> ## Documentation Index
> Fetch the complete documentation index at: https://docs.monochrome.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Markets

> Crypto, equities, bonds, derivatives, and real-world assets on one order book infrastructure.

Monochrome operates spot and derivatives markets across asset classes that have historically lived on separate venues. All share one account, one settlement layer, and one fee schedule.

## Asset classes

<AccordionGroup>
  <Accordion title="Digital assets" icon="bitcoin-sign">
    Spot and derivatives markets for major cryptocurrencies, with institutional-grade matching and on-chain settlement.
  </Accordion>

  <Accordion title="Equities" icon="chart-line">
    Tokenised public and private equity. Primary issuance runs through the [Digital IPO framework](/platform/digital-ipos); secondary trading runs on the same venue.
  </Accordion>

  <Accordion title="Bonds and derivatives" icon="landmark">
    Tokenised fixed income and structured exposure, expanding through Q1 2027 per the [roadmap](/token/roadmap).
  </Accordion>

  <Accordion title="Real-world assets" icon="building">
    Tokenised commodities, real estate, private credit, and treasuries: the "One-Stop RWA Financial Services" layer of the platform.
  </Accordion>
</AccordionGroup>

## Fees and MCR

Trading fees are reduced for MCR holders across every market, spot and derivatives alike:

| VIP Tier | MCR held (30-day average) | Trading fee discount |
| -------- | ------------------------- | -------------------- |
| VIP 1    | 1,000 MCR                 | 10%                  |
| VIP 2    | 5,000 MCR                 | 20%                  |
| VIP 3    | 20,000 MCR                | 30%                  |
| VIP 4    | 100,000 MCR               | 50%                  |

Discounts apply automatically at execution and stack with volume-based discounts. See [Utilities](/token/utilities) for the full picture.

## Clearing and settlement

Trades clear in real time and settle on-chain with atomic delivery-versus-payment. There is no T+2 window and no settlement counterparty risk: the asset and the payment move together or not at all.