> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/2.-membership-and-access/2.3-member-categories-and-user-roles.md). # 2.3 Member Categories and User Roles The Exchange operates a two-level access structure. **Member Categories** define which market functions an organization can access (determined by the Exchange based on intended trading activity and contractual agreements). **User Roles** (Participant-level) define permissions for individual users within each Member organization (configured by the Member’s Administrator via the Administration Panel). A Member organization may hold multiple categories simultaneously, and individual users may be assigned multiple roles. A Member’s clearing status (direct Clearing Member, or client of a General Clearing Member) is recorded as an attribute of membership rather than a separate Member Category, and determines how its margin and settlement obligations are met (Section 8). ## Member Categories (Organization-Level) #### Trader The standard category for Members trading as principal on their own account using the central order book. Access includes trading functionality, market data feeds, and API features determined by the Member’s selected membership tier (Section 9). #### Broker Acts as intermediary to facilitate bilateral off-exchange transactions cleared via the OTC block trading functionality (Section 4.3). Brokers may submit OTC trades on behalf of approved counterparties, are displayed as principal for confidentiality purposes, and are subject to minimum trade size requirements. Requires explicit counterparty approval before submitting trades and Exchange approval for Broker status. #### Market Maker Commits to providing continuous liquidity under a Market Making Agreement (Section 5). Market Makers maintain two-way quotes during specified hours, are subject to spread and size commitments, may receive performance-based incentives, but receive no preferential matching priority. Requires signed Market Making Agreement and demonstrated operational and technical capabilities. ## User Roles (Participant-Level) #### Administrator Manages the Member organization’s account configuration, user access, operational settings, trading limits and sub-limits, eligible markets, bank and registry accounts, broker approvals, subscription and billing, and compliance documentation. Administrators cannot trade unless assigned an additional Trader, Broker User, or Market Maker User role. Each Member designates at least one Administrator during onboarding. #### Trader Submits orders on the central order book, manages positions, and executes trades within assigned Eligible Markets and sub-limits. Can place, modify, and cancel orders; view portfolio positions and balances; deposit and withdraw cash/inventory (if operational rights granted); access market data and charts; view personal trade history; and approve or reject OTC block trades where they are a counterparty. Cannot modify organization-level settings, add/remove users, change trading limits, trade outside assigned Eligible Markets, or submit OTC orders. #### Broker User (Broker Members only) Submits and manages OTC block trades on behalf of authorized counterparties via the Block Clear module. Can edit pending OTC orders before counterparty approval, view counterparty approval status, cancel pending OTC orders, and view executed OTC trade history. Cannot place orders on the central order book, approve/reject OTC trades (counterparties approve their own), or submit OTC trades for unauthorized counterparties. Subject to minimum OTC trade size requirements. #### Market Maker User (Market Maker Members only) Manages continuous quoting obligations under the Market Making Agreement with all Trader permissions plus access to market making performance dashboard. Subject to uptime, spread, and size commitments but receives no preferential matching priority. May receive performance-based incentives. ### Combined Roles and Management Users may hold multiple roles simultaneously (e.g., Administrator + Trader, Administrator + Broker User, Trader + Market Maker User). Single-user organizations typically assign combined Administrator + Trader roles to provide both account management and trading capabilities. Multi-user organizations may separate roles based on operational structure. Administrators manage roles through the Administration Panel. During onboarding, the first user is designated as Administrator with full access rights and can subsequently invite additional users via email. Administrators can modify user roles, adjust sub-limits, change Eligible Markets access, and grant or revoke operational rights at any time. Changes take effect immediately and may result in automatic cancellation of affected open orders (Section 5.1). Removed users lose all platform access immediately, and any open orders are automatically cancelled. ### Permission Matrix Summary | Permission | Administrator | Trader | Broker User | Market Maker User | | ------------------------------------------- | ------------- | --------------- | ------------------- | ----------------- | | **Central Order Book Trading** | | | | | | Place orders on order book | — | ✓ | — | ✓ | | Manage own orders on order book | — | ✓ | — | ✓ | | **OTC Trading** | | | | | | Submit OTC orders | — | — | ✓ | — | | Manage pending OTC orders (edit/cancel) | — | — | ✓ | — | | Approve/reject OTC trades (as counterparty) | — | ✓ | — | ✓ | | **Account Management** | | | | | | Add/remove users | ✓ | — | — | — | | Configure trading limits | ✓ | — | — | — | | Set up bank/registry accounts | ✓ | — | — | — | | Manage subscription/billing | ✓ | — | — | — | | View organization-level reports | ✓ | Own trades only | Own OTC orders only | Own trades only | | Grant operational rights | ✓ | — | — | — | | **Market Making** | | | | | | Manage continuous quotes | — | — | — | ✓ | | **Request for Quote (RFQ)** | | | | | | Initiate RFQ | ✗ | ✓ | ✗ | ✓ | | Respond to RFQ (firm quotes) | ✗ | ✓ (toggleable) | ✗ | ✓ | Response to RFQ (submission of firm, binding quotes) is a permission the Account Administrator enables per user and against which the Administrator sets the relevant limits. A Member that only wishes to take liquidity is not exposed to firm-quote obligations unless the permission is switched on. Brokers do not have RFQ access; bilateral trades they arrange are registered through Block Clear.