1. Status of this document

This Execution and Liquidity Framework is a counsel and operations working draft. It describes how order workflows operate today and the contractual / operational items required before live market execution is enabled.

It does not claim that orders are currently routed to a live exchange, liquidity provider, or prime broker.

2. Current state

Topic	Current state
Live order routing	Not enabled for customer self-service live execution
Liquidity venues	Not connected as production execution destinations
Market data	Third-party market-data feeds used for display and workflow testing
Risk engine	Platform margin / liquidation / alert logic operates on platform records
Manual position adjustment	Operator tools may adjust marks for walkthrough scenarios; this is not market execution

Displayed quotes, fills, and P&L are platform workflow outputs unless and until a live execution agreement is activated and disclosed.

3. Target live execution model

Before enabling live execution, Ohana Capital expects written agreements covering:

1. Execution venue / broker / LP — who accepts and fills orders.
2. Market data entitlements — redistribution and display rights.
3. Routing rules — order types, instruments, hours, reject codes.
4. Best-execution / fairness policy — as required by local law.
5. Trade confirmation & allocation — customer and internal records.
6. Fail / cancel / bust handling — error trades and corporate actions.
7. Kill switch / risk limits — credit, concentration, and kill-switch controls.

4. Order lifecycle (platform)

Regardless of live or modeled mode, the platform records:

• Quote or reference price at instruction time
• Validation (instrument, size, margin, account status)
• Acceptance, rejection, or pending state
• Fill / cancel / expire outcomes
• Fees and resulting position or balance updates
• Audit metadata (user, time, identifiers)

Customers must be able to review material parameters before confirmation.

5. Liquidity and slippage

Liquidity may be limited. In any future live model:

• Partial fills, rejects, and slippage may occur
• Stop and limit instructions do not guarantee a price
• Venue outages may suspend trading
• Ohana Capital may suspend instruments for risk or legal reasons

See Market Data Notice and Risk Disclosure.

6. Conflicts

Where Ohana Capital or an affiliate could deal as principal, provide liquidity, or receive payment for order flow, that conflict must be disclosed in live terms and managed under a written conflicts policy approved by counsel.

7. Counsel / vendor checklist before go-live

• Signed execution / clearing / LP agreement
• Market-data license covering customer display
• Instrument eligibility list and restricted list
• Best-execution or equivalent policy (if required)
• Incident and outage playbooks with venue contacts
• Customer disclosure update in Terms / Risk / Relationship Summary

8. Related documents

• Client Money and Custody Framework
• Margin and Leverage Disclosure
• Business Continuity Plan Summary
• Data Processing and Vendor Schedule