Brokerage economics

The 22 / 4 / 18 bps split — Valura's India brokerage revenue model. Locked with stakeholder.

The three numbers

Component	Value	Meaning
Customer charge	22 bps of trade notional	What Valura charges the customer
ViewTrade cost	4 bps of trade notional	What ViewTrade charges Valura
Valura residual	18 bps of trade notional	Valura's revenue on the trade

For a $1,000 trade:

• Customer's wallet is charged $2.20 on top of the trade principal.
• Of that $2.20 → $0.40 is owed to ViewTrade → $1.80 stays with Valura.

Where each rate is configured

• Customer charge is variable — overridable per-sync from the Jobs UI. Finance can dial it up or down for a campaign.
• ViewTrade cost is fixed — set in config; matches the ViewTrade fee schedule.

Why this shows up in three accounts

The recost pipeline splits the customer's brokerage charge into two pieces on the ledger:

1. 2340 ViewTrade Payable — what Valura owes ViewTrade (4 bps).
2. 2330 Valura Payable (offset by 5099 Valura Earnings Share) — Valura's residual (18 bps).

So on the customer's statement they see one brokerage charge of 22 bps; on Valura's earnings statement they see 18 bps net margin; on the settlement report to ViewTrade they see 4 bps owed.

Small-ticket drift

The 4-bps cost assumption doesn't survive small-ticket fractional trades. ViewTrade has fixed per-trade fees (SEC, TAF, IFSCA, others) that dominate at small notionals — a $10 trade might have $0.02 of fixed fees, which is 200 bps. The broker-fee reconciliation report (/v1/india/broker-fees) joins the ViewTrade Daily Ledger to compare modeled cost vs actual and surfaces this drift.

Follow-ups:

• Move to a piecewise fee schedule (fixed + variable bps).
• Wire the broker's orders/preview at ingest to capture actuals every trade.

Impact on the customer

The customer's charge is the 22 bps. They don't see the split. They see:

• Trade principal
• Brokerage line (22 bps)

The rest is Valura's internal economics.