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However, it was the work of David Chaum that excited the cryptography community about the potential of encrypted messages as actual financial instruments.
Several researchers (including Peters, 1991) have found that the prices of many financial instruments (such as currency exchange rates, stock values, etc.) also have H > 1/2.
After graduating in economics, he began his banking career in 1961 and 5 years years later he moved to Sige, to work for the IMI group, introducing the world first Italian financial instruments, such as investment funds.