	put	VERB
cblr-8636	134	79	it	it	PRON
cblr-8636	134	80	,	,	PUNCT
cblr-8636	134	81	anything	anything	PRON
cblr-8636	134	82	that	that	PRON
cblr-8636	134	83	reduces	reduce	VERB
cblr-8636	134	84	the	the	DET
cblr-8636	134	85	costs	cost	NOUN
cblr-8636	134	86	and	and	CCONJ
cblr-8636	134	87	enhances	enhance	VERB
cblr-8636	134	88	the	the	DET
cblr-8636	134	89	operational	operational	ADJ
cblr-8636	134	90	effectiveness	effectiveness	NOUN
cblr-8636	134	91	of	of	ADP
cblr-8636	134	92	the	the	DET
cblr-8636	134	93	securities	security	NOUN
cblr-8636	134	94	markets	market	NOUN
cblr-8636	134	95	’	'	PUNCT
cblr-8636	134	96	payments	payment	NOUN
cblr-8636	134	97	system	system	NOUN
cblr-8636	134	98	is	be	AUX
cblr-8636	134	99	inherently	inherently	ADV
cblr-8636	134	100	valuable	valuable	ADJ
cblr-8636	134	101	.	.	PUNCT
cblr-8636	135	1	another	another	DET
cblr-8636	135	2	member	member	NOUN
cblr-8636	135	3	of	of	ADP
cblr-8636	135	4	the	the	DET
cblr-8636	135	5	regulatory	regulatory	ADJ
cblr-8636	135	6	community	community	NOUN
cblr-8636	135	7	said	say	VERB
cblr-8636	135	8	blockchain	blockchain	PROPN
cblr-8636	135	9	might	might	AUX
cblr-8636	135	10	generally	generally	ADV
cblr-8636	135	11	be	be	AUX
cblr-8636	135	12	used	use	VERB
cblr-8636	135	13	to	to	PART
cblr-8636	135	14	make	make	VERB
cblr-8636	135	15	recordkeeping	recordkeeping	NOUN
cblr-8636	135	16	more	more	ADV
cblr-8636	135	17	efficient	efficient	ADJ
cblr-8636	135	18	and	and	CCONJ
cblr-8636	135	19	for	for	ADP
cblr-8636	135	20	avoiding	avoid	VERB
cblr-8636	135	21	the	the	DET
cblr-8636	135	22	expense	expense	NOUN
cblr-8636	135	23	of	of	ADP
cblr-8636	135	24	a	a	DET
cblr-8636	135	25	trusted	trust	VERB
cblr-8636	135	26	intermediary	intermediary	NOUN
cblr-8636	135	27	where	where	SCONJ
cblr-8636	135	28	one	one	PRON
cblr-8636	135	29	would	would	AUX
cblr-8636	135	30	otherwise	otherwise	ADV
cblr-8636	135	31	be	be	AUX
cblr-8636	135	32	necessary	necessary	ADJ
cblr-8636	135	33	.	.	PUNCT
cblr-8636	136	1	yet	yet	ADV
cblr-8636	136	2	,	,	PUNCT
cblr-8636	136	3	just	just	ADV
cblr-8636	136	4	as	as	ADP
cblr-8636	136	5	frequently	frequently	ADV
cblr-8636	136	6	,	,	PUNCT
cblr-8636	136	7	interviewees	interviewee	NOUN
cblr-8636	136	8	expressed	express	VERB
cblr-8636	136	9	substantial	substantial	ADJ
cblr-8636	136	10	concerns	concern	NOUN
cblr-8636	136	11	about	about	ADP
cblr-8636	136	12	whether	whether	SCONJ
cblr-8636	136	13	the	the	DET
cblr-8636	136	14	markets	market	NOUN
cblr-8636	136	15	and	and	CCONJ
cblr-8636	136	16	regulators	regulator	NOUN
cblr-8636	136	17	were	be	AUX
cblr-8636	136	18	ready	ready	ADJ
cblr-8636	136	19	for	for	ADP
cblr-8636	136	20	dlt	dlt	PROPN
cblr-8636	136	21	.	.	PUNCT
cblr-8636	137	1	as	as	SCONJ
cblr-8636	137	2	one	one	NUM
cblr-8636	137	3	member	member	NOUN
cblr-8636	137	4	of	of	ADP
cblr-8636	137	5	the	the	DET
cblr-8636	137	6	regulatory	regulatory	ADJ
cblr-8636	137	7	community	community	NOUN
cblr-8636	137	8	stated	state	VERB
cblr-8636	137	9	,	,	PUNCT
cblr-8636	137	10	fully	fully	ADV
cblr-8636	137	11	functioning	function	VERB
cblr-8636	137	12	dlt	dlt	PROPN
cblr-8636	137	13	-	-	PUNCT
cblr-8636	137	14	based	base	VERB
cblr-8636	137	15	markets	market	NOUN
cblr-8636	137	16	would	would	AUX
cblr-8636	137	17	require	require	VERB
cblr-8636	137	18	near	near	ADV
cblr-8636	137	19	-	-	PUNCT
cblr-8636	137	20	universal	universal	ADJ
cblr-8636	137	21	adoption	adoption	NOUN
cblr-8636	137	22	of	of	ADP
cblr-8636	137	23	dlt	dlt	PROPN
cblr-8636	137	24	,	,	PUNCT
cblr-8636	137	25	which	which	PRON
cblr-8636	137	26	seems	seem	VERB
cblr-8636	137	27	very	very	ADV
cblr-8636	137	28	unlikely	unlikely	ADJ
cblr-8636	137	29	unless	unless	SCONJ
cblr-8636	137	30	regulators	regulator	NOUN
cblr-8636	137	31	come	come	VERB
cblr-8636	137	32	up	up	ADP
cblr-8636	137	33	with	with	ADP
cblr-8636	137	34	a	a	DET
cblr-8636	137	35	long	long	ADJ
cblr-8636	137	36	-	-	PUNCT
cblr-8636	137	37	term	term	NOUN
cblr-8636	137	38	plan	plan	NOUN
cblr-8636	137	39	for	for	ADP
cblr-8636	137	40	creating	create	VERB
cblr-8636	137	41	incentives	incentive	NOUN
cblr-8636	137	42	to	to	PART
cblr-8636	137	43	adopt	adopt	VERB
cblr-8636	137	44	it	it	PRON
cblr-8636	137	45	and	and	CCONJ
cblr-8636	137	46	guidance	guidance	VERB
cblr-8636	137	47	on	on	ADP
cblr-8636	137	48	implementing	implement	VERB
cblr-8636	137	49	it	it	PRON
cblr-8636	137	50	.	.	PUNCT
cblr-8636	138	1	misgivings	misgiving	NOUN
cblr-8636	138	2	about	about	ADP
cblr-8636	138	3	whether	whether	SCONJ
cblr-8636	138	4	implementation	implementation	NOUN
cblr-8636	138	5	would	would	AUX
cblr-8636	138	6	in	in	ADP
cblr-8636	138	7	fact	fact	NOUN
cblr-8636	138	8	,	,	PUNCT
cblr-8636	138	9	on	on	ADP
cblr-8636	138	10	balance	balance	NOUN
cblr-8636	138	11	,	,	PUNCT
cblr-8636	138	12	be	be	AUX
cblr-8636	138	13	positive	positive	ADJ
cblr-8636	138	14	also	also	ADV
cblr-8636	138	15	emerged	emerge	VERB
cblr-8636	138	16	as	as	ADP
cblr-8636	138	17	a	a	DET
cblr-8636	138	18	theme	theme	NOUN
cblr-8636	138	19	in	in	ADP
cblr-8636	138	20	many	many	ADJ
cblr-8636	138	21	of	of	ADP
cblr-8636	138	22	the	the	DET
cblr-8636	138	23	interviews	interview	NOUN
cblr-8636	138	24	.	.	PUNCT
cblr-8636	139	1	as	as	SCONJ
cblr-8636	139	2	one	one	NUM
cblr-8636	139	3	interviewee	interviewee	NOUN
cblr-8636	139	4	pointed	point	VERB
cblr-8636	139	5	out	out	ADP
cblr-8636	139	6	,	,	PUNCT
cblr-8636	139	7	even	even	ADV
cblr-8636	139	8	if	if	SCONJ
cblr-8636	139	9	right	right	ADV
cblr-8636	139	10	now	now	ADV
cblr-8636	139	11	dlt	dlt	PROPN
cblr-8636	139	12	could	could	AUX
cblr-8636	139	13	facilitate	facilitate	VERB
cblr-8636	139	14	audit	audit	NOUN
cblr-8636	139	15	trails	trail	NOUN
cblr-8636	139	16	and	and	CCONJ
cblr-8636	139	17	recordkeeping	recordkeeping	NOUN
cblr-8636	139	18	,	,	PUNCT
cblr-8636	139	19	an	an	DET
cblr-8636	139	20	entity	entity	NOUN
cblr-8636	139	21	would	would	AUX
cblr-8636	139	22	still	still	ADV
cblr-8636	139	23	be	be	AUX
cblr-8636	139	24	needed	need	VERB
cblr-8636	139	25	to	to	PART
cblr-8636	139	26	bring	bring	VERB
cblr-8636	139	27	buyers	buyer	NOUN
cblr-8636	139	28	and	and	CCONJ
cblr-8636	139	29	sellers	seller	NOUN
cblr-8636	139	30	17	17	NUM
cblr-8636	139	31	see	see	VERB
cblr-8636	139	32	kate	kate	PROPN
cblr-8636	139	33	kelly	kelly	PROPN
cblr-8636	139	34	,	,	PUNCT
cblr-8636	139	35	dust	dust	NOUN
cblr-8636	139	36	off	off	ADP
cblr-8636	139	37	desks	desk	NOUN
cblr-8636	139	38	and	and	CCONJ
cblr-8636	139	39	boot	boot	VERB
cblr-8636	139	40	up	up	ADP
cblr-8636	139	41	terminals	terminal	NOUN
cblr-8636	139	42	:	:	PUNCT
cblr-8636	139	43	wall	wall	PROPN
cblr-8636	139	44	st	st	PROPN
cblr-8636	139	45	.	.	PROPN
cblr-8636	139	46	returns	return	NOUN
cblr-8636	139	47	,	,	PUNCT
cblr-8636	139	48	fitfully	fitfully	ADV
cblr-8636	139	49	,	,	PUNCT
cblr-8636	139	50	n.y	n.y	PROPN
cblr-8636	139	51	.	.	PROPN
cblr-8636	139	52	times	times	PROPN
cblr-8636	139	53	(	(	PUNCT
cblr-8636	139	54	sept	sept	PROPN
cblr-8636	139	55	.	.	PROPN
cblr-8636	139	56	23	23	NUM
cblr-8636	139	57	,	,	PUNCT
cblr-8636	139	58	2020	2020	NUM
cblr-8636	139	59	)	)	PUNCT
cblr-8636	139	60	(	(	PUNCT
cblr-8636	139	61	on	on	ADP
cblr-8636	139	62	file	file	NOUN
cblr-8636	139	63	with	with	ADP
cblr-8636	139	64	the	the	DET
cblr-8636	139	65	columbia	columbia	PROPN
cblr-8636	139	66	business	business	PROPN
cblr-8636	139	67	law	law	PROPN
cblr-8636	139	68	review	review	PROPN
cblr-8636	139	69	)	)	PUNCT
cblr-8636	139	70	,	,	PUNCT
cblr-8636	139	71	https://www.nytimes.com/2020/09/23/business/wallstreet-return-to-office.html	https://www.nytimes.com/2020/09/23/business/wallstreet-return-to-office.html	PROPN
cblr-8636	139	72	.	.	PUNCT
cblr-8636	140	1	18	18	NUM
cblr-8636	140	2	see	see	VERB
cblr-8636	140	3	infra	infra	NOUN
cblr-8636	140	4	part	part	NOUN
cblr-8636	140	5	iv	iv	NOUN
cblr-8636	140	6	.	.	PUNCT
cblr-8636	141	1	fox	fox	PROPN
cblr-8636	141	2	et	et	PROPN
cblr-8636	141	3	al	al	PROPN
cblr-8636	141	4	.	.	PROPN
cblr-8636	142	1	8/22/2021	8/22/2021	NUM
cblr-8636	142	2	9:05	9:05	NUM
cblr-8636	142	3	pm	pm	NOUN
cblr-8636	142	4	660	660	NUM
cblr-8636	142	5	columbia	columbia	PROPN
cblr-8636	142	6	business	business	NOUN
cblr-8636	142	7	law	law	PROPN
cblr-8636	142	8	review	review	NOUN
cblr-8636	142	9	[	[	X
cblr-8636	142	10	vol	vol	NOUN
cblr-8636	142	11	.	.	NOUN
cblr-8636	142	12	2021	2021	NUM
cblr-8636	142	13	together	together	ADV
cblr-8636	142	14	,	,	PUNCT
cblr-8636	142	15	and	and	CCONJ
cblr-8636	142	16	using	use	VERB
cblr-8636	142	17	dlt	dlt	PROPN
cblr-8636	142	18	to	to	PART
cblr-8636	142	19	create	create	VERB
cblr-8636	142	20	a	a	DET
cblr-8636	142	21	trading	trading	NOUN
cblr-8636	142	22	platform	platform	NOUN
cblr-8636	142	23	that	that	PRON
cblr-8636	142	24	would	would	AUX
cblr-8636	142	25	substitute	substitute	VERB
cblr-8636	142	26	for	for	ADP
cblr-8636	142	27	a	a	DET
cblr-8636	142	28	stock	stock	NOUN
cblr-8636	142	29	exchange	exchange	NOUN
cblr-8636	142	30	is	be	AUX
cblr-8636	142	31	a	a	DET
cblr-8636	142	32	much	much	ADV
cblr-8636	142	33	more	more	ADV
cblr-8636	142	34	ambitious	ambitious	ADJ
cblr-8636	142	35	task	task	NOUN
cblr-8636	142	36	.	.	PUNCT
cblr-8636	143	1	interviewees	interviewee	NOUN
cblr-8636	143	2	also	also	ADV
cblr-8636	143	3	commonly	commonly	ADV
cblr-8636	143	4	noted	note	VERB
cblr-8636	143	5	the	the	DET
cblr-8636	143	6	obstacles	obstacle	NOUN
cblr-8636	143	7	of	of	ADP
cblr-8636	143	8	scaling	scale	VERB
cblr-8636	143	9	up	up	ADP
cblr-8636	143	10	the	the	DET
cblr-8636	143	11	functionality	functionality	NOUN
cblr-8636	143	12	of	of	ADP
cblr-8636	143	13	dlt	dlt	PROPN
cblr-8636	143	14	for	for	ADP
cblr-8636	143	15	widespread	widespread	ADJ
cblr-8636	143	16	use	use	NOUN
cblr-8636	143	17	as	as	ADP
cblr-8636	143	18	a	a	DET
cblr-8636	143	19	trading	trading	NOUN
cblr-8636	143	20	and	and	CCONJ
cblr-8636	143	21	clearance	clearance	NOUN
cblr-8636	143	22	and	and	CCONJ
cblr-8636	143	23	settlement	settlement	NOUN
cblr-8636	143	24	platform	platform	NOUN
cblr-8636	143	25	in	in	ADP
cblr-8636	143	26	the	the	DET
cblr-8636	143	27	equities	equity	NOUN
cblr-8636	143	28	markets	market	NOUN
cblr-8636	143	29	,	,	PUNCT
cblr-8636	143	30	where	where	SCONJ
cblr-8636	143	31	a	a	DET
cblr-8636	143	32	huge	huge	ADJ
cblr-8636	143	33	volume	volume	NOUN
cblr-8636	143	34	of	of	ADP
cblr-8636	143	35	transactions	transaction	NOUN
cblr-8636	143	36	occurs	occur	VERB
cblr-8636	143	37	every	every	DET
cblr-8636	143	38	minute.19	minute.19	NOUN
cblr-8636	143	39	iv	iv	NOUN
cblr-8636	143	40	.	.	PUNCT
cblr-8636	143	41	public	public	ADJ
cblr-8636	143	42	trading	trading	NOUN
cblr-8636	143	43	and	and	CCONJ
cblr-8636	143	44	offering	offering	NOUN
cblr-8636	143	45	of	of	ADP
cblr-8636	143	46	stocks	stock	NOUN
cblr-8636	143	47	on	on	ADP
cblr-8636	143	48	dlt	dlt	PROPN
cblr-8636	143	49	?	?	PUNCT
cblr-8636	144	1	publicly	publicly	ADV
cblr-8636	144	2	trading	trade	VERB
cblr-8636	144	3	and	and	CCONJ
cblr-8636	144	4	offering	offer	VERB
cblr-8636	144	5	stocks	stock	NOUN
cblr-8636	144	6	on	on	ADP
cblr-8636	144	7	dlt	dlt	PROPN
cblr-8636	144	8	would	would	AUX
cblr-8636	144	9	have	have	VERB
cblr-8636	144	10	a	a	DET
cblr-8636	144	11	number	number	NOUN
cblr-8636	144	12	of	of	ADP
cblr-8636	144	13	advantages	advantage	NOUN
cblr-8636	144	14	.	.	PUNCT
cblr-8636	145	1	but	but	CCONJ
cblr-8636	145	2	how	how	SCONJ
cblr-8636	145	3	practical	practical	ADJ
cblr-8636	145	4	would	would	AUX
cblr-8636	145	5	it	it	PRON
cblr-8636	145	6	be	be	AUX
cblr-8636	145	7	?	?	PUNCT
cblr-8636	146	1	much	much	ADJ
cblr-8636	146	2	depends	depend	VERB
cblr-8636	146	3	on	on	ADP
cblr-8636	146	4	the	the	DET
cblr-8636	146	5	scalability	scalability	NOUN
cblr-8636	146	6	of	of	ADP
cblr-8636	146	7	dlt	dlt	PROPN
cblr-8636	146	8	and	and	CCONJ
cblr-8636	146	9	the	the	DET
cblr-8636	146	10	market	market	NOUN
cblr-8636	146	11	’s	’s	PART
cblr-8636	146	12	and	and	CCONJ
cblr-8636	146	13	regulators	regulator	NOUN
cblr-8636	146	14	’	'	PUNCT
cblr-8636	146	15	appetite	appetite	NOUN
cblr-8636	146	16	for	for	ADP
cblr-8636	146	17	a	a	DET
cblr-8636	146	18	more	more	ADV
cblr-8636	146	19	disintermediated	disintermediate	VERB
cblr-8636	146	20	system	system	NOUN
cblr-8636	146	21	.	.	PUNCT
cblr-8636	147	1	nor	nor	CCONJ
cblr-8636	147	2	is	be	AUX
cblr-8636	147	3	it	it	PRON
cblr-8636	147	4	obvious	obvious	ADJ
cblr-8636	147	5	that	that	SCONJ
cblr-8636	147	6	there	there	PRON
cblr-8636	147	7	is	be	VERB
cblr-8636	147	8	any	any	DET
cblr-8636	147	9	way	way	NOUN
cblr-8636	147	10	for	for	SCONJ
cblr-8636	147	11	dlt	dlt	PROPN
cblr-8636	147	12	to	to	PART
cblr-8636	147	13	perform	perform	VERB
cblr-8636	147	14	the	the	DET
cblr-8636	147	15	function	function	NOUN
cblr-8636	147	16	currently	currently	ADV
cblr-8636	147	17	performed	perform	VERB
cblr-8636	147	18	by	by	ADP
cblr-8636	147	19	exchanges	exchange	NOUN
cblr-8636	147	20	and	and	CCONJ
cblr-8636	147	21	other	other	ADJ
cblr-8636	147	22	trading	trading	NOUN
cblr-8636	147	23	venues	venue	NOUN
cblr-8636	147	24	in	in	ADP
cblr-8636	147	25	bringing	bring	VERB
cblr-8636	147	26	together	together	ADV
cblr-8636	147	27	prospective	prospective	ADJ
cblr-8636	147	28	buying	buying	NOUN
cblr-8636	147	29	and	and	CCONJ
cblr-8636	147	30	selling	sell	VERB
cblr-8636	147	31	interests	interest	NOUN
cblr-8636	147	32	so	so	SCONJ
cblr-8636	147	33	that	that	SCONJ
cblr-8636	147	34	they	they	PRON
cblr-8636	147	35	can	can	AUX
cblr-8636	147	36	find	find	VERB
cblr-8636	147	37	each	each	DET
cblr-8636	147	38	other	other	ADJ
cblr-8636	147	39	.	.	PUNCT
cblr-8636	148	1	a.	a.	NOUN
cblr-8636	148	2	potential	potential	ADJ
cblr-8636	148	3	advantages	advantage	NOUN
cblr-8636	148	4	in	in	ADP
cblr-8636	148	5	the	the	DET
cblr-8636	148	6	current	current	ADJ
cblr-8636	148	7	system	system	NOUN
cblr-8636	148	8	of	of	ADP
cblr-8636	148	9	trading	trading	NOUN
cblr-8636	148	10	stocks	stock	NOUN
cblr-8636	148	11	publicly	publicly	ADV
cblr-8636	148	12	on	on	ADP
cblr-8636	148	13	an	an	DET
cblr-8636	148	14	exchange	exchange	NOUN
cblr-8636	148	15	or	or	CCONJ
cblr-8636	148	16	through	through	ADP
cblr-8636	148	17	another	another	DET
cblr-8636	148	18	venue	venue	NOUN
cblr-8636	148	19	,	,	PUNCT
cblr-8636	148	20	a	a	DET
cblr-8636	148	21	buyer	buyer	NOUN
cblr-8636	148	22	and	and	CCONJ
cblr-8636	148	23	a	a	DET
cblr-8636	148	24	seller	seller	NOUN
cblr-8636	148	25	anonymously	anonymously	ADV
cblr-8636	148	26	agree	agree	VERB
cblr-8636	148	27	to	to	PART
cblr-8636	148	28	transact	transact	VERB
cblr-8636	148	29	a	a	DET
cblr-8636	148	30	given	give	VERB
cblr-8636	148	31	number	number	NOUN
cblr-8636	148	32	of	of	ADP
cblr-8636	148	33	shares	share	NOUN
cblr-8636	148	34	for	for	ADP
cblr-8636	148	35	a	a	DET
cblr-8636	148	36	given	give	VERB
cblr-8636	148	37	price.20	price.20	PROPN
cblr-8636	148	38	then	then	ADV
cblr-8636	148	39	,	,	PUNCT
cblr-8636	148	40	two	two	NUM
cblr-8636	148	41	days	day	NOUN
cblr-8636	148	42	later	later	ADV
cblr-8636	148	43	,	,	PUNCT
cblr-8636	148	44	the	the	DET
cblr-8636	148	45	promised	promise	VERB
cblr-8636	148	46	money	money	NOUN
cblr-8636	148	47	is	be	AUX
cblr-8636	148	48	exchanged	exchange	VERB
cblr-8636	148	49	for	for	ADP
cblr-8636	148	50	the	the	DET
cblr-8636	148	51	promised	promise	VERB
cblr-8636	148	52	stock	stock	NOUN
cblr-8636	148	53	in	in	ADP
cblr-8636	148	54	what	what	PRON
cblr-8636	148	55	is	be	AUX
cblr-8636	148	56	known	know	VERB
cblr-8636	148	57	as	as	ADP
cblr-8636	148	58	clearing	clearing	NOUN
cblr-8636	148	59	and	and	CCONJ
cblr-8636	148	60	settlement.21	settlement.21	PROPN
cblr-8636	148	61	it	it	PRON
cblr-8636	148	62	is	be	AUX
cblr-8636	148	63	critical	critical	ADJ
cblr-8636	148	64	for	for	ADP
cblr-8636	148	65	the	the	DET
cblr-8636	148	66	functioning	functioning	NOUN
cblr-8636	148	67	of	of	ADP
cblr-8636	148	68	this	this	DET
cblr-8636	148	69	anonymous	anonymous	ADJ
cblr-8636	148	70	market	market	NOUN
cblr-8636	148	71	that	that	PRON
cblr-8636	148	72	buyers	buyer	NOUN
cblr-8636	148	73	and	and	CCONJ
cblr-8636	148	74	sellers	seller	NOUN
cblr-8636	148	75	feel	feel	VERB
cblr-8636	148	76	confident	confident	ADJ
cblr-8636	148	77	that	that	SCONJ
cblr-8636	148	78	19	19	NUM
cblr-8636	148	79	for	for	ADP
cblr-8636	148	80	example	example	NOUN
cblr-8636	148	81	,	,	PUNCT
cblr-8636	148	82	over	over	ADP
cblr-8636	148	83	a	a	DET
cblr-8636	148	84	ten	ten	NUM
cblr-8636	148	85	-	-	PUNCT
cblr-8636	148	86	day	day	NOUN
cblr-8636	148	87	period	period	NOUN
cblr-8636	148	88	in	in	ADP
cblr-8636	148	89	early	early	ADJ
cblr-8636	148	90	may	may	PROPN
cblr-8636	148	91	2021	2021	NUM
cblr-8636	148	92	,	,	PUNCT
cblr-8636	148	93	the	the	DET
cblr-8636	148	94	new	new	PROPN
cblr-8636	148	95	york	york	PROPN
cblr-8636	148	96	stock	stock	PROPN
cblr-8636	148	97	exchange	exchange	PROPN
cblr-8636	148	98	alone	alone	ADV
cblr-8636	148	99	processed	process	VERB
cblr-8636	148	100	an	an	DET
cblr-8636	148	101	average	average	NOUN
cblr-8636	148	102	of	of	ADP
cblr-8636	148	103	4,918,695	4,918,695	NUM
cblr-8636	148	104	trades	trade	NOUN
cblr-8636	148	105	per	per	ADP
cblr-8636	148	106	day	day	NOUN
cblr-8636	148	107	,	,	PUNCT
cblr-8636	148	108	or	or	CCONJ
cblr-8636	148	109	over	over	ADP
cblr-8636	148	110	3,400	3,400	NUM
cblr-8636	148	111	per	per	ADP
cblr-8636	148	112	minute	minute	NOUN
cblr-8636	148	113	.	.	PUNCT
cblr-8636	149	1	see	see	VERB
cblr-8636	149	2	u.s	u.s	PROPN
cblr-8636	149	3	.	.	PROPN
cblr-8636	149	4	equities	equity	NOUN
cblr-8636	149	5	market	market	NOUN
cblr-8636	149	6	volume	volume	NOUN
cblr-8636	149	7	summary	summary	NOUN
cblr-8636	149	8	,	,	PUNCT
cblr-8636	149	9	nasdaq	nasdaq	PROPN
cblr-8636	149	10	(	(	PUNCT
cblr-8636	149	11	on	on	ADP
cblr-8636	149	12	file	file	NOUN
cblr-8636	149	13	with	with	ADP
cblr-8636	149	14	the	the	DET
cblr-8636	149	15	columbia	columbia	PROPN
cblr-8636	149	16	business	business	PROPN
cblr-8636	149	17	law	law	PROPN
cblr-8636	149	18	review	review	PROPN
cblr-8636	149	19	)	)	PUNCT
cblr-8636	149	20	,	,	PUNCT
cblr-8636	149	21	https://www.nasdaqtrader.com/trader.aspx?id=fullvolumesummary	https://www.nasdaqtrader.com/trader.aspx?id=fullvolumesummary	PROPN
cblr-8636	149	22	(	(	PUNCT
cblr-8636	149	23	last	last	ADJ
cblr-8636	149	24	updated	update	VERB
cblr-8636	149	25	may	may	PROPN
cblr-8636	149	26	14	14	NUM
cblr-8636	149	27	,	,	PUNCT
cblr-8636	149	28	2021	2021	NUM
cblr-8636	149	29	)	)	PUNCT
cblr-8636	149	30	(	(	PUNCT
cblr-8636	149	31	click	click	VERB
cblr-8636	149	32	“	"	PUNCT
cblr-8636	149	33	trades	trade	NOUN
cblr-8636	149	34	”	"	PUNCT
cblr-8636	149	35	)	)	PUNCT
cblr-8636	149	36	.	.	PUNCT
cblr-8636	150	1	20	20	NUM
cblr-8636	150	2	see	see	VERB
cblr-8636	150	3	fox	fox	PROPN
cblr-8636	150	4	et	et	PROPN
cblr-8636	150	5	al	al	PROPN
cblr-8636	150	6	.	.	PROPN
cblr-8636	150	7	,	,	PUNCT
cblr-8636	150	8	supra	supra	PROPN
cblr-8636	150	9	note	note	NOUN
cblr-8636	150	10	3	3	NUM
cblr-8636	150	11	,	,	PUNCT
cblr-8636	150	12	at	at	ADP
cblr-8636	150	13	20	20	NUM
cblr-8636	150	14	.	.	PUNCT
cblr-8636	150	15	21	21	NUM
cblr-8636	150	16	on	on	ADP
cblr-8636	150	17	this	this	DET
cblr-8636	150	18	process	process	NOUN
cblr-8636	150	19	,	,	PUNCT
cblr-8636	150	20	see	see	VERB
cblr-8636	150	21	securities	security	NOUN
cblr-8636	150	22	transaction	transaction	PROPN
cblr-8636	150	23	settlement	settlement	NOUN
cblr-8636	150	24	cycle	cycle	NOUN
cblr-8636	150	25	,	,	PUNCT
cblr-8636	150	26	82	82	NUM
cblr-8636	150	27	fed	fed	PROPN
cblr-8636	150	28	.	.	PUNCT
cblr-8636	151	1	reg	reg	PROPN
cblr-8636	151	2	.	.	PROPN
cblr-8636	152	1	15,564	15,564	NUM
cblr-8636	152	2	,	,	PUNCT
cblr-8636	152	3	15,564–69	15,564–69	NUM
cblr-8636	152	4	(	(	PUNCT
cblr-8636	152	5	mar	mar	PROPN
cblr-8636	152	6	.	.	PROPN
cblr-8636	152	7	29	29	NUM
cblr-8636	152	8	,	,	PUNCT
cblr-8636	152	9	2017	2017	NUM
cblr-8636	152	10	)	)	PUNCT
cblr-8636	152	11	(	(	PUNCT
cblr-8636	152	12	codified	codify	VERB
cblr-8636	152	13	at	at	ADP
cblr-8636	152	14	17	17	NUM
cblr-8636	152	15	c.f.r	c.f.r	NOUN
cblr-8636	152	16	.	.	PUNCT
cblr-8636	153	1	§	§	PROPN
cblr-8636	153	2	240.15c6	240.15c6	NUM
cblr-8636	153	3	-	-	SYM
cblr-8636	153	4	1	1	NUM
cblr-8636	153	5	(	(	PUNCT
cblr-8636	153	6	2020	2020	NUM
cblr-8636	153	7	)	)	PUNCT
cblr-8636	153	8	)	)	PUNCT
cblr-8636	153	9	.	.	PUNCT
cblr-8636	154	1	fox	fox	PROPN
cblr-8636	154	2	et	et	PROPN
cblr-8636	154	3	al	al	PROPN
cblr-8636	154	4	.	.	PROPN
cblr-8636	155	1	8/22/2021	8/22/2021	NUM
cblr-8636	155	2	9:05	9:05	NUM
cblr-8636	155	3	pm	pm	NOUN
cblr-8636	155	4	no	no	INTJ
cblr-8636	155	5	.	.	PUNCT
cblr-8636	156	1	2:651	2:651	NUM
cblr-8636	156	2	]	]	X
cblr-8636	156	3	a	a	DET
cblr-8636	156	4	stakeholder	stakeholder	NOUN
cblr-8636	156	5	survey	survey	VERB
cblr-8636	156	6	661	661	NUM
cblr-8636	156	7	their	their	PRON
cblr-8636	156	8	deals	deal	NOUN
cblr-8636	156	9	will	will	AUX
cblr-8636	156	10	be	be	AUX
cblr-8636	156	11	honored	honor	VERB
cblr-8636	156	12	.	.	PUNCT
cblr-8636	157	1	currently	currently	ADV
cblr-8636	157	2	,	,	PUNCT
cblr-8636	157	3	this	this	DET
cblr-8636	157	4	confidence	confidence	NOUN
cblr-8636	157	5	is	be	AUX
cblr-8636	157	6	established	establish	VERB
cblr-8636	157	7	by	by	ADP
cblr-8636	157	8	a	a	DET
cblr-8636	157	9	complex	complex	ADJ
cblr-8636	157	10	system	system	NOUN
cblr-8636	157	11	that	that	PRON
cblr-8636	157	12	requires	require	VERB
cblr-8636	157	13	every	every	DET
cblr-8636	157	14	buyer	buyer	NOUN
cblr-8636	157	15	or	or	CCONJ
cblr-8636	157	16	seller	seller	NOUN
cblr-8636	157	17	to	to	PART
cblr-8636	157	18	place	place	VERB
cblr-8636	157	19	its	its	PRON
cblr-8636	157	20	order	order	NOUN
cblr-8636	157	21	through	through	ADP
cblr-8636	157	22	a	a	DET
cblr-8636	157	23	broker	broker	NOUN
cblr-8636	157	24	who	who	PRON
cblr-8636	157	25	then	then	ADV
cblr-8636	157	26	acts	act	VERB
cblr-8636	157	27	as	as	ADP
cblr-8636	157	28	a	a	DET
cblr-8636	157	29	backup	backup	NOUN
cblr-8636	157	30	should	should	AUX
cblr-8636	157	31	its	its	PRON
cblr-8636	157	32	customer	customer	NOUN
cblr-8636	157	33	fail	fail	VERB
cblr-8636	157	34	to	to	PART
cblr-8636	157	35	perform.22	perform.22	VERB
cblr-8636	157	36	the	the	DET
cblr-8636	157	37	system	system	NOUN
cblr-8636	157	38	in	in	ADP
cblr-8636	157	39	turn	turn	NOUN
cblr-8636	157	40	includes	include	VERB
cblr-8636	157	41	a	a	DET
cblr-8636	157	42	clearing	clearing	NOUN
cblr-8636	157	43	and	and	CCONJ
cblr-8636	157	44	settlement	settlement	NOUN
cblr-8636	157	45	system	system	NOUN
cblr-8636	157	46	whereby	whereby	SCONJ
cblr-8636	157	47	other	other	ADJ
cblr-8636	157	48	brokers	broker	NOUN
cblr-8636	157	49	,	,	PUNCT
cblr-8636	157	50	in	in	ADP
cblr-8636	157	51	essence	essence	NOUN
cblr-8636	157	52	,	,	PUNCT
cblr-8636	157	53	back	back	ADV
cblr-8636	157	54	up	up	ADP
cblr-8636	157	55	the	the	DET
cblr-8636	157	56	customer	customer	NOUN
cblr-8636	157	57	’s	’s	PART
cblr-8636	157	58	particular	particular	ADJ
cblr-8636	157	59	broker	broker	NOUN
cblr-8636	157	60	in	in	ADP
cblr-8636	157	61	case	case	NOUN
cblr-8636	157	62	the	the	DET
cblr-8636	157	63	broker	broker	NOUN
cblr-8636	157	64	itself	itself	PRON
cblr-8636	157	65	fails.23	fails.23	PROPN
cblr-8636	157	66	it	it	PRON
cblr-8636	157	67	is	be	AUX
cblr-8636	157	68	in	in	ADP
cblr-8636	157	69	clearing	clearing	NOUN
cblr-8636	157	70	and	and	CCONJ
cblr-8636	157	71	settlement	settlement	NOUN
cblr-8636	157	72	that	that	PRON
cblr-8636	157	73	the	the	DET
cblr-8636	157	74	actual	actual	ADJ
cblr-8636	157	75	exchange	exchange	NOUN
cblr-8636	157	76	of	of	ADP
cblr-8636	157	77	stock	stock	NOUN
cblr-8636	157	78	for	for	ADP
cblr-8636	157	79	money	money	NOUN
cblr-8636	157	80	occurs.24	occurs.24	NOUN
cblr-8636	157	81	the	the	DET
cblr-8636	157	82	most	most	ADV
cblr-8636	157	83	optimistic	optimistic	ADJ
cblr-8636	157	84	interviewees	interviewee	NOUN
cblr-8636	157	85	believe	believe	VERB
cblr-8636	157	86	that	that	SCONJ
cblr-8636	157	87	a	a	DET
cblr-8636	157	88	dlt	dlt	PROPN
cblr-8636	157	89	-	-	PUNCT
cblr-8636	157	90	based	base	VERB
cblr-8636	157	91	system	system	NOUN
cblr-8636	157	92	could	could	AUX
cblr-8636	157	93	both	both	PRON
cblr-8636	157	94	perform	perform	VERB
cblr-8636	157	95	the	the	DET
cblr-8636	157	96	function	function	NOUN
cblr-8636	157	97	of	of	ADP
cblr-8636	157	98	the	the	DET
cblr-8636	157	99	trading	trading	NOUN
cblr-8636	157	100	venue	venue	NOUN
cblr-8636	157	101	—	—	PUNCT
cblr-8636	157	102	matching	match	VERB
cblr-8636	157	103	potential	potential	ADJ
cblr-8636	157	104	buyers	buyer	NOUN
cblr-8636	157	105	and	and	CCONJ
cblr-8636	157	106	sellers	seller	NOUN
cblr-8636	157	107	who	who	PRON
cblr-8636	157	108	could	could	AUX
cblr-8636	157	109	directly	directly	ADV
cblr-8636	157	110	submit	submit	VERB
cblr-8636	157	111	their	their	PRON
cblr-8636	157	112	orders	order	NOUN
cblr-8636	157	113	to	to	ADP
cblr-8636	157	114	it	it	PRON
cblr-8636	157	115	—	—	PUNCT
cblr-8636	157	116	and	and	CCONJ
cblr-8636	157	117	then	then	ADV
cblr-8636	157	118	instantaneously	instantaneously	ADV
cblr-8636	157	119	provide	provide	VERB
cblr-8636	157	120	for	for	ADP
cblr-8636	157	121	the	the	DET
cblr-8636	157	122	exchange	exchange	NOUN
cblr-8636	157	123	of	of	ADP
cblr-8636	157	124	stock	stock	NOUN
cblr-8636	157	125	for	for	ADP
cblr-8636	157	126	money	money	NOUN
cblr-8636	157	127	.	.	PUNCT
cblr-8636	158	1	this	this	PRON
cblr-8636	158	2	could	could	AUX
cblr-8636	158	3	generate	generate	VERB
cblr-8636	158	4	substantial	substantial	ADJ
cblr-8636	158	5	cost	cost	NOUN
cblr-8636	158	6	savings	saving	NOUN
cblr-8636	158	7	.	.	PUNCT
cblr-8636	159	1	brokers	broker	NOUN
cblr-8636	159	2	,	,	PUNCT
cblr-8636	159	3	the	the	DET
cblr-8636	159	4	exchanges	exchange	NOUN
cblr-8636	159	5	,	,	PUNCT
cblr-8636	159	6	and	and	CCONJ
cblr-8636	159	7	the	the	DET
cblr-8636	159	8	clearing	clearing	NOUN
cblr-8636	159	9	and	and	CCONJ
cblr-8636	159	10	settlement	settlement	NOUN
cblr-8636	159	11	entity	entity	NOUN
cblr-8636	159	12	would	would	AUX
cblr-8636	159	13	no	no	ADV
cblr-8636	159	14	longer	long	ADV
cblr-8636	159	15	be	be	AUX
cblr-8636	159	16	necessary	necessary	ADJ
cblr-8636	159	17	and	and	CCONJ
cblr-8636	159	18	making	make	VERB
cblr-8636	159	19	the	the	DET
cblr-8636	159	20	exchange	exchange	NOUN
cblr-8636	159	21	of	of	ADP
cblr-8636	159	22	stock	stock	NOUN
cblr-8636	159	23	and	and	CCONJ
cblr-8636	159	24	money	money	NOUN
cblr-8636	159	25	instantaneous	instantaneous	ADJ
cblr-8636	159	26	would	would	AUX
cblr-8636	159	27	free	free	VERB
cblr-8636	159	28	up	up	ADP
cblr-8636	159	29	the	the	DET
cblr-8636	159	30	capital	capital	NOUN
cblr-8636	159	31	currently	currently	ADV
cblr-8636	159	32	required	require	VERB
cblr-8636	159	33	to	to	PART
cblr-8636	159	34	back	back	VERB
cblr-8636	159	35	a	a	DET
cblr-8636	159	36	two	two	NUM
cblr-8636	159	37	-	-	PUNCT
cblr-8636	159	38	day	day	NOUN
cblr-8636	159	39	lag.25	lag.25	NOUN
cblr-8636	159	40	the	the	DET
cblr-8636	159	41	dlt	dlt	PROPN
cblr-8636	159	42	system	system	NOUN
cblr-8636	159	43	could	could	AUX
cblr-8636	159	44	also	also	ADV
cblr-8636	159	45	manage	manage	VERB
cblr-8636	159	46	each	each	DET
cblr-8636	159	47	corporation	corporation	NOUN
cblr-8636	159	48	’s	’s	PART
cblr-8636	159	49	stock	stock	NOUN
cblr-8636	159	50	ledger	ledger	NOUN
cblr-8636	159	51	more	more	ADV
cblr-8636	159	52	efficiently	efficiently	ADV
cblr-8636	159	53	.	.	PUNCT
cblr-8636	160	1	unlike	unlike	ADP
cblr-8636	160	2	today	today	NOUN
cblr-8636	160	3	’s	’s	PART
cblr-8636	160	4	system	system	NOUN
cblr-8636	160	5	,	,	PUNCT
cblr-8636	160	6	which	which	PRON
cblr-8636	160	7	promotes	promote	VERB
cblr-8636	160	8	easy	easy	ADJ
cblr-8636	160	9	trading	trading	NOUN
cblr-8636	160	10	by	by	ADP
cblr-8636	160	11	making	make	VERB
cblr-8636	160	12	broker	broker	NOUN
cblr-8636	160	13	-	-	PUNCT
cblr-8636	160	14	provided	provide	VERB
cblr-8636	160	15	nominees	nominee	NOUN
cblr-8636	160	16	the	the	DET
cblr-8636	160	17	record	record	NOUN
cblr-8636	160	18	holders	holder	NOUN
cblr-8636	160	19	of	of	ADP
cblr-8636	160	20	most	most	ADJ
cblr-8636	160	21	stock,26	stock,26	NOUN
cblr-8636	160	22	dlt	dlt	PROPN
cblr-8636	160	23	would	would	AUX
cblr-8636	160	24	identify	identify	VERB
cblr-8636	160	25	the	the	DET
cblr-8636	160	26	actual	actual	ADJ
cblr-8636	160	27	beneficial	beneficial	ADJ
cblr-8636	160	28	shareholders	shareholder	NOUN
cblr-8636	160	29	at	at	ADP
cblr-8636	160	30	any	any	DET
cblr-8636	160	31	given	give	VERB
cblr-8636	160	32	moment.27	moment.27	PROPN
cblr-8636	160	33	this	this	PRON
cblr-8636	160	34	would	would	AUX
cblr-8636	160	35	simplify	simplify	VERB
cblr-8636	160	36	distribution	distribution	NOUN
cblr-8636	160	37	of	of	ADP
cblr-8636	160	38	dividends	dividend	NOUN
cblr-8636	160	39	and	and	CCONJ
cblr-8636	160	40	required	require	VERB
cblr-8636	160	41	shareholder	shareholder	NOUN
cblr-8636	160	42	notifications	notification	NOUN
cblr-8636	160	43	and	and	CCONJ
cblr-8636	160	44	bring	bring	VERB
cblr-8636	160	45	order	order	NOUN
cblr-8636	160	46	to	to	ADP
cblr-8636	160	47	the	the	DET
cblr-8636	160	48	currently	currently	ADV
cblr-8636	160	49	chaotic	chaotic	ADJ
cblr-8636	160	50	system	system	NOUN
cblr-8636	160	51	of	of	ADP
cblr-8636	160	52	shareholder	shareholder	NOUN
cblr-8636	160	53	voting.28	voting.28	NOUN
cblr-8636	160	54	many	many	ADJ
cblr-8636	160	55	of	of	ADP
cblr-8636	160	56	these	these	DET
cblr-8636	160	57	22	22	NUM
cblr-8636	160	58	see	see	VERB
cblr-8636	160	59	fox	fox	PROPN
cblr-8636	160	60	et	et	PROPN
cblr-8636	160	61	al	al	PROPN
cblr-8636	160	62	.	.	PROPN
cblr-8636	160	63	,	,	PUNCT
cblr-8636	160	64	supra	supra	PROPN
cblr-8636	160	65	note	note	NOUN
cblr-8636	160	66	3	3	NUM
cblr-8636	160	67	,	,	PUNCT
cblr-8636	160	68	at	at	ADP
cblr-8636	160	69	20	20	NUM
cblr-8636	160	70	.	.	PUNCT
cblr-8636	160	71	23	23	NUM
cblr-8636	160	72	see	see	VERB
cblr-8636	160	73	securities	security	NOUN
cblr-8636	160	74	transaction	transaction	PROPN
cblr-8636	160	75	settlement	settlement	NOUN
cblr-8636	160	76	cycle	cycle	NOUN
cblr-8636	160	77	,	,	PUNCT
cblr-8636	160	78	82	82	NUM
cblr-8636	160	79	fed	fed	PROPN
cblr-8636	160	80	.	.	PUNCT
cblr-8636	161	1	reg	reg	PROPN
cblr-8636	161	2	.	.	PUNCT
cblr-8636	162	1	at	at	ADP
cblr-8636	162	2	15,567	15,567	NUM
cblr-8636	162	3	.	.	PUNCT
cblr-8636	163	1	24	24	NUM
cblr-8636	163	2	see	see	VERB
cblr-8636	163	3	fox	fox	PROPN
cblr-8636	163	4	et	et	PROPN
cblr-8636	163	5	al	al	PROPN
cblr-8636	163	6	.	.	PROPN
cblr-8636	163	7	,	,	PUNCT
cblr-8636	163	8	supra	supra	PROPN
cblr-8636	163	9	note	note	NOUN
cblr-8636	163	10	3	3	NUM
cblr-8636	163	11	,	,	PUNCT
cblr-8636	163	12	at	at	ADP
cblr-8636	163	13	264	264	NUM
cblr-8636	163	14	.	.	PUNCT
cblr-8636	163	15	25	25	NUM
cblr-8636	163	16	on	on	ADP
cblr-8636	163	17	this	this	DET
cblr-8636	163	18	use	use	NOUN
cblr-8636	163	19	of	of	ADP
cblr-8636	163	20	capital	capital	NOUN
cblr-8636	163	21	,	,	PUNCT
cblr-8636	163	22	see	see	VERB
cblr-8636	163	23	securities	security	NOUN
cblr-8636	163	24	transaction	transaction	PROPN
cblr-8636	163	25	settlement	settlement	NOUN
cblr-8636	163	26	cycle	cycle	NOUN
cblr-8636	163	27	,	,	PUNCT
cblr-8636	163	28	82	82	NUM
cblr-8636	163	29	fed	fed	PROPN
cblr-8636	163	30	.	.	PUNCT
cblr-8636	164	1	reg	reg	PROPN
cblr-8636	164	2	.	.	PUNCT
cblr-8636	165	1	at	at	ADP
cblr-8636	165	2	15,569–71	15,569–71	NUM
cblr-8636	165	3	.	.	PUNCT
cblr-8636	166	1	26	26	NUM
cblr-8636	166	2	for	for	ADP
cblr-8636	166	3	a	a	DET
cblr-8636	166	4	recent	recent	ADJ
cblr-8636	166	5	summary	summary	NOUN
cblr-8636	166	6	of	of	ADP
cblr-8636	166	7	this	this	DET
cblr-8636	166	8	system	system	NOUN
cblr-8636	166	9	,	,	PUNCT
cblr-8636	166	10	see	see	VERB
cblr-8636	166	11	brandon	brandon	PROPN
cblr-8636	166	12	ferrick	ferrick	PROPN
cblr-8636	166	13	,	,	PUNCT
cblr-8636	166	14	note	note	NOUN
cblr-8636	166	15	,	,	PUNCT
cblr-8636	166	16	modernizing	modernize	VERB
cblr-8636	166	17	the	the	DET
cblr-8636	166	18	stockholder	stockholder	NOUN
cblr-8636	166	19	shield	shield	NOUN
cblr-8636	166	20	:	:	PUNCT
cblr-8636	166	21	how	how	SCONJ
cblr-8636	166	22	blockchains	blockchain	NOUN
cblr-8636	166	23	and	and	CCONJ
cblr-8636	166	24	distributed	distribute	VERB
cblr-8636	166	25	ledgers	ledger	NOUN
cblr-8636	166	26	could	could	AUX
cblr-8636	166	27	rescue	rescue	VERB
cblr-8636	166	28	the	the	DET
cblr-8636	166	29	appraisal	appraisal	NOUN
cblr-8636	166	30	remedy	remedy	NOUN
cblr-8636	166	31	,	,	PUNCT
cblr-8636	166	32	60	60	NUM
cblr-8636	166	33	b.c	b.c	PROPN
cblr-8636	166	34	.	.	PROPN
cblr-8636	166	35	l.	l.	PROPN
cblr-8636	166	36	rev	rev	PROPN
cblr-8636	166	37	.	.	PROPN
cblr-8636	166	38	621	621	NUM
cblr-8636	166	39	,	,	PUNCT
cblr-8636	166	40	626–31	626–31	PROPN
cblr-8636	166	41	(	(	PUNCT
cblr-8636	166	42	2019	2019	NUM
cblr-8636	166	43	)	)	PUNCT
cblr-8636	166	44	.	.	PUNCT
cblr-8636	167	1	27	27	NUM
cblr-8636	167	2	see	see	VERB
cblr-8636	167	3	davies	davy	NOUN
cblr-8636	167	4	&	&	CCONJ
cblr-8636	167	5	sirri	sirri	PROPN
cblr-8636	167	6	,	,	PUNCT
cblr-8636	167	7	supra	supra	PROPN
cblr-8636	167	8	note	note	PROPN
cblr-8636	167	9	7	7	NUM
cblr-8636	167	10	,	,	PUNCT
cblr-8636	167	11	at	at	ADP
cblr-8636	167	12	203–06	203–06	NUM
cblr-8636	167	13	.	.	PUNCT
cblr-8636	167	14	28	28	NUM
cblr-8636	167	15	see	see	VERB
cblr-8636	167	16	,	,	PUNCT
cblr-8636	167	17	e.g.	e.g.	ADV
cblr-8636	167	18	,	,	PUNCT
cblr-8636	167	19	generally	generally	ADV
cblr-8636	167	20	george	george	PROPN
cblr-8636	167	21	s.	s.	PROPN
cblr-8636	167	22	geis	geis	PROPN
cblr-8636	167	23	,	,	PUNCT
cblr-8636	167	24	traceable	traceable	ADJ
cblr-8636	167	25	shares	share	NOUN
cblr-8636	167	26	and	and	CCONJ
cblr-8636	167	27	corporate	corporate	ADJ
cblr-8636	167	28	law	law	NOUN
cblr-8636	167	29	,	,	PUNCT
cblr-8636	167	30	113	113	NUM
cblr-8636	167	31	nw	nw	NOUN
cblr-8636	167	32	.	.	PUNCT
cblr-8636	167	33	u.	u.	PROPN
cblr-8636	167	34	l.	l.	PROPN
cblr-8636	167	35	rev	rev	PROPN
cblr-8636	167	36	.	.	PROPN
cblr-8636	167	37	227	227	NUM
cblr-8636	167	38	(	(	PUNCT
cblr-8636	167	39	2018	2018	NUM
cblr-8636	167	40	)	)	PUNCT
cblr-8636	167	41	(	(	PUNCT
cblr-8636	167	42	discussing	discuss	VERB
cblr-8636	167	43	dlt	dlt	PROPN
cblr-8636	167	44	and	and	CCONJ
cblr-8636	167	45	shareholder	shareholder	NOUN
cblr-8636	167	46	voting	voting	NOUN
cblr-8636	167	47	)	)	PUNCT
cblr-8636	167	48	.	.	PUNCT
cblr-8636	168	1	fox	fox	PROPN
cblr-8636	168	2	et	et	PROPN
cblr-8636	168	3	al	al	PROPN
cblr-8636	168	4	.	.	PROPN
cblr-8636	169	1	8/22/2021	8/22/2021	NUM
cblr-8636	169	2	9:05	9:05	NUM
cblr-8636	169	3	pm	pm	NOUN
cblr-8636	169	4	662	662	NUM
cblr-8636	169	5	columbia	columbia	PROPN
cblr-8636	169	6	business	business	NOUN
cblr-8636	169	7	law	law	PROPN
cblr-8636	169	8	review	review	NOUN
cblr-8636	169	9	[	[	X
cblr-8636	169	10	vol	vol	NOUN
cblr-8636	169	11	.	.	NOUN
cblr-8636	169	12	2021	2021	NUM
cblr-8636	169	13	advantages	advantage	NOUN
cblr-8636	169	14	,	,	PUNCT
cblr-8636	169	15	on	on	ADP
cblr-8636	169	16	a	a	DET
cblr-8636	169	17	one	one	NUM
cblr-8636	169	18	-	-	PUNCT
cblr-8636	169	19	time	time	NOUN
cblr-8636	169	20	basis	basis	NOUN
cblr-8636	169	21	,	,	PUNCT
cblr-8636	169	22	would	would	AUX
cblr-8636	169	23	also	also	ADV
cblr-8636	169	24	accompany	accompany	VERB
cblr-8636	169	25	public	public	ADJ
cblr-8636	169	26	offerings	offering	NOUN
cblr-8636	169	27	of	of	ADP
cblr-8636	169	28	stocks	stock	NOUN
cblr-8636	169	29	utilizing	utilize	VERB
cblr-8636	169	30	dlt	dlt	PROPN
cblr-8636	169	31	.	.	PUNCT
cblr-8636	170	1	and	and	CCONJ
cblr-8636	170	2	doing	do	VERB
cblr-8636	170	3	an	an	DET
cblr-8636	170	4	offering	offering	NOUN
cblr-8636	170	5	in	in	ADP
cblr-8636	170	6	this	this	DET
cblr-8636	170	7	fashion	fashion	NOUN
cblr-8636	170	8	would	would	AUX
cblr-8636	170	9	lay	lay	VERB
cblr-8636	170	10	the	the	DET
cblr-8636	170	11	groundwork	groundwork	NOUN
cblr-8636	170	12	for	for	ADP
cblr-8636	170	13	the	the	DET
cblr-8636	170	14	secondary	secondary	ADJ
cblr-8636	170	15	trading	trading	NOUN
cblr-8636	170	16	of	of	ADP
cblr-8636	170	17	the	the	DET
cblr-8636	170	18	stock	stock	NOUN
cblr-8636	170	19	to	to	PART
cblr-8636	170	20	be	be	AUX
cblr-8636	170	21	dlt	dlt	PROPN
cblr-8636	170	22	-	-	PUNCT
cblr-8636	170	23	based	base	VERB
cblr-8636	170	24	,	,	PUNCT
cblr-8636	170	25	as	as	ADV
cblr-8636	170	26	well	well	ADV
cblr-8636	170	27	.	.	PUNCT
cblr-8636	171	1	29	29	NUM
cblr-8636	171	2	29	29	NUM
cblr-8636	171	3	recent	recent	ADJ
cblr-8636	171	4	pilot	pilot	NOUN
cblr-8636	171	5	projects	project	NOUN
cblr-8636	171	6	involving	involve	VERB
cblr-8636	171	7	the	the	DET
cblr-8636	171	8	primary	primary	ADJ
cblr-8636	171	9	offering	offering	NOUN
cblr-8636	171	10	or	or	CCONJ
cblr-8636	171	11	secondary	secondary	ADJ
cblr-8636	171	12	trading	trading	NOUN
cblr-8636	171	13	of	of	ADP
cblr-8636	171	14	very	very	ADV
cblr-8636	171	15	specific	specific	ADJ
cblr-8636	171	16	securities	security	NOUN
cblr-8636	171	17	suggest	suggest	VERB
cblr-8636	171	18	that	that	SCONJ
cblr-8636	171	19	the	the	DET
cblr-8636	171	20	hopes	hope	NOUN
cblr-8636	171	21	of	of	ADP
cblr-8636	171	22	those	those	PRON
cblr-8636	171	23	imagining	imagine	VERB
cblr-8636	171	24	wide	wide	ADV
cblr-8636	171	25	-	-	PUNCT
cblr-8636	171	26	spread	spread	VERB
cblr-8636	171	27	dlt	dlt	PROPN
cblr-8636	171	28	-	-	PUNCT
cblr-8636	171	29	based	base	VERB
cblr-8636	171	30	offerings	offering	NOUN
cblr-8636	171	31	and	and	CCONJ
cblr-8636	171	32	trading	trading	NOUN
cblr-8636	171	33	are	be	AUX
cblr-8636	171	34	not	not	PART
cblr-8636	171	35	entirely	entirely	ADV
cblr-8636	171	36	fanciful	fanciful	ADJ
cblr-8636	171	37	.	.	PUNCT
cblr-8636	172	1	see	see	VERB
cblr-8636	172	2	,	,	PUNCT
cblr-8636	172	3	e.g.	e.g.	ADV
cblr-8636	172	4	,	,	PUNCT
cblr-8636	172	5	press	press	NOUN
cblr-8636	172	6	release	release	NOUN
cblr-8636	172	7	,	,	PUNCT
cblr-8636	172	8	vanguard	vanguard	PROPN
cblr-8636	172	9	,	,	PUNCT
cblr-8636	172	10	vanguard	vanguard	PROPN
cblr-8636	172	11	advances	advances	PROPN
cblr-8636	172	12	blockchain	blockchain	PROPN
cblr-8636	172	13	technology	technology	PROPN
cblr-8636	172	14	pilot	pilot	NOUN
cblr-8636	172	15	to	to	PART
cblr-8636	172	16	streamline	streamline	VERB
cblr-8636	172	17	asset	asset	NOUN
cblr-8636	172	18	-	-	PUNCT
cblr-8636	172	19	backed	back	VERB
cblr-8636	172	20	securities	security	NOUN
cblr-8636	172	21	markets	market	NOUN
cblr-8636	172	22	(	(	PUNCT
cblr-8636	172	23	june	june	PROPN
cblr-8636	172	24	11	11	NUM
cblr-8636	172	25	,	,	PUNCT
cblr-8636	172	26	2020	2020	NUM
cblr-8636	172	27	)	)	PUNCT
cblr-8636	172	28	,	,	PUNCT
cblr-8636	172	29	https://pressroom.vanguard.com/news/press-release-vanguard-advancesblockchain-technology-pilot-061120.html	https://pressroom.vanguard.com/news/press-release-vanguard-advancesblockchain-technology-pilot-061120.html	NOUN
cblr-8636	173	1	[	[	X
cblr-8636	173	2	https://perma.cc/jfh3-p464	https://perma.cc/jfh3-p464	X
cblr-8636	173	3	]	]	X
cblr-8636	173	4	(	(	PUNCT
cblr-8636	173	5	“	"	PUNCT
cblr-8636	173	6	vanguard	vanguard	NOUN
cblr-8636	173	7	,	,	PUNCT
cblr-8636	173	8	in	in	ADP
cblr-8636	173	9	partnership	partnership	NOUN
cblr-8636	173	10	with	with	ADP
cblr-8636	173	11	technology	technology	NOUN
cblr-8636	173	12	provider	provider	NOUN
cblr-8636	173	13	symbiont	symbiont	NOUN
cblr-8636	173	14	,	,	PUNCT
cblr-8636	173	15	announced	announce	VERB
cblr-8636	173	16	today	today	NOUN
cblr-8636	173	17	the	the	DET
cblr-8636	173	18	completion	completion	NOUN
cblr-8636	173	19	of	of	ADP
cblr-8636	173	20	the	the	DET
cblr-8636	173	21	first	first	ADJ
cblr-8636	173	22	phase	phase	NOUN
cblr-8636	173	23	of	of	ADP
cblr-8636	173	24	a	a	DET
cblr-8636	173	25	blockchain	blockchain	PROPN
cblr-8636	173	26	pilot	pilot	NOUN
cblr-8636	173	27	designed	design	VERB
cblr-8636	173	28	to	to	PART
cblr-8636	173	29	digitize	digitize	VERB
cblr-8636	173	30	the	the	DET
cblr-8636	173	31	issuance	issuance	NOUN
cblr-8636	173	32	of	of	ADP
cblr-8636	173	33	asset	asset	NOUN
cblr-8636	173	34	-	-	PUNCT
cblr-8636	173	35	backed	back	VERB
cblr-8636	173	36	securities	security	NOUN
cblr-8636	173	37	(	(	PUNCT
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cblr-8636	173	39	)	)	PUNCT
cblr-8636	173	40	.	.	PUNCT
cblr-8636	174	1	in	in	ADP
cblr-8636	174	2	close	close	ADJ
cblr-8636	174	3	collaboration	collaboration	NOUN
cblr-8636	174	4	with	with	ADP
cblr-8636	174	5	a	a	DET
cblr-8636	174	6	large	large	ADJ
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cblr-8636	174	10	,	,	PUNCT
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cblr-8636	174	13	as	as	ADP
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cblr-8636	174	16	,	,	PUNCT
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cblr-8636	174	18	,	,	PUNCT
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cblr-8636	174	22	,	,	PUNCT
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cblr-8636	174	25	modeled	model	VERB
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cblr-8636	174	28	lifecycle	lifecycle	NOUN
cblr-8636	174	29	of	of	ADP
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cblr-8636	174	33	on	on	ADP
cblr-8636	174	34	[	[	X
cblr-8636	174	35	a	a	X
cblr-8636	174	36	]	]	PUNCT
cblr-8636	174	37	distributed	distributed	ADJ
cblr-8636	174	38	ledger	ledger	NOUN
cblr-8636	174	39	technology	technology	NOUN
cblr-8636	174	40	(	(	PUNCT
cblr-8636	174	41	dlt	dlt	PROPN
cblr-8636	174	42	)	)	PUNCT
cblr-8636	174	43	network	network	NOUN
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cblr-8636	174	45	replicating	replicate	VERB
cblr-8636	174	46	end	end	NOUN
cblr-8636	174	47	-	-	PUNCT
cblr-8636	174	48	to	to	ADP
cblr-8636	174	49	-	-	PUNCT
cblr-8636	174	50	end	end	NOUN
cblr-8636	174	51	transaction	transaction	NOUN
cblr-8636	174	52	flows	flow	VERB
cblr-8636	174	53	.	.	PUNCT
cblr-8636	174	54	”	"	PUNCT
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cblr-8636	174	56	;	;	PUNCT
cblr-8636	174	57	six	six	NUM
cblr-8636	174	58	digital	digital	ADJ
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cblr-8636	174	60	launches	launch	VERB
cblr-8636	174	61	dlt	dlt	PROPN
cblr-8636	174	62	-	-	PUNCT
cblr-8636	174	63	based	base	VERB
cblr-8636	174	64	trading	trading	NOUN
cblr-8636	174	65	and	and	CCONJ
cblr-8636	174	66	settlement	settlement	NOUN
cblr-8636	174	67	prototype	prototype	NOUN
cblr-8636	174	68	,	,	PUNCT
cblr-8636	174	69	finextra	finextra	PROPN
cblr-8636	174	70	(	(	PUNCT
cblr-8636	174	71	sept	sept	PROPN
cblr-8636	174	72	.	.	PROPN
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cblr-8636	174	74	,	,	PUNCT
cblr-8636	174	75	2019	2019	NUM
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cblr-8636	174	77	,	,	PUNCT
cblr-8636	174	78	https://www.finextra.com/newsarticle/34460/six-digital-exchange-launchesdlt-based-trading-and-settlement-prototype	https://www.finextra.com/newsarticle/34460/six-digital-exchange-launchesdlt-based-trading-and-settlement-prototype	NOUN
cblr-8636	175	1	[	[	X
cblr-8636	175	2	https://perma.cc/86s2-xyhg	https://perma.cc/86s2-xyhg	X
cblr-8636	175	3	]	]	X
cblr-8636	175	4	(	(	PUNCT
cblr-8636	175	5	“	"	PUNCT
cblr-8636	175	6	swiss	swiss	ADJ
cblr-8636	175	7	stock	stock	NOUN
cblr-8636	175	8	exchange	exchange	NOUN
cblr-8636	175	9	six	six	NUM
cblr-8636	175	10	has	have	AUX
cblr-8636	175	11	launched	launch	VERB
cblr-8636	175	12	a	a	DET
cblr-8636	175	13	prototype	prototype	NOUN
cblr-8636	175	14	of	of	ADP
cblr-8636	175	15	its	its	PRON
cblr-8636	175	16	distributed	distribute	VERB
cblr-8636	175	17	ledger	ledger	NOUN
cblr-8636	175	18	technology	technology	NOUN
cblr-8636	175	19	-	-	PUNCT
cblr-8636	175	20	based	base	VERB
cblr-8636	175	21	digital	digital	ADJ
cblr-8636	175	22	exchange	exchange	NOUN
cblr-8636	175	23	and	and	CCONJ
cblr-8636	175	24	central	central	ADJ
cblr-8636	175	25	securities	security	NOUN
cblr-8636	175	26	depository	depository	NOUN
cblr-8636	175	27	.	.	PUNCT
cblr-8636	176	1	meanwhile	meanwhile	ADV
cblr-8636	176	2	,	,	PUNCT
cblr-8636	176	3	trading	trading	NOUN
cblr-8636	176	4	has	have	AUX
cblr-8636	176	5	started	start	VERB
cblr-8636	176	6	on	on	ADP
cblr-8636	176	7	boerse	boerse	NOUN
cblr-8636	176	8	stuttgart	stuttgart	PROPN
cblr-8636	176	9	digital	digital	PROPN
cblr-8636	176	10	exchange	exchange	PROPN
cblr-8636	176	11	.	.	PUNCT
cblr-8636	176	12	”	"	PUNCT
cblr-8636	176	13	)	)	PUNCT
cblr-8636	176	14	;	;	PUNCT
cblr-8636	176	15	press	press	NOUN
cblr-8636	176	16	release	release	NOUN
cblr-8636	176	17	,	,	PUNCT
cblr-8636	176	18	societe	societe	ADJ
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cblr-8636	176	20	,	,	PUNCT
cblr-8636	176	21	societe	societe	ADJ
cblr-8636	176	22	generale	generale	PROPN
cblr-8636	176	23	issued	issue	VERB
cblr-8636	176	24	the	the	DET
cblr-8636	176	25	first	first	ADJ
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cblr-8636	176	27	bond	bond	NOUN
cblr-8636	176	28	as	as	ADP
cblr-8636	176	29	a	a	DET
cblr-8636	176	30	security	security	NOUN
cblr-8636	176	31	token	token	VERB
cblr-8636	176	32	on	on	ADP
cblr-8636	176	33	a	a	DET
cblr-8636	176	34	public	public	ADJ
cblr-8636	176	35	blockchain	blockchain	NOUN
cblr-8636	176	36	(	(	PUNCT
cblr-8636	176	37	apr	apr	PROPN
cblr-8636	176	38	.	.	PROPN
cblr-8636	176	39	23	23	NUM
cblr-8636	176	40	,	,	PUNCT
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cblr-8636	176	43	,	,	PUNCT
cblr-8636	176	44	https://www.societegenerale.com/en/newsroom/first-covered-bond-as-asecurity-token-on-a-public-blockchain	https://www.societegenerale.com/en/newsroom/first-covered-bond-as-asecurity-token-on-a-public-blockchain	VERB
cblr-8636	177	1	[	[	X
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cblr-8636	177	3	]	]	X
cblr-8636	177	4	(	(	PUNCT
cblr-8636	177	5	“	"	PUNCT
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cblr-8636	177	7	18	18	NUM
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cblr-8636	177	9	2019	2019	NUM
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cblr-8636	177	13	,	,	PUNCT
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cblr-8636	177	15	subsidiary	subsidiary	NOUN
cblr-8636	177	16	of	of	ADP
cblr-8636	177	17	societe	societe	ADJ
cblr-8636	177	18	generale	generale	PROPN
cblr-8636	177	19	group	group	NOUN
cblr-8636	177	20	,	,	PUNCT
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cblr-8636	177	22	eur	eur	PROPN
cblr-8636	177	23	100	100	NUM
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cblr-8636	177	25	of	of	ADP
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cblr-8636	177	28	.	.	PUNCT
cblr-8636	177	29	.	.	PUNCT
cblr-8636	178	1	.	.	PUNCT
cblr-8636	179	1	as	as	SCONJ
cblr-8636	179	2	a	a	DET
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cblr-8636	179	4	token	token	VERB
cblr-8636	179	5	,	,	PUNCT
cblr-8636	179	6	directly	directly	ADV
cblr-8636	179	7	registered	register	VERB
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cblr-8636	180	1	joseph	joseph	PROPN
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cblr-8636	180	3	et	et	PROPN
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cblr-8636	180	16	,	,	PUNCT
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cblr-8636	180	18	(	(	PUNCT
cblr-8636	180	19	apr	apr	NOUN
cblr-8636	180	20	.	.	PROPN
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cblr-8636	180	22	)	)	PUNCT
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cblr-8636	181	1	[	[	X
cblr-8636	181	2	https://perma.cc/zf2q-vexs	https://perma.cc/zf2q-vexs	X
cblr-8636	181	3	]	]	X
cblr-8636	181	4	(	(	PUNCT
cblr-8636	181	5	“	"	PUNCT
cblr-8636	181	6	in	in	ADP
cblr-8636	181	7	april	april	PROPN
cblr-8636	181	8	of	of	ADP
cblr-8636	181	9	this	this	DET
cblr-8636	181	10	year	year	NOUN
cblr-8636	181	11	,	,	PUNCT
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cblr-8636	181	13	announced	announce	VERB
cblr-8636	181	14	1exchange	1exchange	NUM
cblr-8636	181	15	(	(	PUNCT
cblr-8636	181	16	1x	1x	NUM
cblr-8636	181	17	)	)	PUNCT
cblr-8636	181	18	,	,	PUNCT
cblr-8636	181	19	a	a	DET
cblr-8636	181	20	private	private	ADJ
cblr-8636	181	21	securities	security	NOUN
cblr-8636	181	22	exchange	exchange	NOUN
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cblr-8636	181	27	ethereum	ethereum	NOUN
cblr-8636	181	28	blockchain	blockchain	PROPN
cblr-8636	181	29	in	in	ADP
cblr-8636	181	30	collaboration	collaboration	NOUN
cblr-8636	181	31	with	with	ADP
cblr-8636	181	32	consensys	consensys	NOUN
cblr-8636	181	33	and	and	CCONJ
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cblr-8636	181	35	by	by	ADP
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cblr-8636	181	37	monetary	monetary	ADJ
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cblr-8636	182	3	tokenize	tokenize	VERB
cblr-8636	182	4	securities	security	NOUN
cblr-8636	182	5	,	,	PUNCT
cblr-8636	182	6	creating	create	VERB
cblr-8636	182	7	an	an	DET
cblr-8636	182	8	immutable	immutable	ADJ
cblr-8636	182	9	digital	digital	ADJ
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cblr-8636	182	18	easier	easy	ADJ
cblr-8636	182	19	,	,	PUNCT
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cblr-8636	182	21	,	,	PUNCT
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cblr-8636	182	24	secure	secure	ADJ
cblr-8636	182	25	to	to	PART
cblr-8636	182	26	manage	manage	VERB
cblr-8636	182	27	.	.	PUNCT
cblr-8636	183	1	moreover	moreover	ADV
cblr-8636	183	2	,	,	PUNCT
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cblr-8636	183	5	and	and	CCONJ
cblr-8636	183	6	universality	universality	NOUN
cblr-8636	183	7	of	of	ADP
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cblr-8636	183	9	ethereum	ethereum	NOUN
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cblr-8636	183	11	ensures	ensure	VERB
cblr-8636	183	12	1x	1x	PROPN
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cblr-8636	183	15	itself	itself	PRON
cblr-8636	183	16	to	to	ADP
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cblr-8636	183	19	,	,	PUNCT
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cblr-8636	183	21	,	,	PUNCT
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cblr-8636	183	24	pool	pool	NOUN
cblr-8636	183	25	—	—	PUNCT
cblr-8636	183	26	positioning	position	VERB
cblr-8636	183	27	itself	itself	PRON
cblr-8636	183	28	to	to	PART
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cblr-8636	183	30	with	with	ADP
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cblr-8636	183	33	-	-	PUNCT
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cblr-8636	183	35	exchanges	exchange	NOUN
cblr-8636	183	36	in	in	ADP
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cblr-8636	183	39	.	.	PUNCT
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cblr-8636	184	3	provide	provide	VERB
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cblr-8636	184	6	ability	ability	NOUN
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cblr-8636	188	19	audits	audits	NOUN
cblr-8636	188	20	without	without	ADP
cblr-8636	188	21	intermediaries	intermediary	NOUN
cblr-8636	188	22	could	could	AUX
cblr-8636	188	23	persuade	persuade	VERB
cblr-8636	188	24	markets	market	NOUN
cblr-8636	188	25	to	to	PART
cblr-8636	188	26	trade	trade	VERB
cblr-8636	188	27	stock	stock	NOUN
cblr-8636	188	28	on	on	ADP
cblr-8636	188	29	blockchain	blockchain	PROPN
cblr-8636	188	30	technology	technology	PROPN
cblr-8636	188	31	.	.	PUNCT
cblr-8636	189	1	several	several	ADJ
cblr-8636	189	2	legal	legal	ADJ
cblr-8636	189	3	practitioners	practitioner	NOUN
cblr-8636	189	4	suggested	suggest	VERB
cblr-8636	189	5	that	that	SCONJ
cblr-8636	189	6	dlt	dlt	PROPN
cblr-8636	189	7	can	can	AUX
cblr-8636	189	8	enable	enable	VERB
cblr-8636	189	9	the	the	DET
cblr-8636	189	10	tracing	tracing	NOUN
cblr-8636	189	11	of	of	ADP
cblr-8636	189	12	changes	change	NOUN
cblr-8636	189	13	in	in	ADP
cblr-8636	189	14	share	share	NOUN
cblr-8636	189	15	ownership	ownership	NOUN
cblr-8636	189	16	after	after	ADP
cblr-8636	189	17	a	a	DET
cblr-8636	189	18	direct	direct	ADJ
cblr-8636	189	19	listing	listing	NOUN
cblr-8636	189	20	transaction	transaction	NOUN
cblr-8636	189	21	or	or	CCONJ
cblr-8636	189	22	a	a	DET
cblr-8636	189	23	secondary	secondary	ADJ
cblr-8636	189	24	offering	offering	NOUN
cblr-8636	189	25	.	.	PUNCT
cblr-8636	190	1	this	this	PRON
cblr-8636	190	2	would	would	AUX
cblr-8636	190	3	solve	solve	VERB
cblr-8636	190	4	the	the	DET
cblr-8636	190	5	problem	problem	NOUN
cblr-8636	190	6	of	of	ADP
cblr-8636	190	7	attaching	attach	VERB
cblr-8636	190	8	section	section	NOUN
cblr-8636	190	9	11	11	NUM
cblr-8636	190	10	liability	liability	NOUN
cblr-8636	190	11	,	,	PUNCT
cblr-8636	190	12	with	with	ADP
cblr-8636	190	13	its	its	PRON
cblr-8636	190	14	power	power	NOUN
cblr-8636	190	15	to	to	PART
cblr-8636	190	16	deter	deter	VERB
cblr-8636	190	17	registration	registration	NOUN
cblr-8636	190	18	statement	statement	NOUN
cblr-8636	190	19	misstatements	misstatement	NOUN
cblr-8636	190	20	,	,	PUNCT
cblr-8636	190	21	to	to	ADP
cblr-8636	190	22	any	any	DET
cblr-8636	190	23	purchases	purchase	NOUN
cblr-8636	190	24	of	of	ADP
cblr-8636	190	25	an	an	DET
cblr-8636	190	26	issuer	issuer	NOUN
cblr-8636	190	27	’s	’s	PART
cblr-8636	190	28	shares	share	NOUN
cblr-8636	190	29	after	after	SCONJ
cblr-8636	190	30	it	it	PRON
cblr-8636	190	31	has	have	AUX
cblr-8636	190	32	engaged	engage	VERB
cblr-8636	190	33	in	in	ADP
cblr-8636	190	34	a	a	DET
cblr-8636	190	35	direct	direct	ADJ
cblr-8636	190	36	listing	listing	NOUN
cblr-8636	190	37	or	or	CCONJ
cblr-8636	190	38	to	to	ADP
cblr-8636	190	39	any	any	DET
cblr-8636	190	40	share	share	NOUN
cblr-8636	190	41	offered	offer	VERB
cblr-8636	190	42	in	in	ADP
cblr-8636	190	43	a	a	DET
cblr-8636	190	44	seasoned	season	VERB
cblr-8636	190	45	offering	offering	NOUN
cblr-8636	190	46	that	that	PRON
cblr-8636	190	47	has	have	AUX
cblr-8636	190	48	been	be	AUX
cblr-8636	190	49	traded	trade	VERB
cblr-8636	190	50	in	in	ADP
cblr-8636	190	51	the	the	DET
cblr-8636	190	52	secondary	secondary	ADJ
cblr-8636	190	53	market	market	NOUN
cblr-8636	190	54	by	by	ADP
cblr-8636	190	55	the	the	DET
cblr-8636	190	56	time	time	NOUN
cblr-8636	190	57	the	the	DET
cblr-8636	190	58	misstatement	misstatement	NOUN
cblr-8636	190	59	has	have	AUX
cblr-8636	190	60	been	be	AUX
cblr-8636	190	61	discovered.30	discovered.30	NOUN
cblr-8636	190	62	even	even	ADV
cblr-8636	190	63	if	if	SCONJ
cblr-8636	190	64	moving	move	VERB
cblr-8636	190	65	all	all	PRON
cblr-8636	190	66	publicly	publicly	ADV
cblr-8636	190	67	traded	trade	VERB
cblr-8636	190	68	stocks	stock	NOUN
cblr-8636	190	69	to	to	ADP
cblr-8636	190	70	an	an	DET
cblr-8636	190	71	exclusive	exclusive	ADJ
cblr-8636	190	72	dlt	dlt	PROPN
cblr-8636	190	73	platform	platform	NOUN
cblr-8636	190	74	proves	prove	VERB
cblr-8636	190	75	impractical	impractical	ADJ
cblr-8636	190	76	in	in	ADP
cblr-8636	190	77	the	the	DET
cblr-8636	190	78	near	near	ADJ
cblr-8636	190	79	future	future	NOUN
cblr-8636	190	80	,	,	PUNCT
cblr-8636	190	81	one	one	NUM
cblr-8636	190	82	member	member	NOUN
cblr-8636	190	83	of	of	ADP
cblr-8636	190	84	the	the	DET
cblr-8636	190	85	regulatory	regulatory	ADJ
cblr-8636	190	86	community	community	NOUN
cblr-8636	190	87	raised	raise	VERB
cblr-8636	190	88	a	a	DET
cblr-8636	190	89	narrower	narrower	ADV
cblr-8636	190	90	additionally	additionally	ADV
cblr-8636	190	91	,	,	PUNCT
cblr-8636	190	92	investors	investor	NOUN
cblr-8636	190	93	will	will	AUX
cblr-8636	190	94	have	have	VERB
cblr-8636	190	95	real	real	ADJ
cblr-8636	190	96	-	-	PUNCT
cblr-8636	190	97	time	time	NOUN
cblr-8636	190	98	and	and	CCONJ
cblr-8636	190	99	ongoing	ongoing	ADJ
cblr-8636	190	100	visibility	visibility	NOUN
cblr-8636	190	101	into	into	ADP
cblr-8636	190	102	their	their	PRON
cblr-8636	190	103	investments	investment	NOUN
cblr-8636	190	104	without	without	ADP
cblr-8636	190	105	having	have	VERB
cblr-8636	190	106	to	to	PART
cblr-8636	190	107	mediate	mediate	VERB
cblr-8636	190	108	with	with	ADP
cblr-8636	190	109	an	an	DET
cblr-8636	190	110	exchange	exchange	NOUN
cblr-8636	190	111	or	or	CCONJ
cblr-8636	190	112	third	third	ADJ
cblr-8636	190	113	party	party	NOUN
cblr-8636	190	114	.	.	PUNCT
cblr-8636	190	115	”	"	PUNCT
cblr-8636	190	116	)	)	PUNCT
cblr-8636	190	117	.	.	PUNCT
cblr-8636	191	1	30	30	NUM
cblr-8636	192	1	the	the	DET
cblr-8636	192	2	courts	court	NOUN
cblr-8636	192	3	have	have	AUX
cblr-8636	192	4	interpreted	interpret	VERB
cblr-8636	192	5	section	section	NOUN
cblr-8636	192	6	11	11	NUM
cblr-8636	192	7	damages	damage	NOUN
cblr-8636	192	8	liability	liability	NOUN
cblr-8636	192	9	for	for	ADP
cblr-8636	192	10	material	material	ADJ
cblr-8636	192	11	misstatements	misstatement	NOUN
cblr-8636	192	12	in	in	ADP
cblr-8636	192	13	a	a	DET
cblr-8636	192	14	registration	registration	NOUN
cblr-8636	192	15	statement	statement	NOUN
cblr-8636	192	16	as	as	ADP
cblr-8636	192	17	applying	apply	VERB
cblr-8636	192	18	only	only	ADV
cblr-8636	192	19	to	to	ADP
cblr-8636	192	20	the	the	DET
cblr-8636	192	21	securities	security	NOUN
cblr-8636	192	22	that	that	PRON
cblr-8636	192	23	the	the	DET
cblr-8636	192	24	statement	statement	NOUN
cblr-8636	192	25	actually	actually	ADV
cblr-8636	192	26	registers	register	VERB
cblr-8636	192	27	.	.	PUNCT
cblr-8636	193	1	see	see	VERB
cblr-8636	193	2	barnes	barnes	PROPN
cblr-8636	193	3	v.	v.	ADP
cblr-8636	193	4	osofsky	osofsky	ADJ
cblr-8636	193	5	,	,	PUNCT
cblr-8636	193	6	373	373	NUM
cblr-8636	193	7	f.2d	f.2d	NOUN
cblr-8636	193	8	269	269	NUM
cblr-8636	193	9	,	,	PUNCT
cblr-8636	193	10	272	272	NUM
cblr-8636	193	11	(	(	PUNCT
cblr-8636	193	12	2d	2d	NUM
cblr-8636	193	13	cir	cir	NOUN
cblr-8636	193	14	.	.	PROPN
cblr-8636	193	15	1967	1967	NUM
cblr-8636	193	16	)	)	PUNCT
cblr-8636	193	17	.	.	PUNCT
cblr-8636	194	1	this	this	PRON
cblr-8636	194	2	poses	pose	VERB
cblr-8636	194	3	a	a	DET
cblr-8636	194	4	problem	problem	NOUN
cblr-8636	194	5	for	for	ADP
cblr-8636	194	6	registration	registration	NOUN
cblr-8636	194	7	statements	statement	NOUN
cblr-8636	194	8	filed	file	VERB
cblr-8636	194	9	in	in	ADP
cblr-8636	194	10	connection	connection	NOUN
cblr-8636	194	11	with	with	ADP
cblr-8636	194	12	a	a	DET
cblr-8636	194	13	seasoned	season	VERB
cblr-8636	194	14	offering	offering	NOUN
cblr-8636	194	15	or	or	CCONJ
cblr-8636	194	16	direct	direct	ADJ
cblr-8636	194	17	listing	listing	NOUN
cblr-8636	194	18	.	.	PUNCT
cblr-8636	195	1	when	when	SCONJ
cblr-8636	195	2	such	such	DET
cblr-8636	195	3	a	a	DET
cblr-8636	195	4	registration	registration	NOUN
cblr-8636	195	5	statement	statement	NOUN
cblr-8636	195	6	contains	contain	VERB
cblr-8636	195	7	a	a	DET
cblr-8636	195	8	material	material	NOUN
cblr-8636	195	9	misstatement	misstatement	NOUN
cblr-8636	195	10	,	,	PUNCT
cblr-8636	195	11	it	it	PRON
cblr-8636	195	12	is	be	AUX
cblr-8636	195	13	currently	currently	ADV
cblr-8636	195	14	technologically	technologically	ADV
cblr-8636	195	15	impossible	impossible	ADJ
cblr-8636	195	16	for	for	SCONJ
cblr-8636	195	17	potential	potential	ADJ
cblr-8636	195	18	plaintiff	plaintiff	NOUN
cblr-8636	195	19	who	who	PRON
cblr-8636	195	20	acquired	acquire	VERB
cblr-8636	195	21	a	a	DET
cblr-8636	195	22	share	share	NOUN
cblr-8636	195	23	in	in	ADP
cblr-8636	195	24	the	the	DET
cblr-8636	195	25	secondary	secondary	ADJ
cblr-8636	195	26	market	market	NOUN
cblr-8636	195	27	after	after	ADP
cblr-8636	195	28	the	the	DET
cblr-8636	195	29	registration	registration	NOUN
cblr-8636	195	30	statement	statement	NOUN
cblr-8636	195	31	’s	’s	PART
cblr-8636	195	32	effective	effective	ADJ
cblr-8636	195	33	date	date	NOUN
cblr-8636	195	34	to	to	PART
cblr-8636	195	35	trace	trace	VERB
cblr-8636	195	36	whether	whether	SCONJ
cblr-8636	195	37	the	the	DET
cblr-8636	195	38	share	share	NOUN
cblr-8636	195	39	she	she	PRON
cblr-8636	195	40	acquired	acquire	VERB
cblr-8636	195	41	was	be	AUX
cblr-8636	195	42	one	one	NUM
cblr-8636	195	43	that	that	PRON
cblr-8636	195	44	was	be	AUX
cblr-8636	195	45	registered	register	VERB
cblr-8636	195	46	by	by	ADP
cblr-8636	195	47	that	that	DET
cblr-8636	195	48	registration	registration	NOUN
cblr-8636	195	49	statement	statement	NOUN
cblr-8636	195	50	since	since	SCONJ
cblr-8636	195	51	shares	share	NOUN
cblr-8636	195	52	that	that	PRON
cblr-8636	195	53	have	have	VERB
cblr-8636	195	54	and	and	CCONJ
cblr-8636	195	55	that	that	PRON
cblr-8636	195	56	have	have	AUX
cblr-8636	195	57	not	not	PART
cblr-8636	195	58	been	be	AUX
cblr-8636	195	59	registered	register	VERB
cblr-8636	195	60	by	by	ADP
cblr-8636	195	61	this	this	DET
cblr-8636	195	62	registration	registration	NOUN
cblr-8636	195	63	statement	statement	NOUN
cblr-8636	195	64	are	be	AUX
cblr-8636	195	65	both	both	PRON
cblr-8636	195	66	trading	trade	VERB
cblr-8636	195	67	interchangeably	interchangeably	ADV
cblr-8636	195	68	in	in	ADP
cblr-8636	195	69	the	the	DET
cblr-8636	195	70	market	market	NOUN
cblr-8636	195	71	.	.	PUNCT
cblr-8636	196	1	section	section	NOUN
cblr-8636	196	2	11	11	NUM
cblr-8636	196	3	liability	liability	NOUN
cblr-8636	196	4	thus	thus	ADV
cblr-8636	196	5	is	be	AUX
cblr-8636	196	6	a	a	DET
cblr-8636	196	7	key	key	ADJ
cblr-8636	196	8	concern	concern	NOUN
cblr-8636	196	9	with	with	ADP
cblr-8636	196	10	direct	direct	ADJ
cblr-8636	196	11	listings	listing	NOUN
cblr-8636	196	12	,	,	PUNCT
cblr-8636	196	13	which	which	PRON
cblr-8636	196	14	has	have	AUX
cblr-8636	196	15	become	become	VERB
cblr-8636	196	16	a	a	DET
cblr-8636	196	17	new	new	ADJ
cblr-8636	196	18	way	way	NOUN
cblr-8636	196	19	to	to	PART
cblr-8636	196	20	go	go	VERB
cblr-8636	196	21	public	public	ADJ
cblr-8636	196	22	following	follow	VERB
cblr-8636	196	23	the	the	DET
cblr-8636	196	24	examples	example	NOUN
cblr-8636	196	25	of	of	ADP
cblr-8636	196	26	unicorns	unicorn	NOUN
cblr-8636	196	27	spotify	spotify	VERB
cblr-8636	196	28	and	and	CCONJ
cblr-8636	196	29	slack	slack	VERB
cblr-8636	196	30	.	.	PUNCT
cblr-8636	197	1	see	see	VERB
cblr-8636	197	2	,	,	PUNCT
cblr-8636	197	3	e.g.	e.g.	ADV
cblr-8636	197	4	,	,	PUNCT
cblr-8636	197	5	letter	letter	NOUN
cblr-8636	197	6	from	from	ADP
cblr-8636	197	7	jeff	jeff	PROPN
cblr-8636	197	8	mahoney	mahoney	PROPN
cblr-8636	197	9	,	,	PUNCT
cblr-8636	197	10	gen	gen	PROPN
cblr-8636	197	11	.	.	PROPN
cblr-8636	197	12	couns	couns	PROPN
cblr-8636	197	13	.	.	PUNCT
cblr-8636	197	14	,	,	PUNCT
cblr-8636	197	15	council	council	PROPN
cblr-8636	197	16	of	of	ADP
cblr-8636	197	17	inst	inst	PROPN
cblr-8636	197	18	.	.	PUNCT
cblr-8636	198	1	invs	invs	PROPN
cblr-8636	198	2	.	.	PROPN
cblr-8636	198	3	,	,	PUNCT
cblr-8636	198	4	to	to	ADP
cblr-8636	198	5	vanessa	vanessa	PROPN
cblr-8636	198	6	a.	a.	PROPN
cblr-8636	198	7	countryman	countryman	PROPN
cblr-8636	198	8	,	,	PUNCT
cblr-8636	198	9	sec’y	sec’y	NUM
cblr-8636	198	10	,	,	PUNCT
cblr-8636	198	11	u.s	u.s	PROPN
cblr-8636	198	12	.	.	PROPN
cblr-8636	198	13	sec	sec	PROPN
cblr-8636	198	14	.	.	PROPN
cblr-8636	198	15	&	&	CCONJ
cblr-8636	198	16	exch	exch	PROPN
cblr-8636	198	17	.	.	PUNCT
cblr-8636	199	1	comm’n	comm’n	PROPN
cblr-8636	199	2	9–11	9–11	PROPN
cblr-8636	199	3	(	(	PUNCT
cblr-8636	199	4	sept	sept	PROPN
cblr-8636	199	5	.	.	PROPN
cblr-8636	199	6	8	8	NUM
cblr-8636	199	7	,	,	PUNCT
cblr-8636	199	8	2020	2020	NUM
cblr-8636	199	9	)	)	PUNCT
cblr-8636	199	10	,	,	PUNCT
cblr-8636	199	11	https://www.cii.org/files/issues_and_advocacy	https://www.cii.org/files/issues_and_advocacy	NOUN
cblr-8636	199	12	/correspondence/2020/20200908%20letter%20to%20sec%20w%20attach	/correspondence/2020/20200908%20letter%20to%20sec%20w%20attach	PUNCT
cblr-8636	199	13	ments.pdf	ments.pdf	NOUN
cblr-8636	199	14	[	[	X
cblr-8636	199	15	https://perma.cc/ug73-g6we	https://perma.cc/ug73-g6we	X
cblr-8636	199	16	]	]	PUNCT
cblr-8636	199	17	.	.	PUNCT
cblr-8636	200	1	fox	fox	PROPN
cblr-8636	200	2	et	et	PROPN
cblr-8636	200	3	al	al	PROPN
cblr-8636	200	4	.	.	PROPN
cblr-8636	201	1	8/22/2021	8/22/2021	NUM
cblr-8636	201	2	9:05	9:05	NUM
cblr-8636	201	3	pm	pm	NOUN
cblr-8636	201	4	664	664	NUM
cblr-8636	201	5	columbia	columbia	PROPN
cblr-8636	201	6	business	business	NOUN
cblr-8636	201	7	law	law	PROPN
cblr-8636	201	8	review	review	NOUN
cblr-8636	201	9	[	[	X
cblr-8636	201	10	vol	vol	NOUN
cblr-8636	201	11	.	.	PUNCT
cblr-8636	201	12	2021	2021	NUM
cblr-8636	201	13	possibility	possibility	NOUN
cblr-8636	201	14	:	:	PUNCT
cblr-8636	201	15	some	some	DET
cblr-8636	201	16	tier	tier	NOUN
cblr-8636	201	17	of	of	ADP
cblr-8636	201	18	equities	equity	NOUN
cblr-8636	201	19	(	(	PUNCT
cblr-8636	201	20	smaller	small	ADJ
cblr-8636	201	21	companies	company	NOUN
cblr-8636	201	22	’	’	PART
cblr-8636	201	23	stocks	stock	NOUN
cblr-8636	201	24	,	,	PUNCT
cblr-8636	201	25	for	for	ADP
cblr-8636	201	26	example	example	NOUN
cblr-8636	201	27	,	,	PUNCT
cblr-8636	201	28	which	which	PRON
cblr-8636	201	29	have	have	VERB
cblr-8636	201	30	a	a	DET
cblr-8636	201	31	lower	low	ADJ
cblr-8636	201	32	volume	volume	NOUN
cblr-8636	201	33	of	of	ADP
cblr-8636	201	34	trading)31	trading)31	PROPN
cblr-8636	201	35	could	could	AUX
cblr-8636	201	36	trade	trade	VERB
cblr-8636	201	37	solely	solely	ADV
cblr-8636	201	38	on	on	ADP
cblr-8636	201	39	their	their	PRON
cblr-8636	201	40	own	own	ADJ
cblr-8636	201	41	single	single	ADJ
cblr-8636	201	42	,	,	PUNCT
cblr-8636	201	43	dlt	dlt	PROPN
cblr-8636	201	44	-	-	PUNCT
cblr-8636	201	45	based	base	VERB
cblr-8636	201	46	market	market	NOUN
cblr-8636	201	47	,	,	PUNCT
cblr-8636	201	48	thereby	thereby	ADV
cblr-8636	201	49	eliminating	eliminate	VERB
cblr-8636	201	50	the	the	DET
cblr-8636	201	51	need	need	NOUN
cblr-8636	201	52	for	for	ADP
cblr-8636	201	53	central	central	ADJ
cblr-8636	201	54	clearing	clearing	NOUN
cblr-8636	201	55	of	of	ADP
cblr-8636	201	56	these	these	DET
cblr-8636	201	57	stocks	stock	NOUN
cblr-8636	201	58	.	.	PUNCT
cblr-8636	202	1	a	a	DET
cblr-8636	202	2	member	member	NOUN
cblr-8636	202	3	of	of	ADP
cblr-8636	202	4	the	the	DET
cblr-8636	202	5	nonprofit	nonprofit	ADJ
cblr-8636	202	6	community	community	NOUN
cblr-8636	202	7	pointed	point	VERB
cblr-8636	202	8	out	out	ADP
cblr-8636	202	9	that	that	SCONJ
cblr-8636	202	10	the	the	DET
cblr-8636	202	11	sec	sec	PROPN
cblr-8636	202	12	is	be	AUX
cblr-8636	202	13	already	already	ADV
cblr-8636	202	14	experimenting	experiment	VERB
cblr-8636	202	15	with	with	ADP
cblr-8636	202	16	placing	place	VERB
cblr-8636	202	17	stock	stock	NOUN
cblr-8636	202	18	on	on	ADP
cblr-8636	202	19	a	a	DET
cblr-8636	202	20	blockchain	blockchain	NOUN
cblr-8636	202	21	(	(	PUNCT
cblr-8636	202	22	though	though	SCONJ
cblr-8636	202	23	he	he	PRON
cblr-8636	202	24	noted	note	VERB
cblr-8636	202	25	that	that	SCONJ
cblr-8636	202	26	this	this	PRON
cblr-8636	202	27	would	would	AUX
cblr-8636	202	28	be	be	AUX
cblr-8636	202	29	illegal	illegal	ADJ
cblr-8636	202	30	under	under	ADP
cblr-8636	202	31	current	current	ADJ
cblr-8636	202	32	regulation	regulation	NOUN
cblr-8636	202	33	)	)	PUNCT
cblr-8636	202	34	.	.	PUNCT
cblr-8636	203	1	the	the	DET
cblr-8636	203	2	boston	boston	PROPN
cblr-8636	203	3	security	security	PROPN
cblr-8636	203	4	token	token	VERB
cblr-8636	203	5	exchange	exchange	NOUN
cblr-8636	203	6	has	have	AUX
cblr-8636	203	7	sought	seek	VERB
cblr-8636	203	8	to	to	PART
cblr-8636	203	9	become	become	VERB
cblr-8636	203	10	a	a	DET
cblr-8636	203	11	listing	listing	NOUN
cblr-8636	203	12	exchange	exchange	NOUN
cblr-8636	203	13	for	for	ADP
cblr-8636	203	14	equities	equity	NOUN
cblr-8636	203	15	as	as	ADP
cblr-8636	203	16	tokenized	tokenized	ADJ
cblr-8636	203	17	securities	security	NOUN
cblr-8636	203	18	,	,	PUNCT
cblr-8636	203	19	relying	rely	VERB
cblr-8636	203	20	on	on	ADP
cblr-8636	203	21	the	the	DET
cblr-8636	203	22	ethereum	ethereum	NOUN
cblr-8636	203	23	public	public	PROPN
cblr-8636	203	24	blockchain	blockchain	NOUN
cblr-8636	203	25	for	for	ADP
cblr-8636	203	26	certain	certain	ADJ
cblr-8636	203	27	recordkeeping.32	recordkeeping.32	NOUN
cblr-8636	203	28	various	various	ADJ
cblr-8636	203	29	interviewees	interviewee	NOUN
cblr-8636	203	30	saw	see	VERB
cblr-8636	203	31	benefits	benefit	NOUN
cblr-8636	203	32	to	to	ADP
cblr-8636	203	33	particular	particular	ADJ
cblr-8636	203	34	features	feature	NOUN
cblr-8636	203	35	of	of	ADP
cblr-8636	203	36	a	a	DET
cblr-8636	203	37	dlt	dlt	PROPN
cblr-8636	203	38	-	-	PUNCT
cblr-8636	203	39	based	base	VERB
cblr-8636	203	40	trading	trading	NOUN
cblr-8636	203	41	system	system	NOUN
cblr-8636	203	42	.	.	PUNCT
cblr-8636	204	1	one	one	NUM
cblr-8636	204	2	member	member	NOUN
cblr-8636	204	3	of	of	ADP
cblr-8636	204	4	the	the	DET
cblr-8636	204	5	financial	financial	ADJ
cblr-8636	204	6	services	service	NOUN
cblr-8636	204	7	industry	industry	NOUN
cblr-8636	204	8	thought	think	VERB
cblr-8636	204	9	dlt	dlt	PROPN
cblr-8636	204	10	could	could	AUX
cblr-8636	204	11	transform	transform	VERB
cblr-8636	204	12	clearing	clearing	NOUN
cblr-8636	204	13	and	and	CCONJ
cblr-8636	204	14	settlement	settlement	NOUN
cblr-8636	204	15	if	if	SCONJ
cblr-8636	204	16	deployed	deploy	VERB
cblr-8636	204	17	in	in	ADP
cblr-8636	204	18	a	a	DET
cblr-8636	204	19	“	"	PUNCT
cblr-8636	204	20	widgetized	widgetize	VERB
cblr-8636	204	21	,	,	PUNCT
cblr-8636	204	22	”	"	PUNCT
cblr-8636	204	23	confidential	confidential	ADJ
cblr-8636	204	24	matter	matter	NOUN
cblr-8636	204	25	(	(	PUNCT
cblr-8636	204	26	analogizing	analogize	VERB
cblr-8636	204	27	this	this	PRON
cblr-8636	204	28	to	to	ADP
cblr-8636	204	29	the	the	DET
cblr-8636	204	30	move	move	NOUN
cblr-8636	204	31	toward	toward	ADP
cblr-8636	204	32	a	a	DET
cblr-8636	204	33	cashless	cashless	NOUN
cblr-8636	204	34	society	society	NOUN
cblr-8636	204	35	)	)	PUNCT
cblr-8636	204	36	.	.	PUNCT
cblr-8636	205	1	recordkeeping	recordkeeping	NOUN
cblr-8636	205	2	is	be	AUX
cblr-8636	205	3	another	another	DET
cblr-8636	205	4	important	important	ADJ
cblr-8636	205	5	potential	potential	ADJ
cblr-8636	205	6	application	application	NOUN
cblr-8636	205	7	of	of	ADP
cblr-8636	205	8	dlt	dlt	PROPN
cblr-8636	205	9	.	.	PUNCT
cblr-8636	206	1	a	a	DET
cblr-8636	206	2	member	member	NOUN
cblr-8636	206	3	of	of	ADP
cblr-8636	206	4	the	the	DET
cblr-8636	206	5	financial	financial	ADJ
cblr-8636	206	6	services	service	NOUN
cblr-8636	206	7	industry	industry	NOUN
cblr-8636	206	8	pointed	point	VERB
cblr-8636	206	9	out	out	ADP
cblr-8636	206	10	the	the	DET
cblr-8636	206	11	importance	importance	NOUN
cblr-8636	206	12	of	of	ADP
cblr-8636	206	13	tracking	track	VERB
cblr-8636	206	14	information	information	NOUN
cblr-8636	206	15	,	,	PUNCT
cblr-8636	206	16	noting	note	VERB
cblr-8636	206	17	that	that	SCONJ
cblr-8636	206	18	a	a	DET
cblr-8636	206	19	factor	factor	NOUN
cblr-8636	206	20	contributing	contribute	VERB
cblr-8636	206	21	to	to	ADP
cblr-8636	206	22	the	the	DET
cblr-8636	206	23	2008	2008	NUM
cblr-8636	206	24	financial	financial	ADJ
cblr-8636	206	25	crisis	crisis	NOUN
cblr-8636	206	26	was	be	AUX
cblr-8636	206	27	flawed	flawed	ADJ
cblr-8636	206	28	recordkeeping	recordkeeping	NOUN
cblr-8636	206	29	in	in	ADP
cblr-8636	206	30	the	the	DET
cblr-8636	206	31	derivatives	derivative	NOUN
cblr-8636	206	32	market	market	NOUN
cblr-8636	206	33	,	,	PUNCT
cblr-8636	206	34	which	which	PRON
cblr-8636	206	35	caused	cause	VERB
cblr-8636	206	36	problems	problem	NOUN
cblr-8636	206	37	when	when	SCONJ
cblr-8636	206	38	credit	credit	NOUN
cblr-8636	206	39	issues	issue	NOUN
cblr-8636	206	40	arose	arise	VERB
cblr-8636	206	41	and	and	CCONJ
cblr-8636	206	42	participants	participant	NOUN
cblr-8636	206	43	could	could	AUX
cblr-8636	206	44	not	not	PART
cblr-8636	206	45	determine	determine	VERB
cblr-8636	206	46	their	their	PRON
cblr-8636	206	47	actual	actual	ADJ
cblr-8636	206	48	positions.33	positions.33	NOUN
cblr-8636	206	49	also	also	ADV
cblr-8636	206	50	,	,	PUNCT
cblr-8636	206	51	the	the	DET
cblr-8636	206	52	increased	increase	VERB
cblr-8636	206	53	clarity	clarity	NOUN
cblr-8636	206	54	of	of	ADP
cblr-8636	206	55	dlt	dlt	PROPN
cblr-8636	206	56	was	be	AUX
cblr-8636	206	57	commented	comment	VERB
cblr-8636	206	58	upon	upon	SCONJ
cblr-8636	206	59	as	as	ADV
cblr-8636	206	60	useful	useful	ADJ
cblr-8636	206	61	for	for	ADP
cblr-8636	206	62	tracking	track	VERB
cblr-8636	206	63	the	the	DET
cblr-8636	206	64	31	31	NUM
cblr-8636	206	65	see	see	NOUN
cblr-8636	206	66	,	,	PUNCT
cblr-8636	206	67	e.g.	e.g.	ADV
cblr-8636	206	68	,	,	PUNCT
cblr-8636	206	69	gilles	gille	NOUN
cblr-8636	206	70	zumbach	zumbach	NOUN
cblr-8636	206	71	,	,	PUNCT
cblr-8636	206	72	how	how	SCONJ
cblr-8636	206	73	trading	trading	NOUN
cblr-8636	206	74	activity	activity	NOUN
cblr-8636	206	75	scales	scale	VERB
cblr-8636	206	76	with	with	ADP
cblr-8636	206	77	company	company	NOUN
cblr-8636	206	78	size	size	NOUN
cblr-8636	206	79	in	in	ADP
cblr-8636	206	80	the	the	DET
cblr-8636	206	81	ftse	ftse	PROPN
cblr-8636	206	82	100	100	NUM
cblr-8636	206	83	,	,	PUNCT
cblr-8636	206	84	4	4	NUM
cblr-8636	206	85	quantitative	quantitative	ADJ
cblr-8636	206	86	fin	fin	NOUN
cblr-8636	206	87	.	.	PUNCT
cblr-8636	207	1	441	441	NUM
cblr-8636	207	2	,	,	PUNCT
cblr-8636	207	3	442	442	NUM
cblr-8636	207	4	(	(	PUNCT
cblr-8636	207	5	2004	2004	NUM
cblr-8636	207	6	)	)	PUNCT
cblr-8636	207	7	.	.	PUNCT
cblr-8636	208	1	32	32	NUM
cblr-8636	208	2	for	for	ADP
cblr-8636	208	3	more	more	ADJ
cblr-8636	208	4	information	information	NOUN
cblr-8636	208	5	,	,	PUNCT
cblr-8636	208	6	see	see	VERB
cblr-8636	208	7	order	order	NOUN
cblr-8636	208	8	disapproving	disapprove	VERB
cblr-8636	208	9	proposed	propose	VERB
cblr-8636	208	10	rule	rule	NOUN
cblr-8636	208	11	change	change	NOUN
cblr-8636	208	12	,	,	PUNCT
cblr-8636	208	13	as	as	SCONJ
cblr-8636	208	14	modified	modify	VERB
cblr-8636	208	15	by	by	ADP
cblr-8636	208	16	amendment	amendment	NOUN
cblr-8636	208	17	no	no	PROPN
cblr-8636	208	18	.	.	PROPN
cblr-8636	208	19	1	1	NUM
cblr-8636	208	20	,	,	PUNCT
cblr-8636	208	21	to	to	PART
cblr-8636	208	22	adopt	adopt	VERB
cblr-8636	208	23	rules	rule	NOUN
cblr-8636	208	24	governing	govern	VERB
cblr-8636	208	25	the	the	DET
cblr-8636	208	26	trading	trading	NOUN
cblr-8636	208	27	of	of	ADP
cblr-8636	208	28	equity	equity	NOUN
cblr-8636	208	29	securities	security	NOUN
cblr-8636	208	30	on	on	ADP
cblr-8636	208	31	the	the	DET
cblr-8636	208	32	exchange	exchange	NOUN
cblr-8636	208	33	through	through	ADP
cblr-8636	208	34	a	a	DET
cblr-8636	208	35	facility	facility	NOUN
cblr-8636	208	36	of	of	ADP
cblr-8636	208	37	the	the	DET
cblr-8636	208	38	exchange	exchange	NOUN
cblr-8636	208	39	known	know	VERB
cblr-8636	208	40	as	as	ADP
cblr-8636	208	41	the	the	DET
cblr-8636	208	42	boston	boston	PROPN
cblr-8636	208	43	security	security	PROPN
cblr-8636	208	44	token	token	PROPN
cblr-8636	208	45	exchange	exchange	PROPN
cblr-8636	208	46	llc	llc	PROPN
cblr-8636	208	47	,	,	PUNCT
cblr-8636	208	48	85	85	NUM
cblr-8636	208	49	fed	feed	VERB
cblr-8636	208	50	.	.	PUNCT
cblr-8636	209	1	reg	reg	PROPN
cblr-8636	209	2	.	.	PUNCT
cblr-8636	209	3	84,403	84,403	NUM
cblr-8636	209	4	,	,	PUNCT
cblr-8636	209	5	84,404	84,404	NUM
cblr-8636	209	6	(	(	PUNCT
cblr-8636	209	7	dec	dec	PROPN
cblr-8636	209	8	.	.	PROPN
cblr-8636	209	9	28	28	NUM
cblr-8636	209	10	,	,	PUNCT
cblr-8636	209	11	2020	2020	NUM
cblr-8636	209	12	)	)	PUNCT
cblr-8636	209	13	;	;	PUNCT
cblr-8636	209	14	about	about	ADP
cblr-8636	209	15	btsx	btsx	NOUN
cblr-8636	209	16	,	,	PUNCT
cblr-8636	209	17	bos	bos	PROPN
cblr-8636	209	18	sec.token	sec.token	PROPN
cblr-8636	209	19	exch	exch	PROPN
cblr-8636	209	20	.	.	PROPN
cblr-8636	209	21	,	,	PUNCT
cblr-8636	209	22	https://bstx.com/about/	https://bstx.com/about/	VERB
cblr-8636	209	23	[	[	X
cblr-8636	209	24	https://perma.cc/jrl4-mxcj	https://perma.cc/jrl4-mxcj	X
cblr-8636	209	25	]	]	X
cblr-8636	209	26	(	(	PUNCT
cblr-8636	209	27	last	last	ADJ
cblr-8636	209	28	visited	visit	VERB
cblr-8636	209	29	may	may	PROPN
cblr-8636	209	30	16	16	NUM
cblr-8636	209	31	,	,	PUNCT
cblr-8636	209	32	2021	2021	NUM
cblr-8636	209	33	)	)	PUNCT
cblr-8636	209	34	;	;	PUNCT
cblr-8636	209	35	letter	letter	NOUN
cblr-8636	209	36	from	from	ADP
cblr-8636	209	37	benjamin	benjamin	PROPN
cblr-8636	209	38	connault	connault	PROPN
cblr-8636	209	39	,	,	PUNCT
cblr-8636	209	40	economist	economist	NOUN
cblr-8636	209	41	,	,	PUNCT
cblr-8636	209	42	invs	invs	PROPN
cblr-8636	209	43	.	.	PUNCT
cblr-8636	210	1	exch	exch	PROPN
cblr-8636	210	2	.	.	PROPN
cblr-8636	210	3	,	,	PUNCT
cblr-8636	210	4	to	to	ADP
cblr-8636	210	5	vanessa	vanessa	PROPN
cblr-8636	210	6	countryman	countryman	PROPN
cblr-8636	210	7	,	,	PUNCT
cblr-8636	210	8	sec’y	sec’y	NUM
cblr-8636	210	9	,	,	PUNCT
cblr-8636	210	10	u.s	u.s	PROPN
cblr-8636	210	11	.	.	PROPN
cblr-8636	210	12	sec	sec	PROPN
cblr-8636	210	13	.	.	PROPN
cblr-8636	210	14	&	&	CCONJ
cblr-8636	210	15	exch	exch	PROPN
cblr-8636	210	16	.	.	PUNCT
cblr-8636	211	1	comm’n	comm’n	PROPN
cblr-8636	211	2	2	2	NUM
cblr-8636	211	3	(	(	PUNCT
cblr-8636	211	4	mar	mar	PROPN
cblr-8636	211	5	.	.	PROPN
cblr-8636	211	6	26	26	NUM
cblr-8636	211	7	,	,	PUNCT
cblr-8636	211	8	2020	2020	NUM
cblr-8636	211	9	)	)	PUNCT
cblr-8636	211	10	,	,	PUNCT
cblr-8636	211	11	https://www.sec.gov/comments/sr-box-2019-19/srbox201919-7004560214855.pdf	https://www.sec.gov/comments/sr-box-2019-19/srbox201919-7004560214855.pdf	PROPN
cblr-8636	212	1	[	[	X
cblr-8636	212	2	https://perma.cc/yqt5-r9kq	https://perma.cc/yqt5-r9kq	PROPN
cblr-8636	212	3	]	]	PUNCT
cblr-8636	212	4	.	.	PUNCT
cblr-8636	213	1	33	33	NUM
cblr-8636	213	2	see	see	VERB
cblr-8636	213	3	the	the	DET
cblr-8636	213	4	fin	fin	NOUN
cblr-8636	213	5	.	.	PUNCT
cblr-8636	214	1	crisis	crisis	NOUN
cblr-8636	214	2	inquiry	inquiry	NOUN
cblr-8636	214	3	comm’n	comm’n	NOUN
cblr-8636	214	4	,	,	PUNCT
cblr-8636	214	5	the	the	DET
cblr-8636	214	6	financial	financial	ADJ
cblr-8636	214	7	crisis	crisis	NOUN
cblr-8636	214	8	inquiry	inquiry	NOUN
cblr-8636	214	9	report	report	NOUN
cblr-8636	214	10	228	228	NUM
cblr-8636	214	11	,	,	PUNCT
cblr-8636	214	12	298–301	298–301	NUM
cblr-8636	214	13	(	(	PUNCT
cblr-8636	214	14	2011	2011	NUM
cblr-8636	214	15	)	)	PUNCT
cblr-8636	214	16	,	,	PUNCT
cblr-8636	214	17	https://www.govinfo.gov/content/pkg/gpofcic/pdf/gpo-fcic.pdf	https://www.govinfo.gov/content/pkg/gpofcic/pdf/gpo-fcic.pdf	NOUN
cblr-8636	215	1	[	[	X
cblr-8636	215	2	https://perma.cc/rh8p-6y9p	https://perma.cc/rh8p-6y9p	X
cblr-8636	215	3	]	]	PUNCT
cblr-8636	215	4	.	.	PUNCT
cblr-8636	216	1	fox	fox	PROPN
cblr-8636	216	2	et	et	PROPN
cblr-8636	216	3	al	al	PROPN
cblr-8636	216	4	.	.	PROPN
cblr-8636	217	1	8/22/2021	8/22/2021	NUM
cblr-8636	217	2	9:05	9:05	NUM
cblr-8636	217	3	pm	pm	NOUN
cblr-8636	217	4	no	no	INTJ
cblr-8636	217	5	.	.	PUNCT
cblr-8636	218	1	2:651	2:651	NUM
cblr-8636	218	2	]	]	X
cblr-8636	218	3	a	a	DET
cblr-8636	218	4	stakeholder	stakeholder	NOUN
cblr-8636	218	5	survey	survey	VERB
cblr-8636	218	6	665	665	NUM
cblr-8636	218	7	current	current	ADJ
cblr-8636	218	8	ownership	ownership	NOUN
cblr-8636	218	9	of	of	ADP
cblr-8636	218	10	shares	share	NOUN
cblr-8636	218	11	in	in	ADP
cblr-8636	218	12	real	real	ADJ
cblr-8636	218	13	time	time	NOUN
cblr-8636	218	14	,	,	PUNCT
cblr-8636	218	15	alleviating	alleviate	VERB
cblr-8636	218	16	concerns	concern	NOUN
cblr-8636	218	17	about	about	ADP
cblr-8636	218	18	the	the	DET
cblr-8636	218	19	tally	tally	NOUN
cblr-8636	218	20	of	of	ADP
cblr-8636	218	21	proxy	proxy	ADJ
cblr-8636	218	22	votes	vote	NOUN
cblr-8636	218	23	actually	actually	ADV
cblr-8636	218	24	corresponding	correspond	VERB
cblr-8636	218	25	to	to	ADP
cblr-8636	218	26	the	the	DET
cblr-8636	218	27	choices	choice	NOUN
cblr-8636	218	28	of	of	ADP
cblr-8636	218	29	a	a	DET
cblr-8636	218	30	firm	firm	NOUN
cblr-8636	218	31	’s	’s	PART
cblr-8636	218	32	beneficial	beneficial	ADJ
cblr-8636	218	33	shareholders.34	shareholders.34	NOUN
cblr-8636	218	34	c.	c.	NOUN
cblr-8636	218	35	problems	problem	NOUN
cblr-8636	218	36	implementing	implement	VERB
cblr-8636	218	37	dlt	dlt	PROPN
cblr-8636	218	38	-	-	PUNCT
cblr-8636	218	39	based	base	VERB
cblr-8636	218	40	systems	system	NOUN
cblr-8636	218	41	for	for	ADP
cblr-8636	218	42	securities	security	NOUN
cblr-8636	218	43	the	the	DET
cblr-8636	218	44	discussion	discussion	NOUN
cblr-8636	218	45	above	above	ADP
cblr-8636	218	46	highlights	highlight	NOUN
cblr-8636	218	47	a	a	DET
cblr-8636	218	48	theme	theme	NOUN
cblr-8636	218	49	:	:	PUNCT
cblr-8636	218	50	we	we	PRON
cblr-8636	218	51	have	have	AUX
cblr-8636	218	52	heard	hear	VERB
cblr-8636	218	53	regulators	regulator	NOUN
cblr-8636	218	54	,	,	PUNCT
cblr-8636	218	55	industry	industry	NOUN
cblr-8636	218	56	participants	participant	NOUN
cblr-8636	218	57	,	,	PUNCT
cblr-8636	218	58	and	and	CCONJ
cblr-8636	218	59	academics	academic	NOUN
cblr-8636	218	60	praise	praise	VERB
cblr-8636	218	61	the	the	DET
cblr-8636	218	62	potential	potential	NOUN
cblr-8636	218	63	of	of	ADP
cblr-8636	218	64	dlt	dlt	PROPN
cblr-8636	218	65	to	to	PART
cblr-8636	218	66	facilitate	facilitate	VERB
cblr-8636	218	67	transparency	transparency	NOUN
cblr-8636	218	68	and	and	CCONJ
cblr-8636	218	69	recordkeeping	recordkeeping	NOUN
cblr-8636	218	70	and	and	CCONJ
cblr-8636	218	71	reduce	reduce	VERB
cblr-8636	218	72	the	the	DET
cblr-8636	218	73	need	need	NOUN
cblr-8636	218	74	for	for	ADP
cblr-8636	218	75	trusted	trust	VERB
cblr-8636	218	76	intermediaries	intermediary	NOUN
cblr-8636	218	77	.	.	PUNCT
cblr-8636	219	1	yet	yet	ADV
cblr-8636	219	2	those	those	DET
cblr-8636	219	3	same	same	ADJ
cblr-8636	219	4	interviewees	interviewee	NOUN
cblr-8636	219	5	expressed	express	VERB
cblr-8636	219	6	major	major	ADJ
cblr-8636	219	7	concerns	concern	NOUN
cblr-8636	219	8	about	about	ADP
cblr-8636	219	9	the	the	DET
cblr-8636	219	10	technological	technological	ADJ
cblr-8636	219	11	and	and	CCONJ
cblr-8636	219	12	economic	economic	ADJ
cblr-8636	219	13	challenges	challenge	NOUN
cblr-8636	219	14	to	to	ADP
cblr-8636	219	15	implementation	implementation	NOUN
cblr-8636	219	16	,	,	PUNCT
cblr-8636	219	17	as	as	ADV
cblr-8636	219	18	well	well	ADV
cblr-8636	219	19	as	as	ADP
cblr-8636	219	20	the	the	DET
cblr-8636	219	21	hurdles	hurdle	NOUN
cblr-8636	219	22	to	to	ADP
cblr-8636	219	23	changing	change	VERB
cblr-8636	219	24	existing	exist	VERB
cblr-8636	219	25	regulation	regulation	NOUN
cblr-8636	219	26	and	and	CCONJ
cblr-8636	219	27	the	the	DET
cblr-8636	219	28	resistance	resistance	NOUN
cblr-8636	219	29	of	of	ADP
cblr-8636	219	30	parties	party	NOUN
cblr-8636	219	31	vested	vest	VERB
cblr-8636	219	32	in	in	ADP
cblr-8636	219	33	current	current	ADJ
cblr-8636	219	34	practices	practice	NOUN
cblr-8636	219	35	.	.	PUNCT
cblr-8636	220	1	scalability	scalability	NOUN
cblr-8636	220	2	is	be	AUX
cblr-8636	220	3	a	a	DET
cblr-8636	220	4	significant	significant	ADJ
cblr-8636	220	5	obstacle	obstacle	NOUN
cblr-8636	220	6	to	to	ADP
cblr-8636	220	7	widespread	widespread	ADJ
cblr-8636	220	8	use	use	NOUN
cblr-8636	220	9	of	of	ADP
cblr-8636	220	10	a	a	DET
cblr-8636	220	11	dlt	dlt	PROPN
cblr-8636	220	12	-	-	PUNCT
cblr-8636	220	13	based	base	VERB
cblr-8636	220	14	trading	trading	NOUN
cblr-8636	220	15	system	system	NOUN
cblr-8636	220	16	,	,	PUNCT
cblr-8636	220	17	particularly	particularly	ADV
cblr-8636	220	18	for	for	ADP
cblr-8636	220	19	the	the	DET
cblr-8636	220	20	stocks	stock	NOUN
cblr-8636	220	21	of	of	ADP
cblr-8636	220	22	the	the	DET
cblr-8636	220	23	largest	large	ADJ
cblr-8636	220	24	500	500	NUM
cblr-8636	220	25	or	or	CCONJ
cblr-8636	220	26	1000	1000	NUM
cblr-8636	220	27	public	public	ADJ
cblr-8636	220	28	companies	company	NOUN
cblr-8636	220	29	.	.	PUNCT
cblr-8636	221	1	multiple	multiple	ADJ
cblr-8636	221	2	interviewees	interviewee	NOUN
cblr-8636	221	3	stressed	stress	VERB
cblr-8636	221	4	that	that	SCONJ
cblr-8636	221	5	such	such	ADJ
cblr-8636	221	6	equities	equity	NOUN
cblr-8636	221	7	markets	market	NOUN
cblr-8636	221	8	see	see	VERB
cblr-8636	221	9	a	a	DET
cblr-8636	221	10	huge	huge	ADJ
cblr-8636	221	11	volume	volume	NOUN
cblr-8636	221	12	of	of	ADP
cblr-8636	221	13	transactions	transaction	NOUN
cblr-8636	221	14	,	,	PUNCT
cblr-8636	221	15	which	which	PRON
cblr-8636	221	16	occur	occur	VERB
cblr-8636	221	17	in	in	ADP
cblr-8636	221	18	microseconds	microsecond	NOUN
cblr-8636	221	19	.	.	PUNCT
cblr-8636	222	1	currently	currently	ADV
cblr-8636	222	2	bitcoin	bitcoin	X
cblr-8636	222	3	can	can	AUX
cblr-8636	222	4	handle	handle	VERB
cblr-8636	222	5	four	four	NUM
cblr-8636	222	6	transactions	transaction	NOUN
cblr-8636	222	7	per	per	ADP
cblr-8636	222	8	second,35	second,35	NOUN
cblr-8636	222	9	while	while	SCONJ
cblr-8636	222	10	over	over	ADP
cblr-8636	222	11	one	one	NUM
cblr-8636	222	12	34	34	NUM
cblr-8636	222	13	see	see	VERB
cblr-8636	222	14	proxy	proxy	NOUN
cblr-8636	222	15	voting	voting	NOUN
cblr-8636	222	16	by	by	ADP
cblr-8636	222	17	blockchain	blockchain	NOUN
cblr-8636	222	18	,	,	PUNCT
cblr-8636	222	19	mkts	mkts	NOUN
cblr-8636	222	20	.	.	PUNCT
cblr-8636	223	1	media	medium	NOUN
cblr-8636	223	2	(	(	PUNCT
cblr-8636	223	3	apr	apr	PROPN
cblr-8636	223	4	.	.	PROPN
cblr-8636	223	5	11	11	NUM
cblr-8636	223	6	,	,	PUNCT
cblr-8636	223	7	2017	2017	NUM
cblr-8636	223	8	)	)	PUNCT
cblr-8636	223	9	,	,	PUNCT
cblr-8636	223	10	https://www.marketsmedia.com/proxy-voting-blockchain/	https://www.marketsmedia.com/proxy-voting-blockchain/	NOUN
cblr-8636	223	11	[	[	X
cblr-8636	223	12	https://perma.cc/a7we-mx86	https://perma.cc/a7we-mx86	X
cblr-8636	223	13	]	]	PUNCT
cblr-8636	223	14	(	(	PUNCT
cblr-8636	223	15	“	"	PUNCT
cblr-8636	223	16	broadridge	broadridge	VERB
cblr-8636	223	17	financial	financial	ADJ
cblr-8636	223	18	solutions	solution	NOUN
cblr-8636	223	19	,	,	PUNCT
cblr-8636	223	20	inc	inc	PROPN
cblr-8636	223	21	.	.	PROPN
cblr-8636	224	1	(	(	PUNCT
cblr-8636	224	2	nyse	nyse	PROPN
cblr-8636	224	3	:	:	PUNCT
cblr-8636	224	4	br	br	PROPN
cblr-8636	224	5	)	)	PUNCT
cblr-8636	224	6	,	,	PUNCT
cblr-8636	224	7	j.p	j.p	PROPN
cblr-8636	224	8	.	.	PROPN
cblr-8636	224	9	morgan	morgan	PROPN
cblr-8636	224	10	,	,	PUNCT
cblr-8636	224	11	northern	northern	ADJ
cblr-8636	224	12	trust	trust	PROPN
cblr-8636	224	13	and	and	CCONJ
cblr-8636	224	14	banco	banco	PROPN
cblr-8636	224	15	santander	santander	PROPN
cblr-8636	224	16	today	today	NOUN
cblr-8636	224	17	announced	announce	VERB
cblr-8636	224	18	the	the	DET
cblr-8636	224	19	successful	successful	ADJ
cblr-8636	224	20	completion	completion	NOUN
cblr-8636	224	21	of	of	ADP
cblr-8636	224	22	a	a	DET
cblr-8636	224	23	pilot	pilot	NOUN
cblr-8636	224	24	which	which	PRON
cblr-8636	224	25	employs	employ	VERB
cblr-8636	224	26	a	a	DET
cblr-8636	224	27	blockchain	blockchain	PROPN
cblr-8636	224	28	technology	technology	NOUN
cblr-8636	224	29	to	to	PART
cblr-8636	224	30	enhance	enhance	VERB
cblr-8636	224	31	global	global	ADJ
cblr-8636	224	32	proxy	proxy	NOUN
cblr-8636	224	33	vote	vote	NOUN
cblr-8636	224	34	transparency	transparency	NOUN
cblr-8636	224	35	and	and	CCONJ
cblr-8636	224	36	analytics	analytic	NOUN
cblr-8636	224	37	.	.	PUNCT
cblr-8636	224	38	”	"	PUNCT
cblr-8636	224	39	)	)	PUNCT
cblr-8636	224	40	;	;	PUNCT
cblr-8636	224	41	lubin	lubin	PROPN
cblr-8636	224	42	et	et	PROPN
cblr-8636	224	43	al	al	PROPN
cblr-8636	224	44	.	.	PROPN
cblr-8636	224	45	,	,	PUNCT
cblr-8636	224	46	supra	supra	PROPN
cblr-8636	224	47	note	note	VERB
cblr-8636	224	48	29	29	NUM
cblr-8636	224	49	(	(	PUNCT
cblr-8636	224	50	“	"	PUNCT
cblr-8636	224	51	we	we	PRON
cblr-8636	224	52	can	can	AUX
cblr-8636	224	53	also	also	ADV
cblr-8636	224	54	initiate	initiate	VERB
cblr-8636	224	55	template	template	NOUN
cblr-8636	224	56	-	-	PUNCT
cblr-8636	224	57	driven	drive	VERB
cblr-8636	224	58	smart	smart	ADJ
cblr-8636	224	59	contract	contract	NOUN
cblr-8636	224	60	generation	generation	NOUN
cblr-8636	224	61	of	of	ADP
cblr-8636	224	62	new	new	ADJ
cblr-8636	224	63	assets	asset	NOUN
cblr-8636	224	64	with	with	ADP
cblr-8636	224	65	the	the	DET
cblr-8636	224	66	listing	listing	NOUN
cblr-8636	224	67	requirements	requirement	NOUN
cblr-8636	224	68	based	base	VERB
cblr-8636	224	69	on	on	ADP
cblr-8636	224	70	previously	previously	ADV
cblr-8636	224	71	captured	capture	VERB
cblr-8636	224	72	issuer	issuer	NOUN
cblr-8636	224	73	data	datum	NOUN
cblr-8636	224	74	,	,	PUNCT
cblr-8636	224	75	like	like	ADP
cblr-8636	224	76	a	a	DET
cblr-8636	224	77	smart	smart	ADJ
cblr-8636	224	78	prospectus	prospectus	NOUN
cblr-8636	224	79	.	.	PUNCT
cblr-8636	225	1	this	this	PRON
cblr-8636	225	2	has	have	VERB
cblr-8636	225	3	the	the	DET
cblr-8636	225	4	potential	potential	NOUN
cblr-8636	225	5	to	to	PART
cblr-8636	225	6	reduce	reduce	VERB
cblr-8636	225	7	fees	fee	NOUN
cblr-8636	225	8	as	as	ADV
cblr-8636	225	9	well	well	ADV
cblr-8636	225	10	as	as	ADP
cblr-8636	225	11	mechanical	mechanical	ADJ
cblr-8636	225	12	reliance	reliance	NOUN
cblr-8636	225	13	on	on	ADP
cblr-8636	225	14	third	third	ADJ
cblr-8636	225	15	parties	party	NOUN
cblr-8636	225	16	.	.	PUNCT
cblr-8636	226	1	this	this	PRON
cblr-8636	226	2	can	can	AUX
cblr-8636	226	3	also	also	ADV
cblr-8636	226	4	enhance	enhance	VERB
cblr-8636	226	5	shareholder	shareholder	NOUN
cblr-8636	226	6	voting	voting	NOUN
cblr-8636	226	7	and	and	CCONJ
cblr-8636	226	8	governance	governance	NOUN
cblr-8636	226	9	in	in	ADP
cblr-8636	226	10	general	general	ADJ
cblr-8636	226	11	,	,	PUNCT
cblr-8636	226	12	as	as	SCONJ
cblr-8636	226	13	automation	automation	NOUN
cblr-8636	226	14	of	of	ADP
cblr-8636	226	15	registry	registry	NOUN
cblr-8636	226	16	data	datum	NOUN
cblr-8636	226	17	improves	improve	VERB
cblr-8636	226	18	certainty	certainty	NOUN
cblr-8636	226	19	of	of	ADP
cblr-8636	226	20	beneficial	beneficial	ADJ
cblr-8636	226	21	ownership	ownership	NOUN
cblr-8636	226	22	and	and	CCONJ
cblr-8636	226	23	to	to	PART
cblr-8636	226	24	whom	whom	PRON
cblr-8636	226	25	an	an	DET
cblr-8636	226	26	entitlement	entitlement	NOUN
cblr-8636	226	27	or	or	CCONJ
cblr-8636	226	28	right	right	NOUN
cblr-8636	226	29	is	be	AUX
cblr-8636	226	30	due	due	ADJ
cblr-8636	226	31	without	without	ADP
cblr-8636	226	32	extensive	extensive	ADJ
cblr-8636	226	33	research	research	NOUN
cblr-8636	226	34	or	or	CCONJ
cblr-8636	226	35	reconciliation	reconciliation	NOUN
cblr-8636	226	36	.	.	PUNCT
cblr-8636	227	1	a	a	DET
cblr-8636	227	2	common	common	ADJ
cblr-8636	227	3	registry	registry	NOUN
cblr-8636	227	4	of	of	ADP
cblr-8636	227	5	ownership	ownership	NOUN
cblr-8636	227	6	associated	associate	VERB
cblr-8636	227	7	with	with	ADP
cblr-8636	227	8	an	an	DET
cblr-8636	227	9	i	i	PROPN
cblr-8636	227	10	d	d	PROPN
cblr-8636	227	11	means	mean	VERB
cblr-8636	227	12	the	the	DET
cblr-8636	227	13	issuer	issuer	NOUN
cblr-8636	227	14	or	or	CCONJ
cblr-8636	227	15	issuer	issuer	NOUN
cblr-8636	227	16	’s	’s	PART
cblr-8636	227	17	agent	agent	NOUN
cblr-8636	227	18	will	will	AUX
cblr-8636	227	19	know	know	VERB
cblr-8636	227	20	exactly	exactly	ADV
cblr-8636	227	21	who	who	PRON
cblr-8636	227	22	has	have	VERB
cblr-8636	227	23	which	which	DET
cblr-8636	227	24	rights	right	NOUN
cblr-8636	227	25	.	.	PUNCT
cblr-8636	227	26	”	"	PUNCT
cblr-8636	227	27	)	)	PUNCT
cblr-8636	227	28	;	;	PUNCT
cblr-8636	227	29	spencer	spencer	PROPN
cblr-8636	227	30	j.	j.	PROPN
cblr-8636	227	31	nord	nord	PROPN
cblr-8636	227	32	,	,	PUNCT
cblr-8636	227	33	blockchain	blockchain	PROPN
cblr-8636	227	34	plumbing	plumbing	PROPN
cblr-8636	227	35	:	:	PUNCT
cblr-8636	227	36	a	a	DET
cblr-8636	227	37	potential	potential	ADJ
cblr-8636	227	38	solution	solution	NOUN
cblr-8636	227	39	for	for	ADP
cblr-8636	227	40	shareholder	shareholder	NOUN
cblr-8636	227	41	voting	voting	NOUN
cblr-8636	227	42	?	?	PUNCT
cblr-8636	227	43	,	,	PUNCT
cblr-8636	227	44	21	21	NUM
cblr-8636	227	45	u.	u.	PROPN
cblr-8636	227	46	pa	pa	PROPN
cblr-8636	227	47	.	.	PUNCT
cblr-8636	227	48	j.	j.	PROPN
cblr-8636	227	49	bus	bus	PROPN
cblr-8636	227	50	.	.	PUNCT
cblr-8636	228	1	l.	l.	PROPN
cblr-8636	228	2	706	706	NUM
cblr-8636	228	3	,	,	PUNCT
cblr-8636	228	4	708–09	708–09	NUM
cblr-8636	228	5	(	(	PUNCT
cblr-8636	228	6	2019	2019	NUM
cblr-8636	228	7	)	)	PUNCT
cblr-8636	228	8	.	.	PUNCT
cblr-8636	229	1	35	35	NUM
cblr-8636	229	2	see	see	VERB
cblr-8636	229	3	press	press	NOUN
cblr-8636	229	4	release	release	NOUN
cblr-8636	229	5	,	,	PUNCT
cblr-8636	229	6	bitcoin	bitcoin	PROPN
cblr-8636	229	7	sv	sv	PROPN
cblr-8636	229	8	,	,	PUNCT
cblr-8636	229	9	9,000	9,000	NUM
cblr-8636	229	10	transactions	transaction	NOUN
cblr-8636	229	11	per	per	ADP
cblr-8636	229	12	second	second	ADJ
cblr-8636	229	13	:	:	PUNCT
cblr-8636	229	14	bitcoin	bitcoin	PROPN
cblr-8636	229	15	sv	sv	PROPN
cblr-8636	229	16	hits	hit	VERB
cblr-8636	229	17	new	new	ADJ
cblr-8636	229	18	record	record	NOUN
cblr-8636	229	19	(	(	PUNCT
cblr-8636	229	20	jan	jan	PROPN
cblr-8636	229	21	.	.	PROPN
cblr-8636	229	22	28	28	NUM
cblr-8636	229	23	,	,	PUNCT
cblr-8636	229	24	2021	2021	NUM
cblr-8636	229	25	)	)	PUNCT
cblr-8636	229	26	,	,	PUNCT
cblr-8636	229	27	https://www.prnewswire	https://www.prnewswire	NOUN
cblr-8636	229	28	.com	.com	PROPN
cblr-8636	229	29	/	/	SYM
cblr-8636	229	30	news	news	NOUN
cblr-8636	229	31	-	-	PUNCT
cblr-8636	229	32	releases/9	releases/9	VERB
cblr-8636	229	33	-	-	PUNCT
cblr-8636	229	34	000	000	NUM
cblr-8636	229	35	-	-	PUNCT
cblr-8636	229	36	transactions	transaction	NOUN
cblr-8636	229	37	-	-	PUNCT
cblr-8636	229	38	per	per	ADP
cblr-8636	229	39	-	-	PUNCT
cblr-8636	229	40	second	second	ADV
cblr-8636	229	41	-	-	PUNCT
cblr-8636	229	42	bitcoin	bitcoin	NOUN
cblr-8636	229	43	-	-	PUNCT
cblr-8636	229	44	sv	sv	NOUN
cblr-8636	229	45	-	-	PUNCT
cblr-8636	229	46	hits	hit	NOUN
cblr-8636	229	47	-	-	PUNCT
cblr-8636	229	48	newfox	newfox	NOUN
cblr-8636	229	49	et	et	PROPN
cblr-8636	229	50	al	al	PROPN
cblr-8636	229	51	.	.	PROPN
cblr-8636	230	1	8/22/2021	8/22/2021	NUM
cblr-8636	230	2	9:05	9:05	NUM
cblr-8636	230	3	pm	pm	NOUN
cblr-8636	230	4	666	666	NUM
cblr-8636	230	5	columbia	columbia	PROPN
cblr-8636	230	6	business	business	NOUN
cblr-8636	230	7	law	law	PROPN
cblr-8636	230	8	review	review	NOUN
cblr-8636	230	9	[	[	X
cblr-8636	230	10	vol	vol	NOUN
cblr-8636	230	11	.	.	NOUN
cblr-8636	231	1	2021	2021	NUM
cblr-8636	231	2	thousand	thousand	NUM
cblr-8636	231	3	transactions	transaction	NOUN
cblr-8636	231	4	occur	occur	VERB
cblr-8636	231	5	per	per	ADP
cblr-8636	231	6	second	second	NOUN
cblr-8636	231	7	on	on	ADP
cblr-8636	231	8	the	the	DET
cblr-8636	231	9	u.s	u.s	PROPN
cblr-8636	231	10	.	.	PROPN
cblr-8636	231	11	stock	stock	NOUN
cblr-8636	231	12	exchanges.36	exchanges.36	VERB
cblr-8636	231	13	even	even	ADV
cblr-8636	231	14	if	if	SCONJ
cblr-8636	231	15	this	this	DET
cblr-8636	231	16	problem	problem	NOUN
cblr-8636	231	17	were	be	AUX
cblr-8636	231	18	fixed	fix	VERB
cblr-8636	231	19	,	,	PUNCT
cblr-8636	231	20	the	the	DET
cblr-8636	231	21	system	system	NOUN
cblr-8636	231	22	would	would	AUX
cblr-8636	231	23	undoubtedly	undoubtedly	ADV
cblr-8636	231	24	require	require	VERB
cblr-8636	231	25	significant	significant	ADJ
cblr-8636	231	26	levels	level	NOUN
cblr-8636	231	27	of	of	ADP
cblr-8636	231	28	financing	financing	NOUN
cblr-8636	231	29	.	.	PUNCT
cblr-8636	232	1	moreover	moreover	ADV
cblr-8636	232	2	,	,	PUNCT
cblr-8636	232	3	there	there	PRON
cblr-8636	232	4	is	be	VERB
cblr-8636	232	5	the	the	DET
cblr-8636	232	6	question	question	NOUN
cblr-8636	232	7	of	of	ADP
cblr-8636	232	8	how	how	SCONJ
cblr-8636	232	9	the	the	DET
cblr-8636	232	10	payments	payment	NOUN
cblr-8636	232	11	system	system	NOUN
cblr-8636	232	12	would	would	AUX
cblr-8636	232	13	be	be	AUX
cblr-8636	232	14	set	set	VERB
cblr-8636	232	15	up	up	ADP
cblr-8636	232	16	.	.	PUNCT
cblr-8636	233	1	as	as	SCONJ
cblr-8636	233	2	one	one	NUM
cblr-8636	233	3	member	member	NOUN
cblr-8636	233	4	of	of	ADP
cblr-8636	233	5	the	the	DET
cblr-8636	233	6	financial	financial	ADJ
cblr-8636	233	7	services	service	NOUN
cblr-8636	233	8	industry	industry	NOUN
cblr-8636	233	9	explained	explain	VERB
cblr-8636	233	10	,	,	PUNCT
cblr-8636	233	11	the	the	DET
cblr-8636	233	12	system	system	NOUN
cblr-8636	233	13	’s	’s	PART
cblr-8636	233	14	basic	basic	ADJ
cblr-8636	233	15	reliance	reliance	NOUN
cblr-8636	233	16	on	on	ADP
cblr-8636	233	17	financing	financing	NOUN
cblr-8636	233	18	means	mean	VERB
cblr-8636	233	19	that	that	SCONJ
cblr-8636	233	20	if	if	SCONJ
cblr-8636	233	21	the	the	DET
cblr-8636	233	22	benefit	benefit	NOUN
cblr-8636	233	23	of	of	ADP
cblr-8636	233	24	dlt	dlt	PROPN
cblr-8636	233	25	is	be	AUX
cblr-8636	233	26	that	that	SCONJ
cblr-8636	233	27	it	it	PRON
cblr-8636	233	28	allows	allow	VERB
cblr-8636	233	29	transactions	transaction	NOUN
cblr-8636	233	30	to	to	PART
cblr-8636	233	31	occur	occur	VERB
cblr-8636	233	32	instantly	instantly	ADV
cblr-8636	233	33	,	,	PUNCT
cblr-8636	233	34	enormous	enormous	ADJ
cblr-8636	233	35	amounts	amount	NOUN
cblr-8636	233	36	of	of	ADP
cblr-8636	233	37	money	money	NOUN
cblr-8636	233	38	would	would	AUX
cblr-8636	233	39	also	also	ADV
cblr-8636	233	40	need	need	VERB
cblr-8636	233	41	to	to	PART
cblr-8636	233	42	be	be	AUX
cblr-8636	233	43	moved	move	VERB
cblr-8636	233	44	instantly	instantly	ADV
cblr-8636	233	45	.	.	PUNCT
cblr-8636	234	1	using	use	VERB
cblr-8636	234	2	digital	digital	ADJ
cblr-8636	234	3	coins	coin	NOUN
cblr-8636	234	4	rather	rather	ADV
cblr-8636	234	5	than	than	ADP
cblr-8636	234	6	dollars	dollar	NOUN
cblr-8636	234	7	as	as	SCONJ
cblr-8636	234	8	payment	payment	NOUN
cblr-8636	234	9	might	might	AUX
cblr-8636	234	10	appear	appear	VERB
cblr-8636	234	11	to	to	PART
cblr-8636	234	12	solve	solve	VERB
cblr-8636	234	13	this	this	DET
cblr-8636	234	14	problem	problem	NOUN
cblr-8636	234	15	,	,	PUNCT
cblr-8636	234	16	but	but	CCONJ
cblr-8636	234	17	the	the	DET
cblr-8636	234	18	value	value	NOUN
cblr-8636	234	19	of	of	ADP
cblr-8636	234	20	currently	currently	ADV
cblr-8636	234	21	available	available	ADJ
cblr-8636	234	22	coins	coin	NOUN
cblr-8636	234	23	is	be	AUX
cblr-8636	234	24	highly	highly	ADV
cblr-8636	234	25	volatile	volatile	ADJ
cblr-8636	234	26	,	,	PUNCT
cblr-8636	234	27	and	and	CCONJ
cblr-8636	234	28	they	they	PRON
cblr-8636	234	29	have	have	VERB
cblr-8636	234	30	a	a	DET
cblr-8636	234	31	history	history	NOUN
cblr-8636	234	32	of	of	ADP
cblr-8636	234	33	being	be	AUX
cblr-8636	234	34	stolen	steal	VERB
cblr-8636	234	35	from	from	ADP
cblr-8636	234	36	digital	digital	PROPN
cblr-8636	234	37	wallets.37	wallets.37	NOUN
cblr-8636	234	38	there	there	ADV
cblr-8636	234	39	are	be	VERB
cblr-8636	234	40	also	also	ADV
cblr-8636	234	41	problems	problem	NOUN
cblr-8636	234	42	with	with	ADP
cblr-8636	234	43	how	how	SCONJ
cblr-8636	234	44	such	such	DET
cblr-8636	234	45	a	a	DET
cblr-8636	234	46	system	system	NOUN
cblr-8636	234	47	would	would	AUX
cblr-8636	234	48	deal	deal	VERB
cblr-8636	234	49	with	with	ADP
cblr-8636	234	50	error	error	NOUN
cblr-8636	234	51	trades	trade	NOUN
cblr-8636	234	52	,	,	PUNCT
cblr-8636	234	53	though	though	SCONJ
cblr-8636	234	54	one	one	NUM
cblr-8636	234	55	interviewee	interviewee	NOUN
cblr-8636	234	56	did	do	AUX
cblr-8636	234	57	note	note	VERB
cblr-8636	234	58	that	that	SCONJ
cblr-8636	234	59	perhaps	perhaps	ADV
cblr-8636	234	60	this	this	DET
cblr-8636	234	61	problem	problem	NOUN
cblr-8636	234	62	would	would	AUX
cblr-8636	234	63	be	be	AUX
cblr-8636	234	64	minimal	minimal	ADJ
cblr-8636	234	65	in	in	ADP
cblr-8636	234	66	an	an	DET
cblr-8636	234	67	auction	auction	NOUN
cblr-8636	234	68	setting	setting	NOUN
cblr-8636	234	69	and	and	CCONJ
cblr-8636	234	70	hence	hence	ADV
cblr-8636	234	71	dlt	dlt	PROPN
cblr-8636	234	72	might	might	AUX
cblr-8636	234	73	be	be	AUX
cblr-8636	234	74	more	more	ADV
cblr-8636	234	75	easily	easily	ADV
cblr-8636	234	76	applied	apply	VERB
cblr-8636	234	77	there	there	ADV
cblr-8636	234	78	.	.	PUNCT
cblr-8636	235	1	beyond	beyond	ADP
cblr-8636	235	2	these	these	DET
cblr-8636	235	3	questions	question	NOUN
cblr-8636	235	4	of	of	ADP
cblr-8636	235	5	technological	technological	ADJ
cblr-8636	235	6	and	and	CCONJ
cblr-8636	235	7	economic	economic	ADJ
cblr-8636	235	8	feasibility	feasibility	NOUN
cblr-8636	235	9	,	,	PUNCT
cblr-8636	235	10	there	there	PRON
cblr-8636	235	11	is	be	VERB
cblr-8636	235	12	,	,	PUNCT
cblr-8636	235	13	as	as	SCONJ
cblr-8636	235	14	noted	note	VERB
cblr-8636	235	15	by	by	ADP
cblr-8636	235	16	multiple	multiple	ADJ
cblr-8636	235	17	interviewees	interviewee	NOUN
cblr-8636	235	18	from	from	ADP
cblr-8636	235	19	the	the	DET
cblr-8636	235	20	regulatory	regulatory	ADJ
cblr-8636	235	21	and	and	CCONJ
cblr-8636	235	22	broker	broker	NOUN
cblr-8636	235	23	-	-	PUNCT
cblr-8636	235	24	dealer	dealer	NOUN
cblr-8636	235	25	communities	community	NOUN
cblr-8636	235	26	,	,	PUNCT
cblr-8636	235	27	the	the	DET
cblr-8636	235	28	matter	matter	NOUN
cblr-8636	235	29	of	of	ADP
cblr-8636	235	30	legacy	legacy	NOUN
cblr-8636	235	31	firms	firm	NOUN
cblr-8636	235	32	having	have	VERB
cblr-8636	235	33	a	a	DET
cblr-8636	235	34	technological	technological	ADJ
cblr-8636	235	35	“	"	PUNCT
cblr-8636	235	36	debt	debt	NOUN
cblr-8636	235	37	.	.	PUNCT
cblr-8636	235	38	”	"	PUNCT
cblr-8636	236	1	in	in	ADP
cblr-8636	236	2	other	other	ADJ
cblr-8636	236	3	words	word	NOUN
cblr-8636	236	4	,	,	PUNCT
cblr-8636	236	5	even	even	ADV
cblr-8636	236	6	if	if	SCONJ
cblr-8636	236	7	the	the	DET
cblr-8636	236	8	benefits	benefit	NOUN
cblr-8636	236	9	to	to	ADP
cblr-8636	236	10	society	society	NOUN
cblr-8636	236	11	of	of	ADP
cblr-8636	236	12	switching	switch	VERB
cblr-8636	236	13	now	now	ADV
cblr-8636	236	14	(	(	PUNCT
cblr-8636	236	15	assuming	assume	VERB
cblr-8636	236	16	everyone	everyone	PRON
cblr-8636	236	17	did	do	VERB
cblr-8636	236	18	it	it	PRON
cblr-8636	236	19	at	at	ADP
cblr-8636	236	20	once	once	ADV
cblr-8636	236	21	)	)	PUNCT
cblr-8636	236	22	might	might	AUX
cblr-8636	236	23	outweigh	outweigh	VERB
cblr-8636	236	24	the	the	DET
cblr-8636	236	25	costs	cost	NOUN
cblr-8636	236	26	,	,	PUNCT
cblr-8636	236	27	the	the	DET
cblr-8636	236	28	private	private	ADJ
cblr-8636	236	29	benefits	benefit	NOUN
cblr-8636	236	30	to	to	ADP
cblr-8636	236	31	firms	firm	NOUN
cblr-8636	236	32	would	would	AUX
cblr-8636	236	33	not	not	PART
cblr-8636	236	34	.	.	PUNCT
cblr-8636	237	1	switching	switch	VERB
cblr-8636	237	2	would	would	AUX
cblr-8636	237	3	require	require	VERB
cblr-8636	237	4	them	they	PRON
cblr-8636	237	5	to	to	PART
cblr-8636	237	6	abandon	abandon	VERB
cblr-8636	237	7	investments	investment	NOUN
cblr-8636	237	8	in	in	ADP
cblr-8636	237	9	existing	exist	VERB
cblr-8636	237	10	ways	way	NOUN
cblr-8636	237	11	of	of	ADP
cblr-8636	237	12	doing	do	VERB
cblr-8636	237	13	things	thing	NOUN
cblr-8636	237	14	that	that	PRON
cblr-8636	237	15	are	be	AUX
cblr-8636	237	16	continuing	continue	VERB
cblr-8636	237	17	to	to	PART
cblr-8636	237	18	earn	earn	VERB
cblr-8636	237	19	substantial	substantial	ADJ
cblr-8636	237	20	returns	return	NOUN
cblr-8636	237	21	.	.	PUNCT
cblr-8636	238	1	moreover	moreover	ADV
cblr-8636	238	2	,	,	PUNCT
cblr-8636	238	3	the	the	DET
cblr-8636	238	4	record-301217145.html	record-301217145.html	NOUN
cblr-8636	238	5	[	[	X
cblr-8636	238	6	https://perma.cc/yq4l-rzwh	https://perma.cc/yq4l-rzwh	X
cblr-8636	238	7	]	]	X
cblr-8636	238	8	(	(	PUNCT
cblr-8636	238	9	comparing	compare	VERB
cblr-8636	238	10	bitcoin	bitcoin	NOUN
cblr-8636	238	11	’s	’s	PART
cblr-8636	238	12	capacity	capacity	NOUN
cblr-8636	238	13	to	to	ADP
cblr-8636	238	14	the	the	DET
cblr-8636	238	15	press	press	NOUN
cblr-8636	238	16	release	release	NOUN
cblr-8636	238	17	preparer	preparer	NOUN
cblr-8636	238	18	’s	’s	PART
cblr-8636	238	19	)	)	PUNCT
cblr-8636	238	20	.	.	PUNCT
cblr-8636	239	1	36	36	NUM
cblr-8636	239	2	austin	austin	PROPN
cblr-8636	239	3	gerig	gerig	PROPN
cblr-8636	239	4	,	,	PUNCT
cblr-8636	239	5	high	high	ADJ
cblr-8636	239	6	-	-	PUNCT
cblr-8636	239	7	frequency	frequency	NOUN
cblr-8636	239	8	trading	trading	NOUN
cblr-8636	239	9	synchronizes	synchronize	VERB
cblr-8636	239	10	prices	price	NOUN
cblr-8636	239	11	in	in	ADP
cblr-8636	239	12	financial	financial	ADJ
cblr-8636	239	13	markets	market	NOUN
cblr-8636	239	14	1	1	NUM
cblr-8636	239	15	n.3	n.3	NOUN
cblr-8636	239	16	(	(	PUNCT
cblr-8636	239	17	jan	jan	PROPN
cblr-8636	239	18	.	.	PROPN
cblr-8636	239	19	20	20	NUM
cblr-8636	239	20	,	,	PUNCT
cblr-8636	239	21	2015	2015	NUM
cblr-8636	239	22	)	)	PUNCT
cblr-8636	239	23	(	(	PUNCT
cblr-8636	239	24	unpublished	unpublished	ADJ
cblr-8636	239	25	manuscript	manuscript	NOUN
cblr-8636	239	26	)	)	PUNCT
cblr-8636	239	27	(	(	PUNCT
cblr-8636	239	28	citing	cite	VERB
cblr-8636	239	29	utp	utp	NOUN
cblr-8636	239	30	plan	plan	NOUN
cblr-8636	239	31	,	,	PUNCT
cblr-8636	239	32	u.s	u.s	PROPN
cblr-8636	239	33	.	.	PROPN
cblr-8636	239	34	consolidated	consolidated	ADJ
cblr-8636	239	35	tape	tape	NOUN
cblr-8636	239	36	data	datum	NOUN
cblr-8636	239	37	,	,	PUNCT
cblr-8636	239	38	https://www.utpplan.com/	https://www.utpplan.com/	NOUN
cblr-8636	239	39	)	)	PUNCT
cblr-8636	239	40	,	,	PUNCT
cblr-8636	239	41	https://www.sec.gov/files/dera-wp-hft-synchronizes.pdf	https://www.sec.gov/files/dera-wp-hft-synchronizes.pdf	X
cblr-8636	240	1	[	[	X
cblr-8636	240	2	https://perma.cc/e3gz-a3w3	https://perma.cc/e3gz-a3w3	X
cblr-8636	240	3	]	]	X
cblr-8636	240	4	;	;	PUNCT
cblr-8636	240	5	see	see	VERB
cblr-8636	240	6	also	also	ADV
cblr-8636	240	7	supra	supra	PROPN
cblr-8636	240	8	note	note	PROPN
cblr-8636	240	9	19	19	NUM
cblr-8636	240	10	(	(	PUNCT
cblr-8636	240	11	giving	give	VERB
cblr-8636	240	12	data	datum	NOUN
cblr-8636	240	13	suggesting	suggest	VERB
cblr-8636	240	14	that	that	SCONJ
cblr-8636	240	15	well	well	ADV
cblr-8636	240	16	over	over	ADP
cblr-8636	240	17	500	500	NUM
cblr-8636	240	18	transactions	transaction	NOUN
cblr-8636	240	19	occur	occur	VERB
cblr-8636	240	20	each	each	DET
cblr-8636	240	21	second	second	ADJ
cblr-8636	240	22	on	on	ADP
cblr-8636	240	23	the	the	DET
cblr-8636	240	24	new	new	PROPN
cblr-8636	240	25	york	york	PROPN
cblr-8636	240	26	stock	stock	PROPN
cblr-8636	240	27	exchange	exchange	PROPN
cblr-8636	240	28	alone	alone	ADV
cblr-8636	240	29	)	)	PUNCT
cblr-8636	240	30	.	.	PUNCT
cblr-8636	241	1	37	37	NUM
cblr-8636	241	2	see	see	VERB
cblr-8636	241	3	steven	steven	PROPN
cblr-8636	241	4	russolillo	russolillo	PROPN
cblr-8636	241	5	,	,	PUNCT
cblr-8636	241	6	hackers	hacker	NOUN
cblr-8636	241	7	swipe	swipe	VERB
cblr-8636	241	8	more	more	ADJ
cblr-8636	241	9	than	than	ADP
cblr-8636	241	10	$	$	SYM
cblr-8636	241	11	40	40	NUM
cblr-8636	241	12	million	million	NUM
cblr-8636	241	13	of	of	ADP
cblr-8636	241	14	bitcoin	bitcoin	NOUN
cblr-8636	241	15	from	from	ADP
cblr-8636	241	16	cryptocurrency	cryptocurrency	NOUN
cblr-8636	241	17	exchange	exchange	NOUN
cblr-8636	241	18	,	,	PUNCT
cblr-8636	241	19	wall	wall	PROPN
cblr-8636	241	20	st	st	PROPN
cblr-8636	241	21	.	.	PROPN
cblr-8636	241	22	j.	j.	PROPN
cblr-8636	241	23	(	(	PUNCT
cblr-8636	241	24	may	may	PROPN
cblr-8636	241	25	8	8	NUM
cblr-8636	241	26	,	,	PUNCT
cblr-8636	241	27	2019	2019	NUM
cblr-8636	241	28	,	,	PUNCT
cblr-8636	241	29	2:27	2:27	NUM
cblr-8636	241	30	am	am	NOUN
cblr-8636	241	31	)	)	PUNCT
cblr-8636	241	32	(	(	PUNCT
cblr-8636	241	33	on	on	ADP
cblr-8636	241	34	file	file	NOUN
cblr-8636	241	35	with	with	ADP
cblr-8636	241	36	the	the	DET
cblr-8636	241	37	columbia	columbia	PROPN
cblr-8636	241	38	business	business	PROPN
cblr-8636	241	39	law	law	PROPN
cblr-8636	241	40	review	review	PROPN
cblr-8636	241	41	)	)	PUNCT
cblr-8636	241	42	,	,	PUNCT
cblr-8636	241	43	https://www.wsj.com/articles/hackers-swipe-more-than-40-million-ofbitcoin-from-cryptocurrency-exchange-11557296830	https://www.wsj.com/articles/hackers-swipe-more-than-40-million-ofbitcoin-from-cryptocurrency-exchange-11557296830	PROPN
cblr-8636	241	44	.	.	PUNCT
cblr-8636	242	1	fox	fox	PROPN
cblr-8636	242	2	et	et	PROPN
cblr-8636	242	3	al	al	PROPN
cblr-8636	242	4	.	.	PROPN
cblr-8636	243	1	8/22/2021	8/22/2021	NUM
cblr-8636	243	2	9:05	9:05	NUM
cblr-8636	243	3	pm	pm	NOUN
cblr-8636	243	4	no	no	INTJ
cblr-8636	243	5	.	.	PUNCT
cblr-8636	244	1	2:651	2:651	NUM
cblr-8636	244	2	]	]	X
cblr-8636	244	3	a	a	DET
cblr-8636	244	4	stakeholder	stakeholder	NOUN
cblr-8636	244	5	survey	survey	VERB
cblr-8636	244	6	667	667	NUM
cblr-8636	244	7	incumbents	incumbent	NOUN
cblr-8636	244	8	are	be	AUX
cblr-8636	244	9	unlikely	unlikely	ADJ
cblr-8636	244	10	to	to	PART
cblr-8636	244	11	be	be	AUX
cblr-8636	244	12	forced	force	VERB
cblr-8636	244	13	to	to	PART
cblr-8636	244	14	adopt	adopt	VERB
cblr-8636	244	15	a	a	DET
cblr-8636	244	16	superior	superior	ADJ
cblr-8636	244	17	technology	technology	NOUN
cblr-8636	244	18	due	due	ADP
cblr-8636	244	19	to	to	ADP
cblr-8636	244	20	the	the	DET
cblr-8636	244	21	fear	fear	NOUN
cblr-8636	244	22	of	of	ADP
cblr-8636	244	23	potential	potential	ADJ
cblr-8636	244	24	competition	competition	NOUN
cblr-8636	244	25	:	:	PUNCT
cblr-8636	244	26	because	because	SCONJ
cblr-8636	244	27	of	of	ADP
cblr-8636	244	28	the	the	DET
cblr-8636	244	29	incumbents	incumbent	NOUN
cblr-8636	244	30	’	’	PART
cblr-8636	244	31	first	first	ADJ
cblr-8636	244	32	mover	mover	NOUN
cblr-8636	244	33	advantages	advantage	NOUN
cblr-8636	244	34	,	,	PUNCT
cblr-8636	244	35	new	new	ADJ
cblr-8636	244	36	competing	compete	VERB
cblr-8636	244	37	entrants	entrant	NOUN
cblr-8636	244	38	using	use	VERB
cblr-8636	244	39	dlt	dlt	PROPN
cblr-8636	244	40	-	-	PUNCT
cblr-8636	244	41	based	base	VERB
cblr-8636	244	42	technology	technology	NOUN
cblr-8636	244	43	are	be	AUX
cblr-8636	244	44	unlikely	unlikely	ADJ
cblr-8636	244	45	to	to	PART
cblr-8636	244	46	erode	erode	VERB
cblr-8636	244	47	substantially	substantially	ADV
cblr-8636	244	48	,	,	PUNCT
cblr-8636	244	49	at	at	ADP
cblr-8636	244	50	least	least	ADJ
cblr-8636	244	51	in	in	ADP
cblr-8636	244	52	the	the	DET
cblr-8636	244	53	short	short	ADJ
cblr-8636	244	54	run	run	NOUN
cblr-8636	244	55	,	,	PUNCT
cblr-8636	244	56	the	the	DET
cblr-8636	244	57	market	market	NOUN
cblr-8636	244	58	share	share	NOUN
cblr-8636	244	59	of	of	ADP
cblr-8636	244	60	the	the	DET
cblr-8636	244	61	incumbents	incumbent	NOUN
cblr-8636	244	62	.	.	PUNCT
cblr-8636	245	1	these	these	DET
cblr-8636	245	2	interviewees	interviewee	NOUN
cblr-8636	245	3	contrast	contrast	VERB
cblr-8636	245	4	this	this	DET
cblr-8636	245	5	situation	situation	NOUN
cblr-8636	245	6	with	with	ADP
cblr-8636	245	7	ai	ai	ADP
cblr-8636	245	8	and	and	CCONJ
cblr-8636	245	9	machine	machine	NOUN
cblr-8636	245	10	learning	learning	NOUN
cblr-8636	245	11	,	,	PUNCT
cblr-8636	245	12	which	which	PRON
cblr-8636	245	13	can	can	AUX
cblr-8636	245	14	be	be	AUX
cblr-8636	245	15	scaled	scale	VERB
cblr-8636	245	16	up	up	ADP
cblr-8636	245	17	much	much	ADV
cblr-8636	245	18	more	more	ADV
cblr-8636	245	19	easily	easily	ADV
cblr-8636	245	20	—	—	PUNCT
cblr-8636	245	21	ai	ai	VERB
cblr-8636	245	22	and	and	CCONJ
cblr-8636	245	23	machine	machine	NOUN
cblr-8636	245	24	learning	learning	NOUN
cblr-8636	245	25	is	be	AUX
cblr-8636	245	26	increasingly	increasingly	ADV
cblr-8636	245	27	used	use	VERB
cblr-8636	245	28	successfully	successfully	ADV
cblr-8636	245	29	in	in	ADP
cblr-8636	245	30	the	the	DET
cblr-8636	245	31	robo	robo	NOUN
cblr-8636	245	32	-	-	PUNCT
cblr-8636	245	33	advising	advise	VERB
cblr-8636	245	34	context	context	NOUN
cblr-8636	245	35	,	,	PUNCT
cblr-8636	245	36	for	for	ADP
cblr-8636	245	37	instance.38	instance.38	PROPN
cblr-8636	245	38	moreover	moreover	ADV
cblr-8636	245	39	,	,	PUNCT
cblr-8636	245	40	the	the	DET
cblr-8636	245	41	current	current	ADJ
cblr-8636	245	42	system	system	NOUN
cblr-8636	245	43	of	of	ADP
cblr-8636	245	44	stock	stock	NOUN
cblr-8636	245	45	trading	trading	NOUN
cblr-8636	245	46	is	be	AUX
cblr-8636	245	47	generally	generally	ADV
cblr-8636	245	48	perceived	perceive	VERB
cblr-8636	245	49	as	as	ADP
cblr-8636	245	50	functioning	function	VERB
cblr-8636	245	51	well	well	ADV
cblr-8636	245	52	and	and	CCONJ
cblr-8636	245	53	at	at	ADP
cblr-8636	245	54	a	a	DET
cblr-8636	245	55	lower	low	ADJ
cblr-8636	245	56	cost	cost	NOUN
cblr-8636	245	57	per	per	ADP
cblr-8636	245	58	trade	trade	NOUN
cblr-8636	245	59	than	than	ADP
cblr-8636	245	60	ever	ever	ADV
cblr-8636	245	61	before.39	before.39	NOUN
cblr-8636	245	62	in	in	ADP
cblr-8636	245	63	sum	sum	NOUN
cblr-8636	245	64	,	,	PUNCT
cblr-8636	245	65	these	these	DET
cblr-8636	245	66	interviewees	interviewee	NOUN
cblr-8636	245	67	feel	feel	VERB
cblr-8636	245	68	that	that	SCONJ
cblr-8636	245	69	the	the	DET
cblr-8636	245	70	various	various	ADJ
cblr-8636	245	71	incumbent	incumbent	ADJ
cblr-8636	245	72	entities	entity	NOUN
cblr-8636	245	73	that	that	PRON
cblr-8636	245	74	operate	operate	VERB
cblr-8636	245	75	the	the	DET
cblr-8636	245	76	current	current	ADJ
cblr-8636	245	77	system	system	NOUN
cblr-8636	245	78	of	of	ADP
cblr-8636	245	79	trading	trading	NOUN
cblr-8636	245	80	and	and	CCONJ
cblr-8636	245	81	clearing	clearing	NOUN
cblr-8636	245	82	and	and	CCONJ
cblr-8636	245	83	settlement	settlement	NOUN
cblr-8636	245	84	are	be	AUX
cblr-8636	245	85	unlikely	unlikely	ADJ
cblr-8636	245	86	to	to	PART
cblr-8636	245	87	experience	experience	VERB
cblr-8636	245	88	either	either	CCONJ
cblr-8636	245	89	strong	strong	ADJ
cblr-8636	245	90	market	market	NOUN
cblr-8636	245	91	incentives	incentive	NOUN
cblr-8636	245	92	or	or	CCONJ
cblr-8636	245	93	significant	significant	ADJ
cblr-8636	245	94	regulatory	regulatory	ADJ
cblr-8636	245	95	pressures	pressure	NOUN
cblr-8636	245	96	to	to	AUX
cblr-8636	245	97	transition	transition	NOUN
cblr-8636	245	98	soon	soon	ADV
cblr-8636	245	99	to	to	ADP
cblr-8636	245	100	a	a	DET
cblr-8636	245	101	dlt	dlt	PROPN
cblr-8636	245	102	-	-	PUNCT
cblr-8636	245	103	based	base	VERB
cblr-8636	245	104	system	system	NOUN
cblr-8636	245	105	.	.	PUNCT
cblr-8636	246	1	38	38	NUM
cblr-8636	246	2	see	see	VERB
cblr-8636	246	3	,	,	PUNCT
cblr-8636	246	4	e.g.	e.g.	ADV
cblr-8636	246	5	,	,	PUNCT
cblr-8636	246	6	ai	ai	VERB
cblr-8636	246	7	to	to	PART
cblr-8636	246	8	enhance	enhance	VERB
cblr-8636	246	9	investment	investment	NOUN
cblr-8636	246	10	decision	decision	NOUN
cblr-8636	246	11	-	-	PUNCT
cblr-8636	246	12	making	making	NOUN
cblr-8636	246	13	,	,	PUNCT
cblr-8636	246	14	fidelity	fidelity	NOUN
cblr-8636	246	15	(	(	PUNCT
cblr-8636	246	16	on	on	ADP
cblr-8636	246	17	file	file	NOUN
cblr-8636	246	18	with	with	ADP
cblr-8636	246	19	the	the	DET
cblr-8636	246	20	columbia	columbia	PROPN
cblr-8636	246	21	business	business	PROPN
cblr-8636	246	22	law	law	PROPN
cblr-8636	246	23	review	review	PROPN
cblr-8636	246	24	)	)	PUNCT
cblr-8636	246	25	,	,	PUNCT
cblr-8636	246	26	https://institutional	https://institutional	PROPN
cblr-8636	246	27	.	.	PUNCT
cblr-8636	247	1	fidelity.com/app/item/rd_9889536/ai-to-enhance-investment-decisionmaking.html	fidelity.com/app/item/rd_9889536/ai-to-enhance-investment-decisionmaking.html	PROPN
cblr-8636	247	2	(	(	PUNCT
cblr-8636	247	3	last	last	ADV
cblr-8636	247	4	visited	visit	VERB
cblr-8636	247	5	nov	nov	PROPN
cblr-8636	247	6	.	.	PROPN
cblr-8636	247	7	30	30	NUM
cblr-8636	247	8	,	,	PUNCT
cblr-8636	247	9	2020	2020	NUM
cblr-8636	247	10	)	)	PUNCT
cblr-8636	247	11	(	(	PUNCT
cblr-8636	247	12	“	"	PUNCT
cblr-8636	247	13	when	when	SCONJ
cblr-8636	247	14	surveying	survey	VERB
cblr-8636	247	15	900	900	NUM
cblr-8636	247	16	institutions	institution	NOUN
cblr-8636	247	17	across	across	ADP
cblr-8636	247	18	25	25	NUM
cblr-8636	247	19	countries	country	NOUN
cblr-8636	247	20	for	for	ADP
cblr-8636	247	21	the	the	DET
cblr-8636	247	22	global	global	ADJ
cblr-8636	247	23	institutional	institutional	ADJ
cblr-8636	247	24	investor	investor	NOUN
cblr-8636	247	25	survey	survey	NOUN
cblr-8636	247	26	,	,	PUNCT
cblr-8636	247	27	fidelity	fidelity	PROPN
cblr-8636	247	28	found	find	VERB
cblr-8636	247	29	three	three	NUM
cblr-8636	247	30	-	-	PUNCT
cblr-8636	247	31	quarters	quarter	NOUN
cblr-8636	247	32	of	of	ADP
cblr-8636	247	33	respondents	respondent	NOUN
cblr-8636	247	34	think	think	VERB
cblr-8636	247	35	it	it	PRON
cblr-8636	247	36	’s	’	VERB
cblr-8636	247	37	unlikely	unlikely	ADJ
cblr-8636	247	38	the	the	DET
cblr-8636	247	39	industry	industry	NOUN
cblr-8636	247	40	will	will	AUX
cblr-8636	247	41	be	be	AUX
cblr-8636	247	42	the	the	DET
cblr-8636	247	43	same	same	ADJ
cblr-8636	247	44	in	in	ADP
cblr-8636	247	45	seven	seven	NUM
cblr-8636	247	46	years	year	NOUN
cblr-8636	247	47	.	.	PUNCT
cblr-8636	248	1	many	many	ADJ
cblr-8636	248	2	cited	cite	VERB
cblr-8636	248	3	potential	potential	ADJ
cblr-8636	248	4	disruption	disruption	NOUN
cblr-8636	248	5	by	by	ADP
cblr-8636	248	6	artificial	artificial	ADJ
cblr-8636	248	7	intelligence	intelligence	NOUN
cblr-8636	248	8	(	(	PUNCT
cblr-8636	248	9	ai	ai	NOUN
cblr-8636	248	10	)	)	PUNCT
cblr-8636	248	11	,	,	PUNCT
cblr-8636	248	12	but	but	CCONJ
cblr-8636	248	13	optimism	optimism	NOUN
cblr-8636	248	14	is	be	AUX
cblr-8636	248	15	generally	generally	ADV
cblr-8636	248	16	high	high	ADJ
cblr-8636	248	17	around	around	ADP
cblr-8636	248	18	the	the	DET
cblr-8636	248	19	world	world	NOUN
cblr-8636	248	20	about	about	ADP
cblr-8636	248	21	its	its	PRON
cblr-8636	248	22	potential	potential	ADJ
cblr-8636	248	23	incorporation	incorporation	NOUN
cblr-8636	248	24	into	into	ADP
cblr-8636	248	25	many	many	ADJ
cblr-8636	248	26	high	high	ADJ
cblr-8636	248	27	-	-	PUNCT
cblr-8636	248	28	value	value	NOUN
cblr-8636	248	29	investing	investing	NOUN
cblr-8636	248	30	functions	function	NOUN
cblr-8636	248	31	such	such	ADJ
cblr-8636	248	32	as	as	ADP
cblr-8636	248	33	evaluating	evaluate	VERB
cblr-8636	248	34	portfolio	portfolio	NOUN
cblr-8636	248	35	performance	performance	NOUN
cblr-8636	248	36	and	and	CCONJ
cblr-8636	248	37	risk	risk	NOUN
cblr-8636	248	38	and	and	CCONJ
cblr-8636	248	39	determining	determine	VERB
cblr-8636	248	40	optimal	optimal	ADJ
cblr-8636	248	41	asset	asset	NOUN
cblr-8636	248	42	allocation	allocation	NOUN
cblr-8636	248	43	strategy	strategy	NOUN
cblr-8636	248	44	.	.	PUNCT
cblr-8636	249	1	when	when	SCONJ
cblr-8636	249	2	it	it	PRON
cblr-8636	249	3	comes	come	VERB
cblr-8636	249	4	to	to	ADP
cblr-8636	249	5	this	this	DET
cblr-8636	249	6	application	application	NOUN
cblr-8636	249	7	,	,	PUNCT
cblr-8636	249	8	evidence	evidence	NOUN
cblr-8636	249	9	from	from	ADP
cblr-8636	249	10	our	our	PRON
cblr-8636	249	11	survey	survey	NOUN
cblr-8636	249	12	responses	response	NOUN
cblr-8636	249	13	suggests	suggest	VERB
cblr-8636	249	14	that	that	SCONJ
cblr-8636	249	15	many	many	ADJ
cblr-8636	249	16	of	of	ADP
cblr-8636	249	17	these	these	DET
cblr-8636	249	18	services	service	NOUN
cblr-8636	249	19	are	be	AUX
cblr-8636	249	20	expected	expect	VERB
cblr-8636	249	21	to	to	PART
cblr-8636	249	22	be	be	AUX
cblr-8636	249	23	utilized	utilize	VERB
cblr-8636	249	24	as	as	ADP
cblr-8636	249	25	a	a	DET
cblr-8636	249	26	tool	tool	NOUN
cblr-8636	249	27	to	to	PART
cblr-8636	249	28	augment	augment	VERB
cblr-8636	249	29	work	work	NOUN
cblr-8636	249	30	,	,	PUNCT
cblr-8636	249	31	not	not	PART
cblr-8636	249	32	fully	fully	ADV
cblr-8636	249	33	supplant	supplant	VERB
cblr-8636	249	34	the	the	DET
cblr-8636	249	35	roles	role	NOUN
cblr-8636	249	36	of	of	ADP
cblr-8636	249	37	analysts	analyst	NOUN
cblr-8636	249	38	or	or	CCONJ
cblr-8636	249	39	institutions	institution	NOUN
cblr-8636	249	40	’	'	PUNCT
cblr-8636	249	41	investment	investment	NOUN
cblr-8636	249	42	partners	partner	NOUN
cblr-8636	249	43	.	.	PUNCT
cblr-8636	249	44	”	"	PUNCT
cblr-8636	249	45	)	)	PUNCT
cblr-8636	249	46	.	.	PUNCT
cblr-8636	250	1	39	39	NUM
cblr-8636	250	2	on	on	ADP
cblr-8636	250	3	cost	cost	NOUN
cblr-8636	250	4	per	per	ADP
cblr-8636	250	5	trade	trade	NOUN
cblr-8636	250	6	,	,	PUNCT
cblr-8636	250	7	see	see	VERB
cblr-8636	250	8	brian	brian	PROPN
cblr-8636	250	9	f.	f.	PROPN
cblr-8636	250	10	mannix	mannix	PROPN
cblr-8636	250	11	,	,	PUNCT
cblr-8636	250	12	finding	finding	NOUN
cblr-8636	250	13	—	—	PUNCT
cblr-8636	250	14	and	and	CCONJ
cblr-8636	250	15	fixing	fix	VERB
cblr-8636	250	16	—	—	PUNCT
cblr-8636	250	17	flaws	flaw	NOUN
cblr-8636	250	18	in	in	ADP
cblr-8636	250	19	financial	financial	ADJ
cblr-8636	250	20	market	market	NOUN
cblr-8636	250	21	microstructure	microstructure	NOUN
cblr-8636	250	22	,	,	PUNCT
cblr-8636	250	23	12	12	NUM
cblr-8636	250	24	j.l	j.l	PROPN
cblr-8636	250	25	.	.	PROPN
cblr-8636	250	26	econ	econ	PROPN
cblr-8636	250	27	.	.	PROPN
cblr-8636	250	28	&	&	CCONJ
cblr-8636	250	29	pol’y	pol’y	NOUN
cblr-8636	250	30	315	315	NUM
cblr-8636	250	31	,	,	PUNCT
cblr-8636	250	32	315	315	NUM
cblr-8636	250	33	(	(	PUNCT
cblr-8636	250	34	2016	2016	NUM
cblr-8636	250	35	)	)	PUNCT
cblr-8636	250	36	(	(	PUNCT
cblr-8636	250	37	criticizing	criticize	VERB
cblr-8636	250	38	high	high	ADJ
cblr-8636	250	39	frequency	frequency	NOUN
cblr-8636	250	40	trading	trading	NOUN
cblr-8636	250	41	but	but	CCONJ
cblr-8636	250	42	acknowledging	acknowledge	VERB
cblr-8636	250	43	that	that	SCONJ
cblr-8636	250	44	“	"	PUNCT
cblr-8636	250	45	[	[	X
cblr-8636	250	46	i]n	i]n	VERB
cblr-8636	250	47	the	the	DET
cblr-8636	250	48	21st	21st	ADJ
cblr-8636	250	49	century	century	NOUN
cblr-8636	250	50	,	,	PUNCT
cblr-8636	250	51	automated	automate	VERB
cblr-8636	250	52	algorithmic	algorithmic	ADJ
cblr-8636	250	53	trading	trading	NOUN
cblr-8636	250	54	by	by	ADP
cblr-8636	250	55	computers	computer	NOUN
cblr-8636	250	56	has	have	AUX
cblr-8636	250	57	become	become	VERB
cblr-8636	250	58	the	the	DET
cblr-8636	250	59	dominant	dominant	ADJ
cblr-8636	250	60	method	method	NOUN
cblr-8636	250	61	of	of	ADP
cblr-8636	250	62	exchanging	exchange	VERB
cblr-8636	250	63	securities	security	NOUN
cblr-8636	250	64	,	,	PUNCT
cblr-8636	250	65	commodities	commodity	NOUN
cblr-8636	250	66	,	,	PUNCT
cblr-8636	250	67	derivatives	derivative	NOUN
cblr-8636	250	68	,	,	PUNCT
cblr-8636	250	69	and	and	CCONJ
cblr-8636	250	70	currencies	currency	NOUN
cblr-8636	250	71	in	in	ADP
cblr-8636	250	72	major	major	ADJ
cblr-8636	250	73	markets	market	NOUN
cblr-8636	250	74	around	around	ADP
cblr-8636	250	75	the	the	DET
cblr-8636	250	76	world	world	NOUN
cblr-8636	250	77	.	.	PUNCT
cblr-8636	251	1	many	many	ADJ
cblr-8636	251	2	more	more	ADJ
cblr-8636	251	3	trades	trade	NOUN
cblr-8636	251	4	take	take	VERB
cblr-8636	251	5	place	place	NOUN
cblr-8636	251	6	,	,	PUNCT
cblr-8636	251	7	at	at	ADP
cblr-8636	251	8	dramatically	dramatically	ADV
cblr-8636	251	9	lower	low	ADJ
cblr-8636	251	10	costs	cost	NOUN
cblr-8636	251	11	per	per	ADP
cblr-8636	251	12	trade	trade	NOUN
cblr-8636	251	13	,	,	PUNCT
cblr-8636	251	14	than	than	ADP
cblr-8636	251	15	in	in	ADP
cblr-8636	251	16	the	the	DET
cblr-8636	251	17	days	day	NOUN
cblr-8636	251	18	when	when	SCONJ
cblr-8636	251	19	human	human	ADJ
cblr-8636	251	20	traders	trader	NOUN
cblr-8636	251	21	stood	stand	VERB
cblr-8636	251	22	on	on	ADP
cblr-8636	251	23	a	a	DET
cblr-8636	251	24	trading	trading	NOUN
cblr-8636	251	25	floor	floor	NOUN
cblr-8636	251	26	.	.	PUNCT
cblr-8636	251	27	.	.	PUNCT
cblr-8636	251	28	.	.	PUNCT
cblr-8636	252	1	.	.	PUNCT
cblr-8636	253	1	there	there	PRON
cblr-8636	253	2	is	be	VERB
cblr-8636	253	3	little	little	ADJ
cblr-8636	253	4	doubt	doubt	NOUN
cblr-8636	253	5	that	that	SCONJ
cblr-8636	253	6	automated	automate	VERB
cblr-8636	253	7	trading	trading	NOUN
cblr-8636	253	8	has	have	AUX
cblr-8636	253	9	brought	bring	VERB
cblr-8636	253	10	some	some	DET
cblr-8636	253	11	substantial	substantial	ADJ
cblr-8636	253	12	improvements	improvement	NOUN
cblr-8636	253	13	to	to	ADP
cblr-8636	253	14	the	the	DET
cblr-8636	253	15	efficiency	efficiency	NOUN
cblr-8636	253	16	of	of	ADP
cblr-8636	253	17	financial	financial	ADJ
cblr-8636	253	18	markets	market	NOUN
cblr-8636	253	19	”	"	PUNCT
cblr-8636	253	20	)	)	PUNCT
cblr-8636	253	21	.	.	PUNCT
cblr-8636	254	1	fox	fox	PROPN
cblr-8636	254	2	et	et	PROPN
cblr-8636	254	3	al	al	PROPN
cblr-8636	254	4	.	.	PROPN
cblr-8636	255	1	8/22/2021	8/22/2021	NUM
cblr-8636	255	2	9:05	9:05	NUM
cblr-8636	255	3	pm	pm	NOUN
cblr-8636	255	4	668	668	NUM
cblr-8636	255	5	columbia	columbia	PROPN
cblr-8636	255	6	business	business	NOUN
cblr-8636	255	7	law	law	PROPN
cblr-8636	255	8	review	review	NOUN
cblr-8636	255	9	[	[	X
cblr-8636	255	10	vol	vol	NOUN
cblr-8636	255	11	.	.	PUNCT
cblr-8636	255	12	2021	2021	NUM
cblr-8636	255	13	multiple	multiple	ADJ
cblr-8636	255	14	interviewees	interviewee	NOUN
cblr-8636	255	15	also	also	ADV
cblr-8636	255	16	raised	raise	VERB
cblr-8636	255	17	privacy	privacy	NOUN
cblr-8636	255	18	concerns	concern	NOUN
cblr-8636	255	19	.	.	PUNCT
cblr-8636	256	1	for	for	ADP
cblr-8636	256	2	example	example	NOUN
cblr-8636	256	3	,	,	PUNCT
cblr-8636	256	4	as	as	SCONJ
cblr-8636	256	5	one	one	NUM
cblr-8636	256	6	member	member	NOUN
cblr-8636	256	7	of	of	ADP
cblr-8636	256	8	the	the	DET
cblr-8636	256	9	legal	legal	ADJ
cblr-8636	256	10	community	community	NOUN
cblr-8636	256	11	suggested	suggest	VERB
cblr-8636	256	12	,	,	PUNCT
cblr-8636	256	13	there	there	PRON
cblr-8636	256	14	may	may	AUX
cblr-8636	256	15	be	be	AUX
cblr-8636	256	16	a	a	DET
cblr-8636	256	17	tradeoff	tradeoff	NOUN
cblr-8636	256	18	between	between	ADP
cblr-8636	256	19	privacy	privacy	NOUN
cblr-8636	256	20	and	and	CCONJ
cblr-8636	256	21	the	the	DET
cblr-8636	256	22	transparency	transparency	NOUN
cblr-8636	256	23	and	and	CCONJ
cblr-8636	256	24	accuracy	accuracy	NOUN
cblr-8636	256	25	of	of	ADP
cblr-8636	256	26	an	an	DET
cblr-8636	256	27	immutable	immutable	ADJ
cblr-8636	256	28	,	,	PUNCT
cblr-8636	256	29	decentralized	decentralized	ADJ
cblr-8636	256	30	record	record	NOUN
cblr-8636	256	31	of	of	ADP
cblr-8636	256	32	transactions	transaction	NOUN
cblr-8636	256	33	that	that	PRON
cblr-8636	256	34	dlt	dlt	PROPN
cblr-8636	256	35	may	may	AUX
cblr-8636	256	36	offer	offer	VERB
cblr-8636	256	37	.	.	PUNCT
cblr-8636	257	1	investors	investor	NOUN
cblr-8636	257	2	–	–	PUNCT
cblr-8636	257	3	especially	especially	ADV
cblr-8636	257	4	fundamental	fundamental	ADJ
cblr-8636	257	5	value	value	NOUN
cblr-8636	257	6	traders	trader	NOUN
cblr-8636	257	7	—	—	PUNCT
cblr-8636	257	8	usually	usually	ADV
cblr-8636	257	9	prefer	prefer	VERB
cblr-8636	257	10	to	to	PART
cblr-8636	257	11	hide	hide	VERB
cblr-8636	257	12	their	their	PRON
cblr-8636	257	13	trades	trade	NOUN
cblr-8636	257	14	for	for	ADP
cblr-8636	257	15	strategic	strategic	ADJ
cblr-8636	257	16	reasons	reason	NOUN
cblr-8636	257	17	,	,	PUNCT
cblr-8636	257	18	a	a	DET
cblr-8636	257	19	view	view	NOUN
cblr-8636	257	20	echoed	echo	VERB
cblr-8636	257	21	by	by	ADP
cblr-8636	257	22	a	a	DET
cblr-8636	257	23	member	member	NOUN
cblr-8636	257	24	of	of	ADP
cblr-8636	257	25	the	the	DET
cblr-8636	257	26	broker	broker	NOUN
cblr-8636	257	27	-	-	PUNCT
cblr-8636	257	28	dealer	dealer	NOUN
cblr-8636	257	29	committee	committee	NOUN
cblr-8636	257	30	.	.	PUNCT
cblr-8636	258	1	the	the	DET
cblr-8636	258	2	current	current	ADJ
cblr-8636	258	3	system	system	NOUN
cblr-8636	258	4	preserves	preserve	VERB
cblr-8636	258	5	privacy	privacy	NOUN
cblr-8636	258	6	quite	quite	ADV
cblr-8636	258	7	reliably	reliably	ADV
cblr-8636	258	8	:	:	PUNCT
cblr-8636	258	9	a	a	DET
cblr-8636	258	10	customer	customer	NOUN
cblr-8636	258	11	gives	give	VERB
cblr-8636	258	12	its	its	PRON
cblr-8636	258	13	order	order	NOUN
cblr-8636	258	14	to	to	ADP
cblr-8636	258	15	a	a	DET
cblr-8636	258	16	broker	broker	NOUN
cblr-8636	258	17	,	,	PUNCT
cblr-8636	258	18	which	which	PRON
cblr-8636	258	19	has	have	VERB
cblr-8636	258	20	legal	legal	ADJ
cblr-8636	258	21	duties	duty	NOUN
cblr-8636	258	22	to	to	PART
cblr-8636	258	23	keep	keep	VERB
cblr-8636	258	24	the	the	DET
cblr-8636	258	25	order	order	NOUN
cblr-8636	258	26	confidential	confidential	ADJ
cblr-8636	258	27	and	and	CCONJ
cblr-8636	258	28	to	to	PART
cblr-8636	258	29	refrain	refrain	VERB
cblr-8636	258	30	from	from	ADP
cblr-8636	258	31	trading	trade	VERB
cblr-8636	258	32	for	for	ADP
cblr-8636	258	33	itself	itself	PRON
cblr-8636	258	34	or	or	CCONJ
cblr-8636	258	35	other	other	ADJ
cblr-8636	258	36	customers	customer	NOUN
cblr-8636	258	37	based	base	VERB
cblr-8636	258	38	on	on	ADP
cblr-8636	258	39	its	its	PRON
cblr-8636	258	40	knowledge	knowledge	NOUN
cblr-8636	258	41	of	of	ADP
cblr-8636	258	42	the	the	DET
cblr-8636	258	43	order	order	NOUN
cblr-8636	258	44	,	,	PUNCT
cblr-8636	258	45	and	and	CCONJ
cblr-8636	258	46	the	the	DET
cblr-8636	258	47	broker	broker	NOUN
cblr-8636	258	48	in	in	ADP
cblr-8636	258	49	turn	turn	NOUN
cblr-8636	258	50	submits	submit	VERB
cblr-8636	258	51	the	the	DET
cblr-8636	258	52	order	order	NOUN
cblr-8636	258	53	to	to	ADP
cblr-8636	258	54	an	an	DET
cblr-8636	258	55	impersonal	impersonal	ADJ
cblr-8636	258	56	exchange.40	exchange.40	NOUN
cblr-8636	258	57	another	another	DET
cblr-8636	258	58	member	member	NOUN
cblr-8636	258	59	of	of	ADP
cblr-8636	258	60	the	the	DET
cblr-8636	258	61	broker	broker	NOUN
cblr-8636	258	62	-	-	PUNCT
cblr-8636	258	63	dealer	dealer	NOUN
cblr-8636	258	64	community	community	NOUN
cblr-8636	258	65	also	also	ADV
cblr-8636	258	66	said	say	VERB
cblr-8636	258	67	that	that	SCONJ
cblr-8636	258	68	,	,	PUNCT
cblr-8636	258	69	in	in	ADP
cblr-8636	258	70	a	a	DET
cblr-8636	258	71	truly	truly	ADV
cblr-8636	258	72	dlt	dlt	PROPN
cblr-8636	258	73	-	-	PUNCT
cblr-8636	258	74	based	base	VERB
cblr-8636	258	75	system	system	NOUN
cblr-8636	258	76	,	,	PUNCT
cblr-8636	258	77	the	the	DET
cblr-8636	258	78	full	full	ADJ
cblr-8636	258	79	transparency	transparency	NOUN
cblr-8636	258	80	of	of	ADP
cblr-8636	258	81	all	all	DET
cblr-8636	258	82	transactions	transaction	NOUN
cblr-8636	258	83	may	may	AUX
cblr-8636	258	84	not	not	PART
cblr-8636	258	85	be	be	AUX
cblr-8636	258	86	a	a	DET
cblr-8636	258	87	good	good	ADJ
cblr-8636	258	88	thing	thing	NOUN
cblr-8636	258	89	.	.	PUNCT
cblr-8636	259	1	while	while	SCONJ
cblr-8636	259	2	any	any	DET
cblr-8636	259	3	such	such	ADJ
cblr-8636	259	4	system	system	NOUN
cblr-8636	259	5	could	could	AUX
cblr-8636	259	6	provide	provide	VERB
cblr-8636	259	7	records	record	NOUN
cblr-8636	259	8	of	of	ADP
cblr-8636	259	9	transactions	transaction	NOUN
cblr-8636	259	10	in	in	ADP
cblr-8636	259	11	anonymous	anonymous	ADJ
cblr-8636	259	12	form	form	NOUN
cblr-8636	259	13	,	,	PUNCT
cblr-8636	259	14	anyone	anyone	PRON
cblr-8636	259	15	might	might	AUX
cblr-8636	259	16	be	be	AUX
cblr-8636	259	17	able	able	ADJ
cblr-8636	259	18	to	to	PART
cblr-8636	259	19	observe	observe	VERB
cblr-8636	259	20	a	a	DET
cblr-8636	259	21	sequence	sequence	NOUN
cblr-8636	259	22	of	of	ADP
cblr-8636	259	23	transactions	transaction	NOUN
cblr-8636	259	24	by	by	ADP
cblr-8636	259	25	a	a	DET
cblr-8636	259	26	single	single	ADJ
cblr-8636	259	27	entity	entity	NOUN
cblr-8636	259	28	,	,	PUNCT
cblr-8636	259	29	thereby	thereby	ADV
cblr-8636	259	30	raising	raise	VERB
cblr-8636	259	31	this	this	DET
cblr-8636	259	32	entity	entity	NOUN
cblr-8636	259	33	’s	’s	PART
cblr-8636	259	34	cost	cost	NOUN
cblr-8636	259	35	of	of	ADP
cblr-8636	259	36	trading	trading	NOUN
cblr-8636	259	37	and	and	CCONJ
cblr-8636	259	38	eroding	erode	VERB
cblr-8636	259	39	the	the	DET
cblr-8636	259	40	trading	trading	NOUN
cblr-8636	259	41	profits	profit	NOUN
cblr-8636	259	42	that	that	SCONJ
cblr-8636	259	43	it	it	PRON
cblr-8636	259	44	can	can	AUX
cblr-8636	259	45	extract	extract	VERB
cblr-8636	259	46	based	base	VERB
cblr-8636	259	47	on	on	ADP
cblr-8636	259	48	its	its	PRON
cblr-8636	259	49	research	research	NOUN
cblr-8636	259	50	.	.	PUNCT
cblr-8636	260	1	hacking	hack	VERB
cblr-8636	260	2	and	and	CCONJ
cblr-8636	260	3	cybersecurity	cybersecurity	NOUN
cblr-8636	260	4	also	also	ADV
cblr-8636	260	5	present	present	VERB
cblr-8636	260	6	significant	significant	ADJ
cblr-8636	260	7	concerns,41	concerns,41	NOUN
cblr-8636	260	8	so	so	SCONJ
cblr-8636	260	9	that	that	SCONJ
cblr-8636	260	10	ensuring	ensure	VERB
cblr-8636	260	11	a	a	DET
cblr-8636	260	12	secure	secure	ADJ
cblr-8636	260	13	blockchain	blockchain	NOUN
cblr-8636	260	14	could	could	AUX
cblr-8636	260	15	prove	prove	VERB
cblr-8636	260	16	costly	costly	ADJ
cblr-8636	260	17	and	and	CCONJ
cblr-8636	260	18	difficult	difficult	ADJ
cblr-8636	260	19	.	.	PUNCT
cblr-8636	261	1	some	some	DET
cblr-8636	261	2	interviewees	interviewee	NOUN
cblr-8636	261	3	,	,	PUNCT
cblr-8636	261	4	including	include	VERB
cblr-8636	261	5	one	one	NUM
cblr-8636	261	6	from	from	ADP
cblr-8636	261	7	the	the	DET
cblr-8636	261	8	regulatory	regulatory	ADJ
cblr-8636	261	9	community	community	NOUN
cblr-8636	261	10	,	,	PUNCT
cblr-8636	261	11	said	say	VERB
cblr-8636	261	12	brokers	broker	NOUN
cblr-8636	261	13	would	would	AUX
cblr-8636	261	14	,	,	PUNCT
cblr-8636	261	15	at	at	ADP
cblr-8636	261	16	least	least	ADJ
cblr-8636	261	17	in	in	ADP
cblr-8636	261	18	the	the	DET
cblr-8636	261	19	short	short	ADJ
cblr-8636	261	20	term	term	NOUN
cblr-8636	261	21	,	,	PUNCT
cblr-8636	261	22	probably	probably	ADV
cblr-8636	261	23	continue	continue	VERB
cblr-8636	261	24	to	to	PART
cblr-8636	261	25	handle	handle	VERB
cblr-8636	261	26	investor	investor	NOUN
cblr-8636	261	27	orders	order	NOUN
cblr-8636	261	28	and	and	CCONJ
cblr-8636	261	29	trading	trading	NOUN
cblr-8636	261	30	would	would	AUX
cblr-8636	261	31	continue	continue	VERB
cblr-8636	261	32	to	to	PART
cblr-8636	261	33	occur	occur	VERB
cblr-8636	261	34	on	on	ADP
cblr-8636	261	35	exchanges	exchange	NOUN
cblr-8636	261	36	and	and	CCONJ
cblr-8636	261	37	today	today	NOUN
cblr-8636	261	38	’s	’s	PART
cblr-8636	261	39	other	other	ADJ
cblr-8636	261	40	trading	trading	NOUN
cblr-8636	261	41	venues	venue	NOUN
cblr-8636	261	42	,	,	PUNCT
cblr-8636	261	43	but	but	CCONJ
cblr-8636	261	44	that	that	SCONJ
cblr-8636	261	45	clearing	clearing	NOUN
cblr-8636	261	46	and	and	CCONJ
cblr-8636	261	47	settlement	settlement	NOUN
cblr-8636	261	48	could	could	AUX
cblr-8636	261	49	happen	happen	VERB
cblr-8636	261	50	on	on	ADP
cblr-8636	261	51	a	a	DET
cblr-8636	261	52	dlt	dlt	PROPN
cblr-8636	261	53	-	-	PUNCT
cblr-8636	261	54	based	base	VERB
cblr-8636	261	55	system.42	system.42	NOUN
cblr-8636	261	56	using	use	VERB
cblr-8636	261	57	dlt	dlt	PROPN
cblr-8636	261	58	for	for	ADP
cblr-8636	261	59	clearing	clearing	NOUN
cblr-8636	261	60	and	and	CCONJ
cblr-8636	261	61	40	40	NUM
cblr-8636	261	62	see	see	VERB
cblr-8636	261	63	fox	fox	PROPN
cblr-8636	261	64	et	et	PROPN
cblr-8636	261	65	al	al	PROPN
cblr-8636	261	66	.	.	PROPN
cblr-8636	261	67	,	,	PUNCT
cblr-8636	261	68	supra	supra	PROPN
cblr-8636	261	69	note	note	NOUN
cblr-8636	261	70	3	3	NUM
cblr-8636	261	71	,	,	PUNCT
cblr-8636	261	72	at	at	ADP
cblr-8636	261	73	97	97	NUM
cblr-8636	261	74	.	.	PUNCT
cblr-8636	261	75	41	41	NUM
cblr-8636	261	76	see	see	VERB
cblr-8636	261	77	russolillo	russolillo	NOUN
cblr-8636	261	78	,	,	PUNCT
cblr-8636	261	79	supra	supra	PROPN
cblr-8636	261	80	note	note	VERB
cblr-8636	261	81	37	37	NUM
cblr-8636	261	82	.	.	PUNCT
cblr-8636	262	1	42	42	NUM
cblr-8636	262	2	on	on	ADP
cblr-8636	262	3	some	some	DET
cblr-8636	262	4	potential	potential	ADJ
cblr-8636	262	5	dlt	dlt	PROPN
cblr-8636	262	6	platforms	platform	NOUN
cblr-8636	262	7	,	,	PUNCT
cblr-8636	262	8	see	see	VERB
cblr-8636	262	9	micobo	micobo	NOUN
cblr-8636	262	10	gmbh	gmbh	NOUN
cblr-8636	262	11	,	,	PUNCT
cblr-8636	262	12	technical	technical	ADJ
cblr-8636	262	13	difference	difference	NOUN
cblr-8636	262	14	between	between	ADP
cblr-8636	262	15	ethereum	ethereum	NOUN
cblr-8636	262	16	,	,	PUNCT
cblr-8636	262	17	hyperledger	hyperledger	NOUN
cblr-8636	262	18	fabric	fabric	NOUN
cblr-8636	262	19	and	and	CCONJ
cblr-8636	262	20	r3	r3	PROPN
cblr-8636	262	21	corda	corda	PROPN
cblr-8636	262	22	,	,	PUNCT
cblr-8636	262	23	medium	medium	NOUN
cblr-8636	262	24	(	(	PUNCT
cblr-8636	262	25	mar	mar	PROPN
cblr-8636	262	26	.	.	PROPN
cblr-8636	262	27	16	16	NUM
cblr-8636	262	28	,	,	PUNCT
cblr-8636	262	29	2018	2018	NUM
cblr-8636	262	30	)	)	PUNCT
cblr-8636	262	31	,	,	PUNCT
cblr-8636	262	32	https://medium.com/@micobo/technical-difference-betweenethereum-hyperledger-fabric-and-r3-corda-5a58d0a6e347#:~:text=corda%	https://medium.com/@micobo/technical-difference-betweenethereum-hyperledger-fabric-and-r3-corda-5a58d0a6e347#:~:text=corda%	NOUN
cblr-8636	262	33	20is%20a%20permissioned%20blockchain	20is%20a%20permissioned%20blockchain	NUM
cblr-8636	262	34	,	,	PUNCT
cblr-8636	262	35	organisations%20participating	organisations%20participate	VERB
cblr-8636	262	36	%	%	NOUN
cblr-8636	262	37	20in%20the%20transaction.&text	20in%20the%20transaction.&text	NOUN
cblr-8636	262	38	=	=	NOUN
cblr-8636	262	39	corda%20supports%20smart%20cont	corda%20supports%20smart%20cont	VERB
cblr-8636	262	40	racts.&text	racts.&text	NOUN
cblr-8636	262	41	=	=	NOUN
cblr-8636	262	42	the%20virtual%20machine%20selected%20for	the%20virtual%20machine%20selected%20for	ADV
cblr-8636	262	43	,	,	PUNCT
cblr-8636	262	44	is%20the%20j	is%20the%20j	NOUN
cblr-8636	262	45	ava%20virtual%20machine	ava%20virtual%20machine	NOUN
cblr-8636	263	1	[	[	X
cblr-8636	263	2	https://perma.cc/gu8h-ng6p	https://perma.cc/gu8h-ng6p	X
cblr-8636	263	3	]	]	X
cblr-8636	263	4	(	(	PUNCT
cblr-8636	263	5	analyzing	analyze	VERB
cblr-8636	263	6	the	the	DET
cblr-8636	263	7	differences	difference	NOUN
cblr-8636	263	8	among	among	ADP
cblr-8636	263	9	ethereum	ethereum	NOUN
cblr-8636	263	10	,	,	PUNCT
cblr-8636	263	11	hyperledger	hyperledger	NOUN
cblr-8636	263	12	,	,	PUNCT
cblr-8636	263	13	and	and	CCONJ
cblr-8636	263	14	corda	corda	PROPN
cblr-8636	263	15	)	)	PUNCT
cblr-8636	263	16	.	.	PUNCT
cblr-8636	264	1	fox	fox	PROPN
cblr-8636	264	2	et	et	PROPN
cblr-8636	264	3	al	al	PROPN
cblr-8636	264	4	.	.	PROPN
cblr-8636	265	1	8/22/2021	8/22/2021	NUM
cblr-8636	265	2	9:05	9:05	NUM
cblr-8636	265	3	pm	pm	NOUN
cblr-8636	265	4	no	no	INTJ
cblr-8636	265	5	.	.	PUNCT
cblr-8636	266	1	2:651	2:651	NUM
cblr-8636	266	2	]	]	X
cblr-8636	266	3	a	a	DET
cblr-8636	266	4	stakeholder	stakeholder	NOUN
cblr-8636	266	5	survey	survey	VERB
cblr-8636	266	6	669	669	NUM
cblr-8636	266	7	settlement	settlement	NOUN
cblr-8636	266	8	seems	seem	VERB
cblr-8636	266	9	technologically	technologically	ADV
cblr-8636	266	10	feasible	feasible	ADJ
cblr-8636	266	11	.	.	PUNCT
cblr-8636	267	1	as	as	SCONJ
cblr-8636	267	2	one	one	NUM
cblr-8636	267	3	member	member	NOUN
cblr-8636	267	4	of	of	ADP
cblr-8636	267	5	the	the	DET
cblr-8636	267	6	financial	financial	ADJ
cblr-8636	267	7	services	service	NOUN
cblr-8636	267	8	community	community	NOUN
cblr-8636	267	9	put	put	VERB
cblr-8636	267	10	it	it	PRON
cblr-8636	267	11	succinctly	succinctly	ADV
cblr-8636	267	12	:	:	PUNCT
cblr-8636	267	13	if	if	SCONJ
cblr-8636	267	14	walmart	walmart	PROPN
cblr-8636	267	15	can	can	AUX
cblr-8636	267	16	put	put	VERB
cblr-8636	267	17	its	its	PRON
cblr-8636	267	18	supply	supply	NOUN
cblr-8636	267	19	chain	chain	NOUN
cblr-8636	267	20	on	on	ADP
cblr-8636	267	21	blockchain	blockchain	PROPN
cblr-8636	267	22	,	,	PUNCT
cblr-8636	267	23	jp	jp	PROPN
cblr-8636	267	24	morgan	morgan	PROPN
cblr-8636	267	25	can	can	AUX
cblr-8636	267	26	settle	settle	VERB
cblr-8636	267	27	trades	trade	NOUN
cblr-8636	267	28	on	on	ADP
cblr-8636	267	29	blockchain	blockchain	PROPN
cblr-8636	267	30	.	.	PUNCT
cblr-8636	268	1	the	the	DET
cblr-8636	268	2	problem	problem	NOUN
cblr-8636	268	3	,	,	PUNCT
cblr-8636	268	4	the	the	DET
cblr-8636	268	5	interviewee	interviewee	NOUN
cblr-8636	268	6	asserted	assert	VERB
cblr-8636	268	7	,	,	PUNCT
cblr-8636	268	8	lies	lie	VERB
cblr-8636	268	9	in	in	ADP
cblr-8636	268	10	the	the	DET
cblr-8636	268	11	existence	existence	NOUN
cblr-8636	268	12	(	(	PUNCT
cblr-8636	268	13	or	or	CCONJ
cblr-8636	268	14	absence	absence	NOUN
cblr-8636	268	15	)	)	PUNCT
cblr-8636	268	16	of	of	ADP
cblr-8636	268	17	an	an	DET
cblr-8636	268	18	insurgent	insurgent	NOUN
cblr-8636	268	19	(	(	PUNCT
cblr-8636	268	20	challenger	challenger	NOUN
cblr-8636	268	21	)	)	PUNCT
cblr-8636	268	22	bank	bank	NOUN
cblr-8636	268	23	with	with	ADP
cblr-8636	268	24	a	a	DET
cblr-8636	268	25	vested	vested	ADJ
cblr-8636	268	26	interest	interest	NOUN
cblr-8636	268	27	in	in	ADP
cblr-8636	268	28	unseating	unseat	VERB
cblr-8636	268	29	highly	highly	ADV
cblr-8636	268	30	-	-	PUNCT
cblr-8636	268	31	entrenched	entrench	VERB
cblr-8636	268	32	current	current	ADJ
cblr-8636	268	33	systems	system	NOUN
cblr-8636	268	34	.	.	PUNCT
cblr-8636	269	1	also	also	ADV
cblr-8636	269	2	,	,	PUNCT
cblr-8636	269	3	as	as	SCONJ
cblr-8636	269	4	one	one	NUM
cblr-8636	269	5	member	member	NOUN
cblr-8636	269	6	of	of	ADP
cblr-8636	269	7	the	the	DET
cblr-8636	269	8	regulatory	regulatory	ADJ
cblr-8636	269	9	community	community	NOUN
cblr-8636	269	10	cautioned	caution	VERB
cblr-8636	269	11	,	,	PUNCT
cblr-8636	269	12	even	even	ADV
cblr-8636	269	13	this	this	DET
cblr-8636	269	14	modest	modest	ADJ
cblr-8636	269	15	reform	reform	NOUN
cblr-8636	269	16	would	would	AUX
cblr-8636	269	17	probably	probably	ADV
cblr-8636	269	18	not	not	PART
cblr-8636	269	19	eliminate	eliminate	VERB
cblr-8636	269	20	completely	completely	ADV
cblr-8636	269	21	the	the	DET
cblr-8636	269	22	trusted	trust	VERB
cblr-8636	269	23	intermediary	intermediary	NOUN
cblr-8636	269	24	involved	involve	VERB
cblr-8636	269	25	—	—	PUNCT
cblr-8636	269	26	currently	currently	ADV
cblr-8636	269	27	the	the	DET
cblr-8636	269	28	depository	depository	PROPN
cblr-8636	269	29	trust	trust	PROPN
cblr-8636	269	30	&	&	CCONJ
cblr-8636	269	31	clearing	clearing	PROPN
cblr-8636	269	32	corporation	corporation	NOUN
cblr-8636	269	33	(	(	PUNCT
cblr-8636	269	34	dtcc).43	dtcc).43	X
cblr-8636	269	35	getting	getting	AUX
cblr-8636	269	36	rid	rid	VERB
cblr-8636	269	37	of	of	ADP
cblr-8636	269	38	dtcc	dtcc	NOUN
cblr-8636	269	39	or	or	CCONJ
cblr-8636	269	40	its	its	PRON
cblr-8636	269	41	equivalent	equivalent	NOUN
cblr-8636	269	42	would	would	AUX
cblr-8636	269	43	also	also	ADV
cblr-8636	269	44	eliminate	eliminate	VERB
cblr-8636	269	45	the	the	DET
cblr-8636	269	46	oversight	oversight	NOUN
cblr-8636	269	47	that	that	SCONJ
cblr-8636	269	48	such	such	DET
cblr-8636	269	49	an	an	DET
cblr-8636	269	50	entity	entity	NOUN
cblr-8636	269	51	offers	offer	NOUN
cblr-8636	269	52	,	,	PUNCT
cblr-8636	269	53	and	and	CCONJ
cblr-8636	269	54	so	so	ADV
cblr-8636	269	55	the	the	DET
cblr-8636	269	56	sec	sec	PROPN
cblr-8636	269	57	would	would	AUX
cblr-8636	269	58	likely	likely	ADV
cblr-8636	269	59	insist	insist	VERB
cblr-8636	269	60	that	that	SCONJ
cblr-8636	269	61	the	the	DET
cblr-8636	269	62	new	new	ADJ
cblr-8636	269	63	platform	platform	NOUN
cblr-8636	269	64	include	include	VERB
cblr-8636	269	65	a	a	DET
cblr-8636	269	66	trusted	trusted	ADJ
cblr-8636	269	67	person	person	NOUN
cblr-8636	269	68	.	.	PUNCT
cblr-8636	270	1	then	then	ADV
cblr-8636	270	2	,	,	PUNCT
cblr-8636	270	3	by	by	ADP
cblr-8636	270	4	declaring	declare	VERB
cblr-8636	270	5	that	that	SCONJ
cblr-8636	270	6	trusted	trust	VERB
cblr-8636	270	7	person	person	NOUN
cblr-8636	270	8	to	to	PART
cblr-8636	270	9	be	be	AUX
cblr-8636	270	10	a	a	DET
cblr-8636	270	11	broker	broker	NOUN
cblr-8636	270	12	-	-	PUNCT
cblr-8636	270	13	dealer	dealer	NOUN
cblr-8636	270	14	,	,	PUNCT
cblr-8636	270	15	the	the	DET
cblr-8636	270	16	sec	sec	PROPN
cblr-8636	270	17	could	could	AUX
cblr-8636	270	18	continue	continue	VERB
cblr-8636	270	19	to	to	PART
cblr-8636	270	20	exercise	exercise	VERB
cblr-8636	270	21	oversight.44	oversight.44	NOUN
cblr-8636	270	22	this	this	DET
cblr-8636	270	23	interviewee	interviewee	NOUN
cblr-8636	270	24	also	also	ADV
cblr-8636	270	25	said	say	VERB
cblr-8636	270	26	he	he	PRON
cblr-8636	270	27	believed	believe	VERB
cblr-8636	270	28	that	that	SCONJ
cblr-8636	270	29	brokers	broker	NOUN
cblr-8636	270	30	would	would	AUX
cblr-8636	270	31	have	have	VERB
cblr-8636	270	32	little	little	ADJ
cblr-8636	270	33	incentive	incentive	NOUN
cblr-8636	270	34	to	to	PART
cblr-8636	270	35	participate	participate	VERB
cblr-8636	270	36	in	in	ADP
cblr-8636	270	37	any	any	DET
cblr-8636	270	38	such	such	ADJ
cblr-8636	270	39	platform	platform	NOUN
cblr-8636	270	40	because	because	SCONJ
cblr-8636	270	41	the	the	DET
cblr-8636	270	42	sec	sec	PROPN
cblr-8636	270	43	has	have	AUX
cblr-8636	270	44	cast	cast	VERB
cblr-8636	270	45	doubt	doubt	NOUN
cblr-8636	270	46	on	on	ADP
cblr-8636	270	47	brokers	broker	NOUN
cblr-8636	270	48	’	'	PUNCT
cblr-8636	270	49	ability	ability	NOUN
cblr-8636	270	50	to	to	PART
cblr-8636	270	51	maintain	maintain	VERB
cblr-8636	270	52	adequate	adequate	ADJ
cblr-8636	270	53	custody	custody	NOUN
cblr-8636	270	54	and	and	CCONJ
cblr-8636	270	55	control	control	NOUN
cblr-8636	270	56	of	of	ADP
cblr-8636	270	57	assets	asset	NOUN
cblr-8636	270	58	on	on	ADP
cblr-8636	270	59	a	a	DET
cblr-8636	270	60	distributed	distribute	VERB
cblr-8636	270	61	ledger.45	ledger.45	NOUN
cblr-8636	270	62	this	this	DET
cblr-8636	270	63	interviewee	interviewee	NOUN
cblr-8636	270	64	also	also	ADV
cblr-8636	270	65	believed	believe	VERB
cblr-8636	270	66	that	that	SCONJ
cblr-8636	270	67	the	the	DET
cblr-8636	270	68	sec	sec	PROPN
cblr-8636	270	69	’s	’s	PART
cblr-8636	270	70	desire	desire	NOUN
cblr-8636	270	71	to	to	PART
cblr-8636	270	72	have	have	AUX
cblr-8636	270	73	a	a	DET
cblr-8636	270	74	trusted	trust	VERB
cblr-8636	270	75	person	person	NOUN
cblr-8636	270	76	in	in	ADP
cblr-8636	270	77	charge	charge	NOUN
cblr-8636	270	78	was	be	AUX
cblr-8636	270	79	wise	wise	ADJ
cblr-8636	270	80	—	—	PUNCT
cblr-8636	270	81	even	even	ADV
cblr-8636	270	82	though	though	SCONJ
cblr-8636	270	83	it	it	PRON
cblr-8636	270	84	would	would	AUX
cblr-8636	270	85	mean	mean	VERB
cblr-8636	270	86	continuing	continue	VERB
cblr-8636	270	87	the	the	DET
cblr-8636	270	88	resource	resource	NOUN
cblr-8636	270	89	costs	cost	NOUN
cblr-8636	270	90	and	and	CCONJ
cblr-8636	270	91	rents	rent	NOUN
cblr-8636	270	92	associated	associate	VERB
cblr-8636	270	93	with	with	ADP
cblr-8636	270	94	a	a	DET
cblr-8636	270	95	trusted	trust	VERB
cblr-8636	270	96	party	party	NOUN
cblr-8636	270	97	that	that	PRON
cblr-8636	270	98	a	a	DET
cblr-8636	270	99	trustless	trustless	NOUN
cblr-8636	270	100	dlt	dlt	PROPN
cblr-8636	270	101	system	system	NOUN
cblr-8636	270	102	would	would	AUX
cblr-8636	270	103	eliminate	eliminate	VERB
cblr-8636	270	104	.	.	PUNCT
cblr-8636	271	1	his	his	PRON
cblr-8636	271	2	broader	broad	ADJ
cblr-8636	271	3	point	point	NOUN
cblr-8636	271	4	was	be	AUX
cblr-8636	271	5	that	that	SCONJ
cblr-8636	271	6	using	use	VERB
cblr-8636	271	7	dlt	dlt	PROPN
cblr-8636	271	8	for	for	ADP
cblr-8636	271	9	clearing	clearing	NOUN
cblr-8636	271	10	and	and	CCONJ
cblr-8636	271	11	settlement	settlement	NOUN
cblr-8636	271	12	would	would	AUX
cblr-8636	271	13	not	not	PART
cblr-8636	271	14	make	make	VERB
cblr-8636	271	15	an	an	DET
cblr-8636	271	16	entity	entity	NOUN
cblr-8636	271	17	such	such	ADJ
cblr-8636	271	18	as	as	ADP
cblr-8636	271	19	the	the	DET
cblr-8636	271	20	dtcc	dtcc	NOUN
cblr-8636	271	21	obsolete	obsolete	ADJ
cblr-8636	271	22	anytime	anytime	ADV
cblr-8636	271	23	soon	soon	ADV
cblr-8636	271	24	,	,	PUNCT
cblr-8636	271	25	a	a	DET
cblr-8636	271	26	view	view	NOUN
cblr-8636	271	27	shared	share	VERB
cblr-8636	271	28	by	by	ADP
cblr-8636	271	29	other	other	ADJ
cblr-8636	271	30	interviewees	interviewee	NOUN
cblr-8636	271	31	.	.	PUNCT
cblr-8636	272	1	and	and	CCONJ
cblr-8636	272	2	,	,	PUNCT
cblr-8636	272	3	even	even	ADV
cblr-8636	272	4	if	if	SCONJ
cblr-8636	272	5	dlt	dlt	PROPN
cblr-8636	272	6	could	could	AUX
cblr-8636	272	7	create	create	VERB
cblr-8636	272	8	real	real	ADJ
cblr-8636	272	9	efficiencies	efficiency	NOUN
cblr-8636	272	10	,	,	PUNCT
cblr-8636	272	11	the	the	DET
cblr-8636	272	12	current	current	ADJ
cblr-8636	272	13	incumbent	incumbent	NOUN
cblr-8636	272	14	may	may	AUX
cblr-8636	272	15	not	not	PART
cblr-8636	272	16	have	have	VERB
cblr-8636	272	17	much	much	ADJ
cblr-8636	272	18	incentive	incentive	NOUN
cblr-8636	272	19	to	to	PART
cblr-8636	272	20	make	make	VERB
cblr-8636	272	21	the	the	DET
cblr-8636	272	22	change	change	NOUN
cblr-8636	272	23	to	to	ADP
cblr-8636	272	24	dlt	dlt	PROPN
cblr-8636	272	25	or	or	CCONJ
cblr-8636	272	26	feel	feel	VERB
cblr-8636	272	27	much	much	ADJ
cblr-8636	272	28	pressure	pressure	NOUN
cblr-8636	272	29	to	to	PART
cblr-8636	272	30	do	do	AUX
cblr-8636	272	31	so	so	ADV
cblr-8636	272	32	from	from	ADP
cblr-8636	272	33	regulators	regulator	NOUN
cblr-8636	272	34	.	.	PUNCT
cblr-8636	273	1	43	43	NUM
cblr-8636	273	2	for	for	ADP
cblr-8636	273	3	an	an	DET
cblr-8636	273	4	overview	overview	NOUN
cblr-8636	273	5	of	of	ADP
cblr-8636	273	6	dtcc	dtcc	NOUN
cblr-8636	273	7	’s	’s	PART
cblr-8636	273	8	role	role	NOUN
cblr-8636	273	9	,	,	PUNCT
cblr-8636	273	10	see	see	VERB
cblr-8636	273	11	ferrick	ferrick	ADJ
cblr-8636	273	12	,	,	PUNCT
cblr-8636	273	13	supra	supra	PROPN
cblr-8636	273	14	note	note	PROPN
cblr-8636	273	15	26	26	NUM
cblr-8636	273	16	,	,	PUNCT
cblr-8636	273	17	at	at	ADP
cblr-8636	273	18	626	626	NUM
cblr-8636	273	19	–	–	PUNCT
cblr-8636	273	20	31	31	NUM
cblr-8636	273	21	.	.	X
cblr-8636	273	22	44	44	NUM
cblr-8636	273	23	see	see	VERB
cblr-8636	273	24	15	15	NUM
cblr-8636	273	25	u.s.c	u.s.c	ADJ
cblr-8636	273	26	.	.	PUNCT
cblr-8636	274	1	§	§	PROPN
cblr-8636	274	2	78o	78o	NUM
cblr-8636	274	3	(	(	PUNCT
cblr-8636	274	4	2019	2019	NUM
cblr-8636	274	5	)	)	PUNCT
cblr-8636	274	6	.	.	PUNCT
cblr-8636	275	1	45	45	NUM
cblr-8636	275	2	the	the	DET
cblr-8636	275	3	sec	sec	PROPN
cblr-8636	275	4	recently	recently	ADV
cblr-8636	275	5	requested	request	VERB
cblr-8636	275	6	comment	comment	NOUN
cblr-8636	275	7	on	on	ADP
cblr-8636	275	8	the	the	DET
cblr-8636	275	9	custody	custody	NOUN
cblr-8636	275	10	issue	issue	NOUN
cblr-8636	275	11	.	.	PUNCT
cblr-8636	276	1	see	see	VERB
cblr-8636	276	2	generally	generally	ADV
cblr-8636	276	3	custody	custody	NOUN
cblr-8636	276	4	of	of	ADP
cblr-8636	276	5	digital	digital	ADJ
cblr-8636	276	6	asset	asset	NOUN
cblr-8636	276	7	securities	security	NOUN
cblr-8636	276	8	by	by	ADP
cblr-8636	276	9	special	special	ADJ
cblr-8636	276	10	purpose	purpose	NOUN
cblr-8636	276	11	brokerdealers	brokerdealer	NOUN
cblr-8636	276	12	,	,	PUNCT
cblr-8636	276	13	86	86	NUM
cblr-8636	276	14	fed	fed	PROPN
cblr-8636	276	15	.	.	PUNCT
cblr-8636	277	1	reg	reg	PROPN
cblr-8636	277	2	.	.	PUNCT
cblr-8636	278	1	11,627	11,627	NUM
cblr-8636	278	2	(	(	PUNCT
cblr-8636	278	3	feb	feb	PROPN
cblr-8636	278	4	.	.	PROPN
cblr-8636	278	5	26	26	NUM
cblr-8636	278	6	,	,	PUNCT
cblr-8636	278	7	2021	2021	NUM
cblr-8636	278	8	)	)	PUNCT
cblr-8636	278	9	.	.	PUNCT
cblr-8636	279	1	fox	fox	PROPN
cblr-8636	279	2	et	et	PROPN
cblr-8636	279	3	al	al	PROPN
cblr-8636	279	4	.	.	PROPN
cblr-8636	280	1	8/22/2021	8/22/2021	NUM
cblr-8636	280	2	9:05	9:05	NUM
cblr-8636	280	3	pm	pm	NOUN
cblr-8636	280	4	670	670	NUM
cblr-8636	280	5	columbia	columbia	PROPN
cblr-8636	280	6	business	business	NOUN
cblr-8636	280	7	law	law	PROPN
cblr-8636	280	8	review	review	NOUN
cblr-8636	280	9	[	[	X
cblr-8636	280	10	vol	vol	NOUN
cblr-8636	280	11	.	.	PUNCT
cblr-8636	280	12	2021	2021	NUM
cblr-8636	280	13	d.	d.	NOUN
cblr-8636	280	14	summation	summation	NOUN
cblr-8636	280	15	and	and	CCONJ
cblr-8636	280	16	questions	question	NOUN
cblr-8636	280	17	going	go	VERB
cblr-8636	280	18	forward	forward	ADV
cblr-8636	280	19	in	in	ADP
cblr-8636	280	20	sum	sum	NOUN
cblr-8636	280	21	,	,	PUNCT
cblr-8636	280	22	interviewees	interviewee	NOUN
cblr-8636	280	23	thus	thus	ADV
cblr-8636	280	24	far	far	ADV
cblr-8636	280	25	expressed	express	VERB
cblr-8636	280	26	some	some	DET
cblr-8636	280	27	appetite	appetite	NOUN
cblr-8636	280	28	for	for	ADP
cblr-8636	280	29	using	use	VERB
cblr-8636	280	30	dlt	dlt	PROPN
cblr-8636	280	31	for	for	ADP
cblr-8636	280	32	stock	stock	NOUN
cblr-8636	280	33	trading	trading	NOUN
cblr-8636	280	34	;	;	PUNCT
cblr-8636	280	35	however	however	ADV
cblr-8636	280	36	,	,	PUNCT
cblr-8636	280	37	significant	significant	ADJ
cblr-8636	280	38	concerns	concern	NOUN
cblr-8636	280	39	over	over	ADP
cblr-8636	280	40	scalability	scalability	NOUN
cblr-8636	280	41	and	and	CCONJ
cblr-8636	280	42	oversight	oversight	NOUN
cblr-8636	280	43	remain	remain	VERB
cblr-8636	280	44	.	.	PUNCT
cblr-8636	281	1	as	as	SCONJ
cblr-8636	281	2	one	one	NUM
cblr-8636	281	3	regulator	regulator	NOUN
cblr-8636	281	4	put	put	VERB
cblr-8636	281	5	it	it	PRON
cblr-8636	281	6	,	,	PUNCT
cblr-8636	281	7	even	even	ADV
cblr-8636	281	8	if	if	SCONJ
cblr-8636	281	9	dlt	dlt	PROPN
cblr-8636	281	10	helps	help	VERB
cblr-8636	281	11	with	with	ADP
cblr-8636	281	12	audit	audit	NOUN
cblr-8636	281	13	trails	trail	NOUN
cblr-8636	281	14	and	and	CCONJ
cblr-8636	281	15	recordkeeping	recordkeeping	NOUN
cblr-8636	281	16	,	,	PUNCT
cblr-8636	281	17	a	a	DET
cblr-8636	281	18	market	market	NOUN
cblr-8636	281	19	still	still	ADV
cblr-8636	281	20	needs	need	VERB
cblr-8636	281	21	some	some	DET
cblr-8636	281	22	mechanism	mechanism	NOUN
cblr-8636	281	23	for	for	ADP
cblr-8636	281	24	bringing	bring	VERB
cblr-8636	281	25	parties	party	NOUN
cblr-8636	281	26	together	together	ADV
cblr-8636	281	27	.	.	PUNCT
cblr-8636	282	1	any	any	DET
cblr-8636	282	2	real	real	ADJ
cblr-8636	282	3	change	change	NOUN
cblr-8636	282	4	would	would	AUX
cblr-8636	282	5	require	require	VERB
cblr-8636	282	6	everyone	everyone	PRON
cblr-8636	282	7	to	to	PART
cblr-8636	282	8	use	use	VERB
cblr-8636	282	9	blockchain	blockchain	NOUN
cblr-8636	282	10	,	,	PUNCT
cblr-8636	282	11	which	which	PRON
cblr-8636	282	12	will	will	AUX
cblr-8636	282	13	not	not	PART
cblr-8636	282	14	happen	happen	VERB
cblr-8636	282	15	unless	unless	SCONJ
cblr-8636	282	16	regulators	regulator	NOUN
cblr-8636	282	17	come	come	VERB
cblr-8636	282	18	up	up	ADP
cblr-8636	282	19	with	with	ADP
cblr-8636	282	20	a	a	DET
cblr-8636	282	21	some	some	DET
cblr-8636	282	22	-	-	PUNCT
cblr-8636	282	23	years	year	NOUN
cblr-8636	282	24	-	-	PUNCT
cblr-8636	282	25	long	long	ADJ
cblr-8636	282	26	plan	plan	NOUN
cblr-8636	282	27	for	for	ADP
cblr-8636	282	28	implementing	implement	VERB
cblr-8636	282	29	it	it	PRON
cblr-8636	282	30	.	.	PUNCT
cblr-8636	283	1	as	as	SCONJ
cblr-8636	283	2	noted	note	VERB
cblr-8636	283	3	,	,	PUNCT
cblr-8636	283	4	perhaps	perhaps	ADV
cblr-8636	283	5	a	a	DET
cblr-8636	283	6	middle	middle	ADJ
cblr-8636	283	7	ground	ground	NOUN
cblr-8636	283	8	would	would	AUX
cblr-8636	283	9	still	still	ADV
cblr-8636	283	10	involve	involve	VERB
cblr-8636	283	11	brokers	broker	NOUN
cblr-8636	283	12	placing	place	VERB
cblr-8636	283	13	orders	order	NOUN
cblr-8636	283	14	on	on	ADP
cblr-8636	283	15	exchanges	exchange	NOUN
cblr-8636	283	16	,	,	PUNCT
cblr-8636	283	17	with	with	ADP
cblr-8636	283	18	clearing	clearing	NOUN
cblr-8636	283	19	and	and	CCONJ
cblr-8636	283	20	settlement	settlement	NOUN
cblr-8636	283	21	occurring	occur	VERB
cblr-8636	283	22	exclusively	exclusively	ADV
cblr-8636	283	23	on	on	ADP
cblr-8636	283	24	a	a	DET
cblr-8636	283	25	blockchain	blockchain	NOUN
cblr-8636	283	26	.	.	PUNCT
cblr-8636	284	1	but	but	CCONJ
cblr-8636	284	2	again	again	ADV
cblr-8636	284	3	,	,	PUNCT
cblr-8636	284	4	the	the	DET
cblr-8636	284	5	brokers	broker	NOUN
cblr-8636	284	6	and	and	CCONJ
cblr-8636	284	7	exchanges	exchange	NOUN
cblr-8636	284	8	would	would	AUX
cblr-8636	284	9	all	all	ADV
cblr-8636	284	10	need	need	VERB
cblr-8636	284	11	to	to	PART
cblr-8636	284	12	be	be	AUX
cblr-8636	284	13	in	in	ADP
cblr-8636	284	14	the	the	DET
cblr-8636	284	15	blockchain	blockchain	PROPN
cblr-8636	284	16	environment	environment	NOUN
cblr-8636	284	17	for	for	SCONJ
cblr-8636	284	18	this	this	PRON
cblr-8636	284	19	to	to	PART
cblr-8636	284	20	truly	truly	ADV
cblr-8636	284	21	work	work	VERB
cblr-8636	284	22	.	.	PUNCT
cblr-8636	285	1	the	the	DET
cblr-8636	285	2	foregoing	forego	VERB
cblr-8636	285	3	discussion	discussion	NOUN
cblr-8636	285	4	suggests	suggest	VERB
cblr-8636	285	5	a	a	DET
cblr-8636	285	6	few	few	ADJ
cblr-8636	285	7	questions	question	NOUN
cblr-8636	285	8	going	go	VERB
cblr-8636	285	9	forward	forward	ADV
cblr-8636	285	10	.	.	PUNCT
cblr-8636	286	1	what	what	PRON
cblr-8636	286	2	is	be	AUX
cblr-8636	286	3	being	be	AUX
cblr-8636	286	4	done	do	VERB
cblr-8636	286	5	to	to	PART
cblr-8636	286	6	think	think	VERB
cblr-8636	286	7	through	through	ADP
cblr-8636	286	8	the	the	DET
cblr-8636	286	9	implications	implication	NOUN
cblr-8636	286	10	of	of	ADP
cblr-8636	286	11	a	a	DET
cblr-8636	286	12	truly	truly	ADV
cblr-8636	286	13	trustless	trustless	NOUN
cblr-8636	286	14	system	system	NOUN
cblr-8636	286	15	?	?	PUNCT
cblr-8636	287	1	even	even	ADV
cblr-8636	287	2	as	as	SCONJ
cblr-8636	287	3	technology	technology	NOUN
cblr-8636	287	4	is	be	AUX
cblr-8636	287	5	developed	develop	VERB
cblr-8636	287	6	to	to	PART
cblr-8636	287	7	facilitate	facilitate	VERB
cblr-8636	287	8	a	a	DET
cblr-8636	287	9	dlt	dlt	PROPN
cblr-8636	287	10	-	-	PUNCT
cblr-8636	287	11	based	base	VERB
cblr-8636	287	12	trading	trading	NOUN
cblr-8636	287	13	world	world	NOUN
cblr-8636	287	14	,	,	PUNCT
cblr-8636	287	15	what	what	PRON
cblr-8636	287	16	additionally	additionally	ADV
cblr-8636	287	17	will	will	AUX
cblr-8636	287	18	need	need	VERB
cblr-8636	287	19	to	to	PART
cblr-8636	287	20	occur	occur	VERB
cblr-8636	287	21	in	in	ADP
cblr-8636	287	22	order	order	NOUN
cblr-8636	287	23	to	to	PART
cblr-8636	287	24	increase	increase	VERB
cblr-8636	287	25	market	market	NOUN
cblr-8636	287	26	and	and	CCONJ
cblr-8636	287	27	regulatory	regulatory	ADJ
cblr-8636	287	28	appetite	appetite	NOUN
cblr-8636	287	29	for	for	ADP
cblr-8636	287	30	that	that	DET
cblr-8636	287	31	world	world	NOUN
cblr-8636	287	32	?	?	PUNCT
cblr-8636	288	1	what	what	PRON
cblr-8636	288	2	incentives	incentive	NOUN
cblr-8636	288	3	would	would	AUX
cblr-8636	288	4	lead	lead	VERB
cblr-8636	288	5	firms	firm	NOUN
cblr-8636	288	6	to	to	PART
cblr-8636	288	7	adopt	adopt	VERB
cblr-8636	288	8	technology	technology	NOUN
cblr-8636	288	9	,	,	PUNCT
cblr-8636	288	10	such	such	ADJ
cblr-8636	288	11	as	as	ADP
cblr-8636	288	12	dlt	dlt	PROPN
cblr-8636	288	13	,	,	PUNCT
cblr-8636	288	14	which	which	PRON
cblr-8636	288	15	is	be	AUX
cblr-8636	288	16	extremely	extremely	ADV
cblr-8636	288	17	costly	costly	ADJ
cblr-8636	288	18	and	and	CCONJ
cblr-8636	288	19	difficult	difficult	ADJ
cblr-8636	288	20	to	to	PART
cblr-8636	288	21	implement	implement	VERB
cblr-8636	288	22	on	on	ADP
cblr-8636	288	23	a	a	DET
cblr-8636	288	24	large	large	ADJ
cblr-8636	288	25	scale	scale	NOUN
cblr-8636	288	26	?	?	PUNCT
cblr-8636	289	1	v.	v.	CCONJ
cblr-8636	289	2	market	market	NOUN
cblr-8636	289	3	structure	structure	NOUN
cblr-8636	289	4	how	how	SCONJ
cblr-8636	289	5	well	well	ADV
cblr-8636	289	6	are	be	AUX
cblr-8636	289	7	today	today	NOUN
cblr-8636	289	8	’s	’s	PART
cblr-8636	289	9	markets	market	NOUN
cblr-8636	289	10	operating	operate	VERB
cblr-8636	289	11	?	?	PUNCT
cblr-8636	290	1	can	can	AUX
cblr-8636	290	2	dlt	dlt	PROPN
cblr-8636	290	3	improve	improve	VERB
cblr-8636	290	4	or	or	CCONJ
cblr-8636	290	5	address	address	VERB
cblr-8636	290	6	concerns	concern	NOUN
cblr-8636	290	7	about	about	ADP
cblr-8636	290	8	market	market	NOUN
cblr-8636	290	9	structure	structure	NOUN
cblr-8636	290	10	?	?	PUNCT
cblr-8636	291	1	one	one	NUM
cblr-8636	291	2	broad	broad	ADJ
cblr-8636	291	3	theme	theme	NOUN
cblr-8636	291	4	emerged	emerge	VERB
cblr-8636	291	5	from	from	ADP
cblr-8636	291	6	our	our	PRON
cblr-8636	291	7	interviews	interview	NOUN
cblr-8636	291	8	:	:	PUNCT
cblr-8636	291	9	there	there	PRON
cblr-8636	291	10	is	be	VERB
cblr-8636	291	11	wide	wide	ADJ
cblr-8636	291	12	disagreement	disagreement	NOUN
cblr-8636	291	13	about	about	ADP
cblr-8636	291	14	which	which	DET
cblr-8636	291	15	interests	interest	VERB
cblr-8636	291	16	our	our	PRON
cblr-8636	291	17	markets	market	NOUN
cblr-8636	291	18	should	should	AUX
cblr-8636	291	19	promote	promote	VERB
cblr-8636	291	20	and	and	CCONJ
cblr-8636	291	21	which	which	PRON
cblr-8636	291	22	interests	interest	VERB
cblr-8636	291	23	current	current	ADJ
cblr-8636	291	24	market	market	NOUN
cblr-8636	291	25	structures	structure	NOUN
cblr-8636	291	26	in	in	ADP
cblr-8636	291	27	fact	fact	NOUN
cblr-8636	291	28	serve	serve	VERB
cblr-8636	291	29	.	.	PUNCT
cblr-8636	292	1	it	it	PRON
cblr-8636	292	2	is	be	AUX
cblr-8636	292	3	thus	thus	ADV
cblr-8636	292	4	important	important	ADJ
cblr-8636	292	5	to	to	PART
cblr-8636	292	6	understand	understand	VERB
cblr-8636	292	7	these	these	DET
cblr-8636	292	8	different	different	ADJ
cblr-8636	292	9	points	point	NOUN
cblr-8636	292	10	of	of	ADP
cblr-8636	292	11	view	view	NOUN
cblr-8636	292	12	in	in	ADP
cblr-8636	292	13	order	order	NOUN
cblr-8636	292	14	to	to	PART
cblr-8636	292	15	see	see	VERB
cblr-8636	292	16	what	what	PRON
cblr-8636	292	17	a	a	DET
cblr-8636	292	18	dlt	dlt	PROPN
cblr-8636	292	19	-	-	PUNCT
cblr-8636	292	20	based	base	VERB
cblr-8636	292	21	system	system	NOUN
cblr-8636	292	22	might	might	AUX
cblr-8636	292	23	offer	offer	VERB
cblr-8636	292	24	and	and	CCONJ
cblr-8636	292	25	how	how	SCONJ
cblr-8636	292	26	it	it	PRON
cblr-8636	292	27	should	should	AUX
cblr-8636	292	28	be	be	AUX
cblr-8636	292	29	designed	design	VERB
cblr-8636	292	30	.	.	PUNCT
cblr-8636	293	1	understanding	understand	VERB
cblr-8636	293	2	these	these	DET
cblr-8636	293	3	issues	issue	NOUN
cblr-8636	293	4	,	,	PUNCT
cblr-8636	293	5	even	even	ADV
cblr-8636	293	6	ones	one	NOUN
cblr-8636	293	7	that	that	PRON
cblr-8636	293	8	do	do	AUX
cblr-8636	293	9	not	not	PART
cblr-8636	293	10	appear	appear	VERB
cblr-8636	293	11	to	to	PART
cblr-8636	293	12	touch	touch	VERB
cblr-8636	293	13	directly	directly	ADV
cblr-8636	293	14	upon	upon	SCONJ
cblr-8636	293	15	dlt	dlt	PROPN
cblr-8636	293	16	and	and	CCONJ
cblr-8636	293	17	its	its	PRON
cblr-8636	293	18	application	application	NOUN
cblr-8636	293	19	to	to	ADP
cblr-8636	293	20	securities	security	NOUN
cblr-8636	293	21	markets	market	NOUN
cblr-8636	293	22	,	,	PUNCT
cblr-8636	293	23	also	also	ADV
cblr-8636	293	24	helps	help	VERB
cblr-8636	293	25	us	we	PRON
cblr-8636	293	26	understand	understand	VERB
cblr-8636	293	27	what	what	PRON
cblr-8636	293	28	economic	economic	ADJ
cblr-8636	293	29	and	and	CCONJ
cblr-8636	293	30	political	political	ADJ
cblr-8636	293	31	obstacles	obstacle	NOUN
cblr-8636	293	32	may	may	AUX
cblr-8636	293	33	impede	impede	VERB
cblr-8636	293	34	adoption	adoption	NOUN
cblr-8636	293	35	of	of	ADP
cblr-8636	293	36	a	a	DET
cblr-8636	293	37	dlt	dlt	PROPN
cblr-8636	293	38	-	-	PUNCT
cblr-8636	293	39	based	base	VERB
cblr-8636	293	40	system	system	NOUN
cblr-8636	293	41	.	.	PUNCT
cblr-8636	294	1	this	this	PRON
cblr-8636	294	2	is	be	AUX
cblr-8636	294	3	true	true	ADJ
cblr-8636	294	4	even	even	ADV
cblr-8636	294	5	if	if	SCONJ
cblr-8636	294	6	,	,	PUNCT
cblr-8636	294	7	from	from	ADP
cblr-8636	294	8	society	society	NOUN
cblr-8636	294	9	’s	’s	PART
cblr-8636	294	10	point	point	NOUN
cblr-8636	294	11	of	of	ADP
cblr-8636	294	12	view	view	NOUN
cblr-8636	294	13	,	,	PUNCT
cblr-8636	294	14	the	the	DET
cblr-8636	294	15	benefits	benefit	NOUN
cblr-8636	294	16	would	would	AUX
cblr-8636	294	17	appear	appear	VERB
cblr-8636	294	18	to	to	PART
cblr-8636	294	19	exceed	exceed	VERB
cblr-8636	294	20	the	the	DET
cblr-8636	294	21	costs	cost	NOUN
cblr-8636	294	22	.	.	PUNCT
cblr-8636	295	1	fox	fox	PROPN
cblr-8636	295	2	et	et	PROPN
cblr-8636	295	3	al	al	PROPN
cblr-8636	295	4	.	.	PROPN
cblr-8636	296	1	8/22/2021	8/22/2021	NUM
cblr-8636	296	2	9:05	9:05	NUM
cblr-8636	296	3	pm	pm	NOUN
cblr-8636	296	4	no	no	INTJ
cblr-8636	296	5	.	.	PUNCT
cblr-8636	297	1	2:651	2:651	NUM
cblr-8636	297	2	]	]	X
cblr-8636	297	3	a	a	DET
cblr-8636	297	4	stakeholder	stakeholder	NOUN
cblr-8636	297	5	survey	survey	VERB
cblr-8636	297	6	671	671	NUM
cblr-8636	297	7	some	some	DET
cblr-8636	297	8	interviewees	interviewee	NOUN
cblr-8636	297	9	,	,	PUNCT
cblr-8636	297	10	spanning	span	VERB
cblr-8636	297	11	the	the	DET
cblr-8636	297	12	regulatory	regulatory	ADJ
cblr-8636	297	13	and	and	CCONJ
cblr-8636	297	14	investment	investment	NOUN
cblr-8636	297	15	communities	community	NOUN
cblr-8636	297	16	,	,	PUNCT
cblr-8636	297	17	felt	feel	VERB
cblr-8636	297	18	that	that	SCONJ
cblr-8636	297	19	the	the	DET
cblr-8636	297	20	markets	market	NOUN
cblr-8636	297	21	were	be	AUX
cblr-8636	297	22	overall	overall	ADV
cblr-8636	297	23	operating	operate	VERB
cblr-8636	297	24	well	well	ADV
cblr-8636	297	25	and	and	CCONJ
cblr-8636	297	26	fairly	fairly	ADV
cblr-8636	297	27	.	.	PUNCT
cblr-8636	298	1	different	different	ADJ
cblr-8636	298	2	interviewees	interviewee	NOUN
cblr-8636	298	3	stressed	stress	VERB
cblr-8636	298	4	different	different	ADJ
cblr-8636	298	5	positives	positive	NOUN
cblr-8636	298	6	.	.	PUNCT
cblr-8636	299	1	one	one	NUM
cblr-8636	299	2	member	member	NOUN
cblr-8636	299	3	of	of	ADP
cblr-8636	299	4	the	the	DET
cblr-8636	299	5	regulatory	regulatory	ADJ
cblr-8636	299	6	community	community	NOUN
cblr-8636	299	7	believes	believe	VERB
cblr-8636	299	8	they	they	PRON
cblr-8636	299	9	are	be	AUX
cblr-8636	299	10	working	work	VERB
cblr-8636	299	11	relatively	relatively	ADV
cblr-8636	299	12	well	well	ADV
cblr-8636	299	13	at	at	ADP
cblr-8636	299	14	least	least	ADJ
cblr-8636	299	15	with	with	ADP
cblr-8636	299	16	respect	respect	NOUN
cblr-8636	299	17	to	to	ADP
cblr-8636	299	18	price	price	NOUN
cblr-8636	299	19	discovery	discovery	NOUN
cblr-8636	299	20	.	.	PUNCT
cblr-8636	300	1	another	another	PRON
cblr-8636	300	2	said	say	VERB
cblr-8636	300	3	insiders	insider	NOUN
cblr-8636	300	4	do	do	AUX
cblr-8636	300	5	not	not	PART
cblr-8636	300	6	have	have	VERB
cblr-8636	300	7	an	an	DET
cblr-8636	300	8	advantage	advantage	NOUN
cblr-8636	300	9	over	over	ADP
cblr-8636	300	10	ordinary	ordinary	ADJ
cblr-8636	300	11	investors	investor	NOUN
cblr-8636	300	12	,	,	PUNCT
cblr-8636	300	13	and	and	CCONJ
cblr-8636	300	14	buy	buy	VERB
cblr-8636	300	15	and	and	CCONJ
cblr-8636	300	16	hold	hold	VERB
cblr-8636	300	17	investors	investor	NOUN
cblr-8636	300	18	have	have	AUX
cblr-8636	300	19	never	never	ADV
cblr-8636	300	20	been	be	AUX
cblr-8636	300	21	better	well	ADJ
cblr-8636	300	22	off	off	ADP
cblr-8636	300	23	given	give	VERB
cblr-8636	300	24	low	low	ADJ
cblr-8636	300	25	trading	trading	NOUN
cblr-8636	300	26	costs	cost	NOUN
cblr-8636	300	27	and	and	CCONJ
cblr-8636	300	28	instantaneous	instantaneous	ADJ
cblr-8636	300	29	executions.46	executions.46	PROPN
cblr-8636	300	30	other	other	ADJ
cblr-8636	300	31	interviewees	interviewee	NOUN
cblr-8636	300	32	,	,	PUNCT
cblr-8636	300	33	however	however	ADV
cblr-8636	300	34	,	,	PUNCT
cblr-8636	300	35	expressed	express	VERB
cblr-8636	300	36	concerns	concern	NOUN
cblr-8636	300	37	about	about	ADP
cblr-8636	300	38	current	current	ADJ
cblr-8636	300	39	market	market	NOUN
cblr-8636	300	40	structure	structure	NOUN
cblr-8636	300	41	—	—	PUNCT
cblr-8636	300	42	and	and	CCONJ
cblr-8636	300	43	especially	especially	ADV
cblr-8636	300	44	the	the	DET
cblr-8636	300	45	prices	price	NOUN
cblr-8636	300	46	that	that	PRON
cblr-8636	300	47	exchanges	exchange	NOUN
cblr-8636	300	48	charge	charge	VERB
cblr-8636	300	49	for	for	ADP
cblr-8636	300	50	proprietary	proprietary	ADJ
cblr-8636	300	51	data	datum	NOUN
cblr-8636	300	52	,	,	PUNCT
cblr-8636	300	53	the	the	DET
cblr-8636	300	54	fee	fee	NOUN
cblr-8636	300	55	and	and	CCONJ
cblr-8636	300	56	rebate	rebate	NOUN
cblr-8636	300	57	policies	policy	NOUN
cblr-8636	300	58	of	of	ADP
cblr-8636	300	59	the	the	DET
cblr-8636	300	60	stock	stock	NOUN
cblr-8636	300	61	exchanges	exchange	NOUN
cblr-8636	300	62	in	in	ADP
cblr-8636	300	63	their	their	PRON
cblr-8636	300	64	dealings	dealing	NOUN
cblr-8636	300	65	with	with	ADP
cblr-8636	300	66	brokers,47	brokers,47	NOUN
cblr-8636	300	67	and	and	CCONJ
cblr-8636	300	68	the	the	DET
cblr-8636	300	69	paradox	paradox	NOUN
cblr-8636	300	70	of	of	ADP
cblr-8636	300	71	trading	trading	NOUN
cblr-8636	300	72	venues	venue	NOUN
cblr-8636	300	73	being	be	AUX
cblr-8636	300	74	both	both	CCONJ
cblr-8636	300	75	too	too	ADV
cblr-8636	300	76	fragmented	fragmented	ADJ
cblr-8636	300	77	and	and	CCONJ
cblr-8636	300	78	insufficiently	insufficiently	ADV
cblr-8636	300	79	competitive	competitive	ADJ
cblr-8636	300	80	.	.	PUNCT
cblr-8636	301	1	a.	a.	NOUN
cblr-8636	301	2	fees	fee	NOUN
cblr-8636	301	3	for	for	ADP
cblr-8636	301	4	proprietary	proprietary	ADJ
cblr-8636	301	5	data	datum	NOUN
cblr-8636	301	6	data	datum	NOUN
cblr-8636	301	7	concerning	concern	VERB
cblr-8636	301	8	best	good	ADJ
cblr-8636	301	9	available	available	ADJ
cblr-8636	301	10	quotes	quote	NOUN
cblr-8636	301	11	and	and	CCONJ
cblr-8636	301	12	transactions	transaction	NOUN
cblr-8636	301	13	occurring	occur	VERB
cblr-8636	301	14	on	on	ADP
cblr-8636	301	15	each	each	DET
cblr-8636	301	16	exchange	exchange	NOUN
cblr-8636	301	17	are	be	AUX
cblr-8636	301	18	available	available	ADJ
cblr-8636	301	19	to	to	ADP
cblr-8636	301	20	market	market	NOUN
cblr-8636	301	21	participants	participant	NOUN
cblr-8636	301	22	in	in	ADP
cblr-8636	301	23	a	a	DET
cblr-8636	301	24	consolidated	consolidated	ADJ
cblr-8636	301	25	,	,	PUNCT
cblr-8636	301	26	sec	sec	PROPN
cblr-8636	301	27	-	-	PUNCT
cblr-8636	301	28	mandated	mandate	VERB
cblr-8636	301	29	feed	feed	NOUN
cblr-8636	301	30	referred	refer	VERB
cblr-8636	301	31	to	to	ADP
cblr-8636	301	32	as	as	SCONJ
cblr-8636	301	33	the	the	DET
cblr-8636	301	34	sip.48	sip.48	NOUN
cblr-8636	301	35	there	there	PRON
cblr-8636	301	36	is	be	VERB
cblr-8636	301	37	a	a	DET
cblr-8636	301	38	slight	slight	ADJ
cblr-8636	301	39	delay	delay	NOUN
cblr-8636	301	40	,	,	PUNCT
cblr-8636	301	41	however	however	ADV
cblr-8636	301	42	,	,	PUNCT
cblr-8636	301	43	between	between	ADP
cblr-8636	301	44	when	when	SCONJ
cblr-8636	301	45	a	a	DET
cblr-8636	301	46	transaction	transaction	NOUN
cblr-8636	301	47	or	or	CCONJ
cblr-8636	301	48	a	a	DET
cblr-8636	301	49	change	change	NOUN
cblr-8636	301	50	in	in	ADP
cblr-8636	301	51	a	a	DET
cblr-8636	301	52	quote	quote	NOUN
cblr-8636	301	53	occurs	occur	VERB
cblr-8636	301	54	and	and	CCONJ
cblr-8636	301	55	,	,	PUNCT
cblr-8636	301	56	after	after	ADP
cblr-8636	301	57	processing	processing	NOUN
cblr-8636	301	58	,	,	PUNCT
cblr-8636	301	59	its	its	PRON
cblr-8636	301	60	appearance	appearance	NOUN
cblr-8636	301	61	on	on	ADP
cblr-8636	301	62	the	the	DET
cblr-8636	301	63	sip.49	sip.49	ADJ
cblr-8636	301	64	each	each	DET
cblr-8636	301	65	exchange	exchange	NOUN
cblr-8636	301	66	charges	charge	VERB
cblr-8636	301	67	a	a	DET
cblr-8636	301	68	fee	fee	NOUN
cblr-8636	301	69	for	for	ADP
cblr-8636	301	70	access	access	NOUN
cblr-8636	301	71	to	to	ADP
cblr-8636	301	72	this	this	DET
cblr-8636	301	73	data	datum	NOUN
cblr-8636	301	74	at	at	ADP
cblr-8636	301	75	the	the	DET
cblr-8636	301	76	same	same	ADJ
cblr-8636	301	77	moment	moment	NOUN
cblr-8636	301	78	it	it	PRON
cblr-8636	301	79	is	be	AUX
cblr-8636	301	80	sent	send	VERB
cblr-8636	301	81	to	to	ADP
cblr-8636	301	82	the	the	DET
cblr-8636	301	83	sip.50	sip.50	NOUN
cblr-8636	301	84	the	the	DET
cblr-8636	301	85	data	datum	NOUN
cblr-8636	301	86	obtained	obtain	VERB
cblr-8636	301	87	this	this	DET
cblr-8636	301	88	way	way	NOUN
cblr-8636	301	89	is	be	AUX
cblr-8636	301	90	referred	refer	VERB
cblr-8636	301	91	to	to	ADP
cblr-8636	301	92	as	as	ADP
cblr-8636	301	93	proprietary	proprietary	ADJ
cblr-8636	301	94	data.51	data.51	NOUN
cblr-8636	301	95	the	the	DET
cblr-8636	301	96	customers	customer	NOUN
cblr-8636	301	97	are	be	AUX
cblr-8636	301	98	liquidity	liquidity	NOUN
cblr-8636	301	99	-	-	PUNCT
cblr-8636	301	100	supplying	supply	VERB
cblr-8636	301	101	market	market	NOUN
cblr-8636	301	102	makers	maker	NOUN
cblr-8636	301	103	and	and	CCONJ
cblr-8636	301	104	other	other	ADJ
cblr-8636	301	105	high	high	ADJ
cblr-8636	301	106	speed	speed	NOUN
cblr-8636	301	107	traders	trader	NOUN
cblr-8636	301	108	as	as	ADV
cblr-8636	301	109	well	well	ADV
cblr-8636	301	110	as	as	ADP
cblr-8636	301	111	sophisticated	sophisticated	ADJ
cblr-8636	301	112	brokers.52	brokers.52	NOUN
cblr-8636	301	113	they	they	PRON
cblr-8636	301	114	are	be	AUX
cblr-8636	301	115	all	all	ADV
cblr-8636	301	116	able	able	ADJ
cblr-8636	301	117	to	to	PART
cblr-8636	301	118	put	put	VERB
cblr-8636	301	119	this	this	DET
cblr-8636	301	120	access	access	NOUN
cblr-8636	301	121	to	to	ADP
cblr-8636	301	122	46	46	NUM
cblr-8636	301	123	see	see	NOUN
cblr-8636	301	124	supra	supra	PROPN
cblr-8636	301	125	note	note	NOUN
cblr-8636	301	126	39	39	NUM
cblr-8636	301	127	and	and	CCONJ
cblr-8636	301	128	accompanying	accompany	VERB
cblr-8636	301	129	text	text	NOUN
cblr-8636	301	130	.	.	PUNCT
cblr-8636	302	1	47	47	NUM
cblr-8636	302	2	see	see	VERB
cblr-8636	302	3	generally	generally	ADV
cblr-8636	302	4	memorandum	memorandum	NOUN
cblr-8636	302	5	from	from	ADP
cblr-8636	302	6	div	div	PROPN
cblr-8636	302	7	.	.	PROPN
cblr-8636	302	8	of	of	ADP
cblr-8636	302	9	trading	trading	NOUN
cblr-8636	302	10	&	&	CCONJ
cblr-8636	302	11	mkts	mkts	NOUN
cblr-8636	302	12	.	.	PROPN
cblr-8636	302	13	,	,	PUNCT
cblr-8636	302	14	u.s	u.s	PROPN
cblr-8636	302	15	.	.	PROPN
cblr-8636	302	16	sec	sec	PROPN
cblr-8636	302	17	.	.	PROPN
cblr-8636	302	18	&	&	CCONJ
cblr-8636	302	19	exch	exch	PROPN
cblr-8636	302	20	.	.	PUNCT
cblr-8636	303	1	comm’n	comm’n	PROPN
cblr-8636	303	2	,	,	PUNCT
cblr-8636	303	3	to	to	ADP
cblr-8636	303	4	mkt	mkt	PROPN
cblr-8636	303	5	.	.	PUNCT
cblr-8636	303	6	structure	structure	NOUN
cblr-8636	303	7	advisory	advisory	ADJ
cblr-8636	303	8	comm	comm	NOUN
cblr-8636	303	9	.	.	PUNCT
cblr-8636	303	10	,	,	PUNCT
cblr-8636	303	11	u.s	u.s	PROPN
cblr-8636	303	12	.	.	PROPN
cblr-8636	303	13	sec	sec	PROPN
cblr-8636	303	14	.	.	PROPN
cblr-8636	303	15	&	&	CCONJ
cblr-8636	303	16	exch	exch	PROPN
cblr-8636	303	17	.	.	PUNCT
cblr-8636	304	1	comm’n	comm’n	PROPN
cblr-8636	304	2	(	(	PUNCT
cblr-8636	304	3	oct	oct	PROPN
cblr-8636	304	4	.	.	PROPN
cblr-8636	304	5	20	20	NUM
cblr-8636	304	6	,	,	PUNCT
cblr-8636	304	7	2015	2015	NUM
cblr-8636	304	8	)	)	PUNCT
cblr-8636	304	9	,	,	PUNCT
cblr-8636	304	10	https://www.sec.gov/spotlight/emsac/memo-makertaker-fees-on-equities-exchanges.pdf	https://www.sec.gov/spotlight/emsac/memo-makertaker-fees-on-equities-exchanges.pdf	PROPN
cblr-8636	305	1	[	[	X
cblr-8636	305	2	https://perma.cc/7qy8-vmw7	https://perma.cc/7qy8-vmw7	PROPN
cblr-8636	305	3	]	]	X
cblr-8636	305	4	.	.	PUNCT
cblr-8636	306	1	48	48	NUM
cblr-8636	306	2	see	see	VERB
cblr-8636	306	3	fox	fox	PROPN
cblr-8636	306	4	et	et	PROPN
cblr-8636	306	5	al	al	PROPN
cblr-8636	306	6	.	.	PROPN
cblr-8636	306	7	,	,	PUNCT
cblr-8636	306	8	supra	supra	PROPN
cblr-8636	306	9	note	note	NOUN
cblr-8636	306	10	3	3	NUM
cblr-8636	306	11	,	,	PUNCT
cblr-8636	306	12	at	at	ADP
cblr-8636	306	13	28	28	NUM
cblr-8636	306	14	,	,	PUNCT
cblr-8636	306	15	126	126	NUM
cblr-8636	306	16	.	.	NOUN
cblr-8636	307	1	49	49	NUM
cblr-8636	307	2	see	see	VERB
cblr-8636	307	3	i	i	PRON
cblr-8636	307	4	d.	d.	PROPN
cblr-8636	307	5	at	at	ADP
cblr-8636	307	6	126	126	NUM
cblr-8636	307	7	.	.	PUNCT
cblr-8636	308	1	50	50	NUM
cblr-8636	308	2	see	see	VERB
cblr-8636	308	3	i	i	PRON
cblr-8636	308	4	d.	d.	PROPN
cblr-8636	308	5	51	51	NUM
cblr-8636	308	6	see	see	VERB
cblr-8636	308	7	i	i	PRON
cblr-8636	308	8	d.	d.	PROPN
cblr-8636	308	9	52	52	NUM
cblr-8636	308	10	see	see	VERB
cblr-8636	308	11	concept	concept	NOUN
cblr-8636	308	12	release	release	NOUN
cblr-8636	308	13	on	on	ADP
cblr-8636	308	14	equity	equity	NOUN
cblr-8636	308	15	market	market	NOUN
cblr-8636	308	16	structure	structure	NOUN
cblr-8636	308	17	,	,	PUNCT
cblr-8636	308	18	75	75	NUM
cblr-8636	308	19	fed	feed	VERB
cblr-8636	308	20	.	.	PUNCT
cblr-8636	309	1	reg	reg	NOUN
cblr-8636	309	2	.	.	PUNCT
cblr-8636	310	1	3,594	3,594	NUM
cblr-8636	310	2	,	,	PUNCT
cblr-8636	310	3	3,606–07	3,606–07	NUM
cblr-8636	310	4	(	(	PUNCT
cblr-8636	310	5	jan	jan	PROPN
cblr-8636	310	6	.	.	PROPN
cblr-8636	310	7	21	21	NUM
cblr-8636	310	8	,	,	PUNCT
cblr-8636	310	9	2010	2010	NUM
cblr-8636	310	10	)	)	PUNCT
cblr-8636	310	11	.	.	PUNCT
cblr-8636	311	1	fox	fox	PROPN
cblr-8636	311	2	et	et	PROPN
cblr-8636	311	3	al	al	PROPN
cblr-8636	311	4	.	.	PROPN
cblr-8636	312	1	8/22/2021	8/22/2021	NUM
cblr-8636	312	2	9:05	9:05	NUM
cblr-8636	312	3	pm	pm	NOUN
cblr-8636	312	4	672	672	NUM
cblr-8636	312	5	columbia	columbia	PROPN
cblr-8636	312	6	business	business	NOUN
cblr-8636	312	7	law	law	NOUN
cblr-8636	312	8	review	review	NOUN
cblr-8636	312	9	[	[	X
cblr-8636	312	10	vol	vol	NOUN
cblr-8636	312	11	.	.	NOUN
cblr-8636	312	12	2021	2021	NUM
cblr-8636	312	13	use	use	NOUN
cblr-8636	312	14	in	in	ADP
cblr-8636	312	15	ways	way	NOUN
cblr-8636	312	16	that	that	PRON
cblr-8636	312	17	permit	permit	VERB
cblr-8636	312	18	them	they	PRON
cblr-8636	312	19	to	to	PART
cblr-8636	312	20	act	act	VERB
cblr-8636	312	21	more	more	ADV
cblr-8636	312	22	quickly	quickly	ADV
cblr-8636	312	23	than	than	SCONJ
cblr-8636	312	24	they	they	PRON
cblr-8636	312	25	could	could	AUX
cblr-8636	312	26	if	if	SCONJ
cblr-8636	312	27	they	they	PRON
cblr-8636	312	28	relied	rely	VERB
cblr-8636	312	29	on	on	ADP
cblr-8636	312	30	the	the	DET
cblr-8636	312	31	sip	sip	NOUN
cblr-8636	312	32	—	—	PUNCT
cblr-8636	312	33	sometimes	sometimes	ADV
cblr-8636	312	34	to	to	ADP
cblr-8636	312	35	the	the	DET
cblr-8636	312	36	disadvantage	disadvantage	NOUN
cblr-8636	312	37	of	of	ADP
cblr-8636	312	38	others	other	NOUN
cblr-8636	312	39	in	in	ADP
cblr-8636	312	40	the	the	DET
cblr-8636	312	41	market.53	market.53	NOUN
cblr-8636	312	42	a	a	DET
cblr-8636	312	43	market	market	NOUN
cblr-8636	312	44	maker	maker	NOUN
cblr-8636	312	45	provides	provide	VERB
cblr-8636	312	46	liquidity	liquidity	NOUN
cblr-8636	312	47	by	by	ADP
cblr-8636	312	48	submitting	submit	VERB
cblr-8636	312	49	to	to	ADP
cblr-8636	312	50	exchanges	exchange	NOUN
cblr-8636	312	51	quotes	quote	NOUN
cblr-8636	312	52	in	in	ADP
cblr-8636	312	53	the	the	DET
cblr-8636	312	54	form	form	NOUN
cblr-8636	312	55	of	of	ADP
cblr-8636	312	56	limit	limit	NOUN
cblr-8636	312	57	orders.54	orders.54	PROPN
cblr-8636	312	58	a	a	DET
cblr-8636	312	59	limit	limit	NOUN
cblr-8636	312	60	order	order	NOUN
cblr-8636	312	61	,	,	PUNCT
cblr-8636	312	62	until	until	SCONJ
cblr-8636	312	63	cancelled	cancel	VERB
cblr-8636	312	64	,	,	PUNCT
cblr-8636	312	65	commits	commit	VERB
cblr-8636	312	66	the	the	DET
cblr-8636	312	67	submitter	submitter	NOUN
cblr-8636	312	68	to	to	PART
cblr-8636	312	69	buy	buy	VERB
cblr-8636	312	70	or	or	CCONJ
cblr-8636	312	71	sell	sell	VERB
cblr-8636	312	72	a	a	DET
cblr-8636	312	73	given	give	VERB
cblr-8636	312	74	quantity	quantity	NOUN
cblr-8636	312	75	of	of	ADP
cblr-8636	312	76	shares	share	NOUN
cblr-8636	312	77	at	at	ADP
cblr-8636	312	78	a	a	DET
cblr-8636	312	79	stated	state	VERB
cblr-8636	312	80	price	price	NOUN
cblr-8636	312	81	(	(	PUNCT
cblr-8636	312	82	the	the	DET
cblr-8636	312	83	buy	buy	NOUN
cblr-8636	312	84	price	price	NOUN
cblr-8636	312	85	being	be	AUX
cblr-8636	312	86	the	the	DET
cblr-8636	312	87	“	"	PUNCT
cblr-8636	312	88	bid	bid	NOUN
cblr-8636	312	89	,	,	PUNCT
cblr-8636	312	90	”	"	PUNCT
cblr-8636	312	91	and	and	CCONJ
cblr-8636	312	92	the	the	DET
cblr-8636	312	93	sell	sell	NOUN
cblr-8636	312	94	price	price	NOUN
cblr-8636	312	95	being	be	AUX
cblr-8636	312	96	the	the	DET
cblr-8636	312	97	“	"	PUNCT
cblr-8636	312	98	offer	offer	NOUN
cblr-8636	312	99	”	"	PUNCT
cblr-8636	312	100	or	or	CCONJ
cblr-8636	312	101	“	"	PUNCT
cblr-8636	312	102	ask	ask	VERB
cblr-8636	312	103	”	"	PUNCT
cblr-8636	312	104	)	)	PUNCT
cblr-8636	312	105	.	.	PUNCT
cblr-8636	313	1	for	for	ADP
cblr-8636	313	2	the	the	DET
cblr-8636	313	3	market	market	NOUN
cblr-8636	313	4	maker	maker	NOUN
cblr-8636	313	5	,	,	PUNCT
cblr-8636	313	6	being	be	AUX
cblr-8636	313	7	able	able	ADJ
cblr-8636	313	8	to	to	PART
cblr-8636	313	9	act	act	VERB
cblr-8636	313	10	more	more	ADV
cblr-8636	313	11	quickly	quickly	ADV
cblr-8636	313	12	also	also	ADV
cblr-8636	313	13	means	mean	VERB
cblr-8636	313	14	being	be	AUX
cblr-8636	313	15	able	able	ADJ
cblr-8636	313	16	to	to	PART
cblr-8636	313	17	cancel	cancel	VERB
cblr-8636	313	18	old	old	ADJ
cblr-8636	313	19	quotes	quote	NOUN
cblr-8636	313	20	and	and	CCONJ
cblr-8636	313	21	submit	submit	VERB
cblr-8636	313	22	new	new	ADJ
cblr-8636	313	23	ones	one	NOUN
cblr-8636	313	24	faster	fast	ADV
cblr-8636	313	25	in	in	ADP
cblr-8636	313	26	response	response	NOUN
cblr-8636	313	27	to	to	ADP
cblr-8636	313	28	new	new	ADJ
cblr-8636	313	29	transactions	transaction	NOUN
cblr-8636	313	30	or	or	CCONJ
cblr-8636	313	31	changes	change	NOUN
cblr-8636	313	32	in	in	ADP
cblr-8636	313	33	quotes	quote	NOUN
cblr-8636	313	34	of	of	ADP
cblr-8636	313	35	others	other	NOUN
cblr-8636	313	36	.	.	PUNCT
cblr-8636	314	1	this	this	PRON
cblr-8636	314	2	allows	allow	VERB
cblr-8636	314	3	the	the	DET
cblr-8636	314	4	market	market	NOUN
cblr-8636	314	5	maker	maker	NOUN
cblr-8636	314	6	to	to	PART
cblr-8636	314	7	better	well	ADV
cblr-8636	314	8	protect	protect	VERB
cblr-8636	314	9	itself	itself	PRON
cblr-8636	314	10	from	from	ADP
cblr-8636	314	11	costly	costly	ADJ
cblr-8636	314	12	adverse	adverse	ADJ
cblr-8636	314	13	selection	selection	NOUN
cblr-8636	314	14	,	,	PUNCT
cblr-8636	314	15	i.e.	i.e.	X
cblr-8636	314	16	,	,	PUNCT
cblr-8636	314	17	selling	sell	VERB
cblr-8636	314	18	to	to	ADP
cblr-8636	314	19	someone	someone	PRON
cblr-8636	314	20	with	with	ADP
cblr-8636	314	21	information	information	NOUN
cblr-8636	314	22	that	that	SCONJ
cblr-8636	314	23	the	the	DET
cblr-8636	314	24	stock	stock	NOUN
cblr-8636	314	25	is	be	AUX
cblr-8636	314	26	worth	worth	ADJ
cblr-8636	314	27	more	more	ADJ
cblr-8636	314	28	than	than	ADP
cblr-8636	314	29	the	the	DET
cblr-8636	314	30	market	market	NOUN
cblr-8636	314	31	maker	maker	NOUN
cblr-8636	314	32	’s	’s	PART
cblr-8636	314	33	offer	offer	NOUN
cblr-8636	314	34	,	,	PUNCT
cblr-8636	314	35	or	or	CCONJ
cblr-8636	314	36	buying	buy	VERB
cblr-8636	314	37	from	from	ADP
cblr-8636	314	38	someone	someone	PRON
cblr-8636	314	39	with	with	ADP
cblr-8636	314	40	information	information	NOUN
cblr-8636	314	41	that	that	SCONJ
cblr-8636	314	42	it	it	PRON
cblr-8636	314	43	is	be	AUX
cblr-8636	314	44	worth	worth	ADJ
cblr-8636	314	45	less	less	ADJ
cblr-8636	314	46	than	than	ADP
cblr-8636	314	47	the	the	DET
cblr-8636	314	48	market	market	NOUN
cblr-8636	314	49	maker	maker	NOUN
cblr-8636	314	50	’s	’s	PART
cblr-8636	314	51	bid	bid	NOUN
cblr-8636	314	52	.	.	PUNCT
cblr-8636	315	1	with	with	ADP
cblr-8636	315	2	competition	competition	NOUN
cblr-8636	315	3	among	among	ADP
cblr-8636	315	4	market	market	NOUN
cblr-8636	315	5	makers	maker	NOUN
cblr-8636	315	6	,	,	PUNCT
cblr-8636	315	7	this	this	DET
cblr-8636	315	8	reduction	reduction	NOUN
cblr-8636	315	9	in	in	ADP
cblr-8636	315	10	a	a	DET
cblr-8636	315	11	cost	cost	NOUN
cblr-8636	315	12	of	of	ADP
cblr-8636	315	13	doing	do	VERB
cblr-8636	315	14	business	business	NOUN
cblr-8636	315	15	presumably	presumably	ADV
cblr-8636	315	16	lowers	lower	VERB
cblr-8636	315	17	the	the	DET
cblr-8636	315	18	effective	effective	ADJ
cblr-8636	315	19	“	"	PUNCT
cblr-8636	315	20	price	price	NOUN
cblr-8636	315	21	”	"	PUNCT
cblr-8636	315	22	(	(	PUNCT
cblr-8636	315	23	half	half	DET
cblr-8636	315	24	the	the	DET
cblr-8636	315	25	spread	spread	NOUN
cblr-8636	315	26	between	between	ADP
cblr-8636	315	27	bid	bid	NOUN
cblr-8636	315	28	and	and	CCONJ
cblr-8636	315	29	ask	ask	NOUN
cblr-8636	315	30	)	)	PUNCT
cblr-8636	315	31	that	that	SCONJ
cblr-8636	315	32	market	market	NOUN
cblr-8636	315	33	makers	maker	NOUN
cblr-8636	315	34	“	"	PUNCT
cblr-8636	315	35	charge	charge	NOUN
cblr-8636	315	36	”	"	PUNCT
cblr-8636	315	37	for	for	ADP
cblr-8636	315	38	their	their	PRON
cblr-8636	315	39	liquidity	liquidity	NOUN
cblr-8636	315	40	-	-	PUNCT
cblr-8636	315	41	supplying	supply	VERB
cblr-8636	315	42	services	service	NOUN
cblr-8636	315	43	.	.	PUNCT
cblr-8636	316	1	but	but	CCONJ
cblr-8636	316	2	,	,	PUNCT
cblr-8636	316	3	despite	despite	SCONJ
cblr-8636	316	4	this	this	DET
cblr-8636	316	5	drop	drop	NOUN
cblr-8636	316	6	in	in	ADP
cblr-8636	316	7	price	price	NOUN
cblr-8636	316	8	,	,	PUNCT
cblr-8636	316	9	many	many	ADJ
cblr-8636	316	10	informed	informed	ADJ
cblr-8636	316	11	traders	trader	NOUN
cblr-8636	316	12	are	be	AUX
cblr-8636	316	13	worse	bad	ADJ
cblr-8636	316	14	off	off	ADP
cblr-8636	316	15	as	as	ADP
cblr-8636	316	16	a	a	DET
cblr-8636	316	17	result	result	NOUN
cblr-8636	316	18	of	of	ADP
cblr-8636	316	19	the	the	DET
cblr-8636	316	20	market	market	NOUN
cblr-8636	316	21	makers	maker	NOUN
cblr-8636	316	22	’	'	PUNCT
cblr-8636	316	23	access	access	NOUN
cblr-8636	316	24	to	to	ADP
cblr-8636	316	25	proprietary	proprietary	ADJ
cblr-8636	316	26	data	datum	NOUN
cblr-8636	316	27	.	.	PUNCT
cblr-8636	317	1	this	this	PRON
cblr-8636	317	2	is	be	AUX
cblr-8636	317	3	because	because	SCONJ
cblr-8636	317	4	the	the	DET
cblr-8636	317	5	traders	trader	NOUN
cblr-8636	317	6	find	find	VERB
cblr-8636	317	7	the	the	DET
cblr-8636	317	8	market	market	NOUN
cblr-8636	317	9	makers	maker	NOUN
cblr-8636	317	10	’	'	PUNCT
cblr-8636	317	11	quotes	quote	NOUN
cblr-8636	317	12	moving	move	VERB
cblr-8636	317	13	against	against	ADP
cblr-8636	317	14	them	they	PRON
cblr-8636	317	15	more	more	ADV
cblr-8636	317	16	quickly	quickly	ADV
cblr-8636	317	17	when	when	SCONJ
cblr-8636	317	18	they	they	PRON
cblr-8636	317	19	begin	begin	VERB
cblr-8636	317	20	trading	trade	VERB
cblr-8636	317	21	on	on	ADP
cblr-8636	317	22	a	a	DET
cblr-8636	317	23	piece	piece	NOUN
cblr-8636	317	24	of	of	ADP
cblr-8636	317	25	private	private	ADJ
cblr-8636	317	26	information	information	NOUN
cblr-8636	317	27	that	that	PRON
cblr-8636	317	28	suggests	suggest	VERB
cblr-8636	317	29	that	that	SCONJ
cblr-8636	317	30	a	a	DET
cblr-8636	317	31	security	security	NOUN
cblr-8636	317	32	is	be	AUX
cblr-8636	317	33	mispriced.55	mispriced.55	NOUN
cblr-8636	317	34	high	high	ADJ
cblr-8636	317	35	speed	speed	NOUN
cblr-8636	317	36	traders	trader	NOUN
cblr-8636	317	37	can	can	AUX
cblr-8636	317	38	also	also	ADV
cblr-8636	317	39	use	use	VERB
cblr-8636	317	40	proprietary	proprietary	ADJ
cblr-8636	317	41	data	datum	NOUN
cblr-8636	317	42	to	to	PART
cblr-8636	317	43	engage	engage	VERB
cblr-8636	317	44	in	in	ADP
cblr-8636	317	45	profitable	profitable	ADJ
cblr-8636	317	46	arbitrage	arbitrage	NOUN
cblr-8636	317	47	that	that	PRON
cblr-8636	317	48	takes	take	VERB
cblr-8636	317	49	advantage	advantage	NOUN
cblr-8636	317	50	of	of	ADP
cblr-8636	317	51	persons	person	NOUN
cblr-8636	317	52	who	who	PRON
cblr-8636	317	53	do	do	AUX
cblr-8636	317	54	not	not	PART
cblr-8636	317	55	change	change	VERB
cblr-8636	317	56	their	their	PRON
cblr-8636	317	57	quotes	quote	NOUN
cblr-8636	317	58	as	as	ADV
cblr-8636	317	59	quickly	quickly	ADV
cblr-8636	317	60	in	in	ADP
cblr-8636	317	61	response	response	NOUN
cblr-8636	317	62	to	to	ADP
cblr-8636	317	63	new	new	ADJ
cblr-8636	317	64	orders	order	NOUN
cblr-8636	317	65	53	53	NUM
cblr-8636	317	66	see	see	VERB
cblr-8636	317	67	fox	fox	PROPN
cblr-8636	317	68	et	et	PROPN
cblr-8636	317	69	al	al	PROPN
cblr-8636	317	70	.	.	PROPN
cblr-8636	317	71	,	,	PUNCT
cblr-8636	317	72	supra	supra	PROPN
cblr-8636	317	73	note	note	NOUN
cblr-8636	317	74	3	3	NUM
cblr-8636	317	75	,	,	PUNCT
cblr-8636	317	76	at	at	ADP
cblr-8636	317	77	126–27	126–27	NUM
cblr-8636	317	78	.	.	PUNCT
cblr-8636	317	79	54	54	NUM
cblr-8636	317	80	for	for	ADP
cblr-8636	317	81	a	a	DET
cblr-8636	317	82	brief	brief	ADJ
cblr-8636	317	83	introduction	introduction	NOUN
cblr-8636	317	84	to	to	ADP
cblr-8636	317	85	these	these	DET
cblr-8636	317	86	concepts	concept	NOUN
cblr-8636	317	87	,	,	PUNCT
cblr-8636	317	88	see	see	VERB
cblr-8636	317	89	i	i	PRON
cblr-8636	317	90	d.	d.	PROPN
cblr-8636	317	91	at	at	ADP
cblr-8636	317	92	20–23	20–23	PROPN
cblr-8636	317	93	.	.	PUNCT
cblr-8636	318	1	55	55	NUM
cblr-8636	318	2	cf	cf	NOUN
cblr-8636	318	3	.	.	PUNCT
cblr-8636	318	4	market	market	NOUN
cblr-8636	318	5	data	datum	NOUN
cblr-8636	318	6	infrastructure	infrastructure	NOUN
cblr-8636	318	7	,	,	PUNCT
cblr-8636	318	8	86	86	NUM
cblr-8636	318	9	fed	fed	PROPN
cblr-8636	318	10	.	.	PUNCT
cblr-8636	319	1	reg	reg	PROPN
cblr-8636	319	2	.	.	PROPN
cblr-8636	320	1	18,596	18,596	NUM
cblr-8636	320	2	,	,	PUNCT
cblr-8636	320	3	18,599	18,599	NUM
cblr-8636	320	4	&	&	CCONJ
cblr-8636	320	5	n.26	n.26	PROPN
cblr-8636	320	6	,	,	PUNCT
cblr-8636	320	7	18,560	18,560	NUM
cblr-8636	320	8	&	&	CCONJ
cblr-8636	320	9	n.28	n.28	PROPN
cblr-8636	320	10	(	(	PUNCT
cblr-8636	320	11	apr	apr	NOUN
cblr-8636	320	12	.	.	PROPN
cblr-8636	320	13	9	9	NUM
cblr-8636	320	14	,	,	PUNCT
cblr-8636	320	15	2021	2021	NUM
cblr-8636	320	16	)	)	PUNCT
cblr-8636	320	17	(	(	PUNCT
cblr-8636	320	18	to	to	PART
cblr-8636	320	19	be	be	AUX
cblr-8636	320	20	codified	codify	VERB
cblr-8636	320	21	at	at	ADP
cblr-8636	320	22	17	17	NUM
cblr-8636	320	23	c.f.r	c.f.r	NOUN
cblr-8636	320	24	.	.	PUNCT
cblr-8636	321	1	pts	pts	PROPN
cblr-8636	321	2	.	.	PROPN
cblr-8636	321	3	240	240	NUM
cblr-8636	321	4	,	,	PUNCT
cblr-8636	321	5	242	242	NUM
cblr-8636	321	6	,	,	PUNCT
cblr-8636	321	7	249	249	NUM
cblr-8636	321	8	)	)	PUNCT
cblr-8636	321	9	(	(	PUNCT
cblr-8636	321	10	noting	note	VERB
cblr-8636	321	11	the	the	DET
cblr-8636	321	12	disadvantages	disadvantage	NOUN
cblr-8636	321	13	experienced	experience	VERB
cblr-8636	321	14	by	by	ADP
cblr-8636	321	15	traders	trader	NOUN
cblr-8636	321	16	with	with	ADP
cblr-8636	321	17	slower	slow	ADJ
cblr-8636	321	18	or	or	CCONJ
cblr-8636	321	19	less	less	ADV
cblr-8636	321	20	comprehensive	comprehensive	ADJ
cblr-8636	321	21	access	access	NOUN
cblr-8636	321	22	to	to	ADP
cblr-8636	321	23	market	market	NOUN
cblr-8636	321	24	data	datum	NOUN
cblr-8636	321	25	)	)	PUNCT
cblr-8636	321	26	.	.	PUNCT
cblr-8636	322	1	fox	fox	PROPN
cblr-8636	322	2	et	et	PROPN
cblr-8636	322	3	al	al	PROPN
cblr-8636	322	4	.	.	PROPN
cblr-8636	323	1	8/22/2021	8/22/2021	NUM
cblr-8636	323	2	9:05	9:05	NUM
cblr-8636	323	3	pm	pm	NOUN
cblr-8636	323	4	no	no	INTJ
cblr-8636	323	5	.	.	PUNCT
cblr-8636	324	1	2:651	2:651	NUM
cblr-8636	324	2	]	]	X
cblr-8636	324	3	a	a	DET
cblr-8636	324	4	stakeholder	stakeholder	NOUN
cblr-8636	324	5	survey	survey	VERB
cblr-8636	324	6	673	673	NUM
cblr-8636	324	7	or	or	CCONJ
cblr-8636	324	8	quotes	quote	NOUN
cblr-8636	324	9	of	of	ADP
cblr-8636	324	10	others.56	others.56	NOUN
cblr-8636	324	11	brokers	broker	NOUN
cblr-8636	324	12	can	can	AUX
cblr-8636	324	13	use	use	VERB
cblr-8636	324	14	the	the	DET
cblr-8636	324	15	information	information	NOUN
cblr-8636	324	16	to	to	PART
cblr-8636	324	17	trade	trade	VERB
cblr-8636	324	18	for	for	ADP
cblr-8636	324	19	their	their	PRON
cblr-8636	324	20	clients	client	NOUN
cblr-8636	324	21	with	with	ADP
cblr-8636	324	22	less	less	ADJ
cblr-8636	324	23	impact	impact	NOUN
cblr-8636	324	24	on	on	ADP
cblr-8636	324	25	price	price	NOUN
cblr-8636	324	26	.	.	PUNCT
cblr-8636	325	1	the	the	DET
cblr-8636	325	2	sip	sip	NOUN
cblr-8636	325	3	does	do	AUX
cblr-8636	325	4	not	not	PART
cblr-8636	325	5	contain	contain	VERB
cblr-8636	325	6	information	information	NOUN
cblr-8636	325	7	about	about	ADP
cblr-8636	325	8	quotes	quote	NOUN
cblr-8636	325	9	that	that	PRON
cblr-8636	325	10	are	be	AUX
cblr-8636	325	11	inferior	inferior	ADJ
cblr-8636	325	12	to	to	ADP
cblr-8636	325	13	the	the	DET
cblr-8636	325	14	best	good	ADJ
cblr-8636	325	15	quotes	quote	NOUN
cblr-8636	325	16	on	on	ADP
cblr-8636	325	17	each	each	DET
cblr-8636	325	18	market	market	NOUN
cblr-8636	325	19	,	,	PUNCT
cblr-8636	325	20	referred	refer	VERB
cblr-8636	325	21	to	to	ADP
cblr-8636	325	22	as	as	ADP
cblr-8636	325	23	“	"	PUNCT
cblr-8636	325	24	depth	depth	NOUN
cblr-8636	325	25	of	of	ADP
cblr-8636	325	26	book	book	NOUN
cblr-8636	325	27	”	"	PUNCT
cblr-8636	325	28	information.57	information.57	NOUN
cblr-8636	325	29	this	this	DET
cblr-8636	325	30	information	information	NOUN
cblr-8636	325	31	may	may	AUX
cblr-8636	325	32	contain	contain	VERB
cblr-8636	325	33	hints	hint	NOUN
cblr-8636	325	34	about	about	ADP
cblr-8636	325	35	what	what	PRON
cblr-8636	325	36	the	the	DET
cblr-8636	325	37	persons	person	NOUN
cblr-8636	325	38	who	who	PRON
cblr-8636	325	39	posted	post	VERB
cblr-8636	325	40	the	the	DET
cblr-8636	325	41	quotes	quote	NOUN
cblr-8636	325	42	might	might	AUX
cblr-8636	325	43	know	know	VERB
cblr-8636	325	44	.	.	PUNCT
cblr-8636	326	1	and	and	CCONJ
cblr-8636	326	2	it	it	PRON
cblr-8636	326	3	is	be	AUX
cblr-8636	326	4	valuable	valuable	ADJ
cblr-8636	326	5	to	to	ADP
cblr-8636	326	6	brokers	broker	NOUN
cblr-8636	326	7	because	because	SCONJ
cblr-8636	326	8	often	often	ADV
cblr-8636	326	9	the	the	DET
cblr-8636	326	10	best	good	ADJ
cblr-8636	326	11	quote	quote	NOUN
cblr-8636	326	12	is	be	AUX
cblr-8636	326	13	only	only	ADV
cblr-8636	326	14	for	for	ADP
cblr-8636	326	15	the	the	DET
cblr-8636	326	16	purchase	purchase	NOUN
cblr-8636	326	17	or	or	CCONJ
cblr-8636	326	18	sale	sale	NOUN
cblr-8636	326	19	of	of	ADP
cblr-8636	326	20	a	a	DET
cblr-8636	326	21	small	small	ADJ
cblr-8636	326	22	number	number	NOUN
cblr-8636	326	23	of	of	ADP
cblr-8636	326	24	shares	share	NOUN
cblr-8636	326	25	,	,	PUNCT
cblr-8636	326	26	and	and	CCONJ
cblr-8636	326	27	so	so	ADV
cblr-8636	326	28	filling	fill	VERB
cblr-8636	326	29	a	a	DET
cblr-8636	326	30	larger	large	ADJ
cblr-8636	326	31	order	order	NOUN
cblr-8636	326	32	quickly	quickly	ADV
cblr-8636	326	33	will	will	AUX
cblr-8636	326	34	require	require	VERB
cblr-8636	326	35	transacting	transact	VERB
cblr-8636	326	36	against	against	ADP
cblr-8636	326	37	these	these	DET
cblr-8636	326	38	inferior	inferior	ADJ
cblr-8636	326	39	quotes	quote	NOUN
cblr-8636	326	40	as	as	SCONJ
cblr-8636	326	41	well.58	well.58	NOUN
cblr-8636	326	42	access	access	NOUN
cblr-8636	326	43	to	to	ADP
cblr-8636	326	44	this	this	DET
cblr-8636	326	45	depth	depth	NOUN
cblr-8636	326	46	of	of	ADP
cblr-8636	326	47	book	book	NOUN
cblr-8636	326	48	data	datum	NOUN
cblr-8636	326	49	is	be	AUX
cblr-8636	326	50	also	also	ADV
cblr-8636	326	51	sold	sell	VERB
cblr-8636	326	52	by	by	ADP
cblr-8636	326	53	exchanges	exchange	NOUN
cblr-8636	326	54	and	and	CCONJ
cblr-8636	326	55	is	be	AUX
cblr-8636	326	56	also	also	ADV
cblr-8636	326	57	referred	refer	VERB
cblr-8636	326	58	to	to	ADP
cblr-8636	326	59	as	as	SCONJ
cblr-8636	326	60	proprietary	proprietary	ADJ
cblr-8636	326	61	data.59	data.59	VERB
cblr-8636	326	62	a	a	DET
cblr-8636	326	63	number	number	NOUN
cblr-8636	326	64	of	of	ADP
cblr-8636	326	65	interviewees	interviewee	NOUN
cblr-8636	326	66	felt	feel	VERB
cblr-8636	326	67	that	that	SCONJ
cblr-8636	326	68	prices	price	NOUN
cblr-8636	326	69	for	for	ADP
cblr-8636	326	70	proprietary	proprietary	ADJ
cblr-8636	326	71	data	datum	NOUN
cblr-8636	326	72	were	be	AUX
cblr-8636	326	73	too	too	ADV
cblr-8636	326	74	high	high	ADJ
cblr-8636	326	75	.	.	PUNCT
cblr-8636	327	1	one	one	NUM
cblr-8636	327	2	member	member	NOUN
cblr-8636	327	3	of	of	ADP
cblr-8636	327	4	the	the	DET
cblr-8636	327	5	investment	investment	NOUN
cblr-8636	327	6	industry	industry	NOUN
cblr-8636	327	7	,	,	PUNCT
cblr-8636	327	8	who	who	PRON
cblr-8636	327	9	otherwise	otherwise	ADV
cblr-8636	327	10	lauded	laud	VERB
cblr-8636	327	11	the	the	DET
cblr-8636	327	12	markets	market	NOUN
cblr-8636	327	13	’	'	PUNCT
cblr-8636	327	14	functioning	function	VERB
cblr-8636	327	15	,	,	PUNCT
cblr-8636	327	16	felt	feel	VERB
cblr-8636	327	17	that	that	SCONJ
cblr-8636	327	18	prices	price	NOUN
cblr-8636	327	19	at	at	ADP
cblr-8636	327	20	current	current	ADJ
cblr-8636	327	21	levels	level	NOUN
cblr-8636	327	22	created	create	VERB
cblr-8636	327	23	persistent	persistent	ADJ
cblr-8636	327	24	inefficiencies	inefficiency	NOUN
cblr-8636	327	25	.	.	PUNCT
cblr-8636	328	1	although	although	SCONJ
cblr-8636	328	2	proprietary	proprietary	ADJ
cblr-8636	328	3	data	datum	NOUN
cblr-8636	328	4	at	at	ADP
cblr-8636	328	5	current	current	ADJ
cblr-8636	328	6	prices	price	NOUN
cblr-8636	328	7	appears	appear	VERB
cblr-8636	328	8	very	very	ADV
cblr-8636	328	9	profitable	profitable	ADJ
cblr-8636	328	10	for	for	ADP
cblr-8636	328	11	the	the	DET
cblr-8636	328	12	exchanges	exchange	NOUN
cblr-8636	328	13	,	,	PUNCT
cblr-8636	328	14	their	their	PRON
cblr-8636	328	15	practices	practice	NOUN
cblr-8636	328	16	vary	vary	VERB
cblr-8636	328	17	,	,	PUNCT
cblr-8636	328	18	and	and	CCONJ
cblr-8636	328	19	not	not	PART
cblr-8636	328	20	all	all	DET
cblr-8636	328	21	members	member	NOUN
cblr-8636	328	22	of	of	ADP
cblr-8636	328	23	the	the	DET
cblr-8636	328	24	exchange	exchange	NOUN
cblr-8636	328	25	community	community	NOUN
cblr-8636	328	26	defend	defend	VERB
cblr-8636	328	27	the	the	DET
cblr-8636	328	28	current	current	ADJ
cblr-8636	328	29	arrangements	arrangement	NOUN
cblr-8636	328	30	.	.	PUNCT
cblr-8636	329	1	one	one	NUM
cblr-8636	329	2	member	member	NOUN
cblr-8636	329	3	of	of	ADP
cblr-8636	329	4	the	the	DET
cblr-8636	329	5	broker	broker	NOUN
cblr-8636	329	6	-	-	PUNCT
cblr-8636	329	7	dealer	dealer	NOUN
cblr-8636	329	8	community	community	NOUN
cblr-8636	329	9	stated	state	VERB
cblr-8636	329	10	that	that	SCONJ
cblr-8636	329	11	the	the	DET
cblr-8636	329	12	cost	cost	NOUN
cblr-8636	329	13	of	of	ADP
cblr-8636	329	14	proprietary	proprietary	ADJ
cblr-8636	329	15	data	datum	NOUN
cblr-8636	329	16	was	be	AUX
cblr-8636	329	17	like	like	ADP
cblr-8636	329	18	a	a	DET
cblr-8636	329	19	tax	tax	NOUN
cblr-8636	329	20	on	on	ADP
cblr-8636	329	21	investors	investor	NOUN
cblr-8636	329	22	.	.	PUNCT
cblr-8636	330	1	as	as	SCONJ
cblr-8636	330	2	another	another	DET
cblr-8636	330	3	member	member	NOUN
cblr-8636	330	4	of	of	ADP
cblr-8636	330	5	the	the	DET
cblr-8636	330	6	exchange	exchange	NOUN
cblr-8636	330	7	community	community	NOUN
cblr-8636	330	8	pointed	point	VERB
cblr-8636	330	9	out	out	ADP
cblr-8636	330	10	,	,	PUNCT
cblr-8636	330	11	relying	rely	VERB
cblr-8636	330	12	solely	solely	ADV
cblr-8636	330	13	on	on	ADP
cblr-8636	330	14	the	the	DET
cblr-8636	330	15	sip	sip	NOUN
cblr-8636	330	16	for	for	ADP
cblr-8636	330	17	market	market	NOUN
cblr-8636	330	18	data	datum	NOUN
cblr-8636	330	19	is	be	AUX
cblr-8636	330	20	insufficient	insufficient	ADJ
cblr-8636	330	21	for	for	SCONJ
cblr-8636	330	22	brokers	broker	NOUN
cblr-8636	330	23	to	to	PART
cblr-8636	330	24	meet	meet	VERB
cblr-8636	330	25	their	their	PRON
cblr-8636	330	26	obligation	obligation	NOUN
cblr-8636	330	27	to	to	PART
cblr-8636	330	28	execute	execute	VERB
cblr-8636	330	29	their	their	PRON
cblr-8636	330	30	customers	customer	NOUN
cblr-8636	330	31	’	’	PART
cblr-8636	330	32	orders	order	NOUN
cblr-8636	330	33	on	on	ADP
cblr-8636	330	34	the	the	DET
cblr-8636	330	35	best	good	ADJ
cblr-8636	330	36	terms	term	NOUN
cblr-8636	330	37	practicable	practicable	ADJ
cblr-8636	330	38	(	(	PUNCT
cblr-8636	330	39	referred	refer	VERB
cblr-8636	330	40	to	to	ADP
cblr-8636	330	41	as	as	SCONJ
cblr-8636	330	42	the	the	DET
cblr-8636	330	43	broker	broker	NOUN
cblr-8636	330	44	’s	’s	PART
cblr-8636	330	45	“	"	PUNCT
cblr-8636	330	46	best	good	ADJ
cblr-8636	330	47	execution	execution	NOUN
cblr-8636	330	48	”	"	PUNCT
cblr-8636	330	49	duty),60	duty),60	NOUN
cblr-8636	330	50	which	which	PRON
cblr-8636	330	51	essentially	essentially	ADV
cblr-8636	330	52	forces	force	VERB
cblr-8636	330	53	brokers	broker	NOUN
cblr-8636	330	54	to	to	PART
cblr-8636	330	55	pay	pay	VERB
cblr-8636	330	56	the	the	DET
cblr-8636	330	57	very	very	ADV
cblr-8636	330	58	high	high	ADJ
cblr-8636	330	59	price	price	NOUN
cblr-8636	330	60	for	for	ADP
cblr-8636	330	61	data	datum	NOUN
cblr-8636	330	62	that	that	PRON
cblr-8636	330	63	most	most	ADJ
cblr-8636	330	64	exchanges	exchange	NOUN
cblr-8636	330	65	charge.61	charge.61	VERB
cblr-8636	330	66	and	and	CCONJ
cblr-8636	330	67	at	at	ADV
cblr-8636	330	68	least	least	ADV
cblr-8636	330	69	one	one	NUM
cblr-8636	330	70	member	member	NOUN
cblr-8636	330	71	of	of	ADP
cblr-8636	330	72	the	the	DET
cblr-8636	330	73	exchange	exchange	NOUN
cblr-8636	330	74	56	56	NUM
cblr-8636	330	75	see	see	NOUN
cblr-8636	330	76	,	,	PUNCT
cblr-8636	330	77	e.g.	e.g.	ADV
cblr-8636	330	78	,	,	PUNCT
cblr-8636	330	79	stanislav	stanislav	ADJ
cblr-8636	330	80	dolgopolov	dolgopolov	PROPN
cblr-8636	330	81	,	,	PUNCT
cblr-8636	330	82	wholesaling	wholesale	VERB
cblr-8636	330	83	best	good	ADJ
cblr-8636	330	84	execution	execution	NOUN
cblr-8636	330	85	:	:	PUNCT
cblr-8636	330	86	how	how	SCONJ
cblr-8636	330	87	entangled	entangle	VERB
cblr-8636	330	88	are	be	AUX
cblr-8636	330	89	off	off	ADP
cblr-8636	330	90	-	-	PUNCT
cblr-8636	330	91	exchange	exchange	NOUN
cblr-8636	330	92	market	market	NOUN
cblr-8636	330	93	makers	maker	NOUN
cblr-8636	330	94	,	,	PUNCT
cblr-8636	330	95	11	11	NUM
cblr-8636	330	96	va	va	NOUN
cblr-8636	330	97	.	.	PUNCT
cblr-8636	330	98	l.	l.	PROPN
cblr-8636	330	99	&	&	CCONJ
cblr-8636	330	100	bus	bus	PROPN
cblr-8636	330	101	.	.	PUNCT
cblr-8636	331	1	rev	rev	PROPN
cblr-8636	331	2	.	.	PROPN
cblr-8636	331	3	149	149	NUM
cblr-8636	331	4	,	,	PUNCT
cblr-8636	331	5	189	189	NUM
cblr-8636	331	6	(	(	PUNCT
cblr-8636	331	7	2016	2016	NUM
cblr-8636	331	8	)	)	PUNCT
cblr-8636	331	9	.	.	PUNCT
cblr-8636	332	1	57	57	NUM
cblr-8636	332	2	fox	fox	NOUN
cblr-8636	332	3	et	et	PROPN
cblr-8636	332	4	al	al	PROPN
cblr-8636	332	5	.	.	PROPN
cblr-8636	332	6	,	,	PUNCT
cblr-8636	332	7	supra	supra	PROPN
cblr-8636	332	8	note	note	NOUN
cblr-8636	332	9	3	3	NUM
cblr-8636	332	10	,	,	PUNCT
cblr-8636	332	11	at	at	ADP
cblr-8636	332	12	28	28	NUM
cblr-8636	332	13	.	.	PUNCT
cblr-8636	332	14	58	58	NUM
cblr-8636	332	15	for	for	ADP
cblr-8636	332	16	an	an	DET
cblr-8636	332	17	illustration	illustration	NOUN
cblr-8636	332	18	of	of	ADP
cblr-8636	332	19	this	this	PRON
cblr-8636	332	20	,	,	PUNCT
cblr-8636	332	21	see	see	VERB
cblr-8636	332	22	i	i	PRON
cblr-8636	332	23	d.	d.	PROPN
cblr-8636	332	24	at	at	ADP
cblr-8636	332	25	27–28	27–28	NUM
cblr-8636	332	26	.	.	PROPN
cblr-8636	333	1	59	59	NUM
cblr-8636	334	1	i	i	PRON
cblr-8636	334	2	d.	d.	PROPN
cblr-8636	334	3	at	at	ADP
cblr-8636	334	4	126	126	NUM
cblr-8636	334	5	.	.	PUNCT
cblr-8636	335	1	60	60	NUM
cblr-8636	335	2	see	see	VERB
cblr-8636	335	3	fox	fox	PROPN
cblr-8636	335	4	et	et	PROPN
cblr-8636	335	5	al	al	PROPN
cblr-8636	335	6	.	.	PROPN
cblr-8636	335	7	,	,	PUNCT
cblr-8636	335	8	supra	supra	PROPN
cblr-8636	335	9	note	note	NOUN
cblr-8636	335	10	3	3	NUM
cblr-8636	335	11	,	,	PUNCT
cblr-8636	335	12	at	at	ADP
cblr-8636	335	13	265–67	265–67	NUM
cblr-8636	335	14	(	(	PUNCT
cblr-8636	335	15	discussing	discuss	VERB
cblr-8636	335	16	the	the	DET
cblr-8636	335	17	best	good	ADJ
cblr-8636	335	18	execution	execution	NOUN
cblr-8636	335	19	duty	duty	NOUN
cblr-8636	335	20	)	)	PUNCT
cblr-8636	335	21	.	.	PUNCT
cblr-8636	336	1	61	61	NUM
cblr-8636	336	2	for	for	ADP
cblr-8636	336	3	similar	similar	ADJ
cblr-8636	336	4	views	view	NOUN
cblr-8636	336	5	,	,	PUNCT
cblr-8636	336	6	see	see	VERB
cblr-8636	336	7	market	market	NOUN
cblr-8636	336	8	data	datum	NOUN
cblr-8636	336	9	infrastructure	infrastructure	NOUN
cblr-8636	336	10	,	,	PUNCT
cblr-8636	336	11	86	86	NUM
cblr-8636	336	12	fed	fed	PROPN
cblr-8636	336	13	.	.	PUNCT
cblr-8636	337	1	reg	reg	PROPN
cblr-8636	337	2	.	.	PUNCT
cblr-8636	338	1	at	at	ADP
cblr-8636	338	2	18,560	18,560	NUM
cblr-8636	338	3	n.28	n.28	SYM
cblr-8636	338	4	.	.	PROPN
cblr-8636	338	5	fox	fox	PROPN
cblr-8636	338	6	et	et	PROPN
cblr-8636	338	7	al	al	PROPN
cblr-8636	338	8	.	.	PROPN
cblr-8636	339	1	8/22/2021	8/22/2021	NUM
cblr-8636	339	2	9:05	9:05	NUM
cblr-8636	339	3	pm	pm	NOUN
cblr-8636	339	4	674	674	NUM
cblr-8636	339	5	columbia	columbia	PROPN
cblr-8636	339	6	business	business	NOUN
cblr-8636	339	7	law	law	PROPN
cblr-8636	339	8	review	review	NOUN
cblr-8636	339	9	[	[	X
cblr-8636	339	10	vol	vol	NOUN
cblr-8636	339	11	.	.	NOUN
cblr-8636	339	12	2021	2021	NUM
cblr-8636	339	13	community	community	NOUN
cblr-8636	339	14	explicitly	explicitly	ADV
cblr-8636	339	15	expressed	express	VERB
cblr-8636	339	16	a	a	DET
cblr-8636	339	17	desire	desire	NOUN
cblr-8636	339	18	for	for	ADP
cblr-8636	339	19	additional	additional	ADJ
cblr-8636	339	20	regulation	regulation	NOUN
cblr-8636	339	21	around	around	ADP
cblr-8636	339	22	market	market	NOUN
cblr-8636	339	23	data	datum	NOUN
cblr-8636	339	24	pricing	pricing	NOUN
cblr-8636	339	25	—	—	PUNCT
cblr-8636	339	26	as	as	SCONJ
cblr-8636	339	27	they	they	PRON
cblr-8636	339	28	and	and	CCONJ
cblr-8636	339	29	others	other	NOUN
cblr-8636	339	30	worried	worry	VERB
cblr-8636	339	31	that	that	SCONJ
cblr-8636	339	32	exchanges	exchange	NOUN
cblr-8636	339	33	had	have	VERB
cblr-8636	339	34	more	more	ADJ
cblr-8636	339	35	incentive	incentive	NOUN
cblr-8636	339	36	to	to	PART
cblr-8636	339	37	serve	serve	VERB
cblr-8636	339	38	the	the	DET
cblr-8636	339	39	interests	interest	NOUN
cblr-8636	339	40	of	of	ADP
cblr-8636	339	41	high	high	ADJ
cblr-8636	339	42	frequency	frequency	NOUN
cblr-8636	339	43	traders	trader	NOUN
cblr-8636	339	44	(	(	PUNCT
cblr-8636	339	45	hfts	hft	NOUN
cblr-8636	339	46	)	)	PUNCT
cblr-8636	339	47	and	and	CCONJ
cblr-8636	339	48	brokers	broker	NOUN
cblr-8636	339	49	than	than	ADP
cblr-8636	339	50	the	the	DET
cblr-8636	339	51	interests	interest	NOUN
cblr-8636	339	52	of	of	ADP
cblr-8636	339	53	longer	long	ADJ
cblr-8636	339	54	-	-	PUNCT
cblr-8636	339	55	term	term	NOUN
cblr-8636	339	56	investors	investor	NOUN
cblr-8636	339	57	—	—	PUNCT
cblr-8636	339	58	and	and	CCONJ
cblr-8636	339	59	for	for	ADP
cblr-8636	339	60	better	well	ADJ
cblr-8636	339	61	enforcement	enforcement	NOUN
cblr-8636	339	62	of	of	ADP
cblr-8636	339	63	existing	exist	VERB
cblr-8636	339	64	regulations	regulation	NOUN
cblr-8636	339	65	.	.	PUNCT
cblr-8636	340	1	b.	b.	PROPN
cblr-8636	340	2	rebates	rebate	NOUN
cblr-8636	340	3	and	and	CCONJ
cblr-8636	340	4	user	user	NOUN
cblr-8636	340	5	fees	fee	NOUN
cblr-8636	340	6	most	most	ADJ
cblr-8636	340	7	exchanges	exchange	NOUN
cblr-8636	340	8	pay	pay	VERB
cblr-8636	340	9	a	a	DET
cblr-8636	340	10	broker	broker	NOUN
cblr-8636	340	11	a	a	DET
cblr-8636	340	12	rebate	rebate	NOUN
cblr-8636	340	13	per	per	ADP
cblr-8636	340	14	share	share	NOUN
cblr-8636	340	15	for	for	ADP
cblr-8636	340	16	every	every	DET
cblr-8636	340	17	standing	stand	VERB
cblr-8636	340	18	limit	limit	NOUN
cblr-8636	340	19	order	order	NOUN
cblr-8636	340	20	sent	send	VERB
cblr-8636	340	21	by	by	ADP
cblr-8636	340	22	the	the	DET
cblr-8636	340	23	broker	broker	NOUN
cblr-8636	340	24	that	that	PRON
cblr-8636	340	25	is	be	AUX
cblr-8636	340	26	executed	execute	VERB
cblr-8636	340	27	against	against	ADP
cblr-8636	340	28	(	(	PUNCT
cblr-8636	340	29	thus	thus	ADV
cblr-8636	340	30	rewarding	reward	VERB
cblr-8636	340	31	the	the	DET
cblr-8636	340	32	person	person	NOUN
cblr-8636	340	33	making	make	VERB
cblr-8636	340	34	liquidity	liquidity	NOUN
cblr-8636	340	35	)	)	PUNCT
cblr-8636	340	36	and	and	CCONJ
cblr-8636	340	37	charge	charge	VERB
cblr-8636	340	38	a	a	DET
cblr-8636	340	39	somewhat	somewhat	ADV
cblr-8636	340	40	larger	large	ADJ
cblr-8636	340	41	fee	fee	NOUN
cblr-8636	340	42	per	per	ADP
cblr-8636	340	43	share	share	NOUN
cblr-8636	340	44	for	for	ADP
cblr-8636	340	45	every	every	DET
cblr-8636	340	46	marketable	marketable	ADJ
cblr-8636	340	47	order	order	NOUN
cblr-8636	340	48	that	that	PRON
cblr-8636	340	49	executes	execute	VERB
cblr-8636	340	50	against	against	ADP
cblr-8636	340	51	a	a	DET
cblr-8636	340	52	standing	stand	VERB
cblr-8636	340	53	limit	limit	NOUN
cblr-8636	340	54	order	order	NOUN
cblr-8636	340	55	(	(	PUNCT
cblr-8636	340	56	thus	thus	ADV
cblr-8636	340	57	charging	charge	VERB
cblr-8636	340	58	the	the	DET
cblr-8636	340	59	person	person	NOUN
cblr-8636	340	60	who	who	PRON
cblr-8636	340	61	takes	take	VERB
cblr-8636	340	62	liquidity).62	liquidity).62	PROPN
cblr-8636	340	63	this	this	PRON
cblr-8636	340	64	is	be	AUX
cblr-8636	340	65	the	the	DET
cblr-8636	340	66	“	"	PUNCT
cblr-8636	340	67	makertaker	makertaker	NOUN
cblr-8636	340	68	”	"	PUNCT
cblr-8636	340	69	fee	fee	NOUN
cblr-8636	340	70	system.63	system.63	NOUN
cblr-8636	340	71	a	a	DET
cblr-8636	340	72	few	few	ADJ
cblr-8636	340	73	exchanges	exchange	NOUN
cblr-8636	340	74	do	do	VERB
cblr-8636	340	75	the	the	DET
cblr-8636	340	76	opposite	opposite	NOUN
cblr-8636	340	77	,	,	PUNCT
cblr-8636	340	78	operating	operate	VERB
cblr-8636	340	79	“	"	PUNCT
cblr-8636	340	80	taker	taker	NOUN
cblr-8636	340	81	-	-	PUNCT
cblr-8636	340	82	maker	maker	NOUN
cblr-8636	340	83	”	"	PUNCT
cblr-8636	340	84	fee	fee	NOUN
cblr-8636	340	85	systems.64	systems.64	NOUN
cblr-8636	340	86	and	and	CCONJ
cblr-8636	340	87	one	one	NUM
cblr-8636	340	88	exchange	exchange	NOUN
cblr-8636	340	89	charges	charge	VERB
cblr-8636	340	90	the	the	DET
cblr-8636	340	91	same	same	ADJ
cblr-8636	340	92	smaller	small	ADJ
cblr-8636	340	93	fee	fee	NOUN
cblr-8636	340	94	to	to	ADP
cblr-8636	340	95	both	both	CCONJ
cblr-8636	340	96	the	the	DET
cblr-8636	340	97	liquidity	liquidity	NOUN
cblr-8636	340	98	maker	maker	NOUN
cblr-8636	340	99	and	and	CCONJ
cblr-8636	340	100	taker.65	taker.65	NOUN
cblr-8636	340	101	importantly	importantly	ADV
cblr-8636	340	102	,	,	PUNCT
cblr-8636	340	103	in	in	ADP
cblr-8636	340	104	all	all	DET
cblr-8636	340	105	these	these	DET
cblr-8636	340	106	arrangements	arrangement	NOUN
cblr-8636	340	107	the	the	DET
cblr-8636	340	108	rebates	rebate	NOUN
cblr-8636	340	109	go	go	VERB
cblr-8636	340	110	to	to	ADP
cblr-8636	340	111	,	,	PUNCT
cblr-8636	340	112	and	and	CCONJ
cblr-8636	340	113	the	the	DET
cblr-8636	340	114	fees	fee	NOUN
cblr-8636	340	115	are	be	AUX
cblr-8636	340	116	charged	charge	VERB
cblr-8636	340	117	to	to	ADP
cblr-8636	340	118	,	,	PUNCT
cblr-8636	340	119	the	the	DET
cblr-8636	340	120	broker	broker	NOUN
cblr-8636	340	121	submitting	submit	VERB
cblr-8636	340	122	the	the	DET
cblr-8636	340	123	order	order	NOUN
cblr-8636	340	124	,	,	PUNCT
cblr-8636	340	125	not	not	PART
cblr-8636	340	126	the	the	DET
cblr-8636	340	127	customer	customer	NOUN
cblr-8636	340	128	for	for	ADP
cblr-8636	340	129	whom	whom	PRON
cblr-8636	340	130	the	the	DET
cblr-8636	340	131	order	order	NOUN
cblr-8636	340	132	is	be	AUX
cblr-8636	340	133	being	be	AUX
cblr-8636	340	134	submitted.66	submitted.66	ADP
cblr-8636	340	135	the	the	DET
cblr-8636	340	136	maker	maker	NOUN
cblr-8636	340	137	-	-	PUNCT
cblr-8636	340	138	taker	taker	NOUN
cblr-8636	340	139	and	and	CCONJ
cblr-8636	340	140	taker	taker	NOUN
cblr-8636	340	141	-	-	PUNCT
cblr-8636	340	142	maker	maker	NOUN
cblr-8636	340	143	systems	system	NOUN
cblr-8636	340	144	raised	raise	VERB
cblr-8636	340	145	concerns	concern	NOUN
cblr-8636	340	146	among	among	ADP
cblr-8636	340	147	some	some	DET
cblr-8636	340	148	interviewees	interviewee	NOUN
cblr-8636	340	149	about	about	ADP
cblr-8636	340	150	brokers	broker	NOUN
cblr-8636	340	151	’	'	PUNCT
cblr-8636	340	152	conflicts	conflict	NOUN
cblr-8636	340	153	of	of	ADP
cblr-8636	340	154	interest	interest	NOUN
cblr-8636	340	155	:	:	PUNCT
cblr-8636	340	156	the	the	DET
cblr-8636	340	157	broker	broker	NOUN
cblr-8636	340	158	,	,	PUNCT
cblr-8636	340	159	rather	rather	ADV
cblr-8636	340	160	than	than	ADP
cblr-8636	340	161	seeking	seek	VERB
cblr-8636	340	162	best	best	ADJ
cblr-8636	340	163	execution	execution	NOUN
cblr-8636	340	164	of	of	ADP
cblr-8636	340	165	the	the	DET
cblr-8636	340	166	transaction	transaction	NOUN
cblr-8636	340	167	that	that	PRON
cblr-8636	340	168	its	its	PRON
cblr-8636	340	169	customer	customer	NOUN
cblr-8636	340	170	wishes	wish	VERB
cblr-8636	340	171	to	to	PART
cblr-8636	340	172	undertake	undertake	VERB
cblr-8636	340	173	,	,	PUNCT
cblr-8636	340	174	might	might	AUX
cblr-8636	340	175	send	send	VERB
cblr-8636	340	176	its	its	PRON
cblr-8636	340	177	orders	order	NOUN
cblr-8636	340	178	to	to	ADP
cblr-8636	340	179	an	an	DET
cblr-8636	340	180	exchange	exchange	NOUN
cblr-8636	340	181	with	with	ADP
cblr-8636	340	182	,	,	PUNCT
cblr-8636	340	183	say	say	INTJ
cblr-8636	340	184	,	,	PUNCT
cblr-8636	340	185	the	the	DET
cblr-8636	340	186	largest	large	ADJ
cblr-8636	340	187	rebates	rebate	NOUN
cblr-8636	340	188	or	or	CCONJ
cblr-8636	340	189	lowest	low	ADJ
cblr-8636	340	190	fees	fee	NOUN
cblr-8636	340	191	.	.	PUNCT
cblr-8636	341	1	as	as	SCONJ
cblr-8636	341	2	one	one	NUM
cblr-8636	341	3	interviewee	interviewee	NOUN
cblr-8636	341	4	noted	note	VERB
cblr-8636	341	5	,	,	PUNCT
cblr-8636	341	6	it	it	PRON
cblr-8636	341	7	is	be	AUX
cblr-8636	341	8	very	very	ADV
cblr-8636	341	9	difficult	difficult	ADJ
cblr-8636	341	10	to	to	PART
cblr-8636	341	11	see	see	VERB
cblr-8636	341	12	which	which	PRON
cblr-8636	341	13	brokers	broker	NOUN
cblr-8636	341	14	are	be	AUX
cblr-8636	341	15	receiving	receive	VERB
cblr-8636	341	16	rebates	rebate	NOUN
cblr-8636	341	17	for	for	ADP
cblr-8636	341	18	which	which	PRON
cblr-8636	341	19	trades	trade	NOUN
cblr-8636	341	20	and	and	CCONJ
cblr-8636	341	21	thus	thus	ADV
cblr-8636	341	22	to	to	PART
cblr-8636	341	23	monitor	monitor	VERB
cblr-8636	341	24	brokers	broker	NOUN
cblr-8636	341	25	to	to	PART
cblr-8636	341	26	see	see	VERB
cblr-8636	341	27	if	if	SCONJ
cblr-8636	341	28	the	the	DET
cblr-8636	341	29	rebates	rebate	NOUN
cblr-8636	341	30	and	and	CCONJ
cblr-8636	341	31	fees	fee	NOUN
cblr-8636	341	32	are	be	AUX
cblr-8636	341	33	inducing	induce	VERB
cblr-8636	341	34	them	they	PRON
cblr-8636	341	35	to	to	PART
cblr-8636	341	36	violate	violate	VERB
cblr-8636	341	37	their	their	PRON
cblr-8636	341	38	duties	duty	NOUN
cblr-8636	341	39	of	of	ADP
cblr-8636	341	40	best	good	ADJ
cblr-8636	341	41	execution	execution	NOUN
cblr-8636	341	42	.	.	PUNCT
cblr-8636	342	1	some	some	DET
cblr-8636	342	2	62	62	NUM
cblr-8636	342	3	fox	fox	NOUN
cblr-8636	342	4	et	et	PROPN
cblr-8636	342	5	al	al	PROPN
cblr-8636	342	6	.	.	PROPN
cblr-8636	342	7	,	,	PUNCT
cblr-8636	342	8	supra	supra	PROPN
cblr-8636	342	9	note	note	NOUN
cblr-8636	342	10	3	3	NUM
cblr-8636	342	11	,	,	PUNCT
cblr-8636	342	12	281–82	281–82	NUM
cblr-8636	342	13	.	.	PUNCT
cblr-8636	343	1	63	63	NUM
cblr-8636	344	1	i	i	PRON
cblr-8636	344	2	d.	d.	PROPN
cblr-8636	344	3	64	64	NUM
cblr-8636	345	1	i	i	PRON
cblr-8636	345	2	d.	d.	PROPN
cblr-8636	345	3	at	at	ADP
cblr-8636	345	4	282	282	NUM
cblr-8636	345	5	.	.	PUNCT
cblr-8636	346	1	65	65	NUM
cblr-8636	346	2	see	see	VERB
cblr-8636	346	3	investors	investor	NOUN
cblr-8636	346	4	exchange	exchange	NOUN
cblr-8636	346	5	fee	fee	NOUN
cblr-8636	346	6	schedule	schedule	NOUN
cblr-8636	346	7	,	,	PUNCT
cblr-8636	346	8	invs	invs	NOUN
cblr-8636	346	9	.	.	PUNCT
cblr-8636	347	1	exch	exch	PROPN
cblr-8636	347	2	.	.	PUNCT
cblr-8636	348	1	(	(	PUNCT
cblr-8636	348	2	apr	apr	NOUN
cblr-8636	348	3	.	.	PROPN
cblr-8636	348	4	1	1	NUM
cblr-8636	348	5	,	,	PUNCT
cblr-8636	348	6	2021	2021	NUM
cblr-8636	348	7	)	)	PUNCT
cblr-8636	348	8	,	,	PUNCT
cblr-8636	348	9	https://iextrading.com/trading/fees/	https://iextrading.com/trading/fees/	PROPN
cblr-8636	349	1	[	[	X
cblr-8636	349	2	https://perma.cc/47za-33dz	https://perma.cc/47za-33dz	X
cblr-8636	349	3	]	]	X
cblr-8636	349	4	(	(	PUNCT
cblr-8636	349	5	advertising	advertise	VERB
cblr-8636	349	6	this	this	DET
cblr-8636	349	7	system	system	NOUN
cblr-8636	349	8	for	for	ADP
cblr-8636	349	9	at	at	ADP
cblr-8636	349	10	least	least	ADJ
cblr-8636	349	11	some	some	PRON
cblr-8636	349	12	trades	trade	NOUN
cblr-8636	349	13	)	)	PUNCT
cblr-8636	349	14	.	.	PUNCT
cblr-8636	350	1	66	66	NUM
cblr-8636	350	2	see	see	VERB
cblr-8636	350	3	,	,	PUNCT
cblr-8636	350	4	e.g.	e.g.	ADV
cblr-8636	350	5	,	,	PUNCT
cblr-8636	350	6	i	i	PROPN
cblr-8636	350	7	d.	d.	PROPN
cblr-8636	350	8	fox	fox	PROPN
cblr-8636	350	9	et	et	PROPN
cblr-8636	350	10	al	al	PROPN
cblr-8636	350	11	.	.	PROPN
cblr-8636	351	1	8/22/2021	8/22/2021	NUM
cblr-8636	351	2	9:05	9:05	NUM
cblr-8636	351	3	pm	pm	NOUN
cblr-8636	351	4	no	no	INTJ
cblr-8636	351	5	.	.	PUNCT
cblr-8636	352	1	2:651	2:651	NUM
cblr-8636	352	2	]	]	X
cblr-8636	352	3	a	a	DET
cblr-8636	352	4	stakeholder	stakeholder	NOUN
cblr-8636	352	5	survey	survey	VERB
cblr-8636	352	6	675	675	NUM
cblr-8636	352	7	interviewees	interviewee	NOUN
cblr-8636	352	8	worried	worry	VERB
cblr-8636	352	9	that	that	SCONJ
cblr-8636	352	10	such	such	ADJ
cblr-8636	352	11	violations	violation	NOUN
cblr-8636	352	12	are	be	AUX
cblr-8636	352	13	occurring	occur	VERB
cblr-8636	352	14	.	.	PUNCT
cblr-8636	353	1	as	as	SCONJ
cblr-8636	353	2	one	one	NUM
cblr-8636	353	3	member	member	NOUN
cblr-8636	353	4	of	of	ADP
cblr-8636	353	5	the	the	DET
cblr-8636	353	6	broker	broker	NOUN
cblr-8636	353	7	-	-	PUNCT
cblr-8636	353	8	dealer	dealer	NOUN
cblr-8636	353	9	community	community	NOUN
cblr-8636	353	10	told	tell	VERB
cblr-8636	353	11	us	we	PRON
cblr-8636	353	12	,	,	PUNCT
cblr-8636	353	13	brokers	broker	NOUN
cblr-8636	353	14	would	would	AUX
cblr-8636	353	15	continue	continue	VERB
cblr-8636	353	16	to	to	PART
cblr-8636	353	17	trade	trade	VERB
cblr-8636	353	18	on	on	ADP
cblr-8636	353	19	exchanges	exchange	NOUN
cblr-8636	353	20	that	that	PRON
cblr-8636	353	21	offered	offer	VERB
cblr-8636	353	22	them	they	PRON
cblr-8636	353	23	rebates	rebate	VERB
cblr-8636	353	24	,	,	PUNCT
cblr-8636	353	25	regardless	regardless	ADV
cblr-8636	353	26	of	of	ADP
cblr-8636	353	27	client	client	NOUN
cblr-8636	353	28	execution	execution	NOUN
cblr-8636	353	29	,	,	PUNCT
cblr-8636	353	30	and	and	CCONJ
cblr-8636	353	31	those	those	DET
cblr-8636	353	32	exchanges	exchange	NOUN
cblr-8636	353	33	would	would	AUX
cblr-8636	353	34	continue	continue	VERB
cblr-8636	353	35	to	to	PART
cblr-8636	353	36	offer	offer	VERB
cblr-8636	353	37	rebates	rebate	NOUN
cblr-8636	353	38	in	in	ADP
cblr-8636	353	39	order	order	NOUN
cblr-8636	353	40	to	to	PART
cblr-8636	353	41	attract	attract	VERB
cblr-8636	353	42	business	business	NOUN
cblr-8636	353	43	,	,	PUNCT
cblr-8636	353	44	creating	create	VERB
cblr-8636	353	45	a	a	DET
cblr-8636	353	46	conflict	conflict	NOUN
cblr-8636	353	47	of	of	ADP
cblr-8636	353	48	interest	interest	NOUN
cblr-8636	353	49	.	.	PUNCT
cblr-8636	354	1	while	while	SCONJ
cblr-8636	354	2	acknowledging	acknowledge	VERB
cblr-8636	354	3	the	the	DET
cblr-8636	354	4	difficulty	difficulty	NOUN
cblr-8636	354	5	of	of	ADP
cblr-8636	354	6	quantifying	quantify	VERB
cblr-8636	354	7	differences	difference	NOUN
cblr-8636	354	8	in	in	ADP
cblr-8636	354	9	execution	execution	NOUN
cblr-8636	354	10	quality	quality	NOUN
cblr-8636	354	11	,	,	PUNCT
cblr-8636	354	12	this	this	DET
cblr-8636	354	13	interviewee	interviewee	NOUN
cblr-8636	354	14	suggested	suggest	VERB
cblr-8636	354	15	that	that	SCONJ
cblr-8636	354	16	a	a	DET
cblr-8636	354	17	system	system	NOUN
cblr-8636	354	18	for	for	ADP
cblr-8636	354	19	more	more	ADV
cblr-8636	354	20	efficiently	efficiently	ADV
cblr-8636	354	21	aligning	align	VERB
cblr-8636	354	22	incentives	incentive	NOUN
cblr-8636	354	23	would	would	AUX
cblr-8636	354	24	require	require	VERB
cblr-8636	354	25	everyone	everyone	PRON
cblr-8636	354	26	that	that	PRON
cblr-8636	354	27	places	place	VERB
cblr-8636	354	28	an	an	DET
cblr-8636	354	29	order	order	NOUN
cblr-8636	354	30	that	that	PRON
cblr-8636	354	31	executes	execute	VERB
cblr-8636	354	32	,	,	PUNCT
cblr-8636	354	33	whether	whether	SCONJ
cblr-8636	354	34	they	they	PRON
cblr-8636	354	35	are	be	AUX
cblr-8636	354	36	the	the	DET
cblr-8636	354	37	party	party	NOUN
cblr-8636	354	38	making	make	VERB
cblr-8636	354	39	the	the	DET
cblr-8636	354	40	liquidity	liquidity	NOUN
cblr-8636	354	41	or	or	CCONJ
cblr-8636	354	42	the	the	DET
cblr-8636	354	43	one	one	NOUN
cblr-8636	354	44	taking	take	VERB
cblr-8636	354	45	it	it	PRON
cblr-8636	354	46	,	,	PUNCT
cblr-8636	354	47	to	to	PART
cblr-8636	354	48	pay	pay	VERB
cblr-8636	354	49	a	a	DET
cblr-8636	354	50	set	set	VERB
cblr-8636	354	51	per	per	ADP
cblr-8636	354	52	-	-	PUNCT
cblr-8636	354	53	share	share	NOUN
cblr-8636	354	54	fee	fee	NOUN
cblr-8636	354	55	for	for	ADP
cblr-8636	354	56	using	use	VERB
cblr-8636	354	57	the	the	DET
cblr-8636	354	58	exchange	exchange	NOUN
cblr-8636	354	59	based	base	VERB
cblr-8636	354	60	on	on	ADP
cblr-8636	354	61	some	some	DET
cblr-8636	354	62	kind	kind	NOUN
cblr-8636	354	63	of	of	ADP
cblr-8636	354	64	cost	cost	NOUN
cblr-8636	354	65	-	-	PUNCT
cblr-8636	354	66	plus	plus	NOUN
cblr-8636	354	67	formula	formula	NOUN
cblr-8636	354	68	.	.	PUNCT
cblr-8636	355	1	concern	concern	NOUN
cblr-8636	355	2	over	over	ADP
cblr-8636	355	3	conflicts	conflict	NOUN
cblr-8636	355	4	of	of	ADP
cblr-8636	355	5	interest	interest	NOUN
cblr-8636	355	6	in	in	ADP
cblr-8636	355	7	part	part	NOUN
cblr-8636	355	8	prompted	prompt	VERB
cblr-8636	355	9	interest	interest	NOUN
cblr-8636	355	10	from	from	ADP
cblr-8636	355	11	at	at	ADP
cblr-8636	355	12	least	least	ADJ
cblr-8636	355	13	a	a	DET
cblr-8636	355	14	few	few	ADJ
cblr-8636	355	15	interviewees	interviewee	NOUN
cblr-8636	355	16	in	in	ADP
cblr-8636	355	17	memx	memx	PROPN
cblr-8636	355	18	,	,	PUNCT
cblr-8636	355	19	a	a	DET
cblr-8636	355	20	new	new	ADJ
cblr-8636	355	21	exchange	exchange	NOUN
cblr-8636	355	22	that	that	PRON
cblr-8636	355	23	the	the	DET
cblr-8636	355	24	sec	sec	PROPN
cblr-8636	355	25	approved	approve	VERB
cblr-8636	355	26	in	in	ADP
cblr-8636	355	27	may	may	PROPN
cblr-8636	355	28	202067	202067	NUM
cblr-8636	355	29	and	and	CCONJ
cblr-8636	355	30	that	that	PRON
cblr-8636	355	31	is	be	AUX
cblr-8636	355	32	being	be	AUX
cblr-8636	355	33	backed	back	VERB
cblr-8636	355	34	by	by	ADP
cblr-8636	355	35	institutional	institutional	ADJ
cblr-8636	355	36	investors.68	investors.68	PROPN
cblr-8636	355	37	memx	memx	PROPN
cblr-8636	355	38	,	,	PUNCT
cblr-8636	355	39	according	accord	VERB
cblr-8636	355	40	to	to	ADP
cblr-8636	355	41	is	be	AUX
cblr-8636	355	42	proponents	proponent	NOUN
cblr-8636	355	43	,	,	PUNCT
cblr-8636	355	44	is	be	AUX
cblr-8636	355	45	designed	design	VERB
cblr-8636	355	46	to	to	PART
cblr-8636	355	47	cost	cost	VERB
cblr-8636	355	48	less	less	ADJ
cblr-8636	355	49	and	and	CCONJ
cblr-8636	355	50	be	be	AUX
cblr-8636	355	51	more	more	ADV
cblr-8636	355	52	transparent	transparent	ADJ
cblr-8636	355	53	than	than	ADP
cblr-8636	355	54	existing	exist	VERB
cblr-8636	355	55	exchanges.69	exchanges.69	NOUN
cblr-8636	355	56	c.	c.	PROPN
cblr-8636	355	57	order	order	NOUN
cblr-8636	355	58	protection	protection	NOUN
cblr-8636	355	59	rule	rule	NOUN
cblr-8636	355	60	under	under	ADP
cblr-8636	355	61	the	the	DET
cblr-8636	355	62	sec	sec	PROPN
cblr-8636	355	63	’s	’s	PART
cblr-8636	355	64	nms	nms	NOUN
cblr-8636	355	65	rule	rule	NOUN
cblr-8636	355	66	611	611	NUM
cblr-8636	355	67	(	(	PUNCT
cblr-8636	355	68	known	know	VERB
cblr-8636	355	69	as	as	ADP
cblr-8636	355	70	the	the	DET
cblr-8636	355	71	order	order	NOUN
cblr-8636	355	72	protection	protection	NOUN
cblr-8636	355	73	rule	rule	NOUN
cblr-8636	355	74	)	)	PUNCT
cblr-8636	355	75	,	,	PUNCT
cblr-8636	355	76	in	in	ADP
cblr-8636	355	77	most	most	ADJ
cblr-8636	355	78	circumstances	circumstance	NOUN
cblr-8636	355	79	,	,	PUNCT
cblr-8636	355	80	a	a	DET
cblr-8636	355	81	marketable	marketable	ADJ
cblr-8636	355	82	buy	buy	NOUN
cblr-8636	355	83	or	or	CCONJ
cblr-8636	355	84	sell	sell	VERB
cblr-8636	355	85	order	order	NOUN
cblr-8636	355	86	sent	send	VERB
cblr-8636	355	87	to	to	ADP
cblr-8636	355	88	an	an	DET
cblr-8636	355	89	exchange	exchange	NOUN
cblr-8636	355	90	whose	whose	DET
cblr-8636	355	91	best	good	ADJ
cblr-8636	355	92	quote	quote	NOUN
cblr-8636	355	93	for	for	ADP
cblr-8636	355	94	the	the	DET
cblr-8636	355	95	stock	stock	NOUN
cblr-8636	355	96	is	be	AUX
cblr-8636	355	97	inferior	inferior	ADJ
cblr-8636	355	98	to	to	ADP
cblr-8636	355	99	the	the	DET
cblr-8636	355	100	best	good	ADJ
cblr-8636	355	101	quote	quote	NOUN
cblr-8636	355	102	on	on	ADP
cblr-8636	355	103	some	some	DET
cblr-8636	355	104	other	other	ADJ
cblr-8636	355	105	exchange	exchange	NOUN
cblr-8636	355	106	must	must	AUX
cblr-8636	355	107	be	be	AUX
cblr-8636	355	108	sent	send	VERB
cblr-8636	355	109	on	on	ADP
cblr-8636	355	110	to	to	ADP
cblr-8636	355	111	that	that	DET
cblr-8636	355	112	other	other	ADJ
cblr-8636	355	113	exchange.70	exchange.70	PROPN
cblr-8636	355	114	when	when	SCONJ
cblr-8636	355	115	the	the	DET
cblr-8636	355	116	rule	rule	NOUN
cblr-8636	355	117	was	be	AUX
cblr-8636	355	118	introduced	introduce	VERB
cblr-8636	355	119	,	,	PUNCT
cblr-8636	355	120	it	it	PRON
cblr-8636	355	121	was	be	AUX
cblr-8636	355	122	justified	justify	VERB
cblr-8636	355	123	as	as	ADP
cblr-8636	355	124	both	both	PRON
cblr-8636	355	125	assuring	assure	VERB
cblr-8636	355	126	retail	retail	ADJ
cblr-8636	355	127	investors	investor	NOUN
cblr-8636	355	128	that	that	SCONJ
cblr-8636	355	129	they	they	PRON
cblr-8636	355	130	would	would	AUX
cblr-8636	355	131	get	get	VERB
cblr-8636	355	132	best	good	ADJ
cblr-8636	355	133	execution	execution	NOUN
cblr-8636	355	134	and	and	CCONJ
cblr-8636	355	135	helping	help	VERB
cblr-8636	355	136	the	the	DET
cblr-8636	355	137	competitive	competitive	ADJ
cblr-8636	355	138	position	position	NOUN
cblr-8636	355	139	of	of	ADP
cblr-8636	355	140	new	new	ADJ
cblr-8636	355	141	entrant	entrant	ADJ
cblr-8636	355	142	exchanges	exchange	NOUN
cblr-8636	355	143	,	,	PUNCT
cblr-8636	355	144	which	which	PRON
cblr-8636	355	145	,	,	PUNCT
cblr-8636	355	146	because	because	SCONJ
cblr-8636	355	147	they	they	PRON
cblr-8636	355	148	were	be	AUX
cblr-8636	355	149	initially	initially	ADV
cblr-8636	355	150	small	small	ADJ
cblr-8636	355	151	,	,	PUNCT
cblr-8636	355	152	might	might	AUX
cblr-8636	355	153	not	not	PART
cblr-8636	355	154	have	have	VERB
cblr-8636	355	155	their	their	PRON
cblr-8636	355	156	quotes	quote	NOUN
cblr-8636	355	157	67	67	NUM
cblr-8636	355	158	memx	memx	PROPN
cblr-8636	355	159	llc	llc	PROPN
cblr-8636	355	160	,	,	PUNCT
cblr-8636	355	161	85	85	NUM
cblr-8636	355	162	fed	feed	VERB
cblr-8636	355	163	.	.	PUNCT
cblr-8636	356	1	reg	reg	PROPN
cblr-8636	356	2	.	.	PROPN
cblr-8636	356	3	27,451	27,451	NUM
cblr-8636	356	4	,	,	PUNCT
cblr-8636	356	5	27,451	27,451	NUM
cblr-8636	356	6	(	(	PUNCT
cblr-8636	356	7	u.s	u.s	PROPN
cblr-8636	356	8	.	.	PROPN
cblr-8636	356	9	sec	sec	PROPN
cblr-8636	356	10	.	.	PROPN
cblr-8636	356	11	&	&	CCONJ
cblr-8636	356	12	exch	exch	PROPN
cblr-8636	356	13	.	.	PUNCT
cblr-8636	357	1	comm’n	comm’n	PROPN
cblr-8636	357	2	may	may	AUX
cblr-8636	357	3	8	8	NUM
cblr-8636	357	4	,	,	PUNCT
cblr-8636	357	5	2020	2020	NUM
cblr-8636	357	6	)	)	PUNCT
cblr-8636	357	7	.	.	PUNCT
cblr-8636	358	1	68	68	NUM
cblr-8636	358	2	see	see	VERB
cblr-8636	358	3	philip	philip	PROPN
cblr-8636	358	4	stafford	stafford	PROPN
cblr-8636	358	5	,	,	PUNCT
cblr-8636	358	6	blackrock	blackrock	PROPN
cblr-8636	358	7	throws	throw	VERB
cblr-8636	358	8	support	support	NOUN
cblr-8636	358	9	behind	behind	ADP
cblr-8636	358	10	us	us	PROPN
cblr-8636	358	11	exchange	exchange	NOUN
cblr-8636	358	12	start	start	VERB
cblr-8636	358	13	-	-	PUNCT
cblr-8636	358	14	up	up	ADP
cblr-8636	358	15	memx	memx	PROPN
cblr-8636	358	16	,	,	PUNCT
cblr-8636	358	17	fin	fin	PROPN
cblr-8636	358	18	.	.	PUNCT
cblr-8636	359	1	times	times	PROPN
cblr-8636	359	2	(	(	PUNCT
cblr-8636	359	3	may	may	PROPN
cblr-8636	359	4	12	12	NUM
cblr-8636	359	5	,	,	PUNCT
cblr-8636	359	6	2020	2020	NUM
cblr-8636	359	7	)	)	PUNCT
cblr-8636	359	8	(	(	PUNCT
cblr-8636	359	9	on	on	ADP
cblr-8636	359	10	file	file	NOUN
cblr-8636	359	11	with	with	ADP
cblr-8636	359	12	the	the	DET
cblr-8636	359	13	columbia	columbia	PROPN
cblr-8636	359	14	business	business	PROPN
cblr-8636	359	15	law	law	PROPN
cblr-8636	359	16	review	review	PROPN
cblr-8636	359	17	)	)	PUNCT
cblr-8636	359	18	,	,	PUNCT
cblr-8636	359	19	https://www.ft.com/content/6aad5b60-5378-476f9636-4d06017fff9e	https://www.ft.com/content/6aad5b60-5378-476f9636-4d06017fff9e	PROPN
cblr-8636	359	20	.	.	PUNCT
cblr-8636	359	21	69	69	NUM
cblr-8636	359	22	see	see	VERB
cblr-8636	359	23	memx	memx	PROPN
cblr-8636	359	24	home	home	NOUN
cblr-8636	359	25	page	page	NOUN
cblr-8636	359	26	,	,	PUNCT
cblr-8636	359	27	members	members	PROPN
cblr-8636	359	28	exch	exch	PROPN
cblr-8636	359	29	.	.	PROPN
cblr-8636	359	30	,	,	PUNCT
cblr-8636	359	31	https://memx.com/	https://memx.com/	PROPN
cblr-8636	359	32	[	[	X
cblr-8636	359	33	https://perma.cc/68av-y7bu	https://perma.cc/68av-y7bu	NOUN
cblr-8636	359	34	]	]	X
cblr-8636	359	35	(	(	PUNCT
cblr-8636	359	36	last	last	ADJ
cblr-8636	359	37	visited	visit	VERB
cblr-8636	359	38	apr	apr	NOUN
cblr-8636	359	39	.	.	PROPN
cblr-8636	359	40	4	4	NUM
cblr-8636	359	41	,	,	PUNCT
cblr-8636	359	42	2021	2021	NUM
cblr-8636	359	43	)	)	PUNCT
cblr-8636	359	44	.	.	PUNCT
cblr-8636	360	1	70	70	NUM
cblr-8636	360	2	17	17	NUM
cblr-8636	360	3	cfr	cfr	NOUN
cblr-8636	360	4	§	§	PROPN
cblr-8636	360	5	242.611(a	242.611(a	NUM
cblr-8636	360	6	)	)	PUNCT
cblr-8636	360	7	(	(	PUNCT
cblr-8636	360	8	2020	2020	NUM
cblr-8636	360	9	)	)	PUNCT
cblr-8636	360	10	.	.	PUNCT
cblr-8636	361	1	fox	fox	PROPN
cblr-8636	361	2	et	et	PROPN
cblr-8636	361	3	al	al	PROPN
cblr-8636	361	4	.	.	PROPN
cblr-8636	362	1	8/22/2021	8/22/2021	NUM
cblr-8636	362	2	9:05	9:05	NUM
cblr-8636	362	3	pm	pm	NOUN
cblr-8636	362	4	676	676	NUM
cblr-8636	362	5	columbia	columbia	PROPN
cblr-8636	362	6	business	business	NOUN
cblr-8636	362	7	law	law	NOUN
cblr-8636	362	8	review	review	NOUN
cblr-8636	362	9	[	[	X
cblr-8636	362	10	vol	vol	NOUN
cblr-8636	362	11	.	.	PUNCT
cblr-8636	362	12	2021	2021	NUM
cblr-8636	362	13	executed	execute	VERB
cblr-8636	362	14	against	against	ADP
cblr-8636	362	15	—	—	PUNCT
cblr-8636	362	16	even	even	ADV
cblr-8636	362	17	when	when	SCONJ
cblr-8636	362	18	those	those	DET
cblr-8636	362	19	quotes	quote	NOUN
cblr-8636	362	20	were	be	AUX
cblr-8636	362	21	the	the	DET
cblr-8636	362	22	best	good	ADJ
cblr-8636	362	23	—	—	PUNCT
cblr-8636	362	24	and	and	CCONJ
cblr-8636	362	25	hence	hence	ADV
cblr-8636	362	26	not	not	PART
cblr-8636	362	27	attract	attract	VERB
cblr-8636	362	28	many	many	ADJ
cblr-8636	362	29	quotes	quote	NOUN
cblr-8636	362	30	in	in	ADP
cblr-8636	362	31	the	the	DET
cblr-8636	362	32	first	first	ADJ
cblr-8636	362	33	place.71	place.71	NOUN
cblr-8636	362	34	multiple	multiple	ADJ
cblr-8636	362	35	institutional	institutional	ADJ
cblr-8636	362	36	investor	investor	NOUN
cblr-8636	362	37	interviewees	interviewee	NOUN
cblr-8636	362	38	criticized	criticize	VERB
cblr-8636	362	39	the	the	DET
cblr-8636	362	40	rule	rule	NOUN
cblr-8636	362	41	,	,	PUNCT
cblr-8636	362	42	however	however	ADV
cblr-8636	362	43	,	,	PUNCT
cblr-8636	362	44	for	for	ADP
cblr-8636	362	45	complicating	complicate	VERB
cblr-8636	362	46	the	the	DET
cblr-8636	362	47	filling	filling	NOUN
cblr-8636	362	48	of	of	ADP
cblr-8636	362	49	larger	large	ADJ
cblr-8636	362	50	orders	order	NOUN
cblr-8636	362	51	.	.	PUNCT
cblr-8636	363	1	one	one	NUM
cblr-8636	363	2	such	such	ADJ
cblr-8636	363	3	interviewee	interviewee	NOUN
cblr-8636	363	4	,	,	PUNCT
cblr-8636	363	5	who	who	PRON
cblr-8636	363	6	did	do	AUX
cblr-8636	363	7	not	not	PART
cblr-8636	363	8	like	like	VERB
cblr-8636	363	9	the	the	DET
cblr-8636	363	10	order	order	NOUN
cblr-8636	363	11	protection	protection	NOUN
cblr-8636	363	12	rule	rule	NOUN
cblr-8636	363	13	because	because	SCONJ
cblr-8636	363	14	it	it	PRON
cblr-8636	363	15	created	create	VERB
cblr-8636	363	16	risks	risk	NOUN
cblr-8636	363	17	when	when	SCONJ
cblr-8636	363	18	sourcing	source	VERB
cblr-8636	363	19	liquidity	liquidity	NOUN
cblr-8636	363	20	,	,	PUNCT
cblr-8636	363	21	suggested	suggest	VERB
cblr-8636	363	22	that	that	SCONJ
cblr-8636	363	23	applying	apply	VERB
cblr-8636	363	24	the	the	DET
cblr-8636	363	25	rule	rule	NOUN
cblr-8636	363	26	differently	differently	ADV
cblr-8636	363	27	to	to	ADP
cblr-8636	363	28	institutional	institutional	ADJ
cblr-8636	363	29	and	and	CCONJ
cblr-8636	363	30	retail	retail	ADJ
cblr-8636	363	31	order	order	NOUN
cblr-8636	363	32	flows	flow	NOUN
cblr-8636	363	33	could	could	AUX
cblr-8636	363	34	help	help	VERB
cblr-8636	363	35	.	.	PUNCT
cblr-8636	364	1	this	this	DET
cblr-8636	364	2	interviewee	interviewee	NOUN
cblr-8636	364	3	’s	’s	PART
cblr-8636	364	4	enthusiasm	enthusiasm	NOUN
cblr-8636	364	5	for	for	ADP
cblr-8636	364	6	the	the	DET
cblr-8636	364	7	institutional	institutional	ADJ
cblr-8636	364	8	-	-	PUNCT
cblr-8636	364	9	investor	investor	NOUN
cblr-8636	364	10	-	-	PUNCT
cblr-8636	364	11	backed	back	VERB
cblr-8636	364	12	memx	memx	PROPN
cblr-8636	364	13	exchange	exchange	NOUN
cblr-8636	364	14	in	in	ADP
cblr-8636	364	15	part	part	NOUN
cblr-8636	364	16	reflected	reflect	VERB
cblr-8636	364	17	the	the	DET
cblr-8636	364	18	role	role	NOUN
cblr-8636	364	19	that	that	PRON
cblr-8636	364	20	this	this	DET
cblr-8636	364	21	exchange	exchange	NOUN
cblr-8636	364	22	could	could	AUX
cblr-8636	364	23	play	play	VERB
cblr-8636	364	24	in	in	ADP
cblr-8636	364	25	such	such	DET
cblr-8636	364	26	an	an	DET
cblr-8636	364	27	approach	approach	NOUN
cblr-8636	364	28	.	.	PUNCT
cblr-8636	365	1	d.	d.	PROPN
cblr-8636	365	2	fragmentation	fragmentation	NOUN
cblr-8636	365	3	as	as	ADV
cblr-8636	365	4	recently	recently	ADV
cblr-8636	365	5	as	as	ADP
cblr-8636	365	6	the	the	DET
cblr-8636	365	7	early	early	ADJ
cblr-8636	365	8	1990s	1990	NOUN
cblr-8636	365	9	,	,	PUNCT
cblr-8636	365	10	trading	trade	VERB
cblr-8636	365	11	the	the	DET
cblr-8636	365	12	stock	stock	NOUN
cblr-8636	365	13	of	of	ADP
cblr-8636	365	14	any	any	DET
cblr-8636	365	15	significant	significant	ADJ
cblr-8636	365	16	,	,	PUNCT
cblr-8636	365	17	publicly	publicly	ADV
cblr-8636	365	18	traded	trade	VERB
cblr-8636	365	19	company	company	NOUN
cblr-8636	365	20	“	"	PUNCT
cblr-8636	365	21	was	be	AUX
cblr-8636	365	22	still	still	ADV
cblr-8636	365	23	largely	largely	ADV
cblr-8636	365	24	confined	confine	VERB
cblr-8636	365	25	to	to	ADP
cblr-8636	365	26	a	a	DET
cblr-8636	365	27	single	single	ADJ
cblr-8636	365	28	venue	venue	NOUN
cblr-8636	365	29	,	,	PUNCT
cblr-8636	365	30	either	either	CCONJ
cblr-8636	365	31	nasdaq	nasdaq	PROPN
cblr-8636	365	32	or	or	CCONJ
cblr-8636	365	33	the	the	DET
cblr-8636	365	34	new	new	PROPN
cblr-8636	365	35	york	york	PROPN
cblr-8636	365	36	stock	stock	PROPN
cblr-8636	365	37	exchange	exchange	PROPN
cblr-8636	365	38	(	(	PUNCT
cblr-8636	365	39	nyse).”72	nyse).”72	PROPN
cblr-8636	365	40	today	today	NOUN
cblr-8636	365	41	,	,	PUNCT
cblr-8636	365	42	any	any	DET
cblr-8636	365	43	given	give	VERB
cblr-8636	365	44	stock	stock	NOUN
cblr-8636	365	45	is	be	AUX
cblr-8636	365	46	potentially	potentially	ADV
cblr-8636	365	47	traded	trade	VERB
cblr-8636	365	48	on	on	ADP
cblr-8636	365	49	each	each	PRON
cblr-8636	365	50	of	of	ADP
cblr-8636	365	51	almost	almost	ADV
cblr-8636	365	52	seventy	seventy	NUM
cblr-8636	365	53	-	-	PUNCT
cblr-8636	365	54	five	five	NUM
cblr-8636	365	55	competing	compete	VERB
cblr-8636	365	56	venues	venue	NOUN
cblr-8636	365	57	:	:	PUNCT
cblr-8636	365	58	more	more	ADJ
cblr-8636	365	59	than	than	ADP
cblr-8636	365	60	a	a	DET
cblr-8636	365	61	dozen	dozen	NOUN
cblr-8636	365	62	exchanges	exchange	NOUN
cblr-8636	365	63	and	and	CCONJ
cblr-8636	365	64	almost	almost	ADV
cblr-8636	365	65	fifty	fifty	NUM
cblr-8636	365	66	dark	dark	ADJ
cblr-8636	365	67	pools.73	pools.73	NOUN
cblr-8636	365	68	this	this	DET
cblr-8636	365	69	transformation	transformation	NOUN
cblr-8636	365	70	is	be	AUX
cblr-8636	365	71	a	a	DET
cblr-8636	365	72	product	product	NOUN
cblr-8636	365	73	of	of	ADP
cblr-8636	365	74	both	both	CCONJ
cblr-8636	365	75	the	the	DET
cblr-8636	365	76	huge	huge	ADJ
cblr-8636	365	77	“	"	PUNCT
cblr-8636	365	78	increases	increase	NOUN
cblr-8636	365	79	in	in	ADP
cblr-8636	365	80	the	the	DET
cblr-8636	365	81	speed	speed	NOUN
cblr-8636	365	82	of	of	ADP
cblr-8636	365	83	communication	communication	NOUN
cblr-8636	365	84	and	and	CCONJ
cblr-8636	365	85	calculation	calculation	NOUN
cblr-8636	365	86	that	that	PRON
cblr-8636	365	87	have	have	AUX
cblr-8636	365	88	arisen	arise	VERB
cblr-8636	365	89	from	from	ADP
cblr-8636	365	90	the	the	DET
cblr-8636	365	91	information	information	NOUN
cblr-8636	365	92	technology	technology	NOUN
cblr-8636	365	93	revolution	revolution	NOUN
cblr-8636	365	94	”	"	PUNCT
cblr-8636	365	95	and	and	CCONJ
cblr-8636	365	96	deliberate	deliberate	ADJ
cblr-8636	365	97	choices	choice	NOUN
cblr-8636	365	98	in	in	ADP
cblr-8636	365	99	the	the	DET
cblr-8636	365	100	way	way	NOUN
cblr-8636	365	101	stock	stock	NOUN
cblr-8636	365	102	trading	trading	NOUN
cblr-8636	365	103	is	be	AUX
cblr-8636	365	104	regulated.74	regulated.74	NOUN
cblr-8636	365	105	going	go	VERB
cblr-8636	365	106	back	back	ADV
cblr-8636	365	107	as	as	ADV
cblr-8636	365	108	far	far	ADV
cblr-8636	365	109	as	as	ADP
cblr-8636	365	110	the	the	DET
cblr-8636	365	111	1970s	1970	NOUN
cblr-8636	365	112	,	,	PUNCT
cblr-8636	365	113	congress	congress	PROPN
cblr-8636	365	114	and	and	CCONJ
cblr-8636	365	115	the	the	DET
cblr-8636	365	116	sec	sec	PROPN
cblr-8636	365	117	anticipated	anticipate	VERB
cblr-8636	365	118	that	that	SCONJ
cblr-8636	365	119	developing	develop	VERB
cblr-8636	365	120	technology	technology	NOUN
cblr-8636	365	121	could	could	AUX
cblr-8636	365	122	,	,	PUNCT
cblr-8636	365	123	on	on	ADP
cblr-8636	365	124	the	the	DET
cblr-8636	365	125	one	one	NUM
cblr-8636	365	126	hand	hand	NOUN
cblr-8636	365	127	,	,	PUNCT
cblr-8636	365	128	achieve	achieve	VERB
cblr-8636	365	129	the	the	DET
cblr-8636	365	130	advantages	advantage	NOUN
cblr-8636	365	131	of	of	ADP
cblr-8636	365	132	competition	competition	NOUN
cblr-8636	365	133	——	——	PUNCT
cblr-8636	365	134	lower	low	ADJ
cblr-8636	365	135	prices	price	NOUN
cblr-8636	365	136	,	,	PUNCT
cblr-8636	365	137	better	well	ADJ
cblr-8636	365	138	customer	customer	NOUN
cblr-8636	365	139	service	service	NOUN
cblr-8636	365	140	,	,	PUNCT
cblr-8636	365	141	and	and	CCONJ
cblr-8636	365	142	more	more	ADJ
cblr-8636	365	143	innovation	innovation	NOUN
cblr-8636	365	144	—	—	PUNCT
cblr-8636	365	145	and	and	CCONJ
cblr-8636	365	146	,	,	PUNCT
cblr-8636	365	147	on	on	ADP
cblr-8636	365	148	the	the	DET
cblr-8636	365	149	other	other	ADJ
cblr-8636	365	150	hand	hand	NOUN
cblr-8636	365	151	,	,	PUNCT
cblr-8636	365	152	because	because	SCONJ
cblr-8636	365	153	markets	market	NOUN
cblr-8636	365	154	would	would	AUX
cblr-8636	365	155	be	be	AUX
cblr-8636	365	156	better	well	ADV
cblr-8636	365	157	connected	connect	VERB
cblr-8636	365	158	,	,	PUNCT
cblr-8636	365	159	decrease	decrease	VERB
cblr-8636	365	160	the	the	DET
cblr-8636	365	161	risk	risk	NOUN
cblr-8636	365	162	that	that	SCONJ
cblr-8636	365	163	a	a	DET
cblr-8636	365	164	buyer	buyer	NOUN
cblr-8636	365	165	and	and	CCONJ
cblr-8636	365	166	seller	seller	NOUN
cblr-8636	365	167	,	,	PUNCT
cblr-8636	365	168	each	each	PRON
cblr-8636	365	169	willing	willing	ADJ
cblr-8636	365	170	to	to	PART
cblr-8636	365	171	transact	transact	VERB
cblr-8636	365	172	for	for	ADP
cblr-8636	365	173	a	a	DET
cblr-8636	365	174	71	71	NUM
cblr-8636	365	175	see	see	NOUN
cblr-8636	365	176	regulation	regulation	NOUN
cblr-8636	365	177	nms	nms	NOUN
cblr-8636	365	178	,	,	PUNCT
cblr-8636	365	179	70	70	NUM
cblr-8636	365	180	fed	feed	VERB
cblr-8636	365	181	.	.	PUNCT
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cblr-8636	366	4	,	,	PUNCT
cblr-8636	366	5	37,501	37,501	NUM
cblr-8636	366	6	(	(	PUNCT
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cblr-8636	366	8	29	29	NUM
cblr-8636	366	9	,	,	PUNCT
cblr-8636	366	10	2005	2005	NUM
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cblr-8636	366	12	(	(	PUNCT
cblr-8636	366	13	codified	codify	VERB
cblr-8636	366	14	as	as	SCONJ
cblr-8636	366	15	amended	amend	VERB
cblr-8636	366	16	in	in	ADP
cblr-8636	366	17	scattered	scattered	ADJ
cblr-8636	366	18	parts	part	NOUN
cblr-8636	366	19	of	of	ADP
cblr-8636	366	20	17	17	NUM
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cblr-8636	367	1	(	(	PUNCT
cblr-8636	367	2	giving	give	VERB
cblr-8636	367	3	best	good	ADJ
cblr-8636	367	4	execution	execution	NOUN
cblr-8636	367	5	and	and	CCONJ
cblr-8636	367	6	competition	competition	NOUN
cblr-8636	367	7	justifications	justification	NOUN
cblr-8636	367	8	)	)	PUNCT
cblr-8636	367	9	.	.	PUNCT
cblr-8636	368	1	72	72	NUM
cblr-8636	368	2	see	see	VERB
cblr-8636	368	3	fox	fox	PROPN
cblr-8636	368	4	et	et	PROPN
cblr-8636	368	5	al	al	PROPN
cblr-8636	368	6	.	.	PROPN
cblr-8636	368	7	,	,	PUNCT
cblr-8636	368	8	supra	supra	PROPN
cblr-8636	368	9	note	note	NOUN
cblr-8636	368	10	3	3	NUM
cblr-8636	368	11	,	,	PUNCT
cblr-8636	368	12	at	at	ADP
cblr-8636	368	13	13	13	NUM
cblr-8636	368	14	(	(	PUNCT
cblr-8636	368	15	emphasis	emphasis	NOUN
cblr-8636	368	16	added	add	VERB
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cblr-8636	369	1	73	73	NUM
cblr-8636	370	1	i	i	PRON
cblr-8636	370	2	d.	d.	PROPN
cblr-8636	370	3	(	(	PUNCT
cblr-8636	370	4	citing	cite	VERB
cblr-8636	370	5	laura	laura	PROPN
cblr-8636	370	6	tuttle	tuttle	PROPN
cblr-8636	370	7	,	,	PUNCT
cblr-8636	370	8	alternative	alternative	ADJ
cblr-8636	370	9	trading	trading	NOUN
cblr-8636	370	10	systems	system	NOUN
cblr-8636	370	11	:	:	PUNCT
cblr-8636	370	12	description	description	NOUN
cblr-8636	370	13	of	of	ADP
cblr-8636	370	14	ats	ats	PROPN
cblr-8636	370	15	trading	trading	NOUN
cblr-8636	370	16	in	in	ADP
cblr-8636	370	17	national	national	ADJ
cblr-8636	370	18	market	market	NOUN
cblr-8636	370	19	system	system	NOUN
cblr-8636	370	20	stocks	stock	NOUN
cblr-8636	370	21	5–6	5–6	NUM
cblr-8636	370	22	(	(	PUNCT
cblr-8636	370	23	2013	2013	NUM
cblr-8636	370	24	)	)	PUNCT
cblr-8636	370	25	,	,	PUNCT
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cblr-8636	371	1	[	[	X
cblr-8636	371	2	https://perma.cc/88gd-gw4u	https://perma.cc/88gd-gw4u	X
cblr-8636	371	3	]	]	PUNCT
cblr-8636	371	4	)	)	PUNCT
cblr-8636	371	5	.	.	PUNCT
cblr-8636	372	1	74	74	NUM
cblr-8636	373	1	i	i	PRON
cblr-8636	373	2	d.	d.	PROPN
cblr-8636	373	3	at	at	ADP
cblr-8636	373	4	14	14	NUM
cblr-8636	373	5	.	.	PUNCT
cblr-8636	374	1	fox	fox	PROPN
cblr-8636	374	2	et	et	PROPN
cblr-8636	374	3	al	al	PROPN
cblr-8636	374	4	.	.	PROPN
cblr-8636	375	1	8/22/2021	8/22/2021	NUM
cblr-8636	375	2	9:05	9:05	NUM
cblr-8636	375	3	pm	pm	NOUN
cblr-8636	375	4	no	no	INTJ
cblr-8636	375	5	.	.	PUNCT
cblr-8636	376	1	2:651	2:651	NUM
cblr-8636	376	2	]	]	X
cblr-8636	376	3	a	a	DET
cblr-8636	376	4	stakeholder	stakeholder	NOUN
cblr-8636	376	5	survey	survey	VERB
cblr-8636	376	6	677	677	NUM
cblr-8636	376	7	given	give	VERB
cblr-8636	376	8	price	price	NOUN
cblr-8636	376	9	,	,	PUNCT
cblr-8636	376	10	would	would	AUX
cblr-8636	376	11	not	not	PART
cblr-8636	376	12	find	find	VERB
cblr-8636	376	13	each	each	DET
cblr-8636	376	14	other	other	ADJ
cblr-8636	376	15	because	because	SCONJ
cblr-8636	376	16	they	they	PRON
cblr-8636	376	17	were	be	AUX
cblr-8636	376	18	searching	search	VERB
cblr-8636	376	19	for	for	ADP
cblr-8636	376	20	a	a	DET
cblr-8636	376	21	counterparty	counterparty	NOUN
cblr-8636	376	22	in	in	ADP
cblr-8636	376	23	different	different	ADJ
cblr-8636	376	24	venues.75	venues.75	ADJ
cblr-8636	376	25	a	a	DET
cblr-8636	376	26	number	number	NOUN
cblr-8636	376	27	of	of	ADP
cblr-8636	376	28	interviewees	interviewee	NOUN
cblr-8636	376	29	felt	feel	VERB
cblr-8636	376	30	that	that	SCONJ
cblr-8636	376	31	the	the	DET
cblr-8636	376	32	proliferation	proliferation	NOUN
cblr-8636	376	33	of	of	ADP
cblr-8636	376	34	trading	trading	NOUN
cblr-8636	376	35	venues	venue	NOUN
cblr-8636	376	36	has	have	AUX
cblr-8636	376	37	gotten	get	VERB
cblr-8636	376	38	out	out	ADP
cblr-8636	376	39	of	of	ADP
cblr-8636	376	40	hand	hand	NOUN
cblr-8636	376	41	,	,	PUNCT
cblr-8636	376	42	i.e.	i.e.	X
cblr-8636	376	43	,	,	PUNCT
cblr-8636	376	44	that	that	SCONJ
cblr-8636	376	45	there	there	PRON
cblr-8636	376	46	is	be	VERB
cblr-8636	376	47	too	too	ADV
cblr-8636	376	48	much	much	ADJ
cblr-8636	376	49	“	"	PUNCT
cblr-8636	376	50	fragmentation	fragmentation	NOUN
cblr-8636	376	51	.	.	PUNCT
cblr-8636	376	52	”	"	PUNCT
cblr-8636	377	1	one	one	NUM
cblr-8636	377	2	member	member	NOUN
cblr-8636	377	3	of	of	ADP
cblr-8636	377	4	the	the	DET
cblr-8636	377	5	broker	broker	NOUN
cblr-8636	377	6	-	-	PUNCT
cblr-8636	377	7	dealer	dealer	NOUN
cblr-8636	377	8	community	community	NOUN
cblr-8636	377	9	,	,	PUNCT
cblr-8636	377	10	for	for	ADP
cblr-8636	377	11	example	example	NOUN
cblr-8636	377	12	,	,	PUNCT
cblr-8636	377	13	suggested	suggest	VERB
cblr-8636	377	14	that	that	SCONJ
cblr-8636	377	15	today	today	NOUN
cblr-8636	377	16	’s	’s	PART
cblr-8636	377	17	level	level	NOUN
cblr-8636	377	18	of	of	ADP
cblr-8636	377	19	fragmentation	fragmentation	NOUN
cblr-8636	377	20	did	do	AUX
cblr-8636	377	21	not	not	PART
cblr-8636	377	22	create	create	VERB
cblr-8636	377	23	more	more	ADJ
cblr-8636	377	24	competition	competition	NOUN
cblr-8636	377	25	but	but	CCONJ
cblr-8636	377	26	just	just	ADV
cblr-8636	377	27	spread	spread	VERB
cblr-8636	377	28	participants	participant	NOUN
cblr-8636	377	29	across	across	ADP
cblr-8636	377	30	more	more	ADJ
cblr-8636	377	31	venues	venue	NOUN
cblr-8636	377	32	.	.	PUNCT
cblr-8636	378	1	in	in	ADP
cblr-8636	378	2	his	his	PRON
cblr-8636	378	3	view	view	NOUN
cblr-8636	378	4	,	,	PUNCT
cblr-8636	378	5	this	this	PRON
cblr-8636	378	6	benefited	benefit	VERB
cblr-8636	378	7	market	market	NOUN
cblr-8636	378	8	makers	maker	NOUN
cblr-8636	378	9	,	,	PUNCT
cblr-8636	378	10	proprietary	proprietary	ADJ
cblr-8636	378	11	traders	trader	NOUN
cblr-8636	378	12	,	,	PUNCT
cblr-8636	378	13	and	and	CCONJ
cblr-8636	378	14	exchanges	exchange	NOUN
cblr-8636	378	15	,	,	PUNCT
cblr-8636	378	16	at	at	ADP
cblr-8636	378	17	the	the	DET
cblr-8636	378	18	expense	expense	NOUN
cblr-8636	378	19	of	of	ADP
cblr-8636	378	20	longer	long	ADJ
cblr-8636	378	21	-	-	PUNCT
cblr-8636	378	22	term	term	NOUN
cblr-8636	378	23	investors	investor	NOUN
cblr-8636	378	24	.	.	PUNCT
cblr-8636	379	1	fragmentation	fragmentation	NOUN
cblr-8636	379	2	may	may	AUX
cblr-8636	379	3	help	help	VERB
cblr-8636	379	4	make	make	VERB
cblr-8636	379	5	the	the	DET
cblr-8636	379	6	united	united	PROPN
cblr-8636	379	7	states	states	PROPN
cblr-8636	379	8	a	a	DET
cblr-8636	379	9	cheap	cheap	ADJ
cblr-8636	379	10	place	place	NOUN
cblr-8636	379	11	to	to	PART
cblr-8636	379	12	operate	operate	VERB
cblr-8636	379	13	for	for	ADP
cblr-8636	379	14	the	the	DET
cblr-8636	379	15	small	small	ADJ
cblr-8636	379	16	trader	trader	NOUN
cblr-8636	379	17	,	,	PUNCT
cblr-8636	379	18	he	he	PRON
cblr-8636	379	19	suggested	suggest	VERB
cblr-8636	379	20	,	,	PUNCT
cblr-8636	379	21	but	but	CCONJ
cblr-8636	379	22	it	it	PRON
cblr-8636	379	23	raises	raise	VERB
cblr-8636	379	24	costs	cost	NOUN
cblr-8636	379	25	for	for	ADP
cblr-8636	379	26	brokers	broker	NOUN
cblr-8636	379	27	and	and	CCONJ
cblr-8636	379	28	for	for	ADP
cblr-8636	379	29	institutional	institutional	ADJ
cblr-8636	379	30	clients	client	NOUN
cblr-8636	379	31	trying	try	VERB
cblr-8636	379	32	to	to	PART
cblr-8636	379	33	move	move	VERB
cblr-8636	379	34	large	large	ADJ
cblr-8636	379	35	amounts	amount	NOUN
cblr-8636	379	36	of	of	ADP
cblr-8636	379	37	stock	stock	NOUN
cblr-8636	379	38	.	.	PUNCT
cblr-8636	380	1	notwithstanding	notwithstanding	ADP
cblr-8636	380	2	this	this	DET
cblr-8636	380	3	claim	claim	NOUN
cblr-8636	380	4	,	,	PUNCT
cblr-8636	380	5	one	one	NUM
cblr-8636	380	6	interviewee	interviewee	NOUN
cblr-8636	380	7	from	from	ADP
cblr-8636	380	8	the	the	DET
cblr-8636	380	9	market	market	NOUN
cblr-8636	380	10	maker	maker	NOUN
cblr-8636	380	11	community	community	NOUN
cblr-8636	380	12	was	be	AUX
cblr-8636	380	13	also	also	ADV
cblr-8636	380	14	unhappy	unhappy	ADJ
cblr-8636	380	15	with	with	ADP
cblr-8636	380	16	the	the	DET
cblr-8636	380	17	current	current	ADJ
cblr-8636	380	18	level	level	NOUN
cblr-8636	380	19	of	of	ADP
cblr-8636	380	20	fragmentation	fragmentation	NOUN
cblr-8636	380	21	and	and	CCONJ
cblr-8636	380	22	stated	state	VERB
cblr-8636	380	23	that	that	SCONJ
cblr-8636	380	24	having	have	VERB
cblr-8636	380	25	more	more	ADJ
cblr-8636	380	26	venues	venue	NOUN
cblr-8636	380	27	made	make	VERB
cblr-8636	380	28	it	it	PRON
cblr-8636	380	29	more	more	ADV
cblr-8636	380	30	difficult	difficult	ADJ
cblr-8636	380	31	for	for	SCONJ
cblr-8636	380	32	market	market	NOUN
cblr-8636	380	33	makers	maker	NOUN
cblr-8636	380	34	to	to	PART
cblr-8636	380	35	use	use	VERB
cblr-8636	380	36	one	one	NUM
cblr-8636	380	37	exchange	exchange	NOUN
cblr-8636	380	38	to	to	PART
cblr-8636	380	39	undo	undo	VERB
cblr-8636	380	40	a	a	DET
cblr-8636	380	41	transaction	transaction	NOUN
cblr-8636	380	42	on	on	ADP
cblr-8636	380	43	another	another	PRON
cblr-8636	380	44	.	.	PUNCT
cblr-8636	381	1	it	it	PRON
cblr-8636	381	2	also	also	ADV
cblr-8636	381	3	made	make	VERB
cblr-8636	381	4	the	the	DET
cblr-8636	381	5	task	task	NOUN
cblr-8636	381	6	of	of	ADP
cblr-8636	381	7	market	market	NOUN
cblr-8636	381	8	making	make	VERB
cblr-8636	381	9	more	more	ADV
cblr-8636	381	10	random	random	ADJ
cblr-8636	381	11	.	.	PUNCT
cblr-8636	382	1	a	a	DET
cblr-8636	382	2	member	member	NOUN
cblr-8636	382	3	of	of	ADP
cblr-8636	382	4	the	the	DET
cblr-8636	382	5	broker	broker	NOUN
cblr-8636	382	6	-	-	PUNCT
cblr-8636	382	7	dealer	dealer	NOUN
cblr-8636	382	8	community	community	NOUN
cblr-8636	382	9	suggested	suggest	VERB
cblr-8636	382	10	that	that	SCONJ
cblr-8636	382	11	regulators	regulator	NOUN
cblr-8636	382	12	needed	need	VERB
cblr-8636	382	13	to	to	PART
cblr-8636	382	14	determine	determine	VERB
cblr-8636	382	15	the	the	DET
cblr-8636	382	16	inflection	inflection	NOUN
cblr-8636	382	17	point	point	NOUN
cblr-8636	382	18	at	at	ADP
cblr-8636	382	19	which	which	PRON
cblr-8636	382	20	additional	additional	ADJ
cblr-8636	382	21	trading	trading	NOUN
cblr-8636	382	22	venues	venue	NOUN
cblr-8636	382	23	become	become	VERB
cblr-8636	382	24	a	a	DET
cblr-8636	382	25	drag	drag	NOUN
cblr-8636	382	26	on	on	ADP
cblr-8636	382	27	execution	execution	NOUN
cblr-8636	382	28	quality	quality	NOUN
cblr-8636	382	29	(	(	PUNCT
cblr-8636	382	30	this	this	DET
cblr-8636	382	31	interviewee	interviewee	NOUN
cblr-8636	382	32	speculated	speculate	VERB
cblr-8636	382	33	that	that	SCONJ
cblr-8636	382	34	four	four	NUM
cblr-8636	382	35	or	or	CCONJ
cblr-8636	382	36	five	five	NUM
cblr-8636	382	37	venues	venue	NOUN
cblr-8636	382	38	might	might	AUX
cblr-8636	382	39	be	be	AUX
cblr-8636	382	40	the	the	DET
cblr-8636	382	41	sweet	sweet	ADJ
cblr-8636	382	42	spot	spot	NOUN
cblr-8636	382	43	)	)	PUNCT
cblr-8636	382	44	.	.	PUNCT
cblr-8636	383	1	fragmentation	fragmentation	NOUN
cblr-8636	383	2	raises	raise	VERB
cblr-8636	383	3	interesting	interesting	ADJ
cblr-8636	383	4	issues	issue	NOUN
cblr-8636	383	5	for	for	ADP
cblr-8636	383	6	any	any	DET
cblr-8636	383	7	application	application	NOUN
cblr-8636	383	8	of	of	ADP
cblr-8636	383	9	dlt	dlt	PROPN
cblr-8636	383	10	to	to	PART
cblr-8636	383	11	stock	stock	VERB
cblr-8636	383	12	trading.76	trading.76	PROPN
cblr-8636	383	13	to	to	PART
cblr-8636	383	14	obtain	obtain	VERB
cblr-8636	383	15	the	the	DET
cblr-8636	383	16	full	full	ADJ
cblr-8636	383	17	measure	measure	NOUN
cblr-8636	383	18	of	of	ADP
cblr-8636	383	19	dlt	dlt	PROPN
cblr-8636	383	20	’s	’s	PART
cblr-8636	383	21	potential	potential	ADJ
cblr-8636	383	22	cost	cost	NOUN
cblr-8636	383	23	savings	saving	NOUN
cblr-8636	383	24	,	,	PUNCT
cblr-8636	383	25	all	all	DET
cblr-8636	383	26	trading	trading	NOUN
cblr-8636	383	27	of	of	ADP
cblr-8636	383	28	any	any	DET
cblr-8636	383	29	given	give	VERB
cblr-8636	383	30	stock	stock	NOUN
cblr-8636	383	31	would	would	AUX
cblr-8636	383	32	occur	occur	VERB
cblr-8636	383	33	on	on	ADP
cblr-8636	383	34	one	one	NUM
cblr-8636	383	35	dlt	dlt	PROPN
cblr-8636	383	36	-	-	PUNCT
cblr-8636	383	37	based	base	VERB
cblr-8636	383	38	venue	venue	NOUN
cblr-8636	383	39	,	,	PUNCT
cblr-8636	383	40	which	which	PRON
cblr-8636	383	41	,	,	PUNCT
cblr-8636	383	42	in	in	ADP
cblr-8636	383	43	addition	addition	NOUN
cblr-8636	383	44	to	to	ADP
cblr-8636	383	45	replacing	replace	VERB
cblr-8636	383	46	all	all	DET
cblr-8636	383	47	the	the	DET
cblr-8636	383	48	current	current	ADJ
cblr-8636	383	49	trading	trading	NOUN
cblr-8636	383	50	venues	venue	NOUN
cblr-8636	383	51	,	,	PUNCT
cblr-8636	383	52	would	would	AUX
cblr-8636	383	53	automatically	automatically	ADV
cblr-8636	383	54	do	do	VERB
cblr-8636	383	55	the	the	DET
cblr-8636	383	56	work	work	NOUN
cblr-8636	383	57	of	of	ADP
cblr-8636	383	58	all	all	DET
cblr-8636	383	59	the	the	DET
cblr-8636	383	60	various	various	ADJ
cblr-8636	383	61	entities	entity	NOUN
cblr-8636	383	62	currently	currently	ADV
cblr-8636	383	63	devoted	devote	VERB
cblr-8636	383	64	to	to	ADP
cblr-8636	383	65	clearing	clearing	NOUN
cblr-8636	383	66	and	and	CCONJ
cblr-8636	383	67	settlement	settlement	NOUN
cblr-8636	383	68	,	,	PUNCT
cblr-8636	383	69	transferring	transfer	VERB
cblr-8636	383	70	shares	share	NOUN
cblr-8636	383	71	,	,	PUNCT
cblr-8636	383	72	maintaining	maintain	VERB
cblr-8636	383	73	custody	custody	NOUN
cblr-8636	383	74	,	,	PUNCT
cblr-8636	383	75	and	and	CCONJ
cblr-8636	383	76	managing	manage	VERB
cblr-8636	383	77	firm	firm	ADJ
cblr-8636	383	78	corporate	corporate	ADJ
cblr-8636	383	79	stock	stock	NOUN
cblr-8636	383	80	ledgers	ledger	NOUN
cblr-8636	383	81	.	.	PUNCT
cblr-8636	384	1	such	such	DET
cblr-8636	384	2	a	a	DET
cblr-8636	384	3	transformation	transformation	NOUN
cblr-8636	384	4	within	within	ADP
cblr-8636	384	5	a	a	DET
cblr-8636	384	6	regulated	regulated	ADJ
cblr-8636	384	7	industry	industry	NOUN
cblr-8636	384	8	such	such	ADJ
cblr-8636	384	9	as	as	ADP
cblr-8636	384	10	securities	security	NOUN
cblr-8636	384	11	would	would	AUX
cblr-8636	384	12	be	be	AUX
cblr-8636	384	13	no	no	DET
cblr-8636	384	14	easy	easy	ADJ
cblr-8636	384	15	task	task	NOUN
cblr-8636	384	16	:	:	PUNCT
cblr-8636	384	17	all	all	DET
cblr-8636	384	18	these	these	DET
cblr-8636	384	19	incumbents	incumbent	NOUN
cblr-8636	384	20	would	would	AUX
cblr-8636	384	21	lose	lose	VERB
cblr-8636	384	22	the	the	DET
cblr-8636	384	23	rents	rent	NOUN
cblr-8636	384	24	they	they	PRON
cblr-8636	384	25	currently	currently	ADV
cblr-8636	384	26	enjoy	enjoy	VERB
cblr-8636	384	27	and	and	CCONJ
cblr-8636	384	28	would	would	AUX
cblr-8636	384	29	likely	likely	VERB
cblr-8636	384	30	75	75	NUM
cblr-8636	384	31	see	see	VERB
cblr-8636	384	32	i	i	PRON
cblr-8636	384	33	d.	d.	PROPN
cblr-8636	384	34	76	76	NUM
cblr-8636	384	35	see	see	VERB
cblr-8636	384	36	david	david	PROPN
cblr-8636	384	37	c.	c.	PROPN
cblr-8636	384	38	donald	donald	PROPN
cblr-8636	384	39	&	&	CCONJ
cblr-8636	384	40	mahdi	mahdi	PROPN
cblr-8636	384	41	h.	h.	PROPN
cblr-8636	384	42	miraz	miraz	PROPN
cblr-8636	384	43	,	,	PUNCT
cblr-8636	384	44	multilateral	multilateral	ADJ
cblr-8636	384	45	transparency	transparency	NOUN
cblr-8636	384	46	for	for	ADP
cblr-8636	384	47	securities	security	NOUN
cblr-8636	384	48	markets	market	NOUN
cblr-8636	384	49	through	through	ADP
cblr-8636	384	50	dlt	dlt	PROPN
cblr-8636	384	51	,	,	PUNCT
cblr-8636	384	52	25	25	NUM
cblr-8636	384	53	fordham	fordham	PROPN
cblr-8636	384	54	j.	j.	PROPN
cblr-8636	384	55	corp	corp	PROPN
cblr-8636	384	56	.	.	PROPN
cblr-8636	384	57	&	&	CCONJ
cblr-8636	384	58	fin	fin	PROPN
cblr-8636	384	59	.	.	PUNCT
cblr-8636	385	1	l.	l.	PROPN
cblr-8636	385	2	97	97	NUM
cblr-8636	385	3	,	,	PUNCT
cblr-8636	385	4	107–09	107–09	NUM
cblr-8636	385	5	(	(	PUNCT
cblr-8636	385	6	2019	2019	NUM
cblr-8636	385	7	)	)	PUNCT
cblr-8636	385	8	.	.	PUNCT
cblr-8636	386	1	fox	fox	PROPN
cblr-8636	386	2	et	et	PROPN
cblr-8636	386	3	al	al	PROPN
cblr-8636	386	4	.	.	PROPN
cblr-8636	387	1	8/22/2021	8/22/2021	NUM
cblr-8636	387	2	9:05	9:05	NUM
cblr-8636	387	3	pm	pm	NOUN
cblr-8636	387	4	678	678	NUM
cblr-8636	387	5	columbia	columbia	PROPN
cblr-8636	387	6	business	business	NOUN
cblr-8636	387	7	law	law	PROPN
cblr-8636	387	8	review	review	NOUN
cblr-8636	387	9	[	[	X
cblr-8636	387	10	vol	vol	NOUN
cblr-8636	387	11	.	.	PUNCT
cblr-8636	387	12	2021	2021	NUM
cblr-8636	387	13	mount	mount	VERB
cblr-8636	387	14	stiff	stiff	ADJ
cblr-8636	387	15	political	political	ADJ
cblr-8636	387	16	resistance	resistance	NOUN
cblr-8636	387	17	.	.	PUNCT
cblr-8636	388	1	moreover	moreover	ADV
cblr-8636	388	2	,	,	PUNCT
cblr-8636	388	3	any	any	DET
cblr-8636	388	4	market	market	NOUN
cblr-8636	388	5	structure	structure	NOUN
cblr-8636	388	6	established	establish	VERB
cblr-8636	388	7	by	by	ADP
cblr-8636	388	8	the	the	DET
cblr-8636	388	9	dlt	dlt	PROPN
cblr-8636	388	10	trading	trading	NOUN
cblr-8636	388	11	venue	venue	NOUN
cblr-8636	388	12	would	would	AUX
cblr-8636	388	13	have	have	VERB
cblr-8636	388	14	to	to	PART
cblr-8636	388	15	mediate	mediate	VERB
cblr-8636	388	16	the	the	DET
cblr-8636	388	17	same	same	ADJ
cblr-8636	388	18	conflicts	conflict	NOUN
cblr-8636	388	19	of	of	ADP
cblr-8636	388	20	interest	interest	NOUN
cblr-8636	388	21	among	among	ADP
cblr-8636	388	22	different	different	ADJ
cblr-8636	388	23	types	type	NOUN
cblr-8636	388	24	of	of	ADP
cblr-8636	388	25	traders	trader	NOUN
cblr-8636	388	26	that	that	PRON
cblr-8636	388	27	we	we	PRON
cblr-8636	388	28	see	see	VERB
cblr-8636	388	29	in	in	ADP
cblr-8636	388	30	today	today	NOUN
cblr-8636	388	31	’s	’s	PART
cblr-8636	388	32	market	market	NOUN
cblr-8636	388	33	.	.	PUNCT
cblr-8636	389	1	and	and	CCONJ
cblr-8636	389	2	,	,	PUNCT
cblr-8636	389	3	as	as	SCONJ
cblr-8636	389	4	one	one	NUM
cblr-8636	389	5	interviewee	interviewee	NOUN
cblr-8636	389	6	noted	note	VERB
cblr-8636	389	7	,	,	PUNCT
cblr-8636	389	8	a	a	DET
cblr-8636	389	9	single	single	ADJ
cblr-8636	389	10	dlt	dlt	PROPN
cblr-8636	389	11	-	-	PUNCT
cblr-8636	389	12	based	base	VERB
cblr-8636	389	13	venue	venue	NOUN
cblr-8636	389	14	would	would	AUX
cblr-8636	389	15	be	be	AUX
cblr-8636	389	16	a	a	DET
cblr-8636	389	17	monopoly	monopoly	NOUN
cblr-8636	389	18	,	,	PUNCT
cblr-8636	389	19	meaning	mean	VERB
cblr-8636	389	20	it	it	PRON
cblr-8636	389	21	would	would	AUX
cblr-8636	389	22	lack	lack	VERB
cblr-8636	389	23	competitive	competitive	ADJ
cblr-8636	389	24	pressure	pressure	NOUN
cblr-8636	389	25	to	to	PART
cblr-8636	389	26	provide	provide	VERB
cblr-8636	389	27	customer	customer	NOUN
cblr-8636	389	28	service	service	NOUN
cblr-8636	389	29	and	and	CCONJ
cblr-8636	389	30	to	to	PART
cblr-8636	389	31	innovate	innovate	VERB
cblr-8636	389	32	and	and	CCONJ
cblr-8636	389	33	would	would	AUX
cblr-8636	389	34	likely	likely	ADV
cblr-8636	389	35	require	require	VERB
cblr-8636	389	36	some	some	DET
cblr-8636	389	37	kind	kind	NOUN
cblr-8636	389	38	of	of	ADP
cblr-8636	389	39	rate	rate	NOUN
cblr-8636	389	40	regulation	regulation	NOUN
cblr-8636	389	41	to	to	PART
cblr-8636	389	42	avoid	avoid	VERB
cblr-8636	389	43	monopoly	monopoly	NOUN
cblr-8636	389	44	pricing	pricing	NOUN
cblr-8636	389	45	.	.	PUNCT
cblr-8636	390	1	e.	e.	PROPN
cblr-8636	390	2	special	special	ADJ
cblr-8636	390	3	regulatory	regulatory	ADJ
cblr-8636	390	4	status	status	NOUN
cblr-8636	390	5	of	of	ADP
cblr-8636	390	6	the	the	DET
cblr-8636	390	7	stock	stock	NOUN
cblr-8636	390	8	exchanges	exchange	NOUN
cblr-8636	390	9	the	the	DET
cblr-8636	390	10	current	current	ADJ
cblr-8636	390	11	regulatory	regulatory	ADJ
cblr-8636	390	12	structure	structure	NOUN
cblr-8636	390	13	governing	govern	VERB
cblr-8636	390	14	the	the	DET
cblr-8636	390	15	securities	security	NOUN
cblr-8636	390	16	markets	market	NOUN
cblr-8636	390	17	was	be	AUX
cblr-8636	390	18	established	establish	VERB
cblr-8636	390	19	back	back	ADV
cblr-8636	390	20	in	in	ADP
cblr-8636	390	21	the	the	DET
cblr-8636	390	22	1930s.77	1930s.77	NUM
cblr-8636	390	23	at	at	ADP
cblr-8636	390	24	that	that	DET
cblr-8636	390	25	time	time	NOUN
cblr-8636	390	26	,	,	PUNCT
cblr-8636	390	27	each	each	DET
cblr-8636	390	28	u.s	u.s	PROPN
cblr-8636	390	29	.	.	PROPN
cblr-8636	390	30	stock	stock	PROPN
cblr-8636	390	31	exchange	exchange	PROPN
cblr-8636	390	32	was	be	AUX
cblr-8636	390	33	a	a	DET
cblr-8636	390	34	nonprofit	nonprofit	NOUN
cblr-8636	390	35	with	with	ADP
cblr-8636	390	36	considerable	considerable	ADJ
cblr-8636	390	37	authority	authority	NOUN
cblr-8636	390	38	over	over	ADP
cblr-8636	390	39	the	the	DET
cblr-8636	390	40	practices	practice	NOUN
cblr-8636	390	41	of	of	ADP
cblr-8636	390	42	its	its	PRON
cblr-8636	390	43	broker	broker	NOUN
cblr-8636	390	44	-	-	PUNCT
cblr-8636	390	45	dealer	dealer	NOUN
cblr-8636	390	46	members.78	members.78	NOUN
cblr-8636	390	47	the	the	DET
cblr-8636	390	48	federal	federal	ADJ
cblr-8636	390	49	securities	security	NOUN
cblr-8636	390	50	laws	law	NOUN
cblr-8636	390	51	required	require	VERB
cblr-8636	390	52	each	each	DET
cblr-8636	390	53	exchange	exchange	NOUN
cblr-8636	390	54	to	to	PART
cblr-8636	390	55	register	register	VERB
cblr-8636	390	56	with	with	ADP
cblr-8636	390	57	the	the	DET
cblr-8636	390	58	sec	sec	PROPN
cblr-8636	390	59	and	and	CCONJ
cblr-8636	390	60	become	become	VERB
cblr-8636	390	61	subject	subject	ADJ
cblr-8636	390	62	to	to	ADP
cblr-8636	390	63	its	its	PRON
cblr-8636	390	64	supervision	supervision	NOUN
cblr-8636	390	65	and	and	CCONJ
cblr-8636	390	66	rules.79	rules.79	NOUN
cblr-8636	390	67	but	but	CCONJ
cblr-8636	390	68	each	each	DET
cblr-8636	390	69	exchange	exchange	NOUN
cblr-8636	390	70	retained	retain	VERB
cblr-8636	390	71	its	its	PRON
cblr-8636	390	72	special	special	ADJ
cblr-8636	390	73	status	status	NOUN
cblr-8636	390	74	as	as	ADP
cblr-8636	390	75	a	a	DET
cblr-8636	390	76	“	"	PUNCT
cblr-8636	390	77	self	self	NOUN
cblr-8636	390	78	-	-	PUNCT
cblr-8636	390	79	regulatory	regulatory	ADJ
cblr-8636	390	80	organization	organization	NOUN
cblr-8636	390	81	”	"	PUNCT
cblr-8636	390	82	(	(	PUNCT
cblr-8636	390	83	sro	sro	NOUN
cblr-8636	390	84	)	)	PUNCT
cblr-8636	390	85	,	,	PUNCT
cblr-8636	390	86	allowing	allow	VERB
cblr-8636	390	87	it	it	PRON
cblr-8636	390	88	to	to	PART
cblr-8636	390	89	continue	continue	VERB
cblr-8636	390	90	much	much	ADJ
cblr-8636	390	91	of	of	ADP
cblr-8636	390	92	its	its	PRON
cblr-8636	390	93	traditional	traditional	ADJ
cblr-8636	390	94	regulatory	regulatory	ADJ
cblr-8636	390	95	role	role	NOUN
cblr-8636	390	96	,	,	PUNCT
cblr-8636	390	97	now	now	ADV
cblr-8636	390	98	essentially	essentially	ADV
cblr-8636	390	99	delegated	delegate	VERB
cblr-8636	390	100	to	to	ADP
cblr-8636	390	101	it	it	PRON
cblr-8636	390	102	by	by	ADP
cblr-8636	390	103	the	the	DET
cblr-8636	390	104	sec	sec	PROPN
cblr-8636	390	105	,	,	PUNCT
cblr-8636	390	106	and	and	CCONJ
cblr-8636	390	107	entitling	entitle	VERB
cblr-8636	390	108	it	it	PRON
cblr-8636	390	109	to	to	ADP
cblr-8636	390	110	certain	certain	ADJ
cblr-8636	390	111	protections	protection	NOUN
cblr-8636	390	112	not	not	PART
cblr-8636	390	113	available	available	ADJ
cblr-8636	390	114	to	to	ADP
cblr-8636	390	115	broker	broker	NOUN
cblr-8636	390	116	-	-	PUNCT
cblr-8636	390	117	dealers.80	dealers.80	NOUN
cblr-8636	390	118	starting	starting	NOUN
cblr-8636	390	119	in	in	ADP
cblr-8636	390	120	the	the	DET
cblr-8636	390	121	1990s	1990	NOUN
cblr-8636	390	122	,	,	PUNCT
cblr-8636	390	123	the	the	DET
cblr-8636	390	124	stock	stock	NOUN
cblr-8636	390	125	exchanges	exchange	NOUN
cblr-8636	390	126	all	all	PRON
cblr-8636	390	127	converted	convert	VERB
cblr-8636	390	128	to	to	ADP
cblr-8636	390	129	for	for	ADP
cblr-8636	390	130	-	-	PUNCT
cblr-8636	390	131	profit	profit	NOUN
cblr-8636	390	132	institutions	institution	NOUN
cblr-8636	390	133	,	,	PUNCT
cblr-8636	390	134	but	but	CCONJ
cblr-8636	390	135	they	they	PRON
cblr-8636	390	136	were	be	AUX
cblr-8636	390	137	allowed	allow	VERB
cblr-8636	390	138	to	to	PART
cblr-8636	390	139	keep	keep	VERB
cblr-8636	390	140	their	their	PRON
cblr-8636	390	141	status	status	NOUN
cblr-8636	390	142	as	as	ADP
cblr-8636	390	143	sros.81	sros.81	PROPN
cblr-8636	390	144	as	as	SCONJ
cblr-8636	390	145	pointed	point	VERB
cblr-8636	390	146	out	out	ADP
cblr-8636	390	147	by	by	ADP
cblr-8636	390	148	one	one	NUM
cblr-8636	390	149	member	member	NOUN
cblr-8636	390	150	of	of	ADP
cblr-8636	390	151	the	the	DET
cblr-8636	390	152	regulatory	regulatory	ADJ
cblr-8636	390	153	community	community	NOUN
cblr-8636	390	154	,	,	PUNCT
cblr-8636	390	155	the	the	DET
cblr-8636	390	156	relationship	relationship	NOUN
cblr-8636	390	157	between	between	ADP
cblr-8636	390	158	the	the	DET
cblr-8636	390	159	exchanges	exchange	NOUN
cblr-8636	390	160	and	and	CCONJ
cblr-8636	390	161	the	the	DET
cblr-8636	390	162	sec	sec	PROPN
cblr-8636	390	163	continues	continue	VERB
cblr-8636	390	164	to	to	PART
cblr-8636	390	165	deteriorate	deteriorate	VERB
cblr-8636	390	166	and	and	CCONJ
cblr-8636	390	167	is	be	AUX
cblr-8636	390	168	characterized	characterize	VERB
cblr-8636	390	169	by	by	ADP
cblr-8636	390	170	extensive	extensive	ADJ
cblr-8636	390	171	legal	legal	ADJ
cblr-8636	390	172	battles	battle	NOUN
cblr-8636	390	173	over	over	ADP
cblr-8636	390	174	the	the	DET
cblr-8636	390	175	very	very	ADJ
cblr-8636	390	176	authority	authority	NOUN
cblr-8636	390	177	of	of	ADP
cblr-8636	390	178	the	the	DET
cblr-8636	390	179	sec	sec	PROPN
cblr-8636	390	180	.	.	PUNCT
cblr-8636	391	1	also	also	ADV
cblr-8636	391	2	,	,	PUNCT
cblr-8636	391	3	another	another	DET
cblr-8636	391	4	member	member	NOUN
cblr-8636	391	5	of	of	ADP
cblr-8636	391	6	the	the	DET
cblr-8636	391	7	regulatory	regulatory	ADJ
cblr-8636	391	8	community	community	NOUN
cblr-8636	391	9	noted	note	VERB
cblr-8636	391	10	that	that	SCONJ
cblr-8636	391	11	regulation	regulation	NOUN
cblr-8636	391	12	nms	nms	NOUN
cblr-8636	391	13	(	(	PUNCT
cblr-8636	391	14	reg	reg	PROPN
cblr-8636	391	15	nms	nms	NOUN
cblr-8636	391	16	)	)	PUNCT
cblr-8636	391	17	succeeded	succeed	VERB
cblr-8636	391	18	in	in	ADP
cblr-8636	391	19	promoting	promote	VERB
cblr-8636	391	20	competition	competition	NOUN
cblr-8636	391	21	,	,	PUNCT
cblr-8636	391	22	but	but	CCONJ
cblr-8636	391	23	now	now	ADV
cblr-8636	391	24	the	the	DET
cblr-8636	391	25	different	different	ADJ
cblr-8636	391	26	kinds	kind	NOUN
cblr-8636	391	27	of	of	ADP
cblr-8636	391	28	77	77	NUM
cblr-8636	391	29	see	see	VERB
cblr-8636	391	30	fox	fox	PROPN
cblr-8636	391	31	et	et	PROPN
cblr-8636	391	32	al	al	PROPN
cblr-8636	391	33	.	.	PROPN
cblr-8636	391	34	,	,	PUNCT
cblr-8636	391	35	supra	supra	PROPN
cblr-8636	391	36	note	note	NOUN
cblr-8636	391	37	3	3	NUM
cblr-8636	391	38	,	,	PUNCT
cblr-8636	391	39	at	at	ADP
cblr-8636	391	40	272	272	NUM
cblr-8636	391	41	.	.	PUNCT
cblr-8636	391	42	78	78	NUM
cblr-8636	391	43	see	see	VERB
cblr-8636	391	44	i	i	PRON
cblr-8636	391	45	d.	d.	PROPN
cblr-8636	391	46	at	at	ADP
cblr-8636	391	47	273	273	NUM
cblr-8636	391	48	(	(	PUNCT
cblr-8636	391	49	discussing	discuss	VERB
cblr-8636	391	50	exchange	exchange	NOUN
cblr-8636	391	51	authority	authority	NOUN
cblr-8636	391	52	)	)	PUNCT
cblr-8636	391	53	;	;	PUNCT
cblr-8636	391	54	reena	reena	PROPN
cblr-8636	391	55	aggarwal	aggarwal	PROPN
cblr-8636	391	56	,	,	PUNCT
cblr-8636	391	57	demutualization	demutualization	NOUN
cblr-8636	391	58	and	and	CCONJ
cblr-8636	391	59	corporate	corporate	ADJ
cblr-8636	391	60	governance	governance	NOUN
cblr-8636	391	61	of	of	ADP
cblr-8636	391	62	stock	stock	NOUN
cblr-8636	391	63	exchanges	exchange	NOUN
cblr-8636	391	64	,	,	PUNCT
cblr-8636	391	65	j.	j.	PROPN
cblr-8636	391	66	applied	applied	PROPN
cblr-8636	391	67	corp	corp	PROPN
cblr-8636	391	68	.	.	PROPN
cblr-8636	391	69	fin	fin	PROPN
cblr-8636	391	70	.	.	PUNCT
cblr-8636	391	71	,	,	PUNCT
cblr-8636	391	72	spring	spring	NOUN
cblr-8636	391	73	2002	2002	NUM
cblr-8636	391	74	,	,	PUNCT
cblr-8636	391	75	at	at	ADP
cblr-8636	391	76	105	105	NUM
cblr-8636	391	77	,	,	PUNCT
cblr-8636	391	78	105	105	NUM
cblr-8636	391	79	(	(	PUNCT
cblr-8636	391	80	discussing	discuss	VERB
cblr-8636	391	81	the	the	DET
cblr-8636	391	82	non	non	ADJ
cblr-8636	391	83	-	-	ADJ
cblr-8636	391	84	profit	profit	ADJ
cblr-8636	391	85	model	model	NOUN
cblr-8636	391	86	)	)	PUNCT
cblr-8636	391	87	.	.	PUNCT
cblr-8636	392	1	79	79	NUM
cblr-8636	392	2	fox	fox	NOUN
cblr-8636	392	3	et	et	PROPN
cblr-8636	392	4	al	al	PROPN
cblr-8636	392	5	.	.	PROPN
cblr-8636	392	6	,	,	PUNCT
cblr-8636	392	7	supra	supra	PROPN
cblr-8636	392	8	note	note	NOUN
cblr-8636	392	9	3	3	NUM
cblr-8636	392	10	,	,	PUNCT
cblr-8636	392	11	at	at	ADP
cblr-8636	392	12	273	273	NUM
cblr-8636	392	13	.	.	PUNCT
cblr-8636	392	14	80	80	NUM
cblr-8636	393	1	i	i	PRON
cblr-8636	393	2	d.	d.	PROPN
cblr-8636	393	3	81	81	NUM
cblr-8636	393	4	see	see	VERB
cblr-8636	393	5	aggarwal	aggarwal	NOUN
cblr-8636	393	6	,	,	PUNCT
cblr-8636	393	7	supra	supra	PROPN
cblr-8636	393	8	note	note	NOUN
cblr-8636	393	9	78	78	NUM
cblr-8636	393	10	,	,	PUNCT
cblr-8636	393	11	at	at	ADP
cblr-8636	393	12	105	105	NUM
cblr-8636	393	13	,	,	PUNCT
cblr-8636	393	14	109	109	NUM
cblr-8636	393	15	.	.	PUNCT
cblr-8636	394	1	fox	fox	PROPN
cblr-8636	394	2	et	et	PROPN
cblr-8636	394	3	al	al	PROPN
cblr-8636	394	4	.	.	PROPN
cblr-8636	395	1	8/22/2021	8/22/2021	NUM
cblr-8636	395	2	9:05	9:05	NUM
cblr-8636	395	3	pm	pm	NOUN
cblr-8636	395	4	no	no	INTJ
cblr-8636	395	5	.	.	PUNCT
cblr-8636	396	1	2:651	2:651	NUM
cblr-8636	396	2	]	]	X
cblr-8636	396	3	a	a	DET
cblr-8636	396	4	stakeholder	stakeholder	NOUN
cblr-8636	396	5	survey	survey	VERB
cblr-8636	396	6	679	679	NUM
cblr-8636	396	7	trading	trading	NOUN
cblr-8636	396	8	venues	venue	NOUN
cblr-8636	396	9	—	—	PUNCT
cblr-8636	396	10	exchanges	exchange	NOUN
cblr-8636	396	11	versus	versus	ADP
cblr-8636	396	12	non	non	ADJ
cblr-8636	396	13	-	-	ADJ
cblr-8636	396	14	exchange	exchange	ADJ
cblr-8636	396	15	trading	trading	NOUN
cblr-8636	396	16	venues	venue	NOUN
cblr-8636	396	17	such	such	ADJ
cblr-8636	396	18	as	as	ADP
cblr-8636	396	19	dark	dark	ADJ
cblr-8636	396	20	pools	pool	NOUN
cblr-8636	396	21	and	and	CCONJ
cblr-8636	396	22	internalizers	internalizer	NOUN
cblr-8636	396	23	—	—	PUNCT
cblr-8636	396	24	are	be	AUX
cblr-8636	396	25	competing	compete	VERB
cblr-8636	396	26	on	on	ADP
cblr-8636	396	27	their	their	PRON
cblr-8636	396	28	regulatory	regulatory	ADJ
cblr-8636	396	29	burdens,82	burdens,82	NOUN
cblr-8636	396	30	and	and	CCONJ
cblr-8636	396	31	differences	difference	NOUN
cblr-8636	396	32	in	in	ADP
cblr-8636	396	33	such	such	ADJ
cblr-8636	396	34	burdens	burden	NOUN
cblr-8636	396	35	need	need	VERB
cblr-8636	396	36	to	to	PART
cblr-8636	396	37	be	be	AUX
cblr-8636	396	38	closely	closely	ADV
cblr-8636	396	39	examined	examine	VERB
cblr-8636	396	40	.	.	PUNCT
cblr-8636	397	1	any	any	DET
cblr-8636	397	2	dlt	dlt	PROPN
cblr-8636	397	3	-	-	PUNCT
cblr-8636	397	4	based	base	VERB
cblr-8636	397	5	system	system	NOUN
cblr-8636	397	6	would	would	AUX
cblr-8636	397	7	,	,	PUNCT
cblr-8636	397	8	for	for	ADP
cblr-8636	397	9	both	both	CCONJ
cblr-8636	397	10	regulatory	regulatory	ADJ
cblr-8636	397	11	and	and	CCONJ
cblr-8636	397	12	speed	speed	NOUN
cblr-8636	397	13	-	-	PUNCT
cblr-8636	397	14	of	of	ADP
cblr-8636	397	15	-	-	PUNCT
cblr-8636	397	16	transactions	transaction	NOUN
cblr-8636	397	17	reasons	reason	NOUN
cblr-8636	397	18	,	,	PUNCT
cblr-8636	397	19	probably	probably	ADV
cblr-8636	397	20	need	need	VERB
cblr-8636	397	21	a	a	DET
cblr-8636	397	22	trusted	trust	VERB
cblr-8636	397	23	party	party	NOUN
cblr-8636	397	24	,	,	PUNCT
cblr-8636	397	25	and	and	CCONJ
cblr-8636	397	26	this	this	DET
cblr-8636	397	27	trusted	trust	VERB
cblr-8636	397	28	party	party	NOUN
cblr-8636	397	29	would	would	AUX
cblr-8636	397	30	raise	raise	VERB
cblr-8636	397	31	anew	anew	ADV
cblr-8636	397	32	the	the	DET
cblr-8636	397	33	same	same	ADJ
cblr-8636	397	34	kind	kind	NOUN
cblr-8636	397	35	of	of	ADP
cblr-8636	397	36	regulatory	regulatory	ADJ
cblr-8636	397	37	issues	issue	NOUN
cblr-8636	397	38	as	as	SCONJ
cblr-8636	397	39	the	the	DET
cblr-8636	397	40	exchanges	exchange	NOUN
cblr-8636	397	41	do	do	VERB
cblr-8636	397	42	today	today	NOUN
cblr-8636	397	43	.	.	PUNCT
cblr-8636	398	1	these	these	PRON
cblr-8636	398	2	include	include	VERB
cblr-8636	398	3	whether	whether	SCONJ
cblr-8636	398	4	the	the	DET
cblr-8636	398	5	system	system	NOUN
cblr-8636	398	6	should	should	AUX
cblr-8636	398	7	be	be	AUX
cblr-8636	398	8	a	a	DET
cblr-8636	398	9	non	non	ADJ
cblr-8636	398	10	-	-	NOUN
cblr-8636	398	11	profit	profit	NOUN
cblr-8636	398	12	with	with	ADP
cblr-8636	398	13	broker	broker	NOUN
cblr-8636	398	14	-	-	PUNCT
cblr-8636	398	15	dealers	dealer	NOUN
cblr-8636	398	16	as	as	ADP
cblr-8636	398	17	members	member	NOUN
cblr-8636	398	18	or	or	CCONJ
cblr-8636	398	19	a	a	DET
cblr-8636	398	20	for	for	ADP
cblr-8636	398	21	-	-	PUNCT
cblr-8636	398	22	profit	profit	NOUN
cblr-8636	398	23	entity	entity	NOUN
cblr-8636	398	24	,	,	PUNCT
cblr-8636	398	25	and	and	CCONJ
cblr-8636	398	26	whether	whether	SCONJ
cblr-8636	398	27	it	it	PRON
cblr-8636	398	28	should	should	AUX
cblr-8636	398	29	have	have	AUX
cblr-8636	398	30	sro	sro	VERB
cblr-8636	398	31	status	status	NOUN
cblr-8636	398	32	.	.	PUNCT
cblr-8636	399	1	f.	f.	PROPN
cblr-8636	400	1	the	the	DET
cblr-8636	400	2	technological	technological	ADJ
cblr-8636	400	3	arms	arm	NOUN
cblr-8636	400	4	race	race	NOUN
cblr-8636	400	5	as	as	SCONJ
cblr-8636	400	6	noted	note	VERB
cblr-8636	400	7	earlier	early	ADV
cblr-8636	400	8	,	,	PUNCT
cblr-8636	400	9	various	various	ADJ
cblr-8636	400	10	market	market	NOUN
cblr-8636	400	11	participants	participant	NOUN
cblr-8636	400	12	—	—	PUNCT
cblr-8636	400	13	market	market	NOUN
cblr-8636	400	14	makers	maker	NOUN
cblr-8636	400	15	,	,	PUNCT
cblr-8636	400	16	other	other	ADJ
cblr-8636	400	17	high	high	ADJ
cblr-8636	400	18	frequency	frequency	NOUN
cblr-8636	400	19	traders	trader	NOUN
cblr-8636	400	20	,	,	PUNCT
cblr-8636	400	21	and	and	CCONJ
cblr-8636	400	22	sophisticated	sophisticated	ADJ
cblr-8636	400	23	brokers	broker	NOUN
cblr-8636	400	24	placing	place	VERB
cblr-8636	400	25	orders	order	NOUN
cblr-8636	400	26	for	for	ADP
cblr-8636	400	27	investors	investor	NOUN
cblr-8636	400	28	—	—	PUNCT
cblr-8636	400	29	seek	seek	VERB
cblr-8636	400	30	to	to	PART
cblr-8636	400	31	get	get	VERB
cblr-8636	400	32	,	,	PUNCT
cblr-8636	400	33	and	and	CCONJ
cblr-8636	400	34	act	act	VERB
cblr-8636	400	35	upon	upon	SCONJ
cblr-8636	400	36	,	,	PUNCT
cblr-8636	400	37	as	as	ADV
cblr-8636	400	38	quickly	quickly	ADV
cblr-8636	400	39	as	as	ADP
cblr-8636	400	40	possible	possible	ADJ
cblr-8636	400	41	data	datum	NOUN
cblr-8636	400	42	about	about	ADP
cblr-8636	400	43	changes	change	NOUN
cblr-8636	400	44	in	in	ADP
cblr-8636	400	45	existing	exist	VERB
cblr-8636	400	46	quotes	quote	NOUN
cblr-8636	400	47	and	and	CCONJ
cblr-8636	400	48	new	new	ADJ
cblr-8636	400	49	transactions.83	transactions.83	VERB
cblr-8636	400	50	in	in	ADP
cblr-8636	400	51	their	their	PRON
cblr-8636	400	52	world	world	NOUN
cblr-8636	400	53	,	,	PUNCT
cblr-8636	400	54	victory	victory	NOUN
cblr-8636	400	55	goes	go	VERB
cblr-8636	400	56	to	to	ADP
cblr-8636	400	57	the	the	DET
cblr-8636	400	58	swift	swift	NOUN
cblr-8636	400	59	.	.	PUNCT
cblr-8636	401	1	this	this	PRON
cblr-8636	401	2	prompts	prompt	VERB
cblr-8636	401	3	a	a	DET
cblr-8636	401	4	technological	technological	ADJ
cblr-8636	401	5	arms	arm	NOUN
cblr-8636	401	6	race	race	NOUN
cblr-8636	401	7	that	that	PRON
cblr-8636	401	8	the	the	DET
cblr-8636	401	9	current	current	ADJ
cblr-8636	401	10	level	level	NOUN
cblr-8636	401	11	of	of	ADP
cblr-8636	401	12	fragmentation	fragmentation	NOUN
cblr-8636	401	13	fuels	fuel	NOUN
cblr-8636	401	14	by	by	ADP
cblr-8636	401	15	requiring	require	VERB
cblr-8636	401	16	each	each	DET
cblr-8636	401	17	such	such	ADJ
cblr-8636	401	18	entity	entity	NOUN
cblr-8636	401	19	to	to	PART
cblr-8636	401	20	have	have	VERB
cblr-8636	401	21	an	an	DET
cblr-8636	401	22	advanced	advanced	ADJ
cblr-8636	401	23	computer	computer	NOUN
cblr-8636	401	24	located	locate	VERB
cblr-8636	401	25	close	close	ADV
cblr-8636	401	26	to	to	ADP
cblr-8636	401	27	each	each	DET
cblr-8636	401	28	exchange	exchange	NOUN
cblr-8636	401	29	’s	’s	PART
cblr-8636	401	30	matching	matching	NOUN
cblr-8636	401	31	engine	engine	NOUN
cblr-8636	401	32	(	(	PUNCT
cblr-8636	401	33	so	so	ADV
cblr-8636	401	34	called	call	VERB
cblr-8636	401	35	“	"	PUNCT
cblr-8636	401	36	co	co	NOUN
cblr-8636	401	37	-	-	NOUN
cblr-8636	401	38	location	location	NOUN
cblr-8636	401	39	”	"	PUNCT
cblr-8636	401	40	)	)	PUNCT
cblr-8636	401	41	and	and	CCONJ
cblr-8636	401	42	a	a	DET
cblr-8636	401	43	high	high	ADJ
cblr-8636	401	44	-	-	PUNCT
cblr-8636	401	45	speed	speed	NOUN
cblr-8636	401	46	communications	communication	NOUN
cblr-8636	401	47	network	network	NOUN
cblr-8636	401	48	linking	link	VERB
cblr-8636	401	49	all	all	DET
cblr-8636	401	50	these	these	DET
cblr-8636	401	51	colocated	colocate	VERB
cblr-8636	401	52	computers.84	computers.84	NOUN
cblr-8636	401	53	these	these	DET
cblr-8636	401	54	computers	computer	NOUN
cblr-8636	401	55	then	then	ADV
cblr-8636	401	56	use	use	VERB
cblr-8636	401	57	algorithms	algorithm	NOUN
cblr-8636	401	58	to	to	PART
cblr-8636	401	59	decide	decide	VERB
cblr-8636	401	60	what	what	PRON
cblr-8636	401	61	quotes	quote	NOUN
cblr-8636	401	62	to	to	PART
cblr-8636	401	63	make	make	VERB
cblr-8636	401	64	or	or	CCONJ
cblr-8636	401	65	cancel	cancel	VERB
cblr-8636	401	66	and	and	CCONJ
cblr-8636	401	67	what	what	PRON
cblr-8636	401	68	trades	trade	VERB
cblr-8636	401	69	to	to	PART
cblr-8636	401	70	make	make	VERB
cblr-8636	401	71	,	,	PUNCT
cblr-8636	401	72	all	all	PRON
cblr-8636	401	73	based	base	VERB
cblr-8636	401	74	on	on	ADP
cblr-8636	401	75	the	the	DET
cblr-8636	401	76	information	information	NOUN
cblr-8636	401	77	each	each	PRON
cblr-8636	401	78	receives	receive	VERB
cblr-8636	401	79	from	from	ADP
cblr-8636	401	80	its	its	PRON
cblr-8636	401	81	own	own	ADJ
cblr-8636	401	82	exchange	exchange	NOUN
cblr-8636	401	83	and	and	CCONJ
cblr-8636	401	84	from	from	ADP
cblr-8636	401	85	the	the	DET
cblr-8636	401	86	other	other	ADJ
cblr-8636	401	87	co	co	ADJ
cblr-8636	401	88	-	-	ADJ
cblr-8636	401	89	located	locate	VERB
cblr-8636	401	90	computers	computer	NOUN
cblr-8636	401	91	in	in	ADP
cblr-8636	401	92	its	its	PRON
cblr-8636	401	93	network.85	network.85	ADJ
cblr-8636	401	94	one	one	NUM
cblr-8636	401	95	member	member	NOUN
cblr-8636	401	96	of	of	ADP
cblr-8636	401	97	the	the	DET
cblr-8636	401	98	financial	financial	ADJ
cblr-8636	401	99	services	service	NOUN
cblr-8636	401	100	industry	industry	NOUN
cblr-8636	401	101	pointed	point	VERB
cblr-8636	401	102	out	out	ADP
cblr-8636	401	103	that	that	SCONJ
cblr-8636	401	104	market	market	NOUN
cblr-8636	401	105	makers	maker	NOUN
cblr-8636	401	106	spent	spend	VERB
cblr-8636	401	107	hundreds	hundred	NOUN
cblr-8636	401	108	of	of	ADP
cblr-8636	401	109	millions	million	NOUN
cblr-8636	401	110	of	of	ADP
cblr-8636	401	111	dollars	dollar	NOUN
cblr-8636	401	112	simply	simply	ADV
cblr-8636	401	113	to	to	PART
cblr-8636	401	114	remain	remain	VERB
cblr-8636	401	115	defensive	defensive	ADJ
cblr-8636	401	116	and	and	CCONJ
cblr-8636	401	117	able	able	ADJ
cblr-8636	401	118	to	to	PART
cblr-8636	401	119	quote86	quote86	VERB
cblr-8636	401	120	—	—	PUNCT
cblr-8636	401	121	a	a	DET
cblr-8636	401	122	form	form	NOUN
cblr-8636	401	123	82	82	NUM
cblr-8636	401	124	for	for	ADP
cblr-8636	401	125	a	a	DET
cblr-8636	401	126	similar	similar	ADJ
cblr-8636	401	127	view	view	NOUN
cblr-8636	401	128	,	,	PUNCT
cblr-8636	401	129	see	see	VERB
cblr-8636	401	130	steven	steven	PROPN
cblr-8636	401	131	mcnamara	mcnamara	PROPN
cblr-8636	401	132	,	,	PUNCT
cblr-8636	401	133	the	the	DET
cblr-8636	401	134	stock	stock	NOUN
cblr-8636	401	135	exchange	exchange	NOUN
cblr-8636	401	136	as	as	ADP
cblr-8636	401	137	multi	multi	ADJ
cblr-8636	401	138	-	-	ADJ
cblr-8636	401	139	sided	sided	ADJ
cblr-8636	401	140	platform	platform	NOUN
cblr-8636	401	141	and	and	CCONJ
cblr-8636	401	142	the	the	DET
cblr-8636	401	143	future	future	NOUN
cblr-8636	401	144	of	of	ADP
cblr-8636	401	145	the	the	DET
cblr-8636	401	146	national	national	ADJ
cblr-8636	401	147	market	market	NOUN
cblr-8636	401	148	system	system	NOUN
cblr-8636	401	149	,	,	PUNCT
cblr-8636	401	150	2018	2018	NUM
cblr-8636	401	151	b.y.u	b.y.u	NOUN
cblr-8636	401	152	.	.	PUNCT
cblr-8636	402	1	l.	l.	PROPN
cblr-8636	402	2	rev	rev	PROPN
cblr-8636	402	3	.	.	PROPN
cblr-8636	402	4	969	969	NUM
cblr-8636	402	5	,	,	PUNCT
cblr-8636	402	6	989–91	989–91	NUM
cblr-8636	402	7	.	.	PUNCT
cblr-8636	403	1	83	83	NUM
cblr-8636	403	2	see	see	VERB
cblr-8636	403	3	supra	supra	PROPN
cblr-8636	403	4	section	section	PROPN
cblr-8636	403	5	v.a	v.a	PROPN
cblr-8636	403	6	.	.	PROPN
cblr-8636	403	7	84	84	NUM
cblr-8636	403	8	see	see	VERB
cblr-8636	403	9	fox	fox	PROPN
cblr-8636	403	10	et	et	PROPN
cblr-8636	403	11	al	al	PROPN
cblr-8636	403	12	.	.	PROPN
cblr-8636	403	13	,	,	PUNCT
cblr-8636	403	14	supra	supra	PROPN
cblr-8636	403	15	note	note	NOUN
cblr-8636	403	16	3	3	NUM
cblr-8636	403	17	,	,	PUNCT
cblr-8636	403	18	at	at	ADP
cblr-8636	403	19	96	96	NUM
cblr-8636	403	20	.	.	NOUN
cblr-8636	403	21	85	85	NUM
cblr-8636	403	22	see	see	VERB
cblr-8636	403	23	i	i	PRON
cblr-8636	403	24	d.	d.	PROPN
cblr-8636	403	25	at	at	ADP
cblr-8636	403	26	95–96	95–96	PROPN
cblr-8636	403	27	.	.	PUNCT
cblr-8636	403	28	86	86	NUM
cblr-8636	403	29	for	for	ADP
cblr-8636	403	30	an	an	DET
cblr-8636	403	31	estimate	estimate	NOUN
cblr-8636	403	32	of	of	ADP
cblr-8636	403	33	revenues	revenue	NOUN
cblr-8636	403	34	from	from	ADP
cblr-8636	403	35	market	market	NOUN
cblr-8636	403	36	data	datum	NOUN
cblr-8636	403	37	and	and	CCONJ
cblr-8636	403	38	co	co	NOUN
cblr-8636	403	39	-	-	NOUN
cblr-8636	403	40	location	location	NOUN
cblr-8636	403	41	,	,	PUNCT
cblr-8636	403	42	see	see	VERB
cblr-8636	403	43	eric	eric	PROPN
cblr-8636	403	44	budish	budish	PROPN
cblr-8636	403	45	,	,	PUNCT
cblr-8636	403	46	robin	robin	PROPN
cblr-8636	403	47	s.	s.	PROPN
cblr-8636	403	48	lee	lee	PROPN
cblr-8636	403	49	&	&	CCONJ
cblr-8636	403	50	john	john	PROPN
cblr-8636	403	51	j.	j.	PROPN
cblr-8636	403	52	shim	shim	PROPN
cblr-8636	403	53	,	,	PUNCT
cblr-8636	403	54	a	a	DET
cblr-8636	403	55	theory	theory	NOUN
cblr-8636	403	56	of	of	ADP
cblr-8636	403	57	stock	stock	NOUN
cblr-8636	403	58	exchange	exchange	PROPN
cblr-8636	403	59	fox	fox	PROPN
cblr-8636	403	60	et	et	PROPN
cblr-8636	403	61	al	al	PROPN
cblr-8636	403	62	.	.	PROPN
cblr-8636	404	1	8/22/2021	8/22/2021	NUM
cblr-8636	404	2	9:05	9:05	NUM
cblr-8636	404	3	pm	pm	NOUN
cblr-8636	404	4	680	680	NUM
cblr-8636	404	5	columbia	columbia	PROPN
cblr-8636	404	6	business	business	NOUN
cblr-8636	404	7	law	law	NOUN
cblr-8636	404	8	review	review	NOUN
cblr-8636	404	9	[	[	X
cblr-8636	404	10	vol	vol	NOUN
cblr-8636	404	11	.	.	NOUN
cblr-8636	404	12	2021	2021	NUM
cblr-8636	404	13	of	of	ADP
cblr-8636	404	14	competition	competition	NOUN
cblr-8636	404	15	among	among	ADP
cblr-8636	404	16	hft	hft	PROPN
cblr-8636	404	17	market	market	NOUN
cblr-8636	404	18	makers	maker	NOUN
cblr-8636	404	19	that	that	PRON
cblr-8636	404	20	is	be	AUX
cblr-8636	404	21	viewed	view	VERB
cblr-8636	404	22	by	by	ADP
cblr-8636	404	23	at	at	ADV
cblr-8636	404	24	least	least	ADV
cblr-8636	404	25	one	one	NUM
cblr-8636	404	26	member	member	NOUN
cblr-8636	404	27	of	of	ADP
cblr-8636	404	28	the	the	DET
cblr-8636	404	29	exchange	exchange	NOUN
cblr-8636	404	30	community	community	NOUN
cblr-8636	404	31	as	as	ADP
cblr-8636	404	32	wasteful	wasteful	ADJ
cblr-8636	404	33	.	.	PUNCT
cblr-8636	405	1	another	another	DET
cblr-8636	405	2	interviewee	interviewee	NOUN
cblr-8636	405	3	expressed	express	VERB
cblr-8636	405	4	a	a	DET
cblr-8636	405	5	similar	similar	ADJ
cblr-8636	405	6	concern	concern	NOUN
cblr-8636	405	7	for	for	ADP
cblr-8636	405	8	the	the	DET
cblr-8636	405	9	costs	cost	NOUN
cblr-8636	405	10	it	it	PRON
cblr-8636	405	11	imposes	impose	VERB
cblr-8636	405	12	on	on	ADP
cblr-8636	405	13	fundamental	fundamental	ADJ
cblr-8636	405	14	value	value	NOUN
cblr-8636	405	15	traders	trader	NOUN
cblr-8636	405	16	.	.	PUNCT
cblr-8636	406	1	as	as	SCONJ
cblr-8636	406	2	a	a	DET
cblr-8636	406	3	member	member	NOUN
cblr-8636	406	4	of	of	ADP
cblr-8636	406	5	the	the	DET
cblr-8636	406	6	broker	broker	NOUN
cblr-8636	406	7	-	-	PUNCT
cblr-8636	406	8	dealer	dealer	NOUN
cblr-8636	406	9	community	community	NOUN
cblr-8636	406	10	put	put	VERB
cblr-8636	406	11	it	it	PRON
cblr-8636	406	12	,	,	PUNCT
cblr-8636	406	13	if	if	SCONJ
cblr-8636	406	14	a	a	DET
cblr-8636	406	15	broker	broker	NOUN
cblr-8636	406	16	updates	update	VERB
cblr-8636	406	17	its	its	PRON
cblr-8636	406	18	technology	technology	NOUN
cblr-8636	406	19	once	once	ADV
cblr-8636	406	20	a	a	DET
cblr-8636	406	21	year	year	NOUN
cblr-8636	406	22	,	,	PUNCT
cblr-8636	406	23	it	it	PRON
cblr-8636	406	24	’s	’s	AUX
cblr-8636	406	25	going	go	VERB
cblr-8636	406	26	to	to	PART
cblr-8636	406	27	be	be	AUX
cblr-8636	406	28	far	far	ADV
cblr-8636	406	29	behind	behind	ADV
cblr-8636	406	30	by	by	ADP
cblr-8636	406	31	the	the	DET
cblr-8636	406	32	eleventh	eleventh	ADJ
cblr-8636	406	33	month	month	NOUN
cblr-8636	406	34	.	.	PUNCT
cblr-8636	407	1	having	have	VERB
cblr-8636	407	2	a	a	DET
cblr-8636	407	3	stock	stock	NOUN
cblr-8636	407	4	trade	trade	NOUN
cblr-8636	407	5	exclusively	exclusively	ADV
cblr-8636	407	6	on	on	ADP
cblr-8636	407	7	a	a	DET
cblr-8636	407	8	single	single	ADJ
cblr-8636	407	9	dlt	dlt	PROPN
cblr-8636	407	10	-	-	PUNCT
cblr-8636	407	11	based	base	VERB
cblr-8636	407	12	platform	platform	NOUN
cblr-8636	407	13	would	would	AUX
cblr-8636	407	14	make	make	VERB
cblr-8636	407	15	much	much	ADJ
cblr-8636	407	16	of	of	ADP
cblr-8636	407	17	this	this	DET
cblr-8636	407	18	costly	costly	ADJ
cblr-8636	407	19	effort	effort	NOUN
cblr-8636	407	20	unnecessary	unnecessary	ADJ
cblr-8636	407	21	.	.	PUNCT
cblr-8636	408	1	g.	g.	VERB
cblr-8636	408	2	the	the	DET
cblr-8636	408	3	quality	quality	NOUN
cblr-8636	408	4	of	of	ADP
cblr-8636	408	5	the	the	DET
cblr-8636	408	6	market	market	NOUN
cblr-8636	408	7	for	for	ADP
cblr-8636	408	8	large	large	ADJ
cblr-8636	408	9	issuer	issuer	ADJ
cblr-8636	408	10	stocks	stock	NOUN
cblr-8636	408	11	versus	versus	ADP
cblr-8636	408	12	that	that	PRON
cblr-8636	408	13	for	for	ADP
cblr-8636	408	14	smaller	small	ADJ
cblr-8636	408	15	issuer	issuer	NOUN
cblr-8636	408	16	stocks	stock	NOUN
cblr-8636	408	17	one	one	NUM
cblr-8636	408	18	member	member	NOUN
cblr-8636	408	19	of	of	ADP
cblr-8636	408	20	the	the	DET
cblr-8636	408	21	exchange	exchange	NOUN
cblr-8636	408	22	community	community	NOUN
cblr-8636	408	23	expressed	express	VERB
cblr-8636	408	24	concern	concern	NOUN
cblr-8636	408	25	that	that	SCONJ
cblr-8636	408	26	the	the	DET
cblr-8636	408	27	secondary	secondary	ADJ
cblr-8636	408	28	trading	trading	NOUN
cblr-8636	408	29	markets	market	NOUN
cblr-8636	408	30	function	function	VERB
cblr-8636	408	31	well	well	ADV
cblr-8636	408	32	for	for	ADP
cblr-8636	408	33	large	large	ADJ
cblr-8636	408	34	corporations	corporation	NOUN
cblr-8636	408	35	,	,	PUNCT
cblr-8636	408	36	but	but	CCONJ
cblr-8636	408	37	not	not	PART
cblr-8636	408	38	as	as	ADV
cblr-8636	408	39	well	well	ADV
cblr-8636	408	40	or	or	CCONJ
cblr-8636	408	41	as	as	ADV
cblr-8636	408	42	smoothly	smoothly	ADV
cblr-8636	408	43	for	for	ADP
cblr-8636	408	44	smaller	small	ADJ
cblr-8636	408	45	issuers	issuer	NOUN
cblr-8636	408	46	,	,	PUNCT
cblr-8636	408	47	which	which	PRON
cblr-8636	408	48	have	have	VERB
cblr-8636	408	49	a	a	DET
cblr-8636	408	50	much	much	ADV
cblr-8636	408	51	lower	low	ADJ
cblr-8636	408	52	trading	trading	NOUN
cblr-8636	408	53	volume	volume	NOUN
cblr-8636	408	54	and	and	CCONJ
cblr-8636	408	55	less	less	ADV
cblr-8636	408	56	liquidity.87	liquidity.87	VERB
cblr-8636	408	57	the	the	DET
cblr-8636	408	58	prospect	prospect	NOUN
cblr-8636	408	59	that	that	SCONJ
cblr-8636	408	60	their	their	PRON
cblr-8636	408	61	shares	share	NOUN
cblr-8636	408	62	,	,	PUNCT
cblr-8636	408	63	if	if	SCONJ
cblr-8636	408	64	publicly	publicly	ADV
cblr-8636	408	65	traded	trade	VERB
cblr-8636	408	66	,	,	PUNCT
cblr-8636	408	67	would	would	AUX
cblr-8636	408	68	lack	lack	VERB
cblr-8636	408	69	high	high	ADJ
cblr-8636	408	70	liquidity	liquidity	NOUN
cblr-8636	408	71	removes	remove	VERB
cblr-8636	408	72	the	the	DET
cblr-8636	408	73	incentives	incentive	NOUN
cblr-8636	408	74	for	for	ADP
cblr-8636	408	75	many	many	ADJ
cblr-8636	408	76	startups	startup	NOUN
cblr-8636	408	77	and	and	CCONJ
cblr-8636	408	78	smaller	small	ADJ
cblr-8636	408	79	corporations	corporation	NOUN
cblr-8636	408	80	to	to	PART
cblr-8636	408	81	use	use	VERB
cblr-8636	408	82	a	a	DET
cblr-8636	408	83	public	public	ADJ
cblr-8636	408	84	offering	offering	NOUN
cblr-8636	408	85	as	as	ADP
cblr-8636	408	86	a	a	DET
cblr-8636	408	87	way	way	NOUN
cblr-8636	408	88	of	of	ADP
cblr-8636	408	89	raising	raise	VERB
cblr-8636	408	90	new	new	ADJ
cblr-8636	408	91	capital	capital	NOUN
cblr-8636	408	92	.	.	PUNCT
cblr-8636	409	1	consequently	consequently	ADV
cblr-8636	409	2	,	,	PUNCT
cblr-8636	409	3	tech	tech	NOUN
cblr-8636	409	4	giants	giant	NOUN
cblr-8636	409	5	such	such	ADJ
cblr-8636	409	6	as	as	ADP
cblr-8636	409	7	apple	apple	NOUN
cblr-8636	409	8	and	and	CCONJ
cblr-8636	409	9	google	google	PROPN
cblr-8636	409	10	dominate	dominate	VERB
cblr-8636	409	11	the	the	DET
cblr-8636	409	12	innovation	innovation	NOUN
cblr-8636	409	13	segment	segment	NOUN
cblr-8636	409	14	of	of	ADP
cblr-8636	409	15	the	the	DET
cblr-8636	409	16	market.88	market.88	ADJ
cblr-8636	409	17	why	why	SCONJ
cblr-8636	409	18	smaller	small	ADJ
cblr-8636	409	19	firms	firm	NOUN
cblr-8636	409	20	have	have	VERB
cblr-8636	409	21	so	so	ADV
cblr-8636	409	22	much	much	ADV
cblr-8636	409	23	less	less	ADJ
cblr-8636	409	24	liquidity	liquidity	NOUN
cblr-8636	409	25	is	be	AUX
cblr-8636	409	26	competition	competition	NOUN
cblr-8636	409	27	and	and	CCONJ
cblr-8636	409	28	innovation	innovation	NOUN
cblr-8636	409	29	:	:	PUNCT
cblr-8636	409	30	will	will	AUX
cblr-8636	409	31	the	the	DET
cblr-8636	409	32	market	market	NOUN
cblr-8636	409	33	fix	fix	VERB
cblr-8636	409	34	the	the	DET
cblr-8636	409	35	market	market	NOUN
cblr-8636	409	36	?	?	PUNCT
cblr-8636	410	1	36	36	NUM
cblr-8636	410	2	tbl.4.2	tbl.4.2	NOUN
cblr-8636	410	3	(	(	PUNCT
cblr-8636	410	4	july	july	PROPN
cblr-8636	410	5	22	22	NUM
cblr-8636	410	6	,	,	PUNCT
cblr-8636	410	7	2020	2020	NUM
cblr-8636	410	8	)	)	PUNCT
cblr-8636	410	9	(	(	PUNCT
cblr-8636	410	10	unpublished	unpublished	ADJ
cblr-8636	410	11	manuscript	manuscript	NOUN
cblr-8636	410	12	)	)	PUNCT
cblr-8636	410	13	,	,	PUNCT
cblr-8636	410	14	http://www.people.fas.harvard	http://www.people.fas.harvard	PROPN
cblr-8636	410	15	.edu/~robinlee	.edu/~robinlee	PROPN
cblr-8636	410	16	/	/	SYM
cblr-8636	410	17	papers	paper	NOUN
cblr-8636	410	18	/	/	SYM
cblr-8636	410	19	exchangecomp.pdf	exchangecomp.pdf	X
cblr-8636	410	20	[	[	X
cblr-8636	410	21	https://perma.cc/bmk2-jeyh	https://perma.cc/bmk2-jeyh	X
cblr-8636	410	22	]	]	PUNCT
cblr-8636	410	23	.	.	PUNCT
cblr-8636	411	1	87	87	NUM
cblr-8636	411	2	see	see	VERB
cblr-8636	411	3	zumbach	zumbach	NOUN
cblr-8636	411	4	,	,	PUNCT
cblr-8636	411	5	supra	supra	PROPN
cblr-8636	411	6	note	note	PROPN
cblr-8636	411	7	31	31	NUM
cblr-8636	411	8	,	,	PUNCT
cblr-8636	411	9	at	at	ADP
cblr-8636	411	10	442	442	NUM
cblr-8636	411	11	(	(	PUNCT
cblr-8636	411	12	linking	link	VERB
cblr-8636	411	13	firm	firm	ADJ
cblr-8636	411	14	size	size	NOUN
cblr-8636	411	15	and	and	CCONJ
cblr-8636	411	16	trading	trading	NOUN
cblr-8636	411	17	volume	volume	NOUN
cblr-8636	411	18	)	)	PUNCT
cblr-8636	411	19	.	.	PUNCT
cblr-8636	412	1	88	88	NUM
cblr-8636	412	2	with	with	ADP
cblr-8636	412	3	about	about	ADV
cblr-8636	412	4	16.7	16.7	NUM
cblr-8636	412	5	billion	billion	NUM
cblr-8636	412	6	shares	share	NOUN
cblr-8636	412	7	outstanding	outstanding	ADJ
cblr-8636	412	8	and	and	CCONJ
cblr-8636	412	9	a	a	DET
cblr-8636	412	10	market	market	NOUN
cblr-8636	412	11	capitalization	capitalization	NOUN
cblr-8636	412	12	over	over	ADP
cblr-8636	412	13	$	$	SYM
cblr-8636	412	14	2.1	2.1	NUM
cblr-8636	412	15	trillion	trillion	NUM
cblr-8636	412	16	,	,	PUNCT
cblr-8636	412	17	apple	apple	NOUN
cblr-8636	412	18	sees	see	VERB
cblr-8636	412	19	an	an	DET
cblr-8636	412	20	average	average	ADJ
cblr-8636	412	21	volume	volume	NOUN
cblr-8636	412	22	of	of	ADP
cblr-8636	412	23	about	about	ADV
cblr-8636	412	24	100	100	NUM
cblr-8636	412	25	million	million	NUM
cblr-8636	412	26	trades	trade	NOUN
cblr-8636	412	27	.	.	PUNCT
cblr-8636	413	1	see	see	VERB
cblr-8636	413	2	apple	apple	PROPN
cblr-8636	413	3	inc	inc	PROPN
cblr-8636	413	4	.	.	PROPN
cblr-8636	413	5	statistics	statistics	PROPN
cblr-8636	413	6	,	,	PUNCT
cblr-8636	413	7	yahoo	yahoo	PROPN
cblr-8636	413	8	!	!	PUNCT
cblr-8636	413	9	:	:	PUNCT
cblr-8636	414	1	fin	fin	PROPN
cblr-8636	414	2	.	.	PUNCT
cblr-8636	414	3	,	,	PUNCT
cblr-8636	414	4	https://finance.yahoo.com/quote/aapl/key-statistics?p=aapl	https://finance.yahoo.com/quote/aapl/key-statistics?p=aapl	PROPN
cblr-8636	415	1	[	[	X
cblr-8636	415	2	https://perma.cc/has4-2sgj	https://perma.cc/has4-2sgj	X
cblr-8636	415	3	]	]	X
cblr-8636	415	4	(	(	PUNCT
cblr-8636	415	5	last	last	ADJ
cblr-8636	415	6	visited	visit	VERB
cblr-8636	415	7	may	may	PROPN
cblr-8636	415	8	17	17	NUM
cblr-8636	415	9	,	,	PUNCT
cblr-8636	415	10	2021	2021	NUM
cblr-8636	415	11	)	)	PUNCT
cblr-8636	415	12	.	.	PUNCT
cblr-8636	416	1	the	the	DET
cblr-8636	416	2	corresponding	corresponding	ADJ
cblr-8636	416	3	figures	figure	NOUN
cblr-8636	416	4	for	for	ADP
cblr-8636	416	5	alphabet	alphabet	NOUN
cblr-8636	416	6	(	(	PUNCT
cblr-8636	416	7	google	google	PROPN
cblr-8636	416	8	’s	’s	PART
cblr-8636	416	9	parent	parent	NOUN
cblr-8636	416	10	)	)	PUNCT
cblr-8636	416	11	are	be	AUX
cblr-8636	416	12	about	about	ADV
cblr-8636	416	13	323.6	323.6	NUM
cblr-8636	416	14	million	million	NUM
cblr-8636	416	15	,	,	PUNCT
cblr-8636	416	16	$	$	SYM
cblr-8636	416	17	1.5	1.5	NUM
cblr-8636	416	18	trillion	trillion	NUM
cblr-8636	416	19	,	,	PUNCT
cblr-8636	416	20	and	and	CCONJ
cblr-8636	416	21	1.4	1.4	NUM
cblr-8636	416	22	million	million	NUM
cblr-8636	416	23	.	.	PUNCT
cblr-8636	417	1	alphabet	alphabet	PROPN
cblr-8636	417	2	inc	inc	PROPN
cblr-8636	417	3	.	.	PROPN
cblr-8636	417	4	statistics	statistics	PROPN
cblr-8636	417	5	,	,	PUNCT
cblr-8636	417	6	yahoo	yahoo	PROPN
cblr-8636	417	7	!	!	PUNCT
cblr-8636	417	8	:	:	PUNCT
cblr-8636	418	1	fin	fin	NOUN
cblr-8636	418	2	.	.	PUNCT
cblr-8636	418	3	,	,	PUNCT
cblr-8636	418	4	https://finance.yahoo.com/quote/goog/key-statistics?p=goog	https://finance.yahoo.com/quote/goog/key-statistics?p=goog	PROPN
cblr-8636	418	5	[	[	X
cblr-8636	418	6	https://perma.cc/5hvz-g3c7	https://perma.cc/5hvz-g3c7	X
cblr-8636	418	7	]	]	X
cblr-8636	418	8	(	(	PUNCT
cblr-8636	418	9	last	last	ADJ
cblr-8636	418	10	visited	visit	VERB
cblr-8636	418	11	(	(	PUNCT
cblr-8636	418	12	may	may	PROPN
cblr-8636	418	13	17	17	NUM
cblr-8636	418	14	,	,	PUNCT
cblr-8636	418	15	2021	2021	NUM
cblr-8636	418	16	)	)	PUNCT
cblr-8636	418	17	.	.	PUNCT
cblr-8636	419	1	fox	fox	PROPN
cblr-8636	419	2	et	et	PROPN
cblr-8636	419	3	al	al	PROPN
cblr-8636	419	4	.	.	PROPN
cblr-8636	420	1	8/22/2021	8/22/2021	NUM
cblr-8636	420	2	9:05	9:05	NUM
cblr-8636	420	3	pm	pm	NOUN
cblr-8636	420	4	no	no	INTJ
cblr-8636	420	5	.	.	PUNCT
cblr-8636	421	1	2:651	2:651	NUM
cblr-8636	421	2	]	]	X
cblr-8636	421	3	a	a	DET
cblr-8636	421	4	stakeholder	stakeholder	NOUN
cblr-8636	421	5	survey	survey	VERB
cblr-8636	421	6	681	681	NUM
cblr-8636	421	7	hotly	hotly	ADV
cblr-8636	421	8	debated.89	debated.89	ADJ
cblr-8636	421	9	the	the	DET
cblr-8636	421	10	exchange	exchange	NOUN
cblr-8636	421	11	community	community	NOUN
cblr-8636	421	12	member	member	NOUN
cblr-8636	421	13	referred	refer	VERB
cblr-8636	421	14	to	to	ADP
cblr-8636	421	15	above	above	ADV
cblr-8636	421	16	suggested	suggest	VERB
cblr-8636	421	17	that	that	SCONJ
cblr-8636	421	18	,	,	PUNCT
cblr-8636	421	19	under	under	ADP
cblr-8636	421	20	current	current	ADJ
cblr-8636	421	21	arrangements	arrangement	NOUN
cblr-8636	421	22	,	,	PUNCT
cblr-8636	421	23	brokerdealers	brokerdealer	NOUN
cblr-8636	421	24	gain	gain	VERB
cblr-8636	421	25	much	much	ADJ
cblr-8636	421	26	of	of	ADP
cblr-8636	421	27	their	their	PRON
cblr-8636	421	28	profits	profit	NOUN
cblr-8636	421	29	from	from	ADP
cblr-8636	421	30	trades	trade	NOUN
cblr-8636	421	31	of	of	ADP
cblr-8636	421	32	these	these	DET
cblr-8636	421	33	smaller	small	ADJ
cblr-8636	421	34	issuers	issuer	NOUN
cblr-8636	421	35	and	and	CCONJ
cblr-8636	421	36	so	so	ADV
cblr-8636	421	37	tend	tend	VERB
cblr-8636	421	38	to	to	PART
cblr-8636	421	39	resist	resist	VERB
cblr-8636	421	40	reform	reform	NOUN
cblr-8636	421	41	.	.	PUNCT
cblr-8636	422	1	one	one	NUM
cblr-8636	422	2	member	member	NOUN
cblr-8636	422	3	of	of	ADP
cblr-8636	422	4	the	the	DET
cblr-8636	422	5	broker	broker	NOUN
cblr-8636	422	6	-	-	PUNCT
cblr-8636	422	7	dealer	dealer	NOUN
cblr-8636	422	8	community	community	NOUN
cblr-8636	422	9	attributed	attribute	VERB
cblr-8636	422	10	the	the	DET
cblr-8636	422	11	problem	problem	NOUN
cblr-8636	422	12	to	to	ADP
cblr-8636	422	13	a	a	DET
cblr-8636	422	14	lack	lack	NOUN
cblr-8636	422	15	of	of	ADP
cblr-8636	422	16	information	information	NOUN
cblr-8636	422	17	about	about	ADP
cblr-8636	422	18	smaller	small	ADJ
cblr-8636	422	19	issuers	issuer	NOUN
cblr-8636	422	20	.	.	PUNCT
cblr-8636	423	1	he	he	PRON
cblr-8636	423	2	gave	give	VERB
cblr-8636	423	3	an	an	DET
cblr-8636	423	4	example	example	NOUN
cblr-8636	423	5	:	:	PUNCT
cblr-8636	423	6	the	the	DET
cblr-8636	423	7	prohibition	prohibition	NOUN
cblr-8636	423	8	on	on	ADP
cblr-8636	423	9	advertising	advertise	VERB
cblr-8636	423	10	through	through	ADP
cblr-8636	423	11	testimonials	testimonial	NOUN
cblr-8636	423	12	in	in	ADP
cblr-8636	423	13	the	the	DET
cblr-8636	423	14	investment	investment	NOUN
cblr-8636	423	15	advisers	adviser	NOUN
cblr-8636	423	16	act90	act90	ADV
cblr-8636	423	17	has	have	AUX
cblr-8636	423	18	disadvantaged	disadvantage	VERB
cblr-8636	423	19	innovators	innovator	NOUN
cblr-8636	423	20	,	,	PUNCT
cblr-8636	423	21	who	who	PRON
cblr-8636	423	22	can	can	AUX
cblr-8636	423	23	not	not	PART
cblr-8636	423	24	afford	afford	VERB
cblr-8636	423	25	to	to	PART
cblr-8636	423	26	spend	spend	VERB
cblr-8636	423	27	as	as	ADV
cblr-8636	423	28	much	much	ADJ
cblr-8636	423	29	as	as	ADP
cblr-8636	423	30	incumbents	incumbent	NOUN
cblr-8636	423	31	on	on	ADP
cblr-8636	423	32	advertising	advertising	NOUN
cblr-8636	423	33	and	and	CCONJ
cblr-8636	423	34	can	can	AUX
cblr-8636	423	35	not	not	PART
cblr-8636	423	36	rely	rely	VERB
cblr-8636	423	37	on	on	ADP
cblr-8636	423	38	testimonials	testimonial	NOUN
cblr-8636	423	39	,	,	PUNCT
cblr-8636	423	40	which	which	PRON
cblr-8636	423	41	would	would	AUX
cblr-8636	423	42	be	be	AUX
cblr-8636	423	43	the	the	DET
cblr-8636	423	44	most	most	ADV
cblr-8636	423	45	cost	cost	NOUN
cblr-8636	423	46	-	-	PUNCT
cblr-8636	423	47	effective	effective	ADJ
cblr-8636	423	48	means	mean	NOUN
cblr-8636	423	49	of	of	ADP
cblr-8636	423	50	advertising	advertising	NOUN
cblr-8636	423	51	.	.	PUNCT
cblr-8636	424	1	the	the	DET
cblr-8636	424	2	prospect	prospect	NOUN
cblr-8636	424	3	of	of	ADP
cblr-8636	424	4	dlt	dlt	PROPN
cblr-8636	424	5	-	-	PUNCT
cblr-8636	424	6	based	base	VERB
cblr-8636	424	7	trading	trading	NOUN
cblr-8636	424	8	raises	raise	VERB
cblr-8636	424	9	interesting	interesting	ADJ
cblr-8636	424	10	possibilities	possibility	NOUN
cblr-8636	424	11	here	here	ADV
cblr-8636	424	12	.	.	PUNCT
cblr-8636	425	1	as	as	SCONJ
cblr-8636	425	2	noted	note	VERB
cblr-8636	425	3	earlier	early	ADV
cblr-8636	425	4	,	,	PUNCT
cblr-8636	425	5	the	the	DET
cblr-8636	425	6	scalability	scalability	NOUN
cblr-8636	425	7	issues	issue	NOUN
cblr-8636	425	8	of	of	ADP
cblr-8636	425	9	dlt	dlt	PROPN
cblr-8636	425	10	-	-	PUNCT
cblr-8636	425	11	based	base	VERB
cblr-8636	425	12	trading	trading	NOUN
cblr-8636	425	13	are	be	AUX
cblr-8636	425	14	less	less	ADV
cblr-8636	425	15	relevant	relevant	ADJ
cblr-8636	425	16	for	for	ADP
cblr-8636	425	17	smaller	small	ADJ
cblr-8636	425	18	,	,	PUNCT
cblr-8636	425	19	lowertrading	lowertrading	NOUN
cblr-8636	425	20	-	-	PUNCT
cblr-8636	425	21	volume	volume	NOUN
cblr-8636	425	22	issuers,91	issuers,91	NOUN
cblr-8636	426	1	and	and	CCONJ
cblr-8636	426	2	so	so	ADV
cblr-8636	426	3	the	the	DET
cblr-8636	426	4	trading	trading	NOUN
cblr-8636	426	5	of	of	ADP
cblr-8636	426	6	such	such	ADJ
cblr-8636	426	7	issuers	issuer	NOUN
cblr-8636	426	8	’	'	PUNCT
cblr-8636	426	9	shares	share	NOUN
cblr-8636	426	10	is	be	AUX
cblr-8636	426	11	a	a	DET
cblr-8636	426	12	good	good	ADJ
cblr-8636	426	13	starting	starting	NOUN
cblr-8636	426	14	point	point	NOUN
cblr-8636	426	15	for	for	ADP
cblr-8636	426	16	dlt	dlt	PROPN
cblr-8636	426	17	.	.	PUNCT
cblr-8636	427	1	at	at	ADP
cblr-8636	427	2	the	the	DET
cblr-8636	427	3	same	same	ADJ
cblr-8636	427	4	time	time	NOUN
cblr-8636	427	5	,	,	PUNCT
cblr-8636	427	6	designing	design	VERB
cblr-8636	427	7	the	the	DET
cblr-8636	427	8	system	system	NOUN
cblr-8636	427	9	to	to	PART
cblr-8636	427	10	ameliorate	ameliorate	VERB
cblr-8636	427	11	the	the	DET
cblr-8636	427	12	market	market	NOUN
cblr-8636	427	13	structure	structure	NOUN
cblr-8636	427	14	issues	issue	NOUN
cblr-8636	427	15	that	that	PRON
cblr-8636	427	16	may	may	AUX
cblr-8636	427	17	contribute	contribute	VERB
cblr-8636	427	18	to	to	ADP
cblr-8636	427	19	the	the	DET
cblr-8636	427	20	problems	problem	NOUN
cblr-8636	427	21	these	these	DET
cblr-8636	427	22	issuers	issuer	NOUN
cblr-8636	427	23	have	have	VERB
cblr-8636	427	24	on	on	ADP
cblr-8636	427	25	the	the	DET
cblr-8636	427	26	exchanges	exchange	NOUN
cblr-8636	427	27	might	might	AUX
cblr-8636	427	28	make	make	VERB
cblr-8636	427	29	public	public	ADJ
cblr-8636	427	30	offerings	offering	NOUN
cblr-8636	427	31	more	more	ADV
cblr-8636	427	32	attractive	attractive	ADJ
cblr-8636	427	33	to	to	ADP
cblr-8636	427	34	them	they	PRON
cblr-8636	427	35	.	.	PUNCT
cblr-8636	428	1	h.	h.	PROPN
cblr-8636	428	2	debt	debt	NOUN
cblr-8636	428	3	markets	market	NOUN
cblr-8636	428	4	finally	finally	ADV
cblr-8636	428	5	,	,	PUNCT
cblr-8636	428	6	many	many	ADJ
cblr-8636	428	7	interviewees	interviewee	NOUN
cblr-8636	428	8	expressed	express	VERB
cblr-8636	428	9	concerns	concern	NOUN
cblr-8636	428	10	about	about	ADP
cblr-8636	428	11	inefficiency	inefficiency	NOUN
cblr-8636	428	12	and	and	CCONJ
cblr-8636	428	13	lack	lack	NOUN
cblr-8636	428	14	of	of	ADP
cblr-8636	428	15	transparency	transparency	NOUN
cblr-8636	428	16	in	in	ADP
cblr-8636	428	17	the	the	DET
cblr-8636	428	18	debt	debt	NOUN
cblr-8636	428	19	markets	market	NOUN
cblr-8636	428	20	.	.	PUNCT
cblr-8636	429	1	for	for	ADP
cblr-8636	429	2	example	example	NOUN
cblr-8636	429	3	,	,	PUNCT
cblr-8636	429	4	one	one	NUM
cblr-8636	429	5	member	member	NOUN
cblr-8636	429	6	of	of	ADP
cblr-8636	429	7	the	the	DET
cblr-8636	429	8	financial	financial	ADJ
cblr-8636	429	9	services	service	NOUN
cblr-8636	429	10	industry	industry	NOUN
cblr-8636	429	11	blamed	blame	VERB
cblr-8636	429	12	the	the	DET
cblr-8636	429	13	lack	lack	NOUN
cblr-8636	429	14	of	of	ADP
cblr-8636	429	15	such	such	ADJ
cblr-8636	429	16	transparency	transparency	NOUN
cblr-8636	429	17	for	for	ADP
cblr-8636	429	18	lehman	lehman	PROPN
cblr-8636	429	19	’s	’s	PART
cblr-8636	429	20	collapse	collapse	NOUN
cblr-8636	429	21	:	:	PUNCT
cblr-8636	429	22	more	more	ADJ
cblr-8636	429	23	transparency	transparency	NOUN
cblr-8636	429	24	would	would	AUX
cblr-8636	429	25	have	have	AUX
cblr-8636	429	26	increased	increase	VERB
cblr-8636	429	27	liquidity	liquidity	NOUN
cblr-8636	429	28	and	and	CCONJ
cblr-8636	429	29	given	give	VERB
cblr-8636	429	30	the	the	DET
cblr-8636	429	31	market	market	NOUN
cblr-8636	429	32	more	more	ADJ
cblr-8636	429	33	faith	faith	NOUN
cblr-8636	429	34	that	that	SCONJ
cblr-8636	429	35	the	the	DET
cblr-8636	429	36	realizable	realizable	ADJ
cblr-8636	429	37	underlying	underlie	VERB
cblr-8636	429	38	fundamental	fundamental	ADJ
cblr-8636	429	39	value	value	NOUN
cblr-8636	429	40	of	of	ADP
cblr-8636	429	41	lehman	lehman	PROPN
cblr-8636	429	42	’s	’s	PART
cblr-8636	429	43	assets	asset	NOUN
cblr-8636	429	44	was	be	AUX
cblr-8636	429	45	sufficient	sufficient	ADJ
cblr-8636	429	46	for	for	SCONJ
cblr-8636	429	47	it	it	PRON
cblr-8636	429	48	to	to	PART
cblr-8636	429	49	meet	meet	VERB
cblr-8636	429	50	its	its	PRON
cblr-8636	429	51	obligations	obligation	NOUN
cblr-8636	429	52	.	.	PUNCT
cblr-8636	430	1	illiquidity	illiquidity	NOUN
cblr-8636	430	2	also	also	ADV
cblr-8636	430	3	contributes	contribute	VERB
cblr-8636	430	4	to	to	ADP
cblr-8636	430	5	volatile	volatile	ADJ
cblr-8636	430	6	89	89	NUM
cblr-8636	430	7	see	see	NOUN
cblr-8636	430	8	kathleen	kathleen	PROPN
cblr-8636	430	9	weiss	weiss	PROPN
cblr-8636	430	10	hanley	hanley	PROPN
cblr-8636	430	11	,	,	PUNCT
cblr-8636	430	12	the	the	DET
cblr-8636	430	13	economics	economic	NOUN
cblr-8636	430	14	of	of	ADP
cblr-8636	430	15	primary	primary	ADJ
cblr-8636	430	16	markets	market	NOUN
cblr-8636	430	17	,	,	PUNCT
cblr-8636	430	18	in	in	ADP
cblr-8636	430	19	securities	security	NOUN
cblr-8636	430	20	market	market	NOUN
cblr-8636	430	21	issues	issue	NOUN
cblr-8636	430	22	for	for	ADP
cblr-8636	430	23	the	the	DET
cblr-8636	430	24	21st	21st	ADJ
cblr-8636	430	25	century	century	NOUN
cblr-8636	430	26	,	,	PUNCT
cblr-8636	430	27	supra	supra	PROPN
cblr-8636	430	28	note	note	NOUN
cblr-8636	430	29	4	4	NUM
cblr-8636	430	30	,	,	PUNCT
cblr-8636	430	31	at	at	ADP
cblr-8636	430	32	34	34	NUM
cblr-8636	430	33	,	,	PUNCT
cblr-8636	430	34	74	74	NUM
cblr-8636	430	35	–	–	SYM
cblr-8636	430	36	75	75	NUM
cblr-8636	430	37	.	.	PUNCT
cblr-8636	431	1	90	90	NUM
cblr-8636	431	2	see	see	VERB
cblr-8636	431	3	17	17	NUM
cblr-8636	431	4	c.f.r	c.f.r	NOUN
cblr-8636	431	5	.	.	PUNCT
cblr-8636	432	1	§	§	PROPN
cblr-8636	432	2	275.206(4)-1(b	275.206(4)-1(b	NUM
cblr-8636	432	3	)	)	PUNCT
cblr-8636	432	4	(	(	PUNCT
cblr-8636	432	5	2020	2020	NUM
cblr-8636	432	6	)	)	PUNCT
cblr-8636	432	7	.	.	PUNCT
cblr-8636	433	1	91	91	NUM
cblr-8636	433	2	see	see	VERB
cblr-8636	433	3	supra	supra	PROPN
cblr-8636	433	4	section	section	PROPN
cblr-8636	433	5	iv.b	iv.b	PROPN
cblr-8636	433	6	.	.	PUNCT
cblr-8636	434	1	fox	fox	PROPN
cblr-8636	434	2	et	et	PROPN
cblr-8636	434	3	al	al	PROPN
cblr-8636	434	4	.	.	PROPN
cblr-8636	435	1	8/22/2021	8/22/2021	NUM
cblr-8636	435	2	9:05	9:05	NUM
cblr-8636	435	3	pm	pm	NOUN
cblr-8636	435	4	682	682	NUM
cblr-8636	435	5	columbia	columbia	PROPN
cblr-8636	435	6	business	business	NOUN
cblr-8636	435	7	law	law	NOUN
cblr-8636	435	8	review	review	NOUN
cblr-8636	435	9	[	[	X
cblr-8636	435	10	vol	vol	NOUN
cblr-8636	435	11	.	.	PUNCT
cblr-8636	436	1	2021	2021	NUM
cblr-8636	436	2	pricing.92	pricing.92	NOUN
cblr-8636	436	3	this	this	DET
cblr-8636	436	4	interviewee	interviewee	NOUN
cblr-8636	436	5	observed	observe	VERB
cblr-8636	436	6	that	that	SCONJ
cblr-8636	436	7	the	the	DET
cblr-8636	436	8	large	large	ADJ
cblr-8636	436	9	margins	margin	NOUN
cblr-8636	436	10	enjoyed	enjoy	VERB
cblr-8636	436	11	by	by	ADP
cblr-8636	436	12	broker	broker	NOUN
cblr-8636	436	13	-	-	PUNCT
cblr-8636	436	14	dealers	dealer	NOUN
cblr-8636	436	15	due	due	ADP
cblr-8636	436	16	to	to	ADP
cblr-8636	436	17	the	the	DET
cblr-8636	436	18	lack	lack	NOUN
cblr-8636	436	19	of	of	ADP
cblr-8636	436	20	transparency	transparency	NOUN
cblr-8636	436	21	reduces	reduce	VERB
cblr-8636	436	22	any	any	DET
cblr-8636	436	23	incentive	incentive	NOUN
cblr-8636	436	24	to	to	PART
cblr-8636	436	25	invest	invest	VERB
cblr-8636	436	26	in	in	ADP
cblr-8636	436	27	electronic	electronic	ADJ
cblr-8636	436	28	markets	market	NOUN
cblr-8636	436	29	or	or	CCONJ
cblr-8636	436	30	technology	technology	NOUN
cblr-8636	436	31	,	,	PUNCT
cblr-8636	436	32	ultimately	ultimately	ADV
cblr-8636	436	33	hurting	hurt	VERB
cblr-8636	436	34	consumers	consumer	NOUN
cblr-8636	436	35	.	.	PUNCT
cblr-8636	437	1	any	any	DET
cblr-8636	437	2	move	move	NOUN
cblr-8636	437	3	toward	toward	ADP
cblr-8636	437	4	electronic	electronic	ADJ
cblr-8636	437	5	markets	market	NOUN
cblr-8636	437	6	is	be	AUX
cblr-8636	437	7	also	also	ADV
cblr-8636	437	8	slowed	slow	VERB
cblr-8636	437	9	by	by	ADP
cblr-8636	437	10	the	the	DET
cblr-8636	437	11	lack	lack	NOUN
cblr-8636	437	12	of	of	ADP
cblr-8636	437	13	homogeneity	homogeneity	NOUN
cblr-8636	437	14	in	in	ADP
cblr-8636	437	15	bond	bond	NOUN
cblr-8636	437	16	markets	market	NOUN
cblr-8636	437	17	with	with	ADP
cblr-8636	437	18	tens	ten	NOUN
cblr-8636	437	19	of	of	ADP
cblr-8636	437	20	thousands	thousand	NOUN
cblr-8636	437	21	of	of	ADP
cblr-8636	437	22	individual	individual	ADJ
cblr-8636	437	23	issues	issue	NOUN
cblr-8636	437	24	,	,	PUNCT
cblr-8636	437	25	as	as	SCONJ
cblr-8636	437	26	a	a	DET
cblr-8636	437	27	member	member	NOUN
cblr-8636	437	28	of	of	ADP
cblr-8636	437	29	the	the	DET
cblr-8636	437	30	broker	broker	NOUN
cblr-8636	437	31	-	-	PUNCT
cblr-8636	437	32	dealer	dealer	NOUN
cblr-8636	437	33	community	community	NOUN
cblr-8636	437	34	pointed	point	VERB
cblr-8636	437	35	out	out	ADP
cblr-8636	437	36	.	.	PUNCT
cblr-8636	438	1	these	these	DET
cblr-8636	438	2	concerns	concern	NOUN
cblr-8636	438	3	were	be	AUX
cblr-8636	438	4	echoed	echo	VERB
cblr-8636	438	5	by	by	ADP
cblr-8636	438	6	a	a	DET
cblr-8636	438	7	member	member	NOUN
cblr-8636	438	8	of	of	ADP
cblr-8636	438	9	the	the	DET
cblr-8636	438	10	regulatory	regulatory	ADJ
cblr-8636	438	11	community	community	NOUN
cblr-8636	438	12	,	,	PUNCT
cblr-8636	438	13	who	who	PRON
cblr-8636	438	14	worried	worry	VERB
cblr-8636	438	15	that	that	SCONJ
cblr-8636	438	16	americans	americans	PROPN
cblr-8636	438	17	tend	tend	VERB
cblr-8636	438	18	to	to	PART
cblr-8636	438	19	turn	turn	VERB
cblr-8636	438	20	to	to	ADP
cblr-8636	438	21	debt	debt	NOUN
cblr-8636	438	22	markets	market	NOUN
cblr-8636	438	23	as	as	SCONJ
cblr-8636	438	24	they	they	PRON
cblr-8636	438	25	get	get	VERB
cblr-8636	438	26	older,93	older,93	NUM
cblr-8636	438	27	but	but	CCONJ
cblr-8636	438	28	very	very	ADV
cblr-8636	438	29	high	high	ADJ
cblr-8636	438	30	markups	markup	NOUN
cblr-8636	438	31	and	and	CCONJ
cblr-8636	438	32	spreads	spread	NOUN
cblr-8636	438	33	make	make	VERB
cblr-8636	438	34	getting	get	VERB
cblr-8636	438	35	cash	cash	NOUN
cblr-8636	438	36	in	in	ADP
cblr-8636	438	37	or	or	CCONJ
cblr-8636	438	38	out	out	ADV
cblr-8636	438	39	expensive	expensive	ADJ
cblr-8636	438	40	.	.	PUNCT
cblr-8636	439	1	i.	i.	PROPN
cblr-8636	439	2	summation	summation	NOUN
cblr-8636	439	3	and	and	CCONJ
cblr-8636	439	4	questions	question	NOUN
cblr-8636	439	5	going	go	VERB
cblr-8636	439	6	forward	forward	ADV
cblr-8636	439	7	in	in	ADP
cblr-8636	439	8	sum	sum	NOUN
cblr-8636	439	9	,	,	PUNCT
cblr-8636	439	10	while	while	SCONJ
cblr-8636	439	11	some	some	DET
cblr-8636	439	12	agreement	agreement	NOUN
cblr-8636	439	13	emerged	emerge	VERB
cblr-8636	439	14	that	that	SCONJ
cblr-8636	439	15	equity	equity	NOUN
cblr-8636	439	16	markets	market	NOUN
cblr-8636	439	17	are	be	AUX
cblr-8636	439	18	generally	generally	ADV
cblr-8636	439	19	functioning	function	VERB
cblr-8636	439	20	well	well	ADV
cblr-8636	439	21	,	,	PUNCT
cblr-8636	439	22	at	at	ADP
cblr-8636	439	23	least	least	ADJ
cblr-8636	439	24	with	with	ADP
cblr-8636	439	25	respect	respect	NOUN
cblr-8636	439	26	to	to	ADP
cblr-8636	439	27	price	price	NOUN
cblr-8636	439	28	discovery	discovery	NOUN
cblr-8636	439	29	,	,	PUNCT
cblr-8636	439	30	concerns	concern	NOUN
cblr-8636	439	31	were	be	AUX
cblr-8636	439	32	expressed	express	VERB
cblr-8636	439	33	about	about	ADP
cblr-8636	439	34	a	a	DET
cblr-8636	439	35	number	number	NOUN
cblr-8636	439	36	of	of	ADP
cblr-8636	439	37	issues	issue	NOUN
cblr-8636	439	38	that	that	PRON
cblr-8636	439	39	any	any	DET
cblr-8636	439	40	development	development	NOUN
cblr-8636	439	41	of	of	ADP
cblr-8636	439	42	dlt	dlt	PROPN
cblr-8636	439	43	-	-	PUNCT
cblr-8636	439	44	based	base	VERB
cblr-8636	439	45	market	market	NOUN
cblr-8636	439	46	systems	system	NOUN
cblr-8636	439	47	will	will	AUX
cblr-8636	439	48	need	need	VERB
cblr-8636	439	49	to	to	PART
cblr-8636	439	50	carefully	carefully	ADV
cblr-8636	439	51	consider	consider	VERB
cblr-8636	439	52	.	.	PUNCT
cblr-8636	440	1	as	as	SCONJ
cblr-8636	440	2	markets	market	NOUN
cblr-8636	440	3	become	become	VERB
cblr-8636	440	4	increasingly	increasingly	ADV
cblr-8636	440	5	fragmented	fragmented	ADJ
cblr-8636	440	6	and	and	CCONJ
cblr-8636	440	7	complex	complex	ADJ
cblr-8636	440	8	,	,	PUNCT
cblr-8636	440	9	are	be	AUX
cblr-8636	440	10	the	the	DET
cblr-8636	440	11	interests	interest	NOUN
cblr-8636	440	12	that	that	SCONJ
cblr-8636	440	13	past	past	NOUN
cblr-8636	440	14	and	and	CCONJ
cblr-8636	440	15	present	present	ADJ
cblr-8636	440	16	structures	structure	NOUN
cblr-8636	440	17	were	be	AUX
cblr-8636	440	18	designed	design	VERB
cblr-8636	440	19	to	to	PART
cblr-8636	440	20	serve	serve	VERB
cblr-8636	440	21	still	still	ADV
cblr-8636	440	22	being	be	AUX
cblr-8636	440	23	served	serve	VERB
cblr-8636	440	24	?	?	PUNCT
cblr-8636	441	1	should	should	AUX
cblr-8636	441	2	they	they	PRON
cblr-8636	441	3	be	be	AUX
cblr-8636	441	4	?	?	PUNCT
cblr-8636	442	1	to	to	ADP
cblr-8636	442	2	the	the	DET
cblr-8636	442	3	extent	extent	NOUN
cblr-8636	442	4	that	that	SCONJ
cblr-8636	442	5	dlt	dlt	PROPN
cblr-8636	442	6	transforms	transform	VERB
cblr-8636	442	7	structural	structural	ADJ
cblr-8636	442	8	operations	operation	NOUN
cblr-8636	442	9	in	in	ADP
cblr-8636	442	10	markets	market	NOUN
cblr-8636	442	11	,	,	PUNCT
cblr-8636	442	12	can	can	AUX
cblr-8636	442	13	it	it	PRON
cblr-8636	442	14	alleviate	alleviate	VERB
cblr-8636	442	15	some	some	PRON
cblr-8636	442	16	of	of	ADP
cblr-8636	442	17	the	the	DET
cblr-8636	442	18	issues	issue	NOUN
cblr-8636	442	19	identified	identify	VERB
cblr-8636	442	20	in	in	ADP
cblr-8636	442	21	this	this	DET
cblr-8636	442	22	section	section	NOUN
cblr-8636	442	23	?	?	PUNCT
cblr-8636	443	1	vi	vi	X
cblr-8636	443	2	.	.	NOUN
cblr-8636	443	3	public	public	ADJ
cblr-8636	443	4	versus	versus	ADP
cblr-8636	443	5	private	private	ADJ
cblr-8636	443	6	markets	market	NOUN
cblr-8636	443	7	private	private	ADJ
cblr-8636	443	8	,	,	PUNCT
cblr-8636	443	9	rather	rather	ADV
cblr-8636	443	10	than	than	ADP
cblr-8636	443	11	public	public	ADJ
cblr-8636	443	12	,	,	PUNCT
cblr-8636	443	13	markets	market	NOUN
cblr-8636	443	14	are	be	AUX
cblr-8636	443	15	increasingly	increasingly	ADV
cblr-8636	443	16	providing	provide	VERB
cblr-8636	443	17	capital	capital	NOUN
cblr-8636	443	18	:	:	PUNCT
cblr-8636	443	19	startups	startup	NOUN
cblr-8636	443	20	now	now	ADV
cblr-8636	443	21	amass	amass	VERB
cblr-8636	443	22	millions	million	NOUN
cblr-8636	443	23	,	,	PUNCT
cblr-8636	443	24	even	even	ADV
cblr-8636	443	25	billions	billion	NOUN
cblr-8636	443	26	,	,	PUNCT
cblr-8636	443	27	of	of	ADP
cblr-8636	443	28	dollars	dollar	NOUN
cblr-8636	443	29	in	in	ADP
cblr-8636	443	30	venture	venture	NOUN
cblr-8636	443	31	capital	capital	NOUN
cblr-8636	443	32	or	or	CCONJ
cblr-8636	443	33	private	private	ADJ
cblr-8636	443	34	equity	equity	NOUN
cblr-8636	443	35	funding	funding	NOUN
cblr-8636	443	36	before	before	ADV
cblr-8636	443	37	,	,	PUNCT
cblr-8636	443	38	92	92	NUM
cblr-8636	443	39	see	see	VERB
cblr-8636	443	40	joshua	joshua	PROPN
cblr-8636	443	41	mitts	mitt	NOUN
cblr-8636	443	42	,	,	PUNCT
cblr-8636	443	43	short	short	ADJ
cblr-8636	443	44	and	and	CCONJ
cblr-8636	443	45	distort	distort	NOUN
cblr-8636	443	46	,	,	PUNCT
cblr-8636	443	47	49	49	NUM
cblr-8636	443	48	j.	j.	PROPN
cblr-8636	443	49	legal	legal	ADJ
cblr-8636	443	50	stud	stud	NOUN
cblr-8636	443	51	.	.	PUNCT
cblr-8636	444	1	287	287	NUM
cblr-8636	444	2	,	,	PUNCT
cblr-8636	444	3	301	301	NUM
cblr-8636	444	4	(	(	PUNCT
cblr-8636	444	5	2020	2020	NUM
cblr-8636	444	6	)	)	PUNCT
cblr-8636	444	7	.	.	PUNCT
cblr-8636	445	1	93	93	NUM
cblr-8636	445	2	see	see	VERB
cblr-8636	445	3	james	james	PROPN
cblr-8636	445	4	poterba	poterba	PROPN
cblr-8636	445	5	et	et	PROPN
cblr-8636	445	6	al	al	PROPN
cblr-8636	445	7	.	.	PROPN
cblr-8636	445	8	,	,	PUNCT
cblr-8636	445	9	lifecycle	lifecycle	NOUN
cblr-8636	445	10	asset	asset	NOUN
cblr-8636	445	11	allocation	allocation	NOUN
cblr-8636	445	12	strategies	strategy	NOUN
cblr-8636	445	13	and	and	CCONJ
cblr-8636	445	14	the	the	DET
cblr-8636	445	15	distribution	distribution	NOUN
cblr-8636	445	16	of	of	ADP
cblr-8636	445	17	401(k	401(k	PROPN
cblr-8636	445	18	)	)	PUNCT
cblr-8636	445	19	retirement	retirement	NOUN
cblr-8636	445	20	wealth	wealth	NOUN
cblr-8636	445	21	4	4	NUM
cblr-8636	445	22	(	(	PUNCT
cblr-8636	445	23	nat’l	nat’l	NUM
cblr-8636	445	24	bureau	bureau	PROPN
cblr-8636	445	25	of	of	ADP
cblr-8636	445	26	econ	econ	PROPN
cblr-8636	445	27	.	.	PUNCT
cblr-8636	446	1	rsch	rsch	PROPN
cblr-8636	446	2	.	.	PUNCT
cblr-8636	446	3	,	,	PUNCT
cblr-8636	446	4	working	work	VERB
cblr-8636	446	5	paper	paper	NOUN
cblr-8636	446	6	no	no	NOUN
cblr-8636	446	7	.	.	PROPN
cblr-8636	446	8	11974	11974	NUM
cblr-8636	446	9	,	,	PUNCT
cblr-8636	446	10	2006	2006	NUM
cblr-8636	446	11	)	)	PUNCT
cblr-8636	446	12	,	,	PUNCT
cblr-8636	446	13	https://www.nber.org/system	https://www.nber.org/system	PROPN
cblr-8636	446	14	/files	/file	NOUN
cblr-8636	446	15	/	/	SYM
cblr-8636	446	16	working_papers	working_paper	NOUN
cblr-8636	446	17	/	/	SYM
cblr-8636	446	18	w11974	w11974	PROPN
cblr-8636	446	19	/	/	SYM
cblr-8636	446	20	w11974.pdf	w11974.pdf	PROPN
cblr-8636	447	1	[	[	X
cblr-8636	447	2	https://perma.cc/9c4c-etc5	https://perma.cc/9c4c-etc5	X
cblr-8636	447	3	]	]	X
cblr-8636	447	4	(	(	PUNCT
cblr-8636	447	5	noting	note	VERB
cblr-8636	447	6	a	a	DET
cblr-8636	447	7	weak	weak	ADJ
cblr-8636	447	8	decline	decline	NOUN
cblr-8636	447	9	in	in	ADP
cblr-8636	447	10	equity	equity	NOUN
cblr-8636	447	11	portfolio	portfolio	NOUN
cblr-8636	447	12	shares	share	NOUN
cblr-8636	447	13	with	with	ADP
cblr-8636	447	14	age	age	NOUN
cblr-8636	447	15	)	)	PUNCT
cblr-8636	447	16	.	.	PUNCT
cblr-8636	448	1	fox	fox	PROPN
cblr-8636	448	2	et	et	PROPN
cblr-8636	448	3	al	al	PROPN
cblr-8636	448	4	.	.	PROPN
cblr-8636	449	1	8/22/2021	8/22/2021	NUM
cblr-8636	449	2	9:05	9:05	NUM
cblr-8636	449	3	pm	pm	NOUN
cblr-8636	449	4	no	no	INTJ
cblr-8636	449	5	.	.	PUNCT
cblr-8636	450	1	2:651	2:651	NUM
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cblr-8636	450	3	a	a	DET
cblr-8636	450	4	stakeholder	stakeholder	NOUN
cblr-8636	450	5	survey	survey	VERB
cblr-8636	450	6	683	683	NUM
cblr-8636	450	7	if	if	SCONJ
cblr-8636	450	8	ever	ever	ADV
cblr-8636	450	9	,	,	PUNCT
cblr-8636	450	10	considering	consider	VERB
cblr-8636	450	11	an	an	DET
cblr-8636	450	12	ipo.94	ipo.94	NOUN
cblr-8636	450	13	indeed	indeed	ADV
cblr-8636	450	14	,	,	PUNCT
cblr-8636	450	15	for	for	ADP
cblr-8636	450	16	many	many	ADJ
cblr-8636	450	17	that	that	PRON
cblr-8636	450	18	do	do	AUX
cblr-8636	450	19	ultimately	ultimately	ADV
cblr-8636	450	20	go	go	VERB
cblr-8636	450	21	public	public	ADJ
cblr-8636	450	22	,	,	PUNCT
cblr-8636	450	23	they	they	PRON
cblr-8636	450	24	no	no	ADV
cblr-8636	450	25	longer	long	ADV
cblr-8636	450	26	do	do	VERB
cblr-8636	450	27	so	so	ADV
cblr-8636	450	28	for	for	ADP
cblr-8636	450	29	the	the	DET
cblr-8636	450	30	traditional	traditional	ADJ
cblr-8636	450	31	reason	reason	NOUN
cblr-8636	450	32	that	that	SCONJ
cblr-8636	450	33	the	the	DET
cblr-8636	450	34	higher	high	ADJ
cblr-8636	450	35	liquidity	liquidity	NOUN
cblr-8636	450	36	of	of	ADP
cblr-8636	450	37	publicly	publicly	ADV
cblr-8636	450	38	traded	trade	VERB
cblr-8636	450	39	shares	share	NOUN
cblr-8636	450	40	makes	make	VERB
cblr-8636	450	41	them	they	PRON
cblr-8636	450	42	more	more	ADV
cblr-8636	450	43	valuable	valuable	ADJ
cblr-8636	450	44	and	and	CCONJ
cblr-8636	450	45	hence	hence	ADV
cblr-8636	450	46	that	that	SCONJ
cblr-8636	450	47	a	a	DET
cblr-8636	450	48	public	public	ADJ
cblr-8636	450	49	offering	offering	NOUN
cblr-8636	450	50	of	of	ADP
cblr-8636	450	51	shares	share	NOUN
cblr-8636	450	52	is	be	AUX
cblr-8636	450	53	an	an	DET
cblr-8636	450	54	attractive	attractive	ADJ
cblr-8636	450	55	way	way	NOUN
cblr-8636	450	56	of	of	ADP
cblr-8636	450	57	raising	raise	VERB
cblr-8636	450	58	capital	capital	NOUN
cblr-8636	450	59	.	.	PUNCT
cblr-8636	451	1	instead	instead	ADV
cblr-8636	451	2	,	,	PUNCT
cblr-8636	451	3	they	they	PRON
cblr-8636	451	4	go	go	VERB
cblr-8636	451	5	public	public	ADJ
cblr-8636	451	6	for	for	ADP
cblr-8636	451	7	reasons	reason	NOUN
cblr-8636	451	8	related	relate	VERB
cblr-8636	451	9	to	to	ADP
cblr-8636	451	10	the	the	DET
cblr-8636	451	11	fact	fact	NOUN
cblr-8636	451	12	that	that	SCONJ
cblr-8636	451	13	,	,	PUNCT
cblr-8636	451	14	with	with	ADP
cblr-8636	451	15	the	the	DET
cblr-8636	451	16	growth	growth	NOUN
cblr-8636	451	17	of	of	ADP
cblr-8636	451	18	the	the	DET
cblr-8636	451	19	firm	firm	NOUN
cblr-8636	451	20	,	,	PUNCT
cblr-8636	451	21	it	it	PRON
cblr-8636	451	22	has	have	AUX
cblr-8636	451	23	issued	issue	VERB
cblr-8636	451	24	stock	stock	NOUN
cblr-8636	451	25	to	to	ADP
cblr-8636	451	26	many	many	ADJ
cblr-8636	451	27	employees.95	employees.95	NOUN
cblr-8636	451	28	or	or	CCONJ
cblr-8636	451	29	,	,	PUNCT
cblr-8636	451	30	as	as	SCONJ
cblr-8636	451	31	unicorns	unicorn	NOUN
cblr-8636	451	32	such	such	ADJ
cblr-8636	451	33	as	as	ADP
cblr-8636	451	34	spotify	spotify	NOUN
cblr-8636	451	35	and	and	CCONJ
cblr-8636	451	36	slack	slack	NOUN
cblr-8636	451	37	have	have	AUX
cblr-8636	451	38	done	do	VERB
cblr-8636	451	39	,	,	PUNCT
cblr-8636	451	40	they	they	PRON
cblr-8636	451	41	go	go	VERB
cblr-8636	451	42	public	public	ADJ
cblr-8636	451	43	through	through	ADP
cblr-8636	451	44	a	a	DET
cblr-8636	451	45	direct	direct	ADJ
cblr-8636	451	46	listing	listing	NOUN
cblr-8636	451	47	,	,	PUNCT
cblr-8636	451	48	which	which	PRON
cblr-8636	451	49	raises	raise	VERB
cblr-8636	451	50	no	no	DET
cblr-8636	451	51	capital	capital	NOUN
cblr-8636	451	52	but	but	CCONJ
cblr-8636	451	53	,	,	PUNCT
cblr-8636	451	54	by	by	ADP
cblr-8636	451	55	allowing	allow	VERB
cblr-8636	451	56	trading	trading	NOUN
cblr-8636	451	57	of	of	ADP
cblr-8636	451	58	their	their	PRON
cblr-8636	451	59	shares	share	NOUN
cblr-8636	451	60	on	on	ADP
cblr-8636	451	61	public	public	ADJ
cblr-8636	451	62	markets	market	NOUN
cblr-8636	451	63	,	,	PUNCT
cblr-8636	451	64	allows	allow	VERB
cblr-8636	451	65	94	94	NUM
cblr-8636	451	66	see	see	VERB
cblr-8636	451	67	edward	edward	PROPN
cblr-8636	451	68	f.	f.	PROPN
cblr-8636	451	69	greene	greene	PROPN
cblr-8636	451	70	et	et	PROPN
cblr-8636	451	71	al	al	PROPN
cblr-8636	451	72	.	.	PROPN
cblr-8636	451	73	,	,	PUNCT
cblr-8636	451	74	the	the	DET
cblr-8636	451	75	need	need	NOUN
cblr-8636	451	76	for	for	ADP
cblr-8636	451	77	a	a	DET
cblr-8636	451	78	comprehensive	comprehensive	ADJ
cblr-8636	451	79	approach	approach	NOUN
cblr-8636	451	80	to	to	ADP
cblr-8636	451	81	capital	capital	NOUN
cblr-8636	451	82	markets	market	NOUN
cblr-8636	451	83	regulation	regulation	NOUN
cblr-8636	451	84	,	,	PUNCT
cblr-8636	451	85	2021	2021	NUM
cblr-8636	451	86	colum	colum	NOUN
cblr-8636	451	87	.	.	PUNCT
cblr-8636	452	1	bus	bus	NOUN
cblr-8636	452	2	.	.	PUNCT
cblr-8636	453	1	l.	l.	PROPN
cblr-8636	453	2	rev	rev	PROPN
cblr-8636	453	3	.	.	PROPN
cblr-8636	454	1	714	714	NUM
cblr-8636	454	2	.	.	PUNCT
cblr-8636	455	1	in	in	ADP
cblr-8636	455	2	2019	2019	NUM
cblr-8636	455	3	,	,	PUNCT
cblr-8636	455	4	for	for	ADP
cblr-8636	455	5	example	example	NOUN
cblr-8636	455	6	,	,	PUNCT
cblr-8636	455	7	over	over	ADP
cblr-8636	455	8	$	$	SYM
cblr-8636	455	9	1.5	1.5	NUM
cblr-8636	455	10	trillion	trillion	NUM
cblr-8636	455	11	was	be	AUX
cblr-8636	455	12	reported	report	VERB
cblr-8636	455	13	raised	raise	VERB
cblr-8636	455	14	under	under	ADP
cblr-8636	455	15	regulation	regulation	NOUN
cblr-8636	455	16	d	d	PROPN
cblr-8636	455	17	alone	alone	ADV
cblr-8636	455	18	,	,	PUNCT
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cblr-8636	455	20	exceeds	exceed	VERB
cblr-8636	455	21	the	the	DET
cblr-8636	455	22	$	$	SYM
cblr-8636	455	23	1.2	1.2	NUM
cblr-8636	455	24	trillion	trillion	NUM
cblr-8636	455	25	was	be	AUX
cblr-8636	455	26	raised	raise	VERB
cblr-8636	455	27	through	through	ADP
cblr-8636	455	28	registered	register	VERB
cblr-8636	455	29	offerings	offering	NOUN
cblr-8636	455	30	in	in	ADP
cblr-8636	455	31	the	the	DET
cblr-8636	455	32	same	same	ADJ
cblr-8636	455	33	time	time	NOUN
cblr-8636	455	34	period	period	NOUN
cblr-8636	455	35	.	.	PUNCT
cblr-8636	456	1	see	see	VERB
cblr-8636	456	2	u.s	u.s	PROPN
cblr-8636	456	3	.	.	PROPN
cblr-8636	456	4	sec	sec	PROPN
cblr-8636	456	5	.	.	PROPN
cblr-8636	456	6	&	&	CCONJ
cblr-8636	456	7	exch	exch	PROPN
cblr-8636	456	8	.	.	PUNCT
cblr-8636	457	1	comm’n	comm’n	PROPN
cblr-8636	457	2	,	,	PUNCT
cblr-8636	457	3	report	report	VERB
cblr-8636	457	4	to	to	ADP
cblr-8636	457	5	congress	congress	PROPN
cblr-8636	457	6	on	on	ADP
cblr-8636	457	7	regulation	regulation	NOUN
cblr-8636	457	8	a	a	DET
cblr-8636	457	9	/	/	SYM
cblr-8636	457	10	regulation	regulation	NOUN
cblr-8636	457	11	d	d	NOUN
cblr-8636	457	12	performance	performance	NOUN
cblr-8636	457	13	3	3	NUM
cblr-8636	457	14	(	(	PUNCT
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cblr-8636	457	17	,	,	PUNCT
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cblr-8636	458	1	[	[	X
cblr-8636	458	2	https://perma.cc/vq6s-78ku	https://perma.cc/vq6s-78ku	NOUN
cblr-8636	458	3	]	]	X
cblr-8636	458	4	;	;	PUNCT
cblr-8636	458	5	see	see	VERB
cblr-8636	458	6	also	also	ADV
cblr-8636	458	7	generally	generally	ADV
cblr-8636	458	8	david	david	PROPN
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cblr-8636	458	12	.	.	PROPN
cblr-8636	458	13	,	,	PUNCT
cblr-8636	458	14	mckinsey	mckinsey	PROPN
cblr-8636	458	15	&	&	CCONJ
cblr-8636	458	16	co.	co.	PROPN
cblr-8636	458	17	,	,	PUNCT
cblr-8636	458	18	a	a	DET
cblr-8636	458	19	year	year	NOUN
cblr-8636	458	20	of	of	ADP
cblr-8636	458	21	disruption	disruption	NOUN
cblr-8636	458	22	in	in	ADP
cblr-8636	458	23	the	the	DET
cblr-8636	458	24	private	private	ADJ
cblr-8636	458	25	markets	market	NOUN
cblr-8636	458	26	(	(	PUNCT
cblr-8636	458	27	2021	2021	NUM
cblr-8636	458	28	)	)	PUNCT
cblr-8636	458	29	,	,	PUNCT
cblr-8636	458	30	https://www.mckinsey.com/~/media/mckinsey/industries/private%20equity	https://www.mckinsey.com/~/media/mckinsey/industries/private%20equity	NOUN
cblr-8636	458	31	%	%	NOUN
cblr-8636	458	32	20and%20principal%20investors	20and%20principal%20investor	NOUN
cblr-8636	458	33	/	/	SYM
cblr-8636	458	34	our%20insights	our%20insight	NOUN
cblr-8636	458	35	/	/	SYM
cblr-8636	458	36	mckinseys%20private%	mckinseys%20private%	ADJ
cblr-8636	458	37	20markets%20annual%20review/2021	20markets%20annual%20review/2021	NUM
cblr-8636	458	38	/	/	SYM
cblr-8636	458	39	mckinsey	mckinsey	NOUN
cblr-8636	458	40	-	-	PUNCT
cblr-8636	458	41	global	global	ADJ
cblr-8636	458	42	-	-	PUNCT
cblr-8636	458	43	private	private	ADJ
cblr-8636	458	44	-	-	PUNCT
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cblr-8636	458	46	-	-	NOUN
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cblr-8636	459	3	]	]	X
cblr-8636	459	4	(	(	PUNCT
cblr-8636	459	5	giving	give	VERB
cblr-8636	459	6	an	an	DET
cblr-8636	459	7	overview	overview	NOUN
cblr-8636	459	8	of	of	ADP
cblr-8636	459	9	private	private	ADJ
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cblr-8636	459	11	data	datum	NOUN
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cblr-8636	460	1	95	95	NUM
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cblr-8636	461	2	very	very	ADJ
cblr-8636	461	3	number	number	NOUN
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cblr-8636	461	24	a	a	DET
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cblr-8636	461	26	offering	offer	VERB
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cblr-8636	461	33	.	.	PUNCT
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cblr-8636	462	2	without	without	ADP
cblr-8636	462	3	that	that	DET
cblr-8636	462	4	trigger	trigger	NOUN
cblr-8636	462	5	,	,	PUNCT
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cblr-8636	462	9	be	be	AUX
cblr-8636	462	10	pushing	push	VERB
cblr-8636	462	11	for	for	SCONJ
cblr-8636	462	12	their	their	PRON
cblr-8636	462	13	shares	share	NOUN
cblr-8636	462	14	to	to	PART
cblr-8636	462	15	be	be	AUX
cblr-8636	462	16	publicly	publicly	ADV
cblr-8636	462	17	traded	trade	VERB
cblr-8636	462	18	so	so	SCONJ
cblr-8636	462	19	that	that	SCONJ
cblr-8636	462	20	it	it	PRON
cblr-8636	462	21	is	be	AUX
cblr-8636	462	22	easier	easy	ADJ
cblr-8636	462	23	for	for	SCONJ
cblr-8636	462	24	them	they	PRON
cblr-8636	462	25	to	to	PART
cblr-8636	462	26	cash	cash	VERB
cblr-8636	462	27	in	in	ADP
cblr-8636	462	28	.	.	PUNCT
cblr-8636	463	1	in	in	ADP
cblr-8636	463	2	particular	particular	ADJ
cblr-8636	463	3	,	,	PUNCT
cblr-8636	463	4	section	section	NOUN
cblr-8636	463	5	12(g	12(g	NUM
cblr-8636	463	6	)	)	PUNCT
cblr-8636	463	7	of	of	ADP
cblr-8636	463	8	the	the	DET
cblr-8636	463	9	securities	securities	PROPN
cblr-8636	463	10	exchange	exchange	PROPN
cblr-8636	463	11	act	act	PROPN
cblr-8636	463	12	of	of	ADP
cblr-8636	463	13	1934	1934	NUM
cblr-8636	463	14	requires	require	VERB
cblr-8636	463	15	registration	registration	NOUN
cblr-8636	463	16	by	by	ADP
cblr-8636	463	17	any	any	DET
cblr-8636	463	18	issuer	issuer	NOUN
cblr-8636	463	19	with	with	ADP
cblr-8636	463	20	more	more	ADJ
cblr-8636	463	21	than	than	ADP
cblr-8636	463	22	a	a	DET
cblr-8636	463	23	threshold	threshold	NOUN
cblr-8636	463	24	number	number	NOUN
cblr-8636	463	25	of	of	ADP
cblr-8636	463	26	stockholders	stockholder	NOUN
cblr-8636	463	27	of	of	ADP
cblr-8636	463	28	record	record	NOUN
cblr-8636	463	29	and	and	CCONJ
cblr-8636	463	30	with	with	ADP
cblr-8636	463	31	that	that	DET
cblr-8636	463	32	registration	registration	NOUN
cblr-8636	463	33	comes	come	VERB
cblr-8636	463	34	the	the	DET
cblr-8636	463	35	obligation	obligation	NOUN
cblr-8636	463	36	to	to	PART
cblr-8636	463	37	provide	provide	VERB
cblr-8636	463	38	mandated	mandate	VERB
cblr-8636	463	39	periodic	periodic	ADJ
cblr-8636	463	40	disclosure	disclosure	NOUN
cblr-8636	463	41	.	.	PUNCT
cblr-8636	464	1	see	see	VERB
cblr-8636	464	2	15	15	NUM
cblr-8636	464	3	u.s.c	u.s.c	ADJ
cblr-8636	464	4	.	.	PUNCT
cblr-8636	465	1	§	§	PROPN
cblr-8636	465	2	78l(g)(1)(a	78l(g)(1)(a	NUM
cblr-8636	465	3	)	)	PUNCT
cblr-8636	465	4	(	(	PUNCT
cblr-8636	465	5	2019	2019	NUM
cblr-8636	465	6	)	)	PUNCT
cblr-8636	465	7	.	.	PUNCT
cblr-8636	466	1	this	this	PRON
cblr-8636	466	2	was	be	AUX
cblr-8636	466	3	a	a	DET
cblr-8636	466	4	major	major	ADJ
cblr-8636	466	5	concern	concern	NOUN
cblr-8636	466	6	which	which	PRON
cblr-8636	466	7	drove	drive	VERB
cblr-8636	466	8	both	both	DET
cblr-8636	466	9	facebook	facebook	NOUN
cblr-8636	466	10	and	and	CCONJ
cblr-8636	466	11	twitter	twitter	NOUN
cblr-8636	466	12	towards	towards	ADP
cblr-8636	466	13	ipos	ipos	PROPN
cblr-8636	466	14	.	.	PUNCT
cblr-8636	467	1	see	see	VERB
cblr-8636	467	2	,	,	PUNCT
cblr-8636	467	3	for	for	ADP
cblr-8636	467	4	example	example	NOUN
cblr-8636	467	5	,	,	PUNCT
cblr-8636	467	6	twitter	twitter	NOUN
cblr-8636	467	7	’s	’s	PART
cblr-8636	467	8	request	request	NOUN
cblr-8636	467	9	for	for	ADP
cblr-8636	467	10	relief	relief	NOUN
cblr-8636	467	11	from	from	ADP
cblr-8636	467	12	section	section	NOUN
cblr-8636	467	13	12(g	12(g	NUM
cblr-8636	467	14	)	)	PUNCT
cblr-8636	467	15	.	.	PUNCT
cblr-8636	468	1	letter	letter	NOUN
cblr-8636	468	2	from	from	ADP
cblr-8636	468	3	daniel	daniel	PROPN
cblr-8636	468	4	j.	j.	PROPN
cblr-8636	468	5	winnike	winnike	PROPN
cblr-8636	468	6	,	,	PUNCT
cblr-8636	468	7	partner	partner	NOUN
cblr-8636	468	8	,	,	PUNCT
cblr-8636	468	9	fenwick	fenwick	PROPN
cblr-8636	468	10	&	&	CCONJ
cblr-8636	468	11	w.	w.	PROPN
cblr-8636	468	12	llp	llp	PROPN
cblr-8636	468	13	,	,	PUNCT
cblr-8636	468	14	to	to	ADP
cblr-8636	468	15	thomas	thomas	PROPN
cblr-8636	468	16	kim	kim	PROPN
cblr-8636	468	17	,	,	PUNCT
cblr-8636	468	18	off	off	ADV
cblr-8636	468	19	.	.	PUNCT
cblr-8636	468	20	of	of	ADP
cblr-8636	468	21	chief	chief	ADJ
cblr-8636	468	22	couns	coun	NOUN
cblr-8636	468	23	.	.	PUNCT
cblr-8636	468	24	,	,	PUNCT
cblr-8636	468	25	div	div	PROPN
cblr-8636	468	26	.	.	PROPN
cblr-8636	468	27	of	of	ADP
cblr-8636	468	28	corp	corp	PROPN
cblr-8636	468	29	.	.	PROPN
cblr-8636	468	30	fin	fin	PROPN
cblr-8636	468	31	.	.	PUNCT
cblr-8636	468	32	,	,	PUNCT
cblr-8636	468	33	u.s	u.s	PROPN
cblr-8636	468	34	.	.	PROPN
cblr-8636	468	35	sec	sec	PROPN
cblr-8636	468	36	.	.	PROPN
cblr-8636	468	37	&	&	CCONJ
cblr-8636	468	38	exch	exch	PROPN
cblr-8636	468	39	.	.	PUNCT
cblr-8636	469	1	comm’n	comm’n	PROPN
cblr-8636	469	2	6–11	6–11	PROPN
cblr-8636	469	3	(	(	PUNCT
cblr-8636	469	4	aug	aug	PROPN
cblr-8636	469	5	.	.	PROPN
cblr-8636	469	6	23	23	NUM
cblr-8636	469	7	,	,	PUNCT
cblr-8636	469	8	2011	2011	NUM
cblr-8636	469	9	)	)	PUNCT
cblr-8636	469	10	,	,	PUNCT
cblr-8636	469	11	https://www.sec.gov/divisions/corpfin/cf-noaction/2011/twitter091311-12ghincoming.pdf	https://www.sec.gov/divisions/corpfin/cf-noaction/2011/twitter091311-12ghincoming.pdf	NOUN
cblr-8636	470	1	[	[	X
cblr-8636	470	2	https://perma.cc/t6cz-q43k	https://perma.cc/t6cz-q43k	X
cblr-8636	470	3	]	]	X
cblr-8636	470	4	.	.	PUNCT
cblr-8636	471	1	fox	fox	PROPN
cblr-8636	471	2	et	et	PROPN
cblr-8636	471	3	al	al	PROPN
cblr-8636	471	4	.	.	PROPN
cblr-8636	472	1	8/22/2021	8/22/2021	NUM
cblr-8636	472	2	9:05	9:05	NUM
cblr-8636	472	3	pm	pm	NOUN
cblr-8636	472	4	684	684	NUM
cblr-8636	472	5	columbia	columbia	PROPN
cblr-8636	472	6	business	business	NOUN
cblr-8636	472	7	law	law	PROPN
cblr-8636	472	8	review	review	NOUN
cblr-8636	472	9	[	[	X
cblr-8636	472	10	vol	vol	NOUN
cblr-8636	472	11	.	.	PUNCT
cblr-8636	472	12	2021	2021	NUM
cblr-8636	473	1	their	their	PRON
cblr-8636	473	2	founders	founder	NOUN
cblr-8636	473	3	and	and	CCONJ
cblr-8636	473	4	early	early	ADJ
cblr-8636	473	5	investors	investor	NOUN
cblr-8636	473	6	to	to	PART
cblr-8636	473	7	sell	sell	VERB
cblr-8636	473	8	and	and	CCONJ
cblr-8636	473	9	reduce	reduce	VERB
cblr-8636	473	10	risk	risk	NOUN
cblr-8636	473	11	by	by	ADP
cblr-8636	473	12	diversifying	diversify	VERB
cblr-8636	473	13	their	their	PRON
cblr-8636	473	14	portfolios.96	portfolios.96	PROPN
cblr-8636	473	15	a.	a.	NOUN
cblr-8636	473	16	the	the	DET
cblr-8636	473	17	potential	potential	ADJ
cblr-8636	473	18	impact	impact	NOUN
cblr-8636	473	19	of	of	ADP
cblr-8636	473	20	dlt	dlt	PROPN
cblr-8636	473	21	on	on	ADP
cblr-8636	473	22	the	the	DET
cblr-8636	473	23	relative	relative	ADJ
cblr-8636	473	24	size	size	NOUN
cblr-8636	473	25	of	of	ADP
cblr-8636	473	26	private	private	ADJ
cblr-8636	473	27	versus	versus	ADP
cblr-8636	473	28	public	public	ADJ
cblr-8636	473	29	markets	market	NOUN
cblr-8636	473	30	how	how	SCONJ
cblr-8636	473	31	might	might	AUX
cblr-8636	473	32	dlt	dlt	PROPN
cblr-8636	473	33	play	play	VERB
cblr-8636	473	34	a	a	DET
cblr-8636	473	35	role	role	NOUN
cblr-8636	473	36	in	in	ADP
cblr-8636	473	37	this	this	DET
cblr-8636	473	38	divide	divide	NOUN
cblr-8636	473	39	?	?	PUNCT
cblr-8636	474	1	in	in	ADP
cblr-8636	474	2	a	a	DET
cblr-8636	474	3	sense	sense	NOUN
cblr-8636	474	4	,	,	PUNCT
cblr-8636	474	5	there	there	PRON
cblr-8636	474	6	may	may	AUX
cblr-8636	474	7	be	be	AUX
cblr-8636	474	8	a	a	DET
cblr-8636	474	9	horse	horse	NOUN
cblr-8636	474	10	race	race	NOUN
cblr-8636	474	11	here	here	ADV
cblr-8636	474	12	,	,	PUNCT
cblr-8636	474	13	with	with	ADP
cblr-8636	474	14	dlt	dlt	PROPN
cblr-8636	474	15	enhancing	enhance	VERB
cblr-8636	474	16	the	the	DET
cblr-8636	474	17	attraction	attraction	NOUN
cblr-8636	474	18	of	of	ADP
cblr-8636	474	19	both	both	DET
cblr-8636	474	20	staying	stay	VERB
cblr-8636	474	21	private	private	ADJ
cblr-8636	474	22	and	and	CCONJ
cblr-8636	474	23	going	go	VERB
cblr-8636	474	24	public	public	ADJ
cblr-8636	474	25	.	.	PUNCT
cblr-8636	475	1	on	on	ADP
cblr-8636	475	2	the	the	DET
cblr-8636	475	3	one	one	NUM
cblr-8636	475	4	hand	hand	NOUN
cblr-8636	475	5	,	,	PUNCT
cblr-8636	475	6	dlt	dlt	PROPN
cblr-8636	475	7	could	could	AUX
cblr-8636	475	8	significantly	significantly	ADV
cblr-8636	475	9	improve	improve	VERB
cblr-8636	475	10	private	private	ADJ
cblr-8636	475	11	market	market	NOUN
cblr-8636	475	12	liquidity	liquidity	NOUN
cblr-8636	475	13	by	by	ADP
cblr-8636	475	14	making	make	VERB
cblr-8636	475	15	it	it	PRON
cblr-8636	475	16	cheaper	cheap	ADJ
cblr-8636	475	17	and	and	CCONJ
cblr-8636	475	18	easier	easy	ADJ
cblr-8636	475	19	for	for	ADP
cblr-8636	475	20	qualified	qualified	ADJ
cblr-8636	475	21	buyers	buyer	NOUN
cblr-8636	475	22	and	and	CCONJ
cblr-8636	475	23	sellers	seller	NOUN
cblr-8636	475	24	—	—	PUNCT
cblr-8636	475	25	accredited	accredited	ADJ
cblr-8636	475	26	investors	investor	NOUN
cblr-8636	475	27	—	—	PUNCT
cblr-8636	475	28	to	to	PART
cblr-8636	475	29	find	find	VERB
cblr-8636	475	30	each	each	DET
cblr-8636	475	31	other	other	ADJ
cblr-8636	475	32	and	and	CCONJ
cblr-8636	475	33	have	have	VERB
cblr-8636	475	34	their	their	PRON
cblr-8636	475	35	trades	trade	NOUN
cblr-8636	475	36	cleared	clear	VERB
cblr-8636	475	37	and	and	CCONJ
cblr-8636	475	38	settled.97	settled.97	VERB
cblr-8636	475	39	it	it	PRON
cblr-8636	475	40	could	could	AUX
cblr-8636	475	41	also	also	ADV
cblr-8636	475	42	make	make	VERB
cblr-8636	475	43	private	private	ADJ
cblr-8636	475	44	markets	market	NOUN
cblr-8636	475	45	more	more	ADV
cblr-8636	475	46	transparent	transparent	ADJ
cblr-8636	475	47	,	,	PUNCT
cblr-8636	475	48	a	a	DET
cblr-8636	475	49	concern	concern	NOUN
cblr-8636	475	50	touched	touch	VERB
cblr-8636	475	51	upon	upon	SCONJ
cblr-8636	475	52	in	in	ADP
cblr-8636	475	53	many	many	ADJ
cblr-8636	475	54	discussions	discussion	NOUN
cblr-8636	475	55	.	.	PUNCT
cblr-8636	476	1	in	in	ADP
cblr-8636	476	2	support	support	NOUN
cblr-8636	476	3	of	of	ADP
cblr-8636	476	4	this	this	DET
cblr-8636	476	5	view	view	NOUN
cblr-8636	476	6	,	,	PUNCT
cblr-8636	476	7	one	one	NUM
cblr-8636	476	8	interviewee	interviewee	NOUN
cblr-8636	476	9	involved	involve	VERB
cblr-8636	476	10	in	in	ADP
cblr-8636	476	11	private	private	ADJ
cblr-8636	476	12	markets	market	NOUN
cblr-8636	476	13	noted	note	VERB
cblr-8636	476	14	that	that	SCONJ
cblr-8636	476	15	blockchain	blockchain	PROPN
cblr-8636	476	16	technology	technology	PROPN
cblr-8636	476	17	—	—	PUNCT
cblr-8636	476	18	through	through	ADP
cblr-8636	476	19	smart	smart	ADJ
cblr-8636	476	20	contracts	contract	NOUN
cblr-8636	476	21	,	,	PUNCT
cblr-8636	476	22	for	for	ADP
cblr-8636	476	23	example	example	NOUN
cblr-8636	476	24	—	—	PUNCT
cblr-8636	476	25	can	can	AUX
cblr-8636	476	26	speed	speed	VERB
cblr-8636	476	27	up	up	ADP
cblr-8636	476	28	any	any	DET
cblr-8636	476	29	given	give	VERB
cblr-8636	476	30	trade	trade	NOUN
cblr-8636	476	31	and	and	CCONJ
cblr-8636	476	32	that	that	PRON
cblr-8636	476	33	smart	smart	ADJ
cblr-8636	476	34	contracts	contract	NOUN
cblr-8636	476	35	are	be	AUX
cblr-8636	476	36	already	already	ADV
cblr-8636	476	37	being	be	AUX
cblr-8636	476	38	used	use	VERB
cblr-8636	476	39	to	to	PART
cblr-8636	476	40	facilitate	facilitate	VERB
cblr-8636	476	41	liquidity	liquidity	NOUN
cblr-8636	476	42	in	in	ADP
cblr-8636	476	43	private	private	ADJ
cblr-8636	476	44	markets.98	markets.98	NOUN
cblr-8636	476	45	the	the	DET
cblr-8636	476	46	underlying	underlying	ADJ
cblr-8636	476	47	technology	technology	NOUN
cblr-8636	476	48	of	of	ADP
cblr-8636	476	49	dlt	dlt	PROPN
cblr-8636	476	50	,	,	PUNCT
cblr-8636	476	51	which	which	PRON
cblr-8636	476	52	mediates	mediate	VERB
cblr-8636	476	53	complex	complex	ADJ
cblr-8636	476	54	transactions	transaction	NOUN
cblr-8636	476	55	efficiently	efficiently	ADV
cblr-8636	476	56	,	,	PUNCT
cblr-8636	476	57	could	could	AUX
cblr-8636	476	58	also	also	ADV
cblr-8636	476	59	be	be	AUX
cblr-8636	476	60	used	use	VERB
cblr-8636	476	61	to	to	PART
cblr-8636	476	62	restrict	restrict	VERB
cblr-8636	476	63	transfers	transfer	NOUN
cblr-8636	476	64	of	of	ADP
cblr-8636	476	65	private	private	ADJ
cblr-8636	476	66	securities	security	NOUN
cblr-8636	476	67	only	only	ADV
cblr-8636	476	68	to	to	ADP
cblr-8636	476	69	those	those	PRON
cblr-8636	476	70	allowed	allow	VERB
cblr-8636	476	71	by	by	ADP
cblr-8636	476	72	law	law	NOUN
cblr-8636	476	73	or	or	CCONJ
cblr-8636	476	74	by	by	ADP
cblr-8636	476	75	corporate	corporate	ADJ
cblr-8636	476	76	provisions	provision	NOUN
cblr-8636	476	77	to	to	PART
cblr-8636	476	78	acquire	acquire	VERB
cblr-8636	476	79	them	they	PRON
cblr-8636	476	80	.	.	PUNCT
cblr-8636	477	1	the	the	DET
cblr-8636	477	2	entrepreneurs	entrepreneur	NOUN
cblr-8636	477	3	of	of	ADP
cblr-8636	477	4	some	some	DET
cblr-8636	477	5	96	96	NUM
cblr-8636	477	6	greg	greg	PROPN
cblr-8636	477	7	rodgers	rodgers	PROPN
cblr-8636	477	8	,	,	PUNCT
cblr-8636	477	9	marc	marc	PROPN
cblr-8636	477	10	jaffe	jaffe	PROPN
cblr-8636	477	11	&	&	CCONJ
cblr-8636	477	12	benjamin	benjamin	PROPN
cblr-8636	477	13	cohen	cohen	PROPN
cblr-8636	477	14	,	,	PUNCT
cblr-8636	477	15	evolving	evolve	VERB
cblr-8636	477	16	perspectives	perspective	NOUN
cblr-8636	477	17	on	on	ADP
cblr-8636	477	18	direct	direct	ADJ
cblr-8636	477	19	listings	listing	NOUN
cblr-8636	477	20	after	after	ADP
cblr-8636	477	21	spotify	spotify	NOUN
cblr-8636	477	22	and	and	CCONJ
cblr-8636	477	23	slack	slack	VERB
cblr-8636	477	24	,	,	PUNCT
cblr-8636	477	25	harv	harv	PROPN
cblr-8636	477	26	.	.	PUNCT
cblr-8636	478	1	l.	l.	PROPN
cblr-8636	478	2	sch	sch	PROPN
cblr-8636	478	3	.	.	PUNCT
cblr-8636	479	1	f.	f.	PROPN
cblr-8636	479	2	on	on	ADP
cblr-8636	479	3	corp	corp	PROPN
cblr-8636	479	4	.	.	PROPN
cblr-8636	479	5	governance	governance	PROPN
cblr-8636	479	6	(	(	PUNCT
cblr-8636	479	7	dec	dec	PROPN
cblr-8636	479	8	.	.	PROPN
cblr-8636	479	9	17	17	NUM
cblr-8636	479	10	,	,	PUNCT
cblr-8636	479	11	2019	2019	NUM
cblr-8636	479	12	)	)	PUNCT
cblr-8636	479	13	https://corpgov.law.harvard.edu/2019	https://corpgov.law.harvard.edu/2019	X
cblr-8636	479	14	/12/17	/12/17	PUNCT
cblr-8636	479	15	/	/	SYM
cblr-8636	479	16	evolving	evolve	VERB
cblr-8636	479	17	-	-	PUNCT
cblr-8636	479	18	perspectives	perspective	NOUN
cblr-8636	479	19	-	-	PUNCT
cblr-8636	479	20	on	on	ADP
cblr-8636	479	21	-	-	PUNCT
cblr-8636	479	22	direct	direct	ADJ
cblr-8636	479	23	-	-	PUNCT
cblr-8636	479	24	listings	listing	NOUN
cblr-8636	479	25	-	-	PUNCT
cblr-8636	479	26	after	after	ADP
cblr-8636	479	27	-	-	PUNCT
cblr-8636	479	28	spotify	spotify	NOUN
cblr-8636	479	29	-	-	PUNCT
cblr-8636	479	30	andslack/#:~:text	andslack/#:~:text	NOUN
cblr-8636	479	31	=	=	NUM
cblr-8636	479	32	in%20june%202019%2c%20slack%20completed	in%20june%202019%2c%20slack%20complete	VERB
cblr-8636	479	33	,	,	PUNCT
cblr-8636	479	34	founders%	founders%	PUNCT
cblr-8636	479	35	20and%20their%20respective%20companies	20and%20their%20respective%20companies	NUM
cblr-8636	480	1	[	[	X
cblr-8636	480	2	https://perma.cc/kcm77ray	https://perma.cc/kcm77ray	ADJ
cblr-8636	480	3	]	]	X
cblr-8636	480	4	.	.	PUNCT
cblr-8636	481	1	97	97	NUM
cblr-8636	481	2	see	see	VERB
cblr-8636	481	3	supra	supra	PROPN
cblr-8636	481	4	section	section	NOUN
cblr-8636	481	5	iv.a	iv.a	VERB
cblr-8636	481	6	.	.	PUNCT
cblr-8636	482	1	98	98	NUM
cblr-8636	482	2	see	see	VERB
cblr-8636	482	3	,	,	PUNCT
cblr-8636	482	4	e.g.	e.g.	ADV
cblr-8636	482	5	,	,	PUNCT
cblr-8636	482	6	lubin	lubin	PROPN
cblr-8636	482	7	et	et	PROPN
cblr-8636	482	8	al	al	PROPN
cblr-8636	482	9	.	.	PROPN
cblr-8636	482	10	,	,	PUNCT
cblr-8636	482	11	supra	supra	PROPN
cblr-8636	482	12	note	note	VERB
cblr-8636	482	13	29	29	NUM
cblr-8636	482	14	(	(	PUNCT
cblr-8636	482	15	“	"	PUNCT
cblr-8636	482	16	smart	smart	ADJ
cblr-8636	482	17	contracts	contract	NOUN
cblr-8636	482	18	are	be	AUX
cblr-8636	482	19	automated	automate	VERB
cblr-8636	482	20	actions	action	NOUN
cblr-8636	482	21	that	that	PRON
cblr-8636	482	22	can	can	AUX
cblr-8636	482	23	be	be	AUX
cblr-8636	482	24	coded	code	VERB
cblr-8636	482	25	and	and	CCONJ
cblr-8636	482	26	executed	execute	VERB
cblr-8636	482	27	once	once	ADV
cblr-8636	482	28	a	a	DET
cblr-8636	482	29	set	set	NOUN
cblr-8636	482	30	of	of	ADP
cblr-8636	482	31	conditions	condition	NOUN
cblr-8636	482	32	is	be	AUX
cblr-8636	482	33	met	meet	VERB
cblr-8636	482	34	.	.	PUNCT
cblr-8636	483	1	they	they	PRON
cblr-8636	483	2	have	have	VERB
cblr-8636	483	3	the	the	DET
cblr-8636	483	4	ability	ability	NOUN
cblr-8636	483	5	to	to	PART
cblr-8636	483	6	remove	remove	VERB
cblr-8636	483	7	some	some	PRON
cblr-8636	483	8	of	of	ADP
cblr-8636	483	9	the	the	DET
cblr-8636	483	10	more	more	ADV
cblr-8636	483	11	manual	manual	ADJ
cblr-8636	483	12	components	component	NOUN
cblr-8636	483	13	of	of	ADP
cblr-8636	483	14	the	the	DET
cblr-8636	483	15	financial	financial	ADJ
cblr-8636	483	16	industry	industry	NOUN
cblr-8636	483	17	—	—	PUNCT
cblr-8636	483	18	such	such	ADJ
cblr-8636	483	19	as	as	ADP
cblr-8636	483	20	the	the	DET
cblr-8636	483	21	process	process	NOUN
cblr-8636	483	22	of	of	ADP
cblr-8636	483	23	distributing	distribute	VERB
cblr-8636	483	24	dividends	dividend	NOUN
cblr-8636	483	25	—	—	PUNCT
cblr-8636	483	26	by	by	ADP
cblr-8636	483	27	placing	place	VERB
cblr-8636	483	28	the	the	DET
cblr-8636	483	29	execution	execution	NOUN
cblr-8636	483	30	of	of	ADP
cblr-8636	483	31	the	the	DET
cblr-8636	483	32	action	action	NOUN
cblr-8636	483	33	on	on	ADP
cblr-8636	483	34	the	the	DET
cblr-8636	483	35	blockchain	blockchain	PROPN
cblr-8636	483	36	via	via	ADP
cblr-8636	483	37	automated	automate	VERB
cblr-8636	483	38	code	code	NOUN
cblr-8636	483	39	,	,	PUNCT
cblr-8636	483	40	instead	instead	ADV
cblr-8636	483	41	of	of	ADP
cblr-8636	483	42	in	in	ADP
cblr-8636	483	43	the	the	DET
cblr-8636	483	44	hands	hand	NOUN
cblr-8636	483	45	of	of	ADP
cblr-8636	483	46	human	human	ADJ
cblr-8636	483	47	operators	operator	NOUN
cblr-8636	483	48	.	.	PUNCT
cblr-8636	483	49	.	.	PUNCT
cblr-8636	483	50	.	.	PUNCT
cblr-8636	483	51	.	.	PUNCT
cblr-8636	484	1	[	[	X
cblr-8636	484	2	t]he	t]he	ADV
cblr-8636	484	3	complex	complex	ADJ
cblr-8636	484	4	process	process	NOUN
cblr-8636	484	5	of	of	ADP
cblr-8636	484	6	paying	pay	VERB
cblr-8636	484	7	out	out	ADP
cblr-8636	484	8	dividends	dividend	NOUN
cblr-8636	484	9	,	,	PUNCT
cblr-8636	484	10	splits	split	VERB
cblr-8636	484	11	,	,	PUNCT
cblr-8636	484	12	issue	issue	NOUN
cblr-8636	484	13	of	of	ADP
cblr-8636	484	14	rights	right	NOUN
cblr-8636	484	15	,	,	PUNCT
cblr-8636	484	16	warrants	warrant	NOUN
cblr-8636	484	17	,	,	PUNCT
cblr-8636	484	18	pay	pay	NOUN
cblr-8636	484	19	-	-	PUNCT
cblr-8636	484	20	ups	up	NOUN
cblr-8636	484	21	,	,	PUNCT
cblr-8636	484	22	and	and	CCONJ
cblr-8636	484	23	so	so	ADV
cblr-8636	484	24	on	on	ADV
cblr-8636	484	25	,	,	PUNCT
cblr-8636	484	26	now	now	ADV
cblr-8636	484	27	can	can	AUX
cblr-8636	484	28	be	be	AUX
cblr-8636	484	29	automated	automate	VERB
cblr-8636	484	30	,	,	PUNCT
cblr-8636	484	31	resulting	result	VERB
cblr-8636	484	32	in	in	ADP
cblr-8636	484	33	more	more	ADJ
cblr-8636	484	34	confidence	confidence	NOUN
cblr-8636	484	35	from	from	ADP
cblr-8636	484	36	investors	investor	NOUN
cblr-8636	484	37	and	and	CCONJ
cblr-8636	484	38	a	a	DET
cblr-8636	484	39	much	much	ADV
cblr-8636	484	40	lower	low	ADJ
cblr-8636	484	41	margin	margin	NOUN
cblr-8636	484	42	of	of	ADP
cblr-8636	484	43	error	error	NOUN
cblr-8636	484	44	.	.	PUNCT
cblr-8636	484	45	”	"	PUNCT
cblr-8636	484	46	)	)	PUNCT
cblr-8636	484	47	.	.	PUNCT
cblr-8636	485	1	fox	fox	PROPN
cblr-8636	485	2	et	et	PROPN
cblr-8636	485	3	al	al	PROPN
cblr-8636	485	4	.	.	PROPN
cblr-8636	486	1	8/22/2021	8/22/2021	NUM
cblr-8636	486	2	9:05	9:05	NUM
cblr-8636	486	3	pm	pm	NOUN
cblr-8636	486	4	no	no	INTJ
cblr-8636	486	5	.	.	PUNCT
cblr-8636	487	1	2:651	2:651	NUM
cblr-8636	487	2	]	]	X
cblr-8636	487	3	a	a	DET
cblr-8636	487	4	stakeholder	stakeholder	NOUN
cblr-8636	487	5	survey	survey	VERB
cblr-8636	487	6	685	685	NUM
cblr-8636	487	7	companies	company	NOUN
cblr-8636	487	8	would	would	AUX
cblr-8636	487	9	welcome	welcome	VERB
cblr-8636	487	10	a	a	DET
cblr-8636	487	11	setting	setting	NOUN
cblr-8636	487	12	in	in	ADP
cblr-8636	487	13	which	which	PRON
cblr-8636	487	14	their	their	PRON
cblr-8636	487	15	shares	share	NOUN
cblr-8636	487	16	gained	gain	VERB
cblr-8636	487	17	greater	great	ADJ
cblr-8636	487	18	liquidity	liquidity	NOUN
cblr-8636	487	19	,	,	PUNCT
cblr-8636	487	20	but	but	CCONJ
cblr-8636	487	21	where	where	SCONJ
cblr-8636	487	22	they	they	PRON
cblr-8636	487	23	could	could	AUX
cblr-8636	487	24	still	still	ADV
cblr-8636	487	25	exercise	exercise	VERB
cblr-8636	487	26	some	some	DET
cblr-8636	487	27	control	control	NOUN
cblr-8636	487	28	over	over	ADP
cblr-8636	487	29	the	the	DET
cblr-8636	487	30	nature	nature	NOUN
cblr-8636	487	31	of	of	ADP
cblr-8636	487	32	their	their	PRON
cblr-8636	487	33	shareholder	shareholder	NOUN
cblr-8636	487	34	base	base	NOUN
cblr-8636	487	35	.	.	PUNCT
cblr-8636	488	1	on	on	ADP
cblr-8636	488	2	the	the	DET
cblr-8636	488	3	other	other	ADJ
cblr-8636	488	4	hand	hand	NOUN
cblr-8636	488	5	,	,	PUNCT
cblr-8636	488	6	as	as	SCONJ
cblr-8636	488	7	we	we	PRON
cblr-8636	488	8	have	have	AUX
cblr-8636	488	9	noted	note	VERB
cblr-8636	488	10	above	above	ADV
cblr-8636	488	11	in	in	ADP
cblr-8636	488	12	the	the	DET
cblr-8636	488	13	discussion	discussion	NOUN
cblr-8636	488	14	of	of	ADP
cblr-8636	488	15	market	market	NOUN
cblr-8636	488	16	structure,99	structure,99	NOUN
cblr-8636	488	17	there	there	PRON
cblr-8636	488	18	are	be	VERB
cblr-8636	488	19	many	many	ADJ
cblr-8636	488	20	ways	way	NOUN
cblr-8636	488	21	that	that	PRON
cblr-8636	488	22	a	a	DET
cblr-8636	488	23	dlt	dlt	PROPN
cblr-8636	488	24	-	-	PUNCT
cblr-8636	488	25	based	base	VERB
cblr-8636	488	26	system	system	NOUN
cblr-8636	488	27	might	might	AUX
cblr-8636	488	28	help	help	VERB
cblr-8636	488	29	the	the	DET
cblr-8636	488	30	public	public	ADJ
cblr-8636	488	31	securities	security	NOUN
cblr-8636	488	32	markets	market	NOUN
cblr-8636	488	33	.	.	PUNCT
cblr-8636	489	1	dlt	dlt	PROPN
cblr-8636	489	2	might	might	AUX
cblr-8636	489	3	persuade	persuade	VERB
cblr-8636	489	4	companies	company	NOUN
cblr-8636	489	5	to	to	PART
cblr-8636	489	6	go	go	VERB
cblr-8636	489	7	public	public	ADJ
cblr-8636	489	8	earlier	early	ADV
cblr-8636	489	9	in	in	ADP
cblr-8636	489	10	their	their	PRON
cblr-8636	489	11	lives	life	NOUN
cblr-8636	489	12	given	give	VERB
cblr-8636	489	13	that	that	PRON
cblr-8636	489	14	,	,	PUNCT
cblr-8636	489	15	for	for	ADP
cblr-8636	489	16	scalability	scalability	NOUN
cblr-8636	489	17	reasons	reason	NOUN
cblr-8636	489	18	,	,	PUNCT
cblr-8636	489	19	smaller	small	ADJ
cblr-8636	489	20	firms	firm	NOUN
cblr-8636	489	21	are	be	AUX
cblr-8636	489	22	the	the	DET
cblr-8636	489	23	better	well	ADJ
cblr-8636	489	24	initial	initial	ADJ
cblr-8636	489	25	candidates	candidate	NOUN
cblr-8636	489	26	for	for	ADP
cblr-8636	489	27	dlt	dlt	PROPN
cblr-8636	489	28	-	-	PUNCT
cblr-8636	489	29	based	base	VERB
cblr-8636	489	30	trading.100	trading.100	NOUN
cblr-8636	489	31	also	also	ADV
cblr-8636	489	32	,	,	PUNCT
cblr-8636	489	33	as	as	SCONJ
cblr-8636	489	34	some	some	DET
cblr-8636	489	35	interviewees	interviewee	NOUN
cblr-8636	489	36	noted	note	VERB
cblr-8636	489	37	,	,	PUNCT
cblr-8636	489	38	dlt	dlt	PROPN
cblr-8636	489	39	could	could	AUX
cblr-8636	489	40	make	make	VERB
cblr-8636	489	41	being	be	AUX
cblr-8636	489	42	a	a	DET
cblr-8636	489	43	public	public	ADJ
cblr-8636	489	44	company	company	NOUN
cblr-8636	489	45	more	more	ADV
cblr-8636	489	46	attractive	attractive	ADJ
cblr-8636	489	47	generally	generally	ADV
cblr-8636	489	48	by	by	ADP
cblr-8636	489	49	reducing	reduce	VERB
cblr-8636	489	50	the	the	DET
cblr-8636	489	51	mechanical	mechanical	ADJ
cblr-8636	489	52	costs	cost	NOUN
cblr-8636	489	53	of	of	ADP
cblr-8636	489	54	distributing	distribute	VERB
cblr-8636	489	55	dividends	dividend	NOUN
cblr-8636	489	56	and	and	CCONJ
cblr-8636	489	57	announcements	announcement	NOUN
cblr-8636	489	58	to	to	ADP
cblr-8636	489	59	,	,	PUNCT
cblr-8636	489	60	and	and	CCONJ
cblr-8636	489	61	soliciting	solicit	VERB
cblr-8636	489	62	and	and	CCONJ
cblr-8636	489	63	counting	count	VERB
cblr-8636	489	64	the	the	DET
cblr-8636	489	65	votes	vote	NOUN
cblr-8636	489	66	of	of	ADP
cblr-8636	489	67	,	,	PUNCT
cblr-8636	489	68	the	the	DET
cblr-8636	489	69	much	much	ADV
cblr-8636	489	70	larger	large	ADJ
cblr-8636	489	71	number	number	NOUN
cblr-8636	489	72	of	of	ADP
cblr-8636	489	73	shareholders	shareholder	NOUN
cblr-8636	489	74	that	that	PRON
cblr-8636	489	75	accompanies	accompany	VERB
cblr-8636	489	76	being	be	AUX
cblr-8636	489	77	a	a	DET
cblr-8636	489	78	public	public	ADJ
cblr-8636	489	79	company	company	NOUN
cblr-8636	489	80	.	.	PUNCT
cblr-8636	490	1	dlt	dlt	PROPN
cblr-8636	490	2	could	could	AUX
cblr-8636	490	3	also	also	ADV
cblr-8636	490	4	help	help	VERB
cblr-8636	490	5	the	the	DET
cblr-8636	490	6	public	public	ADJ
cblr-8636	490	7	markets	market	NOUN
cblr-8636	490	8	by	by	ADP
cblr-8636	490	9	improving	improve	VERB
cblr-8636	490	10	the	the	DET
cblr-8636	490	11	disclosure	disclosure	NOUN
cblr-8636	490	12	required	require	VERB
cblr-8636	490	13	of	of	ADP
cblr-8636	490	14	public	public	ADJ
cblr-8636	490	15	companies	company	NOUN
cblr-8636	490	16	.	.	PUNCT
cblr-8636	491	1	broadly	broadly	ADV
cblr-8636	491	2	,	,	PUNCT
cblr-8636	491	3	the	the	DET
cblr-8636	491	4	backbone	backbone	NOUN
cblr-8636	491	5	of	of	ADP
cblr-8636	491	6	the	the	DET
cblr-8636	491	7	regulation	regulation	NOUN
cblr-8636	491	8	of	of	ADP
cblr-8636	491	9	publicly	publicly	ADV
cblr-8636	491	10	traded	trade	VERB
cblr-8636	491	11	securities	security	NOUN
cblr-8636	491	12	has	have	AUX
cblr-8636	491	13	been	be	AUX
cblr-8636	491	14	the	the	DET
cblr-8636	491	15	mandatory	mandatory	ADJ
cblr-8636	491	16	issuer	issuer	NOUN
cblr-8636	491	17	disclosure	disclosure	NOUN
cblr-8636	491	18	rules.101	rules.101	PROPN
cblr-8636	491	19	although	although	SCONJ
cblr-8636	491	20	they	they	PRON
cblr-8636	491	21	are	be	AUX
cblr-8636	491	22	often	often	ADV
cblr-8636	491	23	justified	justify	VERB
cblr-8636	491	24	as	as	ADP
cblr-8636	491	25	protecting	protect	VERB
cblr-8636	491	26	investors	investor	NOUN
cblr-8636	491	27	,	,	PUNCT
cblr-8636	491	28	most	most	ADJ
cblr-8636	491	29	scholars	scholar	NOUN
cblr-8636	491	30	believe	believe	VERB
cblr-8636	491	31	disclosure	disclosure	NOUN
cblr-8636	491	32	’s	’s	PART
cblr-8636	491	33	more	more	ADV
cblr-8636	491	34	important	important	ADJ
cblr-8636	491	35	function	function	NOUN
cblr-8636	491	36	is	be	AUX
cblr-8636	491	37	the	the	DET
cblr-8636	491	38	promotion	promotion	NOUN
cblr-8636	491	39	of	of	ADP
cblr-8636	491	40	accurate	accurate	ADJ
cblr-8636	491	41	share	share	NOUN
cblr-8636	491	42	prices.102	prices.102	ADP
cblr-8636	491	43	this	this	PRON
cblr-8636	491	44	in	in	ADP
cblr-8636	491	45	turn	turn	NOUN
cblr-8636	491	46	enhances	enhance	VERB
cblr-8636	491	47	the	the	DET
cblr-8636	491	48	efficiency	efficiency	NOUN
cblr-8636	491	49	of	of	ADP
cblr-8636	491	50	the	the	DET
cblr-8636	491	51	larger	large	ADJ
cblr-8636	491	52	economy	economy	NOUN
cblr-8636	491	53	in	in	ADP
cblr-8636	491	54	a	a	DET
cblr-8636	491	55	number	number	NOUN
cblr-8636	491	56	of	of	ADP
cblr-8636	491	57	ways	way	NOUN
cblr-8636	491	58	,	,	PUNCT
cblr-8636	491	59	including	include	VERB
cblr-8636	491	60	by	by	ADP
cblr-8636	491	61	improving	improve	VERB
cblr-8636	491	62	corporate	corporate	ADJ
cblr-8636	491	63	governance	governance	NOUN
cblr-8636	491	64	.	.	PUNCT
cblr-8636	492	1	also	also	ADV
cblr-8636	492	2	,	,	PUNCT
cblr-8636	492	3	by	by	ADP
cblr-8636	492	4	reducing	reduce	VERB
cblr-8636	492	5	insider	insider	NOUN
cblr-8636	492	6	trading	trading	NOUN
cblr-8636	492	7	,	,	PUNCT
cblr-8636	492	8	disclosure	disclosure	NOUN
cblr-8636	492	9	enhancesliquidity	enhancesliquidity	NOUN
cblr-8636	492	10	in	in	ADP
cblr-8636	492	11	the	the	DET
cblr-8636	492	12	markets.103	markets.103	NOUN
cblr-8636	492	13	the	the	DET
cblr-8636	492	14	prime	prime	ADJ
cblr-8636	492	15	consumers	consumer	NOUN
cblr-8636	492	16	of	of	ADP
cblr-8636	492	17	disclosure	disclosure	NOUN
cblr-8636	492	18	have	have	AUX
cblr-8636	492	19	been	be	AUX
cblr-8636	492	20	professional	professional	ADJ
cblr-8636	492	21	securities	security	NOUN
cblr-8636	492	22	analysts	analyst	NOUN
cblr-8636	492	23	who	who	PRON
cblr-8636	492	24	use	use	VERB
cblr-8636	492	25	it	it	PRON
cblr-8636	492	26	to	to	PART
cblr-8636	492	27	guide	guide	VERB
cblr-8636	492	28	the	the	DET
cblr-8636	492	29	investment	investment	NOUN
cblr-8636	492	30	funds	fund	NOUN
cblr-8636	492	31	that	that	PRON
cblr-8636	492	32	employ	employ	VERB
cblr-8636	492	33	them.104	them.104	NOUN
cblr-8636	492	34	traditionally	traditionally	ADV
cblr-8636	492	35	,	,	PUNCT
cblr-8636	492	36	this	this	DET
cblr-8636	492	37	disclosure	disclosure	NOUN
cblr-8636	492	38	has	have	AUX
cblr-8636	492	39	come	come	VERB
cblr-8636	492	40	99	99	NUM
cblr-8636	492	41	supra	supra	ADJ
cblr-8636	492	42	part	part	NOUN
cblr-8636	492	43	v.	v.	ADP
cblr-8636	492	44	100	100	NUM
cblr-8636	492	45	see	see	VERB
cblr-8636	492	46	supra	supra	PROPN
cblr-8636	492	47	section	section	PROPN
cblr-8636	492	48	v.g	v.g	PROPN
cblr-8636	492	49	.	.	PROPN
cblr-8636	493	1	101	101	NUM
cblr-8636	493	2	see	see	VERB
cblr-8636	493	3	greene	greene	PROPN
cblr-8636	493	4	et	et	PROPN
cblr-8636	493	5	al	al	PROPN
cblr-8636	493	6	.	.	PROPN
cblr-8636	493	7	,	,	PUNCT
cblr-8636	493	8	supra	supra	PROPN
cblr-8636	493	9	note	note	VERB
cblr-8636	493	10	94	94	NUM
cblr-8636	493	11	,	,	PUNCT
cblr-8636	493	12	at	at	ADP
cblr-8636	493	13	717	717	NUM
cblr-8636	493	14	.	.	PUNCT
cblr-8636	494	1	102	102	NUM
cblr-8636	494	2	see	see	NOUN
cblr-8636	494	3	merritt	merritt	PROPN
cblr-8636	494	4	b.	b.	PROPN
cblr-8636	494	5	fox	fox	PROPN
cblr-8636	494	6	et	et	PROPN
cblr-8636	494	7	al	al	PROPN
cblr-8636	494	8	.	.	PROPN
cblr-8636	494	9	,	,	PUNCT
cblr-8636	494	10	law	law	NOUN
cblr-8636	494	11	,	,	PUNCT
cblr-8636	494	12	share	share	VERB
cblr-8636	494	13	price	price	NOUN
cblr-8636	494	14	accuracy	accuracy	NOUN
cblr-8636	494	15	,	,	PUNCT
cblr-8636	494	16	and	and	CCONJ
cblr-8636	494	17	economic	economic	ADJ
cblr-8636	494	18	performance	performance	NOUN
cblr-8636	494	19	:	:	PUNCT
cblr-8636	494	20	the	the	DET
cblr-8636	494	21	new	new	ADJ
cblr-8636	494	22	evidence	evidence	NOUN
cblr-8636	494	23	,	,	PUNCT
cblr-8636	494	24	102	102	NUM
cblr-8636	494	25	mich	mich	NOUN
cblr-8636	494	26	.	.	PUNCT
cblr-8636	495	1	l.	l.	PROPN
cblr-8636	495	2	rev	rev	PROPN
cblr-8636	495	3	.	.	PROPN
cblr-8636	495	4	331	331	NUM
cblr-8636	495	5	,	,	PUNCT
cblr-8636	495	6	368	368	NUM
cblr-8636	495	7	(	(	PUNCT
cblr-8636	495	8	2003	2003	NUM
cblr-8636	495	9	)	)	PUNCT
cblr-8636	495	10	.	.	PUNCT
cblr-8636	496	1	103	103	NUM
cblr-8636	496	2	on	on	ADP
cblr-8636	496	3	some	some	PRON
cblr-8636	496	4	of	of	ADP
cblr-8636	496	5	these	these	DET
cblr-8636	496	6	relationships	relationship	NOUN
cblr-8636	496	7	,	,	PUNCT
cblr-8636	496	8	see	see	VERB
cblr-8636	496	9	generally	generally	ADV
cblr-8636	496	10	merritt	merritt	PROPN
cblr-8636	496	11	b.	b.	PROPN
cblr-8636	496	12	fox	fox	PROPN
cblr-8636	496	13	,	,	PUNCT
cblr-8636	496	14	lawrence	lawrence	PROPN
cblr-8636	496	15	r.	r.	PROPN
cblr-8636	496	16	glosten	glosten	PROPN
cblr-8636	496	17	&	&	CCONJ
cblr-8636	496	18	gabriel	gabriel	PROPN
cblr-8636	496	19	v.	v.	PROPN
cblr-8636	496	20	rauterberg	rauterberg	PROPN
cblr-8636	496	21	,	,	PUNCT
cblr-8636	496	22	informed	inform	VERB
cblr-8636	496	23	trading	trading	NOUN
cblr-8636	496	24	and	and	CCONJ
cblr-8636	496	25	its	its	PRON
cblr-8636	496	26	regulation	regulation	NOUN
cblr-8636	496	27	,	,	PUNCT
cblr-8636	496	28	43	43	NUM
cblr-8636	496	29	j.	j.	PROPN
cblr-8636	496	30	corp	corp	PROPN
cblr-8636	496	31	.	.	PROPN
cblr-8636	496	32	l.	l.	PROPN
cblr-8636	496	33	817	817	NUM
cblr-8636	496	34	(	(	PUNCT
cblr-8636	496	35	2018	2018	NUM
cblr-8636	496	36	)	)	PUNCT
cblr-8636	496	37	.	.	PUNCT
cblr-8636	497	1	104	104	NUM
cblr-8636	497	2	see	see	VERB
cblr-8636	497	3	fox	fox	PROPN
cblr-8636	497	4	et	et	PROPN
cblr-8636	497	5	al	al	PROPN
cblr-8636	497	6	.	.	PROPN
cblr-8636	497	7	,	,	PUNCT
cblr-8636	497	8	supra	supra	PROPN
cblr-8636	497	9	note	note	VERB
cblr-8636	497	10	102	102	NUM
cblr-8636	497	11	,	,	PUNCT
cblr-8636	497	12	at	at	ADP
cblr-8636	497	13	348	348	NUM
cblr-8636	497	14	n.45	n.45	NOUN
cblr-8636	497	15	.	.	PUNCT
cblr-8636	498	1	fox	fox	PROPN
cblr-8636	498	2	et	et	PROPN
cblr-8636	498	3	al	al	PROPN
cblr-8636	498	4	.	.	PROPN
cblr-8636	499	1	8/22/2021	8/22/2021	NUM
cblr-8636	499	2	9:05	9:05	NUM
cblr-8636	499	3	pm	pm	NOUN
cblr-8636	499	4	686	686	NUM
cblr-8636	499	5	columbia	columbia	PROPN
cblr-8636	499	6	business	business	NOUN
cblr-8636	499	7	law	law	NOUN
cblr-8636	499	8	review	review	NOUN
cblr-8636	499	9	[	[	X
cblr-8636	499	10	vol	vol	NOUN
cblr-8636	499	11	.	.	NOUN
cblr-8636	499	12	2021	2021	NUM
cblr-8636	499	13	in	in	ADP
cblr-8636	499	14	the	the	DET
cblr-8636	499	15	form	form	NOUN
cblr-8636	499	16	of	of	ADP
cblr-8636	499	17	answers	answer	NOUN
cblr-8636	499	18	to	to	ADP
cblr-8636	499	19	sec	sec	PROPN
cblr-8636	499	20	form	form	NOUN
cblr-8636	499	21	questions.105	questions.105	ADJ
cblr-8636	499	22	the	the	DET
cblr-8636	499	23	issuers	issuer	NOUN
cblr-8636	499	24	publish	publish	VERB
cblr-8636	499	25	these	these	DET
cblr-8636	499	26	answers	answer	NOUN
cblr-8636	499	27	periodically	periodically	ADV
cblr-8636	499	28	in	in	ADP
cblr-8636	499	29	sec	sec	PROPN
cblr-8636	499	30	filings.106	filings.106	PROPN
cblr-8636	499	31	new	new	ADJ
cblr-8636	499	32	technology	technology	NOUN
cblr-8636	499	33	related	relate	VERB
cblr-8636	499	34	to	to	ADP
cblr-8636	499	35	dlt	dlt	PROPN
cblr-8636	499	36	may	may	AUX
cblr-8636	499	37	allow	allow	VERB
cblr-8636	499	38	analysts	analyst	NOUN
cblr-8636	499	39	direct	direct	ADJ
cblr-8636	499	40	and	and	CCONJ
cblr-8636	499	41	continuous	continuous	ADJ
cblr-8636	499	42	access	access	NOUN
cblr-8636	499	43	to	to	ADP
cblr-8636	499	44	raw	raw	ADJ
cblr-8636	499	45	data	datum	NOUN
cblr-8636	499	46	from	from	ADP
cblr-8636	499	47	within	within	ADP
cblr-8636	499	48	issuers.107	issuers.107	NOUN
cblr-8636	499	49	this	this	PRON
cblr-8636	499	50	could	could	AUX
cblr-8636	499	51	both	both	PRON
cblr-8636	499	52	enhance	enhance	VERB
cblr-8636	499	53	share	share	NOUN
cblr-8636	499	54	price	price	NOUN
cblr-8636	499	55	accuracy	accuracy	NOUN
cblr-8636	499	56	and	and	CCONJ
cblr-8636	499	57	reduce	reduce	VERB
cblr-8636	499	58	the	the	DET
cblr-8636	499	59	trading	trading	NOUN
cblr-8636	499	60	advantages	advantage	NOUN
cblr-8636	499	61	of	of	ADP
cblr-8636	499	62	corporate	corporate	ADJ
cblr-8636	499	63	insiders	insider	NOUN
cblr-8636	499	64	.	.	PUNCT
cblr-8636	500	1	the	the	DET
cblr-8636	500	2	question	question	NOUN
cblr-8636	500	3	,	,	PUNCT
cblr-8636	500	4	though	though	ADV
cblr-8636	500	5	,	,	PUNCT
cblr-8636	500	6	is	be	AUX
cblr-8636	500	7	whether	whether	SCONJ
cblr-8636	500	8	these	these	DET
cblr-8636	500	9	gains	gain	NOUN
cblr-8636	500	10	outweigh	outweigh	VERB
cblr-8636	500	11	the	the	DET
cblr-8636	500	12	costs	cost	NOUN
cblr-8636	500	13	.	.	PUNCT
cblr-8636	501	1	in	in	ADP
cblr-8636	501	2	particular	particular	ADJ
cblr-8636	501	3	,	,	PUNCT
cblr-8636	501	4	how	how	SCONJ
cblr-8636	501	5	could	could	AUX
cblr-8636	501	6	issuers	issuer	NOUN
cblr-8636	501	7	protect	protect	VERB
cblr-8636	501	8	proprietary	proprietary	ADJ
cblr-8636	501	9	information	information	NOUN
cblr-8636	501	10	from	from	ADP
cblr-8636	501	11	their	their	PRON
cblr-8636	501	12	competitors	competitor	NOUN
cblr-8636	501	13	?	?	PUNCT
cblr-8636	502	1	and	and	CCONJ
cblr-8636	502	2	would	would	AUX
cblr-8636	502	3	making	make	VERB
cblr-8636	502	4	this	this	DET
cblr-8636	502	5	data	datum	NOUN
cblr-8636	502	6	available	available	ADJ
cblr-8636	502	7	to	to	ADP
cblr-8636	502	8	highly	highly	ADV
cblr-8636	502	9	sophisticated	sophisticated	ADJ
cblr-8636	502	10	analysts	analyst	NOUN
cblr-8636	502	11	be	be	AUX
cblr-8636	502	12	unfair	unfair	ADJ
cblr-8636	502	13	to	to	ADP
cblr-8636	502	14	other	other	ADJ
cblr-8636	502	15	investors	investor	NOUN
cblr-8636	502	16	?	?	PUNCT
cblr-8636	503	1	to	to	ADP
cblr-8636	503	2	the	the	DET
cblr-8636	503	3	extent	extent	NOUN
cblr-8636	503	4	that	that	SCONJ
cblr-8636	503	5	these	these	DET
cblr-8636	503	6	factors	factor	NOUN
cblr-8636	503	7	are	be	AUX
cblr-8636	503	8	indeed	indeed	ADV
cblr-8636	503	9	problems	problem	NOUN
cblr-8636	503	10	,	,	PUNCT
cblr-8636	503	11	could	could	AUX
cblr-8636	503	12	new	new	ADJ
cblr-8636	503	13	methods	method	NOUN
cblr-8636	503	14	of	of	ADP
cblr-8636	503	15	disclosure	disclosure	NOUN
cblr-8636	503	16	be	be	AUX
cblr-8636	503	17	designed	design	VERB
cblr-8636	503	18	to	to	PART
cblr-8636	503	19	minimize	minimize	VERB
cblr-8636	503	20	them	they	PRON
cblr-8636	503	21	?	?	PUNCT
cblr-8636	504	1	one	one	NUM
cblr-8636	504	2	interviewee	interviewee	NOUN
cblr-8636	504	3	from	from	ADP
cblr-8636	504	4	the	the	DET
cblr-8636	504	5	issuer	issuer	NOUN
cblr-8636	504	6	community	community	NOUN
cblr-8636	504	7	suggested	suggest	VERB
cblr-8636	504	8	that	that	SCONJ
cblr-8636	504	9	,	,	PUNCT
cblr-8636	504	10	if	if	SCONJ
cblr-8636	504	11	dlt	dlt	PROPN
cblr-8636	504	12	made	make	VERB
cblr-8636	504	13	private	private	ADJ
cblr-8636	504	14	markets	market	NOUN
cblr-8636	504	15	more	more	ADV
cblr-8636	504	16	attractive	attractive	ADJ
cblr-8636	504	17	by	by	ADP
cblr-8636	504	18	making	make	VERB
cblr-8636	504	19	shares	share	NOUN
cblr-8636	504	20	more	more	ADV
cblr-8636	504	21	liquid	liquid	ADJ
cblr-8636	504	22	,	,	PUNCT
cblr-8636	504	23	private	private	ADJ
cblr-8636	504	24	and	and	CCONJ
cblr-8636	504	25	public	public	ADJ
cblr-8636	504	26	markets	market	NOUN
cblr-8636	504	27	might	might	AUX
cblr-8636	504	28	be	be	AUX
cblr-8636	504	29	more	more	ADJ
cblr-8636	504	30	complements	complement	NOUN
cblr-8636	504	31	than	than	ADP
cblr-8636	504	32	competitors	competitor	NOUN
cblr-8636	504	33	.	.	PUNCT
cblr-8636	505	1	the	the	DET
cblr-8636	505	2	idea	idea	NOUN
cblr-8636	505	3	is	be	AUX
cblr-8636	505	4	that	that	SCONJ
cblr-8636	505	5	greater	great	ADJ
cblr-8636	505	6	liquidity	liquidity	NOUN
cblr-8636	505	7	in	in	ADP
cblr-8636	505	8	the	the	DET
cblr-8636	505	9	private	private	ADJ
cblr-8636	505	10	market	market	NOUN
cblr-8636	505	11	would	would	AUX
cblr-8636	505	12	make	make	VERB
cblr-8636	505	13	the	the	DET
cblr-8636	505	14	prices	price	NOUN
cblr-8636	505	15	there	there	ADV
cblr-8636	505	16	more	more	ADV
cblr-8636	505	17	accurately	accurately	ADV
cblr-8636	505	18	reflect	reflect	VERB
cblr-8636	505	19	the	the	DET
cblr-8636	505	20	true	true	ADJ
cblr-8636	505	21	value	value	NOUN
cblr-8636	505	22	of	of	ADP
cblr-8636	505	23	a	a	DET
cblr-8636	505	24	firm	firm	NOUN
cblr-8636	505	25	’s	’s	PART
cblr-8636	505	26	shares	share	NOUN
cblr-8636	505	27	.	.	PUNCT
cblr-8636	506	1	this	this	PRON
cblr-8636	506	2	in	in	ADP
cblr-8636	506	3	turn	turn	NOUN
cblr-8636	506	4	would	would	AUX
cblr-8636	506	5	make	make	VERB
cblr-8636	506	6	a	a	DET
cblr-8636	506	7	subsequent	subsequent	ADJ
cblr-8636	506	8	public	public	ADJ
cblr-8636	506	9	offering	offering	NOUN
cblr-8636	506	10	simpler	simple	ADJ
cblr-8636	506	11	and	and	CCONJ
cblr-8636	506	12	less	less	ADV
cblr-8636	506	13	risky	risky	ADJ
cblr-8636	506	14	.	.	PUNCT
cblr-8636	507	1	indeed	indeed	ADV
cblr-8636	507	2	,	,	PUNCT
cblr-8636	507	3	if	if	SCONJ
cblr-8636	507	4	the	the	DET
cblr-8636	507	5	firm	firm	NOUN
cblr-8636	507	6	and	and	CCONJ
cblr-8636	507	7	the	the	DET
cblr-8636	507	8	public	public	ADJ
cblr-8636	507	9	market	market	NOUN
cblr-8636	507	10	both	both	PRON
cblr-8636	507	11	viewed	view	VERB
cblr-8636	507	12	the	the	DET
cblr-8636	507	13	price	price	NOUN
cblr-8636	507	14	discovery	discovery	NOUN
cblr-8636	507	15	capabilities	capability	NOUN
cblr-8636	507	16	of	of	ADP
cblr-8636	507	17	the	the	DET
cblr-8636	507	18	private	private	ADJ
cblr-8636	507	19	market	market	NOUN
cblr-8636	507	20	as	as	ADP
cblr-8636	507	21	good	good	ADJ
cblr-8636	507	22	enough	enough	ADV
cblr-8636	507	23	,	,	PUNCT
cblr-8636	507	24	the	the	DET
cblr-8636	507	25	firm	firm	NOUN
cblr-8636	507	26	might	might	AUX
cblr-8636	507	27	be	be	AUX
cblr-8636	507	28	able	able	ADJ
cblr-8636	507	29	to	to	PART
cblr-8636	507	30	do	do	VERB
cblr-8636	507	31	the	the	DET
cblr-8636	507	32	public	public	ADJ
cblr-8636	507	33	offering	offering	NOUN
cblr-8636	507	34	directly	directly	ADV
cblr-8636	507	35	into	into	ADP
cblr-8636	507	36	the	the	DET
cblr-8636	507	37	market	market	NOUN
cblr-8636	507	38	without	without	ADP
cblr-8636	507	39	the	the	DET
cblr-8636	507	40	intermediation	intermediation	NOUN
cblr-8636	507	41	of	of	ADP
cblr-8636	507	42	an	an	DET
cblr-8636	507	43	investment	investment	NOUN
cblr-8636	507	44	bank	bank	NOUN
cblr-8636	507	45	.	.	PUNCT
cblr-8636	508	1	this	this	PRON
cblr-8636	508	2	is	be	AUX
cblr-8636	508	3	because	because	SCONJ
cblr-8636	508	4	an	an	DET
cblr-8636	508	5	important	important	ADJ
cblr-8636	508	6	function	function	NOUN
cblr-8636	508	7	of	of	ADP
cblr-8636	508	8	the	the	DET
cblr-8636	508	9	bank	bank	NOUN
cblr-8636	508	10	in	in	ADP
cblr-8636	508	11	such	such	DET
cblr-8636	508	12	an	an	DET
cblr-8636	508	13	offering	offering	NOUN
cblr-8636	508	14	is	be	AUX
cblr-8636	508	15	to	to	PART
cblr-8636	508	16	reduce	reduce	VERB
cblr-8636	508	17	the	the	DET
cblr-8636	508	18	risk	risk	NOUN
cblr-8636	508	19	associated	associate	VERB
cblr-8636	508	20	with	with	ADP
cblr-8636	508	21	choosing	choose	VERB
cblr-8636	508	22	the	the	DET
cblr-8636	508	23	initial	initial	ADJ
cblr-8636	508	24	price	price	NOUN
cblr-8636	508	25	—	—	PUNCT
cblr-8636	508	26	one	one	NOUN
cblr-8636	508	27	that	that	PRON
cblr-8636	508	28	is	be	AUX
cblr-8636	508	29	neither	neither	CCONJ
cblr-8636	508	30	too	too	ADV
cblr-8636	508	31	low	low	ADJ
cblr-8636	508	32	and	and	CCONJ
cblr-8636	508	33	hence	hence	ADV
cblr-8636	508	34	leaves	leave	VERB
cblr-8636	508	35	money	money	NOUN
cblr-8636	508	36	on	on	ADP
cblr-8636	508	37	the	the	DET
cblr-8636	508	38	table	table	NOUN
cblr-8636	508	39	,	,	PUNCT
cblr-8636	508	40	nor	nor	CCONJ
cblr-8636	508	41	too	too	ADV
cblr-8636	508	42	high	high	ADJ
cblr-8636	508	43	so	so	SCONJ
cblr-8636	508	44	that	that	SCONJ
cblr-8636	508	45	many	many	ADJ
cblr-8636	508	46	of	of	ADP
cblr-8636	508	47	the	the	DET
cblr-8636	508	48	offered	offer	VERB
cblr-8636	508	49	shares	share	NOUN
cblr-8636	508	50	go	go	VERB
cblr-8636	508	51	unsold	unsold	ADJ
cblr-8636	508	52	—	—	PUNCT
cblr-8636	508	53	and	and	CCONJ
cblr-8636	508	54	doing	do	VERB
cblr-8636	508	55	so	so	ADV
cblr-8636	508	56	in	in	ADP
cblr-8636	508	57	a	a	DET
cblr-8636	508	58	way	way	NOUN
cblr-8636	508	59	that	that	PRON
cblr-8636	508	60	puts	put	VERB
cblr-8636	508	61	the	the	DET
cblr-8636	508	62	bank	bank	NOUN
cblr-8636	508	63	’s	’s	PART
cblr-8636	508	64	money	money	NOUN
cblr-8636	508	65	where	where	SCONJ
cblr-8636	508	66	its	its	PRON
cblr-8636	508	67	mouth	mouth	NOUN
cblr-8636	508	68	is.108	is.108	ADP
cblr-8636	508	69	105	105	NUM
cblr-8636	508	70	see	see	VERB
cblr-8636	508	71	,	,	PUNCT
cblr-8636	508	72	e.g.	e.g.	ADV
cblr-8636	508	73	,	,	PUNCT
cblr-8636	508	74	generally	generally	ADV
cblr-8636	508	75	the	the	DET
cblr-8636	508	76	coca	coca	PROPN
cblr-8636	508	77	-	-	PUNCT
cblr-8636	508	78	cola	cola	PROPN
cblr-8636	508	79	co.	co.	PROPN
cblr-8636	508	80	,	,	PUNCT
cblr-8636	508	81	annual	annual	ADJ
cblr-8636	508	82	report	report	NOUN
cblr-8636	508	83	(	(	PUNCT
cblr-8636	508	84	form	form	NOUN
cblr-8636	508	85	10	10	NUM
cblr-8636	508	86	-	-	PUNCT
cblr-8636	508	87	k	k	NOUN
cblr-8636	508	88	)	)	PUNCT
cblr-8636	508	89	(	(	PUNCT
cblr-8636	508	90	feb	feb	PROPN
cblr-8636	508	91	.	.	PROPN
cblr-8636	508	92	25	25	NUM
cblr-8636	508	93	,	,	PUNCT
cblr-8636	508	94	2021	2021	NUM
cblr-8636	508	95	)	)	PUNCT
cblr-8636	508	96	(	(	PUNCT
cblr-8636	508	97	providing	provide	VERB
cblr-8636	508	98	such	such	ADJ
cblr-8636	508	99	disclosures	disclosure	NOUN
cblr-8636	508	100	)	)	PUNCT
cblr-8636	508	101	.	.	PUNCT
cblr-8636	509	1	106	106	NUM
cblr-8636	509	2	see	see	VERB
cblr-8636	509	3	,	,	PUNCT
cblr-8636	509	4	e.g.	e.g.	ADV
cblr-8636	509	5	,	,	PUNCT
cblr-8636	509	6	generally	generally	ADV
cblr-8636	509	7	i	i	PRON
cblr-8636	509	8	d.	d.	PROPN
cblr-8636	509	9	107	107	NUM
cblr-8636	509	10	cf	cf	NOUN
cblr-8636	509	11	.	.	PUNCT
cblr-8636	510	1	jesse	jesse	PROPN
cblr-8636	510	2	marks	marks	PROPN
cblr-8636	510	3	,	,	PUNCT
cblr-8636	510	4	distributed	distribute	VERB
cblr-8636	510	5	ledger	ledger	NOUN
cblr-8636	510	6	technologies	technology	NOUN
cblr-8636	510	7	and	and	CCONJ
cblr-8636	510	8	corruption	corruption	NOUN
cblr-8636	510	9	the	the	DET
cblr-8636	510	10	killer	killer	NOUN
cblr-8636	510	11	app	app	PROPN
cblr-8636	510	12	,	,	PUNCT
cblr-8636	510	13	20	20	NUM
cblr-8636	510	14	colum	colum	NOUN
cblr-8636	510	15	.	.	PUNCT
cblr-8636	511	1	sci	sci	PROPN
cblr-8636	511	2	.	.	PROPN
cblr-8636	511	3	&	&	CCONJ
cblr-8636	511	4	tech	tech	PROPN
cblr-8636	511	5	.	.	PUNCT
cblr-8636	512	1	l.	l.	PROPN
cblr-8636	512	2	rev	rev	AUX
cblr-8636	512	3	.	.	PROPN
cblr-8636	512	4	42	42	NUM
cblr-8636	512	5	,	,	PUNCT
cblr-8636	512	6	78–80	78–80	NUM
cblr-8636	512	7	(	(	PUNCT
cblr-8636	512	8	2018	2018	NUM
cblr-8636	512	9	)	)	PUNCT
cblr-8636	512	10	(	(	PUNCT
cblr-8636	512	11	describing	describe	VERB
cblr-8636	512	12	some	some	PRON
cblr-8636	512	13	of	of	ADP
cblr-8636	512	14	the	the	DET
cblr-8636	512	15	private	private	ADJ
cblr-8636	512	16	sector	sector	NOUN
cblr-8636	512	17	monitoring	monitoring	NOUN
cblr-8636	512	18	uses	use	NOUN
cblr-8636	512	19	of	of	ADP
cblr-8636	512	20	dlt	dlt	PROPN
cblr-8636	512	21	)	)	PUNCT
cblr-8636	512	22	.	.	PUNCT
cblr-8636	513	1	108	108	NUM
cblr-8636	513	2	in	in	ADP
cblr-8636	513	3	a	a	DET
cblr-8636	513	4	firm	firm	ADJ
cblr-8636	513	5	commitment	commitment	NOUN
cblr-8636	513	6	underwriting	underwriting	NOUN
cblr-8636	513	7	,	,	PUNCT
cblr-8636	513	8	the	the	DET
cblr-8636	513	9	investment	investment	NOUN
cblr-8636	513	10	bank	bank	NOUN
cblr-8636	513	11	buys	buy	VERB
cblr-8636	513	12	all	all	DET
cblr-8636	513	13	the	the	DET
cblr-8636	513	14	shares	share	NOUN
cblr-8636	513	15	being	be	AUX
cblr-8636	513	16	offered	offer	VERB
cblr-8636	513	17	from	from	ADP
cblr-8636	513	18	the	the	DET
cblr-8636	513	19	issuer	issuer	NOUN
cblr-8636	513	20	at	at	ADP
cblr-8636	513	21	the	the	DET
cblr-8636	513	22	offering	offering	NOUN
cblr-8636	513	23	price	price	NOUN
cblr-8636	513	24	minus	minus	ADP
cblr-8636	513	25	a	a	DET
cblr-8636	513	26	discount	discount	NOUN
cblr-8636	513	27	.	.	PUNCT
cblr-8636	514	1	thus	thus	ADV
cblr-8636	514	2	,	,	PUNCT
cblr-8636	514	3	the	the	DET
cblr-8636	514	4	bank	bank	NOUN
cblr-8636	514	5	takes	take	VERB
cblr-8636	514	6	the	the	DET
cblr-8636	514	7	risk	risk	NOUN
cblr-8636	514	8	if	if	SCONJ
cblr-8636	514	9	the	the	DET
cblr-8636	514	10	price	price	NOUN
cblr-8636	514	11	is	be	AUX
cblr-8636	514	12	too	too	ADV
cblr-8636	514	13	high	high	ADJ
cblr-8636	514	14	and	and	CCONJ
cblr-8636	514	15	the	the	DET
cblr-8636	514	16	fox	fox	NOUN
cblr-8636	514	17	et	et	PROPN
cblr-8636	514	18	al	al	PROPN
cblr-8636	514	19	.	.	PROPN
cblr-8636	515	1	8/22/2021	8/22/2021	NUM
cblr-8636	515	2	9:05	9:05	NUM
cblr-8636	515	3	pm	pm	NOUN
cblr-8636	515	4	no	no	INTJ
cblr-8636	515	5	.	.	PUNCT
cblr-8636	516	1	2:651	2:651	NUM
cblr-8636	516	2	]	]	X
cblr-8636	516	3	a	a	DET
cblr-8636	516	4	stakeholder	stakeholder	NOUN
cblr-8636	516	5	survey	survey	VERB
cblr-8636	516	6	687	687	NUM
cblr-8636	516	7	b.	b.	NOUN
cblr-8636	516	8	issues	issue	NOUN
cblr-8636	516	9	related	relate	VERB
cblr-8636	516	10	to	to	ADP
cblr-8636	516	11	the	the	DET
cblr-8636	516	12	public	public	ADJ
cblr-8636	516	13	/	/	SYM
cblr-8636	516	14	private	private	ADJ
cblr-8636	516	15	market	market	NOUN
cblr-8636	516	16	divide	divide	NOUN
cblr-8636	516	17	to	to	PART
cblr-8636	516	18	fully	fully	ADV
cblr-8636	516	19	understand	understand	VERB
cblr-8636	516	20	how	how	SCONJ
cblr-8636	516	21	using	use	VERB
cblr-8636	516	22	dlt	dlt	PROPN
cblr-8636	516	23	in	in	ADP
cblr-8636	516	24	private	private	ADJ
cblr-8636	516	25	or	or	CCONJ
cblr-8636	516	26	public	public	ADJ
cblr-8636	516	27	markets	market	NOUN
cblr-8636	516	28	might	might	AUX
cblr-8636	516	29	affect	affect	VERB
cblr-8636	516	30	the	the	DET
cblr-8636	516	31	divide	divide	NOUN
cblr-8636	516	32	between	between	ADP
cblr-8636	516	33	the	the	DET
cblr-8636	516	34	two	two	NUM
cblr-8636	516	35	requires	require	VERB
cblr-8636	516	36	a	a	DET
cblr-8636	516	37	discussion	discussion	NOUN
cblr-8636	516	38	of	of	ADP
cblr-8636	516	39	how	how	SCONJ
cblr-8636	516	40	the	the	DET
cblr-8636	516	41	divide	divide	NOUN
cblr-8636	516	42	is	be	AUX
cblr-8636	516	43	currently	currently	ADV
cblr-8636	516	44	viewed	view	VERB
cblr-8636	516	45	.	.	PUNCT
cblr-8636	517	1	because	because	SCONJ
cblr-8636	517	2	private	private	ADJ
cblr-8636	517	3	firms	firm	NOUN
cblr-8636	517	4	are	be	AUX
cblr-8636	517	5	not	not	PART
cblr-8636	517	6	subject	subject	ADJ
cblr-8636	517	7	to	to	ADP
cblr-8636	517	8	mandatory	mandatory	ADJ
cblr-8636	517	9	disclosure	disclosure	NOUN
cblr-8636	517	10	requirements	requirement	NOUN
cblr-8636	517	11	,	,	PUNCT
cblr-8636	517	12	some	some	DET
cblr-8636	517	13	interviewees	interviewee	NOUN
cblr-8636	517	14	with	with	ADP
cblr-8636	517	15	regulatory	regulatory	ADJ
cblr-8636	517	16	experience	experience	NOUN
cblr-8636	517	17	expressed	express	VERB
cblr-8636	517	18	the	the	DET
cblr-8636	517	19	fear	fear	NOUN
cblr-8636	517	20	that	that	SCONJ
cblr-8636	517	21	,	,	PUNCT
cblr-8636	517	22	with	with	ADP
cblr-8636	517	23	larger	large	ADJ
cblr-8636	517	24	and	and	CCONJ
cblr-8636	517	25	larger	large	ADJ
cblr-8636	517	26	firms	firm	NOUN
cblr-8636	517	27	staying	stay	VERB
cblr-8636	517	28	private	private	ADJ
cblr-8636	517	29	,	,	PUNCT
cblr-8636	517	30	we	we	PRON
cblr-8636	517	31	lose	lose	VERB
cblr-8636	517	32	the	the	DET
cblr-8636	517	33	corporate	corporate	ADJ
cblr-8636	517	34	governance	governance	NOUN
cblr-8636	517	35	benefits	benefit	NOUN
cblr-8636	517	36	of	of	ADP
cblr-8636	517	37	public	public	ADJ
cblr-8636	517	38	markets	market	NOUN
cblr-8636	517	39	.	.	PUNCT
cblr-8636	518	1	one	one	NUM
cblr-8636	518	2	member	member	NOUN
cblr-8636	518	3	of	of	ADP
cblr-8636	518	4	the	the	DET
cblr-8636	518	5	investment	investment	NOUN
cblr-8636	518	6	industry	industry	NOUN
cblr-8636	518	7	argued	argue	VERB
cblr-8636	518	8	,	,	PUNCT
cblr-8636	518	9	however	however	ADV
cblr-8636	518	10	,	,	PUNCT
cblr-8636	518	11	that	that	SCONJ
cblr-8636	518	12	private	private	ADJ
cblr-8636	518	13	markets	market	NOUN
cblr-8636	518	14	were	be	AUX
cblr-8636	518	15	actually	actually	ADV
cblr-8636	518	16	better	well	ADJ
cblr-8636	518	17	at	at	ADP
cblr-8636	518	18	creating	create	VERB
cblr-8636	518	19	value	value	NOUN
cblr-8636	518	20	and	and	CCONJ
cblr-8636	518	21	strengthening	strengthen	VERB
cblr-8636	518	22	corporate	corporate	ADJ
cblr-8636	518	23	governance	governance	NOUN
cblr-8636	518	24	.	.	PUNCT
cblr-8636	519	1	the	the	DET
cblr-8636	519	2	argument	argument	NOUN
cblr-8636	519	3	is	be	AUX
cblr-8636	519	4	that	that	SCONJ
cblr-8636	519	5	index	index	NOUN
cblr-8636	519	6	funds	fund	NOUN
cblr-8636	519	7	typically	typically	ADV
cblr-8636	519	8	pay	pay	VERB
cblr-8636	519	9	little	little	ADJ
cblr-8636	519	10	attention	attention	NOUN
cblr-8636	519	11	to	to	ADP
cblr-8636	519	12	corporate	corporate	ADJ
cblr-8636	519	13	governance	governance	NOUN
cblr-8636	519	14	but	but	CCONJ
cblr-8636	519	15	hold	hold	VERB
cblr-8636	519	16	an	an	DET
cblr-8636	519	17	increasing	increase	VERB
cblr-8636	519	18	percentage	percentage	NOUN
cblr-8636	519	19	of	of	ADP
cblr-8636	519	20	public	public	ADJ
cblr-8636	519	21	company	company	NOUN
cblr-8636	519	22	shares	share	NOUN
cblr-8636	519	23	,	,	PUNCT
cblr-8636	519	24	so	so	SCONJ
cblr-8636	519	25	companies	company	NOUN
cblr-8636	519	26	are	be	AUX
cblr-8636	519	27	generally	generally	ADV
cblr-8636	519	28	being	be	AUX
cblr-8636	519	29	subject	subject	ADJ
cblr-8636	519	30	to	to	ADP
cblr-8636	519	31	less	less	ADJ
cblr-8636	519	32	shareholder	shareholder	NOUN
cblr-8636	519	33	monitoring	monitoring	NOUN
cblr-8636	519	34	.	.	PUNCT
cblr-8636	520	1	in	in	ADP
cblr-8636	520	2	contrast	contrast	NOUN
cblr-8636	520	3	,	,	PUNCT
cblr-8636	520	4	private	private	ADJ
cblr-8636	520	5	equity	equity	NOUN
cblr-8636	520	6	firms	firm	NOUN
cblr-8636	520	7	play	play	VERB
cblr-8636	520	8	a	a	DET
cblr-8636	520	9	much	much	ADV
cblr-8636	520	10	greater	great	ADJ
cblr-8636	520	11	role	role	NOUN
cblr-8636	520	12	in	in	ADP
cblr-8636	520	13	running	run	VERB
cblr-8636	520	14	a	a	DET
cblr-8636	520	15	company	company	NOUN
cblr-8636	520	16	and	and	CCONJ
cblr-8636	520	17	improving	improve	VERB
cblr-8636	520	18	corporate	corporate	ADJ
cblr-8636	520	19	governance	governance	NOUN
cblr-8636	520	20	,	,	PUNCT
cblr-8636	520	21	largely	largely	ADV
cblr-8636	520	22	because	because	SCONJ
cblr-8636	520	23	they	they	PRON
cblr-8636	520	24	are	be	AUX
cblr-8636	520	25	not	not	PART
cblr-8636	520	26	burdened	burden	VERB
cblr-8636	520	27	by	by	ADP
cblr-8636	520	28	liquidity	liquidity	NOUN
cblr-8636	520	29	concerns	concern	NOUN
cblr-8636	520	30	and	and	CCONJ
cblr-8636	520	31	friction	friction	NOUN
cblr-8636	520	32	(	(	PUNCT
cblr-8636	520	33	no	no	DET
cblr-8636	520	34	material	material	NOUN
cblr-8636	520	35	nonpublic	nonpublic	ADJ
cblr-8636	520	36	information	information	NOUN
cblr-8636	520	37	concerns	concern	NOUN
cblr-8636	520	38	,	,	PUNCT
cblr-8636	520	39	lock	lock	NOUN
cblr-8636	520	40	-	-	PUNCT
cblr-8636	520	41	up	up	ADP
cblr-8636	520	42	periods	period	NOUN
cblr-8636	520	43	,	,	PUNCT
cblr-8636	520	44	etc.).109	etc.).109	VERB
cblr-8636	520	45	as	as	ADP
cblr-8636	520	46	a	a	DET
cblr-8636	520	47	result	result	NOUN
cblr-8636	520	48	,	,	PUNCT
cblr-8636	520	49	there	there	PRON
cblr-8636	520	50	are	be	VERB
cblr-8636	520	51	fewer	few	ADJ
cblr-8636	520	52	principal	principal	ADJ
cblr-8636	520	53	-	-	PUNCT
cblr-8636	520	54	agent	agent	NOUN
cblr-8636	520	55	issues	issue	NOUN
cblr-8636	520	56	,	,	PUNCT
cblr-8636	520	57	which	which	PRON
cblr-8636	520	58	has	have	AUX
cblr-8636	520	59	incentivized	incentivize	VERB
cblr-8636	520	60	many	many	ADJ
cblr-8636	520	61	companies	company	NOUN
cblr-8636	520	62	to	to	PART
cblr-8636	520	63	remain	remain	VERB
cblr-8636	520	64	private	private	ADJ
cblr-8636	520	65	—	—	PUNCT
cblr-8636	520	66	rather	rather	ADV
cblr-8636	520	67	than	than	ADP
cblr-8636	520	68	going	go	VERB
cblr-8636	520	69	public	public	ADJ
cblr-8636	520	70	with	with	ADP
cblr-8636	520	71	absentee	absentee	NOUN
cblr-8636	520	72	shareholders	shareholder	NOUN
cblr-8636	520	73	.	.	PUNCT
cblr-8636	521	1	moreover	moreover	ADV
cblr-8636	521	2	,	,	PUNCT
cblr-8636	521	3	this	this	DET
cblr-8636	521	4	interviewee	interviewee	NOUN
cblr-8636	521	5	believed	believe	VERB
cblr-8636	521	6	that	that	SCONJ
cblr-8636	521	7	competition	competition	NOUN
cblr-8636	521	8	between	between	ADP
cblr-8636	521	9	private	private	ADJ
cblr-8636	521	10	equity	equity	NOUN
cblr-8636	521	11	firms	firm	NOUN
cblr-8636	521	12	and	and	CCONJ
cblr-8636	521	13	other	other	ADJ
cblr-8636	521	14	investors	investor	NOUN
cblr-8636	521	15	made	make	VERB
cblr-8636	521	16	valuations	valuation	NOUN
cblr-8636	521	17	more	more	ADV
cblr-8636	521	18	robust	robust	ADJ
cblr-8636	521	19	in	in	ADP
cblr-8636	521	20	private	private	ADJ
cblr-8636	521	21	markets	market	NOUN
cblr-8636	521	22	.	.	PUNCT
cblr-8636	522	1	but	but	CCONJ
cblr-8636	522	2	other	other	ADJ
cblr-8636	522	3	interviewees	interviewee	NOUN
cblr-8636	522	4	disagreed	disagree	VERB
cblr-8636	522	5	,	,	PUNCT
cblr-8636	522	6	saying	say	VERB
cblr-8636	522	7	some	some	DET
cblr-8636	522	8	private	private	ADJ
cblr-8636	522	9	valuations	valuation	NOUN
cblr-8636	522	10	are	be	AUX
cblr-8636	522	11	illogical	illogical	ADJ
cblr-8636	522	12	and	and	CCONJ
cblr-8636	522	13	citing	cite	VERB
cblr-8636	522	14	wework	wework	NOUN
cblr-8636	522	15	as	as	SCONJ
cblr-8636	522	16	an	an	DET
cblr-8636	522	17	example.110	example.110	NOUN
cblr-8636	522	18	offering	offering	NOUN
cblr-8636	522	19	does	do	AUX
cblr-8636	522	20	not	not	PART
cblr-8636	522	21	sell	sell	VERB
cblr-8636	522	22	out	out	ADP
cblr-8636	522	23	.	.	PUNCT
cblr-8636	523	1	marcel	marcel	PROPN
cblr-8636	523	2	kahan	kahan	PROPN
cblr-8636	523	3	,	,	PUNCT
cblr-8636	523	4	securities	security	NOUN
cblr-8636	523	5	laws	law	NOUN
cblr-8636	523	6	and	and	CCONJ
cblr-8636	523	7	the	the	DET
cblr-8636	523	8	social	social	ADJ
cblr-8636	523	9	costs	cost	NOUN
cblr-8636	523	10	of	of	ADP
cblr-8636	523	11	“	"	PUNCT
cblr-8636	523	12	inaccurate	inaccurate	ADJ
cblr-8636	523	13	”	"	PUNCT
cblr-8636	523	14	stock	stock	NOUN
cblr-8636	523	15	price	price	NOUN
cblr-8636	523	16	,	,	PUNCT
cblr-8636	523	17	41	41	NUM
cblr-8636	523	18	duke	duke	PROPN
cblr-8636	523	19	l.j	l.j	PROPN
cblr-8636	523	20	.	.	PROPN
cblr-8636	523	21	977	977	NUM
cblr-8636	523	22	,	,	PUNCT
cblr-8636	523	23	1011–12	1011–12	NUM
cblr-8636	523	24	(	(	PUNCT
cblr-8636	523	25	1992	1992	NUM
cblr-8636	523	26	)	)	PUNCT
cblr-8636	523	27	.	.	PUNCT
cblr-8636	524	1	109	109	NUM
cblr-8636	524	2	for	for	ADP
cblr-8636	524	3	a	a	DET
cblr-8636	524	4	summary	summary	NOUN
cblr-8636	524	5	of	of	ADP
cblr-8636	524	6	similar	similar	ADJ
cblr-8636	524	7	distinctions	distinction	NOUN
cblr-8636	524	8	drawn	draw	VERB
cblr-8636	524	9	in	in	ADP
cblr-8636	524	10	the	the	DET
cblr-8636	524	11	literature	literature	NOUN
cblr-8636	524	12	by	by	ADP
cblr-8636	524	13	some	some	PRON
cblr-8636	524	14	,	,	PUNCT
cblr-8636	524	15	see	see	VERB
cblr-8636	524	16	,	,	PUNCT
cblr-8636	524	17	for	for	ADP
cblr-8636	524	18	example	example	NOUN
cblr-8636	524	19	,	,	PUNCT
cblr-8636	524	20	michal	michal	PROPN
cblr-8636	524	21	barzuza	barzuza	PROPN
cblr-8636	524	22	,	,	PUNCT
cblr-8636	524	23	quinn	quinn	PROPN
cblr-8636	524	24	curtis	curtis	PROPN
cblr-8636	524	25	&	&	CCONJ
cblr-8636	524	26	david	david	PROPN
cblr-8636	524	27	h.	h.	PROPN
cblr-8636	524	28	webber	webber	PROPN
cblr-8636	524	29	,	,	PUNCT
cblr-8636	524	30	shareholder	shareholder	NOUN
cblr-8636	524	31	value(s	value(s	NOUN
cblr-8636	524	32	):	):	PUNCT
cblr-8636	524	33	inded	inded	PROPN
cblr-8636	524	34	fund	fund	PROPN
cblr-8636	524	35	esg	esg	PROPN
cblr-8636	524	36	activism	activism	NOUN
cblr-8636	524	37	and	and	CCONJ
cblr-8636	524	38	the	the	DET
cblr-8636	524	39	new	new	ADJ
cblr-8636	524	40	millennial	millennial	ADJ
cblr-8636	524	41	corporate	corporate	ADJ
cblr-8636	524	42	governance	governance	NOUN
cblr-8636	524	43	,	,	PUNCT
cblr-8636	524	44	93	93	NUM
cblr-8636	524	45	s.	s.	PROPN
cblr-8636	524	46	cal	cal	PROPN
cblr-8636	524	47	.	.	PUNCT
cblr-8636	525	1	l.	l.	PROPN
cblr-8636	525	2	rev	rev	PROPN
cblr-8636	525	3	.	.	PROPN
cblr-8636	525	4	1243	1243	NUM
cblr-8636	525	5	,	,	PUNCT
cblr-8636	525	6	1258–65	1258–65	NUM
cblr-8636	525	7	(	(	PUNCT
cblr-8636	525	8	2020	2020	NUM
cblr-8636	525	9	)	)	PUNCT
cblr-8636	525	10	.	.	PUNCT
cblr-8636	526	1	110	110	NUM
cblr-8636	526	2	see	see	VERB
cblr-8636	526	3	liz	liz	PROPN
cblr-8636	526	4	hoffman	hoffman	PROPN
cblr-8636	526	5	&	&	CCONJ
cblr-8636	526	6	maureen	maureen	PROPN
cblr-8636	526	7	farrell	farrell	PROPN
cblr-8636	526	8	,	,	PUNCT
cblr-8636	526	9	wework	wework	PROPN
cblr-8636	526	10	’s	’s	PART
cblr-8636	526	11	valuation	valuation	NOUN
cblr-8636	526	12	falls	fall	VERB
cblr-8636	526	13	to	to	ADP
cblr-8636	526	14	$	$	SYM
cblr-8636	526	15	8	8	NUM
cblr-8636	526	16	billion	billion	NUM
cblr-8636	526	17	under	under	ADP
cblr-8636	526	18	softbank	softbank	NOUN
cblr-8636	526	19	rescue	rescue	NOUN
cblr-8636	526	20	offer	offer	NOUN
cblr-8636	526	21	,	,	PUNCT
cblr-8636	526	22	wall	wall	PROPN
cblr-8636	526	23	st	st	PROPN
cblr-8636	526	24	.	.	PROPN
cblr-8636	526	25	j.	j.	PROPN
cblr-8636	527	1	(	(	PUNCT
cblr-8636	527	2	on	on	ADP
cblr-8636	527	3	file	file	NOUN
cblr-8636	527	4	with	with	ADP
cblr-8636	527	5	the	the	DET
cblr-8636	527	6	columbia	columbia	PROPN
cblr-8636	527	7	business	business	PROPN
cblr-8636	527	8	law	law	PROPN
cblr-8636	527	9	review	review	PROPN
cblr-8636	527	10	)	)	PUNCT
cblr-8636	527	11	,	,	PUNCT
cblr-8636	527	12	https://www.wsj.com/articles/softbankoffers-to-put-6-5b-into-wework-including-5b-loan-11571687872	https://www.wsj.com/articles/softbankoffers-to-put-6-5b-into-wework-including-5b-loan-11571687872	X
cblr-8636	527	13	(	(	PUNCT
cblr-8636	527	14	last	last	ADJ
cblr-8636	527	15	updated	update	VERB
cblr-8636	527	16	oct	oct	PROPN
cblr-8636	527	17	.	.	PROPN
cblr-8636	527	18	21	21	NUM
cblr-8636	527	19	,	,	PUNCT
cblr-8636	527	20	2019	2019	NUM
cblr-8636	527	21	)	)	PUNCT
cblr-8636	527	22	.	.	PUNCT
cblr-8636	528	1	fox	fox	PROPN
cblr-8636	528	2	et	et	PROPN
cblr-8636	528	3	al	al	PROPN
cblr-8636	528	4	.	.	PROPN
cblr-8636	529	1	8/22/2021	8/22/2021	NUM
cblr-8636	529	2	9:05	9:05	NUM
cblr-8636	529	3	pm	pm	NOUN
cblr-8636	529	4	688	688	NUM
cblr-8636	529	5	columbia	columbia	PROPN
cblr-8636	529	6	business	business	NOUN
cblr-8636	529	7	law	law	NOUN
cblr-8636	529	8	review	review	NOUN
cblr-8636	529	9	[	[	X
cblr-8636	529	10	vol	vol	NOUN
cblr-8636	529	11	.	.	NOUN
cblr-8636	529	12	2021	2021	NUM
cblr-8636	529	13	a	a	DET
cblr-8636	529	14	member	member	NOUN
cblr-8636	529	15	of	of	ADP
cblr-8636	529	16	the	the	DET
cblr-8636	529	17	investment	investment	NOUN
cblr-8636	529	18	community	community	NOUN
cblr-8636	529	19	blamed	blame	VERB
cblr-8636	529	20	venture	venture	NOUN
cblr-8636	529	21	capital	capital	NOUN
cblr-8636	529	22	for	for	ADP
cblr-8636	529	23	contributing	contribute	VERB
cblr-8636	529	24	to	to	ADP
cblr-8636	529	25	price	price	NOUN
cblr-8636	529	26	inaccuracy	inaccuracy	NOUN
cblr-8636	529	27	,	,	PUNCT
cblr-8636	529	28	noting	note	VERB
cblr-8636	529	29	that	that	SCONJ
cblr-8636	529	30	venture	venture	NOUN
cblr-8636	529	31	funds	fund	NOUN
cblr-8636	529	32	were	be	AUX
cblr-8636	529	33	trying	try	VERB
cblr-8636	529	34	to	to	PART
cblr-8636	529	35	undercut	undercut	VERB
cblr-8636	529	36	competitors	competitor	NOUN
cblr-8636	529	37	at	at	ADP
cblr-8636	529	38	an	an	DET
cblr-8636	529	39	unsustainable	unsustainable	ADJ
cblr-8636	529	40	level	level	NOUN
cblr-8636	529	41	.	.	PUNCT
cblr-8636	530	1	if	if	SCONJ
cblr-8636	530	2	relatively	relatively	ADV
cblr-8636	530	3	inefficient	inefficient	ADJ
cblr-8636	530	4	private	private	ADJ
cblr-8636	530	5	markets	market	NOUN
cblr-8636	530	6	are	be	AUX
cblr-8636	530	7	growing	grow	VERB
cblr-8636	530	8	more	more	ADV
cblr-8636	530	9	than	than	ADP
cblr-8636	530	10	relatively	relatively	ADV
cblr-8636	530	11	efficient	efficient	ADJ
cblr-8636	530	12	public	public	ADJ
cblr-8636	530	13	markets	market	NOUN
cblr-8636	530	14	,	,	PUNCT
cblr-8636	530	15	that	that	PRON
cblr-8636	530	16	could	could	AUX
cblr-8636	530	17	lead	lead	VERB
cblr-8636	530	18	to	to	ADP
cblr-8636	530	19	problems	problem	NOUN
cblr-8636	530	20	for	for	ADP
cblr-8636	530	21	society	society	NOUN
cblr-8636	530	22	,	,	PUNCT
cblr-8636	530	23	the	the	DET
cblr-8636	530	24	interviewees	interviewee	NOUN
cblr-8636	530	25	said	say	VERB
cblr-8636	530	26	,	,	PUNCT
cblr-8636	530	27	with	with	ADP
cblr-8636	530	28	inferior	inferior	ADJ
cblr-8636	530	29	projects	project	NOUN
cblr-8636	530	30	receiving	receive	VERB
cblr-8636	530	31	scarce	scarce	ADJ
cblr-8636	530	32	capital	capital	NOUN
cblr-8636	530	33	that	that	PRON
cblr-8636	530	34	could	could	AUX
cblr-8636	530	35	have	have	AUX
cblr-8636	530	36	gone	go	VERB
cblr-8636	530	37	to	to	ADP
cblr-8636	530	38	more	more	ADV
cblr-8636	530	39	promising	promising	ADJ
cblr-8636	530	40	ones	one	NOUN
cblr-8636	530	41	.	.	PUNCT
cblr-8636	531	1	whether	whether	SCONJ
cblr-8636	531	2	private	private	ADJ
cblr-8636	531	3	markets	market	NOUN
cblr-8636	531	4	or	or	CCONJ
cblr-8636	531	5	public	public	ADJ
cblr-8636	531	6	markets	market	NOUN
cblr-8636	531	7	produce	produce	VERB
cblr-8636	531	8	higher	high	ADJ
cblr-8636	531	9	returns	return	NOUN
cblr-8636	531	10	was	be	AUX
cblr-8636	531	11	another	another	DET
cblr-8636	531	12	point	point	NOUN
cblr-8636	531	13	of	of	ADP
cblr-8636	531	14	disagreement	disagreement	NOUN
cblr-8636	531	15	.	.	PUNCT
cblr-8636	532	1	for	for	ADP
cblr-8636	532	2	example	example	NOUN
cblr-8636	532	3	,	,	PUNCT
cblr-8636	532	4	one	one	NUM
cblr-8636	532	5	member	member	NOUN
cblr-8636	532	6	of	of	ADP
cblr-8636	532	7	the	the	DET
cblr-8636	532	8	regulatory	regulatory	ADJ
cblr-8636	532	9	community	community	NOUN
cblr-8636	532	10	thought	think	VERB
cblr-8636	532	11	private	private	ADJ
cblr-8636	532	12	equity	equity	NOUN
cblr-8636	532	13	generally	generally	ADV
cblr-8636	532	14	earned	earn	VERB
cblr-8636	532	15	higher	high	ADJ
cblr-8636	532	16	returns	return	NOUN
cblr-8636	532	17	,	,	PUNCT
cblr-8636	532	18	even	even	ADV
cblr-8636	532	19	after	after	ADP
cblr-8636	532	20	adjustment	adjustment	NOUN
cblr-8636	532	21	for	for	ADP
cblr-8636	532	22	higher	high	ADJ
cblr-8636	532	23	risk	risk	NOUN
cblr-8636	532	24	,	,	PUNCT
cblr-8636	532	25	while	while	SCONJ
cblr-8636	532	26	another	another	DET
cblr-8636	532	27	member	member	NOUN
cblr-8636	532	28	of	of	ADP
cblr-8636	532	29	the	the	DET
cblr-8636	532	30	regulatory	regulatory	ADJ
cblr-8636	532	31	community	community	NOUN
cblr-8636	532	32	did	do	AUX
cblr-8636	532	33	not	not	PART
cblr-8636	532	34	think	think	VERB
cblr-8636	532	35	so	so	ADV
cblr-8636	532	36	.	.	PUNCT
cblr-8636	533	1	this	this	DET
cblr-8636	533	2	disagreement	disagreement	NOUN
cblr-8636	533	3	is	be	AUX
cblr-8636	533	4	important	important	ADJ
cblr-8636	533	5	because	because	SCONJ
cblr-8636	533	6	,	,	PUNCT
cblr-8636	533	7	as	as	SCONJ
cblr-8636	533	8	discussed	discuss	VERB
cblr-8636	533	9	below	below	ADV
cblr-8636	533	10	,	,	PUNCT
cblr-8636	533	11	one	one	NUM
cblr-8636	533	12	of	of	ADP
cblr-8636	533	13	the	the	DET
cblr-8636	533	14	main	main	ADJ
cblr-8636	533	15	arguments	argument	NOUN
cblr-8636	533	16	for	for	ADP
cblr-8636	533	17	giving	give	VERB
cblr-8636	533	18	ordinary	ordinary	ADJ
cblr-8636	533	19	investors	investor	NOUN
cblr-8636	533	20	more	more	ADJ
cblr-8636	533	21	access	access	NOUN
cblr-8636	533	22	to	to	ADP
cblr-8636	533	23	private	private	ADJ
cblr-8636	533	24	markets	market	NOUN
cblr-8636	533	25	is	be	AUX
cblr-8636	533	26	that	that	SCONJ
cblr-8636	533	27	they	they	PRON
cblr-8636	533	28	are	be	AUX
cblr-8636	533	29	currently	currently	ADV
cblr-8636	533	30	being	be	AUX
cblr-8636	533	31	denied	deny	VERB
cblr-8636	533	32	these	these	DET
cblr-8636	533	33	higher	high	ADJ
cblr-8636	533	34	returns.111	returns.111	NOUN
cblr-8636	533	35	interviewees	interviewee	NOUN
cblr-8636	533	36	also	also	ADV
cblr-8636	533	37	disagreed	disagree	VERB
cblr-8636	533	38	about	about	ADP
cblr-8636	533	39	why	why	SCONJ
cblr-8636	533	40	the	the	DET
cblr-8636	533	41	private	private	ADJ
cblr-8636	533	42	markets	market	NOUN
cblr-8636	533	43	were	be	AUX
cblr-8636	533	44	growing	grow	VERB
cblr-8636	533	45	.	.	PUNCT
cblr-8636	534	1	two	two	NUM
cblr-8636	534	2	members	member	NOUN
cblr-8636	534	3	of	of	ADP
cblr-8636	534	4	the	the	DET
cblr-8636	534	5	investment	investment	NOUN
cblr-8636	534	6	and	and	CCONJ
cblr-8636	534	7	exchange	exchange	NOUN
cblr-8636	534	8	communities	community	NOUN
cblr-8636	534	9	believed	believe	VERB
cblr-8636	534	10	that	that	SCONJ
cblr-8636	534	11	costs	cost	NOUN
cblr-8636	534	12	were	be	AUX
cblr-8636	534	13	a	a	DET
cblr-8636	534	14	significant	significant	ADJ
cblr-8636	534	15	deterrent	deterrent	NOUN
cblr-8636	534	16	to	to	ADP
cblr-8636	534	17	going	go	VERB
cblr-8636	534	18	public	public	ADJ
cblr-8636	534	19	.	.	PUNCT
cblr-8636	535	1	a	a	DET
cblr-8636	535	2	member	member	NOUN
cblr-8636	535	3	of	of	ADP
cblr-8636	535	4	the	the	DET
cblr-8636	535	5	regulatory	regulatory	ADJ
cblr-8636	535	6	community	community	NOUN
cblr-8636	535	7	said	say	VERB
cblr-8636	535	8	that	that	SCONJ
cblr-8636	535	9	,	,	PUNCT
cblr-8636	535	10	while	while	SCONJ
cblr-8636	535	11	individual	individual	ADJ
cblr-8636	535	12	disclosure	disclosure	NOUN
cblr-8636	535	13	requirements	requirement	NOUN
cblr-8636	535	14	were	be	AUX
cblr-8636	535	15	justifiable	justifiable	ADJ
cblr-8636	535	16	,	,	PUNCT
cblr-8636	535	17	in	in	ADP
cblr-8636	535	18	total	total	ADJ
cblr-8636	535	19	they	they	PRON
cblr-8636	535	20	could	could	AUX
cblr-8636	535	21	be	be	AUX
cblr-8636	535	22	so	so	ADV
cblr-8636	535	23	burdensome	burdensome	ADJ
cblr-8636	535	24	that	that	SCONJ
cblr-8636	535	25	they	they	PRON
cblr-8636	535	26	also	also	ADV
cblr-8636	535	27	deterred	deter	VERB
cblr-8636	535	28	companies	company	NOUN
cblr-8636	535	29	from	from	ADP
cblr-8636	535	30	going	go	VERB
cblr-8636	535	31	public	public	ADJ
cblr-8636	535	32	.	.	PUNCT
cblr-8636	536	1	similarly	similarly	ADV
cblr-8636	536	2	,	,	PUNCT
cblr-8636	536	3	a	a	DET
cblr-8636	536	4	former	former	ADJ
cblr-8636	536	5	regulator	regulator	NOUN
cblr-8636	536	6	said	say	VERB
cblr-8636	536	7	that	that	SCONJ
cblr-8636	536	8	“	"	PUNCT
cblr-8636	536	9	overregulation	overregulation	NOUN
cblr-8636	536	10	”	"	PUNCT
cblr-8636	536	11	in	in	ADP
cblr-8636	536	12	public	public	ADJ
cblr-8636	536	13	markets	market	NOUN
cblr-8636	536	14	,	,	PUNCT
cblr-8636	536	15	and	and	CCONJ
cblr-8636	536	16	the	the	DET
cblr-8636	536	17	ubiquity	ubiquity	NOUN
cblr-8636	536	18	of	of	ADP
cblr-8636	536	19	litigation,112	litigation,112	ADV
cblr-8636	536	20	slowed	slow	VERB
cblr-8636	536	21	progress	progress	NOUN
cblr-8636	536	22	and	and	CCONJ
cblr-8636	536	23	innovation	innovation	NOUN
cblr-8636	536	24	.	.	PUNCT
cblr-8636	537	1	yet	yet	CCONJ
cblr-8636	537	2	another	another	DET
cblr-8636	537	3	regulator	regulator	NOUN
cblr-8636	537	4	expressed	express	VERB
cblr-8636	537	5	the	the	DET
cblr-8636	537	6	opposite	opposite	ADJ
cblr-8636	537	7	view	view	NOUN
cblr-8636	537	8	:	:	PUNCT
cblr-8636	537	9	it	it	PRON
cblr-8636	537	10	is	be	AUX
cblr-8636	537	11	not	not	PART
cblr-8636	537	12	the	the	DET
cblr-8636	537	13	sec	sec	PROPN
cblr-8636	537	14	’s	’s	PART
cblr-8636	537	15	job	job	NOUN
cblr-8636	537	16	to	to	PART
cblr-8636	537	17	encourage	encourage	VERB
cblr-8636	537	18	additional	additional	ADJ
cblr-8636	537	19	ipos	ipos	NOUN
cblr-8636	537	20	,	,	PUNCT
cblr-8636	537	21	and	and	CCONJ
cblr-8636	537	22	,	,	PUNCT
cblr-8636	537	23	in	in	ADP
cblr-8636	537	24	any	any	DET
cblr-8636	537	25	event	event	NOUN
cblr-8636	537	26	,	,	PUNCT
cblr-8636	537	27	choosing	choose	VERB
cblr-8636	537	28	to	to	PART
cblr-8636	537	29	go	go	VERB
cblr-8636	537	30	public	public	ADJ
cblr-8636	537	31	is	be	AUX
cblr-8636	537	32	an	an	DET
cblr-8636	537	33	existential	existential	ADJ
cblr-8636	537	34	decision	decision	NOUN
cblr-8636	537	35	for	for	ADP
cblr-8636	537	36	a	a	DET
cblr-8636	537	37	firm	firm	NOUN
cblr-8636	537	38	,	,	PUNCT
cblr-8636	537	39	and	and	CCONJ
cblr-8636	537	40	the	the	DET
cblr-8636	537	41	amount	amount	NOUN
cblr-8636	537	42	of	of	ADP
cblr-8636	537	43	regulation	regulation	NOUN
cblr-8636	537	44	or	or	CCONJ
cblr-8636	537	45	legal	legal	ADJ
cblr-8636	537	46	paperwork	paperwork	NOUN
cblr-8636	537	47	is	be	AUX
cblr-8636	537	48	not	not	PART
cblr-8636	537	49	a	a	DET
cblr-8636	537	50	true	true	ADJ
cblr-8636	537	51	obstacle	obstacle	NOUN
cblr-8636	537	52	for	for	ADP
cblr-8636	537	53	a	a	DET
cblr-8636	537	54	firm	firm	NOUN
cblr-8636	537	55	that	that	PRON
cblr-8636	537	56	wants	want	VERB
cblr-8636	537	57	to	to	PART
cblr-8636	537	58	make	make	VERB
cblr-8636	537	59	this	this	DET
cblr-8636	537	60	transformation	transformation	NOUN
cblr-8636	537	61	.	.	PUNCT
cblr-8636	538	1	a	a	DET
cblr-8636	538	2	member	member	NOUN
cblr-8636	538	3	of	of	ADP
cblr-8636	538	4	the	the	DET
cblr-8636	538	5	investment	investment	NOUN
cblr-8636	538	6	industry	industry	NOUN
cblr-8636	538	7	agreed	agree	VERB
cblr-8636	538	8	that	that	SCONJ
cblr-8636	538	9	disclosure	disclosure	NOUN
cblr-8636	538	10	and	and	CCONJ
cblr-8636	538	11	111	111	NUM
cblr-8636	538	12	see	see	NOUN
cblr-8636	538	13	infra	infra	NOUN
cblr-8636	538	14	part	part	NOUN
cblr-8636	538	15	vii	vii	PROPN
cblr-8636	538	16	.	.	PROPN
cblr-8636	538	17	112	112	NUM
cblr-8636	538	18	securities	security	NOUN
cblr-8636	538	19	class	class	NOUN
cblr-8636	538	20	action	action	NOUN
cblr-8636	538	21	filings	filing	NOUN
cblr-8636	538	22	fell	fall	VERB
cblr-8636	538	23	in	in	ADP
cblr-8636	538	24	2020	2020	NUM
cblr-8636	538	25	but	but	CCONJ
cblr-8636	538	26	generally	generally	ADV
cblr-8636	538	27	have	have	AUX
cblr-8636	538	28	been	be	AUX
cblr-8636	538	29	increasing	increase	VERB
cblr-8636	538	30	over	over	ADP
cblr-8636	538	31	time	time	NOUN
cblr-8636	538	32	.	.	PUNCT
cblr-8636	539	1	see	see	VERB
cblr-8636	539	2	cornerstone	cornerstone	NOUN
cblr-8636	539	3	rsch	rsch	NOUN
cblr-8636	539	4	.	.	PUNCT
cblr-8636	540	1	,	,	PUNCT
cblr-8636	540	2	securities	security	NOUN
cblr-8636	540	3	class	class	NOUN
cblr-8636	540	4	action	action	NOUN
cblr-8636	540	5	filings	filing	NOUN
cblr-8636	540	6	:	:	PUNCT
cblr-8636	540	7	2020	2020	NUM
cblr-8636	540	8	year	year	NOUN
cblr-8636	540	9	in	in	ADP
cblr-8636	540	10	review	review	NOUN
cblr-8636	540	11	5	5	NUM
cblr-8636	540	12	fig.4	fig.4	PROPN
cblr-8636	540	13	(	(	PUNCT
cblr-8636	540	14	2020	2020	NUM
cblr-8636	540	15	)	)	PUNCT
cblr-8636	540	16	,	,	PUNCT
cblr-8636	540	17	https://www.cornerstone.com/publications/reports/securities-class-actionfilings-2020-year-in-review	https://www.cornerstone.com/publications/reports/securities-class-actionfilings-2020-year-in-review	VERB
cblr-8636	540	18	[	[	X
cblr-8636	540	19	https://perma.cc/c5yk-vfmf	https://perma.cc/c5yk-vfmf	NOUN
cblr-8636	540	20	]	]	PUNCT
cblr-8636	540	21	.	.	PUNCT
cblr-8636	541	1	fox	fox	PROPN
cblr-8636	541	2	et	et	PROPN
cblr-8636	541	3	al	al	PROPN
cblr-8636	541	4	.	.	PROPN
cblr-8636	542	1	8/22/2021	8/22/2021	NUM
cblr-8636	542	2	9:05	9:05	NUM
cblr-8636	542	3	pm	pm	NOUN
cblr-8636	542	4	no	no	INTJ
cblr-8636	542	5	.	.	PUNCT
cblr-8636	543	1	2:651	2:651	NUM
cblr-8636	543	2	]	]	X
cblr-8636	543	3	a	a	DET
cblr-8636	543	4	stakeholder	stakeholder	NOUN
cblr-8636	543	5	survey	survey	VERB
cblr-8636	543	6	689	689	NUM
cblr-8636	543	7	compliance	compliance	NOUN
cblr-8636	543	8	costs	cost	NOUN
cblr-8636	543	9	were	be	AUX
cblr-8636	543	10	not	not	PART
cblr-8636	543	11	a	a	DET
cblr-8636	543	12	meaningful	meaningful	ADJ
cblr-8636	543	13	burden	burden	NOUN
cblr-8636	543	14	and	and	CCONJ
cblr-8636	543	15	said	say	VERB
cblr-8636	543	16	that	that	SCONJ
cblr-8636	543	17	,	,	PUNCT
cblr-8636	543	18	in	in	ADP
cblr-8636	543	19	fact	fact	NOUN
cblr-8636	543	20	,	,	PUNCT
cblr-8636	543	21	heads	head	NOUN
cblr-8636	543	22	of	of	ADP
cblr-8636	543	23	corporations	corporation	NOUN
cblr-8636	543	24	hid	hide	VERB
cblr-8636	543	25	behind	behind	ADP
cblr-8636	543	26	this	this	DET
cblr-8636	543	27	complaint	complaint	NOUN
cblr-8636	543	28	when	when	SCONJ
cblr-8636	543	29	what	what	PRON
cblr-8636	543	30	they	they	PRON
cblr-8636	543	31	really	really	ADV
cblr-8636	543	32	did	do	AUX
cblr-8636	543	33	not	not	PART
cblr-8636	543	34	like	like	VERB
cblr-8636	543	35	was	be	AUX
cblr-8636	543	36	the	the	DET
cblr-8636	543	37	scrutiny	scrutiny	NOUN
cblr-8636	543	38	that	that	SCONJ
cblr-8636	543	39	they	they	PRON
cblr-8636	543	40	received	receive	VERB
cblr-8636	543	41	as	as	ADP
cblr-8636	543	42	a	a	DET
cblr-8636	543	43	result	result	NOUN
cblr-8636	543	44	of	of	ADP
cblr-8636	543	45	the	the	DET
cblr-8636	543	46	rules	rule	NOUN
cblr-8636	543	47	.	.	PUNCT
cblr-8636	544	1	interestingly	interestingly	ADV
cblr-8636	544	2	,	,	PUNCT
cblr-8636	544	3	one	one	NUM
cblr-8636	544	4	member	member	NOUN
cblr-8636	544	5	of	of	ADP
cblr-8636	544	6	the	the	DET
cblr-8636	544	7	issuer	issuer	NOUN
cblr-8636	544	8	community	community	NOUN
cblr-8636	544	9	suggested	suggest	VERB
cblr-8636	544	10	that	that	SCONJ
cblr-8636	544	11	,	,	PUNCT
cblr-8636	544	12	although	although	SCONJ
cblr-8636	544	13	his	his	PRON
cblr-8636	544	14	firm	firm	NOUN
cblr-8636	544	15	viewed	view	VERB
cblr-8636	544	16	required	require	VERB
cblr-8636	544	17	disclosure	disclosure	NOUN
cblr-8636	544	18	as	as	ADP
cblr-8636	544	19	simply	simply	ADV
cblr-8636	544	20	a	a	DET
cblr-8636	544	21	cost	cost	NOUN
cblr-8636	544	22	worth	worth	ADJ
cblr-8636	544	23	incurring	incur	VERB
cblr-8636	544	24	when	when	SCONJ
cblr-8636	544	25	it	it	PRON
cblr-8636	544	26	went	go	VERB
cblr-8636	544	27	public	public	ADJ
cblr-8636	544	28	,	,	PUNCT
cblr-8636	544	29	preparing	prepare	VERB
cblr-8636	544	30	periodic	periodic	ADJ
cblr-8636	544	31	disclosures	disclosure	NOUN
cblr-8636	544	32	actually	actually	ADV
cblr-8636	544	33	helped	help	VERB
cblr-8636	544	34	the	the	DET
cblr-8636	544	35	firm	firm	NOUN
cblr-8636	544	36	manage	manage	VERB
cblr-8636	544	37	its	its	PRON
cblr-8636	544	38	affairs	affair	NOUN
cblr-8636	544	39	.	.	PUNCT
cblr-8636	545	1	coming	come	VERB
cblr-8636	545	2	at	at	ADP
cblr-8636	545	3	the	the	DET
cblr-8636	545	4	issue	issue	NOUN
cblr-8636	545	5	from	from	ADP
cblr-8636	545	6	the	the	DET
cblr-8636	545	7	other	other	ADJ
cblr-8636	545	8	side	side	NOUN
cblr-8636	545	9	,	,	PUNCT
cblr-8636	545	10	one	one	NUM
cblr-8636	545	11	interviewee	interviewee	NOUN
cblr-8636	545	12	from	from	ADP
cblr-8636	545	13	the	the	DET
cblr-8636	545	14	legal	legal	ADJ
cblr-8636	545	15	community	community	NOUN
cblr-8636	545	16	felt	feel	VERB
cblr-8636	545	17	that	that	SCONJ
cblr-8636	545	18	the	the	DET
cblr-8636	545	19	sec	sec	PROPN
cblr-8636	545	20	,	,	PUNCT
cblr-8636	545	21	in	in	ADP
cblr-8636	545	22	an	an	DET
cblr-8636	545	23	effort	effort	NOUN
cblr-8636	545	24	to	to	PART
cblr-8636	545	25	promote	promote	VERB
cblr-8636	545	26	startups	startup	NOUN
cblr-8636	545	27	and	and	CCONJ
cblr-8636	545	28	the	the	DET
cblr-8636	545	29	like	like	ADJ
cblr-8636	545	30	,	,	PUNCT
cblr-8636	545	31	went	go	VERB
cblr-8636	545	32	too	too	ADV
cblr-8636	545	33	far	far	ADV
cblr-8636	545	34	in	in	ADP
cblr-8636	545	35	allowing	allow	VERB
cblr-8636	545	36	firms	firm	NOUN
cblr-8636	545	37	to	to	PART
cblr-8636	545	38	raise	raise	VERB
cblr-8636	545	39	capital	capital	NOUN
cblr-8636	545	40	without	without	ADP
cblr-8636	545	41	engaging	engage	VERB
cblr-8636	545	42	in	in	ADP
cblr-8636	545	43	a	a	DET
cblr-8636	545	44	registered	register	VERB
cblr-8636	545	45	public	public	ADJ
cblr-8636	545	46	offering	offering	NOUN
cblr-8636	545	47	and	and	CCONJ
cblr-8636	545	48	its	its	PRON
cblr-8636	545	49	extensive	extensive	ADJ
cblr-8636	545	50	disclosure	disclosure	NOUN
cblr-8636	545	51	requirements	requirement	NOUN
cblr-8636	545	52	.	.	PUNCT
cblr-8636	546	1	interviewees	interviewee	NOUN
cblr-8636	546	2	also	also	ADV
cblr-8636	546	3	raised	raise	VERB
cblr-8636	546	4	questions	question	NOUN
cblr-8636	546	5	about	about	ADP
cblr-8636	546	6	the	the	DET
cblr-8636	546	7	kinds	kind	NOUN
cblr-8636	546	8	of	of	ADP
cblr-8636	546	9	information	information	NOUN
cblr-8636	546	10	that	that	PRON
cblr-8636	546	11	public	public	ADJ
cblr-8636	546	12	firms	firm	NOUN
cblr-8636	546	13	are	be	AUX
cblr-8636	546	14	required	require	VERB
cblr-8636	546	15	to	to	PART
cblr-8636	546	16	disclose	disclose	VERB
cblr-8636	546	17	.	.	PUNCT
cblr-8636	547	1	at	at	ADV
cblr-8636	547	2	least	least	ADV
cblr-8636	547	3	one	one	NUM
cblr-8636	547	4	member	member	NOUN
cblr-8636	547	5	of	of	ADP
cblr-8636	547	6	the	the	DET
cblr-8636	547	7	legal	legal	ADJ
cblr-8636	547	8	community	community	NOUN
cblr-8636	547	9	remarked	remark	VERB
cblr-8636	547	10	on	on	ADP
cblr-8636	547	11	the	the	DET
cblr-8636	547	12	importance	importance	NOUN
cblr-8636	547	13	of	of	ADP
cblr-8636	547	14	forward	forward	ADV
cblr-8636	547	15	-	-	PUNCT
cblr-8636	547	16	looking	look	VERB
cblr-8636	547	17	disclosures	disclosure	NOUN
cblr-8636	547	18	,	,	PUNCT
cblr-8636	547	19	which	which	PRON
cblr-8636	547	20	are	be	AUX
cblr-8636	547	21	not	not	PART
cblr-8636	547	22	required,113	required,113	NOUN
cblr-8636	547	23	although	although	SCONJ
cblr-8636	547	24	they	they	PRON
cblr-8636	547	25	also	also	ADV
cblr-8636	547	26	acknowledged	acknowledge	VERB
cblr-8636	547	27	their	their	PRON
cblr-8636	547	28	drawbacks	drawback	NOUN
cblr-8636	547	29	—	—	PUNCT
cblr-8636	547	30	e.g.	e.g.	ADV
cblr-8636	547	31	,	,	PUNCT
cblr-8636	547	32	their	their	PRON
cblr-8636	547	33	particular	particular	ADJ
cblr-8636	547	34	potential	potential	NOUN
cblr-8636	547	35	to	to	PART
cblr-8636	547	36	mislead	mislead	VERB
cblr-8636	547	37	.	.	PUNCT
cblr-8636	548	1	another	another	DET
cblr-8636	548	2	interviewee	interviewee	NOUN
cblr-8636	548	3	,	,	PUNCT
cblr-8636	548	4	a	a	DET
cblr-8636	548	5	member	member	NOUN
cblr-8636	548	6	of	of	ADP
cblr-8636	548	7	the	the	DET
cblr-8636	548	8	regulatory	regulatory	ADJ
cblr-8636	548	9	community	community	NOUN
cblr-8636	548	10	,	,	PUNCT
cblr-8636	548	11	thought	think	VERB
cblr-8636	548	12	that	that	SCONJ
cblr-8636	548	13	some	some	DET
cblr-8636	548	14	disclosure	disclosure	NOUN
cblr-8636	548	15	requirements	requirement	NOUN
cblr-8636	548	16	might	might	AUX
cblr-8636	548	17	be	be	AUX
cblr-8636	548	18	irrelevant	irrelevant	ADJ
cblr-8636	548	19	to	to	ADP
cblr-8636	548	20	investment	investment	NOUN
cblr-8636	548	21	decisions	decision	NOUN
cblr-8636	548	22	and	and	CCONJ
cblr-8636	548	23	further	far	ADV
cblr-8636	548	24	cluttered	cluttered	ADJ
cblr-8636	548	25	already	already	ADV
cblr-8636	548	26	dense	dense	ADJ
cblr-8636	548	27	disclosure	disclosure	NOUN
cblr-8636	548	28	documents	document	NOUN
cblr-8636	548	29	.	.	PUNCT
cblr-8636	549	1	a	a	DET
cblr-8636	549	2	member	member	NOUN
cblr-8636	549	3	of	of	ADP
cblr-8636	549	4	the	the	DET
cblr-8636	549	5	regulatory	regulatory	ADJ
cblr-8636	549	6	community	community	NOUN
cblr-8636	549	7	suggested	suggest	VERB
cblr-8636	549	8	that	that	SCONJ
cblr-8636	549	9	the	the	DET
cblr-8636	549	10	growth	growth	NOUN
cblr-8636	549	11	of	of	ADP
cblr-8636	549	12	the	the	DET
cblr-8636	549	13	private	private	ADJ
cblr-8636	549	14	markets	market	NOUN
cblr-8636	549	15	helps	help	VERB
cblr-8636	549	16	to	to	PART
cblr-8636	549	17	hold	hold	VERB
cblr-8636	549	18	the	the	DET
cblr-8636	549	19	sec	sec	PROPN
cblr-8636	549	20	accountable	accountable	NOUN
cblr-8636	549	21	.	.	PUNCT
cblr-8636	550	1	the	the	DET
cblr-8636	550	2	sec	sec	PROPN
cblr-8636	550	3	is	be	AUX
cblr-8636	550	4	concerned	concerned	ADJ
cblr-8636	550	5	that	that	SCONJ
cblr-8636	550	6	some	some	DET
cblr-8636	550	7	firms	firm	NOUN
cblr-8636	550	8	are	be	AUX
cblr-8636	550	9	losing	lose	VERB
cblr-8636	550	10	out	out	ADP
cblr-8636	550	11	on	on	ADP
cblr-8636	550	12	the	the	DET
cblr-8636	550	13	improved	improved	ADJ
cblr-8636	550	14	liquidity	liquidity	NOUN
cblr-8636	550	15	of	of	ADP
cblr-8636	550	16	the	the	DET
cblr-8636	550	17	public	public	ADJ
cblr-8636	550	18	markets	market	NOUN
cblr-8636	550	19	because	because	SCONJ
cblr-8636	550	20	they	they	PRON
cblr-8636	550	21	view	view	VERB
cblr-8636	550	22	the	the	DET
cblr-8636	550	23	accompanying	accompany	VERB
cblr-8636	550	24	regulation	regulation	NOUN
cblr-8636	550	25	as	as	ADP
cblr-8636	550	26	too	too	ADV
cblr-8636	550	27	burdensome	burdensome	ADJ
cblr-8636	550	28	to	to	PART
cblr-8636	550	29	be	be	AUX
cblr-8636	550	30	worthwhile.114	worthwhile.114	NOUN
cblr-8636	550	31	this	this	PRON
cblr-8636	550	32	puts	put	VERB
cblr-8636	550	33	pressure	pressure	NOUN
cblr-8636	550	34	on	on	ADP
cblr-8636	550	35	the	the	DET
cblr-8636	550	36	sec	sec	PROPN
cblr-8636	550	37	and	and	CCONJ
cblr-8636	550	38	congress	congress	PROPN
cblr-8636	550	39	to	to	PART
cblr-8636	550	40	redesign	redesign	VERB
cblr-8636	550	41	certain	certain	ADJ
cblr-8636	550	42	regulations	regulation	NOUN
cblr-8636	550	43	like	like	ADP
cblr-8636	550	44	“	"	PUNCT
cblr-8636	550	45	random	random	ADJ
cblr-8636	550	46	”	"	PUNCT
cblr-8636	550	47	rules	rule	VERB
cblr-8636	550	48	113	113	NUM
cblr-8636	550	49	the	the	DET
cblr-8636	550	50	exchange	exchange	NOUN
cblr-8636	550	51	act	act	NOUN
cblr-8636	550	52	deals	deal	NOUN
cblr-8636	550	53	with	with	ADP
cblr-8636	550	54	forward	forward	ADV
cblr-8636	550	55	-	-	PUNCT
cblr-8636	550	56	looking	look	VERB
cblr-8636	550	57	statements	statement	NOUN
cblr-8636	550	58	in	in	ADP
cblr-8636	550	59	section	section	NOUN
cblr-8636	550	60	21e	21e	NOUN
cblr-8636	550	61	.	.	PUNCT
cblr-8636	551	1	15	15	NUM
cblr-8636	551	2	u.s.c	u.s.c	NOUN
cblr-8636	551	3	.	.	PUNCT
cblr-8636	552	1	§	§	PROPN
cblr-8636	552	2	78u-5	78u-5	NUM
cblr-8636	552	3	(	(	PUNCT
cblr-8636	552	4	2019	2019	NUM
cblr-8636	552	5	)	)	PUNCT
cblr-8636	552	6	.	.	PUNCT
cblr-8636	553	1	firms	firm	NOUN
cblr-8636	553	2	do	do	AUX
cblr-8636	553	3	need	need	VERB
cblr-8636	553	4	to	to	PART
cblr-8636	553	5	make	make	VERB
cblr-8636	553	6	disclosures	disclosure	NOUN
cblr-8636	553	7	about	about	ADP
cblr-8636	553	8	certain	certain	ADJ
cblr-8636	553	9	trends	trend	NOUN
cblr-8636	553	10	“	"	PUNCT
cblr-8636	553	11	known	know	VERB
cblr-8636	553	12	to	to	ADP
cblr-8636	553	13	management	management	NOUN
cblr-8636	553	14	.	.	PUNCT
cblr-8636	553	15	”	"	PUNCT
cblr-8636	554	1	17	17	NUM
cblr-8636	554	2	c.f.r	c.f.r	NOUN
cblr-8636	554	3	.	.	PUNCT
cblr-8636	555	1	§	§	PROPN
cblr-8636	555	2	229.303	229.303	NUM
cblr-8636	555	3	(	(	PUNCT
cblr-8636	555	4	2020	2020	NUM
cblr-8636	555	5	)	)	PUNCT
cblr-8636	555	6	.	.	PUNCT
cblr-8636	556	1	114	114	NUM
cblr-8636	556	2	see	see	VERB
cblr-8636	556	3	,	,	PUNCT
cblr-8636	556	4	e.g.	e.g.	ADV
cblr-8636	556	5	,	,	PUNCT
cblr-8636	556	6	scott	scott	PROPN
cblr-8636	556	7	bauguess	bauguess	PROPN
cblr-8636	556	8	,	,	PUNCT
cblr-8636	556	9	rachita	rachita	PROPN
cblr-8636	556	10	gullapalli	gullapalli	PROPN
cblr-8636	556	11	&	&	CCONJ
cblr-8636	556	12	vladimir	vladimir	PROPN
cblr-8636	556	13	ivanov	ivanov	PROPN
cblr-8636	556	14	,	,	PUNCT
cblr-8636	556	15	capital	capital	NOUN
cblr-8636	556	16	raising	raising	NOUN
cblr-8636	556	17	in	in	ADP
cblr-8636	556	18	the	the	DET
cblr-8636	556	19	u.s	u.s	PROPN
cblr-8636	556	20	.	.	PROPN
cblr-8636	556	21	:	:	PUNCT
cblr-8636	556	22	an	an	DET
cblr-8636	556	23	analysis	analysis	NOUN
cblr-8636	556	24	of	of	ADP
cblr-8636	556	25	the	the	DET
cblr-8636	556	26	market	market	NOUN
cblr-8636	556	27	for	for	ADP
cblr-8636	556	28	unregistered	unregistered	ADJ
cblr-8636	556	29	securities	security	NOUN
cblr-8636	556	30	offerings	offering	NOUN
cblr-8636	556	31	,	,	PUNCT
cblr-8636	556	32	2009‐2017	2009‐2017	NUM
cblr-8636	556	33	5	5	NUM
cblr-8636	556	34	(	(	PUNCT
cblr-8636	556	35	2018	2018	NUM
cblr-8636	556	36	)	)	PUNCT
cblr-8636	556	37	,	,	PUNCT
cblr-8636	556	38	https://www.sec.gov/files	https://www.sec.gov/file	NOUN
cblr-8636	556	39	/dera%20white%20paper_regulation%20d_082018.pdf	/dera%20white%20paper_regulation%20d_082018.pdf	PUNCT
cblr-8636	557	1	[	[	X
cblr-8636	557	2	https://perma.cc/7xzh-baa8	https://perma.cc/7xzh-baa8	PROPN
cblr-8636	557	3	]	]	PUNCT
cblr-8636	557	4	.	.	PUNCT
cblr-8636	558	1	fox	fox	PROPN
cblr-8636	558	2	et	et	PROPN
cblr-8636	558	3	al	al	PROPN
cblr-8636	558	4	.	.	PROPN
cblr-8636	559	1	8/22/2021	8/22/2021	NUM
cblr-8636	559	2	9:05	9:05	NUM
cblr-8636	559	3	pm	pm	NOUN
cblr-8636	559	4	690	690	NUM
cblr-8636	559	5	columbia	columbia	PROPN
cblr-8636	559	6	business	business	NOUN
cblr-8636	559	7	law	law	PROPN
cblr-8636	559	8	review	review	NOUN
cblr-8636	559	9	[	[	X
cblr-8636	559	10	vol	vol	NOUN
cblr-8636	559	11	.	.	NOUN
cblr-8636	559	12	2021	2021	NUM
cblr-8636	559	13	about	about	ADP
cblr-8636	559	14	ceo	ceo	NOUN
cblr-8636	559	15	-	-	PUNCT
cblr-8636	559	16	to	to	ADP
cblr-8636	559	17	-	-	PUNCT
cblr-8636	559	18	median	median	NOUN
cblr-8636	559	19	-	-	PUNCT
cblr-8636	559	20	worker	worker	NOUN
cblr-8636	559	21	pay	pay	NOUN
cblr-8636	559	22	ratios	ratio	NOUN
cblr-8636	559	23	and	and	CCONJ
cblr-8636	559	24	conflict	conflict	NOUN
cblr-8636	559	25	minerals	mineral	NOUN
cblr-8636	559	26	that	that	PRON
cblr-8636	559	27	can	can	AUX
cblr-8636	559	28	discourage	discourage	VERB
cblr-8636	559	29	companies	company	NOUN
cblr-8636	559	30	from	from	ADP
cblr-8636	559	31	going	go	VERB
cblr-8636	559	32	public.115	public.115	PROPN
cblr-8636	559	33	another	another	DET
cblr-8636	559	34	member	member	NOUN
cblr-8636	559	35	of	of	ADP
cblr-8636	559	36	the	the	DET
cblr-8636	559	37	financial	financial	ADJ
cblr-8636	559	38	services	service	NOUN
cblr-8636	559	39	industry	industry	NOUN
cblr-8636	559	40	suggested	suggest	VERB
cblr-8636	559	41	that	that	SCONJ
cblr-8636	559	42	dlt	dlt	PROPN
cblr-8636	559	43	could	could	AUX
cblr-8636	559	44	allow	allow	VERB
cblr-8636	559	45	regulators	regulator	NOUN
cblr-8636	559	46	to	to	PART
cblr-8636	559	47	“	"	PUNCT
cblr-8636	559	48	look	look	VERB
cblr-8636	559	49	under	under	ADP
cblr-8636	559	50	the	the	DET
cblr-8636	559	51	hood	hood	NOUN
cblr-8636	559	52	”	"	PUNCT
cblr-8636	559	53	of	of	ADP
cblr-8636	559	54	the	the	DET
cblr-8636	559	55	way	way	NOUN
cblr-8636	559	56	private	private	ADJ
cblr-8636	559	57	markets	market	NOUN
cblr-8636	559	58	operate	operate	VERB
cblr-8636	559	59	,	,	PUNCT
cblr-8636	559	60	where	where	SCONJ
cblr-8636	559	61	a	a	DET
cblr-8636	559	62	variety	variety	NOUN
cblr-8636	559	63	of	of	ADP
cblr-8636	559	64	new	new	ADJ
cblr-8636	559	65	practices	practice	NOUN
cblr-8636	559	66	are	be	AUX
cblr-8636	559	67	a	a	DET
cblr-8636	559	68	source	source	NOUN
cblr-8636	559	69	of	of	ADP
cblr-8636	559	70	concern	concern	NOUN
cblr-8636	559	71	to	to	ADP
cblr-8636	559	72	many	many	ADJ
cblr-8636	559	73	commentators	commentator	NOUN
cblr-8636	559	74	.	.	PUNCT
cblr-8636	560	1	information	information	NOUN
cblr-8636	560	2	about	about	ADP
cblr-8636	560	3	those	those	DET
cblr-8636	560	4	markets	market	NOUN
cblr-8636	560	5	has	have	AUX
cblr-8636	560	6	traditionally	traditionally	ADV
cblr-8636	560	7	been	be	AUX
cblr-8636	560	8	hard	hard	ADJ
cblr-8636	560	9	to	to	PART
cblr-8636	560	10	come	come	VERB
cblr-8636	560	11	by	by	ADV
cblr-8636	560	12	because	because	SCONJ
cblr-8636	560	13	of	of	ADP
cblr-8636	560	14	the	the	DET
cblr-8636	560	15	very	very	ADJ
cblr-8636	560	16	fact	fact	NOUN
cblr-8636	560	17	that	that	SCONJ
cblr-8636	560	18	they	they	PRON
cblr-8636	560	19	are	be	AUX
cblr-8636	560	20	private.116	private.116	ADJ
cblr-8636	560	21	for	for	ADP
cblr-8636	560	22	example	example	NOUN
cblr-8636	560	23	,	,	PUNCT
cblr-8636	560	24	with	with	ADP
cblr-8636	560	25	dlt	dlt	PROPN
cblr-8636	560	26	it	it	PRON
cblr-8636	560	27	could	could	AUX
cblr-8636	560	28	become	become	VERB
cblr-8636	560	29	much	much	ADV
cblr-8636	560	30	easier	easy	ADJ
cblr-8636	560	31	for	for	SCONJ
cblr-8636	560	32	regulators	regulator	NOUN
cblr-8636	560	33	to	to	PART
cblr-8636	560	34	determine	determine	VERB
cblr-8636	560	35	whether	whether	SCONJ
cblr-8636	560	36	private	private	ADJ
cblr-8636	560	37	-	-	PUNCT
cblr-8636	560	38	market	market	NOUN
cblr-8636	560	39	investors	investor	NOUN
cblr-8636	560	40	actually	actually	ADV
cblr-8636	560	41	qualify	qualify	VERB
cblr-8636	560	42	as	as	ADP
cblr-8636	560	43	accredited	accredit	VERB
cblr-8636	560	44	investors	investor	NOUN
cblr-8636	560	45	.	.	PUNCT
cblr-8636	561	1	one	one	NUM
cblr-8636	561	2	member	member	NOUN
cblr-8636	561	3	of	of	ADP
cblr-8636	561	4	the	the	DET
cblr-8636	561	5	regulatory	regulatory	ADJ
cblr-8636	561	6	community	community	NOUN
cblr-8636	561	7	,	,	PUNCT
cblr-8636	561	8	however	however	ADV
cblr-8636	561	9	,	,	PUNCT
cblr-8636	561	10	played	play	VERB
cblr-8636	561	11	down	down	ADP
cblr-8636	561	12	concern	concern	NOUN
cblr-8636	561	13	with	with	ADP
cblr-8636	561	14	what	what	PRON
cblr-8636	561	15	is	be	AUX
cblr-8636	561	16	going	go	VERB
cblr-8636	561	17	on	on	ADP
cblr-8636	561	18	in	in	ADP
cblr-8636	561	19	the	the	DET
cblr-8636	561	20	private	private	ADJ
cblr-8636	561	21	markets	market	NOUN
cblr-8636	561	22	,	,	PUNCT
cblr-8636	561	23	stressing	stress	VERB
cblr-8636	561	24	that	that	SCONJ
cblr-8636	561	25	many	many	ADJ
cblr-8636	561	26	of	of	ADP
cblr-8636	561	27	the	the	DET
cblr-8636	561	28	new	new	ADJ
cblr-8636	561	29	approaches	approach	NOUN
cblr-8636	561	30	to	to	ADP
cblr-8636	561	31	capital	capital	NOUN
cblr-8636	561	32	raising	raising	NOUN
cblr-8636	561	33	and	and	CCONJ
cblr-8636	561	34	trading	trading	NOUN
cblr-8636	561	35	that	that	PRON
cblr-8636	561	36	disturb	disturb	VERB
cblr-8636	561	37	some	some	DET
cblr-8636	561	38	commentators	commentator	NOUN
cblr-8636	561	39	are	be	AUX
cblr-8636	561	40	still	still	ADV
cblr-8636	561	41	largely	largely	ADV
cblr-8636	561	42	funneled	funnel	VERB
cblr-8636	561	43	through	through	ADP
cblr-8636	561	44	broker	broker	NOUN
cblr-8636	561	45	-	-	PUNCT
cblr-8636	561	46	dealers	dealer	NOUN
cblr-8636	561	47	,	,	PUNCT
cblr-8636	561	48	who	who	PRON
cblr-8636	561	49	remain	remain	VERB
cblr-8636	561	50	subject	subject	ADJ
cblr-8636	561	51	to	to	ADP
cblr-8636	561	52	sec	sec	PROPN
cblr-8636	561	53	scrutiny.117	scrutiny.117	PROPN
cblr-8636	561	54	c.	c.	PROPN
cblr-8636	561	55	summary	summary	NOUN
cblr-8636	561	56	and	and	CCONJ
cblr-8636	561	57	questions	question	NOUN
cblr-8636	561	58	going	go	VERB
cblr-8636	561	59	forward	forward	ADV
cblr-8636	561	60	in	in	ADP
cblr-8636	561	61	sum	sum	NOUN
cblr-8636	561	62	,	,	PUNCT
cblr-8636	561	63	there	there	PRON
cblr-8636	561	64	is	be	VERB
cblr-8636	561	65	significant	significant	ADJ
cblr-8636	561	66	disagreement	disagreement	NOUN
cblr-8636	561	67	about	about	ADP
cblr-8636	561	68	whether	whether	SCONJ
cblr-8636	561	69	the	the	DET
cblr-8636	561	70	rise	rise	NOUN
cblr-8636	561	71	of	of	ADP
cblr-8636	561	72	private	private	ADJ
cblr-8636	561	73	markets	market	NOUN
cblr-8636	561	74	is	be	AUX
cblr-8636	561	75	desirable	desirable	ADJ
cblr-8636	561	76	.	.	PUNCT
cblr-8636	562	1	some	some	PRON
cblr-8636	562	2	applaud	applaud	VERB
cblr-8636	562	3	private	private	ADJ
cblr-8636	562	4	markets	market	NOUN
cblr-8636	562	5	for	for	ADP
cblr-8636	562	6	their	their	PRON
cblr-8636	562	7	value	value	NOUN
cblr-8636	562	8	-	-	PUNCT
cblr-8636	562	9	creation	creation	NOUN
cblr-8636	562	10	potential	potential	NOUN
cblr-8636	562	11	,	,	PUNCT
cblr-8636	562	12	while	while	SCONJ
cblr-8636	562	13	many	many	ADJ
cblr-8636	562	14	others	other	NOUN
cblr-8636	562	15	are	be	AUX
cblr-8636	562	16	concerned	concerned	ADJ
cblr-8636	562	17	about	about	ADP
cblr-8636	562	18	their	their	PRON
cblr-8636	562	19	lack	lack	NOUN
cblr-8636	562	20	of	of	ADP
cblr-8636	562	21	transparency	transparency	NOUN
cblr-8636	562	22	and	and	CCONJ
cblr-8636	562	23	requirements	requirement	NOUN
cblr-8636	562	24	for	for	ADP
cblr-8636	562	25	issuer	issuer	ADJ
cblr-8636	562	26	disclosure	disclosure	NOUN
cblr-8636	562	27	and	and	CCONJ
cblr-8636	562	28	would	would	AUX
cblr-8636	562	29	alter	alter	VERB
cblr-8636	562	30	regulations	regulation	NOUN
cblr-8636	562	31	to	to	PART
cblr-8636	562	32	encourage	encourage	VERB
cblr-8636	562	33	more	more	ADJ
cblr-8636	562	34	companies	company	NOUN
cblr-8636	562	35	to	to	PART
cblr-8636	562	36	go	go	VERB
cblr-8636	562	37	public	public	ADJ
cblr-8636	562	38	.	.	PUNCT
cblr-8636	563	1	a	a	DET
cblr-8636	563	2	few	few	ADJ
cblr-8636	563	3	questions	question	NOUN
cblr-8636	563	4	in	in	ADP
cblr-8636	563	5	particular	particular	ADJ
cblr-8636	563	6	stand	stand	VERB
cblr-8636	563	7	out	out	ADP
cblr-8636	563	8	going	go	VERB
cblr-8636	563	9	forward	forward	ADV
cblr-8636	563	10	.	.	PUNCT
cblr-8636	564	1	can	can	AUX
cblr-8636	564	2	dlt	dlt	PROPN
cblr-8636	564	3	narrow	narrow	ADJ
cblr-8636	564	4	differences	difference	NOUN
cblr-8636	564	5	in	in	ADP
cblr-8636	564	6	the	the	DET
cblr-8636	564	7	amount	amount	NOUN
cblr-8636	564	8	of	of	ADP
cblr-8636	564	9	information	information	NOUN
cblr-8636	564	10	available	available	ADJ
cblr-8636	564	11	in	in	ADP
cblr-8636	564	12	private	private	ADJ
cblr-8636	564	13	and	and	CCONJ
cblr-8636	564	14	public	public	ADJ
cblr-8636	564	15	markets	market	NOUN
cblr-8636	564	16	?	?	PUNCT
cblr-8636	565	1	can	can	AUX
cblr-8636	565	2	dlt	dlt	PROPN
cblr-8636	565	3	alleviate	alleviate	VERB
cblr-8636	565	4	concerns	concern	NOUN
cblr-8636	565	5	around	around	ADP
cblr-8636	565	6	private	private	ADJ
cblr-8636	565	7	market	market	NOUN
cblr-8636	565	8	growth	growth	NOUN
cblr-8636	565	9	and	and	CCONJ
cblr-8636	565	10	access	access	NOUN
cblr-8636	565	11	to	to	ADP
cblr-8636	565	12	investors	investor	NOUN
cblr-8636	565	13	,	,	PUNCT
cblr-8636	565	14	and	and	CCONJ
cblr-8636	565	15	can	can	AUX
cblr-8636	565	16	it	it	PRON
cblr-8636	565	17	streamline	streamline	VERB
cblr-8636	565	18	disclosure	disclosure	NOUN
cblr-8636	565	19	obligations	obligation	NOUN
cblr-8636	565	20	for	for	ADP
cblr-8636	565	21	companies	company	NOUN
cblr-8636	565	22	considering	consider	VERB
cblr-8636	565	23	going	go	VERB
cblr-8636	565	24	public	public	ADJ
cblr-8636	565	25	?	?	PUNCT
cblr-8636	566	1	115	115	NUM
cblr-8636	566	2	see	see	VERB
cblr-8636	566	3	donald	donald	PROPN
cblr-8636	566	4	c.	c.	PROPN
cblr-8636	566	5	langevoort	langevoort	PROPN
cblr-8636	566	6	,	,	PUNCT
cblr-8636	566	7	the	the	DET
cblr-8636	566	8	regulation	regulation	NOUN
cblr-8636	566	9	of	of	ADP
cblr-8636	566	10	primary	primary	ADJ
cblr-8636	566	11	markets	market	NOUN
cblr-8636	566	12	,	,	PUNCT
cblr-8636	566	13	in	in	ADP
cblr-8636	566	14	securities	security	NOUN
cblr-8636	566	15	market	market	NOUN
cblr-8636	566	16	issues	issue	NOUN
cblr-8636	566	17	for	for	ADP
cblr-8636	566	18	the	the	DET
cblr-8636	566	19	21st	21st	ADJ
cblr-8636	566	20	century	century	NOUN
cblr-8636	566	21	,	,	PUNCT
cblr-8636	566	22	supra	supra	PROPN
cblr-8636	566	23	note	note	NOUN
cblr-8636	566	24	4	4	NUM
cblr-8636	566	25	,	,	PUNCT
cblr-8636	566	26	at	at	ADP
cblr-8636	566	27	101	101	NUM
cblr-8636	566	28	,	,	PUNCT
cblr-8636	566	29	134–37	134–37	NUM
cblr-8636	566	30	.	.	PUNCT
cblr-8636	567	1	116	116	NUM
cblr-8636	568	1	i	i	PRON
cblr-8636	568	2	d.	d.	VERB
cblr-8636	568	3	at	at	ADP
cblr-8636	568	4	125–26	125–26	NUM
cblr-8636	568	5	.	.	PUNCT
cblr-8636	569	1	117	117	NUM
cblr-8636	569	2	on	on	ADP
cblr-8636	569	3	broker	broker	NOUN
cblr-8636	569	4	regulation	regulation	NOUN
cblr-8636	569	5	in	in	ADP
cblr-8636	569	6	this	this	DET
cblr-8636	569	7	context	context	NOUN
cblr-8636	569	8	,	,	PUNCT
cblr-8636	569	9	see	see	VERB
cblr-8636	569	10	i	i	PRON
cblr-8636	569	11	d.	d.	PROPN
cblr-8636	569	12	at	at	ADP
cblr-8636	569	13	127	127	NUM
cblr-8636	569	14	.	.	PUNCT
cblr-8636	570	1	fox	fox	PROPN
cblr-8636	570	2	et	et	PROPN
cblr-8636	570	3	al	al	PROPN
cblr-8636	570	4	.	.	PROPN
cblr-8636	571	1	8/22/2021	8/22/2021	NUM
cblr-8636	571	2	9:05	9:05	NUM
cblr-8636	571	3	pm	pm	NOUN
cblr-8636	571	4	no	no	INTJ
cblr-8636	571	5	.	.	PUNCT
cblr-8636	572	1	2:651	2:651	NUM
cblr-8636	572	2	]	]	X
cblr-8636	572	3	a	a	DET
cblr-8636	572	4	stakeholder	stakeholder	NOUN
cblr-8636	572	5	survey	survey	VERB
cblr-8636	572	6	691	691	NUM
cblr-8636	572	7	vii	vii	PROPN
cblr-8636	572	8	.	.	PUNCT
cblr-8636	573	1	the	the	DET
cblr-8636	573	2	ordinary	ordinary	ADJ
cblr-8636	573	3	investor	investor	NOUN
cblr-8636	573	4	closely	closely	ADV
cblr-8636	573	5	tied	tie	VERB
cblr-8636	573	6	to	to	ADP
cblr-8636	573	7	the	the	DET
cblr-8636	573	8	above	above	ADJ
cblr-8636	573	9	discussion	discussion	NOUN
cblr-8636	573	10	is	be	AUX
cblr-8636	573	11	the	the	DET
cblr-8636	573	12	role	role	NOUN
cblr-8636	573	13	of	of	ADP
cblr-8636	573	14	ordinary	ordinary	ADJ
cblr-8636	573	15	“	"	PUNCT
cblr-8636	573	16	unsophisticated	unsophisticated	ADJ
cblr-8636	573	17	”	"	PUNCT
cblr-8636	573	18	investors	investor	NOUN
cblr-8636	573	19	,	,	PUNCT
cblr-8636	573	20	who	who	PRON
cblr-8636	573	21	have	have	AUX
cblr-8636	573	22	long	long	ADV
cblr-8636	573	23	had	have	VERB
cblr-8636	573	24	a	a	DET
cblr-8636	573	25	fraught	fraught	ADJ
cblr-8636	573	26	history	history	NOUN
cblr-8636	573	27	with	with	ADP
cblr-8636	573	28	equity	equity	NOUN
cblr-8636	573	29	investing	investing	NOUN
cblr-8636	573	30	.	.	PUNCT
cblr-8636	574	1	as	as	SCONJ
cblr-8636	574	2	multiple	multiple	ADJ
cblr-8636	574	3	interviewees	interviewee	NOUN
cblr-8636	574	4	have	have	AUX
cblr-8636	574	5	observed	observe	VERB
cblr-8636	574	6	,	,	PUNCT
cblr-8636	574	7	dlt	dlt	PROPN
cblr-8636	574	8	could	could	AUX
cblr-8636	574	9	either	either	CCONJ
cblr-8636	574	10	ameliorate	ameliorate	VERB
cblr-8636	574	11	or	or	CCONJ
cblr-8636	574	12	significantly	significantly	ADV
cblr-8636	574	13	exacerbate	exacerbate	VERB
cblr-8636	574	14	these	these	DET
cblr-8636	574	15	problems	problem	NOUN
cblr-8636	574	16	.	.	PUNCT
cblr-8636	575	1	what	what	PRON
cblr-8636	575	2	happens	happen	VERB
cblr-8636	575	3	depends	depend	VERB
cblr-8636	575	4	largely	largely	ADV
cblr-8636	575	5	on	on	ADP
cblr-8636	575	6	whether	whether	SCONJ
cblr-8636	575	7	dlt	dlt	PROPN
cblr-8636	575	8	can	can	AUX
cblr-8636	575	9	expand	expand	VERB
cblr-8636	575	10	ordinary	ordinary	ADJ
cblr-8636	575	11	investors	investor	NOUN
cblr-8636	575	12	’	'	PUNCT
cblr-8636	575	13	access	access	NOUN
cblr-8636	575	14	to	to	ADP
cblr-8636	575	15	information	information	NOUN
cblr-8636	575	16	that	that	PRON
cblr-8636	575	17	is	be	AUX
cblr-8636	575	18	meaningful	meaningful	ADJ
cblr-8636	575	19	to	to	ADP
cblr-8636	575	20	them	they	PRON
cblr-8636	575	21	in	in	ADP
cblr-8636	575	22	their	their	PRON
cblr-8636	575	23	choice	choice	NOUN
cblr-8636	575	24	of	of	ADP
cblr-8636	575	25	investments	investment	NOUN
cblr-8636	575	26	.	.	PUNCT
cblr-8636	576	1	all	all	PRON
cblr-8636	576	2	else	else	ADV
cblr-8636	576	3	equal	equal	ADJ
cblr-8636	576	4	,	,	PUNCT
cblr-8636	576	5	access	access	NOUN
cblr-8636	576	6	to	to	ADP
cblr-8636	576	7	a	a	DET
cblr-8636	576	8	broad	broad	ADJ
cblr-8636	576	9	range	range	NOUN
cblr-8636	576	10	of	of	ADP
cblr-8636	576	11	equities	equity	NOUN
cblr-8636	576	12	is	be	AUX
cblr-8636	576	13	good	good	ADJ
cblr-8636	576	14	for	for	ADP
cblr-8636	576	15	an	an	DET
cblr-8636	576	16	investor	investor	NOUN
cblr-8636	576	17	because	because	SCONJ
cblr-8636	576	18	it	it	PRON
cblr-8636	576	19	improves	improve	VERB
cblr-8636	576	20	their	their	PRON
cblr-8636	576	21	range	range	NOUN
cblr-8636	576	22	of	of	ADP
cblr-8636	576	23	investment	investment	NOUN
cblr-8636	576	24	and	and	CCONJ
cblr-8636	576	25	savings	saving	NOUN
cblr-8636	576	26	options	option	NOUN
cblr-8636	576	27	.	.	PUNCT
cblr-8636	577	1	all	all	PRON
cblr-8636	577	2	is	be	AUX
cblr-8636	577	3	not	not	PART
cblr-8636	577	4	equal	equal	ADJ
cblr-8636	577	5	,	,	PUNCT
cblr-8636	577	6	however	however	ADV
cblr-8636	577	7	,	,	PUNCT
cblr-8636	577	8	because	because	SCONJ
cblr-8636	577	9	most	most	ADJ
cblr-8636	577	10	ordinary	ordinary	ADJ
cblr-8636	577	11	investors	investor	NOUN
cblr-8636	577	12	lack	lack	VERB
cblr-8636	577	13	much	much	ADV
cblr-8636	577	14	relevant	relevant	ADJ
cblr-8636	577	15	information	information	NOUN
cblr-8636	577	16	and	and	CCONJ
cblr-8636	577	17	the	the	DET
cblr-8636	577	18	time	time	NOUN
cblr-8636	577	19	and	and	CCONJ
cblr-8636	577	20	skill	skill	NOUN
cblr-8636	577	21	to	to	PART
cblr-8636	577	22	analyze	analyze	VERB
cblr-8636	577	23	the	the	DET
cblr-8636	577	24	information	information	NOUN
cblr-8636	577	25	they	they	PRON
cblr-8636	577	26	do	do	AUX
cblr-8636	577	27	have	have	VERB
cblr-8636	577	28	—	—	PUNCT
cblr-8636	577	29	a	a	DET
cblr-8636	577	30	concern	concern	NOUN
cblr-8636	577	31	raised	raise	VERB
cblr-8636	577	32	,	,	PUNCT
cblr-8636	577	33	for	for	ADP
cblr-8636	577	34	example	example	NOUN
cblr-8636	577	35	,	,	PUNCT
cblr-8636	577	36	by	by	ADP
cblr-8636	577	37	one	one	NUM
cblr-8636	577	38	member	member	NOUN
cblr-8636	577	39	of	of	ADP
cblr-8636	577	40	the	the	DET
cblr-8636	577	41	brokerdealer	brokerdealer	NOUN
cblr-8636	577	42	community	community	NOUN
cblr-8636	577	43	.	.	PUNCT
cblr-8636	578	1	a	a	DET
cblr-8636	578	2	former	former	ADJ
cblr-8636	578	3	regulator	regulator	NOUN
cblr-8636	578	4	went	go	VERB
cblr-8636	578	5	further	far	ADV
cblr-8636	578	6	,	,	PUNCT
cblr-8636	578	7	questioning	question	VERB
cblr-8636	578	8	the	the	DET
cblr-8636	578	9	wisdom	wisdom	NOUN
cblr-8636	578	10	of	of	ADP
cblr-8636	578	11	letting	let	VERB
cblr-8636	578	12	retail	retail	ADJ
cblr-8636	578	13	investors	investor	NOUN
cblr-8636	578	14	participate	participate	VERB
cblr-8636	578	15	in	in	ADP
cblr-8636	578	16	non	non	ADJ
cblr-8636	578	17	-	-	ADJ
cblr-8636	578	18	index	index	NOUN
cblr-8636	578	19	-	-	PUNCT
cblr-8636	578	20	fund	fund	NOUN
cblr-8636	578	21	markets	market	NOUN
cblr-8636	578	22	given	give	VERB
cblr-8636	578	23	their	their	PRON
cblr-8636	578	24	ignorance	ignorance	NOUN
cblr-8636	578	25	of	of	ADP
cblr-8636	578	26	the	the	DET
cblr-8636	578	27	complexity	complexity	NOUN
cblr-8636	578	28	of	of	ADP
cblr-8636	578	29	modern	modern	ADJ
cblr-8636	578	30	markets,118	markets,118	PROPN
cblr-8636	578	31	especially	especially	ADV
cblr-8636	578	32	in	in	ADP
cblr-8636	578	33	light	light	NOUN
cblr-8636	578	34	of	of	ADP
cblr-8636	578	35	technological	technological	ADJ
cblr-8636	578	36	changes	change	NOUN
cblr-8636	578	37	such	such	ADJ
cblr-8636	578	38	as	as	ADP
cblr-8636	578	39	the	the	DET
cblr-8636	578	40	rise	rise	NOUN
cblr-8636	578	41	of	of	ADP
cblr-8636	578	42	hfts	hft	NOUN
cblr-8636	578	43	and	and	CCONJ
cblr-8636	578	44	algorithmic	algorithmic	ADJ
cblr-8636	578	45	trading	trading	NOUN
cblr-8636	578	46	.	.	PUNCT
cblr-8636	579	1	ordinary	ordinary	ADJ
cblr-8636	579	2	investors	investor	NOUN
cblr-8636	579	3	have	have	VERB
cblr-8636	579	4	relatively	relatively	ADV
cblr-8636	579	5	open	open	ADJ
cblr-8636	579	6	access	access	NOUN
cblr-8636	579	7	to	to	ADP
cblr-8636	579	8	stocks	stock	NOUN
cblr-8636	579	9	trading	trading	NOUN
cblr-8636	579	10	in	in	ADP
cblr-8636	579	11	the	the	DET
cblr-8636	579	12	public	public	ADJ
cblr-8636	579	13	markets.119	markets.119	NOUN
cblr-8636	579	14	these	these	DET
cblr-8636	579	15	markets	market	NOUN
cblr-8636	579	16	,	,	PUNCT
cblr-8636	579	17	and	and	CCONJ
cblr-8636	579	18	the	the	DET
cblr-8636	579	19	issuers	issuer	NOUN
cblr-8636	579	20	of	of	ADP
cblr-8636	579	21	the	the	DET
cblr-8636	579	22	stocks	stock	NOUN
cblr-8636	579	23	that	that	PRON
cblr-8636	579	24	trade	trade	VERB
cblr-8636	579	25	in	in	ADP
cblr-8636	579	26	them	they	PRON
cblr-8636	579	27	,	,	PUNCT
cblr-8636	579	28	are	be	AUX
cblr-8636	579	29	heavily	heavily	ADV
cblr-8636	579	30	regulated	regulate	VERB
cblr-8636	579	31	,	,	PUNCT
cblr-8636	579	32	in	in	ADP
cblr-8636	579	33	part	part	NOUN
cblr-8636	579	34	to	to	PART
cblr-8636	579	35	protect	protect	VERB
cblr-8636	579	36	ordinary	ordinary	ADJ
cblr-8636	579	37	investors	investor	NOUN
cblr-8636	579	38	from	from	ADP
cblr-8636	579	39	fraud	fraud	NOUN
cblr-8636	579	40	and	and	CCONJ
cblr-8636	579	41	risks	risk	NOUN
cblr-8636	579	42	they	they	PRON
cblr-8636	579	43	otherwise	otherwise	ADV
cblr-8636	579	44	might	might	AUX
cblr-8636	579	45	not	not	PART
cblr-8636	579	46	anticipate.120	anticipate.120	VERB
cblr-8636	579	47	the	the	DET
cblr-8636	579	48	private	private	ADJ
cblr-8636	579	49	markets	market	NOUN
cblr-8636	579	50	are	be	AUX
cblr-8636	579	51	much	much	ADV
cblr-8636	579	52	more	more	ADV
cblr-8636	579	53	lightly	lightly	ADV
cblr-8636	579	54	regulated	regulate	VERB
cblr-8636	579	55	,	,	PUNCT
cblr-8636	579	56	but	but	CCONJ
cblr-8636	579	57	access	access	NOUN
cblr-8636	579	58	to	to	ADP
cblr-8636	579	59	them	they	PRON
cblr-8636	579	60	is	be	AUX
cblr-8636	579	61	restricted	restrict	VERB
cblr-8636	579	62	,	,	PUNCT
cblr-8636	579	63	and	and	CCONJ
cblr-8636	579	64	they	they	PRON
cblr-8636	579	65	exclude	exclude	VERB
cblr-8636	579	66	many	many	ADJ
cblr-8636	579	67	ordinary	ordinary	ADJ
cblr-8636	579	68	investors.121	investors.121	ADJ
cblr-8636	579	69	debate	debate	NOUN
cblr-8636	579	70	continues	continue	VERB
cblr-8636	579	71	over	over	ADP
cblr-8636	579	72	whether	whether	SCONJ
cblr-8636	579	73	this	this	DET
cblr-8636	579	74	structure	structure	NOUN
cblr-8636	579	75	gets	get	VERB
cblr-8636	579	76	things	thing	NOUN
cblr-8636	579	77	right	right	ADJ
cblr-8636	579	78	.	.	PUNCT
cblr-8636	580	1	does	do	AUX
cblr-8636	580	2	it	it	PRON
cblr-8636	580	3	,	,	PUNCT
cblr-8636	580	4	for	for	ADP
cblr-8636	580	5	example	example	NOUN
cblr-8636	580	6	,	,	PUNCT
cblr-8636	580	7	unnecessarily	unnecessarily	ADV
cblr-8636	580	8	exclude	exclude	VERB
cblr-8636	580	9	ordinary	ordinary	ADJ
cblr-8636	580	10	investors	investor	NOUN
cblr-8636	580	11	from	from	ADP
cblr-8636	580	12	118	118	NUM
cblr-8636	580	13	see	see	NOUN
cblr-8636	580	14	bruce	bruce	PROPN
cblr-8636	580	15	ian	ian	PROPN
cblr-8636	580	16	carlin	carlin	PROPN
cblr-8636	580	17	&	&	CCONJ
cblr-8636	580	18	gustavo	gustavo	PROPN
cblr-8636	580	19	manso	manso	PROPN
cblr-8636	580	20	,	,	PUNCT
cblr-8636	580	21	obfuscation	obfuscation	NOUN
cblr-8636	580	22	,	,	PUNCT
cblr-8636	580	23	learning	learning	NOUN
cblr-8636	580	24	,	,	PUNCT
cblr-8636	580	25	and	and	CCONJ
cblr-8636	580	26	the	the	DET
cblr-8636	580	27	evolution	evolution	NOUN
cblr-8636	580	28	of	of	ADP
cblr-8636	580	29	investor	investor	NOUN
cblr-8636	580	30	sophistication	sophistication	NOUN
cblr-8636	580	31	,	,	PUNCT
cblr-8636	580	32	24	24	NUM
cblr-8636	580	33	rev	rev	X
cblr-8636	580	34	.	.	PROPN
cblr-8636	581	1	fin	fin	NOUN
cblr-8636	581	2	.	.	PUNCT
cblr-8636	581	3	stud	stud	PROPN
cblr-8636	581	4	.	.	PUNCT
cblr-8636	582	1	754	754	NUM
cblr-8636	582	2	,	,	PUNCT
cblr-8636	582	3	754–55	754–55	NUM
cblr-8636	582	4	,	,	PUNCT
cblr-8636	582	5	757–58	757–58	NUM
cblr-8636	582	6	(	(	PUNCT
cblr-8636	582	7	2011	2011	NUM
cblr-8636	582	8	)	)	PUNCT
cblr-8636	582	9	.	.	PUNCT
cblr-8636	583	1	119	119	NUM
cblr-8636	583	2	cf	cf	NOUN
cblr-8636	583	3	.	.	PUNCT
cblr-8636	584	1	hanley	hanley	PROPN
cblr-8636	584	2	,	,	PUNCT
cblr-8636	584	3	supra	supra	PROPN
cblr-8636	584	4	note	note	PROPN
cblr-8636	584	5	89	89	NUM
cblr-8636	584	6	,	,	PUNCT
cblr-8636	584	7	at	at	ADP
cblr-8636	584	8	38	38	NUM
cblr-8636	584	9	.	.	PUNCT
cblr-8636	585	1	120	120	NUM
cblr-8636	585	2	see	see	VERB
cblr-8636	585	3	i	i	PRON
cblr-8636	585	4	d.	d.	PROPN
cblr-8636	585	5	at	at	ADP
cblr-8636	585	6	49	49	NUM
cblr-8636	585	7	.	.	PUNCT
cblr-8636	586	1	121	121	NUM
cblr-8636	586	2	see	see	VERB
cblr-8636	586	3	i	i	PRON
cblr-8636	586	4	d.	d.	PROPN
cblr-8636	586	5	at	at	ADP
cblr-8636	586	6	88	88	NUM
cblr-8636	586	7	.	.	PUNCT
cblr-8636	587	1	fox	fox	PROPN
cblr-8636	587	2	et	et	PROPN
cblr-8636	587	3	al	al	PROPN
cblr-8636	587	4	.	.	PROPN
cblr-8636	588	1	8/22/2021	8/22/2021	NUM
cblr-8636	588	2	9:05	9:05	NUM
cblr-8636	588	3	pm	pm	NOUN
cblr-8636	588	4	692	692	NUM
cblr-8636	588	5	columbia	columbia	PROPN
cblr-8636	588	6	business	business	NOUN
cblr-8636	588	7	law	law	PROPN
cblr-8636	588	8	review	review	NOUN
cblr-8636	588	9	[	[	X
cblr-8636	588	10	vol	vol	NOUN
cblr-8636	588	11	.	.	PUNCT
cblr-8636	588	12	2021	2021	NUM
cblr-8636	589	1	the	the	DET
cblr-8636	589	2	most	most	ADV
cblr-8636	589	3	lucrative	lucrative	ADJ
cblr-8636	589	4	investment	investment	NOUN
cblr-8636	589	5	opportunities?122	opportunities?122	PROPN
cblr-8636	589	6	one	one	NUM
cblr-8636	589	7	former	former	ADJ
cblr-8636	589	8	regulator	regulator	NOUN
cblr-8636	589	9	worried	worry	VERB
cblr-8636	589	10	that	that	SCONJ
cblr-8636	589	11	it	it	PRON
cblr-8636	589	12	does	do	VERB
cblr-8636	589	13	and	and	CCONJ
cblr-8636	589	14	therefore	therefore	ADV
cblr-8636	589	15	disserves	disserve	VERB
cblr-8636	589	16	the	the	DET
cblr-8636	589	17	american	american	ADJ
cblr-8636	589	18	public	public	NOUN
cblr-8636	589	19	.	.	PUNCT
cblr-8636	590	1	or	or	CCONJ
cblr-8636	590	2	are	be	AUX
cblr-8636	590	3	these	these	DET
cblr-8636	590	4	superior	superior	ADJ
cblr-8636	590	5	opportunities	opportunity	NOUN
cblr-8636	590	6	a	a	DET
cblr-8636	590	7	myth	myth	NOUN
cblr-8636	590	8	?	?	PUNCT
cblr-8636	591	1	would	would	AUX
cblr-8636	591	2	investors	investor	NOUN
cblr-8636	591	3	benefit	benefit	VERB
cblr-8636	591	4	from	from	ADP
cblr-8636	591	5	wider	wide	ADJ
cblr-8636	591	6	access	access	NOUN
cblr-8636	591	7	to	to	ADP
cblr-8636	591	8	the	the	DET
cblr-8636	591	9	private	private	ADJ
cblr-8636	591	10	markets	market	NOUN
cblr-8636	591	11	or	or	CCONJ
cblr-8636	591	12	simply	simply	ADV
cblr-8636	591	13	be	be	AUX
cblr-8636	591	14	exposed	expose	VERB
cblr-8636	591	15	to	to	ADP
cblr-8636	591	16	more	more	ADJ
cblr-8636	591	17	fraud	fraud	NOUN
cblr-8636	591	18	and	and	CCONJ
cblr-8636	591	19	unanticipated	unanticipated	ADJ
cblr-8636	591	20	risk	risk	NOUN
cblr-8636	591	21	?	?	PUNCT
cblr-8636	592	1	both	both	PRON
cblr-8636	592	2	a	a	DET
cblr-8636	592	3	regulator	regulator	NOUN
cblr-8636	592	4	and	and	CCONJ
cblr-8636	592	5	a	a	DET
cblr-8636	592	6	member	member	NOUN
cblr-8636	592	7	of	of	ADP
cblr-8636	592	8	the	the	DET
cblr-8636	592	9	investment	investment	NOUN
cblr-8636	592	10	community	community	NOUN
cblr-8636	592	11	thought	think	VERB
cblr-8636	592	12	that	that	SCONJ
cblr-8636	592	13	giving	give	VERB
cblr-8636	592	14	ordinary	ordinary	ADJ
cblr-8636	592	15	investors	investor	NOUN
cblr-8636	592	16	more	more	ADJ
cblr-8636	592	17	access	access	NOUN
cblr-8636	592	18	to	to	ADP
cblr-8636	592	19	private	private	ADJ
cblr-8636	592	20	markets	market	NOUN
cblr-8636	592	21	might	might	AUX
cblr-8636	592	22	create	create	VERB
cblr-8636	592	23	an	an	DET
cblr-8636	592	24	adverse	adverse	ADJ
cblr-8636	592	25	selection	selection	NOUN
cblr-8636	592	26	problem	problem	NOUN
cblr-8636	592	27	,	,	PUNCT
cblr-8636	592	28	allowing	allow	VERB
cblr-8636	592	29	venture	venture	NOUN
cblr-8636	592	30	and	and	CCONJ
cblr-8636	592	31	private	private	ADJ
cblr-8636	592	32	capital	capital	NOUN
cblr-8636	592	33	firms	firm	NOUN
cblr-8636	592	34	to	to	PART
cblr-8636	592	35	pick	pick	VERB
cblr-8636	592	36	off	off	ADP
cblr-8636	592	37	the	the	DET
cblr-8636	592	38	better	well	ADJ
cblr-8636	592	39	offerings	offering	NOUN
cblr-8636	592	40	and	and	CCONJ
cblr-8636	592	41	leave	leave	VERB
cblr-8636	592	42	retail	retail	ADJ
cblr-8636	592	43	investors	investor	NOUN
cblr-8636	592	44	with	with	ADP
cblr-8636	592	45	the	the	DET
cblr-8636	592	46	rest.123	rest.123	NOUN
cblr-8636	592	47	that	that	DET
cblr-8636	592	48	regulator	regulator	NOUN
cblr-8636	592	49	and	and	CCONJ
cblr-8636	592	50	another	another	DET
cblr-8636	592	51	one	one	NOUN
cblr-8636	592	52	expressed	express	VERB
cblr-8636	592	53	serious	serious	ADJ
cblr-8636	592	54	reservations	reservation	NOUN
cblr-8636	592	55	about	about	ADP
cblr-8636	592	56	brokers	broker	NOUN
cblr-8636	592	57	who	who	PRON
cblr-8636	592	58	connect	connect	VERB
cblr-8636	592	59	investors	investor	NOUN
cblr-8636	592	60	with	with	ADP
cblr-8636	592	61	private	private	ADJ
cblr-8636	592	62	market	market	NOUN
cblr-8636	592	63	offerings	offering	NOUN
cblr-8636	592	64	,	,	PUNCT
cblr-8636	592	65	noting	note	VERB
cblr-8636	592	66	that	that	SCONJ
cblr-8636	592	67	they	they	PRON
cblr-8636	592	68	were	be	AUX
cblr-8636	592	69	the	the	DET
cblr-8636	592	70	brokers	broker	NOUN
cblr-8636	592	71	subject	subject	ADJ
cblr-8636	592	72	to	to	ADP
cblr-8636	592	73	the	the	DET
cblr-8636	592	74	most	most	ADJ
cblr-8636	592	75	complaints	complaint	NOUN
cblr-8636	592	76	.	.	PUNCT
cblr-8636	593	1	the	the	DET
cblr-8636	593	2	recent	recent	ADJ
cblr-8636	593	3	expansion	expansion	NOUN
cblr-8636	593	4	of	of	ADP
cblr-8636	593	5	private	private	ADJ
cblr-8636	593	6	markets	market	NOUN
cblr-8636	593	7	—	—	PUNCT
cblr-8636	593	8	where	where	SCONJ
cblr-8636	593	9	some	some	DET
cblr-8636	593	10	“	"	PUNCT
cblr-8636	593	11	unicorn	unicorn	ADJ
cblr-8636	593	12	”	"	PUNCT
cblr-8636	593	13	startups	startup	NOUN
cblr-8636	593	14	have	have	AUX
cblr-8636	593	15	rewarded	reward	VERB
cblr-8636	593	16	their	their	PRON
cblr-8636	593	17	venture	venture	NOUN
cblr-8636	593	18	capitalist	capitalist	ADJ
cblr-8636	593	19	and	and	CCONJ
cblr-8636	593	20	private	private	ADJ
cblr-8636	593	21	-	-	PUNCT
cblr-8636	593	22	equity	equity	NOUN
cblr-8636	593	23	firm	firm	NOUN
cblr-8636	593	24	investors	investor	NOUN
cblr-8636	593	25	astonishing	astonishing	ADJ
cblr-8636	593	26	returns124	returns124	PROPN
cblr-8636	593	27	—	—	PUNCT
cblr-8636	593	28	makes	make	VERB
cblr-8636	593	29	answering	answer	VERB
cblr-8636	593	30	these	these	DET
cblr-8636	593	31	questions	question	NOUN
cblr-8636	593	32	increasingly	increasingly	ADV
cblr-8636	593	33	urgent	urgent	ADJ
cblr-8636	593	34	.	.	PUNCT
cblr-8636	594	1	122	122	NUM
cblr-8636	594	2	even	even	ADV
cblr-8636	594	3	with	with	ADP
cblr-8636	594	4	the	the	DET
cblr-8636	594	5	availability	availability	NOUN
cblr-8636	594	6	of	of	ADP
cblr-8636	594	7	regulatory	regulatory	ADJ
cblr-8636	594	8	relief	relief	NOUN
cblr-8636	594	9	allowing	allow	VERB
cblr-8636	594	10	a	a	DET
cblr-8636	594	11	broad	broad	ADJ
cblr-8636	594	12	marketing	marketing	NOUN
cblr-8636	594	13	of	of	ADP
cblr-8636	594	14	a	a	DET
cblr-8636	594	15	company	company	NOUN
cblr-8636	594	16	’s	’s	PART
cblr-8636	594	17	securities	security	NOUN
cblr-8636	594	18	without	without	ADP
cblr-8636	594	19	needing	need	VERB
cblr-8636	594	20	to	to	PART
cblr-8636	594	21	file	file	VERB
cblr-8636	594	22	a	a	DET
cblr-8636	594	23	disclosureoriented	disclosureoriente	VERB
cblr-8636	594	24	registration	registration	NOUN
cblr-8636	594	25	statement	statement	NOUN
cblr-8636	594	26	,	,	PUNCT
cblr-8636	594	27	private	private	ADJ
cblr-8636	594	28	issuers	issuer	NOUN
cblr-8636	594	29	seem	seem	VERB
cblr-8636	594	30	to	to	PART
cblr-8636	594	31	have	have	VERB
cblr-8636	594	32	limited	limit	VERB
cblr-8636	594	33	appetites	appetite	NOUN
cblr-8636	594	34	for	for	ADP
cblr-8636	594	35	retail	retail	ADJ
cblr-8636	594	36	investment	investment	NOUN
cblr-8636	594	37	.	.	PUNCT
cblr-8636	595	1	the	the	DET
cblr-8636	595	2	jobs	job	NOUN
cblr-8636	595	3	act	act	VERB
cblr-8636	595	4	introduced	introduce	VERB
cblr-8636	595	5	rule	rule	NOUN
cblr-8636	595	6	506(c	506(c	PROPN
cblr-8636	595	7	)	)	PUNCT
cblr-8636	595	8	in	in	ADP
cblr-8636	595	9	2013	2013	NUM
cblr-8636	595	10	,	,	PUNCT
cblr-8636	595	11	allowing	allow	VERB
cblr-8636	595	12	private	private	ADJ
cblr-8636	595	13	issuers	issuer	NOUN
cblr-8636	595	14	to	to	PART
cblr-8636	595	15	engage	engage	VERB
cblr-8636	595	16	in	in	ADP
cblr-8636	595	17	general	general	ADJ
cblr-8636	595	18	solicitation	solicitation	NOUN
cblr-8636	595	19	without	without	ADP
cblr-8636	595	20	any	any	DET
cblr-8636	595	21	disclosure	disclosure	NOUN
cblr-8636	595	22	as	as	ADV
cblr-8636	595	23	long	long	ADV
cblr-8636	595	24	as	as	SCONJ
cblr-8636	595	25	the	the	DET
cblr-8636	595	26	actual	actual	ADJ
cblr-8636	595	27	purchasers	purchaser	NOUN
cblr-8636	595	28	of	of	ADP
cblr-8636	595	29	the	the	DET
cblr-8636	595	30	offered	offer	VERB
cblr-8636	595	31	securities	security	NOUN
cblr-8636	595	32	are	be	AUX
cblr-8636	595	33	“	"	PUNCT
cblr-8636	595	34	accredited	accredit	VERB
cblr-8636	595	35	,	,	PUNCT
cblr-8636	595	36	”	"	PUNCT
cblr-8636	595	37	a	a	DET
cblr-8636	595	38	category	category	NOUN
cblr-8636	595	39	based	base	VERB
cblr-8636	595	40	on	on	ADP
cblr-8636	595	41	income	income	NOUN
cblr-8636	595	42	and	and	CCONJ
cblr-8636	595	43	wealth	wealth	NOUN
cblr-8636	595	44	that	that	SCONJ
cblr-8636	595	45	,	,	PUNCT
cblr-8636	595	46	while	while	SCONJ
cblr-8636	595	47	cutting	cut	VERB
cblr-8636	595	48	out	out	ADP
cblr-8636	595	49	a	a	DET
cblr-8636	595	50	substantial	substantial	ADJ
cblr-8636	595	51	majority	majority	NOUN
cblr-8636	595	52	of	of	ADP
cblr-8636	595	53	u.s	u.s	PROPN
cblr-8636	595	54	.	.	PROPN
cblr-8636	595	55	households	household	NOUN
cblr-8636	595	56	,	,	PUNCT
cblr-8636	595	57	does	do	AUX
cblr-8636	595	58	not	not	PART
cblr-8636	595	59	cut	cut	VERB
cblr-8636	595	60	out	out	ADP
cblr-8636	595	61	a	a	DET
cblr-8636	595	62	very	very	ADV
cblr-8636	595	63	high	high	ADJ
cblr-8636	595	64	percentage	percentage	NOUN
cblr-8636	595	65	of	of	ADP
cblr-8636	595	66	what	what	PRON
cblr-8636	595	67	would	would	AUX
cblr-8636	595	68	be	be	AUX
cblr-8636	595	69	most	most	ADJ
cblr-8636	595	70	of	of	ADP
cblr-8636	595	71	the	the	DET
cblr-8636	595	72	market	market	NOUN
cblr-8636	595	73	,	,	PUNCT
cblr-8636	595	74	i.e.	i.e.	X
cblr-8636	595	75	,	,	PUNCT
cblr-8636	595	76	households	household	NOUN
cblr-8636	595	77	that	that	PRON
cblr-8636	595	78	actually	actually	ADV
cblr-8636	595	79	directly	directly	ADV
cblr-8636	595	80	own	own	VERB
cblr-8636	595	81	public	public	ADJ
cblr-8636	595	82	company	company	NOUN
cblr-8636	595	83	stock	stock	NOUN
cblr-8636	595	84	.	.	PUNCT
cblr-8636	596	1	see	see	VERB
cblr-8636	596	2	jumpstart	jumpstart	VERB
cblr-8636	596	3	our	our	PRON
cblr-8636	596	4	business	business	NOUN
cblr-8636	596	5	startups	startup	NOUN
cblr-8636	596	6	act	act	NOUN
cblr-8636	596	7	(	(	PUNCT
cblr-8636	596	8	jobs	job	NOUN
cblr-8636	596	9	act	act	PROPN
cblr-8636	596	10	)	)	PUNCT
cblr-8636	596	11	,	,	PUNCT
cblr-8636	596	12	pub	pub	NOUN
cblr-8636	596	13	.	.	PUNCT
cblr-8636	597	1	l.	l.	PROPN
cblr-8636	597	2	no	no	INTJ
cblr-8636	597	3	.	.	PROPN
cblr-8636	598	1	112	112	NUM
cblr-8636	598	2	-	-	SYM
cblr-8636	598	3	106	106	NUM
cblr-8636	598	4	,	,	PUNCT
cblr-8636	598	5	§	§	PROPN
cblr-8636	598	6	201(a)(1	201(a)(1	NUM
cblr-8636	598	7	)	)	PUNCT
cblr-8636	598	8	,	,	PUNCT
cblr-8636	598	9	126	126	NUM
cblr-8636	598	10	stat	stat	NOUN
cblr-8636	598	11	.	.	PUNCT
cblr-8636	599	1	306	306	NUM
cblr-8636	599	2	,	,	PUNCT
cblr-8636	599	3	313–14	313–14	NUM
cblr-8636	599	4	(	(	PUNCT
cblr-8636	599	5	2012	2012	NUM
cblr-8636	599	6	)	)	PUNCT
cblr-8636	599	7	(	(	PUNCT
cblr-8636	599	8	requiring	require	VERB
cblr-8636	599	9	a	a	DET
cblr-8636	599	10	change	change	NOUN
cblr-8636	599	11	in	in	ADP
cblr-8636	599	12	the	the	DET
cblr-8636	599	13	rule	rule	NOUN
cblr-8636	599	14	)	)	PUNCT
cblr-8636	599	15	;	;	PUNCT
cblr-8636	599	16	17	17	NUM
cblr-8636	599	17	c.f.r	c.f.r	NOUN
cblr-8636	599	18	.	.	PUNCT
cblr-8636	600	1	§	§	PROPN
cblr-8636	600	2	230.501(a)(5)–(6	230.501(a)(5)–(6	NUM
cblr-8636	600	3	)	)	PUNCT
cblr-8636	600	4	(	(	PUNCT
cblr-8636	600	5	2020	2020	NUM
cblr-8636	600	6	)	)	PUNCT
cblr-8636	600	7	(	(	PUNCT
cblr-8636	600	8	giving	give	VERB
cblr-8636	600	9	the	the	DET
cblr-8636	600	10	lenient	lenient	ADJ
cblr-8636	600	11	“	"	PUNCT
cblr-8636	600	12	accredited	accredited	ADJ
cblr-8636	600	13	investor	investor	NOUN
cblr-8636	600	14	”	"	PUNCT
cblr-8636	600	15	definition	definition	NOUN
cblr-8636	600	16	for	for	ADP
cblr-8636	600	17	natural	natural	ADJ
cblr-8636	600	18	persons	person	NOUN
cblr-8636	600	19	)	)	PUNCT
cblr-8636	600	20	.	.	PUNCT
cblr-8636	601	1	eight	eight	NUM
cblr-8636	601	2	years	year	NOUN
cblr-8636	601	3	later	later	ADV
cblr-8636	601	4	,	,	PUNCT
cblr-8636	601	5	506(c	506(c	PROPN
cblr-8636	601	6	)	)	PUNCT
cblr-8636	601	7	offerings	offering	NOUN
cblr-8636	601	8	remain	remain	VERB
cblr-8636	601	9	a	a	DET
cblr-8636	601	10	small	small	ADJ
cblr-8636	601	11	fraction	fraction	NOUN
cblr-8636	601	12	(	(	PUNCT
cblr-8636	601	13	four	four	NUM
cblr-8636	601	14	percent	percent	NOUN
cblr-8636	601	15	)	)	PUNCT
cblr-8636	601	16	of	of	ADP
cblr-8636	601	17	all	all	DET
cblr-8636	601	18	regulation	regulation	NOUN
cblr-8636	601	19	d	d	NOUN
cblr-8636	601	20	offerings	offering	NOUN
cblr-8636	601	21	.	.	PUNCT
cblr-8636	602	1	scott	scott	PROPN
cblr-8636	602	2	bauguess	bauguess	PROPN
cblr-8636	602	3	,	,	PUNCT
cblr-8636	602	4	rachita	rachita	PROPN
cblr-8636	602	5	gullapalli	gullapalli	PROPN
cblr-8636	602	6	&	&	CCONJ
cblr-8636	602	7	vladimir	vladimir	PROPN
cblr-8636	602	8	ivanov	ivanov	PROPN
cblr-8636	602	9	,	,	PUNCT
cblr-8636	602	10	capital	capital	NOUN
cblr-8636	602	11	raising	raising	NOUN
cblr-8636	602	12	in	in	ADP
cblr-8636	602	13	the	the	DET
cblr-8636	602	14	u.s	u.s	PROPN
cblr-8636	602	15	.	.	PROPN
cblr-8636	602	16	:	:	PUNCT
cblr-8636	602	17	an	an	DET
cblr-8636	602	18	analysis	analysis	NOUN
cblr-8636	602	19	of	of	ADP
cblr-8636	602	20	the	the	DET
cblr-8636	602	21	market	market	NOUN
cblr-8636	602	22	for	for	ADP
cblr-8636	602	23	unregistered	unregistered	ADJ
cblr-8636	602	24	security	security	NOUN
cblr-8636	602	25	offerings	offering	NOUN
cblr-8636	602	26	,	,	PUNCT
cblr-8636	602	27	2009–2017	2009–2017	NUM
cblr-8636	602	28	,	,	PUNCT
cblr-8636	602	29	at	at	ADP
cblr-8636	602	30	2	2	NUM
cblr-8636	602	31	(	(	PUNCT
cblr-8636	602	32	2018	2018	NUM
cblr-8636	602	33	)	)	PUNCT
cblr-8636	602	34	,	,	PUNCT
cblr-8636	602	35	https://www.sec.gov/files/dera%20white%20paper_regulation%20d_082	https://www.sec.gov/files/dera%20white%20paper_regulation%20d_082	PROPN
cblr-8636	602	36	018.pdf	018.pdf	PUNCT
cblr-8636	603	1	[	[	X
cblr-8636	603	2	https://perma.cc/b2kl-cyed	https://perma.cc/b2kl-cye	VERB
cblr-8636	603	3	]	]	X
cblr-8636	603	4	.	.	PUNCT
cblr-8636	604	1	123	123	NUM
cblr-8636	604	2	for	for	ADP
cblr-8636	604	3	similar	similar	ADJ
cblr-8636	604	4	reasoning	reasoning	NOUN
cblr-8636	604	5	,	,	PUNCT
cblr-8636	604	6	see	see	VERB
cblr-8636	604	7	greene	greene	PROPN
cblr-8636	604	8	et	et	PROPN
cblr-8636	604	9	al	al	PROPN
cblr-8636	604	10	.	.	PROPN
cblr-8636	604	11	,	,	PUNCT
cblr-8636	604	12	supra	supra	PROPN
cblr-8636	604	13	note	note	VERB
cblr-8636	604	14	94	94	NUM
cblr-8636	604	15	,	,	PUNCT
cblr-8636	604	16	at	at	ADP
cblr-8636	604	17	717	717	NUM
cblr-8636	604	18	.	.	PUNCT
cblr-8636	605	1	124	124	NUM
cblr-8636	605	2	see	see	NOUN
cblr-8636	605	3	,	,	PUNCT
cblr-8636	605	4	e.g.	e.g.	ADV
cblr-8636	605	5	,	,	PUNCT
cblr-8636	605	6	heather	heather	PROPN
cblr-8636	605	7	somerville	somerville	PROPN
cblr-8636	605	8	,	,	PUNCT
cblr-8636	605	9	tech	tech	PROPN
cblr-8636	605	10	ipo	ipo	NOUN
cblr-8636	605	11	bonanza	bonanza	NOUN
cblr-8636	605	12	yields	yield	VERB
cblr-8636	605	13	riches	rich	NOUN
cblr-8636	605	14	for	for	ADP
cblr-8636	605	15	venture	venture	NOUN
cblr-8636	605	16	-	-	PUNCT
cblr-8636	605	17	capital	capital	NOUN
cblr-8636	605	18	firms	firm	NOUN
cblr-8636	605	19	,	,	PUNCT
cblr-8636	606	1	wall	wall	PROPN
cblr-8636	606	2	st	st	PROPN
cblr-8636	606	3	.	.	PROPN
cblr-8636	606	4	j.	j.	PROPN
cblr-8636	606	5	(	(	PUNCT
cblr-8636	606	6	dec	dec	PROPN
cblr-8636	606	7	.	.	PROPN
cblr-8636	606	8	11	11	NUM
cblr-8636	606	9	,	,	PUNCT
cblr-8636	606	10	2020	2020	NUM
cblr-8636	606	11	,	,	PUNCT
cblr-8636	606	12	5:09	5:09	NUM
cblr-8636	606	13	pm	pm	NOUN
cblr-8636	606	14	)	)	PUNCT
cblr-8636	606	15	,	,	PUNCT
cblr-8636	606	16	fox	fox	PROPN
cblr-8636	606	17	et	et	PROPN
cblr-8636	606	18	al	al	PROPN
cblr-8636	606	19	.	.	PROPN
cblr-8636	607	1	8/22/2021	8/22/2021	NUM
cblr-8636	607	2	9:05	9:05	NUM
cblr-8636	607	3	pm	pm	NOUN
cblr-8636	607	4	no	no	INTJ
cblr-8636	607	5	.	.	PUNCT
cblr-8636	608	1	2:651	2:651	NUM
cblr-8636	608	2	]	]	X
cblr-8636	608	3	a	a	DET
cblr-8636	608	4	stakeholder	stakeholder	NOUN
cblr-8636	608	5	survey	survey	VERB
cblr-8636	608	6	693	693	NUM
cblr-8636	608	7	a	a	DET
cblr-8636	608	8	few	few	ADJ
cblr-8636	608	9	interviewees	interviewee	NOUN
cblr-8636	608	10	—	—	PUNCT
cblr-8636	608	11	ranging	range	VERB
cblr-8636	608	12	from	from	ADP
cblr-8636	608	13	investment	investment	NOUN
cblr-8636	608	14	industry	industry	NOUN
cblr-8636	608	15	individuals	individual	NOUN
cblr-8636	608	16	to	to	ADP
cblr-8636	608	17	legal	legal	ADJ
cblr-8636	608	18	professionals	professional	NOUN
cblr-8636	608	19	and	and	CCONJ
cblr-8636	608	20	regulators	regulator	NOUN
cblr-8636	608	21	—	—	PUNCT
cblr-8636	608	22	thought	think	VERB
cblr-8636	608	23	retail	retail	ADJ
cblr-8636	608	24	investors	investor	NOUN
cblr-8636	608	25	might	might	AUX
cblr-8636	608	26	safely	safely	ADV
cblr-8636	608	27	participate	participate	VERB
cblr-8636	608	28	in	in	ADP
cblr-8636	608	29	private	private	ADJ
cblr-8636	608	30	markets	market	NOUN
cblr-8636	608	31	by	by	ADP
cblr-8636	608	32	investing	invest	VERB
cblr-8636	608	33	in	in	ADP
cblr-8636	608	34	publicly	publicly	ADV
cblr-8636	608	35	traded	trade	VERB
cblr-8636	608	36	funds	fund	NOUN
cblr-8636	608	37	that	that	PRON
cblr-8636	608	38	in	in	ADP
cblr-8636	608	39	turn	turn	NOUN
cblr-8636	608	40	invest	invest	VERB
cblr-8636	608	41	in	in	ADP
cblr-8636	608	42	the	the	DET
cblr-8636	608	43	private	private	ADJ
cblr-8636	608	44	market.125	market.125	ADJ
cblr-8636	608	45	retail	retail	ADJ
cblr-8636	608	46	investors	investor	NOUN
cblr-8636	608	47	would	would	AUX
cblr-8636	608	48	get	get	VERB
cblr-8636	608	49	access	access	NOUN
cblr-8636	608	50	to	to	ADP
cblr-8636	608	51	private	private	ADJ
cblr-8636	608	52	markets	market	NOUN
cblr-8636	608	53	but	but	CCONJ
cblr-8636	608	54	delegate	delegate	VERB
cblr-8636	608	55	the	the	DET
cblr-8636	608	56	choice	choice	NOUN
cblr-8636	608	57	of	of	ADP
cblr-8636	608	58	assets	asset	NOUN
cblr-8636	608	59	to	to	PART
cblr-8636	608	60	better	well	ADV
cblr-8636	608	61	informed	informed	ADJ
cblr-8636	608	62	fund	fund	NOUN
cblr-8636	608	63	managers	manager	NOUN
cblr-8636	608	64	.	.	PUNCT
cblr-8636	609	1	this	this	DET
cblr-8636	609	2	investment	investment	NOUN
cblr-8636	609	3	vehicle	vehicle	NOUN
cblr-8636	609	4	could	could	AUX
cblr-8636	609	5	be	be	AUX
cblr-8636	609	6	structured	structure	VERB
cblr-8636	609	7	as	as	ADP
cblr-8636	609	8	either	either	CCONJ
cblr-8636	609	9	an	an	DET
cblr-8636	609	10	open	open	ADJ
cblr-8636	609	11	-	-	PUNCT
cblr-8636	609	12	end	end	NOUN
cblr-8636	609	13	or	or	CCONJ
cblr-8636	609	14	closed	closed	ADJ
cblr-8636	609	15	-	-	PUNCT
cblr-8636	609	16	end	end	NOUN
cblr-8636	609	17	mutual	mutual	ADJ
cblr-8636	609	18	fund.126	fund.126	NOUN
cblr-8636	609	19	at	at	ADP
cblr-8636	609	20	least	least	ADV
cblr-8636	609	21	one	one	NUM
cblr-8636	609	22	member	member	NOUN
cblr-8636	609	23	of	of	ADP
cblr-8636	609	24	the	the	DET
cblr-8636	609	25	investment	investment	NOUN
cblr-8636	609	26	community	community	NOUN
cblr-8636	609	27	was	be	AUX
cblr-8636	609	28	skeptical	skeptical	ADJ
cblr-8636	609	29	of	of	ADP
cblr-8636	609	30	the	the	DET
cblr-8636	609	31	open	open	ADJ
cblr-8636	609	32	-	-	PUNCT
cblr-8636	609	33	end	end	NOUN
cblr-8636	609	34	option	option	NOUN
cblr-8636	609	35	,	,	PUNCT
cblr-8636	609	36	which	which	PRON
cblr-8636	609	37	would	would	AUX
cblr-8636	609	38	allow	allow	VERB
cblr-8636	609	39	the	the	DET
cblr-8636	609	40	investor	investor	NOUN
cblr-8636	609	41	to	to	PART
cblr-8636	609	42	redeem	redeem	VERB
cblr-8636	609	43	her	her	PRON
cblr-8636	609	44	investment	investment	NOUN
cblr-8636	609	45	at	at	ADP
cblr-8636	609	46	any	any	DET
cblr-8636	609	47	time	time	NOUN
cblr-8636	609	48	for	for	ADP
cblr-8636	609	49	what	what	PRON
cblr-8636	609	50	the	the	DET
cblr-8636	609	51	fund	fund	NOUN
cblr-8636	609	52	deemed	deem	VERB
cblr-8636	609	53	her	her	PRON
cblr-8636	609	54	share	share	NOUN
cblr-8636	609	55	of	of	ADP
cblr-8636	609	56	the	the	DET
cblr-8636	609	57	fund	fund	NOUN
cblr-8636	609	58	’s	’s	PART
cblr-8636	609	59	total	total	ADJ
cblr-8636	609	60	value	value	NOUN
cblr-8636	609	61	,	,	PUNCT
cblr-8636	609	62	posing	pose	VERB
cblr-8636	609	63	valuation	valuation	NOUN
cblr-8636	609	64	problems	problem	NOUN
cblr-8636	609	65	for	for	ADP
cblr-8636	609	66	both	both	CCONJ
cblr-8636	609	67	the	the	DET
cblr-8636	609	68	mutual	mutual	ADJ
cblr-8636	609	69	fund	fund	NOUN
cblr-8636	609	70	in	in	ADP
cblr-8636	609	71	terms	term	NOUN
cblr-8636	609	72	of	of	ADP
cblr-8636	609	73	its	its	PRON
cblr-8636	609	74	portfolio	portfolio	NOUN
cblr-8636	609	75	structure	structure	NOUN
cblr-8636	609	76	as	as	ADV
cblr-8636	609	77	well	well	ADV
cblr-8636	609	78	as	as	ADP
cblr-8636	609	79	for	for	ADP
cblr-8636	609	80	the	the	DET
cblr-8636	609	81	investor	investor	NOUN
cblr-8636	609	82	in	in	ADP
cblr-8636	609	83	terms	term	NOUN
cblr-8636	609	84	of	of	ADP
cblr-8636	609	85	the	the	DET
cblr-8636	609	86	fair	fair	ADJ
cblr-8636	609	87	value	value	NOUN
cblr-8636	609	88	of	of	ADP
cblr-8636	609	89	her	her	PRON
cblr-8636	609	90	redemption.127	redemption.127	NOUN
cblr-8636	609	91	this	this	DET
cblr-8636	609	92	interviewee	interviewee	NOUN
cblr-8636	609	93	believed	believe	VERB
cblr-8636	609	94	that	that	SCONJ
cblr-8636	609	95	the	the	DET
cblr-8636	609	96	illiquid	illiquid	ADJ
cblr-8636	609	97	nature	nature	NOUN
cblr-8636	609	98	of	of	ADP
cblr-8636	609	99	investments	investment	NOUN
cblr-8636	609	100	in	in	ADP
cblr-8636	609	101	private	private	ADJ
cblr-8636	609	102	companies	company	NOUN
cblr-8636	609	103	created	create	VERB
cblr-8636	609	104	too	too	ADV
cblr-8636	609	105	much	much	ADJ
cblr-8636	609	106	risk	risk	NOUN
cblr-8636	609	107	for	for	ADP
cblr-8636	609	108	the	the	DET
cblr-8636	609	109	ordinary	ordinary	ADJ
cblr-8636	609	110	investor	investor	NOUN
cblr-8636	609	111	with	with	ADP
cblr-8636	609	112	a	a	DET
cblr-8636	609	113	short	short	ADJ
cblr-8636	609	114	-	-	PUNCT
cblr-8636	609	115	term	term	NOUN
cblr-8636	609	116	horizon	horizon	NOUN
cblr-8636	609	117	.	.	PUNCT
cblr-8636	610	1	determining	determine	VERB
cblr-8636	610	2	https://www.wsj.com/articles/tech-ipo-bonanza-yields-riches-for-venturecapital-firms-11607714745	https://www.wsj.com/articles/tech-ipo-bonanza-yields-riches-for-venturecapital-firms-11607714745	PROPN
cblr-8636	610	3	[	[	X
cblr-8636	610	4	https://perma.cc/eq8s-4dwz	https://perma.cc/eq8s-4dwz	X
cblr-8636	610	5	]	]	X
cblr-8636	610	6	.	.	PUNCT
cblr-8636	611	1	125	125	NUM
cblr-8636	611	2	see	see	VERB
cblr-8636	611	3	john	john	PROPN
cblr-8636	611	4	finley	finley	PROPN
cblr-8636	611	5	,	,	PUNCT
cblr-8636	611	6	expanding	expand	VERB
cblr-8636	611	7	retail	retail	ADJ
cblr-8636	611	8	access	access	NOUN
cblr-8636	611	9	to	to	ADP
cblr-8636	611	10	private	private	ADJ
cblr-8636	611	11	markets	market	NOUN
cblr-8636	611	12	10	10	NUM
cblr-8636	611	13	–	–	PUNCT
cblr-8636	611	14	11	11	NUM
cblr-8636	611	15	(	(	PUNCT
cblr-8636	611	16	nov	nov	PROPN
cblr-8636	611	17	.	.	PROPN
cblr-8636	611	18	2019	2019	NUM
cblr-8636	611	19	)	)	PUNCT
cblr-8636	611	20	,	,	PUNCT
cblr-8636	611	21	https://www.sec.gov/spotlight/sbcfac/expanding-retailaccess-to-private-markets-finley.pdf	https://www.sec.gov/spotlight/sbcfac/expanding-retailaccess-to-private-markets-finley.pdf	NOUN
cblr-8636	611	22	[	[	X
cblr-8636	611	23	https://perma.cc/2tpk-parr	https://perma.cc/2tpk-parr	X
cblr-8636	611	24	]	]	PUNCT
cblr-8636	611	25	.	.	PUNCT
cblr-8636	612	1	126	126	NUM
cblr-8636	612	2	mutual	mutual	ADJ
cblr-8636	612	3	fund	fund	NOUN
cblr-8636	612	4	investment	investment	NOUN
cblr-8636	612	5	in	in	ADP
cblr-8636	612	6	private	private	ADJ
cblr-8636	612	7	equity	equity	NOUN
cblr-8636	612	8	has	have	AUX
cblr-8636	612	9	been	be	AUX
cblr-8636	612	10	rising	rise	VERB
cblr-8636	612	11	.	.	PUNCT
cblr-8636	613	1	between	between	ADP
cblr-8636	613	2	2014	2014	NUM
cblr-8636	613	3	and	and	CCONJ
cblr-8636	613	4	2016	2016	NUM
cblr-8636	613	5	,	,	PUNCT
cblr-8636	613	6	twenty	twenty	NUM
cblr-8636	613	7	-	-	PUNCT
cblr-8636	613	8	five	five	NUM
cblr-8636	613	9	percent	percent	NOUN
cblr-8636	613	10	of	of	ADP
cblr-8636	613	11	vc	vc	PROPN
cblr-8636	613	12	-	-	PUNCT
cblr-8636	613	13	backed	back	VERB
cblr-8636	613	14	ipos	ipos	NOUN
cblr-8636	613	15	enjoyed	enjoy	VERB
cblr-8636	613	16	some	some	DET
cblr-8636	613	17	mutual	mutual	ADJ
cblr-8636	613	18	fund	fund	NOUN
cblr-8636	613	19	financing	financing	NOUN
cblr-8636	613	20	,	,	PUNCT
cblr-8636	613	21	compared	compare	VERB
cblr-8636	613	22	to	to	ADP
cblr-8636	613	23	ten	ten	NUM
cblr-8636	613	24	percent	percent	NOUN
cblr-8636	613	25	in	in	ADP
cblr-8636	613	26	the	the	DET
cblr-8636	613	27	1990s	1990s	NUM
cblr-8636	613	28	.	.	PUNCT
cblr-8636	614	1	see	see	VERB
cblr-8636	614	2	sungjoung	sungjoung	PROPN
cblr-8636	614	3	kwon	kwon	PROPN
cblr-8636	614	4	,	,	PUNCT
cblr-8636	614	5	michelle	michelle	PROPN
cblr-8636	614	6	lowry	lowry	PROPN
cblr-8636	614	7	&	&	CCONJ
cblr-8636	614	8	yiming	yiming	PROPN
cblr-8636	614	9	qian	qian	PROPN
cblr-8636	614	10	,	,	PUNCT
cblr-8636	614	11	mutual	mutual	ADJ
cblr-8636	614	12	fund	fund	NOUN
cblr-8636	614	13	investments	investment	NOUN
cblr-8636	614	14	in	in	ADP
cblr-8636	614	15	private	private	ADJ
cblr-8636	614	16	firms	firm	NOUN
cblr-8636	614	17	,	,	PUNCT
cblr-8636	614	18	136	136	NUM
cblr-8636	614	19	j.	j.	PROPN
cblr-8636	614	20	fin	fin	PROPN
cblr-8636	614	21	.	.	PUNCT
cblr-8636	614	22	econ	econ	PROPN
cblr-8636	614	23	.	.	PUNCT
cblr-8636	615	1	407	407	NUM
cblr-8636	615	2	,	,	PUNCT
cblr-8636	615	3	409	409	NUM
cblr-8636	615	4	(	(	PUNCT
cblr-8636	615	5	2020	2020	NUM
cblr-8636	615	6	)	)	PUNCT
cblr-8636	615	7	.	.	PUNCT
cblr-8636	616	1	between	between	ADP
cblr-8636	616	2	2011	2011	NUM
cblr-8636	616	3	and	and	CCONJ
cblr-8636	616	4	2016	2016	NUM
cblr-8636	616	5	,	,	PUNCT
cblr-8636	616	6	mutual	mutual	ADJ
cblr-8636	616	7	funds	fund	NOUN
cblr-8636	616	8	provided	provide	VERB
cblr-8636	616	9	an	an	DET
cblr-8636	616	10	average	average	NOUN
cblr-8636	616	11	of	of	ADP
cblr-8636	616	12	thirty	thirty	NUM
cblr-8636	616	13	-	-	PUNCT
cblr-8636	616	14	eight	eight	NUM
cblr-8636	616	15	percent	percent	NOUN
cblr-8636	616	16	(	(	PUNCT
cblr-8636	616	17	median	median	NOUN
cblr-8636	616	18	of	of	ADP
cblr-8636	616	19	thirty	thirty	NUM
cblr-8636	616	20	-	-	PUNCT
cblr-8636	616	21	two	two	NUM
cblr-8636	616	22	percent	percent	NOUN
cblr-8636	616	23	)	)	PUNCT
cblr-8636	616	24	of	of	ADP
cblr-8636	616	25	venture	venture	NOUN
cblr-8636	616	26	capital	capital	NOUN
cblr-8636	616	27	in	in	ADP
cblr-8636	616	28	the	the	DET
cblr-8636	616	29	rounds	round	NOUN
cblr-8636	616	30	in	in	ADP
cblr-8636	616	31	which	which	PRON
cblr-8636	616	32	they	they	PRON
cblr-8636	616	33	participated	participate	VERB
cblr-8636	616	34	.	.	PUNCT
cblr-8636	617	1	i	i	PRON
cblr-8636	617	2	d.	d.	PROPN
cblr-8636	617	3	at	at	ADP
cblr-8636	617	4	408	408	NUM
cblr-8636	617	5	.	.	PUNCT
cblr-8636	618	1	127	127	NUM
cblr-8636	618	2	the	the	DET
cblr-8636	618	3	illiquidity	illiquidity	NOUN
cblr-8636	618	4	of	of	ADP
cblr-8636	618	5	private	private	ADJ
cblr-8636	618	6	equity	equity	NOUN
cblr-8636	618	7	causes	cause	VERB
cblr-8636	618	8	valuation	valuation	NOUN
cblr-8636	618	9	problems	problem	NOUN
cblr-8636	618	10	when	when	SCONJ
cblr-8636	618	11	such	such	ADJ
cblr-8636	618	12	redemptions	redemption	NOUN
cblr-8636	618	13	occur	occur	VERB
cblr-8636	618	14	.	.	PUNCT
cblr-8636	619	1	the	the	DET
cblr-8636	619	2	mutual	mutual	ADJ
cblr-8636	619	3	fund	fund	NOUN
cblr-8636	619	4	may	may	AUX
cblr-8636	619	5	find	find	VERB
cblr-8636	619	6	it	it	PRON
cblr-8636	619	7	difficult	difficult	ADJ
cblr-8636	619	8	to	to	PART
cblr-8636	619	9	value	value	VERB
cblr-8636	619	10	its	its	PRON
cblr-8636	619	11	private	private	ADJ
cblr-8636	619	12	equity	equity	NOUN
cblr-8636	619	13	assets	asset	NOUN
cblr-8636	619	14	in	in	ADP
cblr-8636	619	15	order	order	NOUN
cblr-8636	619	16	to	to	PART
cblr-8636	619	17	comply	comply	VERB
cblr-8636	619	18	with	with	ADP
cblr-8636	619	19	fifteen	fifteen	NUM
cblr-8636	619	20	-	-	PUNCT
cblr-8636	619	21	percent	percent	NOUN
cblr-8636	619	22	the	the	DET
cblr-8636	619	23	holding	holding	NOUN
cblr-8636	619	24	limits	limit	NOUN
cblr-8636	619	25	in	in	ADP
cblr-8636	619	26	illiquid	illiquid	ADJ
cblr-8636	619	27	assets	asset	NOUN
cblr-8636	619	28	set	set	VERB
cblr-8636	619	29	by	by	ADP
cblr-8636	619	30	rule	rule	NOUN
cblr-8636	619	31	22e-4	22e-4	NOUN
cblr-8636	619	32	,	,	PUNCT
cblr-8636	619	33	17	17	NUM
cblr-8636	619	34	c.f.r	c.f.r	NOUN
cblr-8636	619	35	.	.	PUNCT
cblr-8636	620	1	§	§	PROPN
cblr-8636	620	2	270.22e-4(b)(1)(4	270.22e-4(b)(1)(4	NUM
cblr-8636	620	3	)	)	PUNCT
cblr-8636	620	4	,	,	PUNCT
cblr-8636	620	5	while	while	SCONJ
cblr-8636	620	6	the	the	DET
cblr-8636	620	7	redeeming	redeem	VERB
cblr-8636	620	8	investor	investor	NOUN
cblr-8636	620	9	may	may	AUX
cblr-8636	620	10	decide	decide	VERB
cblr-8636	620	11	(	(	PUNCT
cblr-8636	620	12	perhaps	perhaps	ADV
cblr-8636	620	13	with	with	ADP
cblr-8636	620	14	the	the	DET
cblr-8636	620	15	benefit	benefit	NOUN
cblr-8636	620	16	of	of	ADP
cblr-8636	620	17	hindsight	hindsight	NOUN
cblr-8636	620	18	)	)	PUNCT
cblr-8636	620	19	that	that	SCONJ
cblr-8636	620	20	the	the	DET
cblr-8636	620	21	redemption	redemption	NOUN
cblr-8636	620	22	price	price	NOUN
cblr-8636	620	23	is	be	AUX
cblr-8636	620	24	inaccurate	inaccurate	ADJ
cblr-8636	620	25	and	and	CCONJ
cblr-8636	620	26	seek	seek	VERB
cblr-8636	620	27	action	action	NOUN
cblr-8636	620	28	against	against	ADP
cblr-8636	620	29	the	the	DET
cblr-8636	620	30	mutual	mutual	ADJ
cblr-8636	620	31	fund	fund	NOUN
cblr-8636	620	32	.	.	PUNCT
cblr-8636	621	1	illiquid	illiquid	ADJ
cblr-8636	621	2	private	private	ADJ
cblr-8636	621	3	equity	equity	NOUN
cblr-8636	621	4	assets	asset	NOUN
cblr-8636	621	5	are	be	AUX
cblr-8636	621	6	valued	value	VERB
cblr-8636	621	7	infrequently	infrequently	ADV
cblr-8636	621	8	and	and	CCONJ
cblr-8636	621	9	often	often	ADV
cblr-8636	621	10	inconsistently	inconsistently	ADV
cblr-8636	621	11	,	,	PUNCT
cblr-8636	621	12	which	which	PRON
cblr-8636	621	13	make	make	VERB
cblr-8636	621	14	such	such	ADJ
cblr-8636	621	15	valuation	valuation	NOUN
cblr-8636	621	16	problems	problem	NOUN
cblr-8636	621	17	inevitable	inevitable	ADJ
cblr-8636	621	18	.	.	PUNCT
cblr-8636	622	1	see	see	VERB
cblr-8636	622	2	vikas	vikas	PROPN
cblr-8636	622	3	agarwal	agarwal	PROPN
cblr-8636	622	4	et	et	PROPN
cblr-8636	622	5	al	al	PROPN
cblr-8636	622	6	.	.	PROPN
cblr-8636	622	7	,	,	PUNCT
cblr-8636	622	8	private	private	ADJ
cblr-8636	622	9	company	company	NOUN
cblr-8636	622	10	valuations	valuation	NOUN
cblr-8636	622	11	by	by	ADP
cblr-8636	622	12	mutual	mutual	ADJ
cblr-8636	622	13	funds	fund	NOUN
cblr-8636	622	14	3–5	3–5	NUM
cblr-8636	622	15	(	(	PUNCT
cblr-8636	622	16	feb	feb	X
cblr-8636	622	17	.	.	PROPN
cblr-8636	622	18	20	20	NUM
cblr-8636	622	19	,	,	PUNCT
cblr-8636	622	20	2021	2021	NUM
cblr-8636	622	21	)	)	PUNCT
cblr-8636	622	22	(	(	PUNCT
cblr-8636	622	23	unpublished	unpublished	ADJ
cblr-8636	622	24	manuscript	manuscript	NOUN
cblr-8636	622	25	)	)	PUNCT
cblr-8636	622	26	(	(	PUNCT
cblr-8636	622	27	on	on	ADP
cblr-8636	622	28	file	file	NOUN
cblr-8636	622	29	with	with	ADP
cblr-8636	622	30	the	the	DET
cblr-8636	622	31	columbia	columbia	PROPN
cblr-8636	622	32	business	business	PROPN
cblr-8636	622	33	law	law	PROPN
cblr-8636	622	34	review	review	PROPN
cblr-8636	622	35	)	)	PUNCT
cblr-8636	622	36	,	,	PUNCT
cblr-8636	622	37	https://papers.ssrn.com/sol3/papers.cfm?abstract_id	https://papers.ssrn.com/sol3/papers.cfm?abstract_id	PROPN
cblr-8636	622	38	=	=	PROPN
cblr-8636	622	39	3066449	3066449	NUM
cblr-8636	622	40	.	.	PUNCT
cblr-8636	623	1	fox	fox	PROPN
cblr-8636	623	2	et	et	PROPN
cblr-8636	623	3	al	al	PROPN
cblr-8636	623	4	.	.	PROPN
cblr-8636	624	1	8/22/2021	8/22/2021	NUM
cblr-8636	624	2	9:05	9:05	NUM
cblr-8636	624	3	pm	pm	NOUN
cblr-8636	624	4	694	694	NUM
cblr-8636	624	5	columbia	columbia	PROPN
cblr-8636	624	6	business	business	NOUN
cblr-8636	624	7	law	law	PROPN
cblr-8636	624	8	review	review	NOUN
cblr-8636	624	9	[	[	X
cblr-8636	624	10	vol	vol	NOUN
cblr-8636	624	11	.	.	PUNCT
cblr-8636	624	12	2021	2021	NUM
cblr-8636	625	1	the	the	DET
cblr-8636	625	2	fair	fair	ADJ
cblr-8636	625	3	value	value	NOUN
cblr-8636	625	4	of	of	ADP
cblr-8636	625	5	the	the	DET
cblr-8636	625	6	investor	investor	NOUN
cblr-8636	625	7	’s	’s	PART
cblr-8636	625	8	share	share	NOUN
cblr-8636	625	9	would	would	AUX
cblr-8636	625	10	be	be	AUX
cblr-8636	625	11	a	a	DET
cblr-8636	625	12	problem	problem	NOUN
cblr-8636	625	13	,	,	PUNCT
cblr-8636	625	14	too	too	ADV
cblr-8636	625	15	.	.	PUNCT
cblr-8636	626	1	probably	probably	ADV
cblr-8636	626	2	because	because	SCONJ
cblr-8636	626	3	of	of	ADP
cblr-8636	626	4	these	these	DET
cblr-8636	626	5	concerns	concern	NOUN
cblr-8636	626	6	,	,	PUNCT
cblr-8636	626	7	mutual	mutual	ADJ
cblr-8636	626	8	funds	fund	NOUN
cblr-8636	626	9	,	,	PUNCT
cblr-8636	626	10	despite	despite	SCONJ
cblr-8636	626	11	investing	invest	VERB
cblr-8636	626	12	in	in	ADP
cblr-8636	626	13	private	private	ADJ
cblr-8636	626	14	equity	equity	NOUN
cblr-8636	626	15	more	more	ADV
cblr-8636	626	16	than	than	ADP
cblr-8636	626	17	before	before	ADV
cblr-8636	626	18	,	,	PUNCT
cblr-8636	626	19	in	in	ADP
cblr-8636	626	20	practice	practice	NOUN
cblr-8636	626	21	stay	stay	VERB
cblr-8636	626	22	far	far	ADV
cblr-8636	626	23	below	below	ADP
cblr-8636	626	24	the	the	DET
cblr-8636	626	25	fifteen	fifteen	NUM
cblr-8636	626	26	percent	percent	NOUN
cblr-8636	626	27	regulatory	regulatory	ADJ
cblr-8636	626	28	limit	limit	NOUN
cblr-8636	626	29	set	set	VERB
cblr-8636	626	30	by	by	ADP
cblr-8636	626	31	rule	rule	NOUN
cblr-8636	626	32	22e4.128	22e4.128	NUM
cblr-8636	626	33	the	the	DET
cblr-8636	626	34	alternative	alternative	NOUN
cblr-8636	626	35	,	,	PUNCT
cblr-8636	626	36	which	which	PRON
cblr-8636	626	37	avoids	avoid	VERB
cblr-8636	626	38	these	these	DET
cblr-8636	626	39	problems	problem	NOUN
cblr-8636	626	40	,	,	PUNCT
cblr-8636	626	41	is	be	AUX
cblr-8636	626	42	a	a	DET
cblr-8636	626	43	closedend	closedend	NOUN
cblr-8636	626	44	fund	fund	NOUN
cblr-8636	626	45	,	,	PUNCT
cblr-8636	626	46	where	where	SCONJ
cblr-8636	626	47	the	the	DET
cblr-8636	626	48	investor	investor	NOUN
cblr-8636	626	49	,	,	PUNCT
cblr-8636	626	50	unlike	unlike	ADP
cblr-8636	626	51	with	with	ADP
cblr-8636	626	52	the	the	DET
cblr-8636	626	53	open	open	ADJ
cblr-8636	626	54	-	-	PUNCT
cblr-8636	626	55	end	end	NOUN
cblr-8636	626	56	fund	fund	NOUN
cblr-8636	626	57	,	,	PUNCT
cblr-8636	626	58	can	can	AUX
cblr-8636	626	59	not	not	PART
cblr-8636	626	60	redeem	redeem	VERB
cblr-8636	626	61	the	the	DET
cblr-8636	626	62	share	share	NOUN
cblr-8636	626	63	with	with	ADP
cblr-8636	626	64	the	the	DET
cblr-8636	626	65	issue	issue	NOUN
cblr-8636	626	66	and	and	CCONJ
cblr-8636	626	67	can	can	AUX
cblr-8636	626	68	cash	cash	VERB
cblr-8636	626	69	out	out	ADP
cblr-8636	626	70	only	only	ADV
cblr-8636	626	71	by	by	ADP
cblr-8636	626	72	selling	sell	VERB
cblr-8636	626	73	her	her	PRON
cblr-8636	626	74	share	share	NOUN
cblr-8636	626	75	of	of	ADP
cblr-8636	626	76	the	the	DET
cblr-8636	626	77	fund	fund	NOUN
cblr-8636	626	78	in	in	ADP
cblr-8636	626	79	the	the	DET
cblr-8636	626	80	secondary	secondary	ADJ
cblr-8636	626	81	trading	trading	NOUN
cblr-8636	626	82	market	market	NOUN
cblr-8636	626	83	.	.	PUNCT
cblr-8636	627	1	this	this	DET
cblr-8636	627	2	arrangement	arrangement	NOUN
cblr-8636	627	3	,	,	PUNCT
cblr-8636	627	4	though	though	ADV
cblr-8636	627	5	,	,	PUNCT
cblr-8636	627	6	creates	create	VERB
cblr-8636	627	7	its	its	PRON
cblr-8636	627	8	own	own	ADJ
cblr-8636	627	9	risks	risk	NOUN
cblr-8636	627	10	because	because	SCONJ
cblr-8636	627	11	the	the	DET
cblr-8636	627	12	pricing	pricing	NOUN
cblr-8636	627	13	of	of	ADP
cblr-8636	627	14	the	the	DET
cblr-8636	627	15	closed	close	VERB
cblr-8636	627	16	-	-	PUNCT
cblr-8636	627	17	end	end	NOUN
cblr-8636	627	18	shares	share	NOUN
cblr-8636	627	19	in	in	ADP
cblr-8636	627	20	the	the	DET
cblr-8636	627	21	secondary	secondary	ADJ
cblr-8636	627	22	market	market	NOUN
cblr-8636	627	23	is	be	AUX
cblr-8636	627	24	likely	likely	ADJ
cblr-8636	627	25	to	to	PART
cblr-8636	627	26	be	be	AUX
cblr-8636	627	27	based	base	VERB
cblr-8636	627	28	on	on	ADP
cblr-8636	627	29	far	far	ADV
cblr-8636	627	30	less	less	ADJ
cblr-8636	627	31	information	information	NOUN
cblr-8636	627	32	concerning	concern	VERB
cblr-8636	627	33	the	the	DET
cblr-8636	627	34	underlying	underlie	VERB
cblr-8636	627	35	operating	operate	VERB
cblr-8636	627	36	private	private	ADJ
cblr-8636	627	37	firm	firm	NOUN
cblr-8636	627	38	investments	investment	NOUN
cblr-8636	627	39	than	than	SCONJ
cblr-8636	627	40	is	be	AUX
cblr-8636	627	41	the	the	DET
cblr-8636	627	42	case	case	NOUN
cblr-8636	627	43	with	with	ADP
cblr-8636	627	44	the	the	DET
cblr-8636	627	45	pricing	pricing	NOUN
cblr-8636	627	46	of	of	ADP
cblr-8636	627	47	shares	share	NOUN
cblr-8636	627	48	of	of	ADP
cblr-8636	627	49	a	a	DET
cblr-8636	627	50	publicly	publicly	ADV
cblr-8636	627	51	traded	trade	VERB
cblr-8636	627	52	operating	operating	NOUN
cblr-8636	627	53	firm	firm	NOUN
cblr-8636	627	54	.	.	PUNCT
cblr-8636	628	1	the	the	DET
cblr-8636	628	2	investor	investor	NOUN
cblr-8636	628	3	would	would	AUX
cblr-8636	628	4	thus	thus	ADV
cblr-8636	628	5	need	need	VERB
cblr-8636	628	6	to	to	PART
cblr-8636	628	7	rely	rely	VERB
cblr-8636	628	8	on	on	ADP
cblr-8636	628	9	what	what	PRON
cblr-8636	628	10	she	she	PRON
cblr-8636	628	11	can	can	AUX
cblr-8636	628	12	ascertain	ascertain	VERB
cblr-8636	628	13	about	about	ADP
cblr-8636	628	14	the	the	DET
cblr-8636	628	15	skills	skill	NOUN
cblr-8636	628	16	and	and	CCONJ
cblr-8636	628	17	integrity	integrity	NOUN
cblr-8636	628	18	of	of	ADP
cblr-8636	628	19	the	the	DET
cblr-8636	628	20	closed	close	VERB
cblr-8636	628	21	-	-	PUNCT
cblr-8636	628	22	end	end	NOUN
cblr-8636	628	23	fund	fund	NOUN
cblr-8636	628	24	’s	’s	PART
cblr-8636	628	25	managers	manager	NOUN
cblr-8636	628	26	,	,	PUNCT
cblr-8636	628	27	and	and	CCONJ
cblr-8636	628	28	would	would	AUX
cblr-8636	628	29	have	have	VERB
cblr-8636	628	30	no	no	DET
cblr-8636	628	31	power	power	NOUN
cblr-8636	628	32	,	,	PUNCT
cblr-8636	628	33	based	base	VERB
cblr-8636	628	34	on	on	ADP
cblr-8636	628	35	results	result	NOUN
cblr-8636	628	36	,	,	PUNCT
cblr-8636	628	37	to	to	PART
cblr-8636	628	38	discipline	discipline	VERB
cblr-8636	628	39	the	the	DET
cblr-8636	628	40	managers	manager	NOUN
cblr-8636	628	41	by	by	ADP
cblr-8636	628	42	withdrawing	withdraw	VERB
cblr-8636	628	43	from	from	ADP
cblr-8636	628	44	the	the	DET
cblr-8636	628	45	fund	fund	NOUN
cblr-8636	628	46	as	as	SCONJ
cblr-8636	628	47	she	she	PRON
cblr-8636	628	48	could	could	AUX
cblr-8636	628	49	do	do	VERB
cblr-8636	628	50	in	in	ADP
cblr-8636	628	51	the	the	DET
cblr-8636	628	52	case	case	NOUN
cblr-8636	628	53	of	of	ADP
cblr-8636	628	54	an	an	DET
cblr-8636	628	55	open	open	ADJ
cblr-8636	628	56	-	-	PUNCT
cblr-8636	628	57	end	end	NOUN
cblr-8636	628	58	fund	fund	NOUN
cblr-8636	628	59	.	.	PUNCT
cblr-8636	629	1	one	one	NUM
cblr-8636	629	2	question	question	NOUN
cblr-8636	629	3	for	for	ADP
cblr-8636	629	4	the	the	DET
cblr-8636	629	5	closed	close	VERB
cblr-8636	629	6	-	-	PUNCT
cblr-8636	629	7	end	end	NOUN
cblr-8636	629	8	approach	approach	NOUN
cblr-8636	629	9	would	would	AUX
cblr-8636	629	10	be	be	AUX
cblr-8636	629	11	whether	whether	SCONJ
cblr-8636	629	12	a	a	DET
cblr-8636	629	13	dlt	dlt	PROPN
cblr-8636	629	14	-	-	PUNCT
cblr-8636	629	15	based	base	VERB
cblr-8636	629	16	system	system	NOUN
cblr-8636	629	17	could	could	AUX
cblr-8636	629	18	somehow	somehow	ADV
cblr-8636	629	19	make	make	VERB
cblr-8636	629	20	more	more	ADJ
cblr-8636	629	21	information	information	NOUN
cblr-8636	629	22	available	available	ADJ
cblr-8636	629	23	to	to	ADP
cblr-8636	629	24	the	the	DET
cblr-8636	629	25	market	market	NOUN
cblr-8636	629	26	about	about	ADP
cblr-8636	629	27	a	a	DET
cblr-8636	629	28	fund	fund	NOUN
cblr-8636	629	29	’s	’s	PART
cblr-8636	629	30	underlying	underlie	VERB
cblr-8636	629	31	private	private	ADJ
cblr-8636	629	32	operating	operating	NOUN
cblr-8636	629	33	firm	firm	NOUN
cblr-8636	629	34	investments	investment	NOUN
cblr-8636	629	35	so	so	SCONJ
cblr-8636	629	36	that	that	SCONJ
cblr-8636	629	37	secondary	secondary	ADJ
cblr-8636	629	38	market	market	NOUN
cblr-8636	629	39	pricing	pricing	NOUN
cblr-8636	629	40	would	would	AUX
cblr-8636	629	41	be	be	AUX
cblr-8636	629	42	more	more	ADV
cblr-8636	629	43	reliable	reliable	ADJ
cblr-8636	629	44	.	.	PUNCT
cblr-8636	630	1	expanding	expand	VERB
cblr-8636	630	2	the	the	DET
cblr-8636	630	3	definition	definition	NOUN
cblr-8636	630	4	of	of	ADP
cblr-8636	630	5	an	an	DET
cblr-8636	630	6	accredited	accredit	VERB
cblr-8636	630	7	investor	investor	NOUN
cblr-8636	630	8	is	be	AUX
cblr-8636	630	9	another	another	DET
cblr-8636	630	10	potential	potential	ADJ
cblr-8636	630	11	way	way	NOUN
cblr-8636	630	12	to	to	PART
cblr-8636	630	13	open	open	VERB
cblr-8636	630	14	private	private	ADJ
cblr-8636	630	15	markets	market	NOUN
cblr-8636	630	16	to	to	ADP
cblr-8636	630	17	more	more	ADJ
cblr-8636	630	18	investors	investor	NOUN
cblr-8636	630	19	.	.	PUNCT
cblr-8636	631	1	some	some	DET
cblr-8636	631	2	interviewees	interviewee	NOUN
cblr-8636	631	3	suggested	suggest	VERB
cblr-8636	631	4	redefining	redefine	VERB
cblr-8636	631	5	the	the	DET
cblr-8636	631	6	term	term	NOUN
cblr-8636	631	7	to	to	PART
cblr-8636	631	8	include	include	VERB
cblr-8636	631	9	persons	person	NOUN
cblr-8636	631	10	who	who	PRON
cblr-8636	631	11	establish	establish	VERB
cblr-8636	631	12	a	a	DET
cblr-8636	631	13	certain	certain	ADJ
cblr-8636	631	14	level	level	NOUN
cblr-8636	631	15	of	of	ADP
cblr-8636	631	16	investment	investment	NOUN
cblr-8636	631	17	sophistication	sophistication	NOUN
cblr-8636	631	18	but	but	CCONJ
cblr-8636	631	19	do	do	AUX
cblr-8636	631	20	not	not	PART
cblr-8636	631	21	meet	meet	VERB
cblr-8636	631	22	the	the	DET
cblr-8636	631	23	current	current	ADJ
cblr-8636	631	24	income	income	NOUN
cblr-8636	631	25	or	or	CCONJ
cblr-8636	631	26	net	net	ADJ
cblr-8636	631	27	worth	worth	ADJ
cblr-8636	631	28	standards.129	standards.129	PROPN
cblr-8636	631	29	however	however	ADV
cblr-8636	631	30	,	,	PUNCT
cblr-8636	631	31	one	one	NUM
cblr-8636	631	32	former	former	ADJ
cblr-8636	631	33	regulator	regulator	NOUN
cblr-8636	631	34	proposed	propose	VERB
cblr-8636	631	35	going	go	VERB
cblr-8636	631	36	128	128	NUM
cblr-8636	631	37	17	17	NUM
cblr-8636	631	38	c.f.r	c.f.r	NOUN
cblr-8636	631	39	.	.	PUNCT
cblr-8636	632	1	§	§	PROPN
cblr-8636	632	2	270.22e-4(b)(1)(4	270.22e-4(b)(1)(4	NUM
cblr-8636	632	3	)	)	PUNCT
cblr-8636	632	4	.	.	PUNCT
cblr-8636	633	1	the	the	DET
cblr-8636	633	2	median	median	PROPN
cblr-8636	633	3	mutual	mutual	ADJ
cblr-8636	633	4	fund	fund	NOUN
cblr-8636	633	5	invests	invest	NOUN
cblr-8636	633	6	only	only	ADV
cblr-8636	633	7	0.71	0.71	NUM
cblr-8636	633	8	%	%	NOUN
cblr-8636	633	9	of	of	ADP
cblr-8636	633	10	assets	asset	NOUN
cblr-8636	633	11	in	in	ADP
cblr-8636	633	12	private	private	ADJ
cblr-8636	633	13	equity	equity	NOUN
cblr-8636	633	14	.	.	PUNCT
cblr-8636	634	1	see	see	VERB
cblr-8636	634	2	katie	katie	PROPN
cblr-8636	634	3	rushkewicz	rushkewicz	PROPN
cblr-8636	634	4	reichart	reichart	PROPN
cblr-8636	634	5	,	,	PUNCT
cblr-8636	634	6	unicorn	unicorn	ADJ
cblr-8636	634	7	hunting	hunting	NOUN
cblr-8636	634	8	:	:	PUNCT
cblr-8636	634	9	large	large	ADJ
cblr-8636	634	10	-	-	PUNCT
cblr-8636	634	11	cap	cap	NOUN
cblr-8636	634	12	funds	fund	NOUN
cblr-8636	634	13	that	that	PRON
cblr-8636	634	14	dabble	dabble	VERB
cblr-8636	634	15	in	in	ADP
cblr-8636	634	16	private	private	ADJ
cblr-8636	634	17	companies	company	NOUN
cblr-8636	634	18	,	,	PUNCT
cblr-8636	634	19	morningstar	morningstar	PROPN
cblr-8636	634	20	(	(	PUNCT
cblr-8636	634	21	june	june	PROPN
cblr-8636	634	22	3	3	NUM
cblr-8636	634	23	,	,	PUNCT
cblr-8636	634	24	2018	2018	NUM
cblr-8636	634	25	)	)	PUNCT
cblr-8636	634	26	(	(	PUNCT
cblr-8636	634	27	on	on	ADP
cblr-8636	634	28	file	file	NOUN
cblr-8636	634	29	with	with	ADP
cblr-8636	634	30	the	the	DET
cblr-8636	634	31	columbia	columbia	PROPN
cblr-8636	634	32	business	business	PROPN
cblr-8636	634	33	law	law	PROPN
cblr-8636	634	34	review	review	PROPN
cblr-8636	634	35	)	)	PUNCT
cblr-8636	634	36	,	,	PUNCT
cblr-8636	634	37	https://www.morningstar.com/articles/867995/unicorn-huntinglarge-cap-funds-that-dabble-in-private-companies	https://www.morningstar.com/articles/867995/unicorn-huntinglarge-cap-funds-that-dabble-in-private-companie	NOUN
cblr-8636	634	38	.	.	PUNCT
cblr-8636	635	1	129	129	NUM
cblr-8636	635	2	see	see	VERB
cblr-8636	635	3	,	,	PUNCT
cblr-8636	635	4	e.g.	e.g.	ADV
cblr-8636	635	5	,	,	PUNCT
cblr-8636	635	6	press	press	NOUN
cblr-8636	635	7	release	release	NOUN
cblr-8636	635	8	,	,	PUNCT
cblr-8636	635	9	u.s	u.s	PROPN
cblr-8636	635	10	.	.	PROPN
cblr-8636	635	11	sec	sec	PROPN
cblr-8636	635	12	.	.	PROPN
cblr-8636	635	13	&	&	CCONJ
cblr-8636	635	14	exch	exch	PROPN
cblr-8636	635	15	.	.	PUNCT
cblr-8636	636	1	comm’n	comm’n	PROPN
cblr-8636	636	2	,	,	PUNCT
cblr-8636	636	3	sec	sec	PROPN
cblr-8636	636	4	modernizes	modernize	VERB
cblr-8636	636	5	the	the	DET
cblr-8636	636	6	accredited	accredited	ADJ
cblr-8636	636	7	investor	investor	NOUN
cblr-8636	636	8	definition	definition	NOUN
cblr-8636	636	9	(	(	PUNCT
cblr-8636	636	10	aug	aug	PROPN
cblr-8636	636	11	.	.	PROPN
cblr-8636	636	12	26	26	NUM
cblr-8636	636	13	,	,	PUNCT
cblr-8636	636	14	2020	2020	NUM
cblr-8636	636	15	)	)	PUNCT
cblr-8636	636	16	,	,	PUNCT
cblr-8636	636	17	fox	fox	PROPN
cblr-8636	636	18	et	et	PROPN
cblr-8636	636	19	al	al	PROPN
cblr-8636	636	20	.	.	PROPN
cblr-8636	636	21	8/22/2021	8/22/2021	NUM
cblr-8636	636	22	9:05	9:05	NUM
cblr-8636	636	23	pm	pm	NOUN
cblr-8636	636	24	no	no	INTJ
cblr-8636	636	25	.	.	PUNCT
cblr-8636	637	1	2:651	2:651	NUM
cblr-8636	637	2	]	]	X
cblr-8636	637	3	a	a	DET
cblr-8636	637	4	stakeholder	stakeholder	NOUN
cblr-8636	637	5	survey	survey	VERB
cblr-8636	637	6	695	695	NUM
cblr-8636	637	7	further	far	ADV
cblr-8636	637	8	and	and	CCONJ
cblr-8636	637	9	opening	open	VERB
cblr-8636	637	10	private	private	ADJ
cblr-8636	637	11	markets	market	NOUN
cblr-8636	637	12	to	to	ADP
cblr-8636	637	13	any	any	DET
cblr-8636	637	14	investor	investor	NOUN
cblr-8636	637	15	who	who	PRON
cblr-8636	637	16	used	use	VERB
cblr-8636	637	17	a	a	DET
cblr-8636	637	18	broker	broker	NOUN
cblr-8636	637	19	,	,	PUNCT
cblr-8636	637	20	under	under	ADP
cblr-8636	637	21	the	the	DET
cblr-8636	637	22	theory	theory	NOUN
cblr-8636	637	23	that	that	SCONJ
cblr-8636	637	24	the	the	DET
cblr-8636	637	25	broker	broker	NOUN
cblr-8636	637	26	would	would	AUX
cblr-8636	637	27	understand	understand	VERB
cblr-8636	637	28	the	the	DET
cblr-8636	637	29	risks	risk	NOUN
cblr-8636	637	30	involved	involve	VERB
cblr-8636	637	31	and	and	CCONJ
cblr-8636	637	32	would	would	AUX
cblr-8636	637	33	be	be	AUX
cblr-8636	637	34	bound	bind	VERB
cblr-8636	637	35	by	by	ADP
cblr-8636	637	36	regulation	regulation	NOUN
cblr-8636	637	37	best	good	ADJ
cblr-8636	637	38	interest	interest	NOUN
cblr-8636	637	39	to	to	PART
cblr-8636	637	40	communicate	communicate	VERB
cblr-8636	637	41	this	this	PRON
cblr-8636	637	42	to	to	ADP
cblr-8636	637	43	the	the	DET
cblr-8636	637	44	investor.130	investor.130	NOUN
cblr-8636	637	45	this	this	DET
cblr-8636	637	46	discussion	discussion	NOUN
cblr-8636	637	47	ties	tie	NOUN
cblr-8636	637	48	into	into	ADP
cblr-8636	637	49	a	a	DET
cblr-8636	637	50	few	few	ADJ
cblr-8636	637	51	broader	broad	ADJ
cblr-8636	637	52	debates	debate	NOUN
cblr-8636	637	53	about	about	ADP
cblr-8636	637	54	the	the	DET
cblr-8636	637	55	economy	economy	NOUN
cblr-8636	637	56	.	.	PUNCT
cblr-8636	638	1	market	market	NOUN
cblr-8636	638	2	index	index	NOUN
cblr-8636	638	3	funds	fund	NOUN
cblr-8636	638	4	and	and	CCONJ
cblr-8636	638	5	robo	robo	NOUN
cblr-8636	638	6	-	-	PUNCT
cblr-8636	638	7	advisers	adviser	NOUN
cblr-8636	638	8	may	may	AUX
cblr-8636	638	9	,	,	PUNCT
cblr-8636	638	10	at	at	ADP
cblr-8636	638	11	affordable	affordable	ADJ
cblr-8636	638	12	cost	cost	NOUN
cblr-8636	638	13	,	,	PUNCT
cblr-8636	638	14	increase	increase	VERB
cblr-8636	638	15	the	the	DET
cblr-8636	638	16	range	range	NOUN
cblr-8636	638	17	of	of	ADP
cblr-8636	638	18	equities	equity	NOUN
cblr-8636	638	19	in	in	ADP
cblr-8636	638	20	which	which	PRON
cblr-8636	638	21	the	the	DET
cblr-8636	638	22	savings	saving	NOUN
cblr-8636	638	23	of	of	ADP
cblr-8636	638	24	ordinary	ordinary	ADJ
cblr-8636	638	25	investors	investor	NOUN
cblr-8636	638	26	can	can	AUX
cblr-8636	638	27	be	be	AUX
cblr-8636	638	28	intelligently	intelligently	ADV
cblr-8636	638	29	invested	invest	VERB
cblr-8636	638	30	and	and	CCONJ
cblr-8636	638	31	provide	provide	VERB
cblr-8636	638	32	vehicles	vehicle	NOUN
cblr-8636	638	33	for	for	ADP
cblr-8636	638	34	diversifying	diversify	VERB
cblr-8636	638	35	risk	risk	NOUN
cblr-8636	638	36	,	,	PUNCT
cblr-8636	638	37	thus	thus	ADV
cblr-8636	638	38	justifying	justify	VERB
cblr-8636	638	39	retail	retail	ADJ
cblr-8636	638	40	investor	investor	NOUN
cblr-8636	638	41	money	money	NOUN
cblr-8636	638	42	directly	directly	ADV
cblr-8636	638	43	or	or	CCONJ
cblr-8636	638	44	indirectly	indirectly	ADV
cblr-8636	638	45	going	go	VERB
cblr-8636	638	46	to	to	ADP
cblr-8636	638	47	a	a	DET
cblr-8636	638	48	broader	broad	ADJ
cblr-8636	638	49	range	range	NOUN
cblr-8636	638	50	of	of	ADP
cblr-8636	638	51	companies	company	NOUN
cblr-8636	638	52	than	than	SCONJ
cblr-8636	638	53	are	be	AUX
cblr-8636	638	54	currently	currently	ADV
cblr-8636	638	55	public.131	public.131	VERB
cblr-8636	638	56	yet	yet	ADV
cblr-8636	638	57	,	,	PUNCT
cblr-8636	638	58	whether	whether	SCONJ
cblr-8636	638	59	these	these	DET
cblr-8636	638	60	new	new	ADJ
cblr-8636	638	61	features	feature	NOUN
cblr-8636	638	62	of	of	ADP
cblr-8636	638	63	the	the	DET
cblr-8636	638	64	market	market	NOUN
cblr-8636	638	65	are	be	AUX
cblr-8636	638	66	really	really	ADV
cblr-8636	638	67	helping	help	VERB
cblr-8636	638	68	ordinary	ordinary	ADJ
cblr-8636	638	69	investors	investor	NOUN
cblr-8636	638	70	is	be	AUX
cblr-8636	638	71	an	an	DET
cblr-8636	638	72	open	open	ADJ
cblr-8636	638	73	question	question	NOUN
cblr-8636	638	74	.	.	PUNCT
cblr-8636	639	1	in	in	ADP
cblr-8636	639	2	particular	particular	ADJ
cblr-8636	639	3	,	,	PUNCT
cblr-8636	639	4	even	even	ADV
cblr-8636	639	5	if	if	SCONJ
cblr-8636	639	6	they	they	PRON
cblr-8636	639	7	appear	appear	VERB
cblr-8636	639	8	to	to	PART
cblr-8636	639	9	work	work	VERB
cblr-8636	639	10	under	under	ADP
cblr-8636	639	11	normal	normal	ADJ
cblr-8636	639	12	circumstances	circumstance	NOUN
cblr-8636	639	13	,	,	PUNCT
cblr-8636	639	14	are	be	AUX
cblr-8636	639	15	they	they	PRON
cblr-8636	639	16	prone	prone	ADJ
cblr-8636	639	17	to	to	ADP
cblr-8636	639	18	failure	failure	NOUN
cblr-8636	639	19	in	in	ADP
cblr-8636	639	20	extreme	extreme	ADJ
cblr-8636	639	21	circumstances	circumstance	NOUN
cblr-8636	639	22	,	,	PUNCT
cblr-8636	639	23	thereby	thereby	ADV
cblr-8636	639	24	introducing	introduce	VERB
cblr-8636	639	25	systemic	systemic	ADJ
cblr-8636	639	26	risk	risk	NOUN
cblr-8636	639	27	into	into	ADP
cblr-8636	639	28	the	the	DET
cblr-8636	639	29	economy	economy	NOUN
cblr-8636	639	30	and	and	CCONJ
cblr-8636	639	31	imposing	impose	VERB
cblr-8636	639	32	losses	loss	NOUN
cblr-8636	639	33	at	at	ADP
cblr-8636	639	34	the	the	DET
cblr-8636	639	35	worst	bad	ADJ
cblr-8636	639	36	time	time	NOUN
cblr-8636	639	37	on	on	ADP
cblr-8636	639	38	those	those	PRON
cblr-8636	639	39	least	least	ADJ
cblr-8636	639	40	able	able	ADJ
cblr-8636	639	41	to	to	PART
cblr-8636	639	42	afford	afford	VERB
cblr-8636	639	43	them	they	PRON
cblr-8636	639	44	?	?	PUNCT
cblr-8636	640	1	one	one	NUM
cblr-8636	640	2	member	member	NOUN
cblr-8636	640	3	of	of	ADP
cblr-8636	640	4	the	the	DET
cblr-8636	640	5	broker	broker	NOUN
cblr-8636	640	6	-	-	PUNCT
cblr-8636	640	7	dealer	dealer	NOUN
cblr-8636	640	8	community	community	NOUN
cblr-8636	640	9	in	in	ADP
cblr-8636	640	10	particular	particular	ADJ
cblr-8636	640	11	worried	worried	ADJ
cblr-8636	640	12	that	that	SCONJ
cblr-8636	640	13	exchange	exchange	NOUN
cblr-8636	640	14	-	-	PUNCT
cblr-8636	640	15	traded	trade	VERB
cblr-8636	640	16	funds	fund	NOUN
cblr-8636	640	17	(	(	PUNCT
cblr-8636	640	18	etfs	etfs	NOUN
cblr-8636	640	19	)	)	PUNCT
cblr-8636	640	20	would	would	AUX
cblr-8636	640	21	expose	expose	VERB
cblr-8636	640	22	retail	retail	ADJ
cblr-8636	640	23	investors	investor	NOUN
cblr-8636	640	24	to	to	ADP
cblr-8636	640	25	volatility	volatility	NOUN
cblr-8636	640	26	in	in	ADP
cblr-8636	640	27	times	time	NOUN
cblr-8636	640	28	of	of	ADP
cblr-8636	640	29	stress	stress	NOUN
cblr-8636	640	30	,	,	PUNCT
cblr-8636	640	31	as	as	SCONJ
cblr-8636	640	32	they	they	PRON
cblr-8636	640	33	would	would	AUX
cblr-8636	640	34	all	all	ADV
cblr-8636	640	35	move	move	VERB
cblr-8636	640	36	together	together	ADV
cblr-8636	640	37	and	and	CCONJ
cblr-8636	640	38	investors	investor	NOUN
cblr-8636	640	39	would	would	AUX
cblr-8636	640	40	seek	seek	VERB
cblr-8636	640	41	to	to	PART
cblr-8636	640	42	exit	exit	VERB
cblr-8636	640	43	simultaneously	simultaneously	ADV
cblr-8636	640	44	.	.	PUNCT
cblr-8636	641	1	in	in	ADP
cblr-8636	641	2	sum	sum	NOUN
cblr-8636	641	3	,	,	PUNCT
cblr-8636	641	4	little	little	ADJ
cblr-8636	641	5	agreement	agreement	NOUN
cblr-8636	641	6	exists	exist	VERB
cblr-8636	641	7	as	as	ADP
cblr-8636	641	8	to	to	ADP
cblr-8636	641	9	the	the	DET
cblr-8636	641	10	ideal	ideal	ADJ
cblr-8636	641	11	amount	amount	NOUN
cblr-8636	641	12	of	of	ADP
cblr-8636	641	13	access	access	NOUN
cblr-8636	641	14	that	that	SCONJ
cblr-8636	641	15	retail	retail	ADJ
cblr-8636	641	16	investors	investor	NOUN
cblr-8636	641	17	should	should	AUX
cblr-8636	641	18	safely	safely	ADV
cblr-8636	641	19	have	have	VERB
cblr-8636	641	20	to	to	ADP
cblr-8636	641	21	equities	equity	NOUN
cblr-8636	641	22	markets	market	NOUN
cblr-8636	641	23	—	—	PUNCT
cblr-8636	641	24	private	private	ADJ
cblr-8636	641	25	or	or	CCONJ
cblr-8636	641	26	public	public	ADJ
cblr-8636	641	27	.	.	PUNCT
cblr-8636	642	1	while	while	SCONJ
cblr-8636	642	2	it	it	PRON
cblr-8636	642	3	is	be	AUX
cblr-8636	642	4	conceivable	conceivable	ADJ
cblr-8636	642	5	that	that	SCONJ
cblr-8636	642	6	their	their	PRON
cblr-8636	642	7	lack	lack	NOUN
cblr-8636	642	8	of	of	ADP
cblr-8636	642	9	access	access	NOUN
cblr-8636	642	10	to	to	ADP
cblr-8636	642	11	private	private	ADJ
cblr-8636	642	12	markets	market	NOUN
cblr-8636	642	13	systematically	systematically	ADV
cblr-8636	642	14	excludes	exclude	VERB
cblr-8636	642	15	them	they	PRON
cblr-8636	642	16	from	from	ADP
cblr-8636	642	17	lucrative	lucrative	ADJ
cblr-8636	642	18	investments	investment	NOUN
cblr-8636	642	19	,	,	PUNCT
cblr-8636	642	20	this	this	PRON
cblr-8636	642	21	is	be	AUX
cblr-8636	642	22	far	far	ADV
cblr-8636	642	23	from	from	ADP
cblr-8636	642	24	clear	clear	ADJ
cblr-8636	642	25	.	.	PUNCT
cblr-8636	643	1	many	many	ADJ
cblr-8636	643	2	regulators	regulator	NOUN
cblr-8636	643	3	and	and	CCONJ
cblr-8636	643	4	market	market	NOUN
cblr-8636	643	5	participants	participant	NOUN
cblr-8636	643	6	questioned	question	VERB
cblr-8636	643	7	the	the	DET
cblr-8636	643	8	feasibility	feasibility	NOUN
cblr-8636	643	9	of	of	ADP
cblr-8636	643	10	providing	provide	VERB
cblr-8636	643	11	ordinary	ordinary	ADJ
cblr-8636	643	12	investors	investor	NOUN
cblr-8636	643	13	with	with	ADP
cblr-8636	643	14	access	access	NOUN
cblr-8636	643	15	to	to	ADP
cblr-8636	643	16	private	private	ADJ
cblr-8636	643	17	markets	market	NOUN
cblr-8636	643	18	https://www.sec.gov/news/press-release/2020-191	https://www.sec.gov/news/press-release/2020-191	VERB
cblr-8636	644	1	[	[	X
cblr-8636	644	2	https://perma.cc/87nqk3fj	https://perma.cc/87nqk3fj	X
cblr-8636	644	3	]	]	X
cblr-8636	644	4	(	(	PUNCT
cblr-8636	644	5	using	use	VERB
cblr-8636	644	6	professional	professional	ADJ
cblr-8636	644	7	certification	certification	NOUN
cblr-8636	644	8	as	as	ADP
cblr-8636	644	9	a	a	DET
cblr-8636	644	10	proxy	proxy	NOUN
cblr-8636	644	11	for	for	ADP
cblr-8636	644	12	sophistication	sophistication	NOUN
cblr-8636	644	13	)	)	PUNCT
cblr-8636	644	14	.	.	PUNCT
cblr-8636	645	1	the	the	DET
cblr-8636	645	2	sec	sec	PROPN
cblr-8636	645	3	has	have	AUX
cblr-8636	645	4	noted	note	VERB
cblr-8636	645	5	that	that	SCONJ
cblr-8636	645	6	only	only	ADV
cblr-8636	645	7	thirteen	thirteen	NUM
cblr-8636	645	8	percent	percent	NOUN
cblr-8636	645	9	of	of	ADP
cblr-8636	645	10	u.s	u.s	PROPN
cblr-8636	645	11	.	.	PROPN
cblr-8636	645	12	households	household	NOUN
cblr-8636	645	13	meet	meet	VERB
cblr-8636	645	14	the	the	DET
cblr-8636	645	15	criteria	criterion	NOUN
cblr-8636	645	16	to	to	PART
cblr-8636	645	17	be	be	AUX
cblr-8636	645	18	accredited	accredit	VERB
cblr-8636	645	19	investors	investor	NOUN
cblr-8636	645	20	.	.	PUNCT
cblr-8636	646	1	see	see	VERB
cblr-8636	646	2	amending	amend	VERB
cblr-8636	646	3	the	the	DET
cblr-8636	646	4	“	"	PUNCT
cblr-8636	646	5	accredited	accredited	ADJ
cblr-8636	646	6	investor	investor	NOUN
cblr-8636	646	7	”	"	PUNCT
cblr-8636	646	8	definition	definition	NOUN
cblr-8636	646	9	,	,	PUNCT
cblr-8636	646	10	85	85	NUM
cblr-8636	646	11	fed	feed	VERB
cblr-8636	646	12	.	.	PUNCT
cblr-8636	647	1	reg	reg	NOUN
cblr-8636	647	2	.	.	PUNCT
cblr-8636	648	1	2,574	2,574	NUM
cblr-8636	648	2	,	,	PUNCT
cblr-8636	648	3	2,600	2,600	NUM
cblr-8636	648	4	(	(	PUNCT
cblr-8636	648	5	proposed	propose	VERB
cblr-8636	648	6	jan	jan	PROPN
cblr-8636	648	7	.	.	PROPN
cblr-8636	648	8	15	15	NUM
cblr-8636	648	9	,	,	PUNCT
cblr-8636	648	10	2020	2020	NUM
cblr-8636	648	11	)	)	PUNCT
cblr-8636	648	12	(	(	PUNCT
cblr-8636	648	13	codified	codify	VERB
cblr-8636	648	14	at	at	ADP
cblr-8636	648	15	17	17	NUM
cblr-8636	648	16	c.f.r	c.f.r	NOUN
cblr-8636	648	17	.	.	PUNCT
cblr-8636	649	1	pts	pts	PROPN
cblr-8636	649	2	.	.	PROPN
cblr-8636	649	3	230	230	NUM
cblr-8636	649	4	,	,	PUNCT
cblr-8636	649	5	240	240	NUM
cblr-8636	649	6	)	)	PUNCT
cblr-8636	649	7	.	.	PUNCT
cblr-8636	650	1	according	accord	VERB
cblr-8636	650	2	to	to	ADP
cblr-8636	650	3	a	a	DET
cblr-8636	650	4	dera	dera	NOUN
cblr-8636	650	5	white	white	PROPN
cblr-8636	650	6	paper	paper	PROPN
cblr-8636	650	7	,	,	PUNCT
cblr-8636	650	8	only	only	ADV
cblr-8636	650	9	nine	nine	NUM
cblr-8636	650	10	percent	percent	NOUN
cblr-8636	650	11	of	of	ADP
cblr-8636	650	12	regulation	regulation	NOUN
cblr-8636	650	13	d	d	NOUN
cblr-8636	650	14	offerings	offering	NOUN
cblr-8636	650	15	between	between	ADP
cblr-8636	650	16	2009	2009	NUM
cblr-8636	650	17	and	and	CCONJ
cblr-8636	650	18	2017	2017	NUM
cblr-8636	650	19	included	include	VERB
cblr-8636	650	20	non	non	ADJ
cblr-8636	650	21	-	-	ADJ
cblr-8636	650	22	accredited	accredited	ADJ
cblr-8636	650	23	investors	investor	NOUN
cblr-8636	650	24	.	.	PUNCT
cblr-8636	651	1	baugess	baugess	NOUN
cblr-8636	651	2	et	et	PROPN
cblr-8636	651	3	al	al	PROPN
cblr-8636	651	4	.	.	PROPN
cblr-8636	651	5	,	,	PUNCT
cblr-8636	651	6	supra	supra	PROPN
cblr-8636	651	7	note	note	VERB
cblr-8636	651	8	122	122	NUM
cblr-8636	651	9	,	,	PUNCT
cblr-8636	651	10	at	at	ADP
cblr-8636	651	11	34	34	NUM
cblr-8636	651	12	.	.	NOUN
cblr-8636	651	13	130	130	NUM
cblr-8636	651	14	see	see	VERB
cblr-8636	651	15	17	17	NUM
cblr-8636	651	16	c.f.r	c.f.r	NOUN
cblr-8636	651	17	.	.	PUNCT
cblr-8636	652	1	§	§	PROPN
cblr-8636	652	2	240.15l-1(a	240.15l-1(a	NUM
cblr-8636	652	3	)	)	PUNCT
cblr-8636	652	4	.	.	PUNCT
cblr-8636	653	1	131	131	NUM
cblr-8636	653	2	on	on	ADP
cblr-8636	653	3	robo	robo	NOUN
cblr-8636	653	4	-	-	PUNCT
cblr-8636	653	5	advising	advise	VERB
cblr-8636	653	6	,	,	PUNCT
cblr-8636	653	7	see	see	VERB
cblr-8636	653	8	infra	infra	NOUN
cblr-8636	653	9	section	section	NOUN
cblr-8636	653	10	viii.b	viii.b	PROPN
cblr-8636	653	11	.	.	PUNCT
cblr-8636	654	1	fox	fox	PROPN
cblr-8636	654	2	et	et	PROPN
cblr-8636	654	3	al	al	PROPN
cblr-8636	654	4	.	.	PROPN
cblr-8636	655	1	8/22/2021	8/22/2021	NUM
cblr-8636	655	2	9:05	9:05	NUM
cblr-8636	655	3	pm	pm	NOUN
cblr-8636	655	4	696	696	NUM
cblr-8636	655	5	columbia	columbia	PROPN
cblr-8636	655	6	business	business	NOUN
cblr-8636	655	7	law	law	NOUN
cblr-8636	655	8	review	review	NOUN
cblr-8636	655	9	[	[	X
cblr-8636	655	10	vol	vol	NOUN
cblr-8636	655	11	.	.	NOUN
cblr-8636	655	12	2021	2021	NUM
cblr-8636	655	13	while	while	SCONJ
cblr-8636	655	14	protecting	protect	VERB
cblr-8636	655	15	them	they	PRON
cblr-8636	655	16	from	from	ADP
cblr-8636	655	17	fraud	fraud	NOUN
cblr-8636	655	18	.	.	PUNCT
cblr-8636	656	1	more	more	ADV
cblr-8636	656	2	broadly	broadly	ADV
cblr-8636	656	3	,	,	PUNCT
cblr-8636	656	4	their	their	PRON
cblr-8636	656	5	very	very	ADJ
cblr-8636	656	6	ability	ability	NOUN
cblr-8636	656	7	to	to	PART
cblr-8636	656	8	understand	understand	VERB
cblr-8636	656	9	the	the	DET
cblr-8636	656	10	complexity	complexity	NOUN
cblr-8636	656	11	of	of	ADP
cblr-8636	656	12	modern	modern	ADJ
cblr-8636	656	13	markets	market	NOUN
cblr-8636	656	14	was	be	AUX
cblr-8636	656	15	raised	raise	VERB
cblr-8636	656	16	as	as	ADP
cblr-8636	656	17	a	a	DET
cblr-8636	656	18	concern	concern	NOUN
cblr-8636	656	19	.	.	PUNCT
cblr-8636	657	1	viii	viii	NOUN
cblr-8636	657	2	.	.	PUNCT
cblr-8636	658	1	intermediaries	intermediary	NOUN
cblr-8636	658	2	one	one	NUM
cblr-8636	658	3	broad	broad	ADJ
cblr-8636	658	4	theme	theme	NOUN
cblr-8636	658	5	emerges	emerge	VERB
cblr-8636	658	6	on	on	ADP
cblr-8636	658	7	the	the	DET
cblr-8636	658	8	topic	topic	NOUN
cblr-8636	658	9	of	of	ADP
cblr-8636	658	10	intermediaries	intermediary	NOUN
cblr-8636	658	11	:	:	PUNCT
cblr-8636	658	12	currently	currently	ADV
cblr-8636	658	13	we	we	PRON
cblr-8636	658	14	rely	rely	VERB
cblr-8636	658	15	on	on	ADP
cblr-8636	658	16	human	human	ADJ
cblr-8636	658	17	intermediaries	intermediary	NOUN
cblr-8636	658	18	as	as	ADP
cblr-8636	658	19	the	the	DET
cblr-8636	658	20	front	front	ADJ
cblr-8636	658	21	-	-	PUNCT
cblr-8636	658	22	line	line	NOUN
cblr-8636	658	23	against	against	ADP
cblr-8636	658	24	wrongdoing	wrongdoing	NOUN
cblr-8636	658	25	in	in	ADP
cblr-8636	658	26	the	the	DET
cblr-8636	658	27	market	market	NOUN
cblr-8636	658	28	.	.	PUNCT
cblr-8636	659	1	as	as	SCONJ
cblr-8636	659	2	one	one	NUM
cblr-8636	659	3	regulator	regulator	NOUN
cblr-8636	659	4	argued	argue	VERB
cblr-8636	659	5	,	,	PUNCT
cblr-8636	659	6	we	we	PRON
cblr-8636	659	7	should	should	AUX
cblr-8636	659	8	not	not	PART
cblr-8636	659	9	give	give	VERB
cblr-8636	659	10	up	up	ADP
cblr-8636	659	11	the	the	DET
cblr-8636	659	12	oversight	oversight	NOUN
cblr-8636	659	13	of	of	ADP
cblr-8636	659	14	the	the	DET
cblr-8636	659	15	markets	market	NOUN
cblr-8636	659	16	that	that	PRON
cblr-8636	659	17	comes	come	VERB
cblr-8636	659	18	through	through	ADP
cblr-8636	659	19	the	the	DET
cblr-8636	659	20	sec	sec	PROPN
cblr-8636	659	21	’s	’s	PART
cblr-8636	659	22	regulation	regulation	NOUN
cblr-8636	659	23	of	of	ADP
cblr-8636	659	24	broker	broker	NOUN
cblr-8636	659	25	-	-	PUNCT
cblr-8636	659	26	dealers	dealer	NOUN
cblr-8636	659	27	unless	unless	SCONJ
cblr-8636	659	28	we	we	PRON
cblr-8636	659	29	are	be	AUX
cblr-8636	659	30	certain	certain	ADJ
cblr-8636	659	31	something	something	PRON
cblr-8636	659	32	better	well	ADJ
cblr-8636	659	33	is	be	AUX
cblr-8636	659	34	taking	take	VERB
cblr-8636	659	35	its	its	PRON
cblr-8636	659	36	place	place	NOUN
cblr-8636	659	37	.	.	PUNCT
cblr-8636	660	1	a.	a.	NOUN
cblr-8636	661	1	the	the	DET
cblr-8636	661	2	shrinking	shrink	VERB
cblr-8636	661	3	role	role	NOUN
cblr-8636	661	4	of	of	ADP
cblr-8636	661	5	brokers	broker	NOUN
cblr-8636	661	6	for	for	ADP
cblr-8636	661	7	ordinary	ordinary	ADJ
cblr-8636	661	8	investors	investor	NOUN
cblr-8636	661	9	most	most	ADV
cblr-8636	661	10	significantly	significantly	ADV
cblr-8636	661	11	,	,	PUNCT
cblr-8636	661	12	dlt	dlt	PROPN
cblr-8636	661	13	and	and	CCONJ
cblr-8636	661	14	ai	ai	PROPN
cblr-8636	661	15	could	could	AUX
cblr-8636	661	16	accelerate	accelerate	VERB
cblr-8636	661	17	the	the	DET
cblr-8636	661	18	decrease	decrease	NOUN
cblr-8636	661	19	in	in	ADP
cblr-8636	661	20	the	the	DET
cblr-8636	661	21	role	role	NOUN
cblr-8636	661	22	of	of	ADP
cblr-8636	661	23	retail	retail	ADJ
cblr-8636	661	24	brokers	broker	NOUN
cblr-8636	661	25	as	as	ADP
cblr-8636	661	26	a	a	DET
cblr-8636	661	27	main	main	ADJ
cblr-8636	661	28	source	source	NOUN
cblr-8636	661	29	of	of	ADP
cblr-8636	661	30	an	an	DET
cblr-8636	661	31	individual	individual	NOUN
cblr-8636	661	32	’s	’s	PART
cblr-8636	661	33	investment	investment	NOUN
cblr-8636	661	34	advice.132	advice.132	ADV
cblr-8636	661	35	currently	currently	ADV
cblr-8636	661	36	,	,	PUNCT
cblr-8636	661	37	all	all	DET
cblr-8636	661	38	transactions	transaction	NOUN
cblr-8636	661	39	in	in	ADP
cblr-8636	661	40	markets	market	NOUN
cblr-8636	661	41	must	must	AUX
cblr-8636	661	42	be	be	AUX
cblr-8636	661	43	done	do	VERB
cblr-8636	661	44	through	through	ADP
cblr-8636	661	45	a	a	DET
cblr-8636	661	46	broker	broker	NOUN
cblr-8636	661	47	because	because	SCONJ
cblr-8636	661	48	the	the	DET
cblr-8636	661	49	broker	broker	NOUN
cblr-8636	661	50	,	,	PUNCT
cblr-8636	661	51	which	which	PRON
cblr-8636	661	52	is	be	AUX
cblr-8636	661	53	supposed	suppose	VERB
cblr-8636	661	54	to	to	PART
cblr-8636	661	55	know	know	VERB
cblr-8636	661	56	its	its	PRON
cblr-8636	661	57	customer	customer	NOUN
cblr-8636	661	58	,	,	PUNCT
cblr-8636	661	59	provides	provide	VERB
cblr-8636	661	60	a	a	DET
cblr-8636	661	61	backstop	backstop	NOUN
cblr-8636	661	62	to	to	PART
cblr-8636	661	63	assure	assure	VERB
cblr-8636	661	64	that	that	SCONJ
cblr-8636	661	65	a	a	DET
cblr-8636	661	66	trade	trade	NOUN
cblr-8636	661	67	closes	close	VERB
cblr-8636	661	68	should	should	AUX
cblr-8636	661	69	the	the	DET
cblr-8636	661	70	customer	customer	NOUN
cblr-8636	661	71	not	not	PART
cblr-8636	661	72	follow	follow	VERB
cblr-8636	661	73	through.133	through.133	NOUN
cblr-8636	661	74	as	as	SCONJ
cblr-8636	661	75	discussed	discuss	VERB
cblr-8636	661	76	earlier	early	ADV
cblr-8636	661	77	,	,	PUNCT
cblr-8636	661	78	dlt	dlt	PROPN
cblr-8636	661	79	presents	present	VERB
cblr-8636	661	80	the	the	DET
cblr-8636	661	81	possibility	possibility	NOUN
cblr-8636	661	82	,	,	PUNCT
cblr-8636	661	83	for	for	ADP
cblr-8636	661	84	example	example	NOUN
cblr-8636	661	85	,	,	PUNCT
cblr-8636	661	86	of	of	ADP
cblr-8636	661	87	a	a	DET
cblr-8636	661	88	clearing	clearing	NOUN
cblr-8636	661	89	and	and	CCONJ
cblr-8636	661	90	settlement	settlement	NOUN
cblr-8636	661	91	mechanism	mechanism	NOUN
cblr-8636	661	92	that	that	PRON
cblr-8636	661	93	does	do	AUX
cblr-8636	661	94	not	not	PART
cblr-8636	661	95	rely	rely	VERB
cblr-8636	661	96	on	on	ADP
cblr-8636	661	97	a	a	DET
cblr-8636	661	98	customer	customer	NOUN
cblr-8636	661	99	’s	’s	PART
cblr-8636	661	100	broker	broker	NOUN
cblr-8636	661	101	to	to	PART
cblr-8636	661	102	assure	assure	VERB
cblr-8636	661	103	the	the	DET
cblr-8636	661	104	customer	customer	NOUN
cblr-8636	661	105	’s	’s	PART
cblr-8636	661	106	performance.134	performance.134	NOUN
cblr-8636	661	107	in	in	ADP
cblr-8636	661	108	that	that	DET
cblr-8636	661	109	case	case	NOUN
cblr-8636	661	110	,	,	PUNCT
cblr-8636	661	111	the	the	DET
cblr-8636	661	112	fear	fear	NOUN
cblr-8636	661	113	that	that	SCONJ
cblr-8636	661	114	a	a	DET
cblr-8636	661	115	trader	trader	NOUN
cblr-8636	661	116	will	will	AUX
cblr-8636	661	117	not	not	PART
cblr-8636	661	118	perform	perform	VERB
cblr-8636	661	119	would	would	AUX
cblr-8636	661	120	no	no	ADV
cblr-8636	661	121	longer	long	ADV
cblr-8636	661	122	be	be	AUX
cblr-8636	661	123	a	a	DET
cblr-8636	661	124	reason	reason	NOUN
cblr-8636	661	125	to	to	PART
cblr-8636	661	126	prevent	prevent	VERB
cblr-8636	661	127	traders	trader	NOUN
cblr-8636	661	128	from	from	ADP
cblr-8636	661	129	direct	direct	ADJ
cblr-8636	661	130	access	access	NOUN
cblr-8636	661	131	to	to	ADP
cblr-8636	661	132	exchanges	exchange	NOUN
cblr-8636	661	133	.	.	PUNCT
cblr-8636	662	1	similarly	similarly	ADV
cblr-8636	662	2	,	,	PUNCT
cblr-8636	662	3	ai	ai	VERB
cblr-8636	662	4	-	-	PUNCT
cblr-8636	662	5	based	base	VERB
cblr-8636	662	6	programs	program	NOUN
cblr-8636	662	7	could	could	AUX
cblr-8636	662	8	guide	guide	VERB
cblr-8636	662	9	investors	investor	NOUN
cblr-8636	662	10	as	as	ADP
cblr-8636	662	11	to	to	ADP
cblr-8636	662	12	what	what	PRON
cblr-8636	662	13	to	to	PART
cblr-8636	662	14	invest	invest	VERB
cblr-8636	662	15	in	in	ADP
cblr-8636	662	16	and	and	CCONJ
cblr-8636	662	17	how	how	SCONJ
cblr-8636	662	18	to	to	PART
cblr-8636	662	19	execute	execute	VERB
cblr-8636	662	20	their	their	PRON
cblr-8636	662	21	trades	trade	NOUN
cblr-8636	662	22	—	—	PUNCT
cblr-8636	662	23	functions	function	NOUN
cblr-8636	662	24	also	also	ADV
cblr-8636	662	25	traditionally	traditionally	ADV
cblr-8636	662	26	performed	perform	VERB
cblr-8636	662	27	by	by	ADP
cblr-8636	662	28	brokers.135	brokers.135	PROPN
cblr-8636	662	29	132	132	NUM
cblr-8636	662	30	on	on	ADP
cblr-8636	662	31	the	the	DET
cblr-8636	662	32	decline	decline	NOUN
cblr-8636	662	33	of	of	ADP
cblr-8636	662	34	retail	retail	ADJ
cblr-8636	662	35	brokers	broker	NOUN
cblr-8636	662	36	,	,	PUNCT
cblr-8636	662	37	see	see	VERB
cblr-8636	662	38	regulation	regulation	NOUN
cblr-8636	662	39	best	good	ADJ
cblr-8636	662	40	interest	interest	NOUN
cblr-8636	662	41	:	:	PUNCT
cblr-8636	662	42	the	the	DET
cblr-8636	662	43	broker	broker	NOUN
cblr-8636	662	44	-	-	PUNCT
cblr-8636	662	45	dealer	dealer	NOUN
cblr-8636	662	46	standard	standard	NOUN
cblr-8636	662	47	of	of	ADP
cblr-8636	662	48	conduct	conduct	NOUN
cblr-8636	662	49	,	,	PUNCT
cblr-8636	662	50	84	84	NUM
cblr-8636	662	51	fed	feed	VERB
cblr-8636	662	52	.	.	PUNCT
cblr-8636	663	1	reg	reg	PROPN
cblr-8636	663	2	.	.	PROPN
cblr-8636	664	1	33,318	33,318	NUM
cblr-8636	664	2	,	,	PUNCT
cblr-8636	664	3	33,411–13	33,411–13	NUM
cblr-8636	664	4	(	(	PUNCT
cblr-8636	664	5	july	july	PROPN
cblr-8636	664	6	12	12	NUM
cblr-8636	664	7	,	,	PUNCT
cblr-8636	664	8	2019	2019	NUM
cblr-8636	664	9	)	)	PUNCT
cblr-8636	664	10	(	(	PUNCT
cblr-8636	664	11	codified	codify	VERB
cblr-8636	664	12	at	at	ADP
cblr-8636	664	13	17	17	NUM
cblr-8636	664	14	c.f.r	c.f.r	NOUN
cblr-8636	664	15	.	.	PUNCT
cblr-8636	665	1	pt	pt	PROPN
cblr-8636	665	2	.	.	PROPN
cblr-8636	665	3	240	240	NUM
cblr-8636	665	4	)	)	PUNCT
cblr-8636	665	5	.	.	PUNCT
cblr-8636	666	1	133	133	NUM
cblr-8636	666	2	see	see	VERB
cblr-8636	666	3	fox	fox	PROPN
cblr-8636	666	4	et	et	PROPN
cblr-8636	666	5	al	al	PROPN
cblr-8636	666	6	.	.	PROPN
cblr-8636	666	7	,	,	PUNCT
cblr-8636	666	8	supra	supra	PROPN
cblr-8636	666	9	note	note	NOUN
cblr-8636	666	10	3	3	NUM
cblr-8636	666	11	,	,	PUNCT
cblr-8636	666	12	at	at	ADP
cblr-8636	666	13	20	20	NUM
cblr-8636	666	14	.	.	PUNCT
cblr-8636	666	15	134	134	NUM
cblr-8636	666	16	see	see	NOUN
cblr-8636	666	17	,	,	PUNCT
cblr-8636	666	18	e.g.	e.g.	ADV
cblr-8636	666	19	,	,	PUNCT
cblr-8636	666	20	lubin	lubin	PROPN
cblr-8636	666	21	et	et	PROPN
cblr-8636	666	22	al	al	PROPN
cblr-8636	666	23	.	.	PROPN
cblr-8636	666	24	,	,	PUNCT
cblr-8636	666	25	supra	supra	PROPN
cblr-8636	666	26	note	note	PROPN
cblr-8636	666	27	29	29	NUM
cblr-8636	666	28	.	.	SYM
cblr-8636	666	29	135	135	NUM
cblr-8636	666	30	see	see	VERB
cblr-8636	666	31	infra	infra	NOUN
cblr-8636	666	32	section	section	NOUN
cblr-8636	666	33	viii.b	viii.b	PROPN
cblr-8636	666	34	.	.	PUNCT
cblr-8636	667	1	it	it	PRON
cblr-8636	667	2	should	should	AUX
cblr-8636	667	3	be	be	AUX
cblr-8636	667	4	noted	note	VERB
cblr-8636	667	5	,	,	PUNCT
cblr-8636	667	6	however	however	ADV
cblr-8636	667	7	,	,	PUNCT
cblr-8636	667	8	that	that	SCONJ
cblr-8636	667	9	one	one	NUM
cblr-8636	667	10	former	former	ADJ
cblr-8636	667	11	regulator	regulator	NOUN
cblr-8636	667	12	thought	think	VERB
cblr-8636	667	13	that	that	SCONJ
cblr-8636	667	14	the	the	DET
cblr-8636	667	15	greatest	great	ADJ
cblr-8636	667	16	threat	threat	NOUN
cblr-8636	667	17	posed	pose	VERB
cblr-8636	667	18	by	by	ADP
cblr-8636	667	19	dlt	dlt	PROPN
cblr-8636	667	20	would	would	AUX
cblr-8636	667	21	be	be	AUX
cblr-8636	667	22	more	more	ADJ
cblr-8636	667	23	to	to	PART
cblr-8636	667	24	transfer	transfer	VERB
cblr-8636	667	25	agents	agent	NOUN
cblr-8636	667	26	,	,	PUNCT
cblr-8636	667	27	such	such	ADJ
cblr-8636	667	28	as	as	ADP
cblr-8636	667	29	dtcc	dtcc	NOUN
cblr-8636	667	30	,	,	PUNCT
cblr-8636	667	31	than	than	ADP
cblr-8636	667	32	to	to	ADP
cblr-8636	667	33	brokers	broker	NOUN
cblr-8636	667	34	.	.	PUNCT
cblr-8636	668	1	fox	fox	PROPN
cblr-8636	668	2	et	et	PROPN
cblr-8636	668	3	al	al	PROPN
cblr-8636	668	4	.	.	PROPN
cblr-8636	669	1	8/22/2021	8/22/2021	NUM
cblr-8636	669	2	9:05	9:05	NUM
cblr-8636	669	3	pm	pm	NOUN
cblr-8636	669	4	no	no	INTJ
cblr-8636	669	5	.	.	PUNCT
cblr-8636	670	1	2:651	2:651	NUM
cblr-8636	670	2	]	]	X
cblr-8636	670	3	a	a	DET
cblr-8636	670	4	stakeholder	stakeholder	NOUN
cblr-8636	670	5	survey	survey	VERB
cblr-8636	670	6	697	697	NUM
cblr-8636	670	7	further	far	ADV
cblr-8636	670	8	,	,	PUNCT
cblr-8636	670	9	it	it	PRON
cblr-8636	670	10	is	be	AUX
cblr-8636	670	11	possible	possible	ADJ
cblr-8636	670	12	that	that	SCONJ
cblr-8636	670	13	dlt	dlt	PROPN
cblr-8636	670	14	,	,	PUNCT
cblr-8636	670	15	combined	combine	VERB
cblr-8636	670	16	with	with	ADP
cblr-8636	670	17	ai	ai	NOUN
cblr-8636	670	18	-	-	PUNCT
cblr-8636	670	19	based	base	VERB
cblr-8636	670	20	programs	program	NOUN
cblr-8636	670	21	,	,	PUNCT
cblr-8636	670	22	could	could	AUX
cblr-8636	670	23	completely	completely	ADV
cblr-8636	670	24	remove	remove	VERB
cblr-8636	670	25	the	the	DET
cblr-8636	670	26	need	need	NOUN
cblr-8636	670	27	for	for	ADP
cblr-8636	670	28	not	not	PART
cblr-8636	670	29	only	only	ADV
cblr-8636	670	30	retail	retail	ADJ
cblr-8636	670	31	brokers	broker	NOUN
cblr-8636	670	32	,	,	PUNCT
cblr-8636	670	33	but	but	CCONJ
cblr-8636	670	34	also	also	ADV
cblr-8636	670	35	etfs	etfs	PROPN
cblr-8636	670	36	and	and	CCONJ
cblr-8636	670	37	mutual	mutual	ADJ
cblr-8636	670	38	funds	fund	NOUN
cblr-8636	670	39	.	.	PUNCT
cblr-8636	671	1	the	the	DET
cblr-8636	671	2	combination	combination	NOUN
cblr-8636	671	3	could	could	AUX
cblr-8636	671	4	make	make	VERB
cblr-8636	671	5	transacting	transact	VERB
cblr-8636	671	6	frequently	frequently	ADV
cblr-8636	671	7	,	,	PUNCT
cblr-8636	671	8	in	in	ADP
cblr-8636	671	9	even	even	ADV
cblr-8636	671	10	slivers	sliver	NOUN
cblr-8636	671	11	of	of	ADP
cblr-8636	671	12	investment	investment	NOUN
cblr-8636	671	13	,	,	PUNCT
cblr-8636	671	14	nearly	nearly	ADV
cblr-8636	671	15	costless	costless	ADJ
cblr-8636	671	16	.	.	PUNCT
cblr-8636	672	1	and	and	CCONJ
cblr-8636	672	2	ai	ai	NOUN
cblr-8636	672	3	-	-	PUNCT
cblr-8636	672	4	based	base	VERB
cblr-8636	672	5	robo	robo	NOUN
cblr-8636	672	6	-	-	PUNCT
cblr-8636	672	7	investing	investing	NOUN
cblr-8636	672	8	could	could	AUX
cblr-8636	672	9	guide	guide	VERB
cblr-8636	672	10	what	what	PRON
cblr-8636	672	11	purchases	purchase	NOUN
cblr-8636	672	12	and	and	CCONJ
cblr-8636	672	13	sales	sale	NOUN
cblr-8636	672	14	should	should	AUX
cblr-8636	672	15	be	be	AUX
cblr-8636	672	16	made	make	VERB
cblr-8636	672	17	and	and	CCONJ
cblr-8636	672	18	how	how	SCONJ
cblr-8636	672	19	to	to	PART
cblr-8636	672	20	execute	execute	VERB
cblr-8636	672	21	them	they	PRON
cblr-8636	672	22	at	at	ADP
cblr-8636	672	23	the	the	DET
cblr-8636	672	24	best	good	ADJ
cblr-8636	672	25	prices	price	NOUN
cblr-8636	672	26	.	.	PUNCT
cblr-8636	673	1	b.	b.	PROPN
cblr-8636	673	2	redefinition	redefinition	NOUN
cblr-8636	673	3	of	of	ADP
cblr-8636	673	4	duties	duty	NOUN
cblr-8636	673	5	as	as	SCONJ
cblr-8636	673	6	intermediaries	intermediary	NOUN
cblr-8636	673	7	increasingly	increasingly	ADV
cblr-8636	673	8	rely	rely	VERB
cblr-8636	673	9	on	on	SCONJ
cblr-8636	673	10	computers	computer	NOUN
cblr-8636	673	11	to	to	PART
cblr-8636	673	12	give	give	VERB
cblr-8636	673	13	investment	investment	NOUN
cblr-8636	673	14	advice	advice	NOUN
cblr-8636	673	15	to	to	ADP
cblr-8636	673	16	,	,	PUNCT
cblr-8636	673	17	and	and	CCONJ
cblr-8636	673	18	make	make	VERB
cblr-8636	673	19	investment	investment	NOUN
cblr-8636	673	20	decisions	decision	NOUN
cblr-8636	673	21	for	for	ADP
cblr-8636	673	22	,	,	PUNCT
cblr-8636	673	23	investors	investor	NOUN
cblr-8636	673	24	,	,	PUNCT
cblr-8636	673	25	questions	question	NOUN
cblr-8636	673	26	abound	abound	VERB
cblr-8636	673	27	as	as	ADP
cblr-8636	673	28	to	to	ADP
cblr-8636	673	29	their	their	PRON
cblr-8636	673	30	duties	duty	NOUN
cblr-8636	673	31	to	to	PART
cblr-8636	673	32	customers.136	customers.136	VERB
cblr-8636	673	33	in	in	ADP
cblr-8636	673	34	2017	2017	NUM
cblr-8636	673	35	,	,	PUNCT
cblr-8636	673	36	the	the	DET
cblr-8636	673	37	sec	sec	PROPN
cblr-8636	673	38	issued	issue	VERB
cblr-8636	673	39	guidance	guidance	NOUN
cblr-8636	673	40	stating	state	VERB
cblr-8636	673	41	that	that	SCONJ
cblr-8636	673	42	,	,	PUNCT
cblr-8636	673	43	if	if	SCONJ
cblr-8636	673	44	structured	structure	VERB
cblr-8636	673	45	properly	properly	ADV
cblr-8636	673	46	,	,	PUNCT
cblr-8636	673	47	a	a	DET
cblr-8636	673	48	digital	digital	ADJ
cblr-8636	673	49	adviser	adviser	NOUN
cblr-8636	673	50	could	could	AUX
cblr-8636	673	51	be	be	AUX
cblr-8636	673	52	a	a	DET
cblr-8636	673	53	fiduciary	fiduciary	NOUN
cblr-8636	673	54	under	under	ADP
cblr-8636	673	55	the	the	DET
cblr-8636	673	56	adviser	adviser	NOUN
cblr-8636	673	57	’s	’s	PART
cblr-8636	673	58	act	act	NOUN
cblr-8636	673	59	without	without	ADP
cblr-8636	673	60	the	the	DET
cblr-8636	673	61	need	need	NOUN
cblr-8636	673	62	to	to	PART
cblr-8636	673	63	create	create	VERB
cblr-8636	673	64	new	new	ADJ
cblr-8636	673	65	rules.137	rules.137	NOUN
cblr-8636	673	66	the	the	DET
cblr-8636	673	67	scope	scope	NOUN
cblr-8636	673	68	of	of	ADP
cblr-8636	673	69	such	such	ADJ
cblr-8636	673	70	guidance	guidance	NOUN
cblr-8636	673	71	still	still	ADV
cblr-8636	673	72	needs	need	VERB
cblr-8636	673	73	to	to	PART
cblr-8636	673	74	be	be	AUX
cblr-8636	673	75	fleshed	flesh	VERB
cblr-8636	673	76	out	out	ADP
cblr-8636	673	77	,	,	PUNCT
cblr-8636	673	78	and	and	CCONJ
cblr-8636	673	79	markets	market	NOUN
cblr-8636	673	80	and	and	CCONJ
cblr-8636	673	81	regulators	regulator	NOUN
cblr-8636	673	82	are	be	AUX
cblr-8636	673	83	still	still	ADV
cblr-8636	673	84	learning	learn	VERB
cblr-8636	673	85	,	,	PUNCT
cblr-8636	673	86	as	as	SCONJ
cblr-8636	673	87	one	one	NUM
cblr-8636	673	88	member	member	NOUN
cblr-8636	673	89	of	of	ADP
cblr-8636	673	90	the	the	DET
cblr-8636	673	91	broker	broker	NOUN
cblr-8636	673	92	-	-	PUNCT
cblr-8636	673	93	dealer	dealer	NOUN
cblr-8636	673	94	community	community	NOUN
cblr-8636	673	95	informed	inform	VERB
cblr-8636	673	96	us	we	PRON
cblr-8636	673	97	.	.	PUNCT
cblr-8636	674	1	more	more	ADV
cblr-8636	674	2	existentially	existentially	ADV
cblr-8636	674	3	,	,	PUNCT
cblr-8636	674	4	that	that	DET
cblr-8636	674	5	interviewee	interviewee	NOUN
cblr-8636	674	6	argued	argue	VERB
cblr-8636	674	7	that	that	SCONJ
cblr-8636	674	8	a	a	DET
cblr-8636	674	9	computer	computer	NOUN
cblr-8636	674	10	can	can	AUX
cblr-8636	674	11	know	know	VERB
cblr-8636	674	12	its	its	PRON
cblr-8636	674	13	client	client	NOUN
cblr-8636	674	14	quite	quite	ADV
cblr-8636	674	15	well	well	ADV
cblr-8636	674	16	given	give	VERB
cblr-8636	674	17	its	its	PRON
cblr-8636	674	18	ability	ability	NOUN
cblr-8636	674	19	to	to	PART
cblr-8636	674	20	sort	sort	VERB
cblr-8636	674	21	and	and	CCONJ
cblr-8636	674	22	process	process	VERB
cblr-8636	674	23	huge	huge	ADJ
cblr-8636	674	24	amounts	amount	NOUN
cblr-8636	674	25	of	of	ADP
cblr-8636	674	26	data	datum	NOUN
cblr-8636	674	27	.	.	PUNCT
cblr-8636	675	1	however	however	ADV
cblr-8636	675	2	,	,	PUNCT
cblr-8636	675	3	the	the	DET
cblr-8636	675	4	importance	importance	NOUN
cblr-8636	675	5	of	of	ADP
cblr-8636	675	6	human	human	ADJ
cblr-8636	675	7	intermediaries	intermediary	NOUN
cblr-8636	675	8	should	should	AUX
cblr-8636	675	9	not	not	PART
cblr-8636	675	10	be	be	AUX
cblr-8636	675	11	understated	understate	VERB
cblr-8636	675	12	—	—	PUNCT
cblr-8636	675	13	a	a	DET
cblr-8636	675	14	theme	theme	NOUN
cblr-8636	675	15	that	that	PRON
cblr-8636	675	16	emerged	emerge	VERB
cblr-8636	675	17	out	out	ADP
cblr-8636	675	18	of	of	ADP
cblr-8636	675	19	multiple	multiple	ADJ
cblr-8636	675	20	interviews	interview	NOUN
cblr-8636	675	21	.	.	PUNCT
cblr-8636	676	1	one	one	NUM
cblr-8636	676	2	regulator	regulator	NOUN
cblr-8636	676	3	was	be	AUX
cblr-8636	676	4	skeptical	skeptical	ADJ
cblr-8636	676	5	that	that	SCONJ
cblr-8636	676	6	the	the	DET
cblr-8636	676	7	sec	sec	PROPN
cblr-8636	676	8	would	would	AUX
cblr-8636	676	9	ever	ever	ADV
cblr-8636	676	10	tolerate	tolerate	VERB
cblr-8636	676	11	no	no	DET
cblr-8636	676	12	role	role	NOUN
cblr-8636	676	13	for	for	ADP
cblr-8636	676	14	human	human	ADJ
cblr-8636	676	15	intermediaries	intermediary	NOUN
cblr-8636	676	16	.	.	PUNCT
cblr-8636	677	1	that	that	DET
cblr-8636	677	2	same	same	ADJ
cblr-8636	677	3	interviewee	interviewee	NOUN
cblr-8636	677	4	emphasized	emphasize	VERB
cblr-8636	677	5	that	that	SCONJ
cblr-8636	677	6	,	,	PUNCT
cblr-8636	677	7	for	for	ADP
cblr-8636	677	8	example	example	NOUN
cblr-8636	677	9	,	,	PUNCT
cblr-8636	677	10	even	even	ADV
cblr-8636	677	11	with	with	ADP
cblr-8636	677	12	ai	ai	ADV
cblr-8636	677	13	-	-	PUNCT
cblr-8636	677	14	based	base	VERB
cblr-8636	677	15	investing	investing	NOUN
cblr-8636	677	16	,	,	PUNCT
cblr-8636	677	17	mechanisms	mechanism	NOUN
cblr-8636	677	18	for	for	ADP
cblr-8636	677	19	regulatory	regulatory	ADJ
cblr-8636	677	20	oversight	oversight	NOUN
cblr-8636	677	21	were	be	AUX
cblr-8636	677	22	still	still	ADV
cblr-8636	677	23	robust	robust	ADJ
cblr-8636	677	24	because	because	SCONJ
cblr-8636	677	25	the	the	DET
cblr-8636	677	26	humans	human	NOUN
cblr-8636	677	27	that	that	PRON
cblr-8636	677	28	created	create	VERB
cblr-8636	677	29	the	the	DET
cblr-8636	677	30	computer	computer	NOUN
cblr-8636	677	31	programs	program	NOUN
cblr-8636	677	32	were	be	AUX
cblr-8636	677	33	still	still	ADV
cblr-8636	677	34	subject	subject	ADJ
cblr-8636	677	35	to	to	ADP
cblr-8636	677	36	such	such	ADJ
cblr-8636	677	37	oversight	oversight	NOUN
cblr-8636	677	38	.	.	PUNCT
cblr-8636	678	1	another	another	DET
cblr-8636	678	2	former	former	ADJ
cblr-8636	678	3	regulator	regulator	NOUN
cblr-8636	678	4	acknowledged	acknowledge	VERB
cblr-8636	678	5	that	that	SCONJ
cblr-8636	678	6	it	it	PRON
cblr-8636	678	7	was	be	AUX
cblr-8636	678	8	reasonable	reasonable	ADJ
cblr-8636	678	9	that	that	SCONJ
cblr-8636	678	10	the	the	DET
cblr-8636	678	11	sec	sec	PROPN
cblr-8636	678	12	136	136	NUM
cblr-8636	678	13	see	see	NOUN
cblr-8636	678	14	,	,	PUNCT
cblr-8636	678	15	e.g.	e.g.	ADV
cblr-8636	678	16	,	,	PUNCT
cblr-8636	678	17	tom	tom	PROPN
cblr-8636	678	18	baker	baker	PROPN
cblr-8636	678	19	&	&	CCONJ
cblr-8636	678	20	benedict	benedict	PROPN
cblr-8636	678	21	dellaert	dellaert	PROPN
cblr-8636	678	22	,	,	PUNCT
cblr-8636	678	23	regulating	regulate	VERB
cblr-8636	678	24	robo	robo	NOUN
cblr-8636	678	25	advice	advice	NOUN
cblr-8636	678	26	across	across	ADP
cblr-8636	678	27	the	the	DET
cblr-8636	678	28	financial	financial	ADJ
cblr-8636	678	29	services	service	NOUN
cblr-8636	678	30	industry	industry	NOUN
cblr-8636	678	31	,	,	PUNCT
cblr-8636	678	32	103	103	NUM
cblr-8636	678	33	iowa	iowa	PROPN
cblr-8636	678	34	l.	l.	PROPN
cblr-8636	678	35	rev	rev	PROPN
cblr-8636	678	36	.	.	PROPN
cblr-8636	678	37	713	713	NUM
cblr-8636	678	38	,	,	PUNCT
cblr-8636	678	39	716–19	716–19	NUM
cblr-8636	678	40	(	(	PUNCT
cblr-8636	678	41	2018	2018	NUM
cblr-8636	678	42	)	)	PUNCT
cblr-8636	678	43	;	;	PUNCT
cblr-8636	678	44	jake	jake	PROPN
cblr-8636	678	45	g.	g.	PROPN
cblr-8636	678	46	rifkin	rifkin	PROPN
cblr-8636	678	47	,	,	PUNCT
cblr-8636	678	48	comment	comment	NOUN
cblr-8636	678	49	,	,	PUNCT
cblr-8636	678	50	robo	robo	NOUN
cblr-8636	678	51	-	-	PUNCT
cblr-8636	678	52	advisers	adviser	NOUN
cblr-8636	678	53	jumping	jump	VERB
cblr-8636	678	54	on	on	ADP
cblr-8636	678	55	the	the	DET
cblr-8636	678	56	bandwagon	bandwagon	NOUN
cblr-8636	678	57	:	:	PUNCT
cblr-8636	678	58	yet	yet	ADV
cblr-8636	678	59	another	another	DET
cblr-8636	678	60	cry	cry	NOUN
cblr-8636	678	61	for	for	ADP
cblr-8636	678	62	a	a	DET
cblr-8636	678	63	uniform	uniform	ADJ
cblr-8636	678	64	standard	standard	NOUN
cblr-8636	678	65	,	,	PUNCT
cblr-8636	678	66	97	97	NUM
cblr-8636	678	67	n.c	n.c	PROPN
cblr-8636	678	68	.	.	PROPN
cblr-8636	678	69	l.	l.	PROPN
cblr-8636	678	70	rev	rev	PROPN
cblr-8636	678	71	.	.	PROPN
cblr-8636	678	72	673	673	NUM
cblr-8636	678	73	,	,	PUNCT
cblr-8636	678	74	674–675	674–675	NUM
cblr-8636	678	75	(	(	PUNCT
cblr-8636	678	76	2019	2019	NUM
cblr-8636	678	77	)	)	PUNCT
cblr-8636	678	78	.	.	PUNCT
cblr-8636	679	1	137	137	NUM
cblr-8636	679	2	see	see	VERB
cblr-8636	679	3	rifkin	rifkin	NOUN
cblr-8636	679	4	,	,	PUNCT
cblr-8636	679	5	supra	supra	PROPN
cblr-8636	679	6	note	note	NOUN
cblr-8636	679	7	136	136	NUM
cblr-8636	679	8	,	,	PUNCT
cblr-8636	679	9	at	at	ADP
cblr-8636	679	10	675	675	NUM
cblr-8636	679	11	(	(	PUNCT
cblr-8636	679	12	citing	cite	VERB
cblr-8636	679	13	div	div	PROPN
cblr-8636	679	14	.	.	PUNCT
cblr-8636	679	15	of	of	ADP
cblr-8636	679	16	inv	inv	PROPN
cblr-8636	679	17	.	.	PUNCT
cblr-8636	680	1	mgmt	mgmt	PROPN
cblr-8636	680	2	.	.	PROPN
cblr-8636	680	3	,	,	PUNCT
cblr-8636	680	4	u.s	u.s	PROPN
cblr-8636	680	5	.	.	PROPN
cblr-8636	680	6	sec	sec	PROPN
cblr-8636	680	7	.	.	PROPN
cblr-8636	680	8	&	&	CCONJ
cblr-8636	680	9	exch	exch	PROPN
cblr-8636	680	10	.	.	PUNCT
cblr-8636	681	1	comm’n	comm’n	PROPN
cblr-8636	681	2	,	,	PUNCT
cblr-8636	681	3	robo	robo	NOUN
cblr-8636	681	4	-	-	PUNCT
cblr-8636	681	5	advisers	adviser	NOUN
cblr-8636	681	6	1–2	1–2	NUM
cblr-8636	681	7	(	(	PUNCT
cblr-8636	681	8	2017	2017	NUM
cblr-8636	681	9	)	)	PUNCT
cblr-8636	681	10	,	,	PUNCT
cblr-8636	681	11	https://www.sec.gov	https://www.sec.gov	PROPN
cblr-8636	681	12	/investment	/investment	NOUN
cblr-8636	681	13	/	/	SYM
cblr-8636	681	14	im	im	NOUN
cblr-8636	681	15	-	-	PUNCT
cblr-8636	681	16	guidance-2017	guidance-2017	ADJ
cblr-8636	681	17	-	-	PUNCT
cblr-8636	681	18	02.pdf	02.pdf	PROPN
cblr-8636	681	19	[	[	X
cblr-8636	681	20	https://perma.cc/ru3s-n5	https://perma.cc/ru3s-n5	PROPN
cblr-8636	681	21	cm	cm	X
cblr-8636	681	22	]	]	PUNCT
cblr-8636	681	23	)	)	PUNCT
cblr-8636	681	24	.	.	PUNCT
cblr-8636	682	1	fox	fox	PROPN
cblr-8636	682	2	et	et	PROPN
cblr-8636	682	3	al	al	PROPN
cblr-8636	682	4	.	.	PROPN
cblr-8636	683	1	8/22/2021	8/22/2021	NUM
cblr-8636	683	2	9:05	9:05	NUM
cblr-8636	683	3	pm	pm	NOUN
cblr-8636	683	4	698	698	NUM
cblr-8636	683	5	columbia	columbia	PROPN
cblr-8636	683	6	business	business	NOUN
cblr-8636	683	7	law	law	PROPN
cblr-8636	683	8	review	review	NOUN
cblr-8636	683	9	[	[	X
cblr-8636	683	10	vol	vol	NOUN
cblr-8636	683	11	.	.	PUNCT
cblr-8636	683	12	2021	2021	NUM
cblr-8636	683	13	might	might	AUX
cblr-8636	683	14	want	want	VERB
cblr-8636	683	15	to	to	PART
cblr-8636	683	16	retain	retain	VERB
cblr-8636	683	17	intermediaries	intermediary	NOUN
cblr-8636	683	18	as	as	ADP
cblr-8636	683	19	the	the	DET
cblr-8636	683	20	main	main	ADJ
cblr-8636	683	21	points	point	NOUN
cblr-8636	683	22	of	of	ADP
cblr-8636	683	23	regulation	regulation	NOUN
cblr-8636	683	24	.	.	PUNCT
cblr-8636	684	1	these	these	DET
cblr-8636	684	2	debates	debate	NOUN
cblr-8636	684	3	occur	occur	VERB
cblr-8636	684	4	against	against	ADP
cblr-8636	684	5	a	a	DET
cblr-8636	684	6	broader	broad	ADJ
cblr-8636	684	7	backdrop	backdrop	NOUN
cblr-8636	684	8	of	of	ADP
cblr-8636	684	9	uncertainty	uncertainty	NOUN
cblr-8636	684	10	around	around	ADP
cblr-8636	684	11	a	a	DET
cblr-8636	684	12	broker	broker	NOUN
cblr-8636	684	13	’s	’s	PART
cblr-8636	684	14	duty	duty	NOUN
cblr-8636	684	15	.	.	PUNCT
cblr-8636	685	1	for	for	ADP
cblr-8636	685	2	example	example	NOUN
cblr-8636	685	3	,	,	PUNCT
cblr-8636	685	4	multiple	multiple	ADJ
cblr-8636	685	5	interviewees	interviewee	NOUN
cblr-8636	685	6	thought	think	VERB
cblr-8636	685	7	the	the	DET
cblr-8636	685	8	concept	concept	NOUN
cblr-8636	685	9	of	of	ADP
cblr-8636	685	10	best	good	ADJ
cblr-8636	685	11	execution138	execution138	PROPN
cblr-8636	685	12	needs	need	VERB
cblr-8636	685	13	clearer	clear	ADJ
cblr-8636	685	14	guidance	guidance	NOUN
cblr-8636	685	15	.	.	PUNCT
cblr-8636	686	1	one	one	NUM
cblr-8636	686	2	member	member	NOUN
cblr-8636	686	3	of	of	ADP
cblr-8636	686	4	the	the	DET
cblr-8636	686	5	exchange	exchange	NOUN
cblr-8636	686	6	community	community	NOUN
cblr-8636	686	7	specifically	specifically	ADV
cblr-8636	686	8	thought	think	VERB
cblr-8636	686	9	that	that	SCONJ
cblr-8636	686	10	best	good	ADJ
cblr-8636	686	11	execution	execution	NOUN
cblr-8636	686	12	was	be	AUX
cblr-8636	686	13	too	too	ADV
cblr-8636	686	14	vague	vague	ADJ
cblr-8636	686	15	a	a	DET
cblr-8636	686	16	concept	concept	NOUN
cblr-8636	686	17	,	,	PUNCT
cblr-8636	686	18	hampering	hamper	VERB
cblr-8636	686	19	finra	finra	NOUN
cblr-8636	686	20	’s	’s	PART
cblr-8636	686	21	enforcement	enforcement	NOUN
cblr-8636	686	22	,	,	PUNCT
cblr-8636	686	23	and	and	CCONJ
cblr-8636	686	24	expressed	express	VERB
cblr-8636	686	25	the	the	DET
cblr-8636	686	26	view	view	NOUN
cblr-8636	686	27	that	that	SCONJ
cblr-8636	686	28	regulation	regulation	NOUN
cblr-8636	686	29	best	good	ADJ
cblr-8636	686	30	interest	interest	NOUN
cblr-8636	686	31	should	should	AUX
cblr-8636	686	32	go	go	VERB
cblr-8636	686	33	further	far	ADV
cblr-8636	686	34	.	.	PUNCT
cblr-8636	687	1	in	in	ADP
cblr-8636	687	2	this	this	DET
cblr-8636	687	3	context	context	NOUN
cblr-8636	687	4	,	,	PUNCT
cblr-8636	687	5	one	one	NUM
cblr-8636	687	6	question	question	NOUN
cblr-8636	687	7	is	be	AUX
cblr-8636	687	8	whether	whether	SCONJ
cblr-8636	687	9	dlt	dlt	PROPN
cblr-8636	687	10	could	could	AUX
cblr-8636	687	11	provide	provide	VERB
cblr-8636	687	12	needed	needed	ADJ
cblr-8636	687	13	transparency	transparency	NOUN
cblr-8636	687	14	and	and	CCONJ
cblr-8636	687	15	clarity	clarity	NOUN
cblr-8636	687	16	as	as	ADP
cblr-8636	687	17	to	to	ADP
cblr-8636	687	18	when	when	SCONJ
cblr-8636	687	19	a	a	DET
cblr-8636	687	20	broker	broker	NOUN
cblr-8636	687	21	was	be	AUX
cblr-8636	687	22	,	,	PUNCT
cblr-8636	687	23	and	and	CCONJ
cblr-8636	687	24	was	be	AUX
cblr-8636	687	25	not	not	PART
cblr-8636	687	26	,	,	PUNCT
cblr-8636	687	27	achieving	achieve	VERB
cblr-8636	687	28	best	good	ADJ
cblr-8636	687	29	execution	execution	NOUN
cblr-8636	687	30	.	.	PUNCT
cblr-8636	688	1	on	on	ADP
cblr-8636	688	2	a	a	DET
cblr-8636	688	3	separate	separate	ADJ
cblr-8636	688	4	front	front	NOUN
cblr-8636	688	5	,	,	PUNCT
cblr-8636	688	6	one	one	NUM
cblr-8636	688	7	member	member	NOUN
cblr-8636	688	8	of	of	ADP
cblr-8636	688	9	the	the	DET
cblr-8636	688	10	legal	legal	ADJ
cblr-8636	688	11	community	community	NOUN
cblr-8636	688	12	expressed	express	VERB
cblr-8636	688	13	concerns	concern	NOUN
cblr-8636	688	14	about	about	ADP
cblr-8636	688	15	the	the	DET
cblr-8636	688	16	growth	growth	NOUN
cblr-8636	688	17	of	of	ADP
cblr-8636	688	18	intermediaries	intermediary	NOUN
cblr-8636	688	19	in	in	ADP
cblr-8636	688	20	the	the	DET
cblr-8636	688	21	form	form	NOUN
cblr-8636	688	22	of	of	ADP
cblr-8636	688	23	private	private	ADJ
cblr-8636	688	24	equity	equity	NOUN
cblr-8636	688	25	funds	fund	NOUN
cblr-8636	688	26	,	,	PUNCT
cblr-8636	688	27	which	which	PRON
cblr-8636	688	28	raise	raise	VERB
cblr-8636	688	29	their	their	PRON
cblr-8636	688	30	funds	fund	NOUN
cblr-8636	688	31	pursuant	pursuant	ADJ
cblr-8636	688	32	to	to	ADP
cblr-8636	688	33	exemptions	exemption	NOUN
cblr-8636	688	34	from	from	ADP
cblr-8636	688	35	the	the	DET
cblr-8636	688	36	public	public	ADJ
cblr-8636	688	37	offering	offering	NOUN
cblr-8636	688	38	disclosure	disclosure	NOUN
cblr-8636	688	39	regime	regime	NOUN
cblr-8636	688	40	and	and	CCONJ
cblr-8636	688	41	have	have	VERB
cblr-8636	688	42	sufficiently	sufficiently	ADV
cblr-8636	688	43	few	few	ADJ
cblr-8636	688	44	investors	investor	NOUN
cblr-8636	688	45	to	to	PART
cblr-8636	688	46	avoid	avoid	VERB
cblr-8636	688	47	most	most	ADJ
cblr-8636	688	48	other	other	ADJ
cblr-8636	688	49	regulations.139	regulations.139	NOUN
cblr-8636	688	50	these	these	DET
cblr-8636	688	51	intermediaries	intermediary	NOUN
cblr-8636	688	52	receive	receive	VERB
cblr-8636	688	53	funds	fund	NOUN
cblr-8636	688	54	from	from	ADP
cblr-8636	688	55	institutions	institution	NOUN
cblr-8636	688	56	or	or	CCONJ
cblr-8636	688	57	wealthy	wealthy	ADJ
cblr-8636	688	58	individuals	individual	NOUN
cblr-8636	688	59	and	and	CCONJ
cblr-8636	688	60	then	then	ADV
cblr-8636	688	61	invest	invest	VERB
cblr-8636	688	62	that	that	DET
cblr-8636	688	63	money	money	NOUN
cblr-8636	688	64	in	in	ADP
cblr-8636	688	65	debt	debt	NOUN
cblr-8636	688	66	or	or	CCONJ
cblr-8636	688	67	equity	equity	NOUN
cblr-8636	688	68	securities	security	NOUN
cblr-8636	688	69	of	of	ADP
cblr-8636	688	70	private	private	ADJ
cblr-8636	688	71	companies	company	NOUN
cblr-8636	688	72	.	.	PUNCT
cblr-8636	689	1	he	he	PRON
cblr-8636	689	2	asserted	assert	VERB
cblr-8636	689	3	that	that	SCONJ
cblr-8636	689	4	the	the	DET
cblr-8636	689	5	total	total	ADJ
cblr-8636	689	6	volume	volume	NOUN
cblr-8636	689	7	of	of	ADP
cblr-8636	689	8	the	the	DET
cblr-8636	689	9	investments	investment	NOUN
cblr-8636	689	10	of	of	ADP
cblr-8636	689	11	such	such	ADJ
cblr-8636	689	12	funds	fund	NOUN
cblr-8636	689	13	exceed	exceed	VERB
cblr-8636	689	14	the	the	DET
cblr-8636	689	15	total	total	NOUN
cblr-8636	689	16	of	of	ADP
cblr-8636	689	17	corporate	corporate	ADJ
cblr-8636	689	18	bank	bank	NOUN
cblr-8636	689	19	lending	lending	NOUN
cblr-8636	689	20	.	.	PUNCT
cblr-8636	690	1	c.	c.	NOUN
cblr-8636	690	2	conclusion	conclusion	NOUN
cblr-8636	690	3	in	in	ADP
cblr-8636	690	4	sum	sum	NOUN
cblr-8636	690	5	,	,	PUNCT
cblr-8636	690	6	while	while	SCONJ
cblr-8636	690	7	interviewees	interviewee	NOUN
cblr-8636	690	8	acknowledged	acknowledge	VERB
cblr-8636	690	9	the	the	DET
cblr-8636	690	10	potential	potential	NOUN
cblr-8636	690	11	of	of	ADP
cblr-8636	690	12	dlt	dlt	PROPN
cblr-8636	690	13	to	to	PART
cblr-8636	690	14	obviate	obviate	VERB
cblr-8636	690	15	the	the	DET
cblr-8636	690	16	need	need	NOUN
cblr-8636	690	17	for	for	ADP
cblr-8636	690	18	intermediaries	intermediary	NOUN
cblr-8636	690	19	,	,	PUNCT
cblr-8636	690	20	significant	significant	ADJ
cblr-8636	690	21	questions	question	NOUN
cblr-8636	690	22	remain	remain	VERB
cblr-8636	690	23	as	as	ADP
cblr-8636	690	24	to	to	ADP
cblr-8636	690	25	whether	whether	SCONJ
cblr-8636	690	26	doing	do	VERB
cblr-8636	690	27	so	so	ADV
cblr-8636	690	28	is	be	AUX
cblr-8636	690	29	wise	wise	ADJ
cblr-8636	690	30	or	or	CCONJ
cblr-8636	690	31	whether	whether	SCONJ
cblr-8636	690	32	regulators	regulator	NOUN
cblr-8636	690	33	would	would	AUX
cblr-8636	690	34	be	be	AUX
cblr-8636	690	35	comfortable	comfortable	ADJ
cblr-8636	690	36	with	with	ADP
cblr-8636	690	37	such	such	DET
cblr-8636	690	38	a	a	DET
cblr-8636	690	39	world	world	NOUN
cblr-8636	690	40	,	,	PUNCT
cblr-8636	690	41	given	give	VERB
cblr-8636	690	42	the	the	DET
cblr-8636	690	43	traditional	traditional	ADJ
cblr-8636	690	44	focus	focus	NOUN
cblr-8636	690	45	on	on	ADP
cblr-8636	690	46	intermediaries	intermediary	NOUN
cblr-8636	690	47	as	as	ADP
cblr-8636	690	48	the	the	DET
cblr-8636	690	49	front	front	ADJ
cblr-8636	690	50	-	-	PUNCT
cblr-8636	690	51	line	line	NOUN
cblr-8636	690	52	target	target	NOUN
cblr-8636	690	53	for	for	ADP
cblr-8636	690	54	regulators	regulator	NOUN
cblr-8636	690	55	in	in	ADP
cblr-8636	690	56	policing	police	VERB
cblr-8636	690	57	wrongdoing	wrongdoing	NOUN
cblr-8636	690	58	.	.	PUNCT
cblr-8636	691	1	thus	thus	ADV
cblr-8636	691	2	a	a	DET
cblr-8636	691	3	number	number	NOUN
cblr-8636	691	4	of	of	ADP
cblr-8636	691	5	questions	question	NOUN
cblr-8636	691	6	remain	remain	VERB
cblr-8636	691	7	:	:	PUNCT
cblr-8636	691	8	is	be	AUX
cblr-8636	691	9	a	a	DET
cblr-8636	691	10	system	system	NOUN
cblr-8636	691	11	entirely	entirely	ADV
cblr-8636	691	12	without	without	ADP
cblr-8636	691	13	intermediaries	intermediary	NOUN
cblr-8636	691	14	possible	possible	ADJ
cblr-8636	691	15	?	?	PUNCT
cblr-8636	692	1	is	be	AUX
cblr-8636	692	2	it	it	PRON
cblr-8636	692	3	desirable	desirable	ADJ
cblr-8636	692	4	?	?	PUNCT
cblr-8636	693	1	what	what	PRON
cblr-8636	693	2	concerns	concern	NOUN
cblr-8636	693	3	would	would	AUX
cblr-8636	693	4	need	need	VERB
cblr-8636	693	5	to	to	PART
cblr-8636	693	6	be	be	AUX
cblr-8636	693	7	addressed	address	VERB
cblr-8636	693	8	before	before	ADP
cblr-8636	693	9	transitioning	transition	VERB
cblr-8636	693	10	to	to	ADP
cblr-8636	693	11	such	such	DET
cblr-8636	693	12	a	a	DET
cblr-8636	693	13	system	system	NOUN
cblr-8636	693	14	?	?	PUNCT
cblr-8636	694	1	138	138	NUM
cblr-8636	694	2	on	on	ADP
cblr-8636	694	3	this	this	DET
cblr-8636	694	4	duty	duty	NOUN
cblr-8636	694	5	,	,	PUNCT
cblr-8636	694	6	see	see	VERB
cblr-8636	694	7	fox	fox	PROPN
cblr-8636	694	8	et	et	PROPN
cblr-8636	694	9	al	al	PROPN
cblr-8636	694	10	.	.	PROPN
cblr-8636	694	11	,	,	PUNCT
cblr-8636	694	12	supra	supra	PROPN
cblr-8636	694	13	note	note	NOUN
cblr-8636	694	14	3	3	NUM
cblr-8636	694	15	,	,	PUNCT
cblr-8636	694	16	at	at	ADP
cblr-8636	694	17	265–67	265–67	NUM
cblr-8636	694	18	.	.	PUNCT
cblr-8636	694	19	139	139	NUM
cblr-8636	694	20	see	see	VERB
cblr-8636	694	21	langevoort	langevoort	NOUN
cblr-8636	694	22	,	,	PUNCT
cblr-8636	694	23	supra	supra	PROPN
cblr-8636	694	24	note	note	NOUN
cblr-8636	694	25	115	115	NUM
cblr-8636	694	26	,	,	PUNCT
cblr-8636	694	27	at	at	ADP
cblr-8636	694	28	134–36	134–36	NUM
cblr-8636	694	29	.	.	PUNCT
cblr-8636	695	1	fox	fox	PROPN
cblr-8636	695	2	et	et	PROPN
cblr-8636	695	3	al	al	PROPN
cblr-8636	695	4	.	.	PROPN
cblr-8636	696	1	8/22/2021	8/22/2021	NUM
cblr-8636	696	2	9:05	9:05	NUM
cblr-8636	696	3	pm	pm	NOUN
cblr-8636	696	4	no	no	INTJ
cblr-8636	696	5	.	.	PUNCT
cblr-8636	697	1	2:651	2:651	NUM
cblr-8636	697	2	]	]	X
cblr-8636	697	3	a	a	DET
cblr-8636	697	4	stakeholder	stakeholder	NOUN
cblr-8636	697	5	survey	survey	VERB
cblr-8636	697	6	699	699	NUM
cblr-8636	697	7	ix	ix	ADV
cblr-8636	697	8	.	.	PUNCT
cblr-8636	698	1	wrongdoing	wrongdoing	NOUN
cblr-8636	698	2	as	as	SCONJ
cblr-8636	698	3	alluded	allude	VERB
cblr-8636	698	4	to	to	ADP
cblr-8636	698	5	in	in	ADP
cblr-8636	698	6	previous	previous	ADJ
cblr-8636	698	7	sections	section	NOUN
cblr-8636	698	8	,	,	PUNCT
cblr-8636	698	9	traditional	traditional	ADJ
cblr-8636	698	10	methods	method	NOUN
cblr-8636	698	11	of	of	ADP
cblr-8636	698	12	discipline	discipline	NOUN
cblr-8636	698	13	in	in	ADP
cblr-8636	698	14	the	the	DET
cblr-8636	698	15	securities	security	NOUN
cblr-8636	698	16	markets	market	NOUN
cblr-8636	698	17	focused	focus	VERB
cblr-8636	698	18	on	on	ADP
cblr-8636	698	19	disclosure	disclosure	NOUN
cblr-8636	698	20	and	and	CCONJ
cblr-8636	698	21	human	human	ADJ
cblr-8636	698	22	intermediaries	intermediary	NOUN
cblr-8636	698	23	.	.	PUNCT
cblr-8636	699	1	for	for	ADP
cblr-8636	699	2	example	example	NOUN
cblr-8636	699	3	,	,	PUNCT
cblr-8636	699	4	our	our	PRON
cblr-8636	699	5	current	current	ADJ
cblr-8636	699	6	regulatory	regulatory	ADJ
cblr-8636	699	7	structure	structure	NOUN
cblr-8636	699	8	relies	rely	VERB
cblr-8636	699	9	heavily	heavily	ADV
cblr-8636	699	10	on	on	ADP
cblr-8636	699	11	brokers	broker	NOUN
cblr-8636	699	12	to	to	PART
cblr-8636	699	13	be	be	AUX
cblr-8636	699	14	the	the	DET
cblr-8636	699	15	front	front	ADJ
cblr-8636	699	16	-	-	PUNCT
cblr-8636	699	17	line	line	NOUN
cblr-8636	699	18	soldiers	soldier	NOUN
cblr-8636	699	19	in	in	ADP
cblr-8636	699	20	the	the	DET
cblr-8636	699	21	battle	battle	NOUN
cblr-8636	699	22	against	against	ADP
cblr-8636	699	23	insider	insider	NOUN
cblr-8636	699	24	and	and	CCONJ
cblr-8636	699	25	manipulative	manipulative	ADJ
cblr-8636	699	26	trading	trading	NOUN
cblr-8636	699	27	by	by	ADP
cblr-8636	699	28	their	their	PRON
cblr-8636	699	29	customers.140	customers.140	NOUN
cblr-8636	699	30	how	how	SCONJ
cblr-8636	699	31	might	might	AUX
cblr-8636	699	32	the	the	DET
cblr-8636	699	33	regulatory	regulatory	ADJ
cblr-8636	699	34	system	system	NOUN
cblr-8636	699	35	need	need	VERB
cblr-8636	699	36	to	to	PART
cblr-8636	699	37	change	change	VERB
cblr-8636	699	38	if	if	SCONJ
cblr-8636	699	39	brokers	broker	NOUN
cblr-8636	699	40	drop	drop	VERB
cblr-8636	699	41	out	out	ADP
cblr-8636	699	42	of	of	ADP
cblr-8636	699	43	the	the	DET
cblr-8636	699	44	equation	equation	NOUN
cblr-8636	699	45	?	?	PUNCT
cblr-8636	700	1	could	could	AUX
cblr-8636	700	2	dlt	dlt	PROPN
cblr-8636	700	3	,	,	PUNCT
cblr-8636	700	4	with	with	ADP
cblr-8636	700	5	its	its	PRON
cblr-8636	700	6	recordkeeping	recordkeeping	NOUN
cblr-8636	700	7	capabilities	capability	NOUN
cblr-8636	700	8	,	,	PUNCT
cblr-8636	700	9	offer	offer	VERB
cblr-8636	700	10	the	the	DET
cblr-8636	700	11	means	mean	NOUN
cblr-8636	700	12	for	for	ADP
cblr-8636	700	13	effective	effective	ADJ
cblr-8636	700	14	oversight	oversight	NOUN
cblr-8636	700	15	?	?	PUNCT
cblr-8636	701	1	could	could	AUX
cblr-8636	701	2	it	it	PRON
cblr-8636	701	3	also	also	ADV
cblr-8636	701	4	help	help	VERB
cblr-8636	701	5	in	in	ADP
cblr-8636	701	6	providing	provide	VERB
cblr-8636	701	7	authorities	authority	NOUN
cblr-8636	701	8	data	datum	NOUN
cblr-8636	701	9	needed	need	VERB
cblr-8636	701	10	to	to	PART
cblr-8636	701	11	reduce	reduce	VERB
cblr-8636	701	12	systemic	systemic	ADJ
cblr-8636	701	13	risk	risk	NOUN
cblr-8636	701	14	?	?	PUNCT
cblr-8636	702	1	the	the	DET
cblr-8636	702	2	laws	law	NOUN
cblr-8636	702	3	around	around	ADP
cblr-8636	702	4	insider	insider	NOUN
cblr-8636	702	5	trading	trading	NOUN
cblr-8636	702	6	and	and	CCONJ
cblr-8636	702	7	market	market	NOUN
cblr-8636	702	8	manipulation	manipulation	NOUN
cblr-8636	702	9	are	be	AUX
cblr-8636	702	10	already	already	ADV
cblr-8636	702	11	rife	rife	ADJ
cblr-8636	702	12	with	with	ADP
cblr-8636	702	13	uncertainties	uncertainty	NOUN
cblr-8636	702	14	.	.	PUNCT
cblr-8636	703	1	courts	court	NOUN
cblr-8636	703	2	lack	lack	VERB
cblr-8636	703	3	clear	clear	ADJ
cblr-8636	703	4	legislative	legislative	ADJ
cblr-8636	703	5	mandates	mandate	NOUN
cblr-8636	703	6	and	and	CCONJ
cblr-8636	703	7	are	be	AUX
cblr-8636	703	8	instead	instead	ADV
cblr-8636	703	9	simply	simply	ADV
cblr-8636	703	10	guided	guide	VERB
cblr-8636	703	11	by	by	ADP
cblr-8636	703	12	a	a	DET
cblr-8636	703	13	small	small	ADJ
cblr-8636	703	14	number	number	NOUN
cblr-8636	703	15	of	of	ADP
cblr-8636	703	16	very	very	ADV
cblr-8636	703	17	generally	generally	ADV
cblr-8636	703	18	worded	word	VERB
cblr-8636	703	19	anti	anti	ADJ
cblr-8636	703	20	-	-	ADJ
cblr-8636	703	21	fraud	fraud	ADJ
cblr-8636	703	22	provisions.141	provisions.141	NOUN
cblr-8636	703	23	as	as	ADP
cblr-8636	703	24	a	a	DET
cblr-8636	703	25	result	result	NOUN
cblr-8636	703	26	,	,	PUNCT
cblr-8636	703	27	the	the	DET
cblr-8636	703	28	courts	court	NOUN
cblr-8636	703	29	have	have	AUX
cblr-8636	703	30	been	be	AUX
cblr-8636	703	31	forced	force	VERB
cblr-8636	703	32	to	to	PART
cblr-8636	703	33	develop	develop	VERB
cblr-8636	703	34	in	in	ADP
cblr-8636	703	35	commonlaw	commonlaw	ADJ
cblr-8636	703	36	fashion	fashion	NOUN
cblr-8636	703	37	ways	way	NOUN
cblr-8636	703	38	of	of	ADP
cblr-8636	703	39	distinguishing	distinguish	VERB
cblr-8636	703	40	trading	trading	NOUN
cblr-8636	703	41	-	-	PUNCT
cblr-8636	703	42	profit	profit	NOUN
cblr-8636	703	43	-	-	PUNCT
cblr-8636	703	44	motivated	motivated	ADJ
cblr-8636	703	45	,	,	PUNCT
cblr-8636	703	46	but	but	CCONJ
cblr-8636	703	47	socially	socially	ADV
cblr-8636	703	48	useful	useful	ADJ
cblr-8636	703	49	,	,	PUNCT
cblr-8636	703	50	transactions	transaction	NOUN
cblr-8636	703	51	from	from	ADP
cblr-8636	703	52	practices	practice	NOUN
cblr-8636	703	53	that	that	PRON
cblr-8636	703	54	simply	simply	ADV
cblr-8636	703	55	move	move	VERB
cblr-8636	703	56	money	money	NOUN
cblr-8636	703	57	to	to	ADP
cblr-8636	703	58	those	those	PRON
cblr-8636	703	59	who	who	PRON
cblr-8636	703	60	are	be	AUX
cblr-8636	703	61	most	most	ADV
cblr-8636	703	62	artful	artful	ADJ
cblr-8636	703	63	in	in	ADP
cblr-8636	703	64	what	what	PRON
cblr-8636	703	65	they	they	PRON
cblr-8636	703	66	say	say	VERB
cblr-8636	703	67	or	or	CCONJ
cblr-8636	703	68	how	how	SCONJ
cblr-8636	703	69	they	they	PRON
cblr-8636	703	70	trade.142	trade.142	VERB
cblr-8636	703	71	technological	technological	ADJ
cblr-8636	703	72	advancements	advancement	NOUN
cblr-8636	703	73	expand	expand	VERB
cblr-8636	703	74	the	the	DET
cblr-8636	703	75	menu	menu	NOUN
cblr-8636	703	76	of	of	ADP
cblr-8636	703	77	possible	possible	ADJ
cblr-8636	703	78	transactions	transaction	NOUN
cblr-8636	703	79	that	that	PRON
cblr-8636	703	80	need	need	VERB
cblr-8636	703	81	to	to	PART
cblr-8636	703	82	be	be	AUX
cblr-8636	703	83	distinguished	distinguish	VERB
cblr-8636	703	84	in	in	ADP
cblr-8636	703	85	these	these	DET
cblr-8636	703	86	ways	way	NOUN
cblr-8636	703	87	.	.	PUNCT
cblr-8636	704	1	for	for	ADP
cblr-8636	704	2	example	example	NOUN
cblr-8636	704	3	,	,	PUNCT
cblr-8636	704	4	hfts	hft	NOUN
cblr-8636	704	5	,	,	PUNCT
cblr-8636	704	6	who	who	PRON
cblr-8636	704	7	depend	depend	VERB
cblr-8636	704	8	on	on	ADP
cblr-8636	704	9	ultra	ultra	ADJ
cblr-8636	704	10	-	-	ADJ
cblr-8636	704	11	fast	fast	ADJ
cblr-8636	704	12	communication	communication	NOUN
cblr-8636	704	13	with	with	ADP
cblr-8636	704	14	diverse	diverse	ADJ
cblr-8636	704	15	trading	trading	NOUN
cblr-8636	704	16	venues	venue	NOUN
cblr-8636	704	17	and	and	CCONJ
cblr-8636	704	18	employ	employ	VERB
cblr-8636	704	19	algorithmic	algorithmic	ADJ
cblr-8636	704	20	quoting	quoting	NOUN
cblr-8636	704	21	and	and	CCONJ
cblr-8636	704	22	trading	trading	NOUN
cblr-8636	704	23	decisiomaking	decisiomake	VERB
cblr-8636	704	24	,	,	PUNCT
cblr-8636	704	25	appear	appear	VERB
cblr-8636	704	26	to	to	PART
cblr-8636	704	27	have	have	AUX
cblr-8636	704	28	enhanced	enhance	VERB
cblr-8636	704	29	liquidity	liquidity	NOUN
cblr-8636	704	30	in	in	ADP
cblr-8636	704	31	the	the	DET
cblr-8636	704	32	markets.143	markets.143	NOUN
cblr-8636	704	33	they	they	PRON
cblr-8636	704	34	are	be	AUX
cblr-8636	704	35	also	also	ADV
cblr-8636	704	36	capable	capable	ADJ
cblr-8636	704	37	of	of	ADP
cblr-8636	704	38	a	a	DET
cblr-8636	704	39	variety	variety	NOUN
cblr-8636	704	40	of	of	ADP
cblr-8636	704	41	socially	socially	ADV
cblr-8636	704	42	negative	negative	ADJ
cblr-8636	704	43	trading	trading	NOUN
cblr-8636	704	44	strategies	strategy	NOUN
cblr-8636	704	45	,	,	PUNCT
cblr-8636	704	46	however.144	however.144	DET
cblr-8636	704	47	innovation	innovation	NOUN
cblr-8636	704	48	in	in	ADP
cblr-8636	704	49	markets	market	NOUN
cblr-8636	704	50	is	be	AUX
cblr-8636	704	51	only	only	ADV
cblr-8636	704	52	accelerating	accelerate	VERB
cblr-8636	704	53	.	.	PUNCT
cblr-8636	705	1	not	not	PART
cblr-8636	705	2	many	many	ADJ
cblr-8636	705	3	years	year	NOUN
cblr-8636	705	4	ago	ago	ADV
cblr-8636	705	5	,	,	PUNCT
cblr-8636	705	6	the	the	DET
cblr-8636	705	7	sec	sec	PROPN
cblr-8636	705	8	struggled	struggle	VERB
cblr-8636	705	9	to	to	PART
cblr-8636	705	10	craft	craft	VERB
cblr-8636	705	11	responsive	responsive	ADJ
cblr-8636	705	12	rules	rule	NOUN
cblr-8636	705	13	,	,	PUNCT
cblr-8636	705	14	reg	reg	PROPN
cblr-8636	705	15	nms	nms	NOUN
cblr-8636	705	16	,	,	PUNCT
cblr-8636	705	17	in	in	ADP
cblr-8636	705	18	140	140	NUM
cblr-8636	705	19	cf	cf	NOUN
cblr-8636	705	20	.	.	PUNCT
cblr-8636	705	21	,	,	PUNCT
cblr-8636	705	22	e.g.	e.g.	ADV
cblr-8636	705	23	,	,	PUNCT
cblr-8636	705	24	merritt	merritt	PROPN
cblr-8636	705	25	b.	b.	PROPN
cblr-8636	705	26	fox	fox	PROPN
cblr-8636	705	27	,	,	PUNCT
cblr-8636	705	28	lawrence	lawrence	PROPN
cblr-8636	705	29	r.	r.	PROPN
cblr-8636	705	30	glosten	glosten	PROPN
cblr-8636	705	31	&	&	CCONJ
cblr-8636	705	32	gabriel	gabriel	PROPN
cblr-8636	705	33	v.	v.	PROPN
cblr-8636	705	34	rauterberg	rauterberg	PROPN
cblr-8636	705	35	,	,	PUNCT
cblr-8636	705	36	35	35	NUM
cblr-8636	705	37	yale	yale	NOUN
cblr-8636	705	38	j.	j.	PROPN
cblr-8636	705	39	on	on	ADP
cblr-8636	705	40	regul	regul	NOUN
cblr-8636	705	41	.	.	PUNCT
cblr-8636	706	1	67	67	NUM
cblr-8636	706	2	,	,	PUNCT
cblr-8636	706	3	77	77	NUM
cblr-8636	706	4	(	(	PUNCT
cblr-8636	706	5	2018	2018	NUM
cblr-8636	706	6	)	)	PUNCT
cblr-8636	707	1	(	(	PUNCT
cblr-8636	707	2	noting	note	VERB
cblr-8636	707	3	that	that	SCONJ
cblr-8636	707	4	brokers	broker	NOUN
cblr-8636	707	5	are	be	AUX
cblr-8636	707	6	the	the	DET
cblr-8636	707	7	most	most	ADV
cblr-8636	707	8	common	common	ADJ
cblr-8636	707	9	defendants	defendant	NOUN
cblr-8636	707	10	in	in	ADP
cblr-8636	707	11	manipulation	manipulation	NOUN
cblr-8636	707	12	cases	case	NOUN
cblr-8636	707	13	)	)	PUNCT
cblr-8636	707	14	.	.	PUNCT
cblr-8636	708	1	141	141	NUM
cblr-8636	708	2	see	see	NOUN
cblr-8636	708	3	,	,	PUNCT
cblr-8636	708	4	e.g.	e.g.	ADV
cblr-8636	708	5	,	,	PUNCT
cblr-8636	708	6	17	17	NUM
cblr-8636	708	7	c.f.r	c.f.r	NOUN
cblr-8636	708	8	.	.	PUNCT
cblr-8636	709	1	§	§	PROPN
cblr-8636	709	2	240.10b-5	240.10b-5	NUM
cblr-8636	709	3	(	(	PUNCT
cblr-8636	709	4	2020	2020	NUM
cblr-8636	709	5	)	)	PUNCT
cblr-8636	709	6	(	(	PUNCT
cblr-8636	709	7	broadly	broadly	ADV
cblr-8636	709	8	prohibiting	prohibit	VERB
cblr-8636	709	9	fraud	fraud	NOUN
cblr-8636	709	10	)	)	PUNCT
cblr-8636	709	11	;	;	PUNCT
cblr-8636	709	12	fox	fox	PROPN
cblr-8636	709	13	et	et	PROPN
cblr-8636	709	14	al	al	PROPN
cblr-8636	709	15	.	.	PROPN
cblr-8636	709	16	,	,	PUNCT
cblr-8636	709	17	supra	supra	PROPN
cblr-8636	709	18	note	note	NOUN
cblr-8636	709	19	3	3	NUM
cblr-8636	709	20	,	,	PUNCT
cblr-8636	709	21	at	at	ADP
cblr-8636	709	22	162–99	162–99	NOUN
cblr-8636	709	23	(	(	PUNCT
cblr-8636	709	24	discussing	discuss	VERB
cblr-8636	709	25	informed	informed	ADJ
cblr-8636	709	26	trading	trading	NOUN
cblr-8636	709	27	)	)	PUNCT
cblr-8636	709	28	.	.	PUNCT
cblr-8636	710	1	142	142	NUM
cblr-8636	710	2	see	see	VERB
cblr-8636	710	3	fox	fox	PROPN
cblr-8636	710	4	et	et	PROPN
cblr-8636	710	5	al	al	PROPN
cblr-8636	710	6	.	.	PROPN
cblr-8636	710	7	,	,	PUNCT
cblr-8636	710	8	supra	supra	PROPN
cblr-8636	710	9	note	note	NOUN
cblr-8636	710	10	3	3	NUM
cblr-8636	710	11	,	,	PUNCT
cblr-8636	710	12	at	at	ADP
cblr-8636	710	13	174–75	174–75	NUM
cblr-8636	710	14	.	.	PUNCT
cblr-8636	711	1	143	143	NUM
cblr-8636	711	2	see	see	VERB
cblr-8636	711	3	i	i	PRON
cblr-8636	711	4	d.	d.	PROPN
cblr-8636	711	5	at	at	ADP
cblr-8636	711	6	96	96	NUM
cblr-8636	711	7	,	,	PUNCT
cblr-8636	711	8	104	104	NUM
cblr-8636	711	9	.	.	PUNCT
cblr-8636	712	1	144	144	NUM
cblr-8636	713	1	i	i	PRON
cblr-8636	713	2	d.	d.	PROPN
cblr-8636	713	3	at	at	ADP
cblr-8636	713	4	124	124	NUM
cblr-8636	713	5	.	.	PUNCT
cblr-8636	714	1	fox	fox	PROPN
cblr-8636	714	2	et	et	PROPN
cblr-8636	714	3	al	al	PROPN
cblr-8636	714	4	.	.	PROPN
cblr-8636	715	1	8/22/2021	8/22/2021	NUM
cblr-8636	715	2	9:05	9:05	NUM
cblr-8636	715	3	pm	pm	NOUN
cblr-8636	715	4	700	700	NUM
cblr-8636	715	5	columbia	columbia	PROPN
cblr-8636	715	6	business	business	NOUN
cblr-8636	715	7	law	law	NOUN
cblr-8636	715	8	review	review	NOUN
cblr-8636	715	9	[	[	X
cblr-8636	715	10	vol	vol	NOUN
cblr-8636	715	11	.	.	NOUN
cblr-8636	715	12	2021	2021	NUM
cblr-8636	715	13	anticipation	anticipation	NOUN
cblr-8636	715	14	of	of	ADP
cblr-8636	715	15	the	the	DET
cblr-8636	715	16	advent	advent	NOUN
cblr-8636	715	17	of	of	ADP
cblr-8636	715	18	hfts	hft	NOUN
cblr-8636	715	19	,	,	PUNCT
cblr-8636	715	20	and	and	CCONJ
cblr-8636	715	21	yet	yet	ADV
cblr-8636	715	22	there	there	PRON
cblr-8636	715	23	are	be	VERB
cblr-8636	715	24	already	already	ADV
cblr-8636	715	25	complaints	complaint	NOUN
cblr-8636	715	26	,	,	PUNCT
cblr-8636	715	27	as	as	SCONJ
cblr-8636	715	28	noted	note	VERB
cblr-8636	715	29	above	above	ADV
cblr-8636	715	30	,	,	PUNCT
cblr-8636	715	31	that	that	SCONJ
cblr-8636	715	32	our	our	PRON
cblr-8636	715	33	current	current	ADJ
cblr-8636	715	34	market	market	NOUN
cblr-8636	715	35	-	-	PUNCT
cblr-8636	715	36	structure	structure	NOUN
cblr-8636	715	37	rules	rule	NOUN
cblr-8636	715	38	are	be	AUX
cblr-8636	715	39	obsolete.145	obsolete.145	PRON
cblr-8636	715	40	the	the	DET
cblr-8636	715	41	line	line	NOUN
cblr-8636	715	42	has	have	AUX
cblr-8636	715	43	grown	grow	VERB
cblr-8636	715	44	increasingly	increasingly	ADV
cblr-8636	715	45	blurry	blurry	ADJ
cblr-8636	715	46	between	between	ADP
cblr-8636	715	47	socially	socially	ADV
cblr-8636	715	48	beneficial	beneficial	ADJ
cblr-8636	715	49	transactions	transaction	NOUN
cblr-8636	715	50	that	that	PRON
cblr-8636	715	51	tend	tend	VERB
cblr-8636	715	52	to	to	PART
cblr-8636	715	53	make	make	VERB
cblr-8636	715	54	prices	price	NOUN
cblr-8636	715	55	more	more	ADV
cblr-8636	715	56	accurate	accurate	ADJ
cblr-8636	715	57	and	and	CCONJ
cblr-8636	715	58	markets	market	VERB
cblr-8636	715	59	more	more	ADJ
cblr-8636	715	60	liquid	liquid	ADJ
cblr-8636	715	61	,	,	PUNCT
cblr-8636	715	62	and	and	CCONJ
cblr-8636	715	63	transactions	transaction	NOUN
cblr-8636	715	64	that	that	PRON
cblr-8636	715	65	should	should	AUX
cblr-8636	715	66	fall	fall	VERB
cblr-8636	715	67	under	under	ADP
cblr-8636	715	68	our	our	PRON
cblr-8636	715	69	prohibitions	prohibition	NOUN
cblr-8636	715	70	against	against	ADP
cblr-8636	715	71	insider	insider	NOUN
cblr-8636	715	72	trading	trading	NOUN
cblr-8636	715	73	or	or	CCONJ
cblr-8636	715	74	manipulation	manipulation	NOUN
cblr-8636	715	75	.	.	PUNCT
cblr-8636	716	1	one	one	NUM
cblr-8636	716	2	member	member	NOUN
cblr-8636	716	3	of	of	ADP
cblr-8636	716	4	the	the	DET
cblr-8636	716	5	regulatory	regulatory	ADJ
cblr-8636	716	6	community	community	NOUN
cblr-8636	716	7	warned	warn	VERB
cblr-8636	716	8	of	of	ADP
cblr-8636	716	9	the	the	DET
cblr-8636	716	10	ensuing	ensue	VERB
cblr-8636	716	11	dangers	danger	NOUN
cblr-8636	716	12	:	:	PUNCT
cblr-8636	716	13	if	if	SCONJ
cblr-8636	716	14	regulators	regulator	NOUN
cblr-8636	716	15	themselves	themselves	PRON
cblr-8636	716	16	are	be	AUX
cblr-8636	716	17	unsure	unsure	ADJ
cblr-8636	716	18	of	of	ADP
cblr-8636	716	19	the	the	DET
cblr-8636	716	20	line	line	NOUN
cblr-8636	716	21	,	,	PUNCT
cblr-8636	716	22	how	how	SCONJ
cblr-8636	716	23	can	can	AUX
cblr-8636	716	24	market	market	NOUN
cblr-8636	716	25	participants	participant	NOUN
cblr-8636	716	26	calibrate	calibrate	VERB
cblr-8636	716	27	their	their	PRON
cblr-8636	716	28	behavior	behavior	NOUN
cblr-8636	716	29	accordingly	accordingly	ADV
cblr-8636	716	30	?	?	PUNCT
cblr-8636	717	1	a	a	DET
cblr-8636	717	2	member	member	NOUN
cblr-8636	717	3	of	of	ADP
cblr-8636	717	4	the	the	DET
cblr-8636	717	5	investment	investment	NOUN
cblr-8636	717	6	community	community	NOUN
cblr-8636	717	7	expressed	express	VERB
cblr-8636	717	8	skepticism	skepticism	NOUN
cblr-8636	717	9	of	of	ADP
cblr-8636	717	10	regulators	regulator	NOUN
cblr-8636	717	11	’	’	PART
cblr-8636	717	12	ability	ability	NOUN
cblr-8636	717	13	to	to	PART
cblr-8636	717	14	stay	stay	VERB
cblr-8636	717	15	on	on	ADP
cblr-8636	717	16	top	top	NOUN
cblr-8636	717	17	of	of	ADP
cblr-8636	717	18	technological	technological	ADJ
cblr-8636	717	19	innovation	innovation	NOUN
cblr-8636	717	20	,	,	PUNCT
cblr-8636	717	21	especially	especially	ADV
cblr-8636	717	22	as	as	SCONJ
cblr-8636	717	23	so	so	ADV
cblr-8636	717	24	many	many	ADJ
cblr-8636	717	25	laws	law	NOUN
cblr-8636	717	26	around	around	ADP
cblr-8636	717	27	wrongdoing	wrongdoing	NOUN
cblr-8636	717	28	depend	depend	VERB
cblr-8636	717	29	on	on	ADP
cblr-8636	717	30	identifying	identify	VERB
cblr-8636	717	31	intent	intent	NOUN
cblr-8636	717	32	,	,	PUNCT
cblr-8636	717	33	an	an	DET
cblr-8636	717	34	increasingly	increasingly	ADV
cblr-8636	717	35	murky	murky	ADJ
cblr-8636	717	36	concept	concept	NOUN
cblr-8636	717	37	given	give	VERB
cblr-8636	717	38	the	the	DET
cblr-8636	717	39	rise	rise	NOUN
cblr-8636	717	40	of	of	ADP
cblr-8636	717	41	ai	ai	NOUN
cblr-8636	717	42	.	.	PUNCT
cblr-8636	718	1	this	this	PRON
cblr-8636	718	2	is	be	AUX
cblr-8636	718	3	exacerbated	exacerbate	VERB
cblr-8636	718	4	,	,	PUNCT
cblr-8636	718	5	that	that	DET
cblr-8636	718	6	interviewee	interviewee	NOUN
cblr-8636	718	7	pointed	point	VERB
cblr-8636	718	8	out	out	ADP
cblr-8636	718	9	,	,	PUNCT
cblr-8636	718	10	by	by	ADP
cblr-8636	718	11	the	the	DET
cblr-8636	718	12	disparities	disparity	NOUN
cblr-8636	718	13	in	in	ADP
cblr-8636	718	14	defining	define	VERB
cblr-8636	718	15	or	or	CCONJ
cblr-8636	718	16	reconciling	reconcile	VERB
cblr-8636	718	17	wrongdoing	wrongdoing	NOUN
cblr-8636	718	18	across	across	ADP
cblr-8636	718	19	jurisdictions.146	jurisdictions.146	PROPN
cblr-8636	718	20	against	against	ADP
cblr-8636	718	21	this	this	DET
cblr-8636	718	22	changing	change	VERB
cblr-8636	718	23	background	background	NOUN
cblr-8636	718	24	in	in	ADP
cblr-8636	718	25	terms	term	NOUN
cblr-8636	718	26	of	of	ADP
cblr-8636	718	27	the	the	DET
cblr-8636	718	28	possibilities	possibility	NOUN
cblr-8636	718	29	for	for	ADP
cblr-8636	718	30	wrongdoing	wrongdoing	NOUN
cblr-8636	718	31	,	,	PUNCT
cblr-8636	718	32	a	a	DET
cblr-8636	718	33	few	few	ADJ
cblr-8636	718	34	questions	question	NOUN
cblr-8636	718	35	arise	arise	VERB
cblr-8636	718	36	with	with	ADP
cblr-8636	718	37	respect	respect	NOUN
cblr-8636	718	38	to	to	ADP
cblr-8636	718	39	dlt	dlt	PROPN
cblr-8636	718	40	,	,	PUNCT
cblr-8636	718	41	both	both	PRON
cblr-8636	718	42	positive	positive	ADJ
cblr-8636	718	43	and	and	CCONJ
cblr-8636	718	44	negative	negative	ADJ
cblr-8636	718	45	.	.	PUNCT
cblr-8636	719	1	if	if	SCONJ
cblr-8636	719	2	the	the	DET
cblr-8636	719	3	system	system	NOUN
cblr-8636	719	4	moves	move	VERB
cblr-8636	719	5	toward	toward	ADP
cblr-8636	719	6	dlt	dlt	PROPN
cblr-8636	719	7	-	-	PUNCT
cblr-8636	719	8	based	base	VERB
cblr-8636	719	9	trading	trading	NOUN
cblr-8636	719	10	,	,	PUNCT
cblr-8636	719	11	how	how	SCONJ
cblr-8636	719	12	can	can	AUX
cblr-8636	719	13	it	it	PRON
cblr-8636	719	14	be	be	AUX
cblr-8636	719	15	designed	design	VERB
cblr-8636	719	16	to	to	PART
cblr-8636	719	17	facilitate	facilitate	VERB
cblr-8636	719	18	enforcement	enforcement	NOUN
cblr-8636	719	19	through	through	ADP
cblr-8636	719	20	,	,	PUNCT
cblr-8636	719	21	for	for	ADP
cblr-8636	719	22	example	example	NOUN
cblr-8636	719	23	,	,	PUNCT
cblr-8636	719	24	recordkeeping	recordkeeping	NOUN
cblr-8636	719	25	and	and	CCONJ
cblr-8636	719	26	audit	audit	NOUN
cblr-8636	719	27	trails	trail	NOUN
cblr-8636	719	28	that	that	PRON
cblr-8636	719	29	associate	associate	VERB
cblr-8636	719	30	particular	particular	ADJ
cblr-8636	719	31	trades	trade	NOUN
cblr-8636	719	32	with	with	ADP
cblr-8636	719	33	particular	particular	ADJ
cblr-8636	719	34	traders	trader	NOUN
cblr-8636	719	35	?	?	PUNCT
cblr-8636	720	1	would	would	AUX
cblr-8636	720	2	using	use	VERB
cblr-8636	720	3	dlt	dlt	PROPN
cblr-8636	720	4	to	to	ADP
cblr-8636	720	5	its	its	PRON
cblr-8636	720	6	full	full	ADJ
cblr-8636	720	7	potential	potential	NOUN
cblr-8636	720	8	interfere	interfere	ADJ
cblr-8636	720	9	with	with	ADP
cblr-8636	720	10	enforcement	enforcement	NOUN
cblr-8636	720	11	by	by	ADP
cblr-8636	720	12	removing	remove	VERB
cblr-8636	720	13	human	human	ADJ
cblr-8636	720	14	intermediaries	intermediary	NOUN
cblr-8636	720	15	that	that	PRON
cblr-8636	720	16	have	have	AUX
cblr-8636	720	17	traditionally	traditionally	ADV
cblr-8636	720	18	provided	provide	VERB
cblr-8636	720	19	regulatory	regulatory	ADJ
cblr-8636	720	20	hooks	hook	NOUN
cblr-8636	720	21	for	for	ADP
cblr-8636	720	22	enforcement	enforcement	NOUN
cblr-8636	720	23	agencies	agency	NOUN
cblr-8636	720	24	?	?	PUNCT
cblr-8636	721	1	and	and	CCONJ
cblr-8636	721	2	will	will	AUX
cblr-8636	721	3	some	some	PRON
cblr-8636	721	4	of	of	ADP
cblr-8636	721	5	the	the	DET
cblr-8636	721	6	efficiency	efficiency	NOUN
cblr-8636	721	7	gains	gain	NOUN
cblr-8636	721	8	offered	offer	VERB
cblr-8636	721	9	by	by	ADP
cblr-8636	721	10	a	a	DET
cblr-8636	721	11	dlt	dlt	PROPN
cblr-8636	721	12	-	-	PUNCT
cblr-8636	721	13	based	base	VERB
cblr-8636	721	14	trading	trading	NOUN
cblr-8636	721	15	system	system	NOUN
cblr-8636	721	16	need	need	VERB
cblr-8636	721	17	to	to	PART
cblr-8636	721	18	be	be	AUX
cblr-8636	721	19	foregone	foregone	ADJ
cblr-8636	721	20	in	in	ADP
cblr-8636	721	21	order	order	NOUN
cblr-8636	721	22	to	to	PART
cblr-8636	721	23	keep	keep	VERB
cblr-8636	721	24	some	some	DET
cblr-8636	721	25	enforcement	enforcement	NOUN
cblr-8636	721	26	-	-	PUNCT
cblr-8636	721	27	enhancing	enhance	VERB
cblr-8636	721	28	human	human	ADJ
cblr-8636	721	29	involvement	involvement	NOUN
cblr-8636	721	30	?	?	PUNCT
cblr-8636	722	1	145	145	NUM
cblr-8636	722	2	see	see	VERB
cblr-8636	722	3	supra	supra	PROPN
cblr-8636	722	4	part	part	NOUN
cblr-8636	722	5	v.	v.	ADP
cblr-8636	722	6	146	146	NUM
cblr-8636	722	7	see	see	NOUN
cblr-8636	722	8	,	,	PUNCT
cblr-8636	722	9	e.g.	e.g.	ADV
cblr-8636	722	10	,	,	PUNCT
cblr-8636	722	11	3	3	NUM
cblr-8636	722	12	thomas	thomas	PROPN
cblr-8636	722	13	lee	lee	PROPN
cblr-8636	722	14	hazen	hazen	PROPN
cblr-8636	722	15	,	,	PUNCT
cblr-8636	722	16	treatise	treatise	NOUN
cblr-8636	722	17	on	on	ADP
cblr-8636	722	18	the	the	DET
cblr-8636	722	19	law	law	NOUN
cblr-8636	722	20	of	of	ADP
cblr-8636	722	21	securities	security	NOUN
cblr-8636	722	22	regulation	regulation	NOUN
cblr-8636	722	23	§	§	PROPN
cblr-8636	722	24	12:52	12:52	NUM
cblr-8636	722	25	,	,	PUNCT
cblr-8636	722	26	westlaw	westlaw	NOUN
cblr-8636	722	27	(	(	PUNCT
cblr-8636	722	28	database	database	NOUN
cblr-8636	722	29	updated	update	VERB
cblr-8636	722	30	dec	dec	PROPN
cblr-8636	722	31	.	.	PROPN
cblr-8636	722	32	2020	2020	NUM
cblr-8636	722	33	)	)	PUNCT
cblr-8636	723	1	(	(	PUNCT
cblr-8636	723	2	discussing	discuss	VERB
cblr-8636	723	3	variations	variation	NOUN
cblr-8636	723	4	in	in	ADP
cblr-8636	723	5	the	the	DET
cblr-8636	723	6	scienter	scienter	NOUN
cblr-8636	723	7	standard	standard	NOUN
cblr-8636	723	8	under	under	ADP
cblr-8636	723	9	rule	rule	NOUN
cblr-8636	723	10	10b-5	10b-5	NUM
cblr-8636	723	11	)	)	PUNCT
cblr-8636	723	12	.	.	PUNCT
cblr-8636	724	1	fox	fox	PROPN
cblr-8636	724	2	et	et	PROPN
cblr-8636	724	3	al	al	PROPN
cblr-8636	724	4	.	.	PROPN
cblr-8636	725	1	8/22/2021	8/22/2021	NUM
cblr-8636	725	2	9:05	9:05	NUM
cblr-8636	725	3	pm	pm	NOUN
cblr-8636	725	4	no	no	INTJ
cblr-8636	725	5	.	.	PUNCT
cblr-8636	726	1	2:651	2:651	NUM
cblr-8636	726	2	]	]	X
cblr-8636	726	3	a	a	DET
cblr-8636	726	4	stakeholder	stakeholder	NOUN
cblr-8636	726	5	survey	survey	VERB
cblr-8636	726	6	701	701	NUM
cblr-8636	726	7	x.	x.	NOUN
cblr-8636	726	8	digital	digital	PROPN
cblr-8636	726	9	coins	coin	NOUN
cblr-8636	726	10	one	one	NUM
cblr-8636	726	11	already	already	ADV
cblr-8636	726	12	-	-	PUNCT
cblr-8636	726	13	significant	significant	ADJ
cblr-8636	726	14	application	application	NOUN
cblr-8636	726	15	of	of	ADP
cblr-8636	726	16	dlt	dlt	PROPN
cblr-8636	726	17	with	with	ADP
cblr-8636	726	18	securities	security	NOUN
cblr-8636	726	19	law	law	NOUN
cblr-8636	726	20	implications	implication	NOUN
cblr-8636	726	21	is	be	AUX
cblr-8636	726	22	the	the	DET
cblr-8636	726	23	digital	digital	ADJ
cblr-8636	726	24	coin	coin	NOUN
cblr-8636	726	25	.	.	PUNCT
cblr-8636	727	1	bad	bad	ADJ
cblr-8636	727	2	actors	actor	NOUN
cblr-8636	727	3	promoted	promote	VERB
cblr-8636	727	4	an	an	DET
cblr-8636	727	5	initial	initial	ADJ
cblr-8636	727	6	wave	wave	NOUN
cblr-8636	727	7	of	of	ADP
cblr-8636	727	8	offerings	offering	NOUN
cblr-8636	727	9	not	not	PART
cblr-8636	727	10	registered	register	VERB
cblr-8636	727	11	under	under	ADP
cblr-8636	727	12	the	the	DET
cblr-8636	727	13	securities	security	NOUN
cblr-8636	727	14	act	act	NOUN
cblr-8636	727	15	of	of	ADP
cblr-8636	727	16	1933	1933	NUM
cblr-8636	727	17	that	that	PRON
cblr-8636	727	18	turned	turn	VERB
cblr-8636	727	19	out	out	ADP
cblr-8636	727	20	to	to	PART
cblr-8636	727	21	be	be	AUX
cblr-8636	727	22	rampant	rampant	ADJ
cblr-8636	727	23	frauds	fraud	NOUN
cblr-8636	727	24	designed	design	VERB
cblr-8636	727	25	to	to	PART
cblr-8636	727	26	take	take	VERB
cblr-8636	727	27	advantage	advantage	NOUN
cblr-8636	727	28	of	of	ADP
cblr-8636	727	29	the	the	DET
cblr-8636	727	30	speculative	speculative	ADJ
cblr-8636	727	31	fever	fever	NOUN
cblr-8636	727	32	surrounding	surround	VERB
cblr-8636	727	33	bitcoin.147	bitcoin.147	NOUN
cblr-8636	727	34	uncertainty	uncertainty	NOUN
cblr-8636	727	35	around	around	ADP
cblr-8636	727	36	the	the	DET
cblr-8636	727	37	status	status	NOUN
cblr-8636	727	38	of	of	ADP
cblr-8636	727	39	cryptocurrency	cryptocurrency	NOUN
cblr-8636	727	40	under	under	ADP
cblr-8636	727	41	the	the	DET
cblr-8636	727	42	securities	security	NOUN
cblr-8636	727	43	laws148	laws148	PROPN
cblr-8636	727	44	probably	probably	ADV
cblr-8636	727	45	reduced	reduce	VERB
cblr-8636	727	46	the	the	DET
cblr-8636	727	47	effectiveness	effectiveness	NOUN
cblr-8636	727	48	of	of	ADP
cblr-8636	727	49	these	these	DET
cblr-8636	727	50	laws	law	NOUN
cblr-8636	727	51	in	in	ADP
cblr-8636	727	52	preventing	prevent	VERB
cblr-8636	727	53	such	such	ADJ
cblr-8636	727	54	offerings	offering	NOUN
cblr-8636	727	55	.	.	PUNCT
cblr-8636	728	1	according	accord	VERB
cblr-8636	728	2	to	to	ADP
cblr-8636	728	3	one	one	NUM
cblr-8636	728	4	former	former	ADJ
cblr-8636	728	5	regulator	regulator	NOUN
cblr-8636	728	6	,	,	PUNCT
cblr-8636	728	7	this	this	DET
cblr-8636	728	8	initial	initial	ADJ
cblr-8636	728	9	wave	wave	NOUN
cblr-8636	728	10	of	of	ADP
cblr-8636	728	11	fraud	fraud	NOUN
cblr-8636	728	12	has	have	AUX
cblr-8636	728	13	generated	generate	VERB
cblr-8636	728	14	great	great	ADJ
cblr-8636	728	15	regulatory	regulatory	ADJ
cblr-8636	728	16	suspicion	suspicion	NOUN
cblr-8636	728	17	of	of	ADP
cblr-8636	728	18	digital	digital	ADJ
cblr-8636	728	19	coins	coin	NOUN
cblr-8636	728	20	in	in	ADP
cblr-8636	728	21	general	general	ADJ
cblr-8636	728	22	.	.	PUNCT
cblr-8636	729	1	another	another	DET
cblr-8636	729	2	former	former	ADJ
cblr-8636	729	3	regulator	regulator	NOUN
cblr-8636	729	4	expressed	express	VERB
cblr-8636	729	5	the	the	DET
cblr-8636	729	6	concern	concern	NOUN
cblr-8636	729	7	that	that	SCONJ
cblr-8636	729	8	this	this	DET
cblr-8636	729	9	suspicion	suspicion	NOUN
cblr-8636	729	10	could	could	AUX
cblr-8636	729	11	choke	choke	VERB
cblr-8636	729	12	,	,	PUNCT
cblr-8636	729	13	or	or	CCONJ
cblr-8636	729	14	drive	drive	VERB
cblr-8636	729	15	abroad	abroad	ADV
cblr-8636	729	16	,	,	PUNCT
cblr-8636	729	17	possibly	possibly	ADV
cblr-8636	729	18	sociallybeneficial	sociallybeneficial	ADJ
cblr-8636	729	19	digital	digital	ADJ
cblr-8636	729	20	-	-	PUNCT
cblr-8636	729	21	coin	coin	NOUN
cblr-8636	729	22	-	-	PUNCT
cblr-8636	729	23	based	base	VERB
cblr-8636	729	24	innovation	innovation	NOUN
cblr-8636	729	25	.	.	PUNCT
cblr-8636	730	1	in	in	ADP
cblr-8636	730	2	this	this	DET
cblr-8636	730	3	regulator	regulator	NOUN
cblr-8636	730	4	’s	’s	PART
cblr-8636	730	5	mind	mind	NOUN
cblr-8636	730	6	,	,	PUNCT
cblr-8636	730	7	too	too	ADV
cblr-8636	730	8	little	little	ADJ
cblr-8636	730	9	attention	attention	NOUN
cblr-8636	730	10	has	have	AUX
cblr-8636	730	11	been	be	AUX
cblr-8636	730	12	paid	pay	VERB
cblr-8636	730	13	to	to	ADP
cblr-8636	730	14	the	the	DET
cblr-8636	730	15	potentially	potentially	ADV
cblr-8636	730	16	positive	positive	ADJ
cblr-8636	730	17	impact	impact	NOUN
cblr-8636	730	18	of	of	ADP
cblr-8636	730	19	dlt	dlt	PROPN
cblr-8636	730	20	.	.	PUNCT
cblr-8636	731	1	securities	security	NOUN
cblr-8636	731	2	regulation	regulation	NOUN
cblr-8636	731	3	as	as	SCONJ
cblr-8636	731	4	currently	currently	ADV
cblr-8636	731	5	interpreted	interpret	VERB
cblr-8636	731	6	by	by	ADP
cblr-8636	731	7	the	the	DET
cblr-8636	731	8	sec	sec	PROPN
cblr-8636	731	9	has	have	AUX
cblr-8636	731	10	not	not	PART
cblr-8636	731	11	fully	fully	ADV
cblr-8636	731	12	adapted	adapt	VERB
cblr-8636	731	13	to	to	ADP
cblr-8636	731	14	the	the	DET
cblr-8636	731	15	fact	fact	NOUN
cblr-8636	731	16	that	that	SCONJ
cblr-8636	731	17	digital	digital	ADJ
cblr-8636	731	18	coins	coin	NOUN
cblr-8636	731	19	are	be	AUX
cblr-8636	731	20	fundamentally	fundamentally	ADV
cblr-8636	731	21	different	different	ADJ
cblr-8636	731	22	from	from	ADP
cblr-8636	731	23	equities	equity	NOUN
cblr-8636	731	24	.	.	PUNCT
cblr-8636	732	1	on	on	ADP
cblr-8636	732	2	the	the	DET
cblr-8636	732	3	one	one	NUM
cblr-8636	732	4	hand	hand	NOUN
cblr-8636	732	5	,	,	PUNCT
cblr-8636	732	6	what	what	PRON
cblr-8636	732	7	is	be	AUX
cblr-8636	732	8	initially	initially	ADV
cblr-8636	732	9	offered	offer	VERB
cblr-8636	732	10	is	be	AUX
cblr-8636	732	11	very	very	ADV
cblr-8636	732	12	much	much	ADV
cblr-8636	732	13	like	like	ADP
cblr-8636	732	14	an	an	DET
cblr-8636	732	15	equity	equity	NOUN
cblr-8636	732	16	security	security	NOUN
cblr-8636	732	17	:	:	PUNCT
cblr-8636	732	18	the	the	DET
cblr-8636	732	19	offeror	offeror	NOUN
cblr-8636	732	20	is	be	AUX
cblr-8636	732	21	issuing	issue	VERB
cblr-8636	732	22	the	the	DET
cblr-8636	732	23	item	item	NOUN
cblr-8636	732	24	in	in	ADP
cblr-8636	732	25	order	order	NOUN
cblr-8636	732	26	to	to	PART
cblr-8636	732	27	raise	raise	VERB
cblr-8636	732	28	money	money	NOUN
cblr-8636	732	29	for	for	ADP
cblr-8636	732	30	a	a	DET
cblr-8636	732	31	project	project	NOUN
cblr-8636	732	32	based	base	VERB
cblr-8636	732	33	on	on	ADP
cblr-8636	732	34	its	its	PRON
cblr-8636	732	35	efforts	effort	NOUN
cblr-8636	732	36	and	and	CCONJ
cblr-8636	732	37	,	,	PUNCT
cblr-8636	732	38	if	if	SCONJ
cblr-8636	732	39	the	the	DET
cblr-8636	732	40	efforts	effort	NOUN
cblr-8636	732	41	are	be	AUX
cblr-8636	732	42	successful	successful	ADJ
cblr-8636	732	43	,	,	PUNCT
cblr-8636	732	44	the	the	DET
cblr-8636	732	45	item	item	NOUN
cblr-8636	732	46	will	will	AUX
cblr-8636	732	47	be	be	AUX
cblr-8636	732	48	worth	worth	ADJ
cblr-8636	732	49	more	more	ADV
cblr-8636	732	50	in	in	ADP
cblr-8636	732	51	the	the	DET
cblr-8636	732	52	future	future	NOUN
cblr-8636	732	53	than	than	ADP
cblr-8636	732	54	its	its	PRON
cblr-8636	732	55	offering	offer	VERB
cblr-8636	732	56	price.149	price.149	PRON
cblr-8636	732	57	thus	thus	ADV
cblr-8636	732	58	,	,	PUNCT
cblr-8636	732	59	the	the	DET
cblr-8636	732	60	initial	initial	ADJ
cblr-8636	732	61	offering	offer	VERB
cblr-8636	732	62	itself	itself	PRON
cblr-8636	732	63	needs	need	VERB
cblr-8636	732	64	to	to	PART
cblr-8636	732	65	be	be	AUX
cblr-8636	732	66	regulated	regulate	VERB
cblr-8636	732	67	very	very	ADV
cblr-8636	732	68	much	much	ADV
cblr-8636	732	69	like	like	ADP
cblr-8636	732	70	an	an	DET
cblr-8636	732	71	offering	offering	NOUN
cblr-8636	732	72	of	of	ADP
cblr-8636	732	73	stock	stock	NOUN
cblr-8636	732	74	.	.	PUNCT
cblr-8636	733	1	this	this	DET
cblr-8636	733	2	way	way	NOUN
cblr-8636	733	3	fraud	fraud	NOUN
cblr-8636	733	4	can	can	AUX
cblr-8636	733	5	be	be	AUX
cblr-8636	733	6	prevented	prevent	VERB
cblr-8636	733	7	and	and	CCONJ
cblr-8636	733	8	investors	investor	NOUN
cblr-8636	733	9	can	can	AUX
cblr-8636	733	10	receive	receive	VERB
cblr-8636	733	11	enough	enough	ADJ
cblr-8636	733	12	information	information	NOUN
cblr-8636	733	13	to	to	PART
cblr-8636	733	14	sort	sort	VERB
cblr-8636	733	15	the	the	DET
cblr-8636	733	16	more	more	ADV
cblr-8636	733	17	promising	promising	ADJ
cblr-8636	733	18	offerings	offering	NOUN
cblr-8636	733	19	from	from	ADP
cblr-8636	733	20	the	the	DET
cblr-8636	733	21	less	less	ADV
cblr-8636	733	22	promising	promising	ADJ
cblr-8636	733	23	ones	one	NOUN
cblr-8636	733	24	.	.	PUNCT
cblr-8636	734	1	on	on	ADP
cblr-8636	734	2	the	the	DET
cblr-8636	734	3	other	other	ADJ
cblr-8636	734	4	hand	hand	NOUN
cblr-8636	734	5	,	,	PUNCT
cblr-8636	734	6	if	if	SCONJ
cblr-8636	734	7	the	the	DET
cblr-8636	734	8	coin	coin	NOUN
cblr-8636	734	9	is	be	AUX
cblr-8636	734	10	a	a	DET
cblr-8636	734	11	success	success	NOUN
cblr-8636	734	12	,	,	PUNCT
cblr-8636	734	13	its	its	PRON
cblr-8636	734	14	ultimate	ultimate	ADJ
cblr-8636	734	15	function	function	NOUN
cblr-8636	734	16	is	be	AUX
cblr-8636	734	17	very	very	ADV
cblr-8636	734	18	different	different	ADJ
cblr-8636	734	19	from	from	ADP
cblr-8636	734	20	that	that	PRON
cblr-8636	734	21	of	of	ADP
cblr-8636	734	22	an	an	DET
cblr-8636	734	23	equity	equity	NOUN
cblr-8636	734	24	security	security	NOUN
cblr-8636	734	25	,	,	PUNCT
cblr-8636	734	26	and	and	CCONJ
cblr-8636	734	27	the	the	DET
cblr-8636	734	28	regulation	regulation	NOUN
cblr-8636	734	29	of	of	ADP
cblr-8636	734	30	its	its	PRON
cblr-8636	734	31	trading	trading	NOUN
cblr-8636	734	32	,	,	PUNCT
cblr-8636	734	33	if	if	SCONJ
cblr-8636	734	34	any	any	PRON
cblr-8636	734	35	,	,	PUNCT
cblr-8636	734	36	should	should	AUX
cblr-8636	734	37	probably	probably	ADV
cblr-8636	734	38	be	be	AUX
cblr-8636	734	39	outside	outside	ADP
cblr-8636	734	40	the	the	DET
cblr-8636	734	41	scope	scope	NOUN
cblr-8636	734	42	of	of	ADP
cblr-8636	734	43	the	the	DET
cblr-8636	734	44	securities	security	NOUN
cblr-8636	734	45	regulation	regulation	NOUN
cblr-8636	734	46	regime.150	regime.150	ADJ
cblr-8636	734	47	multiple	multiple	NOUN
cblr-8636	734	48	147	147	NUM
cblr-8636	734	49	see	see	NOUN
cblr-8636	734	50	shaanan	shaanan	NOUN
cblr-8636	734	51	cohney	cohney	PROPN
cblr-8636	734	52	et	et	PROPN
cblr-8636	734	53	al	al	PROPN
cblr-8636	734	54	.	.	PROPN
cblr-8636	734	55	,	,	PUNCT
cblr-8636	734	56	coin	coin	NOUN
cblr-8636	734	57	-	-	PUNCT
cblr-8636	734	58	operated	operate	VERB
cblr-8636	734	59	capitalism	capitalism	NOUN
cblr-8636	734	60	,	,	PUNCT
cblr-8636	734	61	119	119	NUM
cblr-8636	734	62	colum	colum	NOUN
cblr-8636	734	63	.	.	PUNCT
cblr-8636	735	1	l.	l.	PROPN
cblr-8636	735	2	rev	rev	PROPN
cblr-8636	735	3	.	.	PROPN
cblr-8636	735	4	591	591	NUM
cblr-8636	735	5	,	,	PUNCT
cblr-8636	735	6	596	596	NUM
cblr-8636	735	7	&	&	CCONJ
cblr-8636	735	8	n.18	n.18	PROPN
cblr-8636	735	9	(	(	PUNCT
cblr-8636	735	10	2019	2019	NUM
cblr-8636	735	11	)	)	PUNCT
cblr-8636	735	12	.	.	PUNCT
cblr-8636	736	1	148	148	NUM
cblr-8636	736	2	see	see	VERB
cblr-8636	736	3	i	i	PRON
cblr-8636	736	4	d.	d.	PROPN
cblr-8636	736	5	at	at	ADP
cblr-8636	736	6	608	608	NUM
cblr-8636	736	7	.	.	NOUN
cblr-8636	736	8	149	149	NUM
cblr-8636	736	9	see	see	VERB
cblr-8636	736	10	i	i	PRON
cblr-8636	736	11	d.	d.	PROPN
cblr-8636	736	12	at	at	ADP
cblr-8636	736	13	600	600	NUM
cblr-8636	736	14	.	.	PUNCT
cblr-8636	736	15	150	150	NUM
cblr-8636	736	16	see	see	NOUN
cblr-8636	736	17	,	,	PUNCT
cblr-8636	736	18	e.g.	e.g.	ADV
cblr-8636	736	19	,	,	PUNCT
cblr-8636	736	20	framework	framework	NOUN
cblr-8636	736	21	for	for	ADP
cblr-8636	736	22	“	"	PUNCT
cblr-8636	736	23	investment	investment	NOUN
cblr-8636	736	24	contract	contract	NOUN
cblr-8636	736	25	”	"	PUNCT
cblr-8636	736	26	analysis	analysis	NOUN
cblr-8636	736	27	of	of	ADP
cblr-8636	736	28	digital	digital	ADJ
cblr-8636	736	29	assets	asset	NOUN
cblr-8636	736	30	,	,	PUNCT
cblr-8636	736	31	u.s	u.s	PROPN
cblr-8636	736	32	.	.	PROPN
cblr-8636	736	33	sec	sec	PROPN
cblr-8636	736	34	.	.	PROPN
cblr-8636	736	35	&	&	CCONJ
cblr-8636	736	36	exch	exch	PROPN
cblr-8636	736	37	.	.	PUNCT
cblr-8636	737	1	comm’n	comm’n	PROPN
cblr-8636	737	2	,	,	PUNCT
cblr-8636	737	3	https://www.sec.gov/corpfin/frameworkfox	https://www.sec.gov/corpfin/frameworkfox	PROPN
cblr-8636	737	4	et	et	PROPN
cblr-8636	737	5	al	al	PROPN
cblr-8636	737	6	.	.	PROPN
cblr-8636	738	1	8/22/2021	8/22/2021	NUM
cblr-8636	738	2	9:05	9:05	NUM
cblr-8636	738	3	pm	pm	NOUN
cblr-8636	738	4	702	702	NUM
cblr-8636	738	5	columbia	columbia	PROPN
cblr-8636	738	6	business	business	NOUN
cblr-8636	738	7	law	law	NOUN
cblr-8636	738	8	review	review	NOUN
cblr-8636	738	9	[	[	X
cblr-8636	738	10	vol	vol	NOUN
cblr-8636	738	11	.	.	NOUN
cblr-8636	738	12	2021	2021	NUM
cblr-8636	738	13	members	member	NOUN
cblr-8636	738	14	of	of	ADP
cblr-8636	738	15	the	the	DET
cblr-8636	738	16	regulatory	regulatory	ADJ
cblr-8636	738	17	community	community	NOUN
cblr-8636	738	18	noted	note	VERB
cblr-8636	738	19	this	this	DET
cblr-8636	738	20	particular	particular	ADJ
cblr-8636	738	21	regulatory	regulatory	ADJ
cblr-8636	738	22	problem	problem	NOUN
cblr-8636	738	23	.	.	PUNCT
cblr-8636	739	1	as	as	SCONJ
cblr-8636	739	2	another	another	PRON
cblr-8636	739	3	put	put	VERB
cblr-8636	739	4	it	it	PRON
cblr-8636	739	5	,	,	PUNCT
cblr-8636	739	6	the	the	DET
cblr-8636	739	7	sec	sec	PROPN
cblr-8636	739	8	decided	decide	VERB
cblr-8636	739	9	digital	digital	ADJ
cblr-8636	739	10	coins	coin	NOUN
cblr-8636	739	11	were	be	AUX
cblr-8636	739	12	securities	security	NOUN
cblr-8636	739	13	because	because	SCONJ
cblr-8636	739	14	it	it	PRON
cblr-8636	739	15	wanted	want	VERB
cblr-8636	739	16	to	to	PART
cblr-8636	739	17	properly	properly	ADV
cblr-8636	739	18	regulate	regulate	VERB
cblr-8636	739	19	their	their	PRON
cblr-8636	739	20	public	public	ADJ
cblr-8636	739	21	offerings	offering	NOUN
cblr-8636	739	22	,	,	PUNCT
cblr-8636	739	23	but	but	CCONJ
cblr-8636	739	24	it	it	PRON
cblr-8636	739	25	has	have	AUX
cblr-8636	739	26	not	not	PART
cblr-8636	739	27	fully	fully	ADV
cblr-8636	739	28	thought	think	VERB
cblr-8636	739	29	through	through	ADP
cblr-8636	739	30	the	the	DET
cblr-8636	739	31	other	other	ADJ
cblr-8636	739	32	implications	implication	NOUN
cblr-8636	739	33	of	of	ADP
cblr-8636	739	34	declaring	declare	VERB
cblr-8636	739	35	them	they	PRON
cblr-8636	739	36	securities	security	NOUN
cblr-8636	739	37	.	.	PUNCT
cblr-8636	740	1	to	to	ADP
cblr-8636	740	2	this	this	DET
cblr-8636	740	3	point	point	NOUN
cblr-8636	740	4	,	,	PUNCT
cblr-8636	740	5	one	one	NUM
cblr-8636	740	6	interviewee	interviewee	NOUN
cblr-8636	740	7	from	from	ADP
cblr-8636	740	8	the	the	DET
cblr-8636	740	9	regulatory	regulatory	ADJ
cblr-8636	740	10	community	community	NOUN
cblr-8636	740	11	explained	explain	VERB
cblr-8636	740	12	that	that	SCONJ
cblr-8636	740	13	,	,	PUNCT
cblr-8636	740	14	while	while	SCONJ
cblr-8636	740	15	many	many	ADJ
cblr-8636	740	16	in	in	ADP
cblr-8636	740	17	that	that	DET
cblr-8636	740	18	community	community	NOUN
cblr-8636	740	19	think	think	VERB
cblr-8636	740	20	that	that	SCONJ
cblr-8636	740	21	the	the	DET
cblr-8636	740	22	securities	security	NOUN
cblr-8636	740	23	laws	law	NOUN
cblr-8636	740	24	are	be	AUX
cblr-8636	740	25	flexible	flexible	ADJ
cblr-8636	740	26	enough	enough	ADV
cblr-8636	740	27	to	to	PART
cblr-8636	740	28	accommodate	accommodate	VERB
cblr-8636	740	29	coins	coin	NOUN
cblr-8636	740	30	,	,	PUNCT
cblr-8636	740	31	this	this	DET
cblr-8636	740	32	interviewee	interviewee	NOUN
cblr-8636	740	33	disagreed	disagree	VERB
cblr-8636	740	34	.	.	PUNCT
cblr-8636	741	1	the	the	DET
cblr-8636	741	2	interviewee	interviewee	NOUN
cblr-8636	741	3	suggested	suggest	VERB
cblr-8636	741	4	instead	instead	ADV
cblr-8636	741	5	a	a	DET
cblr-8636	741	6	regulatory	regulatory	ADJ
cblr-8636	741	7	safe	safe	ADJ
cblr-8636	741	8	harbor	harbor	NOUN
cblr-8636	741	9	,	,	PUNCT
cblr-8636	741	10	which	which	PRON
cblr-8636	741	11	would	would	AUX
cblr-8636	741	12	provide	provide	VERB
cblr-8636	741	13	time	time	NOUN
cblr-8636	741	14	for	for	SCONJ
cblr-8636	741	15	an	an	DET
cblr-8636	741	16	innovator	innovator	NOUN
cblr-8636	741	17	to	to	PART
cblr-8636	741	18	build	build	VERB
cblr-8636	741	19	the	the	DET
cblr-8636	741	20	token	token	ADJ
cblr-8636	741	21	network	network	NOUN
cblr-8636	741	22	until	until	SCONJ
cblr-8636	741	23	the	the	DET
cblr-8636	741	24	token	token	NOUN
cblr-8636	741	25	no	no	ADV
cblr-8636	741	26	longer	long	ADV
cblr-8636	741	27	ran	run	VERB
cblr-8636	741	28	afoul	afoul	ADV
cblr-8636	741	29	of	of	ADP
cblr-8636	741	30	securities	security	NOUN
cblr-8636	741	31	laws	law	NOUN
cblr-8636	741	32	.	.	PUNCT
cblr-8636	742	1	another	another	DET
cblr-8636	742	2	interviewee	interviewee	NOUN
cblr-8636	742	3	suggested	suggest	VERB
cblr-8636	742	4	that	that	SCONJ
cblr-8636	742	5	a	a	DET
cblr-8636	742	6	whole	whole	ADJ
cblr-8636	742	7	new	new	ADJ
cblr-8636	742	8	regulatory	regulatory	ADJ
cblr-8636	742	9	agency	agency	NOUN
cblr-8636	742	10	was	be	AUX
cblr-8636	742	11	needed	need	VERB
cblr-8636	742	12	that	that	PRON
cblr-8636	742	13	would	would	AUX
cblr-8636	742	14	not	not	PART
cblr-8636	742	15	have	have	VERB
cblr-8636	742	16	the	the	DET
cblr-8636	742	17	inherited	inherit	VERB
cblr-8636	742	18	traditional	traditional	ADJ
cblr-8636	742	19	securities	security	NOUN
cblr-8636	742	20	mindset	mindset	NOUN
cblr-8636	742	21	that	that	PRON
cblr-8636	742	22	pervades	pervade	VERB
cblr-8636	742	23	the	the	DET
cblr-8636	742	24	sec	sec	PROPN
cblr-8636	742	25	.	.	PUNCT
cblr-8636	743	1	xi	xi	PROPN
cblr-8636	743	2	.	.	PUNCT
cblr-8636	744	1	regulatory	regulatory	ADJ
cblr-8636	744	2	learning	learn	VERB
cblr-8636	744	3	a	a	DET
cblr-8636	744	4	major	major	ADJ
cblr-8636	744	5	theme	theme	NOUN
cblr-8636	744	6	arising	arise	VERB
cblr-8636	744	7	from	from	ADP
cblr-8636	744	8	our	our	PRON
cblr-8636	744	9	interviews	interview	NOUN
cblr-8636	744	10	with	with	ADP
cblr-8636	744	11	regulators	regulator	NOUN
cblr-8636	744	12	and	and	CCONJ
cblr-8636	744	13	industry	industry	NOUN
cblr-8636	744	14	participants	participant	NOUN
cblr-8636	744	15	alike	alike	ADV
cblr-8636	744	16	is	be	AUX
cblr-8636	744	17	that	that	DET
cblr-8636	744	18	regulatory	regulatory	ADJ
cblr-8636	744	19	fragmentation	fragmentation	NOUN
cblr-8636	744	20	and	and	CCONJ
cblr-8636	744	21	regulators	regulator	NOUN
cblr-8636	744	22	’	’	PART
cblr-8636	744	23	slow	slow	ADJ
cblr-8636	744	24	reactions	reaction	NOUN
cblr-8636	744	25	are	be	AUX
cblr-8636	744	26	stifling	stifle	VERB
cblr-8636	744	27	potential	potential	ADJ
cblr-8636	744	28	innovation	innovation	NOUN
cblr-8636	744	29	,	,	PUNCT
cblr-8636	744	30	digital	digital	ADJ
cblr-8636	744	31	coins	coin	NOUN
cblr-8636	744	32	being	be	AUX
cblr-8636	744	33	just	just	ADV
cblr-8636	744	34	one	one	NUM
cblr-8636	744	35	case	case	NOUN
cblr-8636	744	36	in	in	ADP
cblr-8636	744	37	point	point	NOUN
cblr-8636	744	38	.	.	PUNCT
cblr-8636	745	1	most	most	ADJ
cblr-8636	745	2	interviewees	interviewee	NOUN
cblr-8636	745	3	,	,	PUNCT
cblr-8636	745	4	when	when	SCONJ
cblr-8636	745	5	asked	ask	VERB
cblr-8636	745	6	,	,	PUNCT
cblr-8636	745	7	saw	see	VERB
cblr-8636	745	8	potentially	potentially	ADV
cblr-8636	745	9	significant	significant	ADJ
cblr-8636	745	10	applications	application	NOUN
cblr-8636	745	11	of	of	ADP
cblr-8636	745	12	dlt	dlt	PROPN
cblr-8636	745	13	technology	technology	NOUN
cblr-8636	745	14	,	,	PUNCT
cblr-8636	745	15	but	but	CCONJ
cblr-8636	745	16	noted	note	VERB
cblr-8636	745	17	that	that	SCONJ
cblr-8636	745	18	unclear	unclear	ADJ
cblr-8636	745	19	regulations	regulation	NOUN
cblr-8636	745	20	and	and	CCONJ
cblr-8636	745	21	uncertain	uncertain	ADJ
cblr-8636	745	22	enforcement	enforcement	NOUN
cblr-8636	745	23	can	can	AUX
cblr-8636	745	24	scare	scare	VERB
cblr-8636	745	25	innovators	innovator	NOUN
cblr-8636	745	26	and	and	CCONJ
cblr-8636	745	27	dissuade	dissuade	VERB
cblr-8636	745	28	market	market	NOUN
cblr-8636	745	29	participants	participant	NOUN
cblr-8636	745	30	from	from	ADP
cblr-8636	745	31	investing	invest	VERB
cblr-8636	745	32	in	in	ADP
cblr-8636	745	33	socially	socially	ADV
cblr-8636	745	34	beneficial	beneficial	ADJ
cblr-8636	745	35	technology	technology	NOUN
cblr-8636	745	36	.	.	PUNCT
cblr-8636	746	1	as	as	SCONJ
cblr-8636	746	2	multiple	multiple	ADJ
cblr-8636	746	3	interviewees	interviewee	NOUN
cblr-8636	746	4	said	say	VERB
cblr-8636	746	5	,	,	PUNCT
cblr-8636	746	6	until	until	SCONJ
cblr-8636	746	7	regulators	regulator	NOUN
cblr-8636	746	8	foster	foster	PROPN
cblr-8636	746	9	blockchain	blockchain	PROPN
cblr-8636	746	10	-	-	PUNCT
cblr-8636	746	11	based	base	VERB
cblr-8636	746	12	systems	system	NOUN
cblr-8636	746	13	by	by	ADP
cblr-8636	746	14	pushing	push	VERB
cblr-8636	746	15	incumbents	incumbent	NOUN
cblr-8636	746	16	to	to	PART
cblr-8636	746	17	cooperate	cooperate	VERB
cblr-8636	746	18	in	in	ADP
cblr-8636	746	19	adopting	adopt	VERB
cblr-8636	746	20	them	they	PRON
cblr-8636	746	21	and	and	CCONJ
cblr-8636	746	22	by	by	ADP
cblr-8636	746	23	providing	provide	VERB
cblr-8636	746	24	regulatory	regulatory	ADJ
cblr-8636	746	25	relief	relief	NOUN
cblr-8636	746	26	where	where	SCONJ
cblr-8636	746	27	,	,	PUNCT
cblr-8636	746	28	applied	apply	VERB
cblr-8636	746	29	to	to	ADP
cblr-8636	746	30	dlt	dlt	PROPN
cblr-8636	746	31	,	,	PUNCT
cblr-8636	746	32	existing	exist	VERB
cblr-8636	746	33	regulations	regulation	NOUN
cblr-8636	746	34	serve	serve	VERB
cblr-8636	746	35	no	no	DET
cblr-8636	746	36	purpose	purpose	NOUN
cblr-8636	746	37	,	,	PUNCT
cblr-8636	746	38	players	player	NOUN
cblr-8636	746	39	in	in	ADP
cblr-8636	746	40	the	the	DET
cblr-8636	746	41	financial	financial	ADJ
cblr-8636	746	42	markets	market	NOUN
cblr-8636	746	43	will	will	AUX
cblr-8636	746	44	never	never	ADV
cblr-8636	746	45	make	make	VERB
cblr-8636	746	46	the	the	DET
cblr-8636	746	47	investments	investment	NOUN
cblr-8636	746	48	necessary	necessary	ADJ
cblr-8636	746	49	to	to	PART
cblr-8636	746	50	take	take	VERB
cblr-8636	746	51	full	full	ADJ
cblr-8636	746	52	advantage	advantage	NOUN
cblr-8636	746	53	of	of	ADP
cblr-8636	746	54	blockchain	blockchain	PROPN
cblr-8636	746	55	technology	technology	PROPN
cblr-8636	746	56	.	.	PUNCT
cblr-8636	747	1	regulators	regulator	NOUN
cblr-8636	747	2	’	’	PART
cblr-8636	747	3	attitude	attitude	NOUN
cblr-8636	747	4	toward	toward	ADP
cblr-8636	747	5	innovation	innovation	NOUN
cblr-8636	747	6	needs	need	VERB
cblr-8636	747	7	to	to	PART
cblr-8636	747	8	fundamentally	fundamentally	ADV
cblr-8636	747	9	change	change	VERB
cblr-8636	747	10	,	,	PUNCT
cblr-8636	747	11	these	these	DET
cblr-8636	747	12	investment	investment	NOUN
cblr-8636	747	13	-	-	PUNCT
cblr-8636	747	14	contract	contract	NOUN
cblr-8636	747	15	-	-	PUNCT
cblr-8636	747	16	analysis	analysis	NOUN
cblr-8636	747	17	-	-	PUNCT
cblr-8636	747	18	digital	digital	ADJ
cblr-8636	747	19	-	-	PUNCT
cblr-8636	747	20	assets	asset	NOUN
cblr-8636	747	21	[	[	X
cblr-8636	747	22	https://perma.cc/y76y-6m3	https://perma.cc/y76y-6m3	NOUN
cblr-8636	747	23	m	m	X
cblr-8636	747	24	]	]	X
cblr-8636	747	25	(	(	PUNCT
cblr-8636	747	26	last	last	ADJ
cblr-8636	747	27	modified	modify	VERB
cblr-8636	747	28	apr	apr	NOUN
cblr-8636	747	29	.	.	PROPN
cblr-8636	748	1	3	3	NUM
cblr-8636	748	2	,	,	PUNCT
cblr-8636	748	3	2019	2019	NUM
cblr-8636	748	4	)	)	PUNCT
cblr-8636	748	5	(	(	PUNCT
cblr-8636	748	6	distinguishing	distinguish	VERB
cblr-8636	748	7	for	for	ADP
cblr-8636	748	8	regulatory	regulatory	ADJ
cblr-8636	748	9	purposes	purpose	NOUN
cblr-8636	748	10	coin	coin	NOUN
cblr-8636	748	11	offerings	offering	NOUN
cblr-8636	748	12	involving	involve	VERB
cblr-8636	748	13	classic	classic	ADJ
cblr-8636	748	14	capital	capital	NOUN
cblr-8636	748	15	-	-	PUNCT
cblr-8636	748	16	raising	raise	VERB
cblr-8636	748	17	features	feature	NOUN
cblr-8636	748	18	from	from	ADP
cblr-8636	748	19	other	other	ADJ
cblr-8636	748	20	coin	coin	NOUN
cblr-8636	748	21	offerings	offering	NOUN
cblr-8636	748	22	)	)	PUNCT
cblr-8636	748	23	.	.	PUNCT
cblr-8636	749	1	fox	fox	PROPN
cblr-8636	749	2	et	et	PROPN
cblr-8636	749	3	al	al	PROPN
cblr-8636	749	4	.	.	PROPN
cblr-8636	750	1	8/22/2021	8/22/2021	NUM
cblr-8636	750	2	9:05	9:05	NUM
cblr-8636	750	3	pm	pm	NOUN
cblr-8636	750	4	no	no	INTJ
cblr-8636	750	5	.	.	PUNCT
cblr-8636	751	1	2:651	2:651	NUM
cblr-8636	751	2	]	]	X
cblr-8636	751	3	a	a	DET
cblr-8636	751	4	stakeholder	stakeholder	NOUN
cblr-8636	751	5	survey	survey	VERB
cblr-8636	751	6	703	703	NUM
cblr-8636	751	7	interviewees	interviewee	NOUN
cblr-8636	751	8	say	say	VERB
cblr-8636	751	9	.	.	PUNCT
cblr-8636	752	1	this	this	PRON
cblr-8636	752	2	requires	require	VERB
cblr-8636	752	3	,	,	PUNCT
cblr-8636	752	4	among	among	ADP
cblr-8636	752	5	other	other	ADJ
cblr-8636	752	6	things	thing	NOUN
cblr-8636	752	7	,	,	PUNCT
cblr-8636	752	8	more	more	ADJ
cblr-8636	752	9	“	"	PUNCT
cblr-8636	752	10	technologists	technologist	NOUN
cblr-8636	752	11	”	"	PUNCT
cblr-8636	752	12	at	at	ADP
cblr-8636	752	13	higher	high	ADJ
cblr-8636	752	14	levels	level	NOUN
cblr-8636	752	15	in	in	ADP
cblr-8636	752	16	the	the	DET
cblr-8636	752	17	sec	sec	PROPN
cblr-8636	752	18	.	.	PROPN
cblr-8636	753	1	one	one	NUM
cblr-8636	753	2	regulator	regulator	NOUN
cblr-8636	753	3	—	—	PUNCT
cblr-8636	753	4	while	while	SCONJ
cblr-8636	753	5	acknowledging	acknowledge	VERB
cblr-8636	753	6	the	the	DET
cblr-8636	753	7	significant	significant	ADJ
cblr-8636	753	8	potential	potential	NOUN
cblr-8636	753	9	of	of	ADP
cblr-8636	753	10	dlt	dlt	PROPN
cblr-8636	753	11	to	to	PART
cblr-8636	753	12	transform	transform	VERB
cblr-8636	753	13	securities	security	NOUN
cblr-8636	753	14	markets	market	NOUN
cblr-8636	753	15	—	—	PUNCT
cblr-8636	753	16	commented	comment	VERB
cblr-8636	753	17	that	that	SCONJ
cblr-8636	753	18	regulatory	regulatory	ADJ
cblr-8636	753	19	fragmentation	fragmentation	NOUN
cblr-8636	753	20	and	and	CCONJ
cblr-8636	753	21	complexity	complexity	NOUN
cblr-8636	753	22	are	be	AUX
cblr-8636	753	23	disproportionately	disproportionately	ADV
cblr-8636	753	24	burdensome	burdensome	ADJ
cblr-8636	753	25	for	for	ADP
cblr-8636	753	26	smaller	small	ADJ
cblr-8636	753	27	innovators	innovator	NOUN
cblr-8636	753	28	,	,	PUNCT
cblr-8636	753	29	who	who	PRON
cblr-8636	753	30	usually	usually	ADV
cblr-8636	753	31	lack	lack	VERB
cblr-8636	753	32	the	the	DET
cblr-8636	753	33	resources	resource	NOUN
cblr-8636	753	34	to	to	PART
cblr-8636	753	35	navigate	navigate	VERB
cblr-8636	753	36	such	such	ADJ
cblr-8636	753	37	complexity	complexity	NOUN
cblr-8636	753	38	.	.	PUNCT
cblr-8636	754	1	one	one	NUM
cblr-8636	754	2	member	member	NOUN
cblr-8636	754	3	of	of	ADP
cblr-8636	754	4	the	the	DET
cblr-8636	754	5	broker	broker	NOUN
cblr-8636	754	6	-	-	PUNCT
cblr-8636	754	7	dealer	dealer	NOUN
cblr-8636	754	8	community	community	NOUN
cblr-8636	754	9	thought	think	VERB
cblr-8636	754	10	that	that	SCONJ
cblr-8636	754	11	regulations	regulation	NOUN
cblr-8636	754	12	that	that	PRON
cblr-8636	754	13	impact	impact	NOUN
cblr-8636	754	14	on	on	ADP
cblr-8636	754	15	the	the	DET
cblr-8636	754	16	use	use	NOUN
cblr-8636	754	17	of	of	ADP
cblr-8636	754	18	dlt	dlt	PROPN
cblr-8636	754	19	should	should	AUX
cblr-8636	754	20	be	be	AUX
cblr-8636	754	21	based	base	VERB
cblr-8636	754	22	more	more	ADV
cblr-8636	754	23	on	on	ADP
cblr-8636	754	24	principles	principle	NOUN
cblr-8636	754	25	and	and	CCONJ
cblr-8636	754	26	updated	update	VERB
cblr-8636	754	27	frequently	frequently	ADV
cblr-8636	754	28	.	.	PUNCT
cblr-8636	755	1	however	however	ADV
cblr-8636	755	2	,	,	PUNCT
cblr-8636	755	3	there	there	PRON
cblr-8636	755	4	may	may	AUX
cblr-8636	755	5	be	be	AUX
cblr-8636	755	6	a	a	DET
cblr-8636	755	7	clash	clash	NOUN
cblr-8636	755	8	of	of	ADP
cblr-8636	755	9	cultures	culture	NOUN
cblr-8636	755	10	here	here	ADV
cblr-8636	755	11	.	.	PUNCT
cblr-8636	756	1	as	as	SCONJ
cblr-8636	756	2	one	one	NUM
cblr-8636	756	3	member	member	NOUN
cblr-8636	756	4	of	of	ADP
cblr-8636	756	5	the	the	DET
cblr-8636	756	6	regulatory	regulatory	ADJ
cblr-8636	756	7	community	community	NOUN
cblr-8636	756	8	explained	explain	VERB
cblr-8636	756	9	,	,	PUNCT
cblr-8636	756	10	it	it	PRON
cblr-8636	756	11	is	be	AUX
cblr-8636	756	12	not	not	PART
cblr-8636	756	13	easy	easy	ADJ
cblr-8636	756	14	to	to	PART
cblr-8636	756	15	convince	convince	VERB
cblr-8636	756	16	the	the	DET
cblr-8636	756	17	sec	sec	PROPN
cblr-8636	756	18	to	to	PART
cblr-8636	756	19	give	give	VERB
cblr-8636	756	20	prospective	prospective	ADJ
cblr-8636	756	21	policy	policy	NOUN
cblr-8636	756	22	guidance	guidance	NOUN
cblr-8636	756	23	in	in	ADP
cblr-8636	756	24	a	a	DET
cblr-8636	756	25	changing	change	VERB
cblr-8636	756	26	landscape	landscape	NOUN
cblr-8636	756	27	—	—	PUNCT
cblr-8636	756	28	regulators	regulator	NOUN
cblr-8636	756	29	may	may	AUX
cblr-8636	756	30	be	be	AUX
cblr-8636	756	31	much	much	ADV
cblr-8636	756	32	more	more	ADV
cblr-8636	756	33	comfortable	comfortable	ADJ
cblr-8636	756	34	making	make	VERB
cblr-8636	756	35	policy	policy	NOUN
cblr-8636	756	36	through	through	ADP
cblr-8636	756	37	ex	ex	ADJ
cblr-8636	756	38	-	-	ADJ
cblr-8636	756	39	post	post	ADJ
cblr-8636	756	40	enforcement	enforcement	NOUN
cblr-8636	756	41	.	.	PUNCT
cblr-8636	757	1	however	however	ADV
cblr-8636	757	2	,	,	PUNCT
cblr-8636	757	3	not	not	PART
cblr-8636	757	4	every	every	DET
cblr-8636	757	5	interviewee	interviewee	NOUN
cblr-8636	757	6	was	be	AUX
cblr-8636	757	7	so	so	ADV
cblr-8636	757	8	critical	critical	ADJ
cblr-8636	757	9	of	of	ADP
cblr-8636	757	10	the	the	DET
cblr-8636	757	11	sec	sec	PROPN
cblr-8636	757	12	in	in	ADP
cblr-8636	757	13	this	this	DET
cblr-8636	757	14	regard	regard	NOUN
cblr-8636	757	15	.	.	PUNCT
cblr-8636	758	1	one	one	NUM
cblr-8636	758	2	member	member	NOUN
cblr-8636	758	3	of	of	ADP
cblr-8636	758	4	the	the	DET
cblr-8636	758	5	broker	broker	NOUN
cblr-8636	758	6	-	-	PUNCT
cblr-8636	758	7	dealer	dealer	NOUN
cblr-8636	758	8	community	community	NOUN
cblr-8636	758	9	thought	think	VERB
cblr-8636	758	10	that	that	SCONJ
cblr-8636	758	11	regulators	regulator	NOUN
cblr-8636	758	12	had	have	AUX
cblr-8636	758	13	demonstrated	demonstrate	VERB
cblr-8636	758	14	openness	openness	NOUN
cblr-8636	758	15	to	to	ADP
cblr-8636	758	16	innovation	innovation	NOUN
cblr-8636	758	17	and	and	CCONJ
cblr-8636	758	18	willingness	willingness	NOUN
cblr-8636	758	19	to	to	PART
cblr-8636	758	20	learn	learn	VERB
cblr-8636	758	21	about	about	ADP
cblr-8636	758	22	new	new	ADJ
cblr-8636	758	23	technology	technology	NOUN
cblr-8636	758	24	such	such	ADJ
cblr-8636	758	25	as	as	ADP
cblr-8636	758	26	roboadvising	roboadvise	VERB
cblr-8636	758	27	,	,	PUNCT
cblr-8636	758	28	pointing	point	VERB
cblr-8636	758	29	to	to	ADP
cblr-8636	758	30	the	the	DET
cblr-8636	758	31	sec	sec	PROPN
cblr-8636	758	32	’s	’s	PART
cblr-8636	758	33	approach	approach	NOUN
cblr-8636	758	34	to	to	ADP
cblr-8636	758	35	cybersecurity	cybersecurity	NOUN
cblr-8636	758	36	regulations	regulation	NOUN
cblr-8636	758	37	—	—	PUNCT
cblr-8636	758	38	publishing	publish	VERB
cblr-8636	758	39	principles	principle	NOUN
cblr-8636	758	40	-	-	PUNCT
cblr-8636	758	41	based	base	VERB
cblr-8636	758	42	guidance	guidance	NOUN
cblr-8636	758	43	that	that	PRON
cblr-8636	758	44	is	be	AUX
cblr-8636	758	45	then	then	ADV
cblr-8636	758	46	iteratively	iteratively	ADV
cblr-8636	758	47	refined151	refined151	PROPN
cblr-8636	758	48	—	—	PUNCT
cblr-8636	758	49	as	as	ADP
cblr-8636	758	50	promising	promising	ADJ
cblr-8636	758	51	.	.	PUNCT
cblr-8636	759	1	regulatory	regulatory	ADJ
cblr-8636	759	2	sandboxes	sandbox	NOUN
cblr-8636	759	3	,	,	PUNCT
cblr-8636	759	4	where	where	SCONJ
cblr-8636	759	5	select	select	ADJ
cblr-8636	759	6	players	player	NOUN
cblr-8636	759	7	are	be	AUX
cblr-8636	759	8	given	give	VERB
cblr-8636	759	9	regulatory	regulatory	ADJ
cblr-8636	759	10	relief	relief	NOUN
cblr-8636	759	11	for	for	ADP
cblr-8636	759	12	a	a	DET
cblr-8636	759	13	period	period	NOUN
cblr-8636	759	14	of	of	ADP
cblr-8636	759	15	time	time	NOUN
cblr-8636	759	16	but	but	CCONJ
cblr-8636	759	17	monitored	monitor	VERB
cblr-8636	759	18	to	to	PART
cblr-8636	759	19	see	see	VERB
cblr-8636	759	20	how	how	SCONJ
cblr-8636	759	21	things	thing	NOUN
cblr-8636	759	22	turn	turn	VERB
cblr-8636	759	23	out	out	ADP
cblr-8636	759	24	,	,	PUNCT
cblr-8636	759	25	have	have	AUX
cblr-8636	759	26	also	also	ADV
cblr-8636	759	27	been	be	AUX
cblr-8636	759	28	mentioned	mention	VERB
cblr-8636	759	29	as	as	ADP
cblr-8636	759	30	possible	possible	ADJ
cblr-8636	759	31	ways	way	NOUN
cblr-8636	759	32	to	to	PART
cblr-8636	759	33	make	make	VERB
cblr-8636	759	34	regulators	regulator	NOUN
cblr-8636	759	35	more	more	ADV
cblr-8636	759	36	comfortable	comfortable	ADJ
cblr-8636	759	37	with	with	ADP
cblr-8636	759	38	innovation.152	innovation.152	PROPN
cblr-8636	759	39	however	however	ADV
cblr-8636	759	40	,	,	PUNCT
cblr-8636	759	41	concerns	concern	NOUN
cblr-8636	759	42	were	be	AUX
cblr-8636	759	43	raised	raise	VERB
cblr-8636	759	44	that	that	SCONJ
cblr-8636	759	45	regulators	regulator	NOUN
cblr-8636	759	46	would	would	AUX
cblr-8636	759	47	not	not	PART
cblr-8636	759	48	have	have	VERB
cblr-8636	759	49	adequate	adequate	ADJ
cblr-8636	759	50	resources	resource	NOUN
cblr-8636	759	51	to	to	PART
cblr-8636	759	52	monitor	monitor	VERB
cblr-8636	759	53	companies	company	NOUN
cblr-8636	759	54	’	'	PUNCT
cblr-8636	759	55	activities	activity	NOUN
cblr-8636	759	56	in	in	ADP
cblr-8636	759	57	sandboxes	sandbox	NOUN
cblr-8636	759	58	.	.	PUNCT
cblr-8636	760	1	interestingly	interestingly	ADV
cblr-8636	760	2	,	,	PUNCT
cblr-8636	760	3	one	one	NUM
cblr-8636	760	4	member	member	NOUN
cblr-8636	760	5	of	of	ADP
cblr-8636	760	6	the	the	DET
cblr-8636	760	7	investment	investment	NOUN
cblr-8636	760	8	community	community	NOUN
cblr-8636	760	9	thought	think	VERB
cblr-8636	760	10	that	that	SCONJ
cblr-8636	760	11	it	it	PRON
cblr-8636	760	12	was	be	AUX
cblr-8636	760	13	more	more	ADV
cblr-8636	760	14	difficult	difficult	ADJ
cblr-8636	760	15	to	to	PART
cblr-8636	760	16	petition	petition	VERB
cblr-8636	760	17	the	the	DET
cblr-8636	760	18	sec	sec	PROPN
cblr-8636	760	19	for	for	ADP
cblr-8636	760	20	permission	permission	NOUN
cblr-8636	760	21	to	to	PART
cblr-8636	760	22	do	do	AUX
cblr-8636	760	23	something	something	PRON
cblr-8636	760	24	unusual	unusual	ADJ
cblr-8636	760	25	in	in	ADP
cblr-8636	760	26	the	the	DET
cblr-8636	760	27	united	united	PROPN
cblr-8636	760	28	states	states	PROPN
cblr-8636	760	29	than	than	SCONJ
cblr-8636	760	30	it	it	PRON
cblr-8636	760	31	was	be	AUX
cblr-8636	760	32	to	to	PART
cblr-8636	760	33	petition	petition	VERB
cblr-8636	760	34	regulators	regulator	NOUN
cblr-8636	760	35	in	in	ADP
cblr-8636	760	36	other	other	ADJ
cblr-8636	760	37	jurisdictions	jurisdiction	NOUN
cblr-8636	760	38	,	,	PUNCT
cblr-8636	760	39	and	and	CCONJ
cblr-8636	760	40	so	so	ADV
cblr-8636	760	41	a	a	DET
cblr-8636	760	42	study	study	NOUN
cblr-8636	760	43	of	of	ADP
cblr-8636	760	44	the	the	DET
cblr-8636	760	45	151	151	NUM
cblr-8636	760	46	see	see	NOUN
cblr-8636	760	47	cybersecurity	cybersecurity	NOUN
cblr-8636	760	48	,	,	PUNCT
cblr-8636	760	49	u.s	u.s	PROPN
cblr-8636	760	50	.	.	PROPN
cblr-8636	760	51	sec	sec	PROPN
cblr-8636	760	52	.	.	PROPN
cblr-8636	760	53	&	&	CCONJ
cblr-8636	760	54	exch	exch	PROPN
cblr-8636	760	55	.	.	PUNCT
cblr-8636	761	1	comm’n	comm’n	PROPN
cblr-8636	761	2	,	,	PUNCT
cblr-8636	761	3	https://www.sec.gov/spotlight/cybersecurity	https://www.sec.gov/spotlight/cybersecurity	NOUN
cblr-8636	762	1	[	[	X
cblr-8636	762	2	https://perma.cc/9bpv-bcg7	https://perma.cc/9bpv-bcg7	X
cblr-8636	762	3	]	]	X
cblr-8636	762	4	(	(	PUNCT
cblr-8636	762	5	collecting	collect	VERB
cblr-8636	762	6	and	and	CCONJ
cblr-8636	762	7	updating	update	VERB
cblr-8636	762	8	sec	sec	PROPN
cblr-8636	762	9	cybersecurity	cybersecurity	NOUN
cblr-8636	762	10	guidance	guidance	NOUN
cblr-8636	762	11	)	)	PUNCT
cblr-8636	762	12	.	.	PUNCT
cblr-8636	763	1	152	152	NUM
cblr-8636	763	2	for	for	ADP
cblr-8636	763	3	an	an	DET
cblr-8636	763	4	overview	overview	NOUN
cblr-8636	763	5	of	of	ADP
cblr-8636	763	6	regulatory	regulatory	ADJ
cblr-8636	763	7	sandboxes	sandbox	NOUN
cblr-8636	763	8	,	,	PUNCT
cblr-8636	763	9	see	see	VERB
cblr-8636	763	10	chris	chris	PROPN
cblr-8636	763	11	brummer	brummer	PROPN
cblr-8636	763	12	&	&	CCONJ
cblr-8636	763	13	yesha	yesha	PROPN
cblr-8636	763	14	yedav	yedav	PROPN
cblr-8636	763	15	,	,	PUNCT
cblr-8636	763	16	fintech	fintech	NOUN
cblr-8636	763	17	and	and	CCONJ
cblr-8636	763	18	the	the	DET
cblr-8636	763	19	innovation	innovation	NOUN
cblr-8636	763	20	trilemma	trilemma	NOUN
cblr-8636	763	21	,	,	PUNCT
cblr-8636	763	22	107	107	NUM
cblr-8636	763	23	geo	geo	PROPN
cblr-8636	763	24	.	.	PUNCT
cblr-8636	764	1	l.j	l.j	PROPN
cblr-8636	764	2	.	.	PROPN
cblr-8636	764	3	235	235	NUM
cblr-8636	764	4	,	,	PUNCT
cblr-8636	764	5	291	291	NUM
cblr-8636	764	6	–	–	PUNCT
cblr-8636	764	7	97	97	NUM
cblr-8636	764	8	(	(	PUNCT
cblr-8636	764	9	2019	2019	NUM
cblr-8636	764	10	)	)	PUNCT
cblr-8636	764	11	.	.	PUNCT
cblr-8636	765	1	fox	fox	PROPN
cblr-8636	765	2	et	et	PROPN
cblr-8636	765	3	al	al	PROPN
cblr-8636	765	4	.	.	PROPN
cblr-8636	766	1	8/22/2021	8/22/2021	NUM
cblr-8636	766	2	9:05	9:05	NUM
cblr-8636	766	3	pm	pm	NOUN
cblr-8636	766	4	704	704	NUM
cblr-8636	766	5	columbia	columbia	PROPN
cblr-8636	766	6	business	business	NOUN
cblr-8636	766	7	law	law	PROPN
cblr-8636	766	8	review	review	NOUN
cblr-8636	766	9	[	[	X
cblr-8636	766	10	vol	vol	NOUN
cblr-8636	766	11	.	.	PUNCT
cblr-8636	767	1	2021	2021	NUM
cblr-8636	767	2	successes	success	NOUN
cblr-8636	767	3	and	and	CCONJ
cblr-8636	767	4	failures	failure	NOUN
cblr-8636	767	5	of	of	ADP
cblr-8636	767	6	sandboxes	sandbox	NOUN
cblr-8636	767	7	in	in	ADP
cblr-8636	767	8	these	these	DET
cblr-8636	767	9	other	other	ADJ
cblr-8636	767	10	jurisdictions	jurisdiction	NOUN
cblr-8636	767	11	would	would	AUX
cblr-8636	767	12	be	be	AUX
cblr-8636	767	13	worthwhile	worthwhile	ADJ
cblr-8636	767	14	.	.	PUNCT
cblr-8636	768	1	the	the	DET
cblr-8636	768	2	industry	industry	NOUN
cblr-8636	768	3	’s	’s	PART
cblr-8636	768	4	distrust	distrust	NOUN
cblr-8636	768	5	of	of	ADP
cblr-8636	768	6	regulators	regulator	NOUN
cblr-8636	768	7	’	’	PART
cblr-8636	768	8	technological	technological	ADJ
cblr-8636	768	9	capacity	capacity	NOUN
cblr-8636	768	10	is	be	AUX
cblr-8636	768	11	also	also	ADV
cblr-8636	768	12	a	a	DET
cblr-8636	768	13	significant	significant	ADJ
cblr-8636	768	14	impediment	impediment	NOUN
cblr-8636	768	15	to	to	PART
cblr-8636	768	16	progress	progress	VERB
cblr-8636	768	17	.	.	PUNCT
cblr-8636	769	1	the	the	DET
cblr-8636	769	2	debate	debate	NOUN
cblr-8636	769	3	around	around	ADP
cblr-8636	769	4	source	source	NOUN
cblr-8636	769	5	code	code	NOUN
cblr-8636	769	6	reflects	reflect	VERB
cblr-8636	769	7	this	this	PRON
cblr-8636	769	8	,	,	PUNCT
cblr-8636	769	9	as	as	SCONJ
cblr-8636	769	10	one	one	NUM
cblr-8636	769	11	former	former	ADJ
cblr-8636	769	12	regulator	regulator	NOUN
cblr-8636	769	13	told	tell	VERB
cblr-8636	769	14	us	we	PRON
cblr-8636	769	15	:	:	PUNCT
cblr-8636	769	16	regulation	regulation	NOUN
cblr-8636	769	17	automated	automate	VERB
cblr-8636	769	18	trading	trading	NOUN
cblr-8636	769	19	originally	originally	ADV
cblr-8636	769	20	proposed	propose	VERB
cblr-8636	769	21	that	that	SCONJ
cblr-8636	769	22	hfts	hft	NOUN
cblr-8636	769	23	reveal	reveal	VERB
cblr-8636	769	24	their	their	PRON
cblr-8636	769	25	source	source	NOUN
cblr-8636	769	26	code	code	NOUN
cblr-8636	769	27	,	,	PUNCT
cblr-8636	769	28	but	but	CCONJ
cblr-8636	769	29	this	this	PRON
cblr-8636	769	30	received	receive	VERB
cblr-8636	769	31	major	major	ADJ
cblr-8636	769	32	criticism	criticism	NOUN
cblr-8636	769	33	because	because	SCONJ
cblr-8636	769	34	the	the	DET
cblr-8636	769	35	industry	industry	NOUN
cblr-8636	769	36	did	do	AUX
cblr-8636	769	37	not	not	PART
cblr-8636	769	38	trust	trust	VERB
cblr-8636	769	39	the	the	DET
cblr-8636	769	40	government	government	NOUN
cblr-8636	769	41	with	with	ADP
cblr-8636	769	42	members	member	NOUN
cblr-8636	769	43	’	'	PUNCT
cblr-8636	769	44	source	source	NOUN
cblr-8636	769	45	code	code	NOUN
cblr-8636	769	46	—	—	PUNCT
cblr-8636	769	47	even	even	ADV
cblr-8636	769	48	in	in	ADP
cblr-8636	769	49	light	light	NOUN
cblr-8636	769	50	of	of	ADP
cblr-8636	769	51	a	a	DET
cblr-8636	769	52	subpoena	subpoena	NOUN
cblr-8636	769	53	or	or	CCONJ
cblr-8636	769	54	court	court	NOUN
cblr-8636	769	55	order.153	order.153	NOUN
cblr-8636	769	56	looming	loom	VERB
cblr-8636	769	57	over	over	ADP
cblr-8636	769	58	these	these	DET
cblr-8636	769	59	issues	issue	NOUN
cblr-8636	769	60	is	be	AUX
cblr-8636	769	61	the	the	DET
cblr-8636	769	62	failure	failure	NOUN
cblr-8636	769	63	of	of	ADP
cblr-8636	769	64	a	a	DET
cblr-8636	769	65	fragmented	fragmented	ADJ
cblr-8636	769	66	regulatory	regulatory	ADJ
cblr-8636	769	67	system	system	NOUN
cblr-8636	769	68	to	to	PART
cblr-8636	769	69	keep	keep	VERB
cblr-8636	769	70	pace	pace	NOUN
cblr-8636	769	71	,	,	PUNCT
cblr-8636	769	72	and	and	CCONJ
cblr-8636	769	73	the	the	DET
cblr-8636	769	74	resulting	result	VERB
cblr-8636	769	75	negative	negative	ADJ
cblr-8636	769	76	repercussions	repercussion	NOUN
cblr-8636	769	77	for	for	ADP
cblr-8636	769	78	overall	overall	ADJ
cblr-8636	769	79	economic	economic	ADJ
cblr-8636	769	80	efficiency	efficiency	NOUN
cblr-8636	769	81	.	.	PUNCT
cblr-8636	770	1	for	for	ADP
cblr-8636	770	2	example	example	NOUN
cblr-8636	770	3	,	,	PUNCT
cblr-8636	770	4	conversations	conversation	NOUN
cblr-8636	770	5	with	with	ADP
cblr-8636	770	6	regulators	regulator	NOUN
cblr-8636	770	7	revealed	reveal	VERB
cblr-8636	770	8	concerns	concern	NOUN
cblr-8636	770	9	that	that	SCONJ
cblr-8636	770	10	the	the	DET
cblr-8636	770	11	sec	sec	PROPN
cblr-8636	770	12	is	be	AUX
cblr-8636	770	13	ill	ill	ADV
cblr-8636	770	14	-	-	PUNCT
cblr-8636	770	15	equipped	equip	VERB
cblr-8636	770	16	to	to	PART
cblr-8636	770	17	address	address	VERB
cblr-8636	770	18	antitrust	antitrust	ADJ
cblr-8636	770	19	issues	issue	NOUN
cblr-8636	770	20	raised	raise	VERB
cblr-8636	770	21	by	by	ADP
cblr-8636	770	22	the	the	DET
cblr-8636	770	23	concentration	concentration	NOUN
cblr-8636	770	24	of	of	ADP
cblr-8636	770	25	shareholder	shareholder	NOUN
cblr-8636	770	26	power	power	NOUN
cblr-8636	770	27	in	in	ADP
cblr-8636	770	28	a	a	DET
cblr-8636	770	29	few	few	ADJ
cblr-8636	770	30	massive	massive	ADJ
cblr-8636	770	31	institutional	institutional	NOUN
cblr-8636	770	32	investors,154	investors,154	VERB
cblr-8636	770	33	while	while	SCONJ
cblr-8636	770	34	the	the	DET
cblr-8636	770	35	ftc	ftc	PROPN
cblr-8636	770	36	and	and	CCONJ
cblr-8636	770	37	doj	doj	PROPN
cblr-8636	770	38	,	,	PUNCT
cblr-8636	770	39	america	america	PROPN
cblr-8636	770	40	’s	’s	PART
cblr-8636	770	41	traditional	traditional	ADJ
cblr-8636	770	42	antitrust	antitrust	ADJ
cblr-8636	770	43	regulators	regulator	NOUN
cblr-8636	770	44	,	,	PUNCT
cblr-8636	770	45	are	be	AUX
cblr-8636	770	46	not	not	PART
cblr-8636	770	47	qualified	qualified	ADJ
cblr-8636	770	48	to	to	PART
cblr-8636	770	49	address	address	VERB
cblr-8636	770	50	securities	security	NOUN
cblr-8636	770	51	issues	issue	NOUN
cblr-8636	770	52	.	.	PUNCT
cblr-8636	771	1	similar	similar	ADJ
cblr-8636	771	2	problems	problem	NOUN
cblr-8636	771	3	may	may	AUX
cblr-8636	771	4	arise	arise	VERB
cblr-8636	771	5	if	if	SCONJ
cblr-8636	771	6	dlt	dlt	PROPN
cblr-8636	771	7	-	-	PUNCT
cblr-8636	771	8	based	base	VERB
cblr-8636	771	9	trading	trading	NOUN
cblr-8636	771	10	creates	create	VERB
cblr-8636	771	11	some	some	DET
cblr-8636	771	12	kind	kind	NOUN
cblr-8636	771	13	of	of	ADP
cblr-8636	771	14	monopoly	monopoly	NOUN
cblr-8636	771	15	.	.	PUNCT
cblr-8636	772	1	other	other	ADJ
cblr-8636	772	2	interviewees	interviewee	NOUN
cblr-8636	772	3	raised	raise	VERB
cblr-8636	772	4	the	the	DET
cblr-8636	772	5	example	example	NOUN
cblr-8636	772	6	of	of	ADP
cblr-8636	772	7	finra	finra	PROPN
cblr-8636	772	8	lacking	lack	VERB
cblr-8636	772	9	adequate	adequate	ADJ
cblr-8636	772	10	reach	reach	VERB
cblr-8636	772	11	into	into	ADP
cblr-8636	772	12	the	the	DET
cblr-8636	772	13	futures	future	NOUN
cblr-8636	772	14	markets	market	NOUN
cblr-8636	772	15	even	even	ADV
cblr-8636	772	16	though	though	SCONJ
cblr-8636	772	17	manipulative	manipulative	ADJ
cblr-8636	772	18	schemes	scheme	NOUN
cblr-8636	772	19	can	can	AUX
cblr-8636	772	20	easily	easily	ADV
cblr-8636	772	21	involve	involve	VERB
cblr-8636	772	22	an	an	DET
cblr-8636	772	23	interaction	interaction	NOUN
cblr-8636	772	24	between	between	ADP
cblr-8636	772	25	the	the	DET
cblr-8636	772	26	futures	future	NOUN
cblr-8636	772	27	and	and	CCONJ
cblr-8636	772	28	securities	security	NOUN
cblr-8636	772	29	markets	market	NOUN
cblr-8636	772	30	.	.	PUNCT
cblr-8636	773	1	from	from	ADP
cblr-8636	773	2	an	an	DET
cblr-8636	773	3	industry	industry	NOUN
cblr-8636	773	4	standpoint	standpoint	NOUN
cblr-8636	773	5	,	,	PUNCT
cblr-8636	773	6	one	one	NUM
cblr-8636	773	7	member	member	NOUN
cblr-8636	773	8	of	of	ADP
cblr-8636	773	9	the	the	DET
cblr-8636	773	10	broker	broker	NOUN
cblr-8636	773	11	-	-	PUNCT
cblr-8636	773	12	dealer	dealer	NOUN
cblr-8636	773	13	community	community	NOUN
cblr-8636	773	14	explained	explain	VERB
cblr-8636	773	15	that	that	SCONJ
cblr-8636	773	16	,	,	PUNCT
cblr-8636	773	17	though	though	SCONJ
cblr-8636	773	18	the	the	DET
cblr-8636	773	19	goal	goal	NOUN
cblr-8636	773	20	was	be	AUX
cblr-8636	773	21	to	to	PART
cblr-8636	773	22	make	make	VERB
cblr-8636	773	23	sure	sure	ADJ
cblr-8636	773	24	all	all	DET
cblr-8636	773	25	relevant	relevant	ADJ
cblr-8636	773	26	regulators	regulator	NOUN
cblr-8636	773	27	were	be	AUX
cblr-8636	773	28	comfortable	comfortable	ADJ
cblr-8636	773	29	,	,	PUNCT
cblr-8636	773	30	identifying	identify	VERB
cblr-8636	773	31	the	the	DET
cblr-8636	773	32	proper	proper	ADJ
cblr-8636	773	33	regulator	regulator	NOUN
cblr-8636	773	34	was	be	AUX
cblr-8636	773	35	sometimes	sometimes	ADV
cblr-8636	773	36	difficult	difficult	ADJ
cblr-8636	773	37	.	.	PUNCT
cblr-8636	774	1	but	but	CCONJ
cblr-8636	774	2	whether	whether	SCONJ
cblr-8636	774	3	regulatory	regulatory	ADJ
cblr-8636	774	4	consolidation	consolidation	NOUN
cblr-8636	774	5	would	would	AUX
cblr-8636	774	6	help	help	VERB
cblr-8636	774	7	is	be	AUX
cblr-8636	774	8	unclear	unclear	ADJ
cblr-8636	774	9	.	.	PUNCT
cblr-8636	775	1	one	one	NUM
cblr-8636	775	2	regulator	regulator	NOUN
cblr-8636	775	3	suggested	suggest	VERB
cblr-8636	775	4	that	that	SCONJ
cblr-8636	775	5	fragmented	fragmented	ADJ
cblr-8636	775	6	regulators	regulator	NOUN
cblr-8636	775	7	can	can	AUX
cblr-8636	775	8	learn	learn	VERB
cblr-8636	775	9	from	from	ADP
cblr-8636	775	10	each	each	DET
cblr-8636	775	11	other	other	ADJ
cblr-8636	775	12	’s	’s	PART
cblr-8636	775	13	mistakes	mistake	NOUN
cblr-8636	775	14	,	,	PUNCT
cblr-8636	775	15	and	and	CCONJ
cblr-8636	775	16	another	another	DET
cblr-8636	775	17	member	member	NOUN
cblr-8636	775	18	of	of	ADP
cblr-8636	775	19	the	the	DET
cblr-8636	775	20	regulatory	regulatory	ADJ
cblr-8636	775	21	community	community	NOUN
cblr-8636	775	22	questioned	question	VERB
cblr-8636	775	23	the	the	DET
cblr-8636	775	24	wisdom	wisdom	NOUN
cblr-8636	775	25	of	of	ADP
cblr-8636	775	26	153	153	NUM
cblr-8636	775	27	gregory	gregory	PROPN
cblr-8636	775	28	meyer	meyer	PROPN
cblr-8636	775	29	,	,	PUNCT
cblr-8636	775	30	us	us	PROPN
cblr-8636	775	31	regulator	regulator	NOUN
cblr-8636	775	32	declares	declare	VERB
cblr-8636	775	33	‘	'	PUNCT
cblr-8636	775	34	dead	dead	ADJ
cblr-8636	775	35	’	'	PUNCT
cblr-8636	775	36	moves	move	NOUN
cblr-8636	775	37	to	to	PART
cblr-8636	775	38	seize	seize	VERB
cblr-8636	775	39	hft	hft	PROPN
cblr-8636	775	40	code	code	PROPN
cblr-8636	775	41	,	,	PUNCT
cblr-8636	775	42	fin	fin	PROPN
cblr-8636	775	43	.	.	PUNCT
cblr-8636	776	1	times	times	PROPN
cblr-8636	776	2	(	(	PUNCT
cblr-8636	776	3	oct	oct	PROPN
cblr-8636	776	4	.	.	PROPN
cblr-8636	776	5	4	4	NUM
cblr-8636	776	6	,	,	PUNCT
cblr-8636	776	7	2017	2017	NUM
cblr-8636	776	8	)	)	PUNCT
cblr-8636	776	9	(	(	PUNCT
cblr-8636	776	10	on	on	ADP
cblr-8636	776	11	file	file	NOUN
cblr-8636	776	12	with	with	ADP
cblr-8636	776	13	the	the	DET
cblr-8636	776	14	columbia	columbia	PROPN
cblr-8636	776	15	business	business	PROPN
cblr-8636	776	16	law	law	PROPN
cblr-8636	776	17	review	review	PROPN
cblr-8636	776	18	)	)	PUNCT
cblr-8636	776	19	,	,	PUNCT
cblr-8636	776	20	https://www.ft.com/content/068ce050-a922-11e7-93c5648314d2c72c	https://www.ft.com/content/068ce050-a922-11e7-93c5648314d2c72c	NOUN
cblr-8636	776	21	.	.	X
cblr-8636	776	22	154	154	NUM
cblr-8636	776	23	on	on	ADP
cblr-8636	776	24	this	this	DET
cblr-8636	776	25	concentration	concentration	NOUN
cblr-8636	776	26	,	,	PUNCT
cblr-8636	776	27	see	see	VERB
cblr-8636	776	28	john	john	PROPN
cblr-8636	776	29	c.	c.	PROPN
cblr-8636	776	30	coffee	coffee	PROPN
cblr-8636	776	31	,	,	PUNCT
cblr-8636	776	32	jr	jr	PROPN
cblr-8636	776	33	.	.	PROPN
cblr-8636	776	34	,	,	PUNCT
cblr-8636	776	35	the	the	DET
cblr-8636	776	36	future	future	NOUN
cblr-8636	776	37	of	of	ADP
cblr-8636	776	38	disclosure	disclosure	NOUN
cblr-8636	776	39	:	:	PUNCT
cblr-8636	776	40	esg	esg	PROPN
cblr-8636	776	41	,	,	PUNCT
cblr-8636	776	42	common	common	ADJ
cblr-8636	776	43	ownership	ownership	NOUN
cblr-8636	776	44	,	,	PUNCT
cblr-8636	776	45	and	and	CCONJ
cblr-8636	776	46	systematic	systematic	ADJ
cblr-8636	776	47	risk	risk	NOUN
cblr-8636	776	48	,	,	PUNCT
cblr-8636	776	49	2021	2021	NUM
cblr-8636	776	50	colum	colum	NOUN
cblr-8636	776	51	.	.	PUNCT
cblr-8636	777	1	bus	bus	NOUN
cblr-8636	777	2	.	.	PUNCT
cblr-8636	778	1	l.	l.	PROPN
cblr-8636	778	2	rev	rev	PROPN
cblr-8636	778	3	.	.	PROPN
cblr-8636	778	4	606	606	NUM
cblr-8636	778	5	&	&	CCONJ
cblr-8636	778	6	n.6	n.6	PROPN
cblr-8636	778	7	.	.	PUNCT
cblr-8636	779	1	fox	fox	PROPN
cblr-8636	779	2	et	et	PROPN
cblr-8636	779	3	al	al	PROPN
cblr-8636	779	4	.	.	PROPN
cblr-8636	780	1	8/22/2021	8/22/2021	NUM
cblr-8636	780	2	9:05	9:05	NUM
cblr-8636	780	3	pm	pm	NOUN
cblr-8636	780	4	no	no	INTJ
cblr-8636	780	5	.	.	PUNCT
cblr-8636	781	1	2:651	2:651	NUM
cblr-8636	781	2	]	]	X
cblr-8636	781	3	a	a	DET
cblr-8636	781	4	stakeholder	stakeholder	NOUN
cblr-8636	781	5	survey	survey	VERB
cblr-8636	781	6	705	705	NUM
cblr-8636	781	7	combining	combine	VERB
cblr-8636	781	8	the	the	DET
cblr-8636	781	9	sec	sec	PROPN
cblr-8636	781	10	and	and	CCONJ
cblr-8636	781	11	cftc	cftc	PROPN
cblr-8636	781	12	because	because	SCONJ
cblr-8636	781	13	they	they	PRON
cblr-8636	781	14	regulate	regulate	VERB
cblr-8636	781	15	very	very	ADV
cblr-8636	781	16	different	different	ADJ
cblr-8636	781	17	markets	market	NOUN
cblr-8636	781	18	.	.	PUNCT
cblr-8636	782	1	yet	yet	ADV
cblr-8636	782	2	two	two	NUM
cblr-8636	782	3	other	other	ADJ
cblr-8636	782	4	regulators	regulator	NOUN
cblr-8636	782	5	thought	think	VERB
cblr-8636	782	6	fragmentation	fragmentation	NOUN
cblr-8636	782	7	was	be	AUX
cblr-8636	782	8	clearly	clearly	ADV
cblr-8636	782	9	harmful	harmful	ADJ
cblr-8636	782	10	and	and	CCONJ
cblr-8636	782	11	did	do	AUX
cblr-8636	782	12	not	not	PART
cblr-8636	782	13	think	think	VERB
cblr-8636	782	14	that	that	SCONJ
cblr-8636	782	15	agencies	agency	NOUN
cblr-8636	782	16	would	would	AUX
cblr-8636	782	17	work	work	VERB
cblr-8636	782	18	together	together	ADV
cblr-8636	782	19	better	well	ADJ
cblr-8636	782	20	until	until	SCONJ
cblr-8636	782	21	congress	congress	PROPN
cblr-8636	782	22	changed	change	VERB
cblr-8636	782	23	its	its	PRON
cblr-8636	782	24	system	system	NOUN
cblr-8636	782	25	having	have	VERB
cblr-8636	782	26	a	a	DET
cblr-8636	782	27	different	different	ADJ
cblr-8636	782	28	committee	committee	NOUN
cblr-8636	782	29	oversee	oversee	VERB
cblr-8636	782	30	each	each	DET
cblr-8636	782	31	agency	agency	NOUN
cblr-8636	782	32	,	,	PUNCT
cblr-8636	782	33	with	with	ADP
cblr-8636	782	34	each	each	PRON
cblr-8636	782	35	jealously	jealously	ADV
cblr-8636	782	36	guarding	guard	VERB
cblr-8636	782	37	its	its	PRON
cblr-8636	782	38	prerogatives	prerogative	NOUN
cblr-8636	782	39	.	.	PUNCT
cblr-8636	783	1	other	other	ADJ
cblr-8636	783	2	regulators	regulator	NOUN
cblr-8636	783	3	raised	raise	VERB
cblr-8636	783	4	concerns	concern	NOUN
cblr-8636	783	5	that	that	PRON
cblr-8636	783	6	sec	sec	PROPN
cblr-8636	783	7	enforcement	enforcement	NOUN
cblr-8636	783	8	is	be	AUX
cblr-8636	783	9	hampered	hamper	VERB
cblr-8636	783	10	by	by	ADP
cblr-8636	783	11	its	its	PRON
cblr-8636	783	12	slow	slow	ADJ
cblr-8636	783	13	adjustment	adjustment	NOUN
cblr-8636	783	14	to	to	ADP
cblr-8636	783	15	both	both	DET
cblr-8636	783	16	technological	technological	ADJ
cblr-8636	783	17	change	change	NOUN
cblr-8636	783	18	and	and	CCONJ
cblr-8636	783	19	globalization	globalization	NOUN
cblr-8636	783	20	.	.	PUNCT
cblr-8636	784	1	as	as	SCONJ
cblr-8636	784	2	one	one	NUM
cblr-8636	784	3	member	member	NOUN
cblr-8636	784	4	of	of	ADP
cblr-8636	784	5	the	the	DET
cblr-8636	784	6	regulatory	regulatory	ADJ
cblr-8636	784	7	community	community	NOUN
cblr-8636	784	8	put	put	VERB
cblr-8636	784	9	it	it	PRON
cblr-8636	784	10	,	,	PUNCT
cblr-8636	784	11	very	very	ADV
cblr-8636	784	12	few	few	ADJ
cblr-8636	784	13	people	people	NOUN
cblr-8636	784	14	at	at	ADP
cblr-8636	784	15	the	the	DET
cblr-8636	784	16	sec	sec	PROPN
cblr-8636	784	17	are	be	AUX
cblr-8636	784	18	skilled	skilled	ADJ
cblr-8636	784	19	in	in	ADP
cblr-8636	784	20	programming	programming	NOUN
cblr-8636	784	21	and	and	CCONJ
cblr-8636	784	22	handling	handle	VERB
cblr-8636	784	23	big	big	ADJ
cblr-8636	784	24	data	datum	NOUN
cblr-8636	784	25	or	or	CCONJ
cblr-8636	784	26	dlt	dlt	PROPN
cblr-8636	784	27	,	,	PUNCT
cblr-8636	784	28	and	and	CCONJ
cblr-8636	784	29	,	,	PUNCT
cblr-8636	784	30	as	as	ADP
cblr-8636	784	31	a	a	DET
cblr-8636	784	32	result	result	NOUN
cblr-8636	784	33	,	,	PUNCT
cblr-8636	784	34	they	they	PRON
cblr-8636	784	35	may	may	AUX
cblr-8636	784	36	not	not	PART
cblr-8636	784	37	realize	realize	VERB
cblr-8636	784	38	that	that	SCONJ
cblr-8636	784	39	they	they	PRON
cblr-8636	784	40	can	can	AUX
cblr-8636	784	41	be	be	AUX
cblr-8636	784	42	flying	fly	VERB
cblr-8636	784	43	blind	blind	ADJ
cblr-8636	784	44	with	with	ADP
cblr-8636	784	45	respect	respect	NOUN
cblr-8636	784	46	to	to	ADP
cblr-8636	784	47	important	important	ADJ
cblr-8636	784	48	kinds	kind	NOUN
cblr-8636	784	49	of	of	ADP
cblr-8636	784	50	activities	activity	NOUN
cblr-8636	784	51	in	in	ADP
cblr-8636	784	52	need	need	NOUN
cblr-8636	784	53	of	of	ADP
cblr-8636	784	54	regulation	regulation	NOUN
cblr-8636	784	55	.	.	PUNCT
cblr-8636	785	1	another	another	PRON
cblr-8636	785	2	suspected	suspect	VERB
cblr-8636	785	3	that	that	SCONJ
cblr-8636	785	4	the	the	DET
cblr-8636	785	5	sec	sec	PROPN
cblr-8636	785	6	and	and	CCONJ
cblr-8636	785	7	finra	finra	PROPN
cblr-8636	785	8	will	will	AUX
cblr-8636	785	9	need	need	VERB
cblr-8636	785	10	to	to	PART
cblr-8636	785	11	hire	hire	VERB
cblr-8636	785	12	technical	technical	ADJ
cblr-8636	785	13	auditors	auditor	NOUN
cblr-8636	785	14	.	.	PUNCT
cblr-8636	786	1	finally	finally	ADV
cblr-8636	786	2	,	,	PUNCT
cblr-8636	786	3	the	the	DET
cblr-8636	786	4	design	design	NOUN
cblr-8636	786	5	of	of	ADP
cblr-8636	786	6	the	the	DET
cblr-8636	786	7	right	right	ADJ
cblr-8636	786	8	securities	security	NOUN
cblr-8636	786	9	regulatory	regulatory	ADJ
cblr-8636	786	10	reaction	reaction	NOUN
cblr-8636	786	11	to	to	ADP
cblr-8636	786	12	the	the	DET
cblr-8636	786	13	potential	potential	NOUN
cblr-8636	786	14	for	for	ADP
cblr-8636	786	15	dlt	dlt	PROPN
cblr-8636	786	16	can	can	AUX
cblr-8636	786	17	not	not	PART
cblr-8636	786	18	be	be	AUX
cblr-8636	786	19	based	base	VERB
cblr-8636	786	20	on	on	ADP
cblr-8636	786	21	the	the	DET
cblr-8636	786	22	assumption	assumption	NOUN
cblr-8636	786	23	that	that	SCONJ
cblr-8636	786	24	the	the	DET
cblr-8636	786	25	u.s	u.s	PROPN
cblr-8636	786	26	.	.	PROPN
cblr-8636	786	27	market	market	NOUN
cblr-8636	786	28	exists	exist	VERB
cblr-8636	786	29	in	in	ADP
cblr-8636	786	30	isolation	isolation	NOUN
cblr-8636	786	31	from	from	ADP
cblr-8636	786	32	the	the	DET
cblr-8636	786	33	rest	rest	NOUN
cblr-8636	786	34	of	of	ADP
cblr-8636	786	35	the	the	DET
cblr-8636	786	36	world	world	NOUN
cblr-8636	786	37	.	.	PUNCT
cblr-8636	787	1	technology	technology	NOUN
cblr-8636	787	2	has	have	AUX
cblr-8636	787	3	made	make	VERB
cblr-8636	787	4	it	it	PRON
cblr-8636	787	5	far	far	ADV
cblr-8636	787	6	easier	easy	ADJ
cblr-8636	787	7	to	to	PART
cblr-8636	787	8	invest	invest	VERB
cblr-8636	787	9	in	in	ADP
cblr-8636	787	10	the	the	DET
cblr-8636	787	11	stocks	stock	NOUN
cblr-8636	787	12	of	of	ADP
cblr-8636	787	13	foreign	foreign	ADJ
cblr-8636	787	14	issuers	issuer	NOUN
cblr-8636	787	15	and	and	CCONJ
cblr-8636	787	16	,	,	PUNCT
cblr-8636	787	17	following	follow	VERB
cblr-8636	787	18	the	the	DET
cblr-8636	787	19	advice	advice	NOUN
cblr-8636	787	20	of	of	ADP
cblr-8636	787	21	financial	financial	ADJ
cblr-8636	787	22	economists	economist	NOUN
cblr-8636	787	23	,	,	PUNCT
cblr-8636	787	24	a	a	DET
cblr-8636	787	25	larger	large	ADJ
cblr-8636	787	26	and	and	CCONJ
cblr-8636	787	27	larger	large	ADJ
cblr-8636	787	28	portion	portion	NOUN
cblr-8636	787	29	of	of	ADP
cblr-8636	787	30	u.s	u.s	PROPN
cblr-8636	787	31	.	.	PROPN
cblr-8636	787	32	individual	individual	ADJ
cblr-8636	787	33	investors	investor	NOUN
cblr-8636	787	34	’	'	PUNCT
cblr-8636	787	35	portfolios	portfolio	NOUN
cblr-8636	787	36	is	be	AUX
cblr-8636	787	37	composed	compose	VERB
cblr-8636	787	38	of	of	ADP
cblr-8636	787	39	foreign	foreign	ADJ
cblr-8636	787	40	stocks.155	stocks.155	NOUN
cblr-8636	787	41	but	but	CCONJ
cblr-8636	787	42	even	even	ADV
cblr-8636	787	43	where	where	SCONJ
cblr-8636	787	44	the	the	DET
cblr-8636	787	45	foreign	foreign	ADJ
cblr-8636	787	46	companies	company	NOUN
cblr-8636	787	47	in	in	ADP
cblr-8636	787	48	which	which	PRON
cblr-8636	787	49	americans	americans	PROPN
cblr-8636	787	50	invest	invest	VERB
cblr-8636	787	51	are	be	AUX
cblr-8636	787	52	registered	register	VERB
cblr-8636	787	53	under	under	ADP
cblr-8636	787	54	the	the	DET
cblr-8636	787	55	u.s	u.s	PROPN
cblr-8636	787	56	.	.	PROPN
cblr-8636	787	57	securities	security	NOUN
cblr-8636	787	58	laws	law	NOUN
cblr-8636	787	59	,	,	PUNCT
cblr-8636	787	60	problems	problem	NOUN
cblr-8636	787	61	remain	remain	VERB
cblr-8636	787	62	.	.	PUNCT
cblr-8636	788	1	as	as	SCONJ
cblr-8636	788	2	one	one	NUM
cblr-8636	788	3	member	member	NOUN
cblr-8636	788	4	of	of	ADP
cblr-8636	788	5	the	the	DET
cblr-8636	788	6	regulatory	regulatory	ADJ
cblr-8636	788	7	community	community	NOUN
cblr-8636	788	8	noted	note	VERB
cblr-8636	788	9	,	,	PUNCT
cblr-8636	788	10	regulators	regulator	NOUN
cblr-8636	788	11	lack	lack	VERB
cblr-8636	788	12	effective	effective	ADJ
cblr-8636	788	13	ways	way	NOUN
cblr-8636	788	14	to	to	PART
cblr-8636	788	15	obtain	obtain	VERB
cblr-8636	788	16	the	the	DET
cblr-8636	788	17	audit	audit	NOUN
cblr-8636	788	18	papers	paper	NOUN
cblr-8636	788	19	of	of	ADP
cblr-8636	788	20	corporations	corporation	NOUN
cblr-8636	788	21	in	in	ADP
cblr-8636	788	22	many	many	ADJ
cblr-8636	788	23	countries	country	NOUN
cblr-8636	788	24	in	in	ADP
cblr-8636	788	25	order	order	NOUN
cblr-8636	788	26	to	to	PART
cblr-8636	788	27	detect	detect	VERB
cblr-8636	788	28	fraud	fraud	NOUN
cblr-8636	788	29	against	against	ADP
cblr-8636	788	30	u.s	u.s	PROPN
cblr-8636	788	31	.	.	PROPN
cblr-8636	788	32	investors	investor	NOUN
cblr-8636	788	33	.	.	PUNCT
cblr-8636	789	1	nor	nor	CCONJ
cblr-8636	789	2	did	do	VERB
cblr-8636	789	3	this	this	DET
cblr-8636	789	4	interviewee	interviewee	NOUN
cblr-8636	789	5	like	like	ADP
cblr-8636	789	6	the	the	DET
cblr-8636	789	7	idea	idea	NOUN
cblr-8636	789	8	of	of	ADP
cblr-8636	789	9	allowing	allow	VERB
cblr-8636	789	10	companies	company	NOUN
cblr-8636	789	11	in	in	ADP
cblr-8636	789	12	which	which	PRON
cblr-8636	789	13	americans	americans	PROPN
cblr-8636	789	14	invest	invest	VERB
cblr-8636	789	15	to	to	PART
cblr-8636	789	16	simply	simply	ADV
cblr-8636	789	17	comply	comply	VERB
cblr-8636	789	18	with	with	ADP
cblr-8636	789	19	the	the	DET
cblr-8636	789	20	rules	rule	NOUN
cblr-8636	789	21	of	of	ADP
cblr-8636	789	22	foreign	foreign	ADJ
cblr-8636	789	23	jurisdictions	jurisdiction	NOUN
cblr-8636	789	24	,	,	PUNCT
cblr-8636	789	25	which	which	PRON
cblr-8636	789	26	he	he	PRON
cblr-8636	789	27	feared	fear	VERB
cblr-8636	789	28	would	would	AUX
cblr-8636	789	29	lead	lead	VERB
cblr-8636	789	30	to	to	ADP
cblr-8636	789	31	a	a	DET
cblr-8636	789	32	race	race	NOUN
cblr-8636	789	33	to	to	ADP
cblr-8636	789	34	the	the	DET
cblr-8636	789	35	bottom	bottom	NOUN
cblr-8636	789	36	.	.	PUNCT
cblr-8636	790	1	this	this	PRON
cblr-8636	790	2	underlines	underline	VERB
cblr-8636	790	3	the	the	DET
cblr-8636	790	4	importance	importance	NOUN
cblr-8636	790	5	of	of	ADP
cblr-8636	790	6	cooperation	cooperation	NOUN
cblr-8636	790	7	among	among	ADP
cblr-8636	790	8	regulators	regulator	NOUN
cblr-8636	790	9	around	around	ADP
cblr-8636	790	10	the	the	DET
cblr-8636	790	11	globe	globe	NOUN
cblr-8636	790	12	if	if	SCONJ
cblr-8636	790	13	the	the	DET
cblr-8636	790	14	issues	issue	NOUN
cblr-8636	790	15	raised	raise	VERB
cblr-8636	790	16	by	by	ADP
cblr-8636	790	17	dlt	dlt	PROPN
cblr-8636	790	18	are	be	AUX
cblr-8636	790	19	to	to	PART
cblr-8636	790	20	be	be	AUX
cblr-8636	790	21	effectively	effectively	ADV
cblr-8636	790	22	dealt	deal	VERB
cblr-8636	790	23	with	with	ADP
cblr-8636	790	24	.	.	PUNCT
cblr-8636	791	1	155	155	NUM
cblr-8636	791	2	see	see	VERB
cblr-8636	791	3	nicolas	nicolas	PROPN
cblr-8636	791	4	coeurdacier	coeurdacier	PROPN
cblr-8636	791	5	&	&	CCONJ
cblr-8636	791	6	hélène	hélène	PROPN
cblr-8636	791	7	rey	rey	PROPN
cblr-8636	791	8	,	,	PUNCT
cblr-8636	791	9	home	home	NOUN
cblr-8636	791	10	bias	bias	NOUN
cblr-8636	791	11	in	in	ADP
cblr-8636	791	12	open	open	ADJ
cblr-8636	791	13	economy	economy	NOUN
cblr-8636	791	14	financial	financial	ADJ
cblr-8636	791	15	macroeconomics	macroeconomic	NOUN
cblr-8636	791	16	,	,	PUNCT
cblr-8636	791	17	51	51	NUM
cblr-8636	791	18	j.	j.	PROPN
cblr-8636	791	19	econ	econ	PROPN
cblr-8636	791	20	.	.	PUNCT
cblr-8636	792	1	literature	literature	PROPN
cblr-8636	792	2	63	63	NUM
cblr-8636	792	3	,	,	PUNCT
cblr-8636	792	4	63–67	63–67	NUM
cblr-8636	792	5	(	(	PUNCT
cblr-8636	792	6	2012	2012	NUM
cblr-8636	792	7	)	)	PUNCT
cblr-8636	792	8	(	(	PUNCT
cblr-8636	792	9	noting	note	VERB
cblr-8636	792	10	a	a	DET
cblr-8636	792	11	gradual	gradual	ADJ
cblr-8636	792	12	decline	decline	NOUN
cblr-8636	792	13	in	in	ADP
cblr-8636	792	14	portfolio	portfolio	NOUN
cblr-8636	792	15	“	"	PUNCT
cblr-8636	792	16	home	home	NOUN
cblr-8636	792	17	bias	bias	NOUN
cblr-8636	792	18	”	"	PUNCT
cblr-8636	792	19	over	over	ADP
cblr-8636	792	20	time	time	NOUN
cblr-8636	792	21	)	)	PUNCT
cblr-8636	792	22	.	.	PUNCT
cblr-8636	793	1	fox	fox	PROPN
cblr-8636	793	2	et	et	PROPN
cblr-8636	793	3	al	al	PROPN
cblr-8636	793	4	.	.	PROPN
cblr-8636	794	1	8/22/2021	8/22/2021	NUM
cblr-8636	794	2	9:05	9:05	NUM
cblr-8636	794	3	pm	pm	NOUN
cblr-8636	794	4	706	706	NUM
cblr-8636	794	5	columbia	columbia	PROPN
cblr-8636	794	6	business	business	NOUN
cblr-8636	794	7	law	law	PROPN
cblr-8636	794	8	review	review	NOUN
cblr-8636	794	9	[	[	X
cblr-8636	794	10	vol	vol	NOUN
cblr-8636	794	11	.	.	PUNCT
cblr-8636	794	12	2021	2021	NUM
cblr-8636	794	13	xii	xii	NOUN
cblr-8636	794	14	.	.	PUNCT
cblr-8636	795	1	conclusion	conclusion	NOUN
cblr-8636	795	2	our	our	PRON
cblr-8636	795	3	stakeholder	stakeholder	NOUN
cblr-8636	795	4	survey	survey	NOUN
cblr-8636	795	5	interviews	interview	NOUN
cblr-8636	795	6	have	have	AUX
cblr-8636	795	7	introduced	introduce	VERB
cblr-8636	795	8	and	and	CCONJ
cblr-8636	795	9	explored	explore	VERB
cblr-8636	795	10	a	a	DET
cblr-8636	795	11	rich	rich	ADJ
cblr-8636	795	12	variety	variety	NOUN
cblr-8636	795	13	of	of	ADP
cblr-8636	795	14	issues	issue	NOUN
cblr-8636	795	15	faced	face	VERB
cblr-8636	795	16	by	by	ADP
cblr-8636	795	17	securities	security	NOUN
cblr-8636	795	18	markets	market	NOUN
cblr-8636	795	19	regarding	regard	VERB
cblr-8636	795	20	the	the	DET
cblr-8636	795	21	possible	possible	ADJ
cblr-8636	795	22	uses	use	NOUN
cblr-8636	795	23	of	of	ADP
cblr-8636	795	24	dlt	dlt	PROPN
cblr-8636	795	25	.	.	PUNCT
cblr-8636	796	1	while	while	SCONJ
cblr-8636	796	2	it	it	PRON
cblr-8636	796	3	is	be	AUX
cblr-8636	796	4	easy	easy	ADJ
cblr-8636	796	5	to	to	PART
cblr-8636	796	6	imagine	imagine	VERB
cblr-8636	796	7	many	many	ADJ
cblr-8636	796	8	ways	way	NOUN
cblr-8636	796	9	that	that	PRON
cblr-8636	796	10	dlt	dlt	PROPN
cblr-8636	796	11	could	could	AUX
cblr-8636	796	12	transform	transform	VERB
cblr-8636	796	13	the	the	DET
cblr-8636	796	14	securities	security	NOUN
cblr-8636	796	15	markets	market	NOUN
cblr-8636	796	16	,	,	PUNCT
cblr-8636	796	17	the	the	DET
cblr-8636	796	18	future	future	NOUN
cblr-8636	796	19	is	be	AUX
cblr-8636	796	20	not	not	PART
cblr-8636	796	21	clear	clear	ADJ
cblr-8636	796	22	.	.	PUNCT
cblr-8636	797	1	some	some	PRON
cblr-8636	797	2	of	of	ADP
cblr-8636	797	3	the	the	DET
cblr-8636	797	4	uncertainty	uncertainty	NOUN
cblr-8636	797	5	is	be	AUX
cblr-8636	797	6	due	due	ADJ
cblr-8636	797	7	to	to	PART
cblr-8636	797	8	simply	simply	ADV
cblr-8636	797	9	not	not	PART
cblr-8636	797	10	knowing	know	VERB
cblr-8636	797	11	whether	whether	SCONJ
cblr-8636	797	12	the	the	DET
cblr-8636	797	13	technology	technology	NOUN
cblr-8636	797	14	is	be	AUX
cblr-8636	797	15	really	really	ADV
cblr-8636	797	16	applicable	applicable	ADJ
cblr-8636	797	17	in	in	ADP
cblr-8636	797	18	the	the	DET
cblr-8636	797	19	ways	way	NOUN
cblr-8636	797	20	,	,	PUNCT
cblr-8636	797	21	and	and	CCONJ
cblr-8636	797	22	with	with	ADP
cblr-8636	797	23	the	the	DET
cblr-8636	797	24	advantages	advantage	NOUN
cblr-8636	797	25	,	,	PUNCT
cblr-8636	797	26	imagined	imagine	VERB
cblr-8636	797	27	.	.	PUNCT
cblr-8636	798	1	part	part	NOUN
cblr-8636	798	2	,	,	PUNCT
cblr-8636	798	3	though	though	ADV
cblr-8636	798	4	,	,	PUNCT
cblr-8636	798	5	will	will	AUX
cblr-8636	798	6	depend	depend	VERB
cblr-8636	798	7	on	on	ADP
cblr-8636	798	8	the	the	DET
cblr-8636	798	9	reactions	reaction	NOUN
cblr-8636	798	10	of	of	ADP
cblr-8636	798	11	regulators	regulator	NOUN
cblr-8636	798	12	.	.	PUNCT
cblr-8636	799	1	can	can	AUX
cblr-8636	799	2	they	they	PRON
cblr-8636	799	3	get	get	VERB
cblr-8636	799	4	out	out	ADP
cblr-8636	799	5	of	of	ADP
cblr-8636	799	6	the	the	DET
cblr-8636	799	7	way	way	NOUN
cblr-8636	799	8	where	where	SCONJ
cblr-8636	799	9	an	an	DET
cblr-8636	799	10	existing	exist	VERB
cblr-8636	799	11	regulation	regulation	NOUN
cblr-8636	799	12	would	would	AUX
cblr-8636	799	13	impede	impede	VERB
cblr-8636	799	14	dlt	dlt	PROPN
cblr-8636	799	15	’s	’s	PART
cblr-8636	799	16	utilization	utilization	NOUN
cblr-8636	799	17	and	and	CCONJ
cblr-8636	799	18	the	the	DET
cblr-8636	799	19	regulation	regulation	NOUN
cblr-8636	799	20	’s	’s	PART
cblr-8636	799	21	application	application	NOUN
cblr-8636	799	22	to	to	ADP
cblr-8636	799	23	the	the	DET
cblr-8636	799	24	dlt	dlt	PROPN
cblr-8636	799	25	-	-	PUNCT
cblr-8636	799	26	based	base	VERB
cblr-8636	799	27	practice	practice	NOUN
cblr-8636	799	28	serves	serve	VERB
cblr-8636	799	29	no	no	DET
cblr-8636	799	30	useful	useful	ADJ
cblr-8636	799	31	purpose	purpose	NOUN
cblr-8636	799	32	?	?	PUNCT
cblr-8636	800	1	can	can	AUX
cblr-8636	800	2	they	they	PRON
cblr-8636	800	3	step	step	VERB
cblr-8636	800	4	in	in	ADP
cblr-8636	800	5	with	with	ADP
cblr-8636	800	6	new	new	ADJ
cblr-8636	800	7	regulation	regulation	NOUN
cblr-8636	800	8	where	where	SCONJ
cblr-8636	800	9	dlt	dlt	PROPN
cblr-8636	800	10	would	would	AUX
cblr-8636	800	11	permit	permit	VERB
cblr-8636	800	12	the	the	DET
cblr-8636	800	13	evasion	evasion	NOUN
cblr-8636	800	14	of	of	ADP
cblr-8636	800	15	rules	rule	NOUN
cblr-8636	800	16	that	that	PRON
cblr-8636	800	17	currently	currently	ADV
cblr-8636	800	18	achieve	achieve	VERB
cblr-8636	800	19	worthwhile	worthwhile	ADJ
cblr-8636	800	20	aims	aim	NOUN
cblr-8636	800	21	?	?	PUNCT
cblr-8636	801	1	and	and	CCONJ
cblr-8636	801	2	can	can	AUX
cblr-8636	801	3	they	they	PRON
cblr-8636	801	4	nudge	nudge	VERB
cblr-8636	801	5	the	the	DET
cblr-8636	801	6	incumbent	incumbent	NOUN
cblr-8636	801	7	players	player	NOUN
cblr-8636	801	8	,	,	PUNCT
cblr-8636	801	9	who	who	PRON
cblr-8636	801	10	have	have	AUX
cblr-8636	801	11	established	establish	VERB
cblr-8636	801	12	patterns	pattern	NOUN
cblr-8636	801	13	of	of	ADP
cblr-8636	801	14	interaction	interaction	NOUN
cblr-8636	801	15	in	in	ADP
cblr-8636	801	16	making	make	VERB
cblr-8636	801	17	the	the	DET
cblr-8636	801	18	current	current	ADJ
cblr-8636	801	19	market	market	NOUN
cblr-8636	801	20	function	function	NOUN
cblr-8636	801	21	,	,	PUNCT
cblr-8636	801	22	to	to	PART
cblr-8636	801	23	cooperate	cooperate	VERB
cblr-8636	801	24	to	to	PART
cblr-8636	801	25	make	make	VERB
cblr-8636	801	26	work	work	NOUN
cblr-8636	801	27	whatever	whatever	PRON
cblr-8636	801	28	new	new	ADJ
cblr-8636	801	29	dlt	dlt	PROPN
cblr-8636	801	30	-	-	PUNCT
cblr-8636	801	31	based	base	VERB
cblr-8636	801	32	systems	system	NOUN
cblr-8636	801	33	in	in	ADP
cblr-8636	801	34	fact	fact	NOUN
cblr-8636	801	35	turn	turn	VERB
cblr-8636	801	36	out	out	ADP
cblr-8636	801	37	to	to	PART
cblr-8636	801	38	be	be	AUX
cblr-8636	801	39	practical	practical	ADJ
cblr-8636	801	40	and	and	CCONJ
cblr-8636	801	41	socially	socially	ADV
cblr-8636	801	42	desirable	desirable	ADJ
cblr-8636	801	43	?	?	PUNCT
cblr-8636	802	1	xiii	xiii	NOUN
cblr-8636	802	2	.	.	PUNCT
cblr-8636	803	1	appendices	appendix	NOUN
cblr-8636	803	2	appendix	appendix	VERB
cblr-8636	803	3	a	a	PRON
cblr-8636	803	4	:	:	PUNCT
cblr-8636	803	5	june	june	PROPN
cblr-8636	803	6	25	25	NUM
cblr-8636	803	7	,	,	PUNCT
cblr-8636	803	8	2019	2019	NUM
cblr-8636	803	9	roundtable	roundtable	ADJ
cblr-8636	803	10	attendees	attendee	NOUN
cblr-8636	803	11	mary	mary	PROPN
cblr-8636	803	12	ann	ann	PROPN
cblr-8636	803	13	callahan	callahan	PROPN
cblr-8636	803	14	–	–	PUNCT
cblr-8636	803	15	managing	manage	VERB
cblr-8636	803	16	director	director	NOUN
cblr-8636	803	17	,	,	PUNCT
cblr-8636	803	18	office	office	NOUN
cblr-8636	803	19	of	of	ADP
cblr-8636	803	20	technology	technology	NOUN
cblr-8636	803	21	architecture	architecture	NOUN
cblr-8636	803	22	,	,	PUNCT
cblr-8636	803	23	state	state	NOUN
cblr-8636	803	24	street	street	PROPN
cblr-8636	803	25	corporation	corporation	PROPN
cblr-8636	803	26	robert	robert	PROPN
cblr-8636	803	27	farrokhnia	farrokhnia	PROPN
cblr-8636	803	28	–	–	PUNCT
cblr-8636	803	29	adjunct	adjunct	ADJ
cblr-8636	803	30	associate	associate	NOUN
cblr-8636	803	31	professor	professor	NOUN
cblr-8636	803	32	of	of	ADP
cblr-8636	803	33	business	business	NOUN
cblr-8636	803	34	,	,	PUNCT
cblr-8636	803	35	columbia	columbia	PROPN
cblr-8636	803	36	business	business	PROPN
cblr-8636	803	37	school	school	PROPN
cblr-8636	803	38	yulia	yulia	PROPN
cblr-8636	803	39	guseva	guseva	PROPN
cblr-8636	803	40	–	–	PUNCT
cblr-8636	803	41	professor	professor	NOUN
cblr-8636	803	42	of	of	ADP
cblr-8636	803	43	law	law	NOUN
cblr-8636	803	44	,	,	PUNCT
cblr-8636	803	45	rutgers	rutgers	PROPN
cblr-8636	803	46	law	law	PROPN
cblr-8636	803	47	school	school	PROPN
cblr-8636	803	48	jared	jared	PROPN
cblr-8636	803	49	herman	herman	PROPN
cblr-8636	803	50	–	–	PUNCT
cblr-8636	803	51	president	president	NOUN
cblr-8636	803	52	,	,	PUNCT
cblr-8636	803	53	hedgebay	hedgebay	PROPN
cblr-8636	803	54	securities	securities	PROPN
cblr-8636	803	55	llc	llc	PROPN
cblr-8636	803	56	reynolds	reynolds	PROPN
cblr-8636	803	57	holding	hold	VERB
cblr-8636	803	58	–	–	PUNCT
cblr-8636	803	59	senior	senior	ADJ
cblr-8636	803	60	fellow	fellow	NOUN
cblr-8636	803	61	,	,	PUNCT
cblr-8636	803	62	columbia	columbia	PROPN
cblr-8636	803	63	law	law	PROPN
cblr-8636	803	64	school	school	PROPN
cblr-8636	803	65	jared	jared	PROPN
cblr-8636	803	66	klee	klee	PROPN
cblr-8636	803	67	–	–	PUNCT
cblr-8636	803	68	blockchain	blockchain	PROPN
cblr-8636	803	69	offering	offering	NOUN
cblr-8636	803	70	manager	manager	NOUN
cblr-8636	803	71	,	,	PUNCT
cblr-8636	803	72	digital	digital	ADJ
cblr-8636	803	73	assets	asset	NOUN
cblr-8636	803	74	,	,	PUNCT
cblr-8636	803	75	ibm	ibm	PROPN
cblr-8636	803	76	chuin	chuin	NOUN
cblr-8636	803	77	lee	lee	PROPN
cblr-8636	803	78	–	–	PUNCT
cblr-8636	803	79	managing	manage	VERB
cblr-8636	803	80	director	director	NOUN
cblr-8636	803	81	,	,	PUNCT
cblr-8636	803	82	bank	bank	PROPN
cblr-8636	803	83	of	of	ADP
cblr-8636	803	84	america	america	PROPN
cblr-8636	803	85	pam	pam	PROPN
cblr-8636	803	86	marcogliese	marcogliese	PROPN
cblr-8636	803	87	–	–	PUNCT
cblr-8636	803	88	partner	partner	NOUN
cblr-8636	803	89	,	,	PUNCT
cblr-8636	803	90	freshfields	freshfield	VERB
cblr-8636	803	91	bruckhaus	bruckhaus	PROPN
cblr-8636	803	92	deringer	deringer	PROPN
cblr-8636	803	93	will	will	AUX
cblr-8636	803	94	martino	martino	PROPN
cblr-8636	803	95	–	–	PUNCT
cblr-8636	803	96	founder	founder	NOUN
cblr-8636	803	97	&	&	CCONJ
cblr-8636	803	98	ceo	ceo	PROPN
cblr-8636	803	99	,	,	PUNCT
cblr-8636	803	100	kadena	kadena	PROPN
cblr-8636	803	101	ryne	ryne	PROPN
cblr-8636	803	102	miller	miller	PROPN
cblr-8636	803	103	–	–	PUNCT
cblr-8636	803	104	partner	partner	NOUN
cblr-8636	803	105	,	,	PUNCT
cblr-8636	803	106	sullivan	sullivan	PROPN
cblr-8636	803	107	&	&	CCONJ
cblr-8636	803	108	cromwell	cromwell	PROPN
cblr-8636	803	109	llp	llp	PROPN
cblr-8636	803	110	joshua	joshua	PROPN
cblr-8636	803	111	mitts	mitt	VERB
cblr-8636	803	112	–	–	PUNCT
cblr-8636	803	113	associate	associate	NOUN
cblr-8636	803	114	professor	professor	NOUN
cblr-8636	803	115	of	of	ADP
cblr-8636	803	116	law	law	NOUN
cblr-8636	803	117	,	,	PUNCT
cblr-8636	803	118	columbia	columbia	PROPN
cblr-8636	803	119	law	law	PROPN
cblr-8636	803	120	school	school	PROPN
cblr-8636	803	121	fox	fox	PROPN
cblr-8636	803	122	et	et	PROPN
cblr-8636	803	123	al	al	PROPN
cblr-8636	803	124	.	.	PROPN
cblr-8636	804	1	8/22/2021	8/22/2021	NUM
cblr-8636	804	2	9:05	9:05	NUM
cblr-8636	804	3	pm	pm	NOUN
cblr-8636	804	4	no	no	INTJ
cblr-8636	804	5	.	.	PUNCT
cblr-8636	805	1	2:651	2:651	NUM
cblr-8636	805	2	]	]	X
cblr-8636	805	3	a	a	DET
cblr-8636	805	4	stakeholder	stakeholder	NOUN
cblr-8636	805	5	survey	survey	VERB
cblr-8636	805	6	707	707	NUM
cblr-8636	805	7	justin	justin	PROPN
cblr-8636	805	8	schmidt	schmidt	PROPN
cblr-8636	805	9	–	–	PUNCT
cblr-8636	805	10	head	head	NOUN
cblr-8636	805	11	of	of	ADP
cblr-8636	805	12	digital	digital	ADJ
cblr-8636	805	13	asset	asset	NOUN
cblr-8636	805	14	markets	market	NOUN
cblr-8636	805	15	,	,	PUNCT
cblr-8636	805	16	goldman	goldman	PROPN
cblr-8636	805	17	sachs	sachs	PROPN
cblr-8636	805	18	rosie	rosie	PROPN
cblr-8636	805	19	shen	shen	PROPN
cblr-8636	805	20	–	–	PUNCT
cblr-8636	805	21	goldman	goldman	PROPN
cblr-8636	805	22	sachs	sachs	PROPN
cblr-8636	805	23	drew	draw	VERB
cblr-8636	805	24	van	van	PROPN
cblr-8636	805	25	der	der	NOUN
cblr-8636	805	26	werff	werff	NOUN
cblr-8636	805	27	–	–	PUNCT
cblr-8636	805	28	goldman	goldman	PROPN
cblr-8636	805	29	sachs	sachs	PROPN
cblr-8636	805	30	david	david	PROPN
cblr-8636	805	31	wishnick	wishnick	PROPN
cblr-8636	805	32	–	–	PUNCT
cblr-8636	805	33	academic	academic	ADJ
cblr-8636	805	34	fellow	fellow	NOUN
cblr-8636	805	35	,	,	PUNCT
cblr-8636	805	36	university	university	PROPN
cblr-8636	805	37	of	of	ADP
cblr-8636	805	38	pennsylvania	pennsylvania	PROPN
cblr-8636	805	39	law	law	PROPN
cblr-8636	805	40	school	school	NOUN
cblr-8636	805	41	appendix	appendix	VERB
cblr-8636	805	42	b	b	NOUN
cblr-8636	805	43	:	:	PUNCT
cblr-8636	805	44	survey	survey	NOUN
cblr-8636	805	45	interviews	interview	NOUN
cblr-8636	805	46	conducted	conduct	VERB
cblr-8636	805	47	to	to	ADP
cblr-8636	805	48	date	date	NOUN
cblr-8636	805	49	program	program	NOUN
cblr-8636	805	50	in	in	ADP
cblr-8636	805	51	the	the	DET
cblr-8636	805	52	law	law	NOUN
cblr-8636	805	53	and	and	CCONJ
cblr-8636	805	54	economics	economic	NOUN
cblr-8636	805	55	of	of	ADP
cblr-8636	805	56	capital	capital	NOUN
cblr-8636	805	57	markets	market	NOUN
cblr-8636	805	58	as	as	ADP
cblr-8636	805	59	of	of	ADP
cblr-8636	805	60	february	february	PROPN
cblr-8636	805	61	21	21	NUM
cblr-8636	805	62	,	,	PUNCT
cblr-8636	805	63	2021	2021	NUM
cblr-8636	805	64	:	:	PUNCT
cblr-8636	805	65	interviews	interview	NOUN
cblr-8636	805	66	conducted	conduct	VERB
cblr-8636	805	67	(	(	PUNCT
cblr-8636	805	68	positions	position	NOUN
cblr-8636	805	69	as	as	ADP
cblr-8636	805	70	of	of	ADP
cblr-8636	805	71	the	the	DET
cblr-8636	805	72	date	date	NOUN
cblr-8636	805	73	of	of	ADP
cblr-8636	805	74	the	the	DET
cblr-8636	805	75	interview	interview	NOUN
cblr-8636	805	76	)	)	PUNCT
cblr-8636	805	77	erkin	erkin	PROPN
cblr-8636	805	78	adylov	adylov	VERB
cblr-8636	805	79	–	–	PUNCT
cblr-8636	805	80	founder	founder	NOUN
cblr-8636	805	81	and	and	CCONJ
cblr-8636	805	82	ceo	ceo	NOUN
cblr-8636	805	83	,	,	PUNCT
cblr-8636	805	84	behavox	behavox	PROPN
cblr-8636	805	85	ben	ben	PROPN
cblr-8636	805	86	alden	alden	PROPN
cblr-8636	805	87	–	–	PUNCT
cblr-8636	805	88	former	former	ADJ
cblr-8636	805	89	chief	chief	ADJ
cblr-8636	805	90	legal	legal	ADJ
cblr-8636	805	91	officer	officer	NOUN
cblr-8636	805	92	&	&	CCONJ
cblr-8636	805	93	general	general	ADJ
cblr-8636	805	94	counsel	counsel	PROPN
cblr-8636	805	95	,	,	PUNCT
cblr-8636	805	96	betterment	betterment	NOUN
cblr-8636	805	97	llc	llc	PROPN
cblr-8636	805	98	;	;	PUNCT
cblr-8636	805	99	chief	chief	ADJ
cblr-8636	805	100	risk	risk	NOUN
cblr-8636	805	101	officer	officer	NOUN
cblr-8636	805	102	,	,	PUNCT
cblr-8636	805	103	vanguard	vanguard	PROPN
cblr-8636	805	104	amar	amar	PROPN
cblr-8636	805	105	amlani	amlani	PROPN
cblr-8636	805	106	–	–	PUNCT
cblr-8636	805	107	executive	executive	ADJ
cblr-8636	805	108	director	director	NOUN
cblr-8636	805	109	,	,	PUNCT
cblr-8636	805	110	goldman	goldman	PROPN
cblr-8636	805	111	sachs	sachs	PROPN
cblr-8636	805	112	elita	elita	PROPN
cblr-8636	805	113	ariaz	ariaz	PROPN
cblr-8636	805	114	–	–	PUNCT
cblr-8636	805	115	legal	legal	ADJ
cblr-8636	805	116	executive	executive	ADJ
cblr-8636	805	117	superintendent	superintendent	NOUN
cblr-8636	805	118	business	business	NOUN
cblr-8636	805	119	,	,	PUNCT
cblr-8636	805	120	banco	banco	PROPN
cblr-8636	805	121	santander	santander	PROPN
cblr-8636	805	122	marcelo	marcelo	PROPN
cblr-8636	805	123	barbosa	barbosa	PROPN
cblr-8636	805	124	–	–	PUNCT
cblr-8636	805	125	president	president	PROPN
cblr-8636	805	126	,	,	PUNCT
cblr-8636	805	127	comissão	comissão	PROPN
cblr-8636	805	128	de	de	PROPN
cblr-8636	805	129	valores	valores	PROPN
cblr-8636	805	130	mobiliários	mobiliário	NOUN
cblr-8636	805	131	(	(	PUNCT
cblr-8636	805	132	cvm	cvm	NOUN
cblr-8636	805	133	)	)	PUNCT
cblr-8636	805	134	(	(	PUNCT
cblr-8636	805	135	the	the	DET
cblr-8636	805	136	brazilian	brazilian	ADJ
cblr-8636	805	137	securities	securities	PROPN
cblr-8636	805	138	commission	commission	PROPN
cblr-8636	805	139	)	)	PUNCT
cblr-8636	805	140	brandon	brandon	PROPN
cblr-8636	805	141	becker	becker	PROPN
cblr-8636	805	142	–	–	PUNCT
cblr-8636	805	143	managing	manage	VERB
cblr-8636	805	144	director	director	NOUN
cblr-8636	805	145	&	&	CCONJ
cblr-8636	805	146	deputy	deputy	PROPN
cblr-8636	805	147	general	general	ADJ
cblr-8636	805	148	counsel	counsel	NOUN
cblr-8636	805	149	,	,	PUNCT
cblr-8636	805	150	the	the	DET
cblr-8636	805	151	depository	depository	PROPN
cblr-8636	805	152	trust	trust	PROPN
cblr-8636	805	153	&	&	CCONJ
cblr-8636	805	154	clearing	clearing	PROPN
cblr-8636	805	155	corporation	corporation	NOUN
cblr-8636	805	156	ken	ken	PROPN
cblr-8636	805	157	bensten	bensten	PROPN
cblr-8636	805	158	–	–	PUNCT
cblr-8636	805	159	president	president	NOUN
cblr-8636	805	160	and	and	CCONJ
cblr-8636	805	161	ceo	ceo	PROPN
cblr-8636	805	162	,	,	PUNCT
cblr-8636	805	163	sifma	sifma	PROPN
cblr-8636	805	164	ran	run	VERB
cblr-8636	805	165	ben	ben	PROPN
cblr-8636	805	166	-	-	PROPN
cblr-8636	805	167	tzur	tzur	PROPN
cblr-8636	805	168	–	–	PUNCT
cblr-8636	805	169	partner	partner	NOUN
cblr-8636	805	170	,	,	PUNCT
cblr-8636	805	171	fenwick	fenwick	PROPN
cblr-8636	805	172	&	&	CCONJ
cblr-8636	805	173	west	west	PROPN
cblr-8636	805	174	max	max	PROPN
cblr-8636	805	175	berger	berger	PROPN
cblr-8636	805	176	–	–	PUNCT
cblr-8636	805	177	founding	found	VERB
cblr-8636	805	178	partner	partner	NOUN
cblr-8636	805	179	,	,	PUNCT
cblr-8636	805	180	bernstein	bernstein	PROPN
cblr-8636	805	181	litowitz	litowitz	PROPN
cblr-8636	805	182	berger	berger	PROPN
cblr-8636	805	183	&	&	CCONJ
cblr-8636	805	184	grossmann	grossmann	PROPN
cblr-8636	805	185	edward	edward	PROPN
cblr-8636	805	186	bernard	bernard	PROPN
cblr-8636	805	187	–	–	PUNCT
cblr-8636	805	188	chairman	chairman	NOUN
cblr-8636	805	189	of	of	ADP
cblr-8636	805	190	asset	asset	NOUN
cblr-8636	805	191	management	management	NOUN
cblr-8636	805	192	advisory	advisory	NOUN
cblr-8636	805	193	committee	committee	NOUN
cblr-8636	805	194	,	,	PUNCT
cblr-8636	805	195	sec	sec	PROPN
cblr-8636	805	196	ken	ken	PROPN
cblr-8636	805	197	bertsch	bertsch	PROPN
cblr-8636	805	198	–	–	PUNCT
cblr-8636	805	199	executive	executive	NOUN
cblr-8636	805	200	director	director	NOUN
cblr-8636	805	201	,	,	PUNCT
cblr-8636	805	202	council	council	NOUN
cblr-8636	805	203	for	for	ADP
cblr-8636	805	204	institutional	institutional	ADJ
cblr-8636	805	205	investors	investor	NOUN
cblr-8636	805	206	michael	michael	PROPN
cblr-8636	805	207	brown	brown	PROPN
cblr-8636	805	208	–	–	PUNCT
cblr-8636	805	209	partner	partner	NOUN
cblr-8636	805	210	,	,	PUNCT
cblr-8636	805	211	fenwick	fenwick	PROPN
cblr-8636	805	212	&	&	CCONJ
cblr-8636	805	213	west	west	PROPN
cblr-8636	805	214	chris	chris	PROPN
cblr-8636	805	215	brummer	brummer	PROPN
cblr-8636	805	216	–	–	PUNCT
cblr-8636	805	217	professor	professor	NOUN
cblr-8636	805	218	,	,	PUNCT
cblr-8636	805	219	georgetown	georgetown	PROPN
cblr-8636	805	220	law	law	PROPN
cblr-8636	805	221	doug	doug	PROPN
cblr-8636	805	222	cifu	cifu	PROPN
cblr-8636	805	223	–	–	PUNCT
cblr-8636	805	224	ceo	ceo	NOUN
cblr-8636	805	225	,	,	PUNCT
cblr-8636	805	226	virtu	virtu	PROPN
cblr-8636	805	227	financial	financial	PROPN
cblr-8636	805	228	inc	inc	PROPN
cblr-8636	805	229	.	.	PROPN
cblr-8636	805	230	jay	jay	PROPN
cblr-8636	805	231	clayton	clayton	PROPN
cblr-8636	805	232	–	–	PUNCT
cblr-8636	805	233	former	former	ADJ
cblr-8636	805	234	chair	chair	NOUN
cblr-8636	805	235	,	,	PUNCT
cblr-8636	805	236	sec	sec	PROPN
cblr-8636	805	237	diwa	diwa	PROPN
cblr-8636	805	238	cody	cody	PROPN
cblr-8636	805	239	–	–	PUNCT
cblr-8636	805	240	broker	broker	PROPN
cblr-8636	805	241	,	,	PUNCT
cblr-8636	805	242	goldman	goldman	PROPN
cblr-8636	805	243	sachs	sachs	PROPN
cblr-8636	805	244	robert	robert	PROPN
cblr-8636	805	245	cohen	cohen	PROPN
cblr-8636	805	246	–	–	PUNCT
cblr-8636	805	247	partner	partner	PROPN
cblr-8636	805	248	,	,	PUNCT
cblr-8636	805	249	davis	davis	PROPN
cblr-8636	805	250	polk	polk	PROPN
cblr-8636	805	251	&	&	CCONJ
cblr-8636	805	252	wardwell	wardwell	PROPN
cblr-8636	805	253	and	and	CCONJ
cblr-8636	805	254	former	former	ADJ
cblr-8636	805	255	chief	chief	NOUN
cblr-8636	805	256	of	of	ADP
cblr-8636	805	257	cyber	cyber	PROPN
cblr-8636	805	258	enforcement	enforcement	NOUN
cblr-8636	805	259	unit	unit	NOUN
cblr-8636	805	260	,	,	PUNCT
cblr-8636	805	261	sec	sec	PROPN
cblr-8636	805	262	bob	bob	PROPN
cblr-8636	805	263	colby	colby	PROPN
cblr-8636	805	264	–	–	PUNCT
cblr-8636	805	265	chief	chief	ADJ
cblr-8636	805	266	legal	legal	ADJ
cblr-8636	805	267	officer	officer	NOUN
cblr-8636	805	268	,	,	PUNCT
cblr-8636	805	269	finra	finra	PROPN
cblr-8636	805	270	fox	fox	PROPN
cblr-8636	805	271	et	et	PROPN
cblr-8636	805	272	al	al	PROPN
cblr-8636	805	273	.	.	PROPN
cblr-8636	806	1	8/22/2021	8/22/2021	NUM
cblr-8636	806	2	9:05	9:05	NUM
cblr-8636	806	3	pm	pm	NOUN
cblr-8636	806	4	708	708	NUM
cblr-8636	806	5	columbia	columbia	PROPN
cblr-8636	806	6	business	business	NOUN
cblr-8636	806	7	law	law	PROPN
cblr-8636	806	8	review	review	NOUN
cblr-8636	806	9	[	[	X
cblr-8636	806	10	vol	vol	NOUN
cblr-8636	806	11	.	.	PUNCT
cblr-8636	806	12	2021	2021	NUM
cblr-8636	806	13	chris	chris	PROPN
cblr-8636	806	14	concannon	concannon	PROPN
cblr-8636	806	15	–	–	PUNCT
cblr-8636	806	16	president	president	NOUN
cblr-8636	806	17	and	and	CCONJ
cblr-8636	806	18	coo	coo	NOUN
cblr-8636	806	19	,	,	PUNCT
cblr-8636	806	20	marketaxess	marketaxess	ADJ
cblr-8636	806	21	benjamin	benjamin	NOUN
cblr-8636	806	22	connault	connault	PROPN
cblr-8636	806	23	–	–	PUNCT
cblr-8636	806	24	economist	economist	NOUN
cblr-8636	806	25	,	,	PUNCT
cblr-8636	806	26	iex	iex	PROPN
cblr-8636	806	27	robert	robert	PROPN
cblr-8636	806	28	cook	cook	PROPN
cblr-8636	806	29	–	–	PUNCT
cblr-8636	806	30	president	president	PROPN
cblr-8636	806	31	&	&	CCONJ
cblr-8636	806	32	ceo	ceo	PROPN
cblr-8636	806	33	,	,	PUNCT
cblr-8636	806	34	finra	finra	PROPN
cblr-8636	806	35	john	john	PROPN
cblr-8636	806	36	cosenza	cosenza	PROPN
cblr-8636	806	37	–	–	PUNCT
cblr-8636	806	38	head	head	NOUN
cblr-8636	806	39	of	of	ADP
cblr-8636	806	40	americas	americas	PROPN
cblr-8636	806	41	electronic	electronic	ADJ
cblr-8636	806	42	trading	trading	NOUN
cblr-8636	806	43	,	,	PUNCT
cblr-8636	806	44	goldman	goldman	PROPN
cblr-8636	806	45	sachs	sachs	PROPN
cblr-8636	806	46	abe	abe	PROPN
cblr-8636	806	47	curdumi	curdumi	PROPN
cblr-8636	806	48	–	–	PUNCT
cblr-8636	806	49	ceo	ceo	NOUN
cblr-8636	806	50	,	,	PUNCT
cblr-8636	806	51	5th	5th	ADJ
cblr-8636	806	52	street	street	NOUN
cblr-8636	806	53	advisors	advisor	NOUN
cblr-8636	806	54	dorothy	dorothy	PROPN
cblr-8636	806	55	dewitt	dewitt	PROPN
cblr-8636	806	56	–	–	PUNCT
cblr-8636	806	57	director	director	NOUN
cblr-8636	806	58	,	,	PUNCT
cblr-8636	806	59	division	division	NOUN
cblr-8636	806	60	of	of	ADP
cblr-8636	806	61	market	market	NOUN
cblr-8636	806	62	oversight	oversight	NOUN
cblr-8636	806	63	,	,	PUNCT
cblr-8636	806	64	cftc	cftc	PROPN
cblr-8636	806	65	jim	jim	PROPN
cblr-8636	806	66	doty	doty	PROPN
cblr-8636	806	67	–	–	PUNCT
cblr-8636	806	68	former	former	ADJ
cblr-8636	806	69	chairman	chairman	NOUN
cblr-8636	806	70	,	,	PUNCT
cblr-8636	806	71	pcaob	pcaob	PROPN
cblr-8636	806	72	amy	amy	PROPN
cblr-8636	806	73	edwards	edwards	PROPN
cblr-8636	806	74	–	–	PUNCT
cblr-8636	806	75	assistant	assistant	NOUN
cblr-8636	806	76	director	director	NOUN
cblr-8636	806	77	,	,	PUNCT
cblr-8636	806	78	division	division	NOUN
cblr-8636	806	79	of	of	ADP
cblr-8636	806	80	economic	economic	ADJ
cblr-8636	806	81	and	and	CCONJ
cblr-8636	806	82	risk	risk	NOUN
cblr-8636	806	83	analysis	analysis	NOUN
cblr-8636	806	84	,	,	PUNCT
cblr-8636	806	85	sec	sec	PROPN
cblr-8636	806	86	shelley	shelley	PROPN
cblr-8636	806	87	eleby	eleby	ADJ
cblr-8636	806	88	–	–	PUNCT
cblr-8636	806	89	director	director	NOUN
cblr-8636	806	90	,	,	PUNCT
cblr-8636	806	91	clearpool	clearpool	NOUN
cblr-8636	806	92	group	group	PROPN
cblr-8636	806	93	nigel	nigel	PROPN
cblr-8636	806	94	faulkner	faulkner	PROPN
cblr-8636	806	95	–	–	PUNCT
cblr-8636	806	96	head	head	NOUN
cblr-8636	806	97	of	of	ADP
cblr-8636	806	98	global	global	ADJ
cblr-8636	806	99	technology	technology	PROPN
cblr-8636	806	100	/	/	SYM
cblr-8636	806	101	cto	cto	PROPN
cblr-8636	806	102	,	,	PUNCT
cblr-8636	806	103	t.	t.	PROPN
cblr-8636	806	104	rowe	rowe	PROPN
cblr-8636	806	105	price	price	PROPN
cblr-8636	806	106	adam	adam	PROPN
cblr-8636	806	107	fliss	fliss	PROPN
cblr-8636	806	108	–	–	PUNCT
cblr-8636	806	109	general	general	ADJ
cblr-8636	806	110	counsel	counsel	NOUN
cblr-8636	806	111	,	,	PUNCT
cblr-8636	806	112	tpg	tpg	PROPN
cblr-8636	806	113	capital	capital	PROPN
cblr-8636	806	114	dan	dan	PROPN
cblr-8636	806	115	gallagher	gallagher	PROPN
cblr-8636	806	116	–	–	PUNCT
cblr-8636	806	117	partner	partner	NOUN
cblr-8636	806	118	,	,	PUNCT
cblr-8636	806	119	wilmerhale	wilmerhale	ADJ
cblr-8636	806	120	and	and	CCONJ
cblr-8636	806	121	former	former	ADJ
cblr-8636	806	122	commissioner	commissioner	NOUN
cblr-8636	806	123	,	,	PUNCT
cblr-8636	806	124	sec	sec	PROPN
cblr-8636	806	125	tyler	tyler	NOUN
cblr-8636	806	126	gellasch	gellasch	PROPN
cblr-8636	806	127	–	–	PUNCT
cblr-8636	806	128	executive	executive	NOUN
cblr-8636	806	129	director	director	NOUN
cblr-8636	806	130	,	,	PUNCT
cblr-8636	806	131	healthy	healthy	ADJ
cblr-8636	806	132	markets	market	NOUN
cblr-8636	806	133	association	association	PROPN
cblr-8636	806	134	gustavo	gustavo	PROPN
cblr-8636	806	135	gonzalez	gonzalez	PROPN
cblr-8636	806	136	–	–	PUNCT
cblr-8636	806	137	director	director	NOUN
cblr-8636	806	138	,	,	PUNCT
cblr-8636	806	139	comissão	comissão	NOUN
cblr-8636	806	140	de	de	PROPN
cblr-8636	806	141	valores	valores	PROPN
cblr-8636	806	142	mobiliários	mobiliário	NOUN
cblr-8636	806	143	(	(	PUNCT
cblr-8636	806	144	cvm	cvm	PROPN
cblr-8636	806	145	)	)	PUNCT
cblr-8636	806	146	adrian	adrian	PROPN
cblr-8636	806	147	griffiths	griffiths	PROPN
cblr-8636	806	148	–	–	PUNCT
cblr-8636	806	149	assistant	assistant	ADJ
cblr-8636	806	150	general	general	ADJ
cblr-8636	806	151	counsel	counsel	NOUN
cblr-8636	806	152	,	,	PUNCT
cblr-8636	806	153	cboe	cboe	PROPN
cblr-8636	806	154	global	global	ADJ
cblr-8636	806	155	markets	market	NOUN
cblr-8636	806	156	frank	frank	ADJ
cblr-8636	806	157	hatheway	hatheway	PROPN
cblr-8636	806	158	–	–	PUNCT
cblr-8636	806	159	former	former	ADJ
cblr-8636	806	160	chief	chief	ADJ
cblr-8636	806	161	economist	economist	NOUN
cblr-8636	806	162	,	,	PUNCT
cblr-8636	806	163	nasdaq	nasdaq	PROPN
cblr-8636	806	164	omx	omx	PROPN
cblr-8636	806	165	group	group	PROPN
cblr-8636	806	166	inc	inc	PROPN
cblr-8636	806	167	.	.	PROPN
cblr-8636	806	168	jared	jared	PROPN
cblr-8636	806	169	herman	herman	PROPN
cblr-8636	806	170	–	–	PUNCT
cblr-8636	806	171	president	president	NOUN
cblr-8636	806	172	,	,	PUNCT
cblr-8636	806	173	hedgebay	hedgebay	PROPN
cblr-8636	806	174	securities	securities	PROPN
cblr-8636	806	175	llc	llc	PROPN
cblr-8636	806	176	bill	bill	PROPN
cblr-8636	806	177	hinman	hinman	PROPN
cblr-8636	806	178	–	–	PUNCT
cblr-8636	806	179	director	director	NOUN
cblr-8636	806	180	,	,	PUNCT
cblr-8636	806	181	division	division	NOUN
cblr-8636	806	182	of	of	ADP
cblr-8636	806	183	corporate	corporate	ADJ
cblr-8636	806	184	finance	finance	NOUN
cblr-8636	806	185	,	,	PUNCT
cblr-8636	806	186	sec	sec	PROPN
cblr-8636	806	187	melissa	melissa	PROPN
cblr-8636	806	188	hinmon	hinmon	PROPN
cblr-8636	806	189	–	–	PUNCT
cblr-8636	806	190	director	director	NOUN
cblr-8636	806	191	of	of	ADP
cblr-8636	806	192	equity	equity	NOUN
cblr-8636	806	193	trading	trading	NOUN
cblr-8636	806	194	,	,	PUNCT
cblr-8636	806	195	glenmede	glenmede	VERB
cblr-8636	806	196	investment	investment	NOUN
cblr-8636	806	197	management	management	NOUN
cblr-8636	806	198	christopher	christopher	NOUN
cblr-8636	806	199	iacovella	iacovella	PROPN
cblr-8636	806	200	–	–	PUNCT
cblr-8636	806	201	ceo	ceo	NOUN
cblr-8636	806	202	,	,	PUNCT
cblr-8636	806	203	american	american	PROPN
cblr-8636	806	204	securities	securities	PROPN
cblr-8636	806	205	association	association	PROPN
cblr-8636	806	206	adam	adam	PROPN
cblr-8636	806	207	inzirillo	inzirillo	PROPN
cblr-8636	806	208	–	–	PUNCT
cblr-8636	806	209	head	head	NOUN
cblr-8636	806	210	of	of	ADP
cblr-8636	806	211	u.s	u.s	PROPN
cblr-8636	806	212	.	.	PROPN
cblr-8636	806	213	equities	equities	PROPN
cblr-8636	806	214	,	,	PUNCT
cblr-8636	806	215	cboe	cboe	PROPN
cblr-8636	806	216	robert	robert	PROPN
cblr-8636	806	217	jackson	jackson	PROPN
cblr-8636	806	218	–	–	PUNCT
cblr-8636	806	219	commissioner	commissioner	PROPN
cblr-8636	806	220	,	,	PUNCT
cblr-8636	806	221	sec	sec	PROPN
cblr-8636	806	222	marc	marc	PROPN
cblr-8636	806	223	jaffe	jaffe	PROPN
cblr-8636	806	224	–	–	PUNCT
cblr-8636	806	225	partner	partner	PROPN
cblr-8636	806	226	,	,	PUNCT
cblr-8636	806	227	latham	latham	PROPN
cblr-8636	806	228	&	&	CCONJ
cblr-8636	806	229	watkins	watkins	PROPN
cblr-8636	806	230	jim	jim	PROPN
cblr-8636	806	231	katzman	katzman	PROPN
cblr-8636	806	232	–	–	PUNCT
cblr-8636	806	233	former	former	ADJ
cblr-8636	806	234	partner	partner	NOUN
cblr-8636	806	235	,	,	PUNCT
cblr-8636	806	236	goldman	goldman	PROPN
cblr-8636	806	237	sachs	sachs	PROPN
cblr-8636	806	238	dennis	dennis	PROPN
cblr-8636	806	239	kelleher	kelleher	PROPN
cblr-8636	806	240	–	–	PUNCT
cblr-8636	806	241	president	president	PROPN
cblr-8636	806	242	&	&	CCONJ
cblr-8636	806	243	ceo	ceo	PROPN
cblr-8636	806	244	,	,	PUNCT
cblr-8636	806	245	better	well	ADJ
cblr-8636	806	246	markets	market	NOUN
cblr-8636	806	247	rick	rick	PROPN
cblr-8636	806	248	ketchum	ketchum	PROPN
cblr-8636	806	249	–	–	PUNCT
cblr-8636	806	250	former	former	ADJ
cblr-8636	806	251	ceo	ceo	NOUN
cblr-8636	806	252	,	,	PUNCT
cblr-8636	806	253	finra	finra	PROPN
cblr-8636	806	254	and	and	CCONJ
cblr-8636	806	255	former	former	ADJ
cblr-8636	806	256	director	director	NOUN
cblr-8636	806	257	,	,	PUNCT
cblr-8636	806	258	division	division	NOUN
cblr-8636	806	259	of	of	ADP
cblr-8636	806	260	market	market	NOUN
cblr-8636	806	261	regulation	regulation	NOUN
cblr-8636	806	262	,	,	PUNCT
cblr-8636	806	263	sec	sec	PROPN
cblr-8636	806	264	mehmet	mehmet	PROPN
cblr-8636	806	265	kinak	kinak	PROPN
cblr-8636	806	266	–	–	PUNCT
cblr-8636	806	267	global	global	ADJ
cblr-8636	806	268	head	head	NOUN
cblr-8636	806	269	of	of	ADP
cblr-8636	806	270	systematic	systematic	ADJ
cblr-8636	806	271	trading	trading	NOUN
cblr-8636	806	272	&	&	CCONJ
cblr-8636	806	273	market	market	NOUN
cblr-8636	806	274	structure	structure	NOUN
cblr-8636	806	275	,	,	PUNCT
cblr-8636	806	276	t.	t.	PROPN
cblr-8636	806	277	rowe	rowe	PROPN
cblr-8636	806	278	price	price	PROPN
cblr-8636	806	279	fox	fox	PROPN
cblr-8636	806	280	et	et	PROPN
cblr-8636	806	281	al	al	PROPN
cblr-8636	806	282	.	.	PROPN
cblr-8636	807	1	8/22/2021	8/22/2021	NUM
cblr-8636	807	2	9:05	9:05	NUM
cblr-8636	807	3	pm	pm	NOUN
cblr-8636	807	4	no	no	INTJ
cblr-8636	807	5	.	.	PUNCT
cblr-8636	808	1	2:651	2:651	NUM
cblr-8636	808	2	]	]	X
cblr-8636	808	3	a	a	DET
cblr-8636	808	4	stakeholder	stakeholder	NOUN
cblr-8636	808	5	survey	survey	VERB
cblr-8636	808	6	709	709	NUM
cblr-8636	808	7	dave	dave	PROPN
cblr-8636	808	8	kling	kling	PROPN
cblr-8636	808	9	–	–	PUNCT
cblr-8636	808	10	deputy	deputy	NOUN
cblr-8636	808	11	general	general	ADJ
cblr-8636	808	12	counsel	counsel	NOUN
cblr-8636	808	13	,	,	PUNCT
cblr-8636	808	14	facebook	facebook	NOUN
cblr-8636	808	15	jiří	jiří	NOUN
cblr-8636	808	16	król	król	PROPN
cblr-8636	808	17	–	–	PUNCT
cblr-8636	808	18	deputy	deputy	NOUN
cblr-8636	808	19	ceo	ceo	NOUN
cblr-8636	808	20	,	,	PUNCT
cblr-8636	808	21	global	global	ADJ
cblr-8636	808	22	head	head	NOUN
cblr-8636	808	23	of	of	ADP
cblr-8636	808	24	government	government	NOUN
cblr-8636	808	25	affairs	affair	NOUN
cblr-8636	808	26	,	,	PUNCT
cblr-8636	808	27	aima	aima	PROPN
cblr-8636	808	28	jonathan	jonathan	PROPN
cblr-8636	808	29	lavine	lavine	PROPN
cblr-8636	808	30	–	–	PUNCT
cblr-8636	808	31	co	co	NOUN
cblr-8636	808	32	-	-	NOUN
cblr-8636	808	33	chair	chair	NOUN
cblr-8636	808	34	,	,	PUNCT
cblr-8636	808	35	bain	bain	PROPN
cblr-8636	808	36	capital	capital	PROPN
cblr-8636	808	37	sophia	sophia	PROPN
cblr-8636	808	38	lee	lee	PROPN
cblr-8636	808	39	–	–	PUNCT
cblr-8636	808	40	general	general	ADJ
cblr-8636	808	41	counsel	counsel	NOUN
cblr-8636	808	42	,	,	PUNCT
cblr-8636	808	43	iex	iex	PROPN
cblr-8636	808	44	julius	julius	PROPN
cblr-8636	808	45	leiman	leiman	PROPN
cblr-8636	808	46	-	-	PUNCT
cblr-8636	808	47	carbia	carbia	NOUN
cblr-8636	808	48	–	–	PUNCT
cblr-8636	808	49	chief	chief	ADJ
cblr-8636	808	50	legal	legal	ADJ
cblr-8636	808	51	officer	officer	NOUN
cblr-8636	808	52	,	,	PUNCT
cblr-8636	808	53	wealthfront	wealthfront	NOUN
cblr-8636	808	54	shen	shen	PROPN
cblr-8636	808	55	liping	liping	PROPN
cblr-8636	808	56	–	–	PUNCT
cblr-8636	808	57	partner	partner	NOUN
cblr-8636	808	58	,	,	PUNCT
cblr-8636	808	59	allbright	allbright	PROPN
cblr-8636	808	60	law	law	NOUN
cblr-8636	808	61	offices	office	NOUN
cblr-8636	808	62	temmy	temmy	VERB
cblr-8636	808	63	lizarzabal	lizarzabal	ADJ
cblr-8636	808	64	–	–	PUNCT
cblr-8636	808	65	managing	manage	VERB
cblr-8636	808	66	director	director	NOUN
cblr-8636	808	67	&	&	CCONJ
cblr-8636	808	68	co	co	NOUN
cblr-8636	808	69	-	-	NOUN
cblr-8636	808	70	head	head	NOUN
cblr-8636	808	71	of	of	ADP
cblr-8636	808	72	north	north	PROPN
cblr-8636	808	73	america	america	PROPN
cblr-8636	808	74	financial	financial	ADJ
cblr-8636	808	75	institutions	institution	NOUN
cblr-8636	808	76	,	,	PUNCT
cblr-8636	808	77	citigroup	citigroup	PROPN
cblr-8636	808	78	simon	simon	PROPN
cblr-8636	808	79	lorne	lorne	PROPN
cblr-8636	808	80	–	–	PUNCT
cblr-8636	808	81	vice	vice	NOUN
cblr-8636	808	82	chairman	chairman	NOUN
cblr-8636	808	83	&	&	CCONJ
cblr-8636	808	84	chief	chief	ADJ
cblr-8636	808	85	legal	legal	ADJ
cblr-8636	808	86	officer	officer	NOUN
cblr-8636	808	87	,	,	PUNCT
cblr-8636	808	88	millennium	millennium	NOUN
cblr-8636	808	89	management	management	PROPN
cblr-8636	808	90	llc	llc	PROPN
cblr-8636	808	91	matthew	matthew	PROPN
cblr-8636	808	92	mallow	mallow	PROPN
cblr-8636	808	93	–	–	PUNCT
cblr-8636	808	94	vice	vice	NOUN
cblr-8636	808	95	chairman	chairman	NOUN
cblr-8636	808	96	,	,	PUNCT
cblr-8636	808	97	blackrock	blackrock	PROPN
cblr-8636	808	98	michael	michael	PROPN
cblr-8636	808	99	mann	mann	PROPN
cblr-8636	808	100	–	–	PUNCT
cblr-8636	808	101	partner	partner	NOUN
cblr-8636	808	102	,	,	PUNCT
cblr-8636	808	103	richards	richards	PROPN
cblr-8636	808	104	kibbe	kibbe	PROPN
cblr-8636	808	105	&	&	CCONJ
cblr-8636	808	106	orbe	orbe	PROPN
cblr-8636	808	107	monica	monica	PROPN
cblr-8636	808	108	martinez	martinez	PROPN
cblr-8636	808	109	–	–	PUNCT
cblr-8636	808	110	senior	senior	ADJ
cblr-8636	808	111	counsel	counsel	NOUN
cblr-8636	808	112	,	,	PUNCT
cblr-8636	808	113	banco	banco	PROPN
cblr-8636	808	114	santander	santander	PROPN
cblr-8636	808	115	andy	andy	PROPN
cblr-8636	808	116	mccarroll	mccarroll	VERB
cblr-8636	808	117	–	–	PUNCT
cblr-8636	808	118	general	general	ADJ
cblr-8636	808	119	counsel	counsel	NOUN
cblr-8636	808	120	,	,	PUNCT
cblr-8636	808	121	southeastern	southeastern	ADJ
cblr-8636	808	122	asset	asset	NOUN
cblr-8636	808	123	management	management	NOUN
cblr-8636	808	124	mathew	mathew	PROPN
cblr-8636	808	125	mcdermott	mcdermott	PROPN
cblr-8636	808	126	–	–	PUNCT
cblr-8636	808	127	managing	manage	VERB
cblr-8636	808	128	director	director	NOUN
cblr-8636	808	129	&	&	CCONJ
cblr-8636	808	130	global	global	ADJ
cblr-8636	808	131	head	head	PROPN
cblr-8636	808	132	of	of	ADP
cblr-8636	808	133	cross	cross	NOUN
cblr-8636	808	134	asset	asset	NOUN
cblr-8636	808	135	financing	financing	NOUN
cblr-8636	808	136	,	,	PUNCT
cblr-8636	808	137	goldman	goldman	PROPN
cblr-8636	808	138	sachs	sachs	PROPN
cblr-8636	808	139	william	william	PROPN
cblr-8636	808	140	mcnabb	mcnabb	PROPN
cblr-8636	808	141	–	–	PUNCT
cblr-8636	808	142	former	former	ADJ
cblr-8636	808	143	chairman	chairman	NOUN
cblr-8636	808	144	&	&	CCONJ
cblr-8636	808	145	ceo	ceo	PROPN
cblr-8636	808	146	,	,	PUNCT
cblr-8636	808	147	vanguard	vanguard	PROPN
cblr-8636	808	148	maria	maria	PROPN
cblr-8636	808	149	newport	newport	PROPN
cblr-8636	808	150	–	–	PUNCT
cblr-8636	808	151	analyst	analyst	NOUN
cblr-8636	808	152	,	,	PUNCT
cblr-8636	808	153	goldman	goldman	PROPN
cblr-8636	808	154	sachs	sachs	PROPN
cblr-8636	808	155	brian	brian	PROPN
cblr-8636	808	156	nigito	nigito	PROPN
cblr-8636	808	157	–	–	PUNCT
cblr-8636	808	158	jane	jane	PROPN
cblr-8636	808	159	street	street	PROPN
cblr-8636	808	160	capital	capital	PROPN
cblr-8636	808	161	eric	eric	PROPN
cblr-8636	808	162	pan	pan	PROPN
cblr-8636	808	163	–	–	PUNCT
cblr-8636	808	164	former	former	ADJ
cblr-8636	808	165	director	director	NOUN
cblr-8636	808	166	,	,	PUNCT
cblr-8636	808	167	office	office	NOUN
cblr-8636	808	168	of	of	ADP
cblr-8636	808	169	international	international	ADJ
cblr-8636	808	170	affairs	affairs	PROPN
cblr-8636	808	171	,	,	PUNCT
cblr-8636	808	172	cftc	cftc	PROPN
cblr-8636	808	173	troy	troy	PROPN
cblr-8636	808	174	paredes	paredes	PROPN
cblr-8636	808	175	–	–	PUNCT
cblr-8636	808	176	former	former	ADJ
cblr-8636	808	177	commissioner	commissioner	NOUN
cblr-8636	808	178	,	,	PUNCT
cblr-8636	808	179	sec	sec	PROPN
cblr-8636	808	180	hester	hester	PROPN
cblr-8636	808	181	peirce	peirce	PROPN
cblr-8636	808	182	–	–	PUNCT
cblr-8636	808	183	commissioner	commissioner	NOUN
cblr-8636	808	184	,	,	PUNCT
cblr-8636	808	185	sec	sec	PROPN
cblr-8636	808	186	catarina	catarina	PROPN
cblr-8636	808	187	pereira	pereira	PROPN
cblr-8636	808	188	–	–	PUNCT
cblr-8636	808	189	chief	chief	NOUN
cblr-8636	808	190	of	of	ADP
cblr-8636	808	191	staff	staff	NOUN
cblr-8636	808	192	,	,	PUNCT
cblr-8636	808	193	comissão	comissão	PROPN
cblr-8636	808	194	de	de	PROPN
cblr-8636	808	195	valores	valores	PROPN
cblr-8636	808	196	mobiliários	mobiliário	NOUN
cblr-8636	808	197	(	(	PUNCT
cblr-8636	808	198	cvm	cvm	PROPN
cblr-8636	808	199	)	)	PUNCT
cblr-8636	808	200	jennifer	jennifer	PROPN
cblr-8636	808	201	peve	peve	PROPN
cblr-8636	808	202	–	–	PUNCT
cblr-8636	808	203	managing	manage	VERB
cblr-8636	808	204	director	director	NOUN
cblr-8636	808	205	of	of	ADP
cblr-8636	808	206	business	business	NOUN
cblr-8636	808	207	innovation	innovation	NOUN
cblr-8636	808	208	,	,	PUNCT
cblr-8636	808	209	dtcc	dtcc	PROPN
cblr-8636	808	210	mike	mike	PROPN
cblr-8636	808	211	piwowar	piwowar	PROPN
cblr-8636	808	212	–	–	PUNCT
cblr-8636	808	213	former	former	ADJ
cblr-8636	808	214	acting	acting	NOUN
cblr-8636	808	215	chairman	chairman	NOUN
cblr-8636	808	216	,	,	PUNCT
cblr-8636	808	217	sec	sec	PROPN
cblr-8636	808	218	marta	marta	PROPN
cblr-8636	808	219	poleszczuk	poleszczuk	PROPN
cblr-8636	808	220	–	–	PUNCT
cblr-8636	808	221	vice	vice	NOUN
cblr-8636	808	222	president	president	NOUN
cblr-8636	808	223	,	,	PUNCT
cblr-8636	808	224	goldman	goldman	PROPN
cblr-8636	808	225	sachs	sachs	PROPN
cblr-8636	808	226	steve	steve	PROPN
cblr-8636	808	227	randich	randich	PROPN
cblr-8636	808	228	–	–	PUNCT
cblr-8636	808	229	executive	executive	ADJ
cblr-8636	808	230	vice	vice	NOUN
cblr-8636	808	231	president	president	NOUN
cblr-8636	808	232	&	&	CCONJ
cblr-8636	808	233	chief	chief	ADJ
cblr-8636	808	234	information	information	NOUN
cblr-8636	808	235	officer	officer	NOUN
cblr-8636	808	236	,	,	PUNCT
cblr-8636	808	237	finra	finra	PROPN
cblr-8636	808	238	brett	brett	PROPN
cblr-8636	808	239	redfearn	redfearn	PROPN
cblr-8636	808	240	–	–	PUNCT
cblr-8636	808	241	director	director	NOUN
cblr-8636	808	242	of	of	ADP
cblr-8636	808	243	the	the	DET
cblr-8636	808	244	division	division	NOUN
cblr-8636	808	245	of	of	ADP
cblr-8636	808	246	trading	trading	NOUN
cblr-8636	808	247	&	&	CCONJ
cblr-8636	808	248	markets	market	NOUN
cblr-8636	808	249	,	,	PUNCT
cblr-8636	808	250	sec	sec	PROPN
cblr-8636	808	251	greg	greg	PROPN
cblr-8636	808	252	rodgers	rodgers	PROPN
cblr-8636	808	253	–	–	PUNCT
cblr-8636	808	254	partner	partner	NOUN
cblr-8636	808	255	,	,	PUNCT
cblr-8636	808	256	latham	latham	PROPN
cblr-8636	808	257	&	&	CCONJ
cblr-8636	808	258	watkins	watkins	PROPN
cblr-8636	809	1	barbara	barbara	PROPN
cblr-8636	809	2	roper	roper	PROPN
cblr-8636	809	3	–	–	PUNCT
cblr-8636	809	4	director	director	NOUN
cblr-8636	809	5	of	of	ADP
cblr-8636	809	6	investor	investor	NOUN
cblr-8636	809	7	protection	protection	NOUN
cblr-8636	809	8	,	,	PUNCT
cblr-8636	809	9	consumer	consumer	NOUN
cblr-8636	809	10	federation	federation	PROPN
cblr-8636	809	11	of	of	ADP
cblr-8636	809	12	america	america	PROPN
cblr-8636	809	13	ray	ray	PROPN
cblr-8636	809	14	ross	ross	PROPN
cblr-8636	809	15	–	–	PUNCT
cblr-8636	809	16	managing	manage	VERB
cblr-8636	809	17	director	director	NOUN
cblr-8636	809	18	,	,	PUNCT
cblr-8636	809	19	clearpool	clearpool	NOUN
cblr-8636	809	20	group	group	PROPN
cblr-8636	809	21	fox	fox	PROPN
cblr-8636	809	22	et	et	PROPN
cblr-8636	809	23	al	al	PROPN
cblr-8636	809	24	.	.	PROPN
cblr-8636	810	1	8/22/2021	8/22/2021	NUM
cblr-8636	810	2	9:05	9:05	NUM
cblr-8636	810	3	pm	pm	NOUN
cblr-8636	810	4	710	710	NUM
cblr-8636	810	5	columbia	columbia	PROPN
cblr-8636	810	6	business	business	NOUN
cblr-8636	810	7	law	law	NOUN
cblr-8636	810	8	review	review	NOUN
cblr-8636	810	9	[	[	X
cblr-8636	810	10	vol	vol	NOUN
cblr-8636	810	11	.	.	PUNCT
cblr-8636	810	12	2021	2021	NUM
cblr-8636	811	1	ari	ari	PROPN
cblr-8636	811	2	rubenstein	rubenstein	PROPN
cblr-8636	811	3	–	–	PUNCT
cblr-8636	811	4	co	co	NOUN
cblr-8636	811	5	-	-	NOUN
cblr-8636	811	6	founder	founder	NOUN
cblr-8636	811	7	&	&	CCONJ
cblr-8636	811	8	ceo	ceo	PROPN
cblr-8636	811	9	,	,	PUNCT
cblr-8636	811	10	gts	gts	PROPN
cblr-8636	811	11	wyatt	wyatt	PROPN
cblr-8636	811	12	russo	russo	PROPN
cblr-8636	811	13	–	–	PUNCT
cblr-8636	811	14	vice	vice	NOUN
cblr-8636	811	15	president	president	NOUN
cblr-8636	811	16	,	,	PUNCT
cblr-8636	811	17	goldman	goldman	PROPN
cblr-8636	811	18	sachs	sachs	PROPN
cblr-8636	811	19	doug	doug	PROPN
cblr-8636	811	20	schrank	schrank	PROPN
cblr-8636	811	21	–	–	PUNCT
cblr-8636	811	22	head	head	NOUN
cblr-8636	811	23	of	of	ADP
cblr-8636	811	24	trading	trading	NOUN
cblr-8636	811	25	,	,	PUNCT
cblr-8636	811	26	southeastern	southeastern	ADJ
cblr-8636	811	27	asset	asset	NOUN
cblr-8636	811	28	management	management	NOUN
cblr-8636	811	29	jameson	jameson	PROPN
cblr-8636	811	30	schriber	schriber	PROPN
cblr-8636	811	31	–	–	PUNCT
cblr-8636	811	32	partner	partner	NOUN
cblr-8636	811	33	,	,	PUNCT
cblr-8636	811	34	goldman	goldman	PROPN
cblr-8636	811	35	sachs	sachs	PROPN
cblr-8636	811	36	jay	jay	PROPN
cblr-8636	811	37	schulman	schulman	PROPN
cblr-8636	811	38	–	–	PUNCT
cblr-8636	811	39	national	national	ADJ
cblr-8636	811	40	leader	leader	NOUN
cblr-8636	811	41	,	,	PUNCT
cblr-8636	811	42	blockchain	blockchain	NOUN
cblr-8636	811	43	and	and	CCONJ
cblr-8636	811	44	digital	digital	ADJ
cblr-8636	811	45	assets	asset	NOUN
cblr-8636	811	46	,	,	PUNCT
cblr-8636	811	47	rsm	rsm	PROPN
cblr-8636	811	48	us	us	PROPN
cblr-8636	811	49	llp	llp	PROPN
cblr-8636	811	50	jeffrey	jeffrey	PROPN
cblr-8636	811	51	solomon	solomon	PROPN
cblr-8636	811	52	–	–	PUNCT
cblr-8636	811	53	ceo	ceo	PROPN
cblr-8636	811	54	,	,	PUNCT
cblr-8636	811	55	cowen	cowen	PROPN
cblr-8636	811	56	inc	inc	PROPN
cblr-8636	811	57	.	.	PROPN
cblr-8636	812	1	larry	larry	PROPN
cblr-8636	812	2	sonsini	sonsini	PROPN
cblr-8636	812	3	–	–	PUNCT
cblr-8636	812	4	founding	found	VERB
cblr-8636	812	5	partner	partner	NOUN
cblr-8636	812	6	,	,	PUNCT
cblr-8636	812	7	wilson	wilson	PROPN
cblr-8636	812	8	sonsini	sonsini	PROPN
cblr-8636	812	9	goodrich	goodrich	PROPN
cblr-8636	812	10	&	&	CCONJ
cblr-8636	812	11	rosati	rosati	PROPN
cblr-8636	812	12	colin	colin	PROPN
cblr-8636	812	13	stretch	stretch	PROPN
cblr-8636	812	14	–	–	PUNCT
cblr-8636	812	15	former	former	ADJ
cblr-8636	812	16	general	general	ADJ
cblr-8636	812	17	counsel	counsel	NOUN
cblr-8636	812	18	,	,	PUNCT
cblr-8636	812	19	facebook	facebook	PROPN
cblr-8636	812	20	jatin	jatin	PROPN
cblr-8636	812	21	suryawanshi	suryawanshi	PROPN
cblr-8636	812	22	–	–	PUNCT
cblr-8636	812	23	managing	manage	VERB
cblr-8636	812	24	director	director	NOUN
cblr-8636	812	25	&	&	CCONJ
cblr-8636	812	26	head	head	PROPN
cblr-8636	812	27	of	of	ADP
cblr-8636	812	28	global	global	ADJ
cblr-8636	812	29	quantitative	quantitative	ADJ
cblr-8636	812	30	strategy	strategy	NOUN
cblr-8636	812	31	,	,	PUNCT
cblr-8636	812	32	jefferies	jefferies	PROPN
cblr-8636	812	33	financial	financial	PROPN
cblr-8636	812	34	group	group	PROPN
cblr-8636	812	35	aron	aron	PROPN
cblr-8636	812	36	szapiro	szapiro	PROPN
cblr-8636	812	37	–	–	PUNCT
cblr-8636	812	38	head	head	NOUN
cblr-8636	812	39	of	of	ADP
cblr-8636	812	40	policy	policy	NOUN
cblr-8636	812	41	research	research	NOUN
cblr-8636	812	42	,	,	PUNCT
cblr-8636	812	43	morningstar	morningstar	PROPN
cblr-8636	812	44	ken	ken	PROPN
cblr-8636	812	45	trippe	trippe	PROPN
cblr-8636	812	46	–	–	PUNCT
cblr-8636	812	47	director	director	NOUN
cblr-8636	812	48	of	of	ADP
cblr-8636	812	49	private	private	ADJ
cblr-8636	812	50	investments	investment	NOUN
cblr-8636	812	51	,	,	PUNCT
cblr-8636	812	52	glenmede	glenmede	NOUN
cblr-8636	812	53	investment	investment	NOUN
cblr-8636	812	54	management	management	NOUN
cblr-8636	812	55	greg	greg	PROPN
cblr-8636	812	56	tusar	tusar	ADV
cblr-8636	812	57	–	–	PUNCT
cblr-8636	812	58	cofounder	cofounder	NOUN
cblr-8636	812	59	,	,	PUNCT
cblr-8636	812	60	tagomi	tagomi	ADP
cblr-8636	812	61	systems	systems	PROPN
cblr-8636	812	62	john	john	PROPN
cblr-8636	812	63	w.	w.	PROPN
cblr-8636	812	64	white	white	PROPN
cblr-8636	812	65	–	–	PUNCT
cblr-8636	812	66	partner	partner	NOUN
cblr-8636	812	67	,	,	PUNCT
cblr-8636	812	68	cravath	cravath	NOUN
cblr-8636	812	69	,	,	PUNCT
cblr-8636	812	70	swaine	swaine	NOUN
cblr-8636	812	71	&	&	CCONJ
cblr-8636	812	72	moore	moore	PROPN
cblr-8636	812	73	and	and	CCONJ
cblr-8636	812	74	former	former	ADJ
cblr-8636	812	75	director	director	NOUN
cblr-8636	812	76	,	,	PUNCT
cblr-8636	812	77	division	division	NOUN
cblr-8636	812	78	of	of	ADP
cblr-8636	812	79	corporate	corporate	ADJ
cblr-8636	812	80	finance	finance	NOUN
cblr-8636	812	81	,	,	PUNCT
cblr-8636	812	82	sec	sec	PROPN
cblr-8636	812	83	edward	edward	PROPN
cblr-8636	812	84	waitzer	waitzer	PROPN
cblr-8636	812	85	–	–	PUNCT
cblr-8636	812	86	professor	professor	NOUN
cblr-8636	812	87	,	,	PUNCT
cblr-8636	812	88	osgoode	osgoode	ADJ
cblr-8636	812	89	hall	hall	NOUN
cblr-8636	812	90	law	law	NOUN
cblr-8636	812	91	and	and	CCONJ
cblr-8636	812	92	former	former	ADJ
cblr-8636	812	93	partner	partner	NOUN
cblr-8636	812	94	,	,	PUNCT
cblr-8636	812	95	stikeman	stikeman	PROPN
cblr-8636	812	96	elliott	elliott	PROPN
cblr-8636	812	97	joe	joe	PROPN
cblr-8636	812	98	wald	wald	PROPN
cblr-8636	812	99	–	–	PUNCT
cblr-8636	812	100	managing	manage	VERB
cblr-8636	812	101	director	director	NOUN
cblr-8636	812	102	,	,	PUNCT
cblr-8636	812	103	clearpool	clearpool	NOUN
cblr-8636	812	104	group	group	PROPN
cblr-8636	812	105	steven	steven	PROPN
cblr-8636	812	106	wallman	wallman	PROPN
cblr-8636	812	107	–	–	PUNCT
cblr-8636	812	108	former	former	ADJ
cblr-8636	812	109	commissioner	commissioner	NOUN
cblr-8636	812	110	,	,	PUNCT
cblr-8636	812	111	sec	sec	PROPN
cblr-8636	812	112	elisse	elisse	PROPN
cblr-8636	812	113	walter	walter	PROPN
cblr-8636	812	114	–	–	PUNCT
cblr-8636	812	115	former	former	ADJ
cblr-8636	812	116	chairman	chairman	NOUN
cblr-8636	812	117	,	,	PUNCT
cblr-8636	812	118	sec	sec	PROPN
cblr-8636	812	119	russel	russel	NOUN
cblr-8636	812	120	wermers	wermer	NOUN
cblr-8636	812	121	–	–	PUNCT
cblr-8636	812	122	director	director	NOUN
cblr-8636	812	123	,	,	PUNCT
cblr-8636	812	124	center	center	NOUN
cblr-8636	812	125	for	for	ADP
cblr-8636	812	126	financial	financial	ADJ
cblr-8636	812	127	policy	policy	NOUN
cblr-8636	812	128	,	,	PUNCT
cblr-8636	812	129	smith	smith	PROPN
cblr-8636	812	130	school	school	PROPN
cblr-8636	812	131	of	of	ADP
cblr-8636	812	132	business	business	NOUN
cblr-8636	812	133	,	,	PUNCT
cblr-8636	812	134	university	university	PROPN
cblr-8636	812	135	of	of	ADP
cblr-8636	812	136	maryland	maryland	PROPN
cblr-8636	812	137	john	john	PROPN
cblr-8636	812	138	whelan	whelan	PROPN
cblr-8636	812	139	–	–	PUNCT
cblr-8636	812	140	managing	manage	VERB
cblr-8636	812	141	director	director	NOUN
cblr-8636	812	142	of	of	ADP
cblr-8636	812	143	digital	digital	ADJ
cblr-8636	812	144	investment	investment	NOUN
cblr-8636	812	145	banking	banking	NOUN
cblr-8636	812	146	,	,	PUNCT
cblr-8636	812	147	banco	banco	PROPN
cblr-8636	812	148	santander	santander	PROPN
cblr-8636	812	149	bill	bill	PROPN
cblr-8636	812	150	white	white	PROPN
cblr-8636	812	151	–	–	PUNCT
cblr-8636	812	152	ceo	ceo	NOUN
cblr-8636	812	153	,	,	PUNCT
cblr-8636	812	154	clearlist	clearlist	ADJ
cblr-8636	812	155	mary	mary	PROPN
cblr-8636	812	156	-	-	PUNCT
cblr-8636	812	157	jo	jo	PROPN
cblr-8636	812	158	white	white	PROPN
cblr-8636	812	159	–	–	PUNCT
cblr-8636	812	160	former	former	ADJ
cblr-8636	812	161	chair	chair	NOUN
cblr-8636	812	162	,	,	PUNCT
cblr-8636	812	163	sec	sec	PROPN
cblr-8636	812	164	and	and	CCONJ
cblr-8636	812	165	partner	partner	NOUN
cblr-8636	812	166	,	,	PUNCT
cblr-8636	812	167	debevoise	debevoise	PROPN
cblr-8636	812	168	&	&	CCONJ
cblr-8636	812	169	plimpton	plimpton	PROPN
cblr-8636	812	170	bill	bill	PROPN
cblr-8636	812	171	williams	williams	PROPN
cblr-8636	812	172	–	–	PUNCT
cblr-8636	812	173	of	of	ADP
cblr-8636	812	174	counsel	counsel	NOUN
cblr-8636	812	175	,	,	PUNCT
cblr-8636	812	176	sullivan	sullivan	PROPN
cblr-8636	812	177	&	&	CCONJ
cblr-8636	812	178	cromwell	cromwell	PROPN
cblr-8636	812	179	haimera	haimera	PROPN
cblr-8636	812	180	workie	workie	PROPN
cblr-8636	812	181	–	–	PUNCT
cblr-8636	812	182	head	head	NOUN
cblr-8636	812	183	of	of	ADP
cblr-8636	812	184	financial	financial	ADJ
cblr-8636	812	185	innovation	innovation	NOUN
cblr-8636	812	186	&	&	CCONJ
cblr-8636	812	187	senior	senior	ADJ
cblr-8636	812	188	director	director	NOUN
cblr-8636	812	189	,	,	PUNCT
cblr-8636	812	190	finra	finra	PROPN
cblr-8636	812	191	eddy	eddy	PROPN
cblr-8636	812	192	wymeersch	wymeersch	PROPN
cblr-8636	812	193	–	–	PUNCT
cblr-8636	812	194	former	former	ADJ
cblr-8636	812	195	chair	chair	NOUN
cblr-8636	812	196	,	,	PUNCT
cblr-8636	812	197	committee	committee	NOUN
cblr-8636	812	198	of	of	ADP
cblr-8636	812	199	european	european	PROPN
cblr-8636	812	200	securities	security	NOUN
cblr-8636	812	201	regulators	regulator	NOUN
cblr-8636	812	202	appendix	appendix	VERB
cblr-8636	812	203	c	c	NOUN
cblr-8636	812	204	:	:	PUNCT
cblr-8636	812	205	questions	question	NOUN
cblr-8636	812	206	sent	send	VERB
cblr-8636	812	207	stakeholder	stakeholder	NOUN
cblr-8636	812	208	survey	survey	VERB
cblr-8636	812	209	fox	fox	PROPN
cblr-8636	812	210	et	et	PROPN
cblr-8636	812	211	al	al	PROPN
cblr-8636	812	212	.	.	PROPN
cblr-8636	813	1	8/22/2021	8/22/2021	NUM
cblr-8636	813	2	9:05	9:05	NUM
cblr-8636	813	3	pm	pm	NOUN
cblr-8636	813	4	no	no	INTJ
cblr-8636	813	5	.	.	PUNCT
cblr-8636	814	1	2:651	2:651	NUM
cblr-8636	814	2	]	]	X
cblr-8636	814	3	a	a	DET
cblr-8636	814	4	stakeholder	stakeholder	NOUN
cblr-8636	814	5	survey	survey	VERB
cblr-8636	814	6	711	711	NUM
cblr-8636	814	7	interviewees	interviewee	NOUN
cblr-8636	814	8	in	in	ADP
cblr-8636	814	9	advance	advance	NOUN
cblr-8636	814	10	background	background	NOUN
cblr-8636	814	11	questions	question	NOUN
cblr-8636	814	12	–	–	PUNCT
cblr-8636	814	13	capital	capital	NOUN
cblr-8636	814	14	markets	market	NOUN
cblr-8636	814	15	operations	operation	NOUN
cblr-8636	814	16			NOUN
cblr-8636	815	1	what	what	PRON
cblr-8636	815	2	in	in	ADP
cblr-8636	815	3	your	your	PRON
cblr-8636	815	4	view	view	NOUN
cblr-8636	815	5	are	be	AUX
cblr-8636	815	6	the	the	DET
cblr-8636	815	7	biggest	big	ADJ
cblr-8636	815	8	problems	problem	NOUN
cblr-8636	815	9	,	,	PUNCT
cblr-8636	815	10	if	if	SCONJ
cblr-8636	815	11	any	any	PRON
cblr-8636	815	12	,	,	PUNCT
cblr-8636	815	13	of	of	ADP
cblr-8636	815	14	today	today	NOUN
cblr-8636	815	15	’s	’s	PART
cblr-8636	815	16	capital	capital	NOUN
cblr-8636	815	17	markets	market	NOUN
cblr-8636	815	18	?	?	PUNCT
cblr-8636	816	1	o	o	INTJ
cblr-8636	816	2	please	please	INTJ
cblr-8636	816	3	discuss	discuss	VERB
cblr-8636	816	4	in	in	ADP
cblr-8636	816	5	terms	term	NOUN
cblr-8636	816	6	of	of	ADP
cblr-8636	816	7	(	(	PUNCT
cblr-8636	816	8	a	a	X
cblr-8636	816	9	)	)	PUNCT
cblr-8636	816	10	facilitating	facilitate	VERB
cblr-8636	816	11	capital	capital	NOUN
cblr-8636	816	12	formation	formation	NOUN
cblr-8636	816	13	,	,	PUNCT
cblr-8636	816	14	(	(	PUNCT
cblr-8636	816	15	b	b	X
cblr-8636	816	16	)	)	PUNCT
cblr-8636	816	17	liquidity	liquidity	NOUN
cblr-8636	816	18	to	to	AUX
cblr-8636	816	19	end	end	NOUN
cblr-8636	816	20	-	-	PUNCT
cblr-8636	816	21	users	user	NOUN
cblr-8636	816	22	,	,	PUNCT
cblr-8636	816	23	(	(	PUNCT
cblr-8636	816	24	c	c	NOUN
cblr-8636	816	25	)	)	PUNCT
cblr-8636	816	26	accurate	accurate	ADJ
cblr-8636	816	27	price	price	NOUN
cblr-8636	816	28	discovery	discovery	NOUN
cblr-8636	816	29	,	,	PUNCT
cblr-8636	816	30	and	and	CCONJ
cblr-8636	816	31	(	(	PUNCT
cblr-8636	816	32	d	d	NOUN
cblr-8636	816	33	)	)	PUNCT
cblr-8636	816	34	cost	cost	NOUN
cblr-8636	816	35	-	-	PUNCT
cblr-8636	816	36	ofoperations	ofoperation	NOUN
cblr-8636	816	37	.	.	PUNCT
cblr-8636	817	1			NOUN
cblr-8636	817	2	are	be	AUX
cblr-8636	817	3	there	there	PRON
cblr-8636	817	4	aspects	aspect	NOUN
cblr-8636	817	5	of	of	ADP
cblr-8636	817	6	the	the	DET
cblr-8636	817	7	functioning	functioning	NOUN
cblr-8636	817	8	of	of	ADP
cblr-8636	817	9	our	our	PRON
cblr-8636	817	10	securities	security	NOUN
cblr-8636	817	11	markets	market	NOUN
cblr-8636	817	12	that	that	PRON
cblr-8636	817	13	you	you	PRON
cblr-8636	817	14	view	view	VERB
cblr-8636	817	15	as	as	ADP
cblr-8636	817	16	operating	operate	VERB
cblr-8636	817	17	unfairly	unfairly	ADV
cblr-8636	817	18	with	with	ADP
cblr-8636	817	19	regard	regard	NOUN
cblr-8636	817	20	to	to	ADP
cblr-8636	817	21	you	you	PRON
cblr-8636	817	22	or	or	CCONJ
cblr-8636	817	23	any	any	DET
cblr-8636	817	24	other	other	ADJ
cblr-8636	817	25	group	group	NOUN
cblr-8636	817	26	of	of	ADP
cblr-8636	817	27	people	people	NOUN
cblr-8636	817	28	?	?	PUNCT
cblr-8636	818	1	impact	impact	NOUN
cblr-8636	818	2	of	of	ADP
cblr-8636	818	3	technological	technological	ADJ
cblr-8636	818	4	innovation	innovation	NOUN
cblr-8636	818	5			NOUN
cblr-8636	818	6	over	over	ADP
cblr-8636	818	7	the	the	DET
cblr-8636	818	8	next	next	ADJ
cblr-8636	818	9	decade	decade	NOUN
cblr-8636	818	10	or	or	CCONJ
cblr-8636	818	11	so	so	ADV
cblr-8636	818	12	,	,	PUNCT
cblr-8636	818	13	how	how	SCONJ
cblr-8636	818	14	do	do	AUX
cblr-8636	818	15	you	you	PRON
cblr-8636	818	16	think	think	VERB
cblr-8636	818	17	technology	technology	NOUN
cblr-8636	818	18	will	will	AUX
cblr-8636	818	19	affect	affect	VERB
cblr-8636	818	20	the	the	DET
cblr-8636	818	21	functioning	functioning	NOUN
cblr-8636	818	22	of	of	ADP
cblr-8636	818	23	capital	capital	NOUN
cblr-8636	818	24	markets	market	NOUN
cblr-8636	818	25	in	in	ADP
cblr-8636	818	26	aspects	aspect	NOUN
cblr-8636	818	27	with	with	ADP
cblr-8636	818	28	which	which	PRON
cblr-8636	818	29	you	you	PRON
cblr-8636	818	30	are	be	AUX
cblr-8636	818	31	familiar	familiar	ADJ
cblr-8636	818	32	?	?	PUNCT
cblr-8636	819	1			X
cblr-8636	820	1	to	to	ADP
cblr-8636	820	2	what	what	DET
cblr-8636	820	3	extent	extent	NOUN
cblr-8636	820	4	and	and	CCONJ
cblr-8636	820	5	in	in	ADP
cblr-8636	820	6	which	which	PRON
cblr-8636	820	7	specific	specific	ADJ
cblr-8636	820	8	ways	way	NOUN
cblr-8636	820	9	are	be	AUX
cblr-8636	820	10	the	the	DET
cblr-8636	820	11	capital	capital	NOUN
cblr-8636	820	12	markets	market	NOUN
cblr-8636	820	13	subject	subject	ADJ
cblr-8636	820	14	to	to	ADP
cblr-8636	820	15	cyber	cyber	NOUN
cblr-8636	820	16	security	security	NOUN
cblr-8636	820	17	threats	threat	NOUN
cblr-8636	820	18	and	and	CCONJ
cblr-8636	820	19	what	what	DET
cblr-8636	820	20	steps	step	NOUN
cblr-8636	820	21	do	do	AUX
cblr-8636	820	22	you	you	PRON
cblr-8636	820	23	think	think	VERB
cblr-8636	820	24	can	can	AUX
cblr-8636	820	25	be	be	AUX
cblr-8636	820	26	taken	take	VERB
cblr-8636	820	27	to	to	PART
cblr-8636	820	28	ameliorate	ameliorate	VERB
cblr-8636	820	29	any	any	DET
cblr-8636	820	30	such	such	ADJ
cblr-8636	820	31	threats	threat	NOUN
cblr-8636	820	32	?	?	PUNCT
cblr-8636	821	1			X
cblr-8636	822	1	over	over	ADP
cblr-8636	822	2	the	the	DET
cblr-8636	822	3	length	length	NOUN
cblr-8636	822	4	of	of	ADP
cblr-8636	822	5	your	your	PRON
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cblr-8636	822	7	,	,	PUNCT
cblr-8636	822	8	how	how	SCONJ
cblr-8636	822	9	has	have	AUX
cblr-8636	822	10	technology	technology	NOUN
cblr-8636	822	11	affected	affect	VERB
cblr-8636	822	12	your	your	PRON
cblr-8636	822	13	job	job	NOUN
cblr-8636	822	14	and	and	CCONJ
cblr-8636	822	15	the	the	DET
cblr-8636	822	16	functioning	functioning	NOUN
cblr-8636	822	17	of	of	ADP
cblr-8636	822	18	capital	capital	NOUN
cblr-8636	822	19	markets	market	NOUN
cblr-8636	822	20	in	in	ADP
cblr-8636	822	21	the	the	DET
cblr-8636	822	22	aspects	aspect	NOUN
cblr-8636	822	23	with	with	ADP
cblr-8636	822	24	which	which	PRON
cblr-8636	822	25	you	you	PRON
cblr-8636	822	26	are	be	AUX
cblr-8636	822	27	familiar	familiar	ADJ
cblr-8636	822	28	?	?	PUNCT
cblr-8636	823	1			X
cblr-8636	824	1	over	over	ADP
cblr-8636	824	2	the	the	DET
cblr-8636	824	3	length	length	NOUN
cblr-8636	824	4	of	of	ADP
cblr-8636	824	5	your	your	PRON
cblr-8636	824	6	career	career	NOUN
cblr-8636	824	7	,	,	PUNCT
cblr-8636	824	8	how	how	SCONJ
cblr-8636	824	9	have	have	AUX
cblr-8636	824	10	new	new	ADJ
cblr-8636	824	11	financial	financial	ADJ
cblr-8636	824	12	products	product	NOUN
cblr-8636	824	13	enabled	enable	VERB
cblr-8636	824	14	by	by	ADP
cblr-8636	824	15	technology	technology	NOUN
cblr-8636	824	16	affected	affect	VERB
cblr-8636	824	17	your	your	PRON
cblr-8636	824	18	job	job	NOUN
cblr-8636	824	19	and	and	CCONJ
cblr-8636	824	20	the	the	DET
cblr-8636	824	21	functioning	functioning	NOUN
cblr-8636	824	22	of	of	ADP
cblr-8636	824	23	capital	capital	NOUN
cblr-8636	824	24	markets	market	NOUN
cblr-8636	824	25	in	in	ADP
cblr-8636	824	26	the	the	DET
cblr-8636	824	27	aspects	aspect	NOUN
cblr-8636	824	28	with	with	ADP
cblr-8636	824	29	which	which	PRON
cblr-8636	824	30	you	you	PRON
cblr-8636	824	31	are	be	AUX
cblr-8636	824	32	familiar	familiar	ADJ
cblr-8636	824	33	?	?	PUNCT
cblr-8636	825	1			X
cblr-8636	825	2	in	in	ADP
cblr-8636	825	3	what	what	DET
cblr-8636	825	4	way	way	NOUN
cblr-8636	825	5	,	,	PUNCT
cblr-8636	825	6	if	if	SCONJ
cblr-8636	825	7	any	any	PRON
cblr-8636	825	8	,	,	PUNCT
cblr-8636	825	9	has	have	VERB
cblr-8636	825	10	globalization	globalization	NOUN
cblr-8636	825	11	affected	affect	VERB
cblr-8636	825	12	the	the	DET
cblr-8636	825	13	functioning	functioning	NOUN
cblr-8636	825	14	of	of	ADP
cblr-8636	825	15	capital	capital	NOUN
cblr-8636	825	16	markets	market	NOUN
cblr-8636	825	17	in	in	ADP
cblr-8636	825	18	aspects	aspect	NOUN
cblr-8636	825	19	with	with	ADP
cblr-8636	825	20	which	which	PRON
cblr-8636	825	21	you	you	PRON
cblr-8636	825	22	are	be	AUX
cblr-8636	825	23	familiar	familiar	ADJ
cblr-8636	825	24	?	?	PUNCT
cblr-8636	826	1	o	o	X
cblr-8636	826	2	how	how	SCONJ
cblr-8636	826	3	do	do	AUX
cblr-8636	826	4	you	you	PRON
cblr-8636	826	5	foresee	foresee	VERB
cblr-8636	826	6	globalization	globalization	NOUN
cblr-8636	826	7	affecting	affect	VERB
cblr-8636	826	8	the	the	DET
cblr-8636	826	9	functioning	functioning	NOUN
cblr-8636	826	10	of	of	ADP
cblr-8636	826	11	the	the	DET
cblr-8636	826	12	capital	capital	NOUN
cblr-8636	826	13	markets	market	NOUN
cblr-8636	826	14	over	over	ADP
cblr-8636	826	15	the	the	DET
cblr-8636	826	16	next	next	ADJ
cblr-8636	826	17	decade	decade	NOUN
cblr-8636	826	18	or	or	CCONJ
cblr-8636	826	19	so	so	ADV
cblr-8636	826	20	?	?	PUNCT
cblr-8636	827	1	impact	impact	NOUN
cblr-8636	827	2	of	of	ADP
cblr-8636	827	3	distributed	distribute	VERB
cblr-8636	827	4	ledger	ledger	NOUN
cblr-8636	827	5	technology	technology	NOUN
cblr-8636	827	6			NOUN
cblr-8636	827	7	please	please	INTJ
cblr-8636	827	8	reflect	reflect	VERB
cblr-8636	827	9	on	on	ADP
cblr-8636	827	10	the	the	DET
cblr-8636	827	11	impact	impact	NOUN
cblr-8636	827	12	,	,	PUNCT
cblr-8636	827	13	if	if	SCONJ
cblr-8636	827	14	any	any	PRON
cblr-8636	827	15	,	,	PUNCT
cblr-8636	827	16	that	that	SCONJ
cblr-8636	827	17	digital	digital	ADJ
cblr-8636	827	18	ledger	ledger	NOUN
cblr-8636	827	19	technology	technology	NOUN
cblr-8636	827	20	is	be	AUX
cblr-8636	827	21	already	already	ADV
cblr-8636	827	22	having	have	VERB
cblr-8636	827	23	in	in	ADP
cblr-8636	827	24	your	your	PRON
cblr-8636	827	25	day	day	NOUN
cblr-8636	827	26	-	-	PUNCT
cblr-8636	827	27	today	today	NOUN
cblr-8636	827	28	work	work	NOUN
cblr-8636	827	29	,	,	PUNCT
cblr-8636	827	30	as	as	ADV
cblr-8636	827	31	well	well	ADV
cblr-8636	827	32	as	as	ADP
cblr-8636	827	33	how	how	SCONJ
cblr-8636	827	34	you	you	PRON
cblr-8636	827	35	anticipate	anticipate	VERB
cblr-8636	827	36	that	that	SCONJ
cblr-8636	827	37	it	it	PRON
cblr-8636	827	38	will	will	AUX
cblr-8636	827	39	impact	impact	VERB
cblr-8636	827	40	your	your	PRON
cblr-8636	827	41	work	work	NOUN
cblr-8636	827	42	in	in	ADP
cblr-8636	827	43	the	the	DET
cblr-8636	827	44	future	future	NOUN
cblr-8636	827	45	.	.	PUNCT
cblr-8636	828	1	in	in	ADP
cblr-8636	828	2	particular	particular	ADJ
cblr-8636	828	3	,	,	PUNCT
cblr-8636	828	4	please	please	INTJ
cblr-8636	828	5	describe	describe	VERB
cblr-8636	828	6	the	the	DET
cblr-8636	828	7	challenges	challenge	NOUN
cblr-8636	828	8	this	this	DET
cblr-8636	828	9	technology	technology	NOUN
cblr-8636	828	10	is	be	AUX
cblr-8636	828	11	fox	fox	PROPN
cblr-8636	828	12	et	et	PROPN
cblr-8636	828	13	al	al	PROPN
cblr-8636	828	14	.	.	PROPN
cblr-8636	829	1	8/22/2021	8/22/2021	NUM
cblr-8636	829	2	9:05	9:05	NUM
cblr-8636	829	3	pm	pm	NOUN
cblr-8636	829	4	712	712	NUM
cblr-8636	829	5	columbia	columbia	PROPN
cblr-8636	829	6	business	business	NOUN
cblr-8636	829	7	law	law	NOUN
cblr-8636	829	8	review	review	NOUN
cblr-8636	829	9	[	[	X
cblr-8636	829	10	vol	vol	NOUN
cblr-8636	829	11	.	.	NOUN
cblr-8636	829	12	2021	2021	NUM
cblr-8636	829	13	posing	pose	VERB
cblr-8636	829	14	to	to	ADP
cblr-8636	829	15	your	your	PRON
cblr-8636	829	16	historic	historic	ADJ
cblr-8636	829	17	ways	way	NOUN
cblr-8636	829	18	of	of	ADP
cblr-8636	829	19	doing	do	VERB
cblr-8636	829	20	business	business	NOUN
cblr-8636	829	21	and	and	CCONJ
cblr-8636	829	22	how	how	SCONJ
cblr-8636	829	23	you	you	PRON
cblr-8636	829	24	expect	expect	VERB
cblr-8636	829	25	your	your	PRON
cblr-8636	829	26	business	business	NOUN
cblr-8636	829	27	to	to	PART
cblr-8636	829	28	adapt	adapt	VERB
cblr-8636	829	29	.	.	PUNCT
cblr-8636	830	1	more	more	ADV
cblr-8636	830	2	generally	generally	ADV
cblr-8636	830	3	,	,	PUNCT
cblr-8636	830	4	how	how	SCONJ
cblr-8636	830	5	do	do	AUX
cblr-8636	830	6	you	you	PRON
cblr-8636	830	7	think	think	VERB
cblr-8636	830	8	that	that	SCONJ
cblr-8636	830	9	the	the	DET
cblr-8636	830	10	technology	technology	NOUN
cblr-8636	830	11	will	will	AUX
cblr-8636	830	12	,	,	PUNCT
cblr-8636	830	13	going	go	VERB
cblr-8636	830	14	forward	forward	ADV
cblr-8636	830	15	,	,	PUNCT
cblr-8636	830	16	affect	affect	VERB
cblr-8636	830	17	the	the	DET
cblr-8636	830	18	market	market	NOUN
cblr-8636	830	19	in	in	ADP
cblr-8636	830	20	which	which	PRON
cblr-8636	830	21	you	you	PRON
cblr-8636	830	22	operate	operate	VERB
cblr-8636	830	23	and	and	CCONJ
cblr-8636	830	24	its	its	PRON
cblr-8636	830	25	regulation	regulation	NOUN
cblr-8636	830	26	?	?	PUNCT
cblr-8636	831	1			X
cblr-8636	832	1	how	how	SCONJ
cblr-8636	832	2	might	might	AUX
cblr-8636	832	3	digital	digital	ADJ
cblr-8636	832	4	ledger	ledger	NOUN
cblr-8636	832	5	technology	technology	NOUN
cblr-8636	832	6	help	help	NOUN
cblr-8636	832	7	or	or	CCONJ
cblr-8636	832	8	hurt	hurt	VERB
cblr-8636	832	9	in	in	ADP
cblr-8636	832	10	terms	term	NOUN
cblr-8636	832	11	of	of	ADP
cblr-8636	832	12	the	the	DET
cblr-8636	832	13	capacity	capacity	NOUN
cblr-8636	832	14	of	of	ADP
cblr-8636	832	15	securities	security	NOUN
cblr-8636	832	16	markets	market	NOUN
cblr-8636	832	17	to	to	PART
cblr-8636	832	18	facilitate	facilitate	VERB
cblr-8636	832	19	capital	capital	NOUN
cblr-8636	832	20	raising	raising	NOUN
cblr-8636	832	21	for	for	ADP
cblr-8636	832	22	both	both	CCONJ
cblr-8636	832	23	small	small	ADJ
cblr-8636	832	24	market	market	NOUN
cblr-8636	832	25	-	-	PUNCT
cblr-8636	832	26	cap	cap	NOUN
cblr-8636	832	27	firms	firm	NOUN
cblr-8636	832	28	and	and	CCONJ
cblr-8636	832	29	large	large	ADJ
cblr-8636	832	30	market	market	NOUN
cblr-8636	832	31	-	-	PUNCT
cblr-8636	832	32	cap	cap	NOUN
cblr-8636	832	33	firms	firm	NOUN
cblr-8636	832	34	?	?	PUNCT
cblr-8636	833	1			X
cblr-8636	834	1	how	how	SCONJ
cblr-8636	834	2	might	might	AUX
cblr-8636	834	3	ledger	ledger	NOUN
cblr-8636	834	4	technology	technology	NOUN
cblr-8636	834	5	help	help	NOUN
cblr-8636	834	6	or	or	CCONJ
cblr-8636	834	7	hurt	hurt	VERB
cblr-8636	834	8	in	in	ADP
cblr-8636	834	9	terms	term	NOUN
cblr-8636	834	10	of	of	ADP
cblr-8636	834	11	the	the	DET
cblr-8636	834	12	capacity	capacity	NOUN
cblr-8636	834	13	of	of	ADP
cblr-8636	834	14	securities	security	NOUN
cblr-8636	834	15	markets	market	NOUN
cblr-8636	834	16	to	to	PART
cblr-8636	834	17	provide	provide	VERB
cblr-8636	834	18	liquidity	liquidity	NOUN
cblr-8636	834	19	to	to	PART
cblr-8636	834	20	end	end	VERB
cblr-8636	834	21	users	user	NOUN
cblr-8636	834	22	,	,	PUNCT
cblr-8636	834	23	accurate	accurate	ADJ
cblr-8636	834	24	price	price	NOUN
cblr-8636	834	25	discovery	discovery	NOUN
cblr-8636	834	26	,	,	PUNCT
cblr-8636	834	27	and	and	CCONJ
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cblr-8636	834	29	-	-	PUNCT
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cblr-8636	834	31	-	-	PUNCT
cblr-8636	834	32	operations	operation	NOUN
cblr-8636	834	33	?	?	PUNCT
cblr-8636	835	1			X
cblr-8636	835	2	how	how	SCONJ
cblr-8636	835	3	do	do	AUX
cblr-8636	835	4	you	you	PRON
cblr-8636	835	5	think	think	VERB
cblr-8636	835	6	digital	digital	ADJ
cblr-8636	835	7	ledger	ledger	NOUN
cblr-8636	835	8	technology	technology	NOUN
cblr-8636	835	9	is	be	AUX
cblr-8636	835	10	going	go	VERB
cblr-8636	835	11	to	to	PART
cblr-8636	835	12	affect	affect	VERB
cblr-8636	835	13	the	the	DET
cblr-8636	835	14	prevalence	prevalence	NOUN
cblr-8636	835	15	of	of	ADP
cblr-8636	835	16	cross	cross	NOUN
cblr-8636	835	17	border	border	NOUN
cblr-8636	835	18	securities	security	NOUN
cblr-8636	835	19	transactions	transaction	NOUN
cblr-8636	835	20	and	and	CCONJ
cblr-8636	835	21	what	what	PRON
cblr-8636	835	22	do	do	AUX
cblr-8636	835	23	you	you	PRON
cblr-8636	835	24	think	think	VERB
cblr-8636	835	25	its	its	PRON
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cblr-8636	835	27	will	will	AUX
cblr-8636	835	28	be	be	AUX
cblr-8636	835	29	on	on	ADP
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cblr-8636	835	31	effectiveness	effectiveness	NOUN
cblr-8636	835	32	of	of	ADP
cblr-8636	835	33	regulation	regulation	NOUN
cblr-8636	835	34	with	with	ADP
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cblr-8636	835	36	to	to	ADP
cblr-8636	835	37	such	such	ADJ
cblr-8636	835	38	transactions	transaction	NOUN
cblr-8636	835	39	?	?	PUNCT
cblr-8636	836	1	regulation	regulation	NOUN
cblr-8636	836	2			NOUN
cblr-8636	836	3	to	to	ADP
cblr-8636	836	4	the	the	DET
cblr-8636	836	5	extent	extent	NOUN
cblr-8636	836	6	that	that	SCONJ
cblr-8636	836	7	your	your	PRON
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cblr-8636	836	9	to	to	ADP
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cblr-8636	836	12	the	the	DET
cblr-8636	836	13	preceding	precede	VERB
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cblr-8636	836	22	regulation	regulation	NOUN
cblr-8636	836	23	or	or	CCONJ
cblr-8636	836	24	deregulation	deregulation	NOUN
cblr-8636	836	25	,	,	PUNCT
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cblr-8636	836	27	any	any	PRON
cblr-8636	836	28	,	,	PUNCT
cblr-8636	836	29	would	would	AUX
cblr-8636	836	30	be	be	AUX
cblr-8636	836	31	an	an	DET
cblr-8636	836	32	appropriate	appropriate	ADJ
cblr-8636	836	33	response	response	NOUN
cblr-8636	836	34	?	?	PUNCT
cblr-8636	837	1			NOUN
cblr-8636	837	2	are	be	AUX
cblr-8636	837	3	there	there	ADV
cblr-8636	837	4	illegal	illegal	ADJ
cblr-8636	837	5	practices	practice	NOUN
cblr-8636	837	6	occurring	occur	VERB
cblr-8636	837	7	in	in	ADP
cblr-8636	837	8	the	the	DET
cblr-8636	837	9	market	market	NOUN
cblr-8636	837	10	that	that	SCONJ
cblr-8636	837	11	in	in	ADP
cblr-8636	837	12	your	your	PRON
cblr-8636	837	13	view	view	NOUN
cblr-8636	837	14	are	be	AUX
cblr-8636	837	15	subject	subject	ADJ
cblr-8636	837	16	to	to	ADP
cblr-8636	837	17	inadequate	inadequate	ADJ
cblr-8636	837	18	enforcement	enforcement	NOUN
cblr-8636	837	19	?	?	PUNCT
cblr-8636	838	1			NOUN
cblr-8636	838	2	are	be	AUX
cblr-8636	838	3	there	there	PRON
cblr-8636	838	4	practices	practice	NOUN
cblr-8636	838	5	occurring	occur	VERB
cblr-8636	838	6	in	in	ADP
cblr-8636	838	7	the	the	DET
cblr-8636	838	8	market	market	NOUN
cblr-8636	838	9	that	that	SCONJ
cblr-8636	838	10	in	in	ADP
cblr-8636	838	11	your	your	PRON
cblr-8636	838	12	view	view	NOUN
cblr-8636	838	13	could	could	AUX
cblr-8636	838	14	benefit	benefit	VERB
cblr-8636	838	15	from	from	ADP
cblr-8636	838	16	additional	additional	ADJ
cblr-8636	838	17	regulatory	regulatory	ADJ
cblr-8636	838	18	clarity	clarity	NOUN
cblr-8636	838	19	?	?	PUNCT
cblr-8636	839	1			PUNCT
cblr-8636	840	1	with	with	ADP
cblr-8636	840	2	respect	respect	NOUN
cblr-8636	840	3	to	to	ADP
cblr-8636	840	4	digital	digital	ADJ
cblr-8636	840	5	ledger	ledger	NOUN
cblr-8636	840	6	technology	technology	NOUN
cblr-8636	840	7	specifically	specifically	ADV
cblr-8636	840	8	,	,	PUNCT
cblr-8636	840	9	what	what	DET
cblr-8636	840	10	aspects	aspect	NOUN
cblr-8636	840	11	of	of	ADP
cblr-8636	840	12	the	the	DET
cblr-8636	840	13	market	market	NOUN
cblr-8636	840	14	in	in	ADP
cblr-8636	840	15	which	which	PRON
cblr-8636	840	16	you	you	PRON
cblr-8636	840	17	operate	operate	VERB
cblr-8636	840	18	do	do	AUX
cblr-8636	840	19	you	you	PRON
cblr-8636	840	20	believe	believe	VERB
cblr-8636	840	21	are	be	AUX
cblr-8636	840	22	most	most	ADV
cblr-8636	840	23	in	in	ADP
cblr-8636	840	24	need	need	NOUN
cblr-8636	840	25	of	of	ADP
cblr-8636	840	26	regulatory	regulatory	ADJ
cblr-8636	840	27	clarification	clarification	NOUN
cblr-8636	840	28	?	?	PUNCT
cblr-8636	841	1	are	be	AUX
cblr-8636	841	2	there	there	PRON
cblr-8636	841	3	projects	project	VERB
cblr-8636	841	4	you	you	PRON
cblr-8636	841	5	would	would	AUX
cblr-8636	841	6	like	like	VERB
cblr-8636	841	7	to	to	PART
cblr-8636	841	8	undertake	undertake	VERB
cblr-8636	841	9	or	or	CCONJ
cblr-8636	841	10	applications	application	NOUN
cblr-8636	841	11	of	of	ADP
cblr-8636	841	12	digital	digital	ADJ
cblr-8636	841	13	ledger	ledger	NOUN
cblr-8636	841	14	technology	technology	NOUN
cblr-8636	841	15	that	that	PRON
cblr-8636	841	16	are	be	AUX
cblr-8636	841	17	currently	currently	ADV
cblr-8636	841	18	unfeasible	unfeasible	ADJ
cblr-8636	841	19	due	due	ADP
cblr-8636	841	20	to	to	ADP
cblr-8636	841	21	regulatory	regulatory	ADJ
cblr-8636	841	22	uncertainty	uncertainty	NOUN
cblr-8636	841	23	?	?	PUNCT
cblr-8636	842	1	what	what	PRON
cblr-8636	842	2	questions	question	NOUN
cblr-8636	842	3	would	would	AUX
cblr-8636	842	4	you	you	PRON
cblr-8636	842	5	most	most	ADV
cblr-8636	842	6	like	like	INTJ
cblr-8636	842	7	answered	answer	VERB
cblr-8636	842	8	?	?	PUNCT
cblr-8636	843	1			X
cblr-8636	844	1	how	how	SCONJ
cblr-8636	844	2	,	,	PUNCT
cblr-8636	844	3	in	in	ADP
cblr-8636	844	4	your	your	PRON
cblr-8636	844	5	view	view	NOUN
cblr-8636	844	6	,	,	PUNCT
cblr-8636	844	7	would	would	AUX
cblr-8636	844	8	regulatory	regulatory	ADJ
cblr-8636	844	9	sandboxes	sandbox	NOUN
cblr-8636	844	10	facilitate	facilitate	VERB
cblr-8636	844	11	understanding	understanding	NOUN
cblr-8636	844	12	of	of	ADP
cblr-8636	844	13	advancing	advance	VERB
cblr-8636	844	14	technology	technology	NOUN
cblr-8636	844	15	?	?	PUNCT
cblr-8636	845	1	fox	fox	PROPN
cblr-8636	845	2	et	et	PROPN
cblr-8636	845	3	al	al	PROPN
cblr-8636	845	4	.	.	PROPN
cblr-8636	846	1	8/22/2021	8/22/2021	NUM
cblr-8636	846	2	9:05	9:05	NUM
cblr-8636	846	3	pm	pm	NOUN
cblr-8636	846	4	no	no	INTJ
cblr-8636	846	5	.	.	PUNCT
cblr-8636	847	1	2:651	2:651	NUM
cblr-8636	847	2	]	]	X
cblr-8636	847	3	a	a	DET
cblr-8636	847	4	stakeholder	stakeholder	NOUN
cblr-8636	847	5	survey	survey	VERB
cblr-8636	847	6	713	713	NUM
cblr-8636	847	7	next	next	ADJ
cblr-8636	847	8	steps	step	NOUN
cblr-8636	847	9			NOUN
cblr-8636	848	1	what	what	PRON
cblr-8636	848	2	,	,	PUNCT
cblr-8636	848	3	to	to	ADP
cblr-8636	848	4	you	you	PRON
cblr-8636	848	5	,	,	PUNCT
cblr-8636	848	6	are	be	AUX
cblr-8636	848	7	the	the	DET
cblr-8636	848	8	most	most	ADV
cblr-8636	848	9	important	important	ADJ
cblr-8636	848	10	questions	question	NOUN
cblr-8636	848	11	concerning	concern	VERB
cblr-8636	848	12	the	the	DET
cblr-8636	848	13	functioning	functioning	NOUN
cblr-8636	848	14	of	of	ADP
cblr-8636	848	15	securities	security	NOUN
cblr-8636	848	16	markets	market	NOUN
cblr-8636	848	17	for	for	ADP
cblr-8636	848	18	which	which	PRON
cblr-8636	848	19	adequate	adequate	ADJ
cblr-8636	848	20	answers	answer	NOUN
cblr-8636	848	21	have	have	AUX
cblr-8636	848	22	not	not	PART
cblr-8636	848	23	yet	yet	ADV
cblr-8636	848	24	been	be	AUX
cblr-8636	848	25	provided	provide	VERB
cblr-8636	848	26	?	?	PUNCT
cblr-8636	849	1			PUNCT
cblr-8636	849	2	how	how	SCONJ
cblr-8636	849	3	have	have	VERB
cblr-8636	849	4	your	your	PRON
cblr-8636	849	5	answers	answer	NOUN
cblr-8636	849	6	to	to	ADP
cblr-8636	849	7	the	the	DET
cblr-8636	849	8	other	other	ADJ
cblr-8636	849	9	survey	survey	NOUN
cblr-8636	849	10	questions	question	NOUN
cblr-8636	849	11	been	be	AUX
cblr-8636	849	12	especially	especially	ADV
cblr-8636	849	13	informed	inform	VERB
cblr-8636	849	14	by	by	ADP
cblr-8636	849	15	your	your	PRON
cblr-8636	849	16	particular	particular	ADJ
cblr-8636	849	17	experiences	experience	NOUN
cblr-8636	849	18	and/or	and/or	CCONJ
cblr-8636	849	19	data	datum	NOUN
cblr-8636	849	20	to	to	PART
cblr-8636	849	21	which	which	PRON
cblr-8636	849	22	you	you	PRON
cblr-8636	849	23	have	have	VERB
cblr-8636	849	24	access	access	NOUN
cblr-8636	849	25	that	that	PRON
cblr-8636	849	26	is	be	AUX
cblr-8636	849	27	not	not	PART
cblr-8636	849	28	publicly	publicly	ADV
cblr-8636	849	29	available	available	ADJ
cblr-8636	849	30	?	?	PUNCT
cblr-8636	850	1			PRON
cblr-8636	850	2	who	who	PRON
cblr-8636	850	3	else	else	ADV
cblr-8636	850	4	in	in	ADP
cblr-8636	850	5	or	or	CCONJ
cblr-8636	850	6	outside	outside	ADP
cblr-8636	850	7	of	of	ADP
cblr-8636	850	8	your	your	PRON
cblr-8636	850	9	organization	organization	NOUN
cblr-8636	850	10	should	should	AUX
cblr-8636	850	11	we	we	PRON
cblr-8636	850	12	talk	talk	VERB
cblr-8636	850	13	to	to	ADP
cblr-8636	850	14	regarding	regard	VERB
cblr-8636	850	15	the	the	DET
cblr-8636	850	16	issues	issue	NOUN
cblr-8636	850	17	we	we	PRON
cblr-8636	850	18	have	have	AUX
cblr-8636	850	19	discussed	discuss	VERB
cblr-8636	850	20	?	?	PUNCT