Define a payoff
Specify the exposure, trigger and backing for the agreed payoff.
Derivatives & income
Put specific income and payoff rights to work.
PAR defines what can be sold, what backs it and what the owner retains throughout the relationship.
How PAR makes it possible
Separate financial interests. Keep their terms connected.
Allocate income
Sell a defined share of income while retaining the remaining interests.
Settle entitlements
Deliver what is due to the right recipient, under the agreed terms.
Use cases
Covered-call income · proposed venue construction
Earn premium from defined upside.
A stock holder wants income and accepts giving up upside above an agreed strike.
An accepting options venue receives a PAR cover right over specified holdings and sells the call to its buyer.
OutcomeThe holder earns premium, retains downside risk and keeps the remaining stock exposure.
LP fee rights · proposed construction
Sell future fees without selling the whole position.
An LP owner wants cash today in exchange for part of future trading income.
A buyer pays for a defined fee share. PAR allocates realized fees and preserves the entitlement through permitted management changes.
OutcomeThe buyer receives the purchased fees. The owner keeps the unsold income and residual position.