Port Markets
The flagship marketplace - individually structured, tokenized credit facilities
Port Markets is the flagship product of Port. Each Market is a tokenized credit facility tied to a specific originator or trading enterprise and a defined class of underlying assets. Markets are the fundamental unit of credit exposure on the platform.
What is a Market?
A Market represents a structured financing arrangement in which investors provide capital to an originator or trading enterprise, who deploys that capital into short-term trade finance and receivables assets. Each Market is:
Counterparty specific: A single originator or trading enterprise is associated with each Market. For originator Markets, the originator sources, underwrites, and services the assets. For trading enterprise Markets, Port handles credit servicing. This ensures clear accountability for asset performance and servicing quality.
Asset class defined: Each Market targets a specific type of underlying asset — trade receivables, invoices, inventory financing, or working capital facilities — with parameters calibrated to that asset class.
Independently assessed: Every Market undergoes third-party risk assessment, independent due diligence, and credit scoring before launch. These assessments are published and available to investors.
Structurally protected: Markets incorporate multiple layers of downside protection including originator first-loss tranches, advance rate buffers, concentration limits, covenant frameworks, and, where applicable, insurance coverage.
Facility Types
Port Markets supports two facility types, each designed for different origination models and asset characteristics: Asset Backed Lending (ABL) Facilities (revolving or term, secured by receivables, inventory, and trade assets, typical tenor 30–120 days) and Forward Flow Agreements (pre-committed purchase agreements for originated loans, typical tenor 60–180 days).
Asset Backed Lending (ABL) Facility Revolving or term facility secured by receivables, inventory, and trade assets. Typical tenor: 30–120 days.
Each facility type is detailed in its own section. The choice of facility type is determined by whether the originator or trading enterprise needs a secured facility (revolving or term) or a committed purchase arrangement, based on their business model and asset characteristics.
Market Parameters
Every Market on Port is governed by a set of defined parameters that establish the risk-return profile and operational boundaries of the facility:
Advance Rate
Maximum percentage of asset face value that can be financed; creates an over-collateralization buffer
Concentration Limits
Caps on exposure to individual obligors, industries, geographies, and other risk factors
Covenants
Ongoing conditions the counterparty must satisfy; breaches trigger escalation
Tranche Structure
Capital stack with counterparty-retained first-loss tranche absorbing initial losses
Facility Size
Maximum capital the Market can deploy, calibrated to pipeline capacity
Target Yield
Expected annualized return for senior investors, net of fees and expected losses
See Structural Protections for how each parameter is calibrated and enforced, and the ABL Facilities page for detailed parameter mechanics.
Deposit Queue & Withdrawal Queue
Each Market has two queues that govern how capital enters and exits the facility:
Deposit queue: Manages allocation requests in priority order. Allocators (Curators and independent allocators) can submit allocations at any time; requests are processed at the end of the epoch. This allows orderly deployment of capital into the Market within each liquidity cycle.
Withdrawal queue: Manages redemption requests. Given the short-term maturity of Markets, Curators and independent allocators can submit redemption requests during the redemption period. If total redemption requests exceed available liquidity, they are processed on a pro-rata basis, consistent with pari-passu treatment of all investors in the Market.
Lifecycle
Each Market follows a defined lifecycle: origination, due diligence, structuring, tokenization and launch, deployment and servicing, ongoing monitoring, and repayment or maturity. See Deal Lifecycle for the complete step-by-step process.
Active Markets
Port is pre-launch. Active Markets will be listed here once the platform goes live. Each Market's documentation, credit memorandum, risk assessment, and performance data will be accessible directly on the platform.
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