rate sheet
TS/Hwhat is on the sheet
The rate sheet is three numbers stored in the config account.1 The collateral ratio, in basis points, is the minimum collateral a position must carry relative to its amount. The fee, in basis points, is what a counterparty returns to the float on settlement in addition to the amount. The batch window, in seconds, is the length of the daily window during which settle may be called. These numbers are set by the set_rates instrument and nowhere else. Changes are announced by memo at least one full working day in advance and take effect at a named batch.
the three numbers
| PARAMETER | UNIT | READ BY | CHANGED BY |
|---|---|---|---|
| collateral ratio | basis points | open, settle, hold | set_rates |
| fee | basis points | settle | set_rates |
| batch window | seconds | settle, hold, batch_memo | initialize only; not changeable after production |
why the window cannot change
The window length is set at initialize and set_rates does not touch it. Positions carry a batch number, and a batch number only means something if the window it refers to is the same length as every other window. Changing the window would change the meaning of every open position's eligibility. So it is fixed, and if it is wrong, the remedy is a new deployment.
effective batch
Set_rates takes an effective batch number, and the program refuses one that is not greater than the current batch. The new ratio and fee are stored beside the old ones and the program uses whichever is in force for the batch it is running. This means a memo announcing a rate change can name the batch it applies from, and a counterparty reading the memo can count forward and know which of its positions will be judged by the new numbers.
what a rate change does to open positions
Nothing, until the batch. At the batch, a position whose collateral met the old ratio and does not meet the new one is held with reason zero. The counterparty can lock more collateral before the batch and avoid the hold. This is why the operating policy requires a full working day between the memo and the effective batch, and why the desk treats a shorter notice as a material incident of its own making.
the operator key is on the rate sheet
The config account stores the operator public key, and this page prints it in full. Anyone can compare it against the signer of any set_rates, hold, or batch_memo transaction. A transaction of those kinds signed by a different key would have failed with the not operator error, so its appearance on the settlements page is impossible by design, and its appearance on the incidents page as a revert is expected and harmless.
- 1. The rate sheet is the set of rate parameters held in the config account and printed, unaltered, on the rate sheet page.