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Fully appreciate that it's a very large sounding but very real number once you start unpacking the scale of capital markets: https://news.ycombinator.com/item?id=30247693

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I am aware how big the markets are. I am also aware that transaction costs are miniscule.

By your own data above, if typical fees are $0.0009 per share traded, $1tr in costs implies notional value of instruments traded each year of approx $1x10^17, assuming average price of $100 / share.

Ah, agreed, but we're talking about two different things—direct transaction costs versus allocative inefficiency/missed Pareto outcomes. OneChronos is about unlocking Pareto efficiencies—situations in which two or more parties can trade to mutual benefit. An easy example is a (scaled down in price differences, scaled up in size) version of the complements example above, e.g., an ETF arb trading the basket against the underlying with a small tolerance for tracking error. An institution that can take the basket or the underlying as a hedge or as an investment position can interact with the arbitrager, creating economic gains for both parties in the process. At institutional scale, efficiency gains measured in bps and compounded exponentially add up.

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