Programme abstract
SLAM studies how economically relevant states become specified claims, acquire public prices and enter institutional portfolios. The programme connects market design, empirical comparison and legal formation without treating them as the same problem.
SLAM studies how an economically relevant state becomes a claim that an institution can hold. It takes the specified terminal payoff as the unit of analysis and examines how the exposure is defined, quoted or constructed on matched terms, traded at institutional scale and recognised in law. Public addressability concerns whether the state has a direct quote, integration concerns its relation to prices in other markets, and institutional access concerns whether a particular institution can execute and hold the position.
Abstract
A statebook changes the organising unit from contract label to legally operative terminal payoff. For a registered state and requested payoff, it returns a direct fill, an exact synthetic route, a bounded route with the residual exposed, or no firm route.
Abstract
A discrete state exposure can be assembled from contingent claims or traded directly. This paper compares the routes when claim, side, payout notional, time and execution mode are aligned, then identifies the break-even access cost from public prices.
Abstract
A state can be quoted without being connected to a wider price system. The paper distinguishes public addressability from relational integration and defines the direct-only cell as the Observability Wedge.
Abstract
An exposure becomes an institutional financial claim only when law identifies the obligor, fixes the payment rule and determines what happens on default. The paper calls that work legal claim formation.