The system does not place orders — it generates instructions
In the production execution mode, the Volatility Alliance only generates and stores durable trade instructions; it does not connect to a broker and does not send orders. Neither the crypto leg nor the US equities leg is routed to an exchange automatically.
Instructions are then executed by the platform itself: platform staff take the instruction and place the order manually in the platform's own trading accounts. Every basket leg is marked as platform-managed execution, and the product's cap on externally reported legs is 0 — any self-reported fill outside the durable instruction and fill-approval path is rejected.
How a fill reaches your account
| Step | Who | What happens |
|---|---|---|
| 1. Generate instructions | Two operators | One proposes, a second reviews and confirms; only then are deterministic instructions generated |
| 2. Execute | Platform staff | Order placed manually in the platform's own trading account |
| 3. Report the fill | First operator | Enters filled quantity, price, fees, tax, fill time and an evidence reference |
| 4. Confirm and book | Second operator (must differ from the first) | Checks and confirms; only then is it written to the ledger |
Where the API and admin console say “external”, it means “executed outside the system”; it does not imply a third-party executing institution.
Why there is a “valuation pending” gap in between
Between instruction generation and the second reviewer confirming and booking the fills, the product has a fund cash action in progress. During that period it produces no live valuation, and the assets overview degrades to a skeleton labelled “valuation pending”. It clears once the fills are confirmed and booked.
This article describes the execution and booking mechanism. It is not a return commitment. Unit value moves with the portfolio valuation and can fall. Product parameters and exit rules are on the product page and in the customer agreement.