Foundation

Shared under NDA. These documents may be passed on only with the author's consent. And only under an NDA of equal scope.

1. 01 · The designTarget Architecture

   Why the architecture is shaped this way, how each layer works, and what must be true for it to hold.

2. 02 · Where we standLegal Position

   What remains after the design, how much, and the guardrails we keep.

3. 03 · The researchAuthority Register P7 (download, 1 MB)

   The consolidated register, 5 September 2026. Folds in all earlier rounds since July.

After the design and the research, three questions remain. The first two only a regulator or a court can answer. The third can also be answered by the member's broker: its account and API terms, and how it treats the order. Everything above is built to give the best possible answer to each. None of it settles them.

1. Adviser characterization. Is a timed signal about a specific security, fired by a rule the member wrote and asked to be told about, advice for compensation? No authority has yet distinguished a rule the member wrote from one he adopted.
2. Broker characterization. Is software that composes an order from the member's own policy and transmits it under the member's own key, after the member's own act, "effecting transactions for the account of others"? The closest relief rested on a bundle of conditions we only partly share.
3. Customer instruction. Is the member's per-order act, followed by transmission under the member's own credentials, treated as the member's own instruction, and not as discretionary authority exercised by another person? No discretionary authority is granted in V1; the question is whether that is how the broker and the rules read it.