{"schema":"https://ver.cy/schemas/card/1.0.0","id":"vr.tr.stock-exchange","code":"thing-q11691","url":"https://ver.cy/models/thing/q11691/","name":"stock exchange","alternateNames":["casa de contratación","Tokyo Stock Exchange-Tokyo Pro Market","Fukuoka Stock Exchange-Fukuoka Pro Market","stock exchange transaction","Sapporo Stock Exchange-Sapporo Pro Frontier Market","regional stock exchange","Stock exchanges of small economies"],"kind":"thing","status":"published","version":"0.2.0-wave.3","language":"en","classifiers":{"family":"Thing Registry","category":"Society, people and institutions","entryKind":"thing","plane":"SOC","domain":["SOC.ORG"],"industry":[],"navPath":"","tags":[],"facets":{}},"whatItIs":"An organised and regulated marketplace where shares, bonds and other securities are listed and traded under rules on admission, disclosure and trading, operated by an exchange company and supervised by a securities regulator; stock exchanges provide price discovery, liquidity and a route for companies to raise capital, and range from global exchanges to regional and specialist markets.","purpose":"Let an agent explain what a stock exchange is and how it works, relay listing, trading and disclosure rules and market data sources from exchanges and regulators, distinguish exchanges from brokers, indices and over-the-counter markets, and route investment decisions to licensed advisers.","scope":{"in":[],"out":[],"boundaries":[]},"distinguishingFeatures":["Regulated marketplace with admission rules","Central order matching","Continuous disclosure obligations for issuers","Supervised by a regulator"],"structure":{"bundles":[{"id":"understand","name":"Understand","description":"What an exchange is.","layers":[{"id":"function","name":"Function","description":"Function.","findings":[{"id":"function-finding","name":"Function","description":"Function.","questions":[{"text":"What does a stock exchange do, and how does trading and price discovery work?","kind":"definition"},{"text":"Is the question about an exchange, a broker, an index or OTC trading?","kind":"boundary"}]}]},{"id":"which","name":"Which","description":"Identifying an exchange.","findings":[{"id":"which-finding","name":"Which","description":"Which.","questions":[{"text":"Which exchange is meant, who operates it, and who regulates it?","kind":"provenance"},{"text":"Which entry fits the specific exchange?","kind":"action"}]}]}]},{"id":"rules","name":"Rules","description":"Listing and trading rules.","layers":[{"id":"listing","name":"Listing","description":"Listing and disclosure.","findings":[{"id":"listing-finding","name":"Listing","description":"Listing.","questions":[{"text":"What must a company do to list and stay listed, in general terms?","kind":"provenance"},{"text":"Which entry fits securities regulation?","kind":"action"}]}]},{"id":"trading","name":"Trading","description":"Trading rules.","findings":[{"id":"trading-finding","name":"Trading","description":"Trading.","questions":[{"text":"What rules govern orders, halts, market abuse and settlement?","kind":"provenance"},{"text":"Is the user asking whether to buy or sell, which needs a licensed adviser?","kind":"boundary"}]}]}]},{"id":"data","name":"Data","description":"Market data.","layers":[{"id":"prices","name":"Prices","description":"Price and volume data.","findings":[{"id":"prices-finding","name":"Prices","description":"Prices.","questions":[{"text":"Where are official prices, volumes and announcements published?","kind":"provenance"},{"text":"Is the data current and sourced?","kind":"boundary"}]}]},{"id":"indices","name":"Indices","description":"Indices.","findings":[{"id":"indices-finding","name":"Indices","description":"Indices.","questions":[{"text":"Which indices summarise the exchange, and who computes them?","kind":"provenance"},{"text":"Which entry fits stock market indices?","kind":"action"}]}]}]},{"id":"context","name":"Context","description":"History and economy.","layers":[{"id":"history","name":"History","description":"History.","findings":[{"id":"history-finding","name":"History","description":"History.","questions":[{"text":"How did exchanges develop from merchant houses and bourses to electronic markets?","kind":"provenance"},{"text":"Which references are standard?","kind":"provenance"}]}]},{"id":"economy","name":"Economy","description":"Economic role.","findings":[{"id":"economy-finding","name":"Economy","description":"Economy.","questions":[{"text":"What role do exchanges play in capital formation and the economy, with debates attributed?","kind":"provenance"},{"text":"Is the presentation neutral?","kind":"boundary"}]}]}]}]},"agentConduct":{"may":["Explain how stock exchanges list and trade securities and how they are regulated.","Report public market data from official sources."],"mustNot":["Place trades or give personal investment advice.","Spread false or misleading information that could move prices.","Use or pass on inside information.","Impersonate an exchange or a listed company."],"requiresHuman":["Any trade, listing or delisting decision."]},"ethics":{"considerations":["Markets depend on fair access to information; manipulation harms ordinary investors.","Market swings affect pensions and jobs."],"affectedParties":["Retail investors","Pension savers","Listed companies' workers"]},"owners":{"steward":"The exchange operator, supervised by the securities regulator.","roles":[],"masterSystems":["Exchange listing records","Securities regulator registers"]},"relations":[{"target":"Q179076","type":"parent","note":"registry parent class"},{"target":"Q750458","type":"parent","note":"registry parent class"},{"target":"trading venue","type":"related","note":"a regulated market"},{"target":"capital market","type":"related","note":"the wider system"},{"target":"securities regulator","type":"related","note":"the authority"},{"target":"stock market index","type":"related","note":"a measure, not a venue"}],"interaction":{"identity":{"applicability":"required","items":["Vercy registry: vr.tr.stock-exchange","Wikidata: Q11691 (https://www.wikidata.org/wiki/Q11691)","Market Identifier Code: ISO 10383 MIC identifies each venue","ticker symbols: per exchange identify listed securities"]},"properties":{"applicability":"not-applicable","items":["trading hours: about 6-9 hours per day - by exchange","listed companies: tens to thousands companies - by exchange"]},"recognition":{"applicability":"optional","items":["Regulated venue with listing rules and an order book","Supervised by a securities regulator","A broker gives access; an index summarises prices; OTC trading happens off exchange","Not a single object; historically a trading floor, today mostly electronic systems with a public identity and building."]},"capabilities":{"applicability":"required","items":["explain how listing and trading work","identify an exchange and its regulator","relay market data sources and rules","distinguish exchange, broker, index and OTC market"]},"hazards":{"applicability":"required","items":["Market crashes and trading halts","Market abuse and manipulation","Technology outages","Agents giving investment advice"]},"interfaces":{"applicability":"required","items":["Securities laws and exchange rulebooks","Listing and disclosure requirements","Market abuse and insider trading rules","ISO 10383 market identifier codes"]},"context":{"applicability":"required","items":["Trading securities and raising capital under rules.","major national exchanges","regional exchanges","growth and professional markets for smaller issuers","derivatives and commodity exchanges, related","historical exchanges such as bourses and merchant houses"]}},"sources":[{"title":"Wikidata item Q11691: stock exchange","url":"https://www.wikidata.org/wiki/Q11691","note":"identity and sense of the item"},{"title":"Wikipedia: Stock exchange","url":"https://en.wikipedia.org/wiki/Stock_exchange","note":"general description of the item"}],"openQuestions":["Should each exchange be a separate entry?","How should MIC codes and regulators be linked?","The registry entry has merged aliases naming specific Japanese market segments and a historical Spanish house; should they be split off?"],"resources":{"spec":"/models/things/publications/thing-q11691/spec.json"},"provenance":{"origin":"thing registry research (pass 2)","builtFrom":["models/things/publications/thing-q11691/spec.json"],"providers":["Claude"],"researchStatus":"unreviewed","generatedAt":"2026-09-12T20:21:37Z","builder":"tools/build_cards.py@1.0.0"},"completeness":{"sections":{"classifiers":"filled","whatItIs":"filled","purpose":"filled","distinguishingFeatures":"filled","structure":"filled","agentConduct":"filled","ethics":"filled","owners":"filled","relations":"filled","interaction.identity":"filled","interaction.properties":"not-applicable","interaction.recognition":"filled","interaction.capabilities":"filled","interaction.hazards":"filled","interaction.interfaces":"filled","interaction.context":"filled","sources":"filled"},"notes":{"_gate":"Published through the thing publication gate 1.0 on 2026-10-06T19:51:53+00:00: completeness 1.00; sense: Wikidata description; 2 live sources; review by codex: pass","interaction.properties":"Plane SOC: no invented physical properties."},"score":1.0}}