Venue journey

This page follows one security through its whole life on a trading venue, in the order a real participant meets it: an operator lists a market, an investor passes identity checks, funds a wallet, places an order, and the platform matches it and settles it. It ends with the positions, statements, and shareholder lists that record the result. Each step names the screen where a person does the work and the Platform API route behind it. Use it to see how the other pages fit together. It does not replace them, and each step links to the page that holds the detail.

A trading venue is the contract and the services around it that run one or more markets. A market is one trading line: a base token that is bought and sold, and a quote token that pays for it. Venue operations covers the operator side, and Trading covers the order ticket in detail. The Trading Venue concept explains why the design looks the way it does.

Step 1: an operator lists the marketCopy Anchor Link

An operator lists the market in the Console under "Venue operations", with "New market". The wizard sets the base and quote token, the tick size (the smallest price step) and lot size (the smallest quantity step), the maker and taker fees in basis points, the price protection band (a limit on how far a market order may walk the book), and the trading calendar. The platform checks the listing before it accepts it, and the market stays pending until its listing ceremony, a checklist of the reservation backends, feed writer, and fee account, completes. Venue operations describes every field, the ceremony checklist, and which choices can be edited later.

The venue's "Listing rules" page sets a default price band, initially Off: a static minimum and maximum quote price, or a dynamic percentage range. Each instrument can inherit it, turn it off, or override it. A dynamic band starts around the previous official close, expands only the side reached by a trade up to its cap, and resets at the next session close. Venue operations covers these controls and their effect on resting orders.

Listing does not require a primary offering. The check asks only whether the venue can reserve the token on each leg, so a token that was issued directly and never sold through an offering can be listed.

Step 2: the investor passes identity checksCopy Anchor Link

The investor completes know your customer (KYC) identity verification in the Investor portal onboarding flow. The platform asks the verification provider for a short-lived SDK token, and the investor sends documents to the provider directly. The platform records the outcome and does not store the documents. The sequence an operator or an integrator runs, from creating the user to registering the identity, is in Onboard an investor. Adding the provider is a one-time Console task in Compliance providers.

Step 3: the eligibility claim reaches the chainCopy Anchor Link

The eligibility claim is the on-chain statement that an identity passed a check, such as KYC. An approved provider verdict issues the claim, a rejected verdict revokes it, and a monitoring alert at or above the topic's threshold can revoke it later. The investor does nothing in this step. The platform acts on the provider's signed verdict.

The claim matters twice. The venue's admission policy can require named claim topics, such as a KYC topic, before a wallet sees or trades a market, and each token's own rules judge every delivery. A missing, expired, or revoked claim rejects a new order with suspended-wallet. Orders that already rest on the book stay there today, and a fill against them fails the token's transfer check at settlement. An unregistered wallet is rejected with unregistered-wallet, a wallet outside the venue's admission policy with wallet-not-admitted, and an order whose recipient may not receive one of the market's tokens with ineligible-wallet.

An operator reads the registration state with GET /api/v2/system/identity-registration-statuses.

Step 4: the investor funds the walletCopy Anchor Link

An order needs the quote token for a buy and the base token for a sell. The investor opens "Portfolio" in the Investor portal and selects "Deposit". The dialog lists the wallet address and the token to send for each accepted deposit token. Send only a listed token on the listed chain, because a transfer of any other token is not credited. The button appears only on an instance that has custody operations enabled, and the operator chooses the accepted tokens in Deposit funding instructions. The portal checks for a custody account on the current chain: it reads deposit instructions for an existing account, while a missing wallet requires explicit creation and verification, then a successful managed lifecycle before instructions are read.

Before the first order the ticket may ask for a trading authorization. For a plain ERC-20 leg, the investor lets the venue's escrow vault spend the amount the ticket shows. A DALP hold leg needs no allowance. Trading lists the exact amounts.

Step 5: the investor places an orderCopy Anchor Link

The investor opens "Wealth", then "Trading" in the Investor portal, selects the market, and fills the order ticket. The ticket shows the configured price range and the amount the venue will freeze before the investor commits. Both price bounds are inclusive. Selecting "Place buy order" or "Place sell order" opens a review card. "Confirm buy order" asks the investor to verify the wallet, and the platform signs the order through the investor's custodial wallet. The ticket answers "Your order is accepted." once the venue has taken the order.

The platform reserves the funds for the order, so the available balance drops and the held balance rises. The venue accepts the signed order first. The order shows "Pending reservation" until the reservation confirms on chain, and it joins the book after that.

The venue checks the order before it reaches the book and rejects it with a named reason. The reasons include market-halted and market-not-live (the market is not trading), authorization-insufficient (the allowance is too low), above-price-band and below-price-band (the limit price is outside the range), and desk-limit-exceeded (the order is over the trading limit an operator set for the wallet). A dynamic band without a previous-close anchor blocks trading with no-band-anchor. Trading explains the fix for each.

Step 6: the venue matches ordersCopy Anchor Link

The venue keeps one order book per market and matches by price, then by arrival time. A market runs in one of two modes. A continuous market matches an incoming order against the resting book at once. An auction-only market collects orders during a window and clears them together at a single price, the price that matches the most volume. What the auction leaves unfilled follows the market's remainder rule. A market set to "Carry to the book" keeps good-till orders resting, with their holds, for the next auction. A market set to "Cancel remainders" cancels them. A private market carries by default. The session banner on the trading screen says which phase the market is in.

Continuous fills and auction clearing prices stay inside the effective price band. A market order retains its separate signed protection limit; its fills must satisfy both limits. Saving a tighter policy cancels excluded resting orders and restores their reserved balances.

The book, trades, candles, and ticker are public market data. The screens do not show who is on either side. Public chain records can still show the participating addresses.

Step 7: the fill settles atomicallyCopy Anchor Link

A match is not yet a delivery. The venue stages each fill and submits fills to the chain in batches. Within a batch, every fill moves both legs together: the seller's base units go to the buyer and the buyer's quote units go to the seller, with the fee taken in the quote token. A fill that cannot complete leaves both legs where they were, and its orders return to the book or close. It does not stop the other fills in the batch. No party pays without receiving.

Each leg still passes its token's own transfer rules, so a match can fail at this point if a holder lost eligibility after the order was placed. A market can also set a holding period. During it the trade is recorded and priced, and its delivery is pending. Two operators can undo a pending delivery through a trade bust, as Venue operations describes. A market with no holding period delivers inside the filling transaction.

The "Trade blotter" tab on the trading screen lists each fill with its price, quantity, fee, and status: "Pending delivery", "Delivered", or "Undone". "Order history" shows each order's final state and, for an order that closed unfilled, the reason.

Step 8: positions, statements, and shareholder listsCopy Anchor Link

The investor reads positions in the Investor portal under "Wealth", then "Portfolio". The "Holdings" tab lists balances read from indexed chain state, so a position updates once the block that settled the trade is indexed. The "Returns" tab values them in the organization's base currency.

A statement lists one wallet's opening and closing balance per security, every movement, the fees, and the profit and loss. The platform writes the statements after a month closes and the chain has a later final block, and today you read them through the API only: no Console or Portal screen lists them. See Investor statements.

A shareholder list is the register of holders of one security at one record block, a chosen chain block that fixes the balances, which an issuer uses after an auction cycle or at month end. An operator exports it in the Console from the security's "Historical balances" page, or through the API. For a security that trades by auction, the platform also produces the list itself and stores it for the issuing organization. See Issuer shareholder list.

The session closeCopy Anchor Link

A market follows its trading calendar. At the close the session ends, the venue accepts no new orders, and the market computes its official close price from the session's settled trades. The market's close methodology sets the price: the last trade, or a volume-weighted average price over a configured window. A session with no settled trade closes at the price the opening auction set. Only a token's reference market publishes its official close to the token's price feed. An operator changes the methodology under "Edit official close" on the market detail.

A closed session leaves resting orders in place. An order placed as "Good till cancelled" rests through the close and is on the book at the next open. For a continuously traded security, an operator runs the shareholder list after the close, once the day's trades are final.

Many markets, one quote token eachCopy Anchor Link

Each market has exactly one quote token. A venue lists many markets, and different markets on the same venue can use different quote tokens. The seeded demo venue lists one market that trades the EUROC token priced in the AEDT token and another that trades the SGDT token priced in EUROC.

Three rules follow from this design:

• A trade settles in the market's quote token. Both legs move on chain in the base token and that quote token. The platform does not convert currencies at order time, so a buyer needs a balance of the quote token and a seller receives it.
• The fee is charged in the quote token, at the market's maker and taker rate.
• Valuation is a separate step. The Portfolio converts each holding into the organization's base currency through the exchange rates the organization tracks. Exchange rates shows which currencies are tracked and the latest rate for each.

When no rate path exists, or a token has no price, the "Returns" tab states that the figure cannot be shown in the base currency. It does not estimate one. A position in a stablecoin quoted in a currency the organization does not track therefore trades normally and appears in the holdings, but it has no value in the base currency until the organization adds a rate for it.

How fast the screens updateCopy Anchor Link

The platform has no push channel to an individual user. The screens read, and they refresh at these moments:

A position changes after the platform indexes the block that settled the trade, so it can lag the fill. The "Trade blotter" is the first place a fill shows. The platform does not push positions to the user.

What is not available yetCopy Anchor Link

• Self-custody order entry. The order ticket works for custodial wallets only. A self-custody wallet can watch the market and cancel working orders.
• Automatic cancellation on suspension. Revoking a claim stops new orders but leaves resting orders on the book.
• Shareholder list delivery. The platform produces the list but does not send it to the issuer.
• Statement screens. Statements are available through the API only.

Verify the resultCopy Anchor Link

After a full pass, the investor sees these results:

• The "Trade blotter" lists the fill as "Delivered", or as "Pending delivery" while a holding period runs, with the fee in the quote token.
• "Order history" shows the order as "Filled".
• "Holdings" shows the new base balance and the reduced quote balance once the settlement block is indexed.
• The operator sees the same fill in the venue's trade blotter in "Venue operations".

Frequently asked questionsCopy Anchor Link