One Broker, one price.
The market is a shelf of fixed asks. A seller names a price, a buyer pays exactly that, and the Broker moves with its account, its license and its unclaimed accrual attached.
Fixed asks only
There is no bidding, no auction clock and no offer book. A listing is a price and a token id. The price shown is the price paid, which is what makes a package trade legible: you are not pricing a floor, you are pricing one specific portfolio.
A seller keeps three controls while a Broker sits on the shelf. reprice changes
the ask, delist withdraws it, and claimFor pulls accrued
distributions without taking the listing down.
Listing requires an approval, and the Broker stays in the seller's wallet until it sells. Nothing is escrowed.
The shelf
Every slot reports five things, which is exactly what the terminal's market table shows:
| Field | Meaning |
|---|---|
| id | which Broker is for sale |
| seller | the current owner, who keeps custody until the sale |
| price | the ask, paid in full by the buyer |
| tier | license tier, and therefore weight and credit limit |
| pending | unclaimed distributions that transfer with the token |
The fee
Each sale pays 2.5% to the Distributor, taken from the buyer's payment before the seller is paid. It is not added on top of the ask, so a 1.00 ETH listing costs the buyer 1.00 ETH and pays the seller 0.975 ETH.
That fee is one of three revenue sources every Broker earns from, alongside stock desk fills and credit interest. A Broker holder is therefore paid, in part, out of the trading of other Brokers.
Pending distributions
Unclaimed accrual belongs to the token, not the address that held it. A Broker listed with pending distributions carries them to the buyer unless the seller pulls them first, which is why the shelf shows the pending figure next to the ask.
For a buyer that number is part of what is being purchased. For a seller it is a decision:
call claimFor before the sale, or price it into the ask.
Why a specific Broker
In a conventional collection the cheapest token is usually the rational buy, because the tokens are interchangeable. Here they are not. Two Brokers at the same ask can differ in license tier, in what their accounts hold, and in how much accrual is waiting.
- Weight differs. A Principal Broker earns twenty times what an unlicensed one does, permanently, and that license cost 0.75 ETH to buy.
- The portfolio differs. The account may hold hStocks worth more, or less, than the ask.
- Accrual differs. Pending distributions transfer with the token and are claimable immediately.
- Credit differs. Tier sets the borrowing limit, so a licensed Broker is a larger line of credit as well as a larger income stream.
Verify the account contents in the same block you buy. The seller can move assets out of the account right up until the sale lands.