Live Trading Addendum

Live Trading is the buying and selling of Vaulted Assets and Units, conducted on an Order Book within Markets that Tradepost defines and launches. A Live Trading transaction settles immediately on execution while the Vaulted Assets remain in custody in accordance with the Vaulting Services, and no shipment or delivery is required. An Owner may request Withdrawal under the Vaulting Addendum.

Tradepost defines and launches the Markets available for Live Trading and the Vaulted Assets that qualify for each. Within a Market, qualifying Vaulted Assets are interchangeable (fungible), and a participant owns Units in the Market, each Unit backed by a Vaulted Asset in custody. User access to Live Trading order types is determined by Tradepost in its sole desecration and any limits Tradepost sets and discloses.

You may place an Ask in a Market only for Units you own in that Market. Live Trading does not permit short selling, naked Asks, or selling Units you do not own. When you place an Ask, the Units backing it are locked and cannot be withdrawn, transferred, or sold again while the Ask is open; when you place a Bid, you shall authorize the transfer of funds sufficient to settle the Bid if it is matched, as provided in the Terms of Service, and those funds remain committed to that Bid until it is matched, canceled, or expires.

An order is either (i) an immediate order, Buy Instantly or Sell Instantly, that executes against the best available Resting Order or Orders on the opposite side of the Order Book; or (ii) a Resting Order that remains on the Order Book at your stated price and quantity until it is matched (in whole or in part), canceled by you, or expires.

When a Bid matches an Ask (a Bid at or above an Ask price), a binding transaction is formed between the buyer and the seller and executes immediately. Orders are matched by price and then by time: a better-priced order executes first, and among orders at the same price, the earliest-placed executes first; orders may be filled in part. Tradepost applies the same priority rules to all participants and does not grant any participant a preferential position except as expressly disclosed.

A Resting Order is a binding offer. If it is matched, you are obligated to complete the transaction for the matched quantity. While a Resting Order is open, the Units backing an Ask are locked and the funds authorized for a Bid remain committed to that Bid. You may cancel or modify only the portion of a Resting Order that has not yet been matched. Resting Orders remain open until fully matched, canceled, or the expiration you set (or that Tradepost specifies) is reached.

You must complete all authentication Tradepost requires, including two-factor authentication, to place orders, trade, and withdraw in Live Trading. You are responsible for maintaining the confidentiality and security of your account and credentials. Tradepost may require re-authentication before trading or a Withdrawal and may block or reverse activity that fails these checks. Responsibility for unauthorized activity is addressed in the Terms of Service.

Tradepost defines and operates the Markets and Order Books and facilitates and settles matched transactions. Except where Tradepost places its own orders as described in this Section, Tradepost is not a party to trades between participants and does not take title to their Units. Partners place orders on the Order Book. Tradepost may also place its own orders, for example to seed or establish a new Market, stabilize demand, replenish a Market, or provide liquidity, and when it does, Tradepost acts as a principal and counterparty for those trades, trading only from Units it owns. When Tradepost or a Partner is your counterparty, that party (not merely the platform) is a party to that trade. Except as expressly stated, Tradepost does not act as your broker, dealer, agent, or fiduciary and does not provide investment advice.

Tradepost operates the Markets and can see order and market data in that role. Tradepost and Partners may also trade in those Markets; as of the date of these Terms, Tradepost does not place its own orders in any Market. If Tradepost places its own orders in a Market, as contemplated by Section 3(i), those orders will be subject to the same Market rules and price-time priority as any other participant, and Tradepost will not trade ahead of your orders or use non-public order information for the purpose of its own orders. This Section is disclosed to Users before they trade.

Tradepost operates and administers the Markets and may take the actions it considers appropriate to maintain fair, orderly, and reliable trading, including those described in subsections (l) through (p). These are Market-operation and integrity measures.

Tradepost may suspend, halt, pause, limit, or close trading in any Vaulted Asset, any Market, or Live Trading generally, at any time and in its sole discretion, including for volatility, suspected manipulation or error, operational or technical issues, insufficient liquidity, legal or regulatory reasons, or events affecting an underlying asset. A halt may cancel Resting Orders and may be temporary or permanent. Tradepost will provide notice where practicable but is not required to do so in advance.

Tradepost may determine which Markets exist and the Vaulted Assets that qualify for each; manage the number of Units available to trade in a Market (the "float"); onboard, add, or remove inventory; add, combine, split, or remove Markets; and place its own orders to stabilize demand, replenish Markets, or provide liquidity, as described in subsection (i). Tradepost and Partners may also seed a new Market with inventory or initial orders to establish it; especially when a Market is new, some or all of the available liquidity, and the prices shown, may come from Tradepost or Partners rather than from other participants. Tradepost does not guarantee liquidity, the availability of a counterparty, or the ability to buy or sell at any particular time or price.

Tradepost may set and change trading parameters, including tick sizes, minimum and maximum order sizes, position or holding limits, price bands, and circuit-breaker or limit-up/limit-down thresholds. Tradepost may cancel, adjust, or reverse orders or executed trades that result from an obvious error, a system malfunction, manipulation, or a violation of the Terms, and may reverse the associated Instant Settlement.

You may not engage in conduct that manipulates, distorts, or disrupts the Markets, including wash trading, or trading with yourself or between accounts under common ownership or control, to create misleading activity or move a price; spoofing or layering (entering orders you intend to cancel before execution); quote stuffing; momentum ignition or price ramping; coordinating orders, Bids, Asks, or prices with others; front-running; and trading on the basis of material non-public information about Tradepost's Markets, float, or operations. Tradepost may cancel affected orders and trades, reverse settlement, claw back proceeds, impose limits, suspend or terminate accounts, and report conduct, as provided in the Terms of Service.

Tradepost may change how the Markets operate, including order types, matching logic, trading sessions and hours, and fees, as provided in the Terms of Service. Material changes will be disclosed in advance where practicable.

Live Trading is the buying and selling of goods. Vaulted Assets are collectibles and other Real-World Assets, and are not securities, investment contracts, or other financial instruments; Tradepost does not offer them as investments and makes no representation about their value or future price. Your ability to withdraw a Vaulted Asset meeting a Market's specification under the Vaulting Addendum is a core feature of Live Trading.

A Buyer may buy Units in a Market immediately through Buy Instantly, which executes against the best available resting Ask or Asks in that Market. On execution, the purchase is binding, Instant Settlement occurs under Section 5, and ownership of the Units transfers to the Buyer by an entry on the Vault Ledger. After purchase, the Buyer may keep the Units in custody and continue to trade them, or request Withdrawal of a corresponding Vaulted Asset under the Vaulting Addendum.

An Owner may sell Units they own in a Market immediately through Sell Instantly, which executes against the best available resting Bid or Bids in that Market. On execution, the sale is binding, Instant Settlement occurs under Section 5, ownership of the Units transfers to the buyer by an entry on the Vault Ledger, and the net proceeds are credited to the Owner's Wallet.

Because the Units are already backed by Vaulted Assets in custody and authenticated, no shipment or delivery by the Owner is required to complete a Sell Instantly in a Market. A Buy Instantly or Sell Instantly order for a Real-World Asset that is not in custody is a Marketplace transaction governed by Section 5 of the Terms of Service and requires delivery of the Real-World Asset.

Settlement of a Live Trading transaction occurs immediately upon execution. Because the Vaulted Asset is already authenticated and in custody, the receive-and-verify holds that apply to non-custodial Marketplace transactions do not apply.

Funds move through the Wallet and one or more third-party payment processors, as provided in the Terms of Service.

Despite instant settlement, Tradepost may decline, delay, hold, reserve, or require additional verification for a trade, a settlement, or a Withdrawal where it suspects fraud, payment failure or reversal, error, manipulation, sanctions or legal risk, or a breach of the Terms. A new or higher-risk account, or an account with recently changed credentials or payout methods, may be subject to holds before funds are withdrawable or before a purchased Vaulted Asset may be withdrawn.

If a payment supporting a trade is later reversed, charged back, or fails, or if a trade resulted from fraud, error, manipulation, or a violation of the Terms, Tradepost may reverse the trade and its settlement, set off against your Units and any amounts otherwise payable to you, recover the amount plus related costs from you as a debt, and debit your Wallet to the extent of an authorization you have granted as provided in the Terms of Service. Because Units are fungible within a Market, Tradepost will effect a reversal against your Units and available balances and, where necessary, through insurance or recourse to the source, and not by reclaiming a specific Vaulted Asset from a later good-faith buyer. You authorize these adjustments.

Subject to subsection 3(n) (erroneous trades), and subsections (c) and (d) of this Section, an executed Live Trading transaction is final. Any later claim that a Vaulted Asset is not authentic or is defective is governed by the outtake and liability provisions of the Vaulting Addendum.

From time to time Tradepost may conduct an Allocation. An Allocation is the means by which a User may acquire Units at first issuance, before those Units trade on the Order Book. A User may request to participate in an Allocation.

An Allocation request is a request only, and you are not guaranteed any Allocation or your full requested amount. Tradepost may cap the quantity of Units you may request or receive (for example, a per-account limit), and may reject or reduce requests that exceed a limit or that it believes are duplicative, automated, or intended to evade a limit. Where an Allocation is oversubscribed, Tradepost fills requests using the method it discloses for that Allocation, for example first-come, first-served or a randomized (lottery) selection, and may fill your request in whole, in part, or not at all.

The Allocation price is set by Tradepost and is disclosed before you commit. On submitting a request, you shall authorize the transfer of the corresponding funds as provided in the Terms of Service; if you receive a partial Allocation or no Allocation, the unused portion of the authorization is released.

If Tradepost allocates Units to you, the purchase is binding at the disclosed price, Instant Settlement applies under Section 5, and the Units are recorded to you on the Vault Ledger and become eligible for Live Trading.

Allocations may be subject to eligibility, verification, per-account limits, timing windows, and other conditions Tradepost sets and discloses. Tradepost may cancel or modify an Allocation before Units are allocated.