Liquid-local roles
Desk and market
Create, order, price, and execute Liquid-local market activity.
Pool and inventory
Describe usable depth, holdings, venue exposure, and constrained market motion without promising exits.
Position and clearing
Represent collateral, debt, health, close intent, liquidation candidacy, and settlement requests. They do not become a bank.
Risk and reserve
Own caps, degraded state, lane posture, and purpose-bound continuity capital. They do not act as Core Treasury.
Settlement
The only owner of final Liquid balance truth.
Infra export
Exports Liquid history and venue snapshots after the relevant Liquid state exists.