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  "documentTitle": "Towards the unified secondary market: The evolution of distribution channels and evaluation of Asset Tokenization Benefits",
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  "authorName": "EY Parthenon",
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  "notes": "Uses a spectrum/continuum framework to illustrate the evolution of secondary market liquidity.",
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      "text": "Tokens should be designed with the intention of being traded on an open decentralized market, thereby enabling the liquidity potential of tokenized assets...",
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      "text": "Less secondary market liquidity vs More secondary market liquidity",
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      "text": "1. In the future, the traditional value chain enabled by blockchain technology is expected to continue existing because many traditional investors are unlikely to participate in a fully decentralized ecosystem. 2. Parties that could enable it, in practice no centralized exchanges support security trading currently 3. Secondary market liquidity is currently very low due to regulatory uncertainties around security trading on decentralized exchanges, liquidity pools exists but not supported on the platform front-end Source: EY-Parthenon analysis",
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