Position concentration
Does one participant hold most of the money at stake on one side of this market?
In plain English
One participant holds most of the money at stake on one side of this market. A market this concentrated cannot fail against that participant fairly, which is a consumer protection concern.
What the record supports
- Each participant's share of observed exposure, measured across their linked accounts rather than per account.
- How that share changed over the period.
What the record does not support
- True open interest. We measure net buy exposure observed during the review period, which is a deliberately conservative proxy; the exact figure needs position-level data we do not have.
- Positions held before we began observing the market.
Obligation
Why it matters.
A market where one participant holds most of one side cannot fail against that participant fairly, and everyone else is trading against a counterparty they cannot see. That is a consumer protection issue before it is anything else, and it is visible without any allegation of misconduct.
We describe what was detected and which duty it engages. Whether any obligation has been breached is a judgement for the operator's compliance and legal function, not for an instrument.
See the rest of the set.
Twelve indicators across three obligation families, each with its coverage stated as plainly as its capability.