Gemini Titan, LLC Self-Certification of an Event Contract Series under 17 C.F.R. § 40.2(d) for “Will {team} win the {year} Laver Cup?” (Laver Cup).
Gemini Titan, LLC · received by the CFTC 23 September 2026 · the filing (PDF)
Summary
Warrant Check read 6 operative provisions in this filing. Across them, 12 of 36 checks are present, 0 partial and 24 absent. 2 provisions have every check present. 2 statements the exchange makes to the CFTC about the filing itself (such as that it complies with the Act) are not contract terms and are left out.
12 present0 partial24 absentWhat the wording addresses
- Champion Declaration / Settlement — every check present.
“officially declared the champion of {Tournament}, as documented” - Suspended match completion — every check present.
“settlement shall be based on the final official result”
What the wording leaves open
- Postponement/Delay - no-champion determination “Exchange determines, in its sole discretion ... no champion will be declared”
- Independent Verification — Absent: Determination rests solely on the Exchange's own discretion; no named document, inspector, or external record.
- Suitable Method — Absent: Unstructured discretion is not a procedure capable of establishing the fact asserted with any checkable rigor.
- Defined Benchmark — Absent: No threshold, criterion, or test is specified for when 'no champion will be declared' is deemed true.
- Conclusive Link — Absent: no named standard - entailment cannot be assessed
- Comprehensive Coverage — Absent: No defined population or record is referenced against which the discretion is checked.
- Relevant Timeline — Absent: No time boundary is set for how long delay must persist before this discretion may be exercised.
- Cancellation - last fair price “resolve to the last fair price determined in the sole discretion”
- Independent Verification — Absent: Price-setting rests entirely on Exchange's sole discretion; no external pricing source, formula, or document named.
- Suitable Method — Absent: Discretionary judgment cannot establish an objective 'fair price' at the certainty implied by a settlement value.
- Defined Benchmark — Absent: No methodology, formula, or reference price is specified for 'fair price'.
- Conclusive Link — Absent: no named standard - entailment cannot be assessed
- Comprehensive Coverage — Absent: No stated basis (e.g., last traded price, order book snapshot) ties the determination to a defined dataset.
- Relevant Timeline — Absent: No point-in-time or window is specified for which price is 'last' or fair.
- Team unable to field - last fair price “unable to field a team ... resolve to the last fair price”
- Independent Verification — Absent: Both the 'unable to field' finding and the resulting price rest on the Exchange's own discretion, with no named verifying document.
- Suitable Method — Absent: No procedure is specified to confirm a team's inability to field a side, nor to compute a fair price.
- Defined Benchmark — Absent: No criteria define 'unable to field a team' or the pricing methodology.
- Conclusive Link — Absent: no named standard - entailment cannot be assessed
- Comprehensive Coverage — Absent: No defined evidentiary population (e.g., official withdrawal notice) is tied to the claim.
- Relevant Timeline — Absent: No timeframe is specified for when this determination must be made relative to the Tournament.
- Market Outcome Review Process “right to determine payouts pursuant to Rule 7.1”
- Independent Verification — Absent: Procedure and evidentiary basis live in Rule 7.1, which is referenced but not supplied; as stated here it is Exchange sole-discretion driven.
- Suitable Method — Absent: Cannot assess whether the referenced process can establish the claim since its content is absent; text shown gives the Exchange unilateral determination power.
- Defined Benchmark — Absent: No standard is given in the supplied text; Rule 7.1 content is not provided.
- Conclusive Link — Absent: no named standard - entailment cannot be assessed
- Comprehensive Coverage — Absent: Scope of what situations trigger review is broadly listed but the review's coverage/method is undefined without Rule 7.1.
- Relevant Timeline — Absent: 'Before Settlement' is the only timing marker; no defined window for the review process itself.
- Relies on material referred to but not in the public filing.
Every provision read
Champion Declaration / Settlement
“officially declared the champion of {Tournament}, as documented”
Determination: A team has reached 13 of 24 championship points and is officially declared champion, as documented by the Source Agency · Consequence: The Expiration Value is fixed and the Contract settles/pays out based on that declaration
Present Independent Verification. Named third-party source (LaverCup.com) with a defined backup hierarchy (atptour.com, named broadcasters) - receivable, neutral evidence.
Present Suitable Method. A points-based scoring system with a defined winning threshold and tiebreak rule can establish the binary champion fact at the certainty asserted.
Present Defined Benchmark. 13 of 24 points, with a deciding match if tied 12-12, is an explicit numeric threshold.
Present Conclusive Link. Reaching the stated point threshold is, by the rule's own definition, what makes a team champion.
Present Comprehensive Coverage. Source Agency reports the result of the single specified edition/tournament the Contract references - coverage matches the claim.
Present Relevant Timeline. Expiration Date/Time is pegged to one hour after the Source Agency reports the champion, matching the event being measured.
Postponement/Delay - no-champion determination
“Exchange determines, in its sole discretion ... no champion will be declared”
Determination: The Exchange determines that no champion will be declared for the delayed/postponed Tournament · Consequence: Triggers resolution as a cancelled Tournament (last fair price) rather than keeping the Contract open
Absent Independent Verification. Determination rests solely on the Exchange's own discretion; no named document, inspector, or external record.
Absent Suitable Method. Unstructured discretion is not a procedure capable of establishing the fact asserted with any checkable rigor.
Absent Defined Benchmark. No threshold, criterion, or test is specified for when 'no champion will be declared' is deemed true.
Absent Conclusive Link. no named standard - entailment cannot be assessed
Absent Comprehensive Coverage. No defined population or record is referenced against which the discretion is checked.
Absent Relevant Timeline. No time boundary is set for how long delay must persist before this discretion may be exercised.
Cancellation - last fair price
“resolve to the last fair price determined in the sole discretion”
Determination: Tournament is officially cancelled in its entirety with no champion declared, and 'last fair price' is correctly determined · Consequence: Contract settles at that Exchange-determined price instead of a champion-based payout
Absent Independent Verification. Price-setting rests entirely on Exchange's sole discretion; no external pricing source, formula, or document named.
Absent Suitable Method. Discretionary judgment cannot establish an objective 'fair price' at the certainty implied by a settlement value.
Absent Defined Benchmark. No methodology, formula, or reference price is specified for 'fair price'.
Absent Conclusive Link. no named standard - entailment cannot be assessed
Absent Comprehensive Coverage. No stated basis (e.g., last traded price, order book snapshot) ties the determination to a defined dataset.
Absent Relevant Timeline. No point-in-time or window is specified for which price is 'last' or fair.
Suspended match completion
“settlement shall be based on the final official result”
Determination: A suspended session/match is later completed and the Source Agency reports the final official result · Consequence: Settlement proceeds on that reported result
Present Independent Verification. Same named Source Agency and backup hierarchy as the primary settlement provision - concrete, receivable evidence.
Present Suitable Method. Reporting of a completed match outcome by the official source can establish the final result at the certainty asserted.
Present Defined Benchmark. Same 13/24-point threshold and completion-of-all-matches standard applies.
Present Conclusive Link. Completion of required matches with the point threshold met establishes the champion as defined.
Present Comprehensive Coverage. Covers the full Tournament including the rescheduled window - matches the claim's scope.
Present Relevant Timeline. Explicitly extends to completion 'on a subsequent day within the rescheduled window', matching the continuing obligation.
Team unable to field - last fair price
“unable to field a team ... resolve to the last fair price”
Determination: A team is unable to field a team, causing cancellation or no champion declared · Consequence: Contract resolves to last fair price determined in Exchange's sole discretion
Absent Independent Verification. Both the 'unable to field' finding and the resulting price rest on the Exchange's own discretion, with no named verifying document.
Absent Suitable Method. No procedure is specified to confirm a team's inability to field a side, nor to compute a fair price.
Absent Defined Benchmark. No criteria define 'unable to field a team' or the pricing methodology.
Absent Conclusive Link. no named standard - entailment cannot be assessed
Absent Comprehensive Coverage. No defined evidentiary population (e.g., official withdrawal notice) is tied to the claim.
Absent Relevant Timeline. No timeframe is specified for when this determination must be made relative to the Tournament.
Market Outcome Review Process
“right to determine payouts pursuant to Rule 7.1”
Determination: An Expiration Value cannot be determined (cancellation, forfeiture, withdrawal, disqualification) · Consequence: Exchange may initiate review and determine payouts under Rule 7.1 of the Rulebook
Absent Independent Verification. Procedure and evidentiary basis live in Rule 7.1, which is referenced but not supplied; as stated here it is Exchange sole-discretion driven.
Absent Suitable Method. Cannot assess whether the referenced process can establish the claim since its content is absent; text shown gives the Exchange unilateral determination power.
Absent Defined Benchmark. No standard is given in the supplied text; Rule 7.1 content is not provided.
Absent Conclusive Link. no named standard - entailment cannot be assessed
Absent Comprehensive Coverage. Scope of what situations trigger review is broadly listed but the review's coverage/method is undefined without Rule 7.1.
Absent Relevant Timeline. 'Before Settlement' is the only timing marker; no defined window for the review process itself.
Read 31 October 2026 with Warrant Check (instrument 1.0). Labels: Present, Partial, Absent describe whether each check is found in the wording as written.