Mechanics
Event lifecycle
From announcement through to redemption.
Every corporate action moves through the same five stages. Status in the interface is derived from these dates rather than stored, so it can never be stale.
- Announced
- The issuer declares the action. A vault is created and listing begins.
- Trading
- The vault accepts deposits and both tokens trade. Opens 30 days before the ex-date.
- Ex-date
- Eligibility closes. The vault seals and takes its snapshot.
- Record
- The issuer fixes holders of record. The vault is the holder.
- Payment
- The distribution reaches the settlement adapter and rights become redeemable.
Vault states
| State | Deposits | Redemption |
|---|---|---|
| Open | Accepted | Recombination only |
| Sealed | Rejected | Recombination only |
| Settled | Rejected | Rights and principal both redeemable |
Unconfirmed actions
An action that has been announced but whose payout is not fixed carries watch status. Its rights are priced on an expected value rather than a declared figure, its settlement confidence is materially lower, and it may settle for less than the indicative value, or for nothing.