Custody and Counterparty

Custody and counterparty analysis should separate the protocol model from the current closed beta operating model.

Protocol Layer

At the protocol level, margin and positions are housed in dedicated account contracts. That reduces reliance on a traditional offchain venue ledger for core trading state.

Beta Service Layer

The current Broadcast service signs transactions for registered users in the closed beta. That means the present stack introduces an operational custody layer around the protocol for some users.

Counterparty Model

Ollo's design is closer to a collateral-first venue model than a bilateral prime-brokerage model. Counterparty exposure is shaped by posted margin, execution rules, and settlement logic rather than by dealer relationship alone.

Conservative Reading

The current relay model is part of the present operating posture, not a universal requirement for every future deployment.