Run it like an exchange

The Trading Venue shipped as a continuous orderbook; now it runs like an exchange. Markets follow trading calendars with opening auctions and official closing prices, and private placements trade on restricted auction-only markets. Traders get stop orders and price bands, market makers get a bulk quoting API, and the operator can bust an erroneous trade without ever touching settlement finality.

Trading Venue

Market structure for a regulated venue

A market now carries a trading calendar, an opening auction, an official closing price, static and dynamic price bands, size thresholds, a stop book, and, when the listing calls for it, an approved-participant list that makes it invisible to everyone else. All of it runs on the part-one engine: the same replayable event log, the same non-custodial reservations, the same compliance checks at every fill.

Sessions

Per-market calendars, any timezone

Opens

Call auction, randomized uncross

Placements

Auction-only private markets

Error trades

Dual-approved compensating reversal

Markets that open and close like the ones your regulator knows

A bank running a venue answers to people who think in trading days, not in blocks. Each market now follows an operator-configured calendar: an IANA timezone, weekly opening hours, and dated exceptions for holidays and half-days. The platform runs the transitions automatically for weeks at a stretch, and the operator can still delay an open, extend a session, close early, or halt at any moment. Every close computes an official closing price, last trade or VWAP, publishes it to the price-feed infrastructure marked as the official close, and anchors the next session's price limits with it. Markets without a calendar keep trading continuously, unchanged.

Opens nobody can game

Session markets open through a call auction. During preopen, orders collect without matching while everyone watches the same live indicative opening price, derived over the self-trade-excluded book so the number is always achievable. At the open, the book uncrosses once at a single clearing price that maximizes traded volume, and the settlement contract validates that uniform price on-chain inside every fill's own limits. The uncross instant is drawn at random inside a short published window and never disclosed, so the last-moment sniping that plagues predictable opens has no target. Unmatched remainders carry into continuous trading at their original queue position.

1. 1
   Preopen

   Orders collect with reservations but no matching. The live indicative price and matchable quantity stream to every subscriber.

2. 2
   Uncross

   At a randomized instant inside the published window, all crossing volume executes at one clearing price, validated on-chain.

3. 3
   Trade

   The remainder rests at its original priority and continuous price-time matching takes over.

4. 4
   Close

   The official closing price computes by the market's methodology, publishes marked to the feed, and anchors the next session's static band.

Private placements on governed rails

A market can be created auction-only and private, carrying an operator-administered list of approved participant wallets. Non-members do not get a permission error; they get nothing: the market is absent from every list, read, stream, and watchlist, answered as not-found at a single enforcement point every surface inherits. That turns a restricted bond distribution or a secondary round into a first-class venue market with the full audit trail, instead of a workflow that lives over the phone. The market's on-chain footprint stays public by design, and the docs state that boundary plainly for reviewers.

Protection for traders, guardrails for the market

Stop orders arrive with a design choice that matters to a capital-conscious desk: a dormant stop reserves nothing. Funds commit only at the moment a settlement-confirmed print triggers the stop, and the converted order executes inside the market's protection band. A print that fails settlement, or is later busted, can never fire a stop. Around the traders, the operator sets static and dynamic price bands and per-order size limits that reject out-of-bounds orders on arrival, with a preview-and-prune flow that never cancels a resting order implicitly. Good-till-date joins the order ticket, and server-persisted watchlists with technical-analysis chart overlays round out the trading screen.

Market making without the ceremony

Liquidity providers get a bulk quoting API: place, replace, and cancel whole ladders in one batch, each order individually EIP-712-signed, with per-order failure isolation. Reservation changes settle as net deltas per wallet and token, so a notional-flat re-quote of both sides emits zero chain transactions. Quoting desks get their own rate-limit and open-order ceilings. There are no quoting obligations, monitoring, or rebates; it is capacity, not a program.

Bust an error without breaking finality

Every exchange rulebook needs an error-trade remedy, and most remedies quietly assume someone can force tokens back. Ours does not. A bust is a compensating reversal: the original settlement stays final on-chain, and a second, fully audited transaction returns both legs through the tokens' own compliance path from an operator-held custodian identity, refunding the fee. The venue contract keeps zero forced-transfer surface. A pre-check at proposal, and again at approval, refuses any bust that cannot complete cleanly, a distinct approver must confirm every bust, and the reversal executes atomically or not at all. Candles, the ticker, and published prices correct themselves afterward, and the busted trade stays flagged in both counterparties' history.

Compatibility

No migration is required. The release is additive: markets without calendars trade continuously exactly as before, existing markets stay public and continuous, and new controls are inactive until an operator configures them. The /api/v1 surface stays frozen; the new capabilities land as additive v2 routes and new venue-operations Console panels. The venue contract gains an explicit fill price, auction batch settlement, and batched reservations, deployed with the addon; the order struct and its EIP-712 signing domain are unchanged, so existing signed-order integrations keep working.

Read the market structure concepts → · Integrate sessions and auctions → · Operate calendars, bands, and busts → · Review the compliance boundaries →