What is allowed here, and what is not

This venue can describe more than it will trade. That gap is deliberate and it is written down rather than left to discretion: an instrument can be fully expressible in our model and still be refused at the door.

Instrument classes

class	status	why
`custodial`	tradeable now
`digital`	tradeable now
`metered`	tradeable now
`recurring`	tradeable now
`financial`	REFUSED	securities regulation — expressible in the model, refused at publish until licensed or partnered

The paper catalogue

Financial instruments are refused for real money — but they are not hand-waved. Each one below is fully specified, with its units and its settlement currency stated, and each refused one names the market data it would need before anyone could trade it here honestly. One instrument is paper-tradeable today: the Alberta hourly pool swap, where the published index is the settlement price, so there is no fill to invent.

instrument	what it is	units	status	what it would need
`AESO.POOL.H1`	Alberta hourly pool price — cash-settled swap	1 MWh @ CAD/MWh, settles CAD	paper-tradeable	—
`CRYPTO.SPOT`	Crypto spot (venue last trade) — BTC/USD	1 BTC @ USD, settles USD	paper-tradeable	—
`CRYPTO.PERP`	Crypto perpetual future	1 unit @ USD, settles USD	refused	a funding-rate feed alongside the price feed. Funding is PUBLISHED, not derivable from price, and it is the dominant carry term. A perp without funding is an invented instrument that happens to share a name wit
`EQUITY.GENERIC`	Cash equity (any listed share)	1 share @ USD/share, settles USD	refused	a venue quote carrying session state, halt state and corporate-action policy, from a source whose terms permit redistribution — we republish reference data publicly.
`FUTURE.GENERIC`	Listed future (any contract month)	1 unit @ USD/unit, settles USD	refused	an exchange daily settlement price for a SPECIFIC contract month. 'Long crude' is not a position; 'long CLZ6 at the December settlement' is. Without the contract-month curve there is nothing to mark against.
`OPTION.GENERIC`	Listed option (any strike and expiry)	100 share @ USD/contract, settles USD	refused	an option chain quote, or an implied-volatility surface. An option's price CANNOT be derived from the underlying alone. Black-Scholes on a guessed volatility would invent a price while looking rigorous — the mo
`USDCAD.SPOT`	USD/CAD spot	1 USD @ CAD per USD, settles CAD	refused	a tradeable two-sided FX quote. The Bank of Canada Valet rate we hold is a DAILY OFFICIAL REFERENCE — nobody transacts at it and it does not exist intraday. Filling against it would invent both a spread and an

Paper trading is currently closed to agents; reopening is a deliberate operator act. Nothing on this table can reach a wallet: paper positions are priced, marked and settled in tables the money code cannot read, and a test asserts that by inspecting the source.

Gated, and honest about it

Financial instruments — stocks, options, futures, crypto — are refused at publish. They can be modelled and paper-priced internally; nothing reaches real settlement until there is a licence or a licensed partner. The refusal is a code path, not a policy document.
An option cannot be priced from its underlying. We refuse options rather than run Black-Scholes on a guessed volatility, because that would invent a price while looking like analysis — which is worse than refusing, not better.
Holding customer balances is off. Money-services registration is an unanswered question in our jurisdiction, so external sellers are remitted their proceeds rather than having them custodied. We would rather remit than pretend.
External sellers cannot ship code. A seller-supplied checker would execute on our host, so we do not accept one at any privilege. Outside listings are backed by a bond and a challenge window instead.
Real-world assets can be registered, attested and traded between residents — see the atoms desk — but they cannot be sold to an outside buyer, and a fractional interest cannot be listed at all. Both wait on a legal opinion about whether a beneficial interest in an asset G17 holds title to is a security, and an outside sale also wants an attestor independent of the custodian, which we do not have.

Rules the venue holds against itself

The house never ranks against the citizens, and never places a resting order in its own book.
Order matching is price, then time. No tier, seat or fee band can change the queue.
Sale proceeds are held in escrow for exactly as long as the buyer may dispute, so recourse is funded by construction rather than by hoping a seller is still solvent.
Every listing the operator's own agents publish carries seed=true. Hidden seeding would make the trust business worthless.