How Le Marché Gelé Works

The Office for the Fair Facilitation of Reciprocal Endowment was seated by Le Council on the enactment of the petition that created this marketplace. Le Council does not administer the Marché. O.F.F.R.E. does.

O.F.F.R.E. does not set prices. O.F.F.R.E. holds both halves and records what two citizens agreed to.

When you file an offer, your half is held. Shavings and shares stay in your name—they are frozen where they sit, not moved—so a share in la Glacière still earns its dividend and still carries its S.H.I.F.T. vote. Looneys leave your balance and come back when the offer does.

Withdraw before anyone accepts and your half is returned in full. The filing fee is not returned; it is what a place on the book costs.

Anyone may take an offer at its ask. Anyone may also counter it with a different half, which is held in la Glacière the same way. Only the citizen who filed the offer may accept a counter, and when they do, every other counter is released and returned unasked.

• Ⱡ1,000 to file an offer. Burned, never returned.
• 3.00% of what each side receives, on settlement. That is the Exchange’s own brokerage, charged on both halves—so passing a position to a neighbour is never cheaper than passing it through the pool.
• A share leg is charged at whichever is greater: that commission, or the team’s current Open Ice Levy band, which runs to 75% as a register empties. A peer trade never touches the pool, and the levy is not something two willing citizens get to agree their way around.
• The rate is quoted when the offer is filed and does not move afterwards. O.F.F.R.E. collects the commission it quoted at filing. It does not send a supplementary bill.

Every citizen has a rolling transfer window: Ⱡ100,000 a day and Ⱡ500,000 a week. It is the same allowance the Ceremonial Donation uses, and for the same reason.

But only the unmatched part of a trade spends it. A deal whose two halves are marked at the same figure costs none of the window, however large—so an honest trade has no ceiling and a controlling stake can genuinely change hands. A lopsided one spends window equal to the difference, because a trade is a gift plus consideration, and the gift-shaped part should cost what a gift costs.

Each half must be worth at least Ⱡ1,000, and the same asset may not appear on both sides. A gift is not an offer. Le Marché Gelé requires two halves.

• Looneys at face.
• Shares at spot on the Exchange, read at the moment of settlement.
• Shavings at what Graine Wetsky Funds would pay for them—the only standing bid a Ⓚ has.

Marks move; rates do not. An offer’s page shows both what it was marked at when it was filed and what it is marked at now.

It is not the Exchange. The Exchange is where a price is discovered against a curve, and S.L.U.S.H. is always the counterparty. The Marché is where two citizens agree one between themselves. Nothing settled here moves a team’s reserve, and nothing settled here prints a price.