The operating principles behind execution.
A clear view of the intended crypto market model, account controls and path from instruction to evidence.
Customer trading is not enabled. These principles describe the design direction; instrument specifications and effective rule versions must be published before access.
Published 14 October 2026 · Operating information v1 · No effective trading dateInstruments have exact identities
An executable market will identify both base and quote assets, their networks, precision and settlement route. Registry membership or a USD reference price does not create an Exchange listing. Equities and structured products follow separate product gates.
Admission precedes matching
Exchange validates account and application authority, instrument eligibility, request terms and limits. Core reserves the same spendable balance used by MPC funding and withdrawals. A successful Hybrid ID sign-in does not establish trading authority.
Parameters belong to each market
Tick sizes, quantity increments, minimum sizes, trading phases, supported order instructions and priority rules will be published with the instrument. No universal parameter values or production priority policy are asserted by this release.
Requests retain their identity
A retry must preserve the original request identity and terms. An uncertain response is reconciled before an instruction is resubmitted or a hold is released. A cancellation cannot reverse a fill that already occurred.
Market controls need explicit outcomes
The intended controls cover stale inputs, insufficient funds, invalid precision, trading pauses and restart recovery. The accepted, rejected, pending or cancelled outcome must be distinguishable. Live halt and reopening procedures have not yet been published.
Execution, settlement and proof are separate
Exchange owns validation, execution and liquidity-provider relationships. Core records settlement against canonical accounts; MPC handles authorized custody transfers. Chain records durable evidence and Explorer exposes available proofs. A match alone is not proof of settled funds.
Review and change management
Effective rules will need a version, applicable instruments, activation date and change record. Trade-review procedures, complaint routes and any review deadlines must be published before customer trading; none are invented here.