Trading Hours and Settlement Times

Knowing When and How Your CRT Trades Are Processed

When the GigaStar Secondary Market opens on March 16, 2026, Investors will be able to buy and sell Channel Revenue Tokens (CRTs) through a regulated Alternative Trading System (ATS) operated by GigaStar Securities. But unlike a social media platform that runs around the clock, the Secondary Market operates within specific hours, and trades do not finalize the instant they execute.

Understanding trading hours and the settlement process will help you plan your trades, avoid confusion about when funds and CRTs become available, and manage important timing considerations like monthly distribution cutoffs.

Trading Hours Overview

The GigaStar Secondary Market will operate during defined trading hours. The specific schedule — including opening and closing times and any pre-market or after-hours windows — will be published by GigaStar Securities before launch.

Here is what you should know about trading hours in practice:

• Orders can only be matched during trading hours. If you place a limit order outside of trading hours, it will enter the order book but will not be matched until the market opens. Market orders placed outside of trading hours may be queued or rejected depending on platform rules.
• The order book is visible outside of trading hours. You can review current bids and asks, research CRTs, and plan your trades even when the market is not actively matching orders.
• Opening and closing moments may see increased activity. As with any market, the first and last minutes of trading may have higher volume as Investors place and adjust orders. Be aware that prices may move quickly during these periods.

Why Trading Hours Are Limited

You might wonder why the Secondary Market does not simply operate 24 hours a day. There are several reasons.

Regulatory requirements. As a registered Alternative Trading System, the Secondary Market operates under SEC oversight. Regulatory frameworks require defined operational hours, supervision during active trading, and compliance monitoring that would be difficult to maintain on a continuous basis.

Market integrity. Defined trading hours allow GigaStar Securities to monitor trading activity, identify irregularities, and ensure fair and orderly markets. A concentrated trading window means that oversight resources are focused during the period when trades are actually occurring.

Operational considerations. The systems that support order matching, trade execution, settlement processing, and account management require maintenance windows. Defined hours ensure that system updates, reconciliation, and other operational processes can occur without disrupting active trading.

Participant concentration. A defined trading window concentrates buyer and seller activity into the same time period. This can actually improve liquidity during market hours compared to spreading the same activity across 24 hours, where the order book at any given moment would be thinner.

Understanding Settlement

When a buy order and sell order match and a trade executes, the transaction is not instantly complete. There is a process called settlement that must occur before the CRTs officially change hands and the funds are transferred.

Settlement is the behind-the-scenes process of verifying the trade, transferring the CRTs from the seller's account to the buyer's account, and moving the funds from the buyer to the seller. This process takes a defined period of time after trade execution.

Why does settlement take time? Settlement involves multiple steps — trade verification, compliance checks, account updates, and the actual movement of securities and funds. These steps are designed to protect both parties and ensure the integrity of every transaction. Even in major public stock markets, settlement is not instantaneous (U.S. equities currently settle on a T+1 basis, meaning one business day after the trade date).

The Settlement Process Step by Step

Here is a general overview of what happens after your CRT trade executes on the Secondary Market.

Step 1: Trade execution. Your order matches with a counterparty on the order book. Both buyer and seller receive a trade confirmation showing the CRT, price, quantity, and execution time.

Step 2: Trade lock. The CRTs involved in the trade are locked in the seller's account. They cannot be listed for another trade or transferred during the settlement period. Similarly, the buyer's funds are held pending completion of the transfer.

Step 3: Verification and compliance. The platform verifies that all trade details are correct and that both parties meet applicable requirements. This includes confirming the seller's CRTs are eligible for resale (12-month holding period met) and that the buyer's funds are available.

Step 4: Transfer. The CRTs are officially transferred from the seller's account to the buyer's account. The purchase funds, minus any applicable transaction fees, are credited to the seller.

Step 5: Confirmation of settlement. Both parties receive confirmation that the trade has settled. The buyer now holds the CRTs and can list them for future sale (subject to any applicable holding requirements). The seller has received their funds.

If settlement fails: In rare cases, a settlement may not complete — for example, if there is a funding issue or a compliance flag. The platform has defined procedures for handling failed settlements, which may include reversing the trade and returning both parties to their pre-trade positions.

Important Timing Considerations

Several timing factors can affect your trading experience and financial outcomes. Plan around these carefully.

Monthly Distribution Cutoffs

CRTs generate monthly distributions based on the Creator's YouTube revenue. There will be a defined record date that determines which Investor receives a given month's distribution. If you buy or sell CRTs close to the record date, the settlement timeline determines whether the buyer or seller is the holder of record for that distribution.

• If your purchase settles before the record date, you are the holder of record and receive the distribution
• If your purchase settles after the record date, the seller remains the holder of record and receives that month's distribution

Understanding this timing is important if the distribution is a factor in your decision to buy or sell at a particular time.

Holidays and Non-Trading Days

The Secondary Market will observe certain holidays when trading is not available. GigaStar Securities will publish a calendar of trading days and non-trading days. Keep in mind:

• Orders placed before a holiday period will not be matched until the market reopens
• Settlement timelines may be extended if non-trading days fall within the settlement window
• Plan ahead if you need a trade to settle by a specific date

Order Expiration

Depending on platform rules, open orders that have not been filled may expire after a certain period. Be aware of any expiration policies so your orders do not lapse unexpectedly. Review your open orders after any gap in trading activity, such as weekends or holidays.

Planning Around Settlement

Because settlement is not instantaneous, do not assume you can immediately use the proceeds from a sale or re-trade CRTs you just purchased. If you are planning a sequence of trades or need funds available by a certain date, factor the settlement period into your timeline.

Key Takeaways

• Trading occurs during defined hours set by GigaStar Securities. Orders placed outside those hours enter the book but are not matched until the market opens.
• Limited hours serve a purpose. Regulatory compliance, market integrity, and operational reliability all require a structured trading window.
• Settlement is the process of transferring CRTs and funds after a trade executes. It does not happen instantly.
• CRTs and funds are locked during settlement. You cannot re-trade CRTs or access sale proceeds until the settlement process completes.
• Distribution timing matters. The record date for monthly distributions determines who receives a given month's payment. Factor settlement timing into buy and sell decisions near record dates.
• Holidays and non-trading days can affect both order matching and settlement timelines. Plan accordingly.
• Check the official schedule. GigaStar Securities will publish trading hours, holiday calendars, and settlement timelines before the Secondary Market launches on March 16, 2026.

Frequently Asked Questions

Can I trade CRTs on weekends or holidays?

The Secondary Market will follow a defined schedule that may not include weekends or market holidays. You can review open orders, check the order book, and research CRTs outside of trading hours, but order matching and trade execution will only occur during the posted trading window. GigaStar Securities will publish the full trading calendar, including any observed holidays, before the market launches. Check the platform for the most current schedule.

How long does settlement take after a trade executes?

Settlement times will be published by GigaStar Securities before the Secondary Market launches on March 16, 2026. During the settlement period, the CRTs and funds involved in the trade are in the process of being transferred between buyer and seller accounts. Until settlement completes, those CRTs cannot be traded again and the funds are not yet available to the seller. Always factor the settlement period into your planning, especially if you need funds or CRTs available by a specific date.

What happens to my CRTs and funds during the settlement period?

During settlement, the CRTs being transferred are locked in the seller's account and cannot be listed for another trade or transferred elsewhere. The buyer's funds are held by the platform until the transfer is finalized. Once settlement completes successfully, the buyer receives the CRTs in their account and the seller receives the sale proceeds, minus any applicable transaction fees. If settlement fails for any reason — such as a funding issue or compliance concern — the platform follows defined procedures to unwind the transaction and return both parties to their pre-trade positions.

This content is for educational purposes only and does not constitute investment advice. All investments involve risk, including the potential loss of your entire investment.