Settlement Architecture

#Settlement states

1. Active — the option term is running.
2. Awaiting observation — expiry has passed but the source is not final.
3. Finalizable — valid price, multiplier and finality inputs agree.
4. Settled — payoff and entitlement are immutable.
5. Redeemed — the entitlement has been delivered.
6. Exceptional — a halt, pause or unavailable source requires the stated fallback rule.

#Atomic observation

Settlement binds price, timestamp, Stock Token multiplier, chain confirmation and market version into one record. Separate mutable reads can mix state from opposite sides of a corporate action.

• Reject stale or mismatched input.
• Prevent repeated finalization.
• Separate calculation from asset transfer where useful.
• Emit enough data to reproduce the result independently.

#Economic result

The settlement asset and transfer path can vary without changing the disclosed payoff, provided units and entitlements reconcile exactly.