> For the complete documentation index, see [llms.txt](https://docs.world.inc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.world.inc/venue/exchange-governance.md). # Exchange Governance WCM is managed through an **administrator role** with specific, clearly defined responsibilities. *** ### Administrator Responsibilities The administrator may: * ✅ **List tokens** on the exchange for trading * ✅ **Create and configure orderbooks** * Most tokens will support all three markets (spot, lending, perpetuals) * Some tokens may only have a **spot** orderbook * ✅ **Set exchange risk parameters** for each token * ✅ **Halt trading** on a particular book (note: existing orders may still be canceled) * ✅ **Set fee rates** * ✅ **Designate the mark price source** * ✅ **Return liquidation fees** to the original owner if a liquidation was found to be **illegitimate** (e.g., caused by price manipulation) *** ### Administrator Limitations The administrator **cannot**: * ❌ Move funds arbitrarily between accounts * ❌ Override the ledger * The ledger only responds to **owner requests** and **trading activity** **The administrator can upgrade the smart contracts ONLY during the Beta release of WCM, primarily for security reasons.** --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.world.inc/venue/exchange-governance.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.