Original explainers on market data, execution and business authority. Educational material about the Exchange model, not a newswire or trading recommendation.
EXPLAINER / MARKET STRUCTURE
From an order to a completed trade
A request receipt tells you that an instruction has been recorded. It does not tell you that the instruction passed eligibility checks, reached a market or found a counterparty. A useful activity view makes those distinctions visible.
Target operating modelConnected financial services are in development
Request
A person, business or delegated application submits a request. Selecting an account is separate from having permission to act for it.
Acceptance, fills and settlement
An accepted limit order can remain open, fill partially or fill completely. A cancellation applies to what can still be cancelled when it reaches the execution authority. Earlier fills remain part of the trading record and need settlement.
Settlement accounts for assets, fees and any unfilled remainder. Only after the actual evidence process succeeds can a record be described as recorded on Chain or independently verified through Explorer.
EXPLAINER / MARKET DATA
What a market price actually tells you
A last-trade price describes a completed transaction at one venue. A bid or offer describes an available price at a particular time and size. A reference price offers context; none guarantees the terms of your next trade.
Last tradeThe most recently reported completed transaction for a pair.
24-hour changeThe difference from the source venue’s rolling opening price, shown as a percentage.
VolumeTrading activity over a stated window. Always check the venue and whether units are base assets or quote currency.
LiquidityThe available size and prices you can interact with. A visible last price alone does not describe it.
The Hybrid reference monitor names its source and separates current, delayed and unavailable readings. The trading demo uses fictional prices so it can illustrate a complete workflow without placing real orders.
Identity answers who is signing in. Account authority answers which account that person or application may act for. Product eligibility, financial limits and approval requirements answer which actions are permitted.
A business request may require an independent reviewer. That approval needs to bind the exact request, economic terms and policy version. Changing the amount, quote or request identity must not quietly carry an old approval into a new transaction.
Hybrid ID provides sign-in. Exchange is being built to enforce the execution permissions. A company workspace selector in a demo is a way to explore a design; it does not create a real organisation role.