> For the complete documentation index, see [llms.txt](https://ark-defai.gitbook.io/ark/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ark-defai.gitbook.io/ark/4.-layer-1-or-economic-laws-of-ark-defai/4.2-five-regulation-modules/4.2.1-em-module-or-emissions-manager-intelligent-debt-issuance-module/iv.-em-operation-process.md).

# IV. EM Operation Process

1. **EM receives bond purchase quotes and market prices**
2. **Calculates Premium and verifies if it meets the threshold (whether it's higher than the minimum premium)**
3. **Applies the formula to calculate the minting cap**
4. **Opens the bond market → Users subscribe → Assets enter the ATS treasury**
5. **All ARK produced from bond purchases are in locked form (15/30/60/90/180/360 days)**

Result: This process is executed once daily (every 12 hours as one Epoch).