Legal
Trading disclosure
How orders are decided, routed and executed — and exactly what each performance figure does and does not represent.
Last updated 21 August 2026
1.You are not placing the orders
When you allocate capital to a strategy, the strategy decides what to trade, when and in what size, within its stated mandate. You do not approve individual orders and cannot direct a specific trade.
2.Discretion and mandate
Each strategy publishes the instruments it may trade, its maximum exposure, its leverage limit and its intended holding period. Trading outside that mandate is a control failure, not a feature, and is recorded as a risk event.
3.Order routing and execution
Orders are routed to third-party venues. Execution quality depends on venue liquidity, latency and market conditions at the moment of the order. Fills may occur at prices worse than the price displayed when the decision was made, and partial fills are normal.
4.No best-execution guarantee
TANO aims to execute on reasonable terms but does not operate a formal best-execution regime and makes no guarantee that any order achieves the best available price across all venues.
5.Automation failure modes
Automated systems can fail: connectivity loss, venue outage, stale or corrupted market data, defective deployments and misconfigured parameters can cause missed trades, duplicated orders, unintended positions or delayed reporting. Controls reduce, but do not eliminate, these outcomes.
6.Intervention
Operators may pause, stop or unwind a strategy or bot for risk, technical or legal reasons, including at short notice and at unfavourable prices. Such intervention is logged and visible in your activity trail.
7.Performance labelling
Every performance figure carries one of three labels. Live means executed on real capital at a venue. Paper means the strategy ran against live market data without real capital. Backtested means it was simulated against historical data with the benefit of hindsight. Paper and backtested figures are not evidence of live results and must never be read as such.
8.Methodology
Returns are calculated from recorded fills and ledger movements, net of the charges set out in the fee disclosure unless a figure is explicitly labelled gross. Cash drag, funding and unfilled intent are included where they affect the allocation.
9.No verification yet
No third party has verified any strategy logic or recalculated any published return. Until such verification exists, all performance shown is self-reported.
10.Conflicts
Trading arrangements can create conflicts, including venue rebates and fee structures that reward turnover. These are described in the conflicts of interest disclosure.
11.Sandbox note
In the current sandbox deployment no order reaches a real venue. All fills, positions and results are simulated and are labelled accordingly throughout the interface.