Is there a simple explanation of how the token works and will maintain the index price? On an exchange that is not the official ZNAQ exchange for an example, what happens if someone crashes the ZNAQ price well below the index price?
Any exchange where ZNAQ Tokens will be traded, will have to accept ZNAQ Tokens Terms of Trading, hence they will have no right to place the orders above or below the index price. Such orders will simply not pass the security algorithm.