Free Merchants’ Guild, colloquially still called the Artel, is a confederation of free allods united under a common system of Lex Mercatoria. It is a powerful and huge organisation, and while it does not claim sovereignty in the traditional sense, its decisions shape the economic stability of entire sectors.
It emerged in 990 AGC after the collapse of the Valirian dynasty, when the former Artel of Kanian Merchants chose to continue its covenant without imperial authority.
The early Artel had been governed by an Assembly composed of representatives of member-allods, but after the fall of Valirs and the disruption that followed, this structure proved slow in times of crisis. So the Guild introduced a more centralised executive body known as the Directorate. The Directorate assumed authority over major decisions, such as declaring war, changing Guild policies, and etc. The Directorate is composed of the most economically influential merchants within the Guild, called oligarchs. Membership is not hereditary by law, though in practice it tends to concentrate among a small number of powerful houses.
The Directors also form what is known as the Club of Oligarchs. This is a private association established by the six original Directors during the final years of the Artel Assembly.
Under the Guild, the structure of kontors, commercial courts, and naval enforcement remained intact. The Guild continued to dominate the trade along the Ephyra Traverse, but also went beyond, conquering more sectors, discovering and settling frontiers.
Still, the Hadaganian Empire cannot qualify for membership, having formally abolished Elfin and Ghibbermál within its territories. Despite this, the Empire maintains extensive trade relations with the Guild. Its financial system is partially supported by the Great Goblin Bank, a major transregional institution owned by one of the Guild’s oligarchs.