Introduction
Glossary
The terms used across the product and technical documentation.
Assets and product terms
These terms distinguish economic exposure, token identity and planned collateral use.
| Term | Meaning |
|---|---|
| Reference asset | The stock, ETF or other specified asset whose performance an instrument tracks. |
| Edel Stock | Canton-native contractual debt instrument providing reference-asset exposure. |
| Economic backing | The reference-asset exposure maintained for tokens in circulation. Holders own the contractual instrument, not the underlying shares. |
| Multiplier | The amount of underlying exposure represented by one stock token. |
| Primary market | Restricted issuance and cash redemption through approved participants. |
| Secondary market | Trading existing tokens between market participants. |
| On-Chain Margin Layer | Planned use of eligible Edel Stocks as collateral for Markets perpetual positions. |
| EDEL / EDELx | Distinct ecosystem tokens on public networks and Canton respectively. |
Trading and account terms
Account margin is part of Markets trading. It is separate from the planned connection that would accept Edel Stocks as collateral.
| Term | Meaning |
|---|---|
| Perpetual future | Derivative exposure without a fixed expiry date. |
| Initial margin | The margin required to open or increase trading exposure. |
| Maintenance margin | The margin required to maintain an account or position under the market’s risk rules. |
| Funding | A periodic charge or credit associated with perpetual positions under the market’s rules. |
| Command acknowledgement | Feedback about a submitted operation; not by itself proof of a fill or settlement. |
| Authoritative account stream | The validated live account updates used to display orders, fills, positions and balances. |
| Settlement | The process of completing trading obligations on the ledger after off-chain execution. |
| Available for orders | Venue-reported capacity for additional orders after applicable margin requirements and reservations. |
| Index price | A reference price for the market. |
| Mark price | A price used for valuation and risk under the market’s rules. |
| Last price | The price of a recent execution; distinct from the index and mark. |
| Settlement asset | The asset in which a market’s settlement obligations are denominated. |
System and implementation terms
These terms describe how the trading system records, delivers and recovers data.
| Term | Meaning |
|---|---|
| Journal | An ordered record of committed execution outcomes used for data delivery and recovery. |
| Read model | A derived view optimized for queries, built from the system’s authoritative records. |
| Idempotency | Handling retries under the same command identity to avoid creating unintended duplicate operations. |
| Snapshot | A record of state at a particular point in time. |
| Delta | An update applied to previously established state. |
| Sequence gap | Missing continuity in an ordered stream, requiring the documented recovery path. |
| Selective disclosure | Access to transaction data according to the network’s participant and stakeholder model. |
| Canton party | An on-ledger identity that defines participant roles and authority. Trading clients use the Markets API, which handles the ledger integration. |
| Device grant | A flow in which the account owner approves the scopes requested by an agent or client. |
| Command ring | The ordered command intake used by the execution system before processing. |
| MCP tools | Tools that let agents use supported product API operations within the permissions granted by the account owner. |