As this topic is getting more discussion I am adding fund account notes below for visibility:

Fund accounts

Feature: an account can be a multisig

• m of n
• can replace a signer
• can add or remove signers to make m of n → k of p
• any signer can also be a multisig
• any transaction can use a multisig (== provide the multisig ID plus valid signature(s)) or a normal account

Feature: an account can be a fund account

• any transaction can use a fund account (== provide fund account ID plus valid signature(s) from an allowed signer for the txn type) but will fail if the fund account + signer combo don't have permission for that txn type
• specifies a set of assets the fund account can hold and deploy
• can have a close date (all positions auto close and all funds returned)
• specifies a set/sets of account IDs/pubkeys with permissions to administer the fund account and deploy capital and their deployment permissions:
  • permissions to update various parameters
  • permission to set a fund close date (all positions auto close and all funds returned)
  • permissions can be for trading, liquidity provision/commitment, allocation to other fund accounts
  • permissions can be restricted by sets of settlement asset, product, market ID, and account ID (as appropriate)
  • permissions can set a maximum amount of the fund (%) that can be deployed to any single of set of market, product, fund account
• specifies a set of deposit/redemption rules
  • fund max size cap per asset (can be unlimited)
  • redemption rules (redemption delay, max redemption per period, redemption costs,…)
  • fees, all of which may be zero (fixed mgmt fee, % mgmt fee, % fee on profits, period for fee evaluation)
• optional ability to auto-deploy new funds pro-rata (e.g. particularly important for allocating to other fund accounts

Feature: can create or update a fund account

• create and set properties above
• update properties above
• updates that are “material” only take effect after min redemption period plus some network parameter notification period

Feature: can deposit to a fund account

• subject to the max limit if set and only in the assets the fund accepts

Feature: can initiate a redemption

• rules and waiting etc. applied automatically
• can only redeem/withdraw your share of the NAV after fees etc.

Feature: restrict access to funds for account managers/traders

• fund account managers cannot withdraw or transfer away funds in the FA, only deploy to other FAs or into markets for trading / liquidity provision

Feature: apply permissions to trading

• fund account management, trading, LP, and fund account deposit/redeem txns can be made by fund account only if the permissions match

Feature: APIs

• can list fund accounts and properties (total NAV, historic P&L performance, historic NAV change, historic deposits/redemptions inc. future redemptions, all permissions and signers, count of capital deployed…. by market, deployed vs max)
• can filter the above by assets, markets, other FAs invested in, signers
• can list all positions for an FA (+filter)
• can list all FA positions (all Vega, for an asset, for a market)
• can list all FA transfers (filter by type = fee revenue, MTM, settlement, etc. and market and signer)
• can list all FA trades/orders (filter by market, asset, signer - which trader made them, etc.)
• can list all FA parameter/rule changes

Feature (stretch): can make decisions by vote

• fund account managers/traders can make any transaction as a proposal and the fund’s members vote (weighted by % holding) to approve
• each FA has thresholds for voting participation and success in its parameters
• fund account can optionally enabled (by tx type) for transactions themselves to be proposed by their members (perhaps not allowed for some FA admin functions)
• new members have some cooling off period before voting (prevent exploitation)

NB: DAO like management can be achieved using:

• multisigs for signers
• layers of FAs investing in other FAs
• voting feature

NB: Eth investments into and probably redemptions from FAs can be taken directly over the bridge fairly easily, need two way bridge to read the value back on chain though

Questions:

• what is MVP?
• should it be possible to give transfer permissions (i.e. allow an FA to invest outside Vega) - these could be wildcard or to specific addresses/keys
• should it be possible (as a stretch goal, and possibly alongside 2 way bridge) to allow transfers out to ethereum addresses / Ethereum contract interactions to also be specified as deployment targets and given permissions (this would allow deploying funds to Etc based strategies too)