{ "model": { "rank": 3240, "code": "thing-q11691", "model_id": "vr.tr.stock-exchange", "name": "stock exchange", "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.", "family": "Thing Registry", "category": "Society, people and institutions", "status": "research-draft", "kind": "thing", "plane": "SOC", "domain": "SOC.ORG", "industry": "", "version": "", "url": "/models/thing/q11691/", "tier": 2, "score": 89, "payload": { "layer": "wikidata", "aliases": [ "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" ], "aliasCount": 7, "merged": 7, "knownIn": 89, "facets": null, "markers": [], "lexicalClass": "", "senseRank": null, "alsoRegisteredAs": null, "source": { "dataset": "wikidata", "item": "Q11691", "url": "https://www.wikidata.org/wiki/Q11691", "license": "CC0 1.0" } }, "research": { "vercy": "1.0-draft", "publication": { "status": "research-draft", "adjudicationStatus": "unreviewed", "publishableCanonical": false, "generatedAt": "2026-09-12T20:21:37Z", "providers": [ "Claude" ], "breadth": "written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify", "pass": 2, "wave": 3, "engine": "claude" }, "metaModel": { "id": "THING-Q11691", "registryId": "vr.tr.stock-exchange", "name": "stock exchange", "version": "0.2.0-wave.3", "entryKind": "thing", "family": "Thing Registry", "domain": [ "SOC.ORG" ], "status": "research-draft" }, "canonicalUrl": "https://ver.cy/models/thing/q11691/", "model": { "registry_id": "vr.tr.stock-exchange", "name": "stock exchange", "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.", "definition": "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.", "what_it_is_for": "Trading securities and raising capital under rules.", "affordances": [ "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" ], "distinguishing_features": [ "Regulated marketplace with admission rules", "Central order matching", "Continuous disclosure obligations for issuers", "Supervised by a regulator" ], "appearance": "Not a single object; historically a trading floor, today mostly electronic systems with a public identity and building.", "visual_identification": [ "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" ], "physical_properties": [ { "quantity": "trading hours", "typical_range": "about 6-9", "unit": "hours per day", "note": "by exchange" }, { "quantity": "listed companies", "typical_range": "tens to thousands", "unit": "companies", "note": "by exchange" } ], "families_and_kinds": [ "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" ], "related_models": [ { "relation": "is a kind of", "target": "trading venue", "why": "a regulated market" }, { "relation": "is part of", "target": "capital market", "why": "the wider system" }, { "relation": "is supervised by", "target": "securities regulator", "why": "the authority" }, { "relation": "is confused with", "target": "stock market index", "why": "a measure, not a venue" } ], "identifiers": [ { "scheme": "Market Identifier Code", "value_or_pattern": "ISO 10383 MIC", "note": "identifies each venue" }, { "scheme": "ticker symbols", "value_or_pattern": "per exchange", "note": "identify listed securities" } ], "standards_and_regulation": [ "Securities laws and exchange rulebooks", "Listing and disclosure requirements", "Market abuse and insider trading rules", "ISO 10383 market identifier codes" ], "failure_modes_and_hazards": [ "Market crashes and trading halts", "Market abuse and manipulation", "Technology outages", "Agents giving investment advice" ], "in_scope": [], "out_of_scope": [], "characteristics": [] }, "sources": [], "structure": { "bundles": [ { "id": "understand", "name": "Understand", "description": "What an exchange is.", "rationale": "Definition.", "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.", "rationale": "Regulation.", "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.", "rationale": "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.", "rationale": "Context.", "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" } ] } ] } ] } ] }, "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?" ], "statistics": { "bundles": 4, "layers": 8, "findings": 8, "questions": 16 } }, "draft": { "generator": "vr.draft.v3", "status": "draft-generated", "researched": false, "archetype": "organisation or institution", "method": "Written from the archetype playbook - what this kind of thing needs beyond identity and provenance - and from the structure that recurred across 6,333 models already researched by two engines. Applied to this entry by rule. No source was read for this thing and no claim here is researched. This entry carries no facets of its own, so they were inferred from its domain - a guess about a whole domain applied to one thing.", "facetsInferred": true, "nextPass": "A researcher replaces this draft with a sourced specification. Treat every sentence below as a proposal to argue with.", "purpose": "Give an agent a durable, checkable way to recognise a stock exchange, record what state it is in, and decide what may be done with it.", "whatItIs": "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.", "characteristics": { "substance": "social", "origin": "conceptual", "agency": "collective" }, "whatYouCanDoWithIt": [ "observed and measured" ], "distinguishingFeatures": [ "Names folded into this entry, which a task may need to split apart again: 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.", "7 finer distinctions are held as aliases rather than separate entries, because telling them apart needs a task that asks for it.", "Described in 89 Wikipedia languages, which is a measure of how widely the thing is known, not of how important it is." ], "openQuestionsForResearch": [ "Which of the bundles below does a real task actually need, and which are ceremony?", "What does this thing have that the facets do not capture at all?", "Which neighbouring kind is most often confused with a stock exchange, and on what evidence are they told apart?" ], "whatItIsMadeOf": "a social arrangement between people", "physicalCharacter": [ "Acts through people, and only through them.", "These come from the domain this entry sits in rather than from the entry itself, so treat them as a first guess about the whole domain applied to one thing." ], "whatCanBeDoneWithIt": [ "observe it, measure it, record its state" ], "howItIsRecognised": [ "Nothing to see. Recognised by name, register entry and the people acting in its name, and those change while it stays the same body." ], "relatedModels": [ { "relation": "covers", "note": "Finer kinds folded into this entry because telling them apart needs a task that asks for it. Each is a model waiting to be split out when one does.", "targets": [ "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" ] } ], "standing": "Described in 89 Wikipedia languages, which measures how widely it is written about rather than how important or how common it is. 7 finer distinctions are held inside this entry as names rather than as separate models.", "structure": { "bundles": [ { "id": "identity-and-classification", "name": "Identity, naming and classification", "description": "How an agent tells one stock exchange from another, and a stock exchange from things that resemble it.", "rationale": "Recognition comes before every other claim. Without stable identity nothing else in the model can be trusted to be about the same thing twice.", "layers": [ { "id": "naming-and-identifiers", "name": "Names and identifiers", "description": "The names this thing goes by and the identifiers that survive translation and time.", "findings": [ { "id": "preferred-name-and-aliases", "name": "Preferred name, aliases and local names", "description": "Which name to use, which names mean the same thing, and which merely sound similar.", "questions": [ { "id": "preferred-name-and-aliases-q01", "text": "What identifies and describes the name of a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "preferred-name-and-aliases-q02", "text": "Who or what asserted this about the name of a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "preferred-name-and-aliases-q03", "text": "What may an agent decide or do once the name of a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] }, { "id": "stable-identifiers", "name": "Stable identifiers and external keys", "description": "Identifiers that keep pointing at this kind of thing across systems and languages.", "questions": [ { "id": "stable-identifiers-q01", "text": "What identifies and describes an identifier for a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "stable-identifiers-q02", "text": "Who or what asserted this about an identifier for a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "stable-identifiers-q03", "text": "What may an agent decide or do once an identifier for a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] }, { "id": "classification-and-granularity", "name": "Classification and granularity", "description": "Where a stock exchange sits among kinds, and how finely a task needs to cut it.", "findings": [ { "id": "kind-and-parents", "name": "Kind, parents and neighbouring kinds", "description": "The classes this thing belongs to and the ones it is next to.", "questions": [ { "id": "kind-and-parents-q01", "text": "What identifies and describes the kind of a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "kind-and-parents-q02", "text": "Who or what asserted this about the kind of a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "kind-and-parents-q03", "text": "What may an agent decide or do once the kind of a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] }, { "id": "distinguishing-features", "name": "Distinguishing features", "description": "What separates a stock exchange from the things most often confused with it.", "questions": [ { "id": "distinguishing-features-q01", "text": "What identifies and describes what distinguishes a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "distinguishing-features-q02", "text": "Who or what asserted this about what distinguishes a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "distinguishing-features-q03", "text": "What may an agent decide or do once what distinguishes a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] } ] }, { "id": "state-and-lifecycle", "name": "State and lifecycle", "description": "The states a stock exchange passes through and the events that move it between them.", "rationale": "Most decisions about a thing depend on what state it is in now, which is a claim with a time on it, not a property.", "layers": [ { "id": "lifecycle-stages", "name": "Lifecycle stages", "description": "From coming into existence to ceasing to be one of these.", "findings": [ { "id": "stages-and-transitions", "name": "Stages and transitions", "description": "The stages worth naming and what moves a stock exchange between them.", "questions": [ { "id": "stages-and-transitions-q01", "text": "What identifies and describes the lifecycle of a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "stages-and-transitions-q02", "text": "Who or what asserted this about the lifecycle of a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "stages-and-transitions-q03", "text": "What may an agent decide or do once the lifecycle of a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] }, { "id": "observations-and-status", "name": "Observations and current status", "description": "What is observed about a stock exchange, how often and by whom.", "findings": [ { "id": "observation-record", "name": "Observation record", "description": "How an observation of a stock exchange is recorded so that it can be superseded rather than overwritten.", "questions": [ { "id": "observation-record-q01", "text": "What identifies and describes an observation of a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "observation-record-q02", "text": "Who or what asserted this about an observation of a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "observation-record-q03", "text": "What may an agent decide or do once an observation of a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] } ] }, { "id": "people-and-responsibility", "name": "People, roles and responsibility", "description": "Who stands in what relation to a stock exchange.", "rationale": "Social things are defined by the relations people hold to them, and those relations change without the thing changing.", "layers": [ { "id": "roles-and-parties", "name": "Roles and parties", "description": "The roles that exist around a stock exchange and who fills them.", "findings": [ { "id": "role-assignments", "name": "Role assignments and their validity", "description": "Who holds which role over a stock exchange, from when, and on whose authority.", "questions": [ { "id": "role-assignments-q01", "text": "What identifies and describes a role over a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "role-assignments-q02", "text": "Who or what asserted this about a role over a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "role-assignments-q03", "text": "What may an agent decide or do once a role over a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] }, { "id": "ownership-and-accountability", "name": "Ownership and accountability", "description": "Who answers for a stock exchange and who may decide about it.", "findings": [ { "id": "accountability", "name": "Accountability and decision rights", "description": "Where responsibility for a stock exchange sits when something goes wrong.", "questions": [ { "id": "accountability-q01", "text": "What identifies and describes responsibility for a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "accountability-q02", "text": "Who or what asserted this about responsibility for a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "accountability-q03", "text": "What may an agent decide or do once responsibility for a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] } ] }, { "id": "legal-identity", "name": "Legal identity and mandate", "description": "What stock exchange is in law and what it exists to do.", "rationale": "Legal identity survives changes of name, address, staff and premises, which is exactly why it must be recorded separately from all of them.", "layers": [ { "id": "registration", "name": "Legal form and registration", "description": "Form, register, identifiers and jurisdiction.", "findings": [ { "id": "registration-record", "name": "Registration and identifiers", "description": "What names this body unambiguously in law.", "questions": [ { "id": "registration-record-q01", "text": "What legal form does stock exchange take, in which register, under which identifier?", "kind": "definition" }, { "id": "registration-record-q02", "text": "What survives a rename, a merger or a move of premises, and what does not?", "kind": "boundary" } ] } ] }, { "id": "mandate", "name": "Mandate and governing instrument", "description": "The purpose it is bound to and the document that binds it.", "findings": [ { "id": "mandate-record", "name": "Mandate and its source", "description": "What it may do, and the instrument that says so.", "questions": [ { "id": "mandate-record-q01", "text": "What is the mandate of stock exchange, and which founding or governing instrument grants it?", "kind": "provenance" }, { "id": "mandate-record-q02", "text": "What lies outside the mandate, and what should an agent do when asked for it?", "kind": "action" } ] } ] } ] }, { "id": "governance-and-membership", "name": "Governance, membership and decision rights", "description": "Who decides in stock exchange and who belongs to it.", "rationale": "Authority inside an organisation is held by roles, not people, and an agent needs to know which role can commit it.", "layers": [ { "id": "decision-rights", "name": "Decision rights", "description": "Bodies, offices and what each may bind.", "findings": [ { "id": "authority-map", "name": "Who may bind the organisation", "description": "The offices that can commit it and their limits.", "questions": [ { "id": "authority-map-q01", "text": "Which bodies or offices of stock exchange may take which decisions, and up to what limit?", "kind": "definition" }, { "id": "authority-map-q02", "text": "What evidence shows that a given person currently holds that office?", "kind": "provenance" } ] } ] }, { "id": "membership", "name": "Membership and affiliation", "description": "Who counts as part of it and on what terms.", "findings": [ { "id": "membership-rules", "name": "Membership and its evidence", "description": "Classes of member, how membership starts and ends.", "questions": [ { "id": "membership-rules-q01", "text": "What kinds of membership or affiliation does stock exchange have, and how does each begin and end?", "kind": "definition" }, { "id": "membership-rules-q02", "text": "What may a member do in its name, and what may they not?", "kind": "action" } ] } ] } ] }, { "id": "provenance-and-evidence", "name": "Provenance, evidence and time", "description": "Where every claim about a stock exchange came from and when it held.", "rationale": "A claim without a source and a time cannot be superseded, only overwritten, and an agent that overwrites loses the ability to explain itself.", "layers": [ { "id": "source-and-authority", "name": "Source and authority", "description": "Who said it, on what evidence, and how strongly.", "findings": [ { "id": "claim-provenance", "name": "Claim provenance and confidence", "description": "The authority behind each claim about a stock exchange and how confident it is.", "questions": [ { "id": "claim-provenance-q01", "text": "What identifies and describes a claim about a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "claim-provenance-q02", "text": "Who or what asserted this about a claim about a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "claim-provenance-q03", "text": "What may an agent decide or do once a claim about a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] }, { "id": "time-and-versions", "name": "Time, versions and supersession", "description": "When a claim was true, when it was learnt, and what replaced it.", "findings": [ { "id": "validity-and-supersession", "name": "Validity period and supersession", "description": "How an old claim about a stock exchange is retired without being erased.", "questions": [ { "id": "validity-and-supersession-q01", "text": "What identifies and describes the validity of a claim about a stock exchange, and in what units or vocabulary?", "kind": "definition", "answer_data": [ "identifiers", "types and classes", "values with units", "explicit unknowns" ] }, { "id": "validity-and-supersession-q02", "text": "Who or what asserted this about the validity of a claim about a stock exchange, by which method, and when was it true?", "kind": "provenance", "answer_data": [ "authority", "method", "evidence", "event time", "knowledge time" ] }, { "id": "validity-and-supersession-q03", "text": "What may an agent decide or do once the validity of a claim about a stock exchange is known, and what must it refuse?", "kind": "action", "answer_data": [ "permitted actions", "preconditions", "refusals", "escalation" ] } ] } ] } ] } ] }, "statistics": { "bundles": 6, "layers": 12, "findings": 14, "questions": 38 } } } }