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Restructured from flat .tex/.pdf files into per-paper subdirectories. Added Antje Worring as co-author on all papers. Synced PDFs to pdfs/ for download site.
62 lines
2.1 KiB
TeX
62 lines
2.1 KiB
TeX
\section{Conclusion}
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The Lux SOR extends the Arca \texttt{exchange-sdk} from a single-venue trading SDK to a 16-provider smart order router that satisfies best execution obligations for digital securities. The system routes across on-chain (Lux DEX VM), ATS (digital securities platforms), and traditional (equity exchanges) venues with compliance-aware allocation, ZAP binary serialization, and atomic settlement on Lux EVM.
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The SOR operates as a component of the non-custodial ATS \cite{lux-ats-architecture}, routing orders for securities implemented under the Lux Security Token Standard \cite{lux-security-token-standard}, with cap table state maintained by the blockchain transfer agent \cite{lux-transfer-agent}.
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\begin{thebibliography}{15}
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\bibitem{lux-ats-architecture}
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Z.~Kelling,
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``Non-Custodial Blockchain ATS: Architecture of a Regulatory-Compliant Securities Exchange,''
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Lux Partners, 2025.
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\bibitem{lux-security-token-standard}
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Z.~Kelling,
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``Lux Security Token Standard: ERC-1400 on Post-Quantum EVM with MPC Custody,''
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Lux Partners, 2025.
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\bibitem{lux-transfer-agent}
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Z.~Kelling,
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``Blockchain Transfer Agent: On-Chain Cap Table with MPC-Custodied Registry,''
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Lux Partners, 2025.
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\bibitem{lux-zap-wire-protocol}
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Z.~Kelling,
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``ZAP: Zero-Allocation Binary Wire Protocol for Consensus Transport,''
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Lux Partners, 2023.
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\bibitem{lux-lightspeed-dex}
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Z.~Kelling,
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``Lux Lightspeed DEX: On-Chain Order Book with Sub-Second Finality,''
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Lux Partners, 2023.
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\bibitem{lux-mchain-mpc}
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Z.~Kelling, V.~Seesahai,
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``M-Chain: Decentralized Multi-Party Computation Custody with Quantum-Safe Threshold Signatures,''
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Lux Partners, 2023.
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\bibitem{finra5310}
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Financial Industry Regulatory Authority,
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``FINRA Rule 5310: Best Execution and Interpositioning,''
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FINRA Manual.
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\bibitem{regnms}
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Securities and Exchange Commission,
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``Regulation NMS,''
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Release No.~34-51808, 2005.
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\bibitem{sec-rule-606}
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Securities and Exchange Commission,
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``Disclosure of Order Handling Information,''
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Rule 606, Securities Exchange Act of 1934.
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\bibitem{cat}
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Financial Industry Regulatory Authority,
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``Consolidated Audit Trail (CAT),''
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FINRA Rule 6800 Series.
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\end{thebibliography}
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