next generation financial architecture eugene kagansky fintech cryptocurrency bitcoin digital assets blockchain financial reform risk management blocknet financial regulation nordo decentralized exchange financial innovation tranches options hedging tranched futures finite payoff capped payoff collateralized contract smart contract ingo walter public funds principal-agent restricted diversification asset management conflict of interests portfolio diversification portfolio management conflicts of interest moral hazard clustered diversification principal agent tranche convertible debt bailout viral acharya systemic risk catastrophe bond gideon greenspan massimo massa financial crime
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