ADR 0005 — the options decision: amend the constitution (cash-secured, exception-gated) or hold the line at cash-spot

[eaitbrahim]

Whether keel ever trades options is a constitution decision, not a feature request. This issue exists so the decision is made once, explicitly, with facts — never by drift.

The three collisions, stated plainly

1. The cash rail is shipped code. CashAccountRequired enforces multiplier == 1 at broker build (Cash-account posture: encode and document no-margin / PDT-adjacent constraints #372). Options contracts are multiplier-100 instruments; the engine refuses them by construction, today.
2. Spot-only, no-leverage is keel's category stance — the exact line refused when benchmarking Jesse's perpetual futures, margin and short-selling.
3. The Shariah screen. Conventional options are gharar-and-leverage instruments; they enter the book non-admissible by default. A human can attest anything with a source, but a product surface built on a default-refused instrument is a different product wearing keel's name.

If the constitution is amended, the narrowest defensible slice

• Cash-secured only: covered calls and cash-secured puts. Never naked, never margin — assignment fully collateralized by design, so the no-leverage promise remains technically true.
• Exception-gated: an opt-in, unscreened book behind the exception ceremony, never mixed with the attested book, surfaced as posture: exceptions in every report so the honesty ledger stays legible.
• Its own ADR in docs/decisions/0005…: options considered, answer, and the trigger that reopens it — in the style of 0002's trigger list.
• Order-kind discipline: any options order kind enters the port with the same conformance suite as every other kind, and no options-derived score may ever become a ranking key (the Strathern rail extends to the new surface).

Sequencing (deliberate)

1. keel-broker-alpaca Phase B: equities paper profile, attestation semantics, runbook #370 lands — equities prove the second asset class first.
2. The discovery issue's findings are in — decision from facts, not docs.
3. Then this ADR is written. Until then, the default posture is the current one: cash-spot only.

Acceptance

• Discovery findings recorded and linked
• ADR 0005 written — whichever way it decides — with its reopen trigger
• If amended: the exception book's reporting story documented; if refused: the refusal recorded so it stops being re-asked