Reopen notes · ReopenNote, ClosedAuction, ReopenPointer

Sell the reopen, not the asset.

While Hong Kong is shut, a holder who needs out can only hit a thin pool. A reopen note lets them sell a claim instead: wrapper shares locked in escrow tonight, delivered share for share once the market has verifiably reopened. The buyer prices the reopen; the seller keeps the stock’s upside out of a fire sale.

Specimen · in build

Demo counterparties are team wallets: curb-desk sells, the Agentic Wallet buys. No third party has traded a note.

Curb Reopen NoteNo. —

—

— wrapper shares, delivered share for share

Settles at the verified reopen, expected — — —, —:— HKT by the published schedule. The pointer’s witnessed epoch decides, not the timetable.

Wrapper shares
—One unit of the note is one wei of a share
Underlying at mint
—Provenance only: the wrapper absorbs splits and dividends
Multiplier nonce
—
Epoch at mint
—Unlocks when the pointer passes this epoch
Minted
—— — —, —:— HKT
Issuer
—Can cancel only while holding every unit
Fallback
— — —, —:— HKTRedeemable then even if no reopen is witnessed
Fingerprint 0x290decd9…e3e563

A clock that only falls

A note is sold on a descending clock. The price starts high, falls in a straight line to a floor over a set number of minutes, then waits at the floor. The first bid at or above the clock takes the whole lot, so it clears with a single buyer at three in the morning.

Bids are accepted only while the market is still shut and before anyone has witnessed a reopen. And a lot can’t outlive the closure it was listed in: it must end by MarketClock’s next attested transition, which falls before HKEX’s pre-open auction starts publishing prices. Nobody buys a note at a price set before the news.

Lot —reading…
Price now, whole lot —
Start
—
Floor
—
Against the reference
—
Ends
—
Ends in
—
Status
—

Mint, list, bid, redeem

Every step is one transaction you sign in your own wallet. Each is simulated first, sent with Curb’s Builder Code attached, and linked to OKLink when it lands. A revert shows its reason.

Reading MarketClock…

  1. Approve the wrapper

    ReopenNote pulls exactly the shares you escrow, so it needs an allowance on the wrapper token first.

  2. Mint the note

    Allowed only while MarketClock says the market is closed with zero primary capacity, outside a multiplier blackout, and under the asset’s cap for this closure. The pointer witnesses the market shut in the same call and stamps the note with that epoch.

  3. Let the auction hold it

    ClosedAuction escrows a listed note, so you let it move your notes (ERC-1155 setApprovalForAll). It accepts only notes it pulled itself.

  4. List it on the clock

    Prices are USDG for the whole lot. The lot must end by the market’s next attested transition, read now from MarketClock: a lot can’t outlive the closure it was listed in, and must end before HKEX’s pre-open auction.

  5. Bid

    Approve USDG to the auction, then bid with the most you will pay. You pay the clock’s price at the block your bid lands, never more than your maximum; USDG goes straight to the seller and the note to you. Bidders must be on the eligibility registry (the demo lists team wallets only).

  6. After the reopen: witness, print, redeem

    Anyone may tell the pointer to look (observe): it advances the epoch only when it sees the market open after having seen it shut. Between 5 and 35 minutes later anyone may record the print, Scorecard’s guarded price, once for every note of that asset and epoch. Then the holder redeems and receives exactly the wrapper shares the note promised. If no reopen is ever witnessed, a note unlocks anyway ten days after mint.

The pointer only believes what it saw

ReopenPointer keeps one number per asset, the epoch: how many reopens it has witnessed. It moves only when someone asks it to look while the market is open and it last saw the market shut, so the true reopen lies inside a bracket it recorded itself: after the last time it saw the market shut, at or before the moment it saw it open. A stale clock changes nothing.

The print is written once per asset and epoch: Scorecard’s TWAP-guarded price, taken between 5 and 35 minutes after the witnessed reopen. Every note of that asset and epoch shares it, so nobody can pick a better moment.

ReopenPointer, per note asset
AssetEpochPointer seesLast reopen bracket (HKT)PrintNext scheduled reopenCap used this closure, shares
Reading ReopenPointer…

Every sale is graded after the reopen

Once the print is recorded, realisedDiscountBps values each sold lot at the reopen print and compares it with what the buyer paid: (value at the print − price paid) ÷ value at the print. Positive means the buyer bought below where the market reopened; negative means they paid a premium.

It is the first graded price for an hour of Hong Kong closure risk.

Lots on ClosedAuction
LotNoteAssetSharesStart → floor, USDGNow or clearedEndsStatusRealised
Reading ClosedAuction…

Contracts and wallets