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zeekay
f4ee7a0525
Bylines, paper authorship, correspondence addresses and the founder blurb under each post named an individual. They name the organisation that published the work instead: the brand on posts and pages, the research byline on papers, and research@ in place of a personal address. Both are what these repositories already used elsewhere — nothing new was coined. Co-authors are untouched. Where a paper named someone else alongside, they stay named; only the one byline changed. Bibliography entries, running heads, PDF metadata and affiliations move with it, so a citation still resolves to whoever the cited paper names. Sample and fixture data uses the placeholder name these tests already use elsewhere, so no assertion changed meaning.
77 lines
3.3 KiB
TeX
77 lines
3.3 KiB
TeX
\documentclass[11pt,a4paper]{article}
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\usepackage{../shared/luxcover}
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\usepackage[utf8]{inputenc}
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\usepackage[T1]{fontenc}
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\usepackage{amsmath,amssymb,amsfonts,amsthm}
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\usepackage{graphicx}
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\usepackage{hyperref}
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\usepackage{booktabs}
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\usepackage{algorithm}
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\usepackage{algpseudocode}
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\usepackage{listings}
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\usepackage{xcolor}
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\usepackage{tikz}
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\usepackage{float}
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\usepackage{enumitem}
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\usepackage{array}
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\usepackage{multirow}
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\usepackage{tabularx}
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\input{../shared/lstlang}
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\usetikzlibrary{arrows.meta,positioning,shapes.geometric,fit,calc}
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\hypersetup{colorlinks=true,linkcolor=black,citecolor=blue,urlcolor=blue}
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\lstset{
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basicstyle=\ttfamily\scriptsize,
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breaklines=true,
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frame=single,
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numbers=left,
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numberstyle=\tiny\color{gray},
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keywordstyle=\color{blue!70!black}\bfseries,
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commentstyle=\color{green!50!black}\itshape,
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stringstyle=\color{red!60!black},
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showstringspaces=false,
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}
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\newtheorem{theorem}{Theorem}
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\newtheorem{lemma}[theorem]{Lemma}
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\newtheorem{definition}{Definition}
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\newtheorem{proposition}[theorem]{Proposition}
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\newtheorem{remark}{Remark}
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\title{Non-Custodial Blockchain ATS: Architecture of a\\Regulatory-Compliant Securities Exchange}
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\author{
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Lux Research\thanks{Corresponding author: [email protected]}\\
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\textit{Lux Industries Inc}\\
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\textit{A subsidiary of Hanzo Industries Inc}\\
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\texttt{[email protected]}
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}
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\date{2025}
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\begin{document}
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\luxcoverpage
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\begin{abstract}
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We present the architecture of a non-custodial Alternative Trading System (ATS) built on Lux Network, designed to trade digital securities in full compliance with SEC Regulation ATS, broker-dealer requirements under the Securities Exchange Act of 1934, and transfer agent obligations under Section 17A. The system is implemented as a single Go binary running on Hanzo Base, comprising 32 collections, 64 API routes, and 19 scheduled tasks. Non-custodial operation is achieved through MPC threshold signing (\texttt{luxfi/mpc}) with a 2-of-3 threshold requirement for any asset transfer---the platform never holds private keys. This work descends directly from Arca's ArCoin infrastructure (2018), which pioneered interest-bearing digital securities backed by US Treasury bills using ERC-1400/ERC-1404 security token contracts. We describe the complete system: order matching, settlement on Lux EVM with T+0 atomic finality, KYC/AML integration via Partner, equities routing through Alpaca OmniSub, and regulatory reporting. We compare the architecture against existing platforms (tZERO, Securitize Markets, INX) and demonstrate that non-custodial MPC custody eliminates the single largest attack surface in securities infrastructure while preserving regulatory compliance.
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This paper provides the formal architecture for LP-001 (digital securities), LP-005 (regulated ATS stack), and LP-007 (CLOB matching engine) of the Lux Improvement Proposals (\url{https://github.com/luxfi/lps}).
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\end{abstract}
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\input{sections/01-introduction}
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\input{sections/02-regulatory-framework}
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\input{sections/03-system-architecture}
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\input{sections/04-non-custodial-mpc-custody}
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\input{sections/05-order-matching}
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\input{sections/06-settlement}
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\input{sections/07-integration-layer}
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\input{sections/08-platform-comparison}
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\input{sections/09-security-analysis}
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\input{sections/10-regulatory-reporting}
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\input{sections/11-performance}
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\input{sections/99-conclusion}
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\end{document}
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