Price
The charge is listed. Then you issue.
EZego
Two prices stay separate. The discount is the market’s haircut. The charge is the posted fee for writing the paper at all. Both are named before anyone signs.
No friend rate. No treasury exemption. A fee invented after a loss is a fine, and fines are not this book.
All eight stepsDiscount is the market’s haircut of paper into basket units. The risk charge is the posted price of writing that paper at all. Fiat folded both into interest and then socialized the tail. Here they stay two numbers.
Checkout already converts at a live discount. This page is the fee that sits beside that conversion — not inside it.
01
Listed first
The charge for a class of paper is posted before anyone writes that paper. A fee invented after a miss is a fine.
02
Taken when written
The charge is paid when the hedge or the invoice is signed onto the rail. It is not collected from the wreck. The floor take is senior even to this.
03
By class, not by friend
Same tenor, same collateral, same tape quality — same schedule. A private rebate is a second mint. A treasury exemption is a charter.
04
Visible at checkout
The conversion quote names the discount and the charge as two numbers. Rolling them into one rate is how fiat hid the privilege of par.
Across the layers
01
Floor
If the book cannot pay both, the charge waits. The worker does not.