{"schema":"https://ver.cy/schemas/card/1.0.0","id":"vr.wm-eco-004","code":"wm-eco-004-money-instrument","url":"https://ver.cy/models/wm-eco-004-money-instrument/","name":"Money / Instrument","alternateNames":["F2"],"kind":"world-model","status":"published","version":"0.3.0-research.1","language":"en","classifiers":{"family":"World Models","category":"Society, people and institutions","entryKind":"entity","plane":"","domain":["SOC.ECO.MNY"],"industry":["Cross-industry"],"navPath":"NAV.SOC.ECO.MNY","tags":["money","instrument","soc.eco.mny"],"facets":{}},"whatItIs":"WM-ECO-004 owns the referenced thing that money is: (a) the monetary unit of account and its code, denomination structure and lifecycle; (b) the monetary instrument class - the concrete form money takes (banknote, coin, deposit money, electronic money, central bank digital currency, e-money token) with its issuer, claim, backing, redeemability, transferability and settlement-asset character; and (c) the monetary amount value object with its precision, rounding and conversion rules. It does not own accounts, holdings, payment orders, settlement processing or credit claims: those are referenced from sibling models that point at this one. The model is storage- and interface-neutral; ISO 4217 lists, ISO 20022 payloads, DTI registry records, Git files, MCP tools and MongoDB documents are projections of these semantics, not the semantics.","purpose":"Define the monetary unit of account and the transferable monetary instrument that denominate, embody and store value, so that any agent can identify a unit or instrument, classify it, reason about its issuer, claim, legal status and lifecycle, and construct or validate a monetary amount without owning accounts, balances or payment execution.","scope":{"in":["Monetary unit of account: identity, alphabetic and numeric codes, official and local names, symbol and presentation, minor unit and subdivision structure","Unit kind classification: national currency, supranational currency, fund code, precious-metal unit, special drawing right, special-purpose codes such as no-currency and testing codes, and digital token units","Monetary instrument class: form taxonomy, fungibility, divisibility, negotiability, bearer versus registered form, ledger or medium dependency","Issuer identity and issuance authority, the claim the instrument represents, its backing or reserve arrangement, and redemption rights including redemption at par","Settlement-asset character: central bank money, commercial bank money or other settlement asset, and the instrument's capacity to discharge an obligation with finality","Legal tender status, territorial and jurisdictional validity, issuer authorisation and supervisory status, and usage or holding restrictions attached to the unit or instrument","Lifecycle and succession of units and instrument series: introduction, redenomination, currency substitution, withdrawal, demonetisation and exchange windows","Monetary amount as a value object: amount plus unit reference, permitted scale, sign, rounding and conversion arithmetic, and the provenance and fitness for use of any rate applied","Governance of the local record: authoritative source, amendment tracking, external code-scheme alignment, validation evidence, publication, retention and access"],"out":["Financial accounts, wallets and their holders, scheme membership and account identifiers such as IBAN or BIC - owned by WM-ECO-015","Balances, holdings, positions and as-of quantification of who holds how much - owned by WM-ECO-017","Payment orders, initiation, clearing, settlement instruction processing, rails, operating calendars and payment lifecycle status - owned by WM-ECO-009","Credit and debt claims, principal, interest and amortisation schedules; these reference monetary units but are separate instruments","Non-monetary financial instruments such as equities, bonds and derivatives identified by ISIN, UPI or CFI","Legal and natural person identity, organisational structure and beneficial ownership of issuers or holders","Market microstructure, order books, tradable price discovery and time series of traded FX prices","Monetary policy operations, money supply aggregates, macroeconomic statistics and national accounts compilation","Anti-money-laundering screening logic, sanctions list maintenance and transaction monitoring rules"],"boundaries":[{"neighbor":"WM-ECO-009 Payment / Funds Transfer","distinction":"WM-ECO-009 owns the transfer event, its parties, instruction, rail and settlement outcome. WM-ECO-004 owns only the unit or instrument that the transfer moves, plus the instrument's intrinsic settlement-asset character. PFMI Principle 8 finality is a property of the transfer arrangement; PFMI Principle 9 money settlement is a property of the settlement asset, so the asset-side attribute stays here and the process stays in WM-ECO-009."},{"neighbor":"WM-ECO-015 Financial Account","distinction":"An account declares its denomination or the monetary instruments it may hold by referencing a WM-ECO-004 unit or instrument. Account identity, parties, scheme, status and access rules are never duplicated here. Account-number schemes are excluded even though they co-occur with currency in ISO 20022 payloads."},{"neighbor":"WM-ECO-017 Financial Position / Balance","distinction":"A position quantifies an amount of a referenced unit or instrument at a stated time. WM-ECO-004 supplies the unit reference and the amount value-object rules including scale and rounding; it never records who holds how much. The previous F2 'holding' object is retired from this model's scope."},{"neighbor":"Credit and debt claim model (legacy F8)","distinction":"Deposit money is in scope here as an instrument form classified as a liability of a deposit-taking corporation, following the statistical classification of currency and deposits. Loans, bonds and other credit claims are out of scope even though they are denominated in a monetary unit and settled by payments in one."},{"neighbor":"Market price / FX market data model","distinction":"WM-ECO-004 keeps only the definitional side of conversion: the ordered currency pair, the quotation convention, legally fixed conversion rates and the provenance of any referenced rate. Continuous market price discovery, tradable quotes and rate time series belong to a market-data sibling; the ECB reference rates are explicitly not intended for transaction purposes, which shows the two concerns must not be merged."},{"neighbor":"Organization / legal entity model","distinction":"Issuers, maintenance agencies and registration authorities are referenced by governed entity identifier such as an LEI. Their corporate identity, hierarchy and relationship data stay in the organization model; only the issuance role and its authorisation evidence are asserted here."},{"neighbor":"Jurisdiction / place model","distinction":"Territorial validity, legal tender scope and monetary sovereignty are expressed as references to jurisdiction entities. The definition, geometry and political status of those jurisdictions are not modelled here, which matters because a unit can be lawful money in jurisdictions that did not issue it."},{"neighbor":"Securities and non-monetary instrument model","distinction":"ISO 4217 also carries fund codes and precious-metal codes that are not currencies, and DTI covers tokens that are securities rather than money. WM-ECO-004 includes such codes only as unit-of-account references and marks them as non-monetary; the instruments they identify belong elsewhere."}]},"distinguishingFeatures":["Defines what money is (unit, instrument, amount), not accounts, balances or payments.","Separates the unit of account from the instrument that embodies value and from its issuer.","Tracks legal tender status and lifecycle, including redenomination and withdrawal."],"structure":{"bundles":[{"id":"unit-of-account","name":"Unit of Account","description":"The monetary unit itself: how it is identified, what kind of unit it is, how it subdivides, and how it is named and presented. This bundle is the referenceable anchor that every sibling model points at when it says 'denominated in'.","layers":[{"id":"unit-identity-and-codes","name":"Unit Identity and Codes","description":"Identifying a monetary unit unambiguously and classifying what kind of unit it is, including units that are not currencies at all.","findings":[{"id":"monetary-unit-identity","name":"Monetary unit identity and identifier priority","description":"A monetary unit is identified by the authoritative registry identifier of its governing scheme before any locally assigned surrogate. For currencies, funds and precious metals this is the ISO 4217 alphabetic code with its numeric code, published by the Maintenance Agency Secretariat; for digital token units it is the nine-character Digital Token Identifier assigned by the DTI Foundation. Alphabetic codes are reused across time after a unit is withdrawn, so a code alone is not a durable key without a scheme and validity interval.","questions":[{"text":"Which authoritative scheme identifier designates this monetary unit, and what is the code value within that scheme?","id":"unit-authoritative-identifier","kind":"identity"},{"text":"When no governed external identifier exists, what surrogate key is assigned and how is its collision resistance and reuse policy defined?","id":"unit-surrogate-key-basis","kind":"identity"},{"text":"How is a reused or historically ambiguous code disambiguated between distinct units that carried the same alphabetic code at different times?","id":"unit-code-reuse-disambiguation","kind":"temporal"},{"text":"Does this identifier denote money, or a fund, precious metal or testing placeholder that must never be treated as spendable money?","id":"unit-non-currency-flag","kind":"classification"}]},{"id":"unit-kind-classification","name":"Monetary unit kind and monetary character","description":"Units carried by the same code scheme are not homogeneous. ISO 4217 covers national and supranational currencies, fund codes and precious-metal units, plus a code reserved for transactions where no currency is involved and a code reserved for testing. Statistical classification separates monetary gold and special drawing rights from currency and deposits. Under MiCA, digital units divide into electronic money tokens referencing a single official currency and asset-referenced tokens referencing other values. An agent must know which of these it holds before treating a value as money.","questions":[{"text":"Which unit kind does this record assert - national currency, supranational currency, fund unit, precious-metal unit, special drawing right, special-purpose code or digital token unit?","id":"unit-kind-assignment","kind":"classification"},{"text":"For a digital token unit, does it reference a single official currency, a basket or other value, or nothing at all, and which regulatory subclass follows?","id":"unit-token-subclass","kind":"classification"},{"text":"What semantics apply when a special-purpose code is present, and which operations must be blocked?","id":"unit-special-code-semantics","kind":"constraint"},{"text":"Where two authorities classify the same unit differently, which classification governs for a given consumer?","id":"unit-classification-conflict","kind":"exception"}]},{"id":"sdr-unit-and-reserve","name":"SDR as unit of account and reserve asset","description":"The SDR is not a currency and not a claim on the IMF. It is an international reserve asset whose value is based on a basket of five currencies (USD, EUR, CNY, JPY, GBP) and it is the unit of account of the IMF and some other international organizations. Only IMF members, the IMF and prescribed official holders may hold SDRs; private persons cannot. 2008 SNA classifies SDRs as AF12. ISO 4217 lists XDR as a code for the SDR. Basket weights and daily valuation are properties of the unit, not market FX quotes owned by this model as a price series.","questions":[{"text":"Is this unit the SDR (XDR), another currency basket, or an ordinary national unit?","id":"sdr-unit-and-reserve-q01","kind":"identity"},{"text":"Which listed currencies and fixed amounts compose the SDR or other basket, and who may change that composition?","id":"sdr-unit-and-reserve-q02","kind":"composition"},{"text":"Which classes of holder are legally eligible to hold this reserve instrument, and are private parties excluded?","id":"sdr-unit-and-reserve-q03","kind":"ownership"}]}]},{"id":"unit-denomination-structure","name":"Denomination Structure and Presentation","description":"How a unit subdivides into minor units and how it is officially named, symbolised and rendered for humans without those renderings becoming semantics.","findings":[{"id":"minor-unit-and-subdivision","name":"Minor unit exponent and subdivision structure","description":"The governing scheme publishes a minor unit value that fixes the number of decimal places in which amounts of the unit are normally expressed. The value is not universally two: some units have zero decimal places, some have three, and some entries have no applicable minor unit at all, notably precious metals and fund codes. Minor unit is a property of the unit, not of a payment or an account, and it constrains the scale of every amount denominated in that unit.","questions":[{"text":"What minor unit value does the governing scheme publish for this unit, and is it defined at all?","id":"minor-unit-value","kind":"measurement"},{"text":"From which effective instant does the current minor unit apply, and what value applied before it?","id":"minor-unit-effective-window","kind":"temporal"},{"text":"When a target payload permits more or fewer fractional digits than the minor unit, which constraint governs and how is the divergence recorded?","id":"minor-unit-vs-payload-scale","kind":"interoperability"},{"text":"What is the named subdivision of the unit and does any non-decimal or legacy subdivision remain in force?","id":"subdivision-naming","kind":"definition"}]},{"id":"unit-naming-and-presentation","name":"Official naming, symbol and presentation","description":"A unit carries an official name in the language of its issuing authority, one or more local or transliterated names, and often a symbol. Presentation - symbol placement, digit grouping, negative-amount styling and the choice between symbol and code - is locale-dependent and must not be confused with the unit's semantics. Storing a rendered string in place of a code destroys the ability to reason about the unit.","questions":[{"text":"What is the official name of the unit and which authority is the source of that name?","id":"unit-official-name-authority","kind":"authority"},{"text":"Which local, plural or transliterated names and scripts are in authorised use for this unit?","id":"unit-local-names","kind":"definition"},{"text":"Which symbol is associated with the unit, and how is it disambiguated where the same symbol serves several units?","id":"unit-symbol-ambiguity","kind":"quality"},{"text":"How does the record keep locale presentation separate from the stored value so that formatting never becomes the source of truth?","id":"unit-presentation-separation","kind":"interoperability"}]}]}]},{"id":"monetary-instrument","name":"Monetary Instrument","description":"The concrete form money takes, treated as a class rather than a holding: its taxonomy, transferability, issuer, the claim and backing behind it, and its character as a settlement asset capable of discharging an obligation.","layers":[{"id":"instrument-classification","name":"Instrument Form and Transferability","description":"What kind of instrument this is and how value in it can move, including the medium or ledger the instrument depends on.","findings":[{"id":"instrument-form-taxonomy","name":"Instrument form taxonomy","description":"Monetary instruments divide by form: physical currency in notes and coin of fixed nominal value that are liabilities of the issuer; transferable deposits exchangeable on demand at par and directly usable for payment; other deposits that are not directly transferable; electronic money as stored monetary value representing a claim on the issuer and issued on receipt of funds; central bank digital currency as a distinct central bank liability intended to coexist with cash; and tokenised units such as electronic money tokens and asset-referenced tokens. Each form carries different claim, transfer and risk properties.","questions":[{"text":"Which instrument form does this class assert, and against which taxonomy is that form defined?","id":"instrument-form-code","kind":"classification"},{"text":"Which monetary unit denominates this instrument, and can a single instrument class be denominated in more than one unit?","id":"instrument-denomination-unit-link","kind":"relationship"},{"text":"On what medium, ledger or infrastructure does the instrument's existence depend, and what happens to the instrument if that medium ceases?","id":"instrument-medium-dependency","kind":"composition"},{"text":"What test distinguishes this instrument from a non-monetary claim such as a loan, voucher, loyalty balance or security token?","id":"instrument-form-boundary-test","kind":"definition"}]},{"id":"instrument-transferability","name":"Transferability, fungibility and divisibility","description":"Whether and how value in the instrument can pass from one party to another: bearer versus registered form, negotiability, fungibility between units of the same class, divisibility down to the minor unit or below, offline transferability, and whether transfer requires the issuer's or an operator's participation. These properties determine what a transfer of the instrument can even mean before any rail is chosen.","questions":[{"text":"Is the instrument transferable in bearer form, or does transfer require registration, issuer involvement or operator participation?","id":"instrument-bearer-or-registered","kind":"constraint"},{"text":"Are units of this instrument class fully fungible with each other, and what conditions break fungibility?","id":"instrument-fungibility-grade","kind":"classification"},{"text":"What is the smallest transferable quantity of the instrument, and is it the same as the unit's minor unit?","id":"instrument-divisibility-floor","kind":"measurement"},{"text":"Can value in this instrument be transferred without connectivity to the issuer or ledger, and under what limits?","id":"instrument-offline-capability","kind":"requirement"}]},{"id":"cbdc-classes","name":"Retail and wholesale CBDC classes","description":"BIS FSI defines CBDCs as a direct liability of the central bank. Retail CBDC is intended for the general public; wholesale CBDC is for financial intermediaries and is like reserves with tokenisation features. Tokenisation is digital representation of a claim on a programmable platform. Architectures include one-tier, pure two-tier/intermediated and hybrid models. BIS legal analysis warns that rCBDC is not a perfect replica of cash because it is intangible, needs a technical system, and may have holding limits, programmability, interest or a contractual user relationship, so classifying it as cash, deposit or e-money imports the wrong legal regime unless lawmakers choose that result. Designation as currency and legal tender may strengthen its monetary-anchor function but is a legal choice. Payment execution on a CBDC platform remains WM-ECO-009; wallets remain WM-ECO-015.","questions":[{"text":"Is this instrument retail CBDC, wholesale CBDC, tokenised commercial-bank money, or e-money, and is it a direct central-bank liability?","id":"cbdc-classes-q01","kind":"classification"},{"text":"Does this CBDC create a new instrument class or reuse cash, deposit or e-money legal rules, and which sibling owns wallets and payments?","id":"cbdc-classes-q02","kind":"composition"},{"text":"Which holding caps, programmability, interest, identity and offline rules attach to the instrument class itself?","id":"cbdc-classes-q03","kind":"constraint"}]}]},{"id":"issuer-and-claim","name":"Issuer, Claim and Redeemability","description":"Who stands behind the instrument, what the holder's claim actually is, what backs it, and on what terms it can be turned back into something else.","findings":[{"id":"issuer-identity-and-authority","name":"Issuer identity and issuance authority","description":"Every monetary instrument other than a purely decentralised token has an issuer that is a legal entity and that carries the resulting liability. The issuer is referenced by a governed global entity identifier, not by name. The authority to issue derives from a legal basis - treaty or statute for a central bank, an authorisation regime for an electronic money institution, or a crypto-asset authorisation for a token issuer - and that basis is itself evidence that must be recorded and can lapse.","questions":[{"text":"Which governed entity identifier designates the issuer, and which register was used to verify it?","id":"issuer-governed-identifier","kind":"identity"},{"text":"On what legal basis does this entity have authority to issue the instrument, and in which jurisdictions does that basis hold?","id":"issuance-legal-basis","kind":"authority"},{"text":"Where issuance, distribution, custody and ledger operation are performed by different entities, which entity holds which role?","id":"issuer-role-separation","kind":"ownership"},{"text":"If the instrument has no identifiable issuer, how is the absence recorded and what downstream constraints follow?","id":"issuerless-instrument-handling","kind":"exception"}]},{"id":"claim-backing-and-redeemability","name":"Claim, backing and redemption rights","description":"What the holder actually owns differs sharply by form. Physical currency is a liability of the issuer at fixed nominal value. Electronic money is stored monetary value representing a claim on the issuer, issued on receipt of funds and redeemable on request. A stablecoin arrangement is expected to give a robust legal claim against the issuer or the reserve assets, redemption at par for single-currency arrangements, reserve assets that are unencumbered and readily convertible, and an effective stabilisation mechanism. Absence of a claim is itself a material, recordable fact.","questions":[{"text":"Against whom does the holder hold a legal claim, and is that claim against the issuer, the reserve assets, or neither?","id":"claim-against-whom","kind":"relationship"},{"text":"On what terms can the instrument be redeemed - at what value, within what period, subject to what fees or minimum amounts?","id":"redemption-terms","kind":"requirement"},{"text":"What assets back the instrument, how are they segregated and safeguarded, and how frequently is their composition disclosed?","id":"backing-composition","kind":"evidence"},{"text":"What stabilisation mechanism maintains value, and what is the documented behaviour when it fails or redemption is suspended?","id":"stabilisation-failure-mode","kind":"exception"}]}]},{"id":"settlement-asset-character","name":"Settlement-Asset Character","description":"The instrument viewed as the asset used to discharge obligations: which class of settlement asset it is, and what it contributes to finality.","findings":[{"id":"settlement-asset-classification","name":"Settlement asset classification and risk profile","description":"PFMI Principle 9 requires money settlements in central bank money where practical and available, and requires strict control of credit and liquidity risk where commercial bank money is used instead. Stablecoin guidance recognises a third case: settlement assets that are neither central bank nor commercial bank money and that carry additional financial risk. Classifying the instrument into one of these classes, with its credit and liquidity risk attributes, is a property of the instrument and is needed before any rail selection.","questions":[{"text":"Is this instrument central bank money, commercial bank money, or a settlement asset that is neither?","id":"settlement-asset-class-question","kind":"classification"},{"text":"What credit and liquidity risk does a holder or receiver bear when accepting this instrument in settlement?","id":"settlement-credit-liquidity-risk","kind":"measurement"},{"text":"To which categories of party is this settlement asset available, and is availability restricted to eligible institutions?","id":"settlement-asset-availability","kind":"access"},{"text":"If this settlement asset becomes unavailable, what substitute is designated and on what authority?","id":"settlement-asset-substitution","kind":"exception"}]},{"id":"finality-and-discharge-properties","name":"Discharge and finality properties of the instrument","description":"Two distinct properties are often conflated. Legal tender status confers, in principle, mandatory acceptance at full face value with power to discharge a payment obligation, subject to good-faith refusal, contractual agreement on other means, and anti-money-laundering limits. Settlement finality is the irrevocability and unconditionality of a transfer under an arrangement's rules and legal basis. This model records the instrument-side contribution: what the delivery of the instrument itself accomplishes in law. The transfer arrangement that confers finality is owned by the payment model.","questions":[{"text":"Does delivery of this instrument discharge a monetary obligation in a given jurisdiction, and on what legal basis?","id":"discharge-effect","kind":"authority"},{"text":"Does finality for this instrument arise from the instrument itself or only from the rules and legal basis of a transfer arrangement?","id":"finality-legal-basis-dependency","kind":"relationship"},{"text":"After delivery of the instrument, under what circumstances can the transfer of value still be unwound?","id":"reversibility-window","kind":"state"},{"text":"On what grounds may a creditor lawfully refuse this instrument despite its status?","id":"acceptance-refusal-grounds","kind":"exception"}]}]}]},{"id":"legal-status-and-jurisdiction","name":"Legal Status and Jurisdiction","description":"Where and on what terms the unit or instrument is lawful money, who is authorised to issue it, and what restrictions bound its holding and use.","layers":[{"id":"legal-tender-and-territory","name":"Legal Tender and Territorial Validity","description":"The jurisdictional footprint of the unit and instrument, and the acceptance obligations that attach within it.","findings":[{"id":"legal-tender-status","name":"Legal tender status and its limits","description":"Legal tender status is conferred by specific legal instruments and its effects are not defined uniformly. In the euro area, treaty provisions confer status on banknotes and a Council regulation on coins, while the concept itself is defined through recommendation and case law as mandatory acceptance at full face value with power to discharge. The same regulation caps obligatory acceptance at fifty coins in a single payment, proving that legal tender is quantitatively bounded. Status must therefore be asserted per jurisdiction, per instrument form, with its limits.","questions":[{"text":"In which jurisdictions does this instrument hold legal tender status, and which legal instrument confers it?","id":"legal-tender-assertion","kind":"authority"},{"text":"What quantitative limits bound the obligation to accept, such as caps on coin counts or cash payment thresholds?","id":"legal-tender-quantitative-limit","kind":"constraint"},{"text":"When did the current legal tender status take effect, and what status preceded it?","id":"legal-tender-status-change","kind":"temporal"},{"text":"For instruments without legal tender status, what governs acceptance and how is that recorded distinctly from tender status?","id":"non-tender-acceptance","kind":"definition"}]},{"id":"territorial-validity","name":"Territorial validity and monetary sovereignty","description":"A unit's jurisdictional footprint is not the same as its issuer's jurisdiction. A currency may be substituted for national units across a monetary union, adopted unilaterally by a jurisdiction that does not issue it, circulate alongside a domestic unit, or be lawful in dependent territories on different terms. This finding records the set of jurisdictions in which the unit functions as money and the basis on which it does so.","questions":[{"text":"Which jurisdictions and territories use this unit as money, and on what basis does each do so?","id":"jurisdiction-footprint","kind":"spatial"},{"text":"Which authority exercises monetary sovereignty over the unit, and is that authority distinct from the users of the unit?","id":"issuing-authority-territory","kind":"ownership"},{"text":"Does another monetary unit circulate in parallel in any of these territories, and how are the two related?","id":"parallel-circulation","kind":"relationship"},{"text":"What accession, substitution or secession events changed the territorial footprint, and when did each take legal effect?","id":"accession-substitution-event","kind":"event"}]}]},{"id":"authorisation-and-restrictions","name":"Authorisation and Usage Restrictions","description":"The supervisory permission behind the instrument and the restrictions that bound how it may be held, converted or used.","findings":[{"id":"issuer-authorisation-status","name":"Issuer authorisation and supervisory status","description":"Issuing electronic money or a token that references an official currency is a regulated activity in many jurisdictions, subject to authorisation, prudential requirements including own funds and safeguarding of received funds, and ongoing supervision. Authorisation is granted by a named competent authority, has a register entry, can be passported across a union, and can be varied, suspended or withdrawn. The current status is a time-bounded fact requiring its own observation timestamp.","questions":[{"text":"Under which authorisation regime and register entry is the issuer permitted to issue this instrument?","id":"authorisation-register-entry","kind":"authority"},{"text":"What is the current authorisation state, and when was that state last verified against the register?","id":"authorisation-current-state","kind":"state"},{"text":"Across which additional jurisdictions does the authorisation extend by passporting or recognition, and under what conditions?","id":"passporting-scope","kind":"access"},{"text":"How is an instrument recorded when its issuer is unauthorised, unregulated or outside any authorisation regime?","id":"unauthorised-issuance-handling","kind":"exception"}]},{"id":"usage-and-holding-restrictions","name":"Holding, conversion and usage restrictions","description":"Restrictions bound how much of an instrument may be held, whether it may be converted, and who may use it. Sources include design decisions such as holding limits contemplated for retail central bank digital currency, convertibility controls imposed by monetary authorities, prohibitions on interest-bearing use, and restrictive measures against specified parties. These are properties of the unit or instrument in a jurisdiction, not of any one account, and they must be time-bounded and jurisdiction-scoped.","questions":[{"text":"What limits apply to how much of this instrument a party may hold, and to which party categories do they apply?","id":"holding-limit-question","kind":"constraint"},{"text":"Is conversion of this unit into other units restricted, and by what mechanism - controls, licensing, quotas or suspension?","id":"convertibility-restriction-question","kind":"constraint"},{"text":"Which restrictive-measure or sanctions regimes affect the unit, instrument or issuer, and where is the authoritative list held?","id":"restrictive-measure-linkage","kind":"security"},{"text":"When restrictions from different authorities conflict, which prevails for a given party and transaction context?","id":"restriction-precedence","kind":"decision"}]}]}]},{"id":"lifecycle-and-succession","name":"Lifecycle and Succession","description":"How units and instrument series come into being, change identity, and cease - including the continuity rules that let historical records remain interpretable.","layers":[{"id":"unit-lifecycle","name":"Unit Lifecycle and Succession","description":"States of a monetary unit over time and the mappings that link a retired unit to what replaced it.","findings":[{"id":"unit-lifecycle-states","name":"Unit lifecycle states and effective dating","description":"The governing registry maintains current codes separately from historic denominations, and each change is issued as a numbered amendment with an effective date. A unit therefore moves through states - announced, current, superseded, historic - and the model must record both the date the change takes legal or registry effect and the date the local record observed it, because these differ and downstream restatements depend on the distinction.","questions":[{"text":"What lifecycle state does this unit occupy, and which registry list is it currently carried on?","id":"unit-current-state","kind":"state"},{"text":"Which numbered amendment introduced or retired this unit, and when was it issued versus when did it take effect?","id":"unit-amendment-provenance","kind":"provenance"},{"text":"When did the local record first observe this state, and what lag existed between the effective instant and the observation instant?","id":"unit-observation-lag","kind":"temporal"},{"text":"How is a unit handled between its announcement and its effective date, when both the old and new unit are valid for different purposes?","id":"unit-pre-announcement-handling","kind":"lifecycle"}]},{"id":"succession-and-redenomination","name":"Succession, redenomination and continuity of contracts","description":"When a unit is replaced, historical amounts must remain interpretable. Euro introduction supplies the normative pattern: continuity of legal instruments is preserved, conversion rates are fixed and irrevocable, expressed as one unit of the new currency in terms of the old with six significant figures, and inverse or derived rates must not be substituted. Redenomination without substitution - dropping zeros in a currency reform - raises the same restatement problem with a different mechanism.","questions":[{"text":"Which unit succeeds this one, and what is the fixed conversion factor and its direction of expression?","id":"successor-mapping","kind":"relationship"},{"text":"What rule preserves continuity of instruments and obligations expressed in the retired unit?","id":"contract-continuity-rule","kind":"requirement"},{"text":"Must historical records be restated into the successor unit, or preserved in the original unit with the mapping applied at read time?","id":"restatement-obligation","kind":"decision"},{"text":"During a changeover period, how are amounts, prices and obligations disambiguated between the retiring and successor units?","id":"dual-period-events","kind":"lifecycle"}]}]},{"id":"instrument-stock-lifecycle","name":"Instrument Series and Stock Lifecycle","description":"Series and issue lifecycle of an instrument class, and the rules for withdrawal, demonetisation and exchange - at class level, never at holding level.","findings":[{"id":"instrument-series-and-issue","name":"Instrument series, denominations and issue","description":"An instrument class is issued in series with defined denomination sets. Euro banknotes illustrate this: a first series of seven denominations and a second series in which one denomination was not continued. For token instruments the analogue is the deployed contract version and the ledger on which it is deployed, together with fork history. Series identity matters because acceptance, exchange and validation rules can differ by series.","questions":[{"text":"Which series exist for this instrument class and what denomination set does each carry?","id":"series-denomination-set","kind":"composition"},{"text":"Is each series still being issued, and if issuance ceased, when and by whose decision?","id":"series-issuance-state","kind":"state"},{"text":"For a ledger-based instrument, which contract or protocol version and ledger identify the current series, and what fork or migration history precedes it?","id":"token-version-and-fork","kind":"provenance"},{"text":"What series-specific authentication or validation features must a verifier check, and where is the specification published?","id":"series-validation-features","kind":"validation"}]},{"id":"withdrawal-and-exchange","name":"Withdrawal, demonetisation and exchange guarantees","description":"Ceasing to issue an instrument is distinct from removing its legal tender status, and both are distinct from ending the ability to exchange it. A denomination may stop being issued while remaining legal tender and exchangeable indefinitely at the issuing central banks. For electronic money and tokens, the corresponding event is termination of the issuance programme with a redemption obligation that survives it. Conflating these three transitions produces incorrect conclusions about whether value can still be realised.","questions":[{"text":"Has issuance ceased, has legal tender status ended, or both - and on what dates did each occur separately?","id":"issuance-cessation-vs-tender","kind":"lifecycle"},{"text":"Until when, where and by whom can the instrument still be exchanged for current money, and is the guarantee open-ended?","id":"exchange-window","kind":"temporal"},{"text":"For a terminated electronic money or token programme, what redemption obligation survives and how is it funded?","id":"post-termination-redemption","kind":"requirement"},{"text":"What becomes of value never presented for exchange, and who acquires the benefit?","id":"unexchanged-value-treatment","kind":"retention"}]}]}]},{"id":"amount-and-conversion","name":"Amount and Conversion","description":"The monetary amount as a value object composed by every sibling model, and the arithmetic and rate-provenance rules that make amounts comparable and convertible without silent corruption.","layers":[{"id":"money-amount-value-object","name":"Monetary Amount Value Object","description":"The structure, precision and arithmetic of a monetary amount, independent of what is being paid for.","findings":[{"id":"money-amount-structure","name":"Amount structure, scale and sign","description":"A monetary amount is inseparably a numeric value plus a reference to the unit that denominates it; a bare number is not an amount. Financial messaging types bind the two together and impose their own total and fractional digit limits, which may be narrower than the unit's minor unit. Sign conventions, zero and the prohibition on binary floating point for exact decimal values are part of the value object's contract, not of any consuming model.","questions":[{"text":"How is the numeric value bound to its unit reference so that the pair cannot be separated in transit or storage?","id":"amount-unit-binding","kind":"composition"},{"text":"What scale is permitted for this amount, given the unit's minor unit and the narrower limits of the target payload type?","id":"amount-permitted-scale","kind":"constraint"},{"text":"What numeric representation preserves exactness, and what representations are prohibited?","id":"amount-numeric-representation","kind":"requirement"},{"text":"What do a negative amount and a zero amount mean in this model, and where must direction be carried instead?","id":"amount-sign-and-zero","kind":"definition"}]},{"id":"rounding-and-arithmetic","name":"Rounding, arithmetic and allocation rules","description":"Conversion arithmetic is legally constrained in at least one authoritative case: the conversion rate must not itself be rounded or truncated, inverse rates derived from it must not be used, and a converted result landing exactly halfway is rounded up. Beyond conversion, allocation of a total across parts must not create or destroy value, which requires an explicit remainder rule. These rules belong to the amount, not to any consuming process, so that all consumers round identically.","questions":[{"text":"Which rounding mode applies to a converted or computed amount, and what is its normative source?","id":"rounding-mode-rule","kind":"requirement"},{"text":"How is the full published precision of a rate preserved through the computation, and what intermediate rounding is prohibited?","id":"rate-precision-preservation","kind":"constraint"},{"text":"When a total is allocated across parts, what rule assigns the remainder so that the parts sum exactly to the total?","id":"allocation-remainder-rule","kind":"process"},{"text":"How is a divergence between this model's rounding result and a counterparty's result detected, evidenced and resolved?","id":"rounding-divergence-evidence","kind":"evidence"}]}]},{"id":"conversion-and-rate-reference","name":"Conversion and Rate Reference","description":"The definitional side of converting between units: the ordered pair, the rate type, and the provenance and fitness for use of any rate relied upon.","findings":[{"id":"conversion-rate-reference","name":"Currency pair, rate type and rate provenance","description":"A rate is meaningless without an ordered pair, a quotation convention, a rate type and a provenance record. Rate types differ fundamentally: a legally fixed conversion factor is irrevocable and directional, while a published reference rate is an observation computed at a stated time under a stated procedure and may carry an explicit caveat against use for transactions. Publication can also be suspended for a pair when representative rates cannot be established, so a rate reference must record availability as well as value.","questions":[{"text":"Which ordered pair does the rate express and in which direction is the quotation stated?","id":"pair-and-convention","kind":"definition"},{"text":"Is this a legally fixed conversion factor, a published reference rate, a scheme rate or a transacted rate?","id":"rate-type-classification","kind":"classification"},{"text":"At what instant was the rate determined and at what instant published, and in which time zone was each stated?","id":"rate-observation-time","kind":"temporal"},{"text":"What does the publisher say the rate may and may not be used for, and what fallback applies when it is unavailable?","id":"rate-fitness-for-use","kind":"quality"}]}]}]},{"id":"governance-and-interoperability","name":"Governance, Alignment and Assurance","description":"How the local record stays faithful to its authoritative sources, how it maps to external schemes without over-claiming conformance, and how it is validated, published, retained and accessed.","layers":[{"id":"authority-and-provenance","name":"Authority, Provenance and Stewardship","description":"Which body governs each fact, how changes are tracked, and who is accountable for the local record.","findings":[{"id":"authoritative-source-and-stewardship","name":"Authoritative source, amendment tracking and record stewardship","description":"Different facts in this model have different masters: the currency code and minor unit are governed by the ISO 4217 maintenance agency secretariat, digital token identifiers by the DTI registration authority, entity identifiers by the LEI issuer network, legal tender by legislators, and authorisation by competent authorities. The local record is a derived copy that must name its master per field, track that master's amendment stream, and name a steward accountable for the copy. The registry names the holder and settlement rail operator as maintainers; for the unit and instrument definitions themselves the accountable steward is the issuing or maintaining authority's designated counterpart in the adopting Dimension.","questions":[{"text":"For each governed field, which external body is the master and what is the locator of the source of record?","id":"master-source-per-field","kind":"provenance"},{"text":"How does the local record learn of amendments at each master, and what is the maximum acceptable staleness?","id":"amendment-subscription","kind":"process"},{"text":"Who is accountable for the correctness of this local record, and what decisions may they take without the master's involvement?","id":"record-steward-accountability","kind":"ownership"},{"text":"Which fields are copied from a master and which are locally asserted judgements, and how is the difference made visible to consumers?","id":"derived-versus-asserted","kind":"quality"}]}]},{"id":"external-alignment","name":"External Alignment and Payload Interoperability","description":"Mapping to external code schemes and message formats as alignments, with conflicts recorded rather than smoothed over.","findings":[{"id":"code-scheme-alignment","name":"Code-scheme alignment and recorded conflicts","description":"The same economic thing can be identified in several schemes at once - a token pegged to an official currency may carry a digital token identifier while also referencing an ISO 4217 code, and national schemes may use codes that clash with the international list. Alignment is a mapping with a stated equivalence strength, not a claim of conformance. Where schemes disagree - for example on whether a unit is money at all, or on effective dates for a substitution - the conflict is recorded and neither side is silently preferred.","questions":[{"text":"Which external scheme identifiers map to this unit or instrument, and what is the equivalence strength of each mapping?","id":"scheme-mapping-strength","kind":"interoperability"},{"text":"What evidence supports any claim of conformance to an external standard, and where is only alignment claimed?","id":"conformance-claim-basis","kind":"evidence"},{"text":"Where two schemes disagree about this unit or instrument, how is the conflict recorded and surfaced to consumers?","id":"scheme-conflict-record","kind":"exception"},{"text":"How is drift handled when one scheme publishes a change that another has not yet reflected?","id":"scheme-version-drift","kind":"temporal"}]},{"id":"payload-interoperability","name":"Payload and projection interoperability","description":"Messaging standards bind amount and currency together in dedicated data types and externalise volatile code sets that are republished on their own cadence. Projecting this model into a payload therefore constrains scale, code-set membership and the permitted set of codes, and a projection that silently truncates or substitutes is a defect. Storage and interface choices - documents, message schemas, tool interfaces or database collections - are projections that must round-trip the semantics defined here.","questions":[{"text":"For each target projection, what binding rules govern how a unit reference and an amount are rendered and parsed?","id":"projection-binding-rules","kind":"interoperability"},{"text":"Which externalised code sets does a projection depend on, and how is their republication cadence tracked?","id":"external-code-set-dependency","kind":"composition"},{"text":"What information defined in this model cannot be carried by a given projection, and how is that loss disclosed?","id":"projection-lossiness","kind":"constraint"},{"text":"How does a projection behave when it encounters a unit code that its bound code set does not contain?","id":"unsupported-code-handling","kind":"exception"}]}]},{"id":"assurance-access-retention","name":"Validation, Access and Retention","description":"Proving the record is correct, controlling who may see which parts of it, and governing how long superseded states are kept.","findings":[{"id":"validation-and-evidence","name":"Validation rules and supporting evidence","description":"Monetary reference data admits strong mechanical checks: code format and check-character validation for identifiers that define one, cross-checking alphabetic against numeric codes, verifying minor unit against the authoritative list, confirming that an amount's scale satisfies both unit and payload constraints, and confirming that an entity identifier resolves in its register with an active status. Each check produces evidence with its own observation timestamp, distinct from the effective time of the fact checked.","questions":[{"text":"Which validation rules apply to this record, and which are blocking versus advisory?","id":"validation-rule-set","kind":"validation"},{"text":"What evidence is retained for each validation run, and how are effective time and observation time recorded separately?","id":"validation-evidence-record","kind":"evidence"},{"text":"What happens to a record that fails a blocking rule - is it quarantined, superseded, or published with a defect marker?","id":"validation-failure-disposition","kind":"process"},{"text":"How is a record detected as stale relative to its master, and what confidence signal is exposed to consumers?","id":"stale-record-detection","kind":"quality"}]},{"id":"access-retention-publication","name":"Access, retention and publication of monetary reference data","description":"Most of this model is public reference data that authoritative bodies publish free of charge and permit free reuse, which argues for open read access. But not all of it is: authorisation checks, restrictive-measure linkages, reserve attestations and supplier-licensed rate feeds carry licence, confidentiality or redistribution constraints. Retention is asymmetric to deletion: superseded unit states and succession mappings must be kept indefinitely to keep historical amounts interpretable, while cached third-party feeds may be subject to contractual deletion.","questions":[{"text":"Which parts of the record may be published openly and under what licence or reuse terms from the upstream source?","id":"publication-and-licence","kind":"access"},{"text":"Which attributes are restricted, on what basis, and to which roles are they visible?","id":"restricted-attribute-scope","kind":"privacy"},{"text":"How long are superseded unit states, succession mappings and rate snapshots retained, and what justifies indefinite retention?","id":"supersession-retention","kind":"retention"},{"text":"Under what circumstances may data be deleted, and what must survive deletion to preserve the audit chain?","id":"deletion-constraints","kind":"retention"},{"text":"What access events are logged, and how long is the access log itself retained?","id":"access-audit-trail","kind":"security"}]}]}]}]},"agentConduct":{"may":["Identify a currency or instrument and construct a valid amount.","Apply declared rounding and conversion rules with a stated rate source."],"mustNot":["Move or hold value; payments belong to the payment model.","Treat a withdrawn or non-legal-tender instrument as valid without checking its status.","Use an exchange rate without recording its source and time."],"requiresHuman":["Accepting an unusual instrument (for example a token) as settlement.","Choosing a rate source for a binding conversion."]},"ethics":{"considerations":["Errors in money definitions propagate into what people pay and receive.","Instruments differ in risk to holders; presenting e-money or tokens as equal to central bank money can mislead."],"affectedParties":["Payers and payees","Holders of the instrument"]},"owners":{"steward":"Issuers and monetary authorities own units and instruments; the local record is a governed copy.","roles":[{"name":"Monetary reference steward","responsibilities":["Own the correctness of the local unit and instrument records and approve changes to locally asserted fields.","Adjudicate conflicts between master sources and publish the precedence rule applied, with its basis.","Approve retractions, deletions and retention exceptions."]},{"name":"Master-source integration operator","responsibilities":["Track each master registry's publication and amendment stream and keep the consumed version pin and staleness measure current.","Run reconciliation, open discrepancy items and record source version and ingestion instant in the provenance ledger.","Escalate unreachable or changed source endpoints before the staleness threshold is breached."]},{"name":"Arithmetic and projection custodian","responsibilities":["Maintain the arithmetic rule profile and its executable fixtures so conversion and rounding are reproducible across implementations.","Maintain projection binding profiles, code-set version pins and lossiness disclosures, and run round-trip tests before publication.","Block serialisation paths that cannot carry a unit reference alongside an amount."]},{"name":"Legal and regulatory analyst","responsibilities":["Produce jurisdiction-scoped legal tender, discharge, authorisation and restriction assertions with primary legal citations.","Re-verify authorisation status against public registers on the declared cadence and record effective and observation instants separately.","Flag jurisdictions where no primary source could be found as explicit gaps rather than defaulting a status."]},{"name":"Publication and access controller","responsibilities":["Apply publication classification and upstream licence terms before any dataset leaves the Dimension.","Operate access controls and the access audit trail across bundle, layer, finding and artefact scopes.","Approve and time-bound exceptions that widen default access."]}],"masterSystems":["ISO 4217 maintenance agency","Central bank and issuer registries"]},"relations":[{"target":"WM-ECO-009 Payment / Funds Transfer","type":"references","note":"WM-ECO-009 references a unit or instrument to state what is being transferred; WM-ECO-004 supplies the settlement-asset class and discharge properties but never the instruction, rail, parties or settlement status."},{"target":"WM-ECO-015 Financial Account","type":"references","note":"An account declares its denomination and the instruments it may hold by referencing this model; account identity, scheme, status and holder relationships remain entirely in WM-ECO-015."},{"target":"WM-ECO-017 Financial Position / Balance","type":"references","note":"A position quantifies an amount of a referenced unit or instrument as of a stated time; this model supplies the unit reference, scale and rounding contract, not the quantity or its owner."},{"target":"Organization / legal entity model (issuer, maintenance agency, competent authority)","type":"references","note":"Issuers, registration authorities and supervisors are referenced by governed entity identifier so that corporate identity and hierarchy are maintained once, in the organization model."},{"target":"Jurisdiction / place model","type":"references","note":"Legal tender assertions, territorial validity and restriction scopes reference jurisdiction entities rather than embedding place definitions, because a unit can be lawful money outside its issuing jurisdiction."},{"target":"Credit and debt claim model (legacy F8 successor)","type":"references","note":"Credit claims are denominated in units defined here and discharged by instruments defined here; the claim, principal and interest structure stays outside this model to keep the money-versus-claim boundary intact."},{"target":"Sibling models that carry monetary amounts (charges, fares, valuations, cash flows)","type":"composes","note":"The monetary amount value object with its unit binding, scale and arithmetic rule profile is defined once here and composed into any model that needs to express a sum of money."},{"target":"Market price and reference-data time-series model","type":"references","note":"Continuous price discovery and tradable quote history are referenced, not owned; this model keeps only the pair definition, rate type and the provenance and fitness-for-use of a rate actually relied upon."},{"target":"ISO 4217 Codes for the representation of currencies (maintained by the ISO 4217 Maintenance Agency Secretariat)","type":"aligned","note":"Alphabetic code, numeric code, minor unit and entity are aligned to the externally governed scheme by reference and version; no conformance is claimed without test evidence."},{"target":"ISO 24165 Digital token identifier (registration authority: DTI Foundation)","type":"aligned","note":"Digital token units and the ledgers they depend on are aligned to DTI and digital ledger identifiers, giving a governed identifier for token money that ISO 4217 does not cover."},{"target":"ISO 20022 Universal financial industry message scheme","type":"aligned","note":"Amount and currency representation, externalised code sets and business-concept naming are aligned for payload interoperability; the model remains syntax-independent and treats message schemas as projections."},{"target":"ISO 17442 Legal Entity Identifier","type":"aligned","note":"Issuer, maintenance agency and competent authority references are aligned to the governed global entity identifier with its public reference data."},{"target":"CPMI-IOSCO Principles for financial market infrastructures, Principles 8 and 9","type":"aligned","note":"Settlement-asset classification and the separation of instrument-side discharge properties from arrangement-side finality follow these principles; the model asserts alignment of vocabulary, not compliance of any infrastructure."},{"target":"Electronic money and crypto-asset legal frameworks (Directive 2009/110/EC; Regulation (EU) 2023/1114)","type":"aligned","note":"Claim, issuance-on-receipt-of-funds, redeemability at par and the electronic money token versus asset-referenced token split are aligned to these instruments; the alignment is region-specific and marked as such."},{"target":"RFC 3339 Date and Time on the Internet: Timestamps","type":"aligned","note":"All effective, observation, ingestion, determination and publication instants are expressed in the RFC 3339 profile with mandatory seconds and an explicit offset or Z."},{"target":"WM-ECO-009 Payment / Funds Transfer","type":"neighbor","note":"WM-ECO-009 owns the transfer event, its parties, instruction, rail and settlement outcome. WM-ECO-004 owns only the unit or instrument that the transfer moves, plus the instrument's intrinsic settlement-asset character. PFMI Principle 8 finality is a property of the transfer arrangement; PFMI Principle 9 money settlement is a property of the settlement asset, so the asset-side attribute stays here and the process stays in WM-ECO-009."},{"target":"WM-ECO-015 Financial Account","type":"neighbor","note":"An account declares its denomination or the monetary instruments it may hold by referencing a WM-ECO-004 unit or instrument. Account identity, parties, scheme, status and access rules are never duplicated here. Account-number schemes are excluded even though they co-occur with currency in ISO 20022 payloads."},{"target":"WM-ECO-017 Financial Position / Balance","type":"neighbor","note":"A position quantifies an amount of a referenced unit or instrument at a stated time. WM-ECO-004 supplies the unit reference and the amount value-object rules including scale and rounding; it never records who holds how much. The previous F2 'holding' object is retired from this model's scope."},{"target":"Credit and debt claim model (legacy F8)","type":"neighbor","note":"Deposit money is in scope here as an instrument form classified as a liability of a deposit-taking corporation, following the statistical classification of currency and deposits. Loans, bonds and other credit claims are out of scope even though they are denominated in a monetary unit and settled by payments in one."},{"target":"Market price / FX market data model","type":"neighbor","note":"WM-ECO-004 keeps only the definitional side of conversion: the ordered currency pair, the quotation convention, legally fixed conversion rates and the provenance of any referenced rate. Continuous market price discovery, tradable quotes and rate time series belong to a market-data sibling; the ECB reference rates are explicitly not intended for transaction purposes, which shows the two concerns must not be merged."},{"target":"Organization / legal entity model","type":"neighbor","note":"Issuers, maintenance agencies and registration authorities are referenced by governed entity identifier such as an LEI. Their corporate identity, hierarchy and relationship data stay in the organization model; only the issuance role and its authorisation evidence are asserted here."},{"target":"Jurisdiction / place model","type":"neighbor","note":"Territorial validity, legal tender scope and monetary sovereignty are expressed as references to jurisdiction entities. The definition, geometry and political status of those jurisdictions are not modelled here, which matters because a unit can be lawful money in jurisdictions that did not issue it."},{"target":"Securities and non-monetary instrument model","type":"neighbor","note":"ISO 4217 also carries fund codes and precious-metal codes that are not currencies, and DTI covers tokens that are securities rather than money. WM-ECO-004 includes such codes only as unit-of-account references and marks them as non-monetary; the instruments they identify belong elsewhere."}],"interaction":{"identity":{"applicability":"required","items":["Authoritative master-system identifier assigned by the governing body of record - the ISO 4217 alphabetic code with its numeric code for currencies, funds and precious metals; the ISO 24165 Digital Token Identifier for digital token units; the ISO 17442 Legal Entity Identifier for issuers and authorities - always qualified by its scheme and the scheme version under which it is asserted.","Governed global identifier or IRI published by a recognised registry or namespace authority where no master-system identifier of record exists, carried by scheme reference rather than copied into the local namespace.","UUID or ULID assigned by the adopting Dimension, used only when neither of the above exists, held in a clearly separated surrogate namespace and never presented to consumers as authoritative.","A date, an effective period, a publication instant or any derived date string is never an identifier; dates are attributes that qualify an identifier's validity interval."]},"properties":{"applicability":"not-applicable","items":[]},"recognition":{"applicability":"optional","items":["A monetary unit has an ISO 4217 code and minor unit; an instrument has an issuer, form and claim."]},"capabilities":{"applicability":"required","items":["Resolve monetary unit reference: Resolve a code, identifier or scheme-qualified string to the governed monetary unit record valid at a stated instant, returning kind, minor unit, lifecycle state and successor where the unit is retired.","Validate unit identifier and code consistency: Apply format, check-character and cross-field validation to a unit identifier, including consistency between alphabetic and numeric codes and between the declared minor unit and the authoritative list.","Classify monetary instrument form and settlement-asset class: Assign the instrument form, transfer mode, claim structure and settlement-asset class from documented issuer, backing and legal evidence, recording the criteria satisfied and those not evidenced.","Assert legal tender and discharge status for a jurisdiction: Produce a jurisdiction-scoped, time-bounded assertion of legal tender status, discharge effect, acceptance limits and lawful refusal grounds, citing the legal instrument relied on.","Derive and enforce permitted amount scale: Compute the effective permitted scale for an amount from the unit's minor unit and the narrower constraints of the target projection, and reject or flag amounts that violate it.","Convert a monetary amount between units: Convert an amount using a referenced rate under the governing arithmetic rule profile, preserving full rate precision, refusing derived inverse rates and applying the prescribed rounding only to the final result.","Apply unit succession to historical amounts: Map amounts expressed in a retired unit into its successor using the fixed conversion factor and continuity rules, preserving the original-unit value alongside the restated value.","Verify issuer identity and authorisation: Resolve the issuer's governed entity identifier against its register and check the authorisation state for the instrument, recording the observation instant and the status effective date separately.","Reconcile local record against master registries: Compare the local reference set against each master registry's current publication and amendment stream, producing a differential and opening discrepancy items rather than auto-overwriting local assertions.","Publish an immutable reference snapshot: Emit a versioned, immutable snapshot of the publishable reference set for a projection target, applying publication classification, licence attribution and lossiness disclosure."]},"hazards":{"applicability":"required","items":["Precision loss in amounts.","Using a demonetised series."]},"interfaces":{"applicability":"required","items":["ISO 4217.","ISO 20022 amount types."]},"context":{"applicability":"required","items":["Electronic money definition, issuance-at-par and redeemability obligations, and the electronic money token versus asset-referenced token split are drawn from European Union instruments and are region-specific. Other jurisdictions define stored-value and token instruments differently, and the model marks these as jurisdiction-scoped assertions rather than universal definitions.","The conversion arithmetic rules relied upon - six significant figures, no rounding of the rate, no derived inverse rates and round-half-up on the result - come from the euro introduction framework. They are treated here as an exemplary, well-evidenced profile rather than as globally binding; other jurisdictions and schemes may mandate different rounding.","Legal tender examples, the coin acceptance cap and the notion that legal tender is defined through recommendation and case law rather than statute are euro-area specific and must not be generalised.","The reference-rate provenance pattern, including a daily concertation procedure, a stated publication hour in a European time zone and suspension of a pair, reflects one central bank's practice; other publishers use different determination times, conventions and availability rules.","The identification of a maintenance agency secretariat and a registration authority as single authoritative points assumes continuity of the current custodianship arrangements for ISO 4217 and ISO 24165; a change of custodian would require re-pinning the master sources.","EU e-money definition and par-redemption rules are primary for EEA electronic money and are an alignment, not a global statute.","Euro changeover mechanics (fixed conversion rate, dual circulation, dual price display) are illustrated by the 2026 Bulgaria ISO 4217 amendment and do not automatically apply to other unions.","SDR holder eligibility is limited to IMF members, the IMF and prescribed official holders; private SDR denomination in contracts does not create private SDR money.","Dollarized and currency-board economies may use a foreign ISO unit as the domestic medium of exchange without issuing that unit.","Common-law nemo dat exceptions for currency are described by BIS as typical, not universal."]}},"sources":[{"title":"Financial Data Standards - ISO 4217 (Currency codes)","url":"https://www.six-group.com/en/products-services/financial-information/data-standards.html","note":"SIX Group AG (Maintenance Agency Secretariat for ISO 4217)"},{"title":"ISO 4217 Amendment Number 180","url":"https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl-currency-iso-amendment-180.pdf","note":"SIX Group AG"},{"title":"ISO 4217:2015 Codes for the representation of currencies","url":"https://www.iso.org/standard/64758.html","note":"International Organization for Standardization"},{"title":"Principles for financial market infrastructures","url":"https://www.bis.org/cpmi/publ/d101a.pdf","note":"Committee on Payments and Market Infrastructures (BIS) and IOSCO"},{"title":"Application of the Principles for Financial Market Infrastructures to stablecoin arrangements","url":"https://www.bis.org/cpmi/publ/d206.htm","note":"Committee on Payments and Market Infrastructures (BIS) and IOSCO"},{"title":"Introducing the Legal Entity Identifier (LEI)","url":"https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei","note":"Global Legal Entity Identifier Foundation (GLEIF)"},{"title":"Digital Token Identifier Foundation - Registration Authority for ISO 24165","url":"https://dtif.org/","note":"Digital Token Identifier Foundation (DTIF), a division of Etrading Software"},{"title":"ISO 24165-2:2025 Digital token identifier (DTI) - Registration, assignment and structure - Part 2: Data elements","url":"https://www.iso.org/standard/85547.html","note":"International Organization for Standardization"},{"title":"Euro banknotes","url":"https://www.ecb.europa.eu/euro/banknotes/html/index.en.html","note":"European Central Bank"},{"title":"Euro foreign exchange reference rates","url":"https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html","note":"European Central Bank"},{"title":"Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions","url":"https://eur-lex.europa.eu/eli/dir/2009/110/oj/eng","note":"European Parliament and Council of the European Union"},{"title":"Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)","url":"https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng","note":"European Parliament and Council of the European Union"},{"title":"Council Regulation (EC) No 1103/97 on certain provisions relating to the introduction of the euro","url":"https://eur-lex.europa.eu/eli/reg/1997/1103/oj/eng","note":"Council of the European Union"},{"title":"Council Regulation (EC) No 974/98 on the introduction of the euro","url":"https://eur-lex.europa.eu/eli/reg/1998/974/oj/eng","note":"Council of the European Union"},{"title":"The ISO 20022 Repository","url":"https://www.iso20022.org/financial-repository","note":"ISO 20022 Registration Authority"},{"title":"High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report","url":"https://www.fsb.org/uploads/P170723-3.pdf","note":"Financial Stability Board"},{"title":"Monetary and Financial Statistics Manual and Compilation Guide, Chapter 4: Classification of Financial Assets and Liabilities","url":"https://www.imf.org/external/pubs/ft/mfsmcg/c4.pdf","note":"International Monetary Fund"},{"title":"IAS 32 Financial Instruments: Presentation","url":"https://www.ifrs.org/issued-standards/list-of-standards/ias-32-financial-instruments-presentation/","note":"IFRS Foundation / International Accounting Standards Board"},{"title":"RFC 3339: Date and Time on the Internet: Timestamps","url":"https://www.rfc-editor.org/rfc/rfc3339","note":"Internet Engineering Task Force"},{"title":"The euro as legal tender","url":"https://economy-finance.ec.europa.eu/euro/use-euro/euro-legal-tender_en","note":"European Commission, Directorate-General for Economic and Financial Affairs"},{"title":"Central bank digital currencies: foundational principles and core features","url":"https://www.bis.org/publ/othp33.htm","note":"Bank of Canada, ECB, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve System and Bank for International Settlements"},{"title":"ISO 4217 currency code lists maintained by SIX as official Maintenance Agency","url":"https://www.six-group.com/en/products-services/financial-information/market-reference-data/data-standards.html","note":"SIX Group on behalf of ISO and SNV"},{"title":"Central bank digital currencies – FSI Executive Summary","url":"https://www.bis.org/fsi/fsisummaries/cbdcs.htm","note":"Bank for International Settlements, Financial Stability Institute"},{"title":"Legal issues relating to the introduction of a retail central bank digital currency (legal aspects of money, currency and legal tender)","url":"https://www.bis.org/publ/othp88_legal.pdf","note":"Bank for International Settlements"},{"title":"Financial Production, Flows and Stocks in the System of National Accounts (2008 SNA instrument classes)","url":"https://unstats.un.org/unsd/nationalaccount/docs/financialhb.pdf","note":"United Nations Statistics Division"},{"title":"FATF virtual assets topic page and Glossary definition of virtual asset","url":"https://www.fatf-gafi.org/en/topics/virtual-assets.html","note":"Financial Action Task Force"},{"title":"Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 (Electronic Money Directive)","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0110","note":"European Union"},{"title":"IMF Factsheet: Special Drawing Rights (SDR)","url":"https://www.imf.org/en/About/Factsheets/Sheets/2023/special-drawing-rights-sdr","note":"International Monetary Fund"},{"title":"ISO 20022 external code sets (Registration Authority catalogue)","url":"https://www.iso20022.org/catalogue-messages/additional-content-messages/external-code-sets","note":"ISO 20022 Registration Authority"}],"openQuestions":["Resolve whether a currency-referencing token is a monetary unit identified by DTI (base position, which lists digital token units as a unit kind with electronic-money-token and asset-referenced-token subclasses) or an instrument class denominated in an already-listed unit (grok position). Requires reading ISO 24165-2:2025 data elements against the MiCA definitions, and the outcome decides where token nodes attach.","Reconcile the deferred FATF virtual-asset exclusion with the base's alternative treatment of carrying non-money codes as unit-of-account references marked non-monetary. Both cannot be the default disposition for the same object; pick one and state it in the scope statement before the FATF node or its admission function can be accepted.","Decide whether issuer-level outstanding stock (currency in circulation as an issuer liability) belongs to WM-ECO-004 or to WM-ECO-017. Grok asserts it here as an issuance-stock measurement distinct from a holder balance; the base excludes all quantification. This needs an explicit registry-level ruling rather than a per-model judgement.","Evaluate an alignment-only 2008 SNA AF1/AF2 crosswalk for code-scheme-alignment, carrying the instrument-class mapping but explicitly not broad-money inclusion, so the statistical alignment can be gained without breaching the aggregates exclusion.","Enrich the existing instrument-transferability finding with the good-faith transferee protection and nemo dat exception evidenced by the BIS legal analysis, including whether that privilege extends to account-based claims, rather than adding a second transferability node.","Verify the base's unverified assertion that negative interest, demurrage and other unit-level value-decay mechanisms sit on positions and accounts rather than on the unit or instrument definition; the base itself flags this boundary as lacking a primary source.","Track ISO/CD 24982 Digital currencies vocabulary in ISO/TC 68 and re-open the digital instrument nodes once it stabilises, since neither provider could rely on it as a primary vocabulary in this pass.","Non-decimal and historical subdivision structures are acknowledged as a question but not modelled with a general algebra; only the decimal minor unit exponent is structurally supported, which is a real limitation for pre-decimalisation and some traditional units.","Commodity money, barter units, mutual credit systems and local exchange units are not covered; the sources relied on address currencies, deposits, electronic money, CBDC and tokens, and extending to informal units without primary support would be unfounded.","Negative interest, demurrage and other unit-level value-decay mechanisms are not modelled; they were judged to sit on positions and accounts rather than on the unit or instrument definition, but this boundary is unverified against a primary source.","Islamic finance and other faith-based constraints on monetary instruments are not represented; no primary standards source was consulted and asserting structure would be speculative.","Cross-border correspondent arrangements, nostro and vostro relationships and liquidity bridging are excluded as payment and account concerns, so a consumer needing to reason about the reachability of an instrument must combine this model with WM-ECO-009 and WM-ECO-015.","Detailed reserve-asset quality criteria and stress thresholds for stablecoin arrangements are referenced at the level of principle only; supervisory technical standards implementing them were not consulted in full.","National cash-payment ceilings, coin legal-tender limits and AML cash-reporting thresholds are jurisdictional schedules not reproduced here.","Complete banknote and coin series catalogues of every issuing authority are not included; only the series-lifecycle pattern is.","ISO/CD 24982 Digital currencies — Vocabulary is under development in ISO/TC 68 and is not yet a stable primary vocabulary.","SNA 2025 updates to financial-instrument classes were not independently verified in this pass.","Complementary, community and local currencies without ISO 4217 codes are representable as unlisted units but lack a global registry.","Tokenised deposits, wholesale settlement tokens and multi-CBDC arrangements have design literature but few binding statutes.","Islamic/near-money instruments and some mobile-money national laws are not exhaustively surveyed.","Physical cash logistics, vault operations and note fitness sorting are operational and out of scope.","Market FX, PPP and real-effective-rate statistics are omitted by design."],"resources":{"spec":"/models/wm-eco-004-money-instrument/spec.yaml","agents":"/models/wm-eco-004-money-instrument/AGENTS.md","source":"https://github.com/ver-cy/world-models/tree/feat/mega-model-registry/research/runs/wm-eco-004"},"provenance":{"origin":"world-models research","builtFrom":["models/wm-eco-004-money-instrument/spec.yaml","ver-cy/world-models/card-supplements/wm-eco-004-money-instrument.json"],"providers":["Claude","Grok"],"researchStatus":"reviewable-draft","generatedAt":"2026-08-28T10:37:31Z","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":{"interaction.properties":"Institutional or informational subject: no invented physical properties.","_supplement":"Sections authored in card supplement 1.0.0 by Claude (Opus 5.5) (2026-10-05, unreviewed). Written from the published specification and established practice in the field; no new sources were read. Unreviewed."},"score":1.0}}