Regulatory limits (SEC pilot)

What is this? The SEC opened tokenized equities as a pilot, not as a free market. Each venue may offer a limited number of symbols and may trade only a slice of each stock's daily volume: 0.25 % for the large names (tier 1) and 2.5 % for the rest (tier 2), measured against last month's average daily volume across the whole US market.

What we do with it. The same machine that counts a mandate's caps counts these: it warns at 80 % and 95 %, and denies at the cap. Going over the volume cap pauses that symbol for three months, which is the penalty the order sets, so the engine applies it by itself. Going over the symbol cap costs the whole exemption, so a new symbol beyond the allowance is denied before it is ever traded.

Related venues. The cap belongs to the group: if your organization runs more than one venue, each one reports its daily volume per symbol (POST /v1/venue/related-volume) and the engine counts it against the same cap.

What has to be loaded. Each asset declares, in Assets, how it was tokenized (by the issuer, by a third party, or synthetic — which never qualifies), its tier, and last month's average daily volume. Without those figures an operation is denied: a cap that cannot be measured is not a cap.