Admit an early sell of close_quantity of an open receipt's position: the
receipt moves to the sell stage in place, with the sell's request, the account's
current owner and builder code, a fresh volatility snapshot, τ, the deadline,
and no price. The companion escrows order_fee and owns the minimum-sell
checks.
Open during the trading pause and a market mint pause. Aborts unless W is
allowlisted, the version, cutover, and snapshot-stage gates and admit_mint's
timing and SVI-age checks pass, the receipt is this market's (EWrongMarket),
open (EWrongStage), and account's (ENotRecordOwner), the volatility
snapshot loads, and the close passes its own floors at the clock
(EOrderFailsLimits). Then adds the sell's cash need,
ceil(close_quantity * (1 - backing_buffer_lambda)) + 1, to the ledger: a close
lowers payout liability by at least lambda * close_quantity and pays at most
close_quantity. There is no spare-cash check. The keeper funds the market
before τ, and the fill refunds a sell the market cannot cover.
Admit an early sell of
close_quantityof an open receipt's position: the receipt moves to the sell stage in place, with the sell's request, the account's current owner and builder code, a fresh volatility snapshot, τ, the deadline, and no price. The companion escrowsorder_feeand owns the minimum-sell checks.Open during the trading pause and a market mint pause. Aborts unless
Wis allowlisted, the version, cutover, and snapshot-stage gates andadmit_mint's timing and SVI-age checks pass, the receipt is this market's (EWrongMarket), open (EWrongStage), andaccount's (ENotRecordOwner), the volatility snapshot loads, and the close passes its own floors at the clock (EOrderFailsLimits). Then adds the sell's cash need,ceil(close_quantity * (1 - backing_buffer_lambda)) + 1, to the ledger: a close lowers payout liability by at leastlambda * close_quantityand pays at mostclose_quantity. There is no spare-cash check. The keeper funds the market before τ, and the fill refunds a sell the market cannot cover.