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What the UAE book tracks

Explained in plain terms, grouped by intent. If you want the numbered account listing, see Chart of accounts.

Where the money is​

  • Customer wallets (AED + USD). What each customer can spend right now.
  • Omnibus cash at each custodian (GTN for USD, ZAG for AED, OGold for gold cash pool, PM for private markets). These pool customer money at the custodian; per-customer shares live inside.
  • Valura's own bank accounts (AED + USD).
  • Cash in transit — money mid-flight between the customer and the broker.

What customers hold​

Per asset class:

  • Equities — the customer's claim on shares held at GTN or Aldar.
  • Bonds — same, for fixed income.
  • Gold — physical gold custody at OGold.
  • Private markets — illiquid holdings.

For each of these, the pool at the custodian balances against the sum of customer claims. Valura's exposure to the securities themselves is zero — we hold them for the customer, not for ourselves.

What Valura owes / is owed​

  • GTN payable — GTN's brokerage cost that Valura owes them.
  • Aldar payable — Aldar's cost / rev-share.
  • Valura payable — Valura's own margin (booked as revenue but not yet paid out).
  • Withholding tax payable — tax withheld on US dividends (paid to the authority).
  • VAT payable — UAE VAT on fees charged.
  • Regulatory fee payable — SEC / TAF fees passed through.

Revenue​

  • Brokerage revenue — the customer charge.
  • Custody fee revenue — recurring custody-fee income.

Cost​

  • Brokerage cost — what the broker charges Valura.
  • Aldar brokerage / custody shares — Aldar's share of a revenue.
  • Valura earnings share — Valura's own residual margin.
  • Custody cost — direct custody cost from the broker.
  • Regulatory fee cost — the pass-through SEC / TAF.

How the pieces balance​

Every transaction touches at least two of the buckets above — one debit, one credit, USD-equal. A deposit increases both the omnibus cash asset and the customer wallet liability. A buy moves money from the customer wallet into custody, both accounts touched.

The trial balance sums every account across the whole book and asserts the total is zero. If it's not zero, something is wrong — the reconciliation engine catches that on the next cycle.