What the operator keeps about a composed market, and what a reader can check
A composed market is decided by six rules: that a model prices it, that the price is not the product of the legs, what happens when a leg is void, whether a combination can be settled in part, how many legs may be joined, and whether a request may be refused. This page counts how often a reader is told any of them.
- terms pages read
- 40
- state a model prices it
- 26
- state it is not the product
- 4
- state all six together
- 1
Of 40 invented terms pages, 26 state that a composed price is produced by a model and only 4 state that it is not the product of the legs. Nine state the void-leg re-pricing rule, 18 state the leg limits and 7 say a request may be refused. One page in forty states all six rules together.
Why the count is the finding
Every rule in this desk's subject is a rule a reader cannot invent. Nobody discovers that the price was produced by a joint model by looking at it, nobody predicts the void-leg repair from the multiplication they did, and nobody learns that a combination can be settled in part except by having it happen. The sample corpus is the measure of how much of that a reader is told: the single most important fact - that the price is a model's output - appears on 65.0% of pages, and the fact that changes every reader's arithmetic appears on 10.0%.
What the samples show
| Rule the reader needs | Pages stating it | Share | Rule it decides |
|---|---|---|---|
| A model prices the combination | 26 | 65.0% | Why the price is not the product |
| The price is not the product of the legs | 4 | 10.0% | The arithmetic a reader does |
| A void leg is re-priced, not divided out | 9 | 22.5% | What arrives when a leg fails |
| A combination may be settled in part | 0 | 0.0% | What a partial settlement is worth |
| The minimum and maximum legs | 18 | 45.0% | What may be asked for |
| A request may be refused | 7 | 17.5% | Why nothing came back |
| All six rules on one page | 1 | 2.5% | One page in forty |
What a reader can check afterwards
Three things exist after a composed market has run. The market's own settlement record, if it was published - 194 of 218 in sample B. The account's transaction history, which shows the money and not the reasoning. And the operator's request log, which is not published at all. The gap is the point: the arithmetic that produced the price is knowable in principle and checkable in practice only to the extent that the operator chose to write it down before the number was quoted.
- The exact wording of every leg, saved before the request is sent.
- The composed price, the time it arrived and the stake it applied to.
- The product of the legs, computed by you, so the difference is visible rather than inferred.
- The market's name and settlement rule once it is published, or the fact that it was kept private.
- Whether the pages that govern your account state the six rules on this page - and if not, the confirmation is the only record you will have.