YOU THE NORTHERN COMPACT/ reserves 210 · legitimacy 68 · loan book 4
STRATEGIC ASSETS LAST CLEARING PRICE
Prices are facts about the past. Every figure on this screen is the price at which
the book last cleared, at 00:00, which is a dated, attributed number and not a live quote.
Nothing on this screen updates while you watch it, and that is the design, not the mockup.
STRATEGIC ASSET
SEMICONDUCTORS
Clearing price, last 24 turns
turn 119one bar per RESOLUTIONturn 143
The book
DEPTH NOT AVAILABLE
You see the price. You never see the book. Who is buying uranium is not a market data
feed, it is an intelligence operation, and the price moving is the only free signal
anybody gets.
Semiconductors cleared 18% above the twelve turn median for three
consecutive turns. Somebody is buying. The market told you that much for nothing
and it will not tell you another thing without an operation.
Place an order
Side
BUYSELL
Quantity
6 units
Limit
at or below 41 Capital
Clears
ONCE, AT RESOLUTION. Not continuously.
Dispatch lag
12h · matures 21:41 · makes tonight
Action points
1 MANDATE
Visible to others
Only as movement in tomorrow's clearing price
A continuously clearing market would reward whoever was watching the book, which is an
alarm clock in a costume. It clears once, at RESOLUTION, in every timezone at once.
Routing via the Mars lane costs turns and breaks provenance, which is a service and
should be priced like one.
THE LOAN BOOK 4 POSITIONS
A loan application is a disclosure. None of the italicised lines below are visible
to anyone but you, and none of them came from an operation. They were handed over
voluntarily, by counterparties who wanted the money. A loan book is a dossier.
THE EASTERN WATERSHED180 CAP
6% per turn · 9 turns remaining · current
Disclosed at application, turn 134: a Provision shortfall in three theatres and a
requisition programme they have not declared to the Concert.
Source: the borrower, self-reported, uncorroborated. They had a
reason to be honest and a reason to shade it.
THE CARTEL OF THE ISTHMUS95 CAP
11% per turn · 2 turns remaining · missed one payment
Disclosed at application, turn 139: the same Materiel pledged as collateral appears on
the Hanse's registered security filings for turn 138.
They have pledged it twice.Two sources, one of them public. This is the most valuable thing in
this file and nobody had to steal it.
THE SALT COMMISSION60 CAP
4% per turn · 14 turns remaining · current
Disclosed at application, turn 128: nothing unusual. A small, boring, punctual borrower.
Boring borrowers are the business. The other three are the content.
HOUSE ARGENT140 CAP
7% per turn · 5 turns remaining · current
Disclosed at application, turn 141: they are financing something in the southern theatres
they declined to name, and accepted a worse rate rather than name it.
Declining to answer is itself a claim, and it is dated and attributed
like any other.
WHAT PAPER DOES TO LEVERAGE
Leverage stock
43
Leverage cap, base
60
Cap raised by the book
+18
Effective cap
78
Holding paper raises your cap, never your stock. A large loan book
means you can sustain more simultaneous obligations, not that you have a war chest.
Calling a loan converts it to Leverage at that moment, subject to the same cap as
everything else.
This is a proposed fix, not a settled rule. See OPEN-QUESTIONS D17.
WHY THERE ARE ONLY THREE BANKS
Reserves idle
210
Opportunity cost
~19/turn
Legitimacy floor
55 · you hold 68
Competing lenders
2
Median rate, world
6.5%
Nobody caps the number of banks. Rates race to the bottom and marginal lenders exit.
The second barrier is the interesting one: high sustained Legitimacy is incompatible
with heavy covert operations, so a bank has to play clean, not out of
morality, but because its business model is made of other people's trust.
PUBLIC PRICE, HIDDEN BOOK. WORKING OUT WHO IS BUYING IS AN OPERATION.