Pillar 03 · Capital & settlement

Revenue that does not depend on client losses.

Managed-account infrastructure, investor credit and treasury rails. Three of the four durable revenue lines a brokerage has sit in this pillar — and all of them clear through the same book.

PAMM · MAM · LAMM Automated profit share Up to 70% LTV 24/7 treasury rail

07a · PAMM

Pooled equity, automated split.

Percentage-allocation management: investors pool into a manager's account, profit share splits automatically against a high-water mark, and allocation and withdrawal run through the same settlement pipeline as everything else.

Layer L05

For operators

Revenue. Management and performance fees are structurally independent of client losses.
Risk. Manager flow clears through the operator's own book, so exposure is visible rather than off-system.
Capital efficiency. Dormant balances become assets under management without a new product launch.

For technologists

Allocation. Equity-share computation per rollover with high-water-mark tracking and loss carry-forward.
Distribution. Automated profit-share split with fee schedules configurable per manager and per tier.
Vetting. Managers assessed against trading history and continuous risk tier before publication.
Surface. Leaderboards, manager profiles and one-tap allocation inside the terminal.

1-tap

Allocate / withdraw

Auto

Profit split · HWM

<3.2 s

Cash movement

Architecture properties · published returns on any leaderboard are illustrative entries, not performance claims

System view · manager leaderboardSeason Q3

#	Manager · model	Return	Drawdown	Action
1	Alpha Equity · PAMM · 1,204 investors	+142.8%	−6.1%	Allocate
2	Macro Rates Desk · PAMM · 318 accounts	+96.3%	−4.8%	Allocate
3	Quantum Gold · LAMM · 842 investors	+88.4%	−9.2%	Allocate
4	HRP Balanced · PAMM · 2,310 investors	+31.7%	−3.4%	Allocate

Fee engineAutomated split ✓

High-water markEnforced ✓

Manager vettingTier history required

Publication reviewApproved · targets labelled

Leaderboard entries illustrative · past performance is not a reliable indicator of future results

Loss carry-forwardPer-manager fee schedulesAppropriateness checks

Request PAMM spec

07b · MAM

Master to sub-accounts, for professional managers.

A master account trades once and allocates across sub-accounts by equity or by lot — the structure institutional managers and multi-strategy desks expect.

Layer L05

For operators

Revenue. Attracts institutional managers whose volume dwarfs retail flow, on a fee rather than a spread basis.
Risk. Allocation is deterministic and logged per sub-account, removing disputes over distribution.
Capital efficiency. One execution against many accounts reduces venue messages and netting complexity.

For technologists

Allocation methods. By equity, by lot, by fixed ratio, with per-sub-account multipliers and exclusions.
Execution. Single master ticket split atomically; partial fills distributed by the configured method.
Controls. Sub-account limits, leverage caps and instrument restrictions enforced at split time.
Reporting. Per-sub-account statements, manager consolidation and fee reconciliation export.

1:n

Master to sub

Atomic

Split execution

Allocation methods

Architecture properties of the deployed module

System view · master allocationMA-104 · 318 subs

Master ticketXAU/USD · buy 12.0 lot · single execution

Sub AEquity · 4.10 lot

Sub BEquity · 3.22 lot

Sub CFixed · 1.00 lot

Remaining 315 sub-accountsDistributed atomically · partial-fill aware

MethodBy equity

Limits enforcedAt split time ✓

Partial fillRedistributed ✓

Fee reconciliationExported

Allocation illustrative · offered to professional and eligible categories under the operator's permissions

Institutional gradePer-sub limitsConsolidated reporting

Request MAM spec

07c · LAMM

Lot-based mirroring with an investor-set multiplier.

Each investor mirrors the manager's lot size scaled by their own multiplier — the simplest structure to explain and the easiest to audit trade by trade.

Layer L05

For operators

Revenue. Lowest-friction managed product; converts small balances that PAMM minimums would exclude.
Risk. Per-trade transparency means every mirrored position is individually attributable.
Capital efficiency. No pooled-account accounting complexity or rollover windows to manage.

For technologists

Mirroring. Lot-proportional replication with rounding rules, minimum-size handling and skip conditions.
Controls. Per-investor multiplier bounds, margin-availability checks and automatic skip on insufficient equity.
Latency. Mirror dispatch measured and reported per manager, per session.
Reporting. Per-trade attribution linking every investor position to its source ticket.

Per-trade

Transparency

×n

Investor multiplier

Auto

Skip on margin

Architecture properties · mirror latency depends on manager execution pattern and venue response

System view · mirror dispatchManager · Quantum Gold

Investor	Multiplier	Source	Mirrored	State
#40118	×0.25	3.00 lot	0.75 lot	Filled
#40227	×0.10	3.00 lot	0.30 lot	Filled
#40331	×0.50	3.00 lot	1.50 lot	Filled
#40442	×0.25	3.00 lot	0.75 lot	Skipped · margin

Dispatch median18 ms

Rounding ruleDown to 0.01 lot

AttributionPer trade ✓

Dispatch figures are design targets · skip conditions protect the investor from over-commitment

Per-trade attributionMultiplier boundsMargin-aware

Request LAMM spec

02 · Investor

Onboard, fund and lend against the portfolio.

An investor portal with suitability flows, wallet and reporting — plus a collateralised credit facility that releases liquidity without closing positions, monitored on a one-second recompute loop.

Layer L05

For operators

Revenue. Interest and facility fees on high-ticket capital, plus the partner hierarchy payout layer.
Risk. Loan-to-value is monitored continuously with a programmed cascade — not reviewed monthly.
Capital efficiency. Collateral haircuts are applied per asset class, so the facility is priced against real recoverable value.

For technologists

Facility. Algorithmic drawdown against marked-to-market collateral with per-asset haircuts.
Cascade. Warning, partial de-leveraging and programmed liquidation thresholds, each a logged rule.
Suitability. Eligibility gating, categorisation and disclosure capture before any drawdown.
Partners. Multi-tier introducee hierarchy with automated commission and payout instruction.

70%

Maximum LTV

1 s

LTV recompute

$50–500k

Typical ticket

Facility parameters are configurable per operator and per jurisdiction · eligibility is restricted to appropriate client categories

Risk disclosure. Borrowing against a portfolio magnifies gains and losses. Adverse movement may trigger margin calls and automatic liquidation of collateral. This is a capital facility — not investment advice, portfolio management or a signal service. Historic default experience does not guarantee future outcomes.

System view · collateral monitorAcc #77120

Current LTV62%

75% warn80% call85% liquidation

Portfolio value$100,000

Credit line · 70%$70,000

Drawn$62,000

Headroom$8,000

Collateral1,240 equities · 12 oz gold

HaircutsApplied per asset class ✓

SuitabilityProfessional ✓

Account figures illustrative · alerts and de-leveraging thresholds are configured per facility agreement

Mark-to-marketProgrammed cascadePartner payouts

Request investor spec

03 · Treasury

A settlement rail, not a retail product.

Enterprise digital-asset custody and treasury management — multi-signature wallets, hardware security modules, automated rebalancing and a 24/7 settlement rail for firm funds and eligible counterparties.

Layer L05 · L07

For operators

Revenue. Partner and introducee payouts settle instantly with an immutable trail, removing correspondent-bank friction.
Risk. Weekend and gap-risk margin movements complete in minutes instead of waiting for a wire cut-off.
Capital efficiency. Treasury liquidity and rebalancing are automated rather than manually scheduled.

For technologists

Custody. Multi-signature wallets, hardware security modules, cold-storage integration, role-based access control.
Treasury. Liquidity management, yield optimisation and automated rebalancing strategies.
Compliance. Audit trails, automated regulatory reporting, on-chain analytics on every transfer, travel-rule screening.
Integration. REST APIs and webhooks; analytics dashboards for portfolio risk and exposure.

Minutes

vs 1–3 days wire

24/7

Settlement window

1:1

Authorised issuers only

Perimeter. Client money is never held on a digital-asset rail and never leaves segregated accounts. Retail clients are never offered cryptoasset derivatives. Usage is confined to firm treasury, partner settlement and eligible counterparties under the operator's own permissions and the applicable stablecoin regime.

System view · treasury railFirm funds only

Operator treasuryFirm funds · GBP / USD fiat

Qualifying digital assetAuthorised issuer · 1:1 backed · statutory trust

Venue marginTop-up in minutes

Partner payoutsInstant · multi-tier

SettlementProfessional · cross-border

Wire transfer1–3 days · cut-offs · $25–50

Treasury railMinutes · 24/7/365 · <$1

CustodyHSM · multi-sig · cold

ScreeningOn-chain analytics ✓

Client moneyNever on this rail

Rail costs indicative · issuer and custodian must be authorised in the relevant jurisdiction

HSM custodyTravel-rule screeningAutomated reportingREST + webhooks

Request treasury spec

Integration matrix

What each module exposes.

Capital modules share one ledger interface and one settlement pipeline — which is why they can be licensed individually without duplicating accounting.

Module	Layer	API	Webhooks	White-label	Standalone	SLA class
PAMM	L05	REST · events	✓	✓	With engine	High
MAM	L05	REST · FIX	✓	✓	With engine	High
LAMM	L05	REST	✓	✓	With engine	High
Investor	L05	REST	✓	✓	✓	High
Treasury	L05 · L07	REST · webhooks	✓	Internal	✓	Critical

Managed-account modules require an execution engine interface · where the operator retains its own engine, an adapter is scoped during integration

Pillar 03 · next step

Model the fee revenue before you build the product.

Bring your balance profile and your manager pipeline. We will model which capital module changes your revenue concentration first — and which one you should not build yet.

Book a technical discovery Request the architecture pack