# Global Orderbook The Global Orderbook is a unified, on-chain orderbook for tokenized real estate assets, enabling real-time price discovery, liquidity pooling, and secondary market trading across the Integra ecosystem. ### The Fragmentation Problem Tokenized real estate today is scattered across isolated platforms. Each marketplace operates its own token standard, its own compliance rules, and its own order matching creating dozens of illiquid pools instead of one deep market. An asset listed on one platform is invisible to buyers on another. The Global Orderbook solves this by acting as a shared back-end that cross-links siloed front-end venues, aggregating supply and demand into a single liquidity layer. ### Architecture The orderbook operates on a routing model rather than a monolithic exchange: * **Central Asset Registry** -- every iRWA-wrapped asset is registered with its compliance metadata, investor eligibility rules, and commission structure. * **Order Aggregation** -- buy and sell orders from any connected front-end venue are aggregated into the shared orderbook. * **Compliance Gating** -- before any order is matched, both parties are checked against the asset's compliance policy (jurisdiction, accreditation, sanctions screening). Orders that don't pass are rejected at the protocol level. * **Venue Routing** -- trades can originate on the Global Orderbook and route to regulated trading venues (such as licensed ATS platforms) where required by the asset's regulatory profile. * **Atomic Settlement** -- when a match occurs, the full transaction executes atomically: compliance check, asset transfer, stablecoin payment, commission split, and Asset Passport update in a single transaction. ### Commission Infrastructure Commission terms are encoded on-chain at listing creation, not negotiated after the fact. When a trade settles, commission is distributed atomically alongside the asset transfer no invoicing, no reconciliation, no disputes over who referred what. This is designed to bring real estate's existing distribution network (brokers, agents, affiliates) on-chain without changing how they earn. The economics are familiar; the infrastructure is programmable. ### Agent Integration AI agents interact with the Global Orderbook through standard contract calls: * **Listing Agents** manage sell-side operations, pricing, offer evaluation, settlement execution. * **Acquisition Agents** scan the orderbook against investment criteria and submit offers within configured parameters. * **Referral Agents** match listings to distribution networks, with commission encoded at the protocol level. * **Portfolio Agents** monitor holdings and trigger rebalancing based on orderbook conditions. Agents operate under the authorization constraints defined by their principal. An agent cannot execute a trade its principal hasn't authorized, regardless of what the orderbook presents. ### Market Integrity The orderbook is designed with safeguards for regulated asset markets: * **Anti-wash trading detection** -- pattern recognition to flag circular trading between related addresses. * **Deterministic batch ordering** -- orders within a block are processed in a deterministic sequence, reducing MEV extraction opportunities. * **Conflict resolution** -- dispute mechanisms for contested settlements, with on-chain evidence trails. * **Full audit trail** -- every order, match, settlement, and commission event is recorded on-chain. ### Distribution Network The orderbook is not a closed marketplace. It functions as infrastructure that any front-end platform, broker portal, or institutional interface can connect to. This creates a network effect: every new venue that connects adds liquidity to the shared pool rather than fragmenting it further. The Global Orderbook charges a protocol fee on settled trades, denominated in $IRL. Fee parameters are governed on-chain and can be adjusted through governance proposals.
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