One core receives real-time rates from liquidity providers through a provider layer (IBI over FIX 4.3 is the first, others plug in), calculates spreads, hedges every trade and manages customers and collateral. On top of it, three channels: rates for Kashcash, Shilan's own trading site, and branded sites for partner exchange houses.
From the draft spec, October 2026 · to be confirmed by Shilan
work the hedging queue: one task per trade, with the rate and amount to take with the provider
verify new clients by call or meeting, approve or reject with a reason, suspend, change limits, set spreads, match incoming transfers
register, upload ID, sign the guarantee, deposit collateral and trade inside their limit
brand their own site, set their spread on top of Shilan's, open staff users, verify and approve their own clients
reads rates through its own key, with its own spread and a rate limit; rates only, no trading
Also kept: rate history from the provider, API consumers (Kashcash and later ones), and an audit log of every user, admin and system action.
A quote locks the rate for 10 seconds after the click; the client confirms inside that time and the trade is recorded with a unique ID and timestamp.
Open decisionhow long the lock lasts
A trade above the client's free limit is refused. The limit is 10% collateral of all trades: a $40,000 deposit opens $400,000.
Open decisionthe margin threshold for alerts and closing positions
A pair whose rate the provider marks as not tradable is suspended on every channel until a valid rate returns. Outside Sunday 17:00 to Friday 17:00 New York time the market is closed and trades are blocked.
Spreads are set per pair and channel (and per partner, client group or single client), added to the provider's base rate. A partner's spread sits on top of Shilan's.
Every trade opens a hedge against the provider: automatically with the automatic-execution add-on, otherwise as a task for a dealer.
Open decisionthe provider's trading API (until then, dealer tasks)
A client can trade only after phone verification by SMS, ID upload, a signed guarantee, a collateral deposit and verification by Shilan.
A partner's clients are verified by the partner before their first trade; Shilan can suspend a partner or a client in one click.
Open decisionlicence and responsibility split with partners