{ "model": { "rank": 4389, "code": "thing-q179076", "model_id": "vr.tr.trading-venue", "name": "trading venue", "purpose": "Let an agent explain kinds of trading venues and how they work, describe rules and regulation, identify specific venues with sources, and support participation questions in general terms.", "family": "Thing Registry", "category": "Society, people and institutions", "status": "research-draft", "kind": "thing", "plane": "SOC", "domain": "SOC.ORG", "industry": "", "version": "", "url": "/models/thing/q179076/", "tier": 2, "score": 76, "payload": { "layer": "wikidata", "aliases": [ "kaisho", "dōza", "Biržas nams", "seed exchange", "stamp fair", "futures exchange", "cryptocurrency exchange", "green energy exchange", "Ie", "antiques show", "stock market history", "commodities exchange", "Unequal exchange", "SOFFEX", "Policy Analysis Market", "decentralized cryptocurrency exchange", "bitcoin exchange", "Uzbek Commodity Exchange", "Ecologically unequal exchange" ], "aliasCount": 19, "merged": 19, "knownIn": 76, "facets": null, "markers": [], "lexicalClass": "", "senseRank": null, "alsoRegisteredAs": null, "source": { "dataset": "wikidata", "item": "Q179076", "url": "https://www.wikidata.org/wiki/Q179076", "license": "CC0 1.0" } }, "research": { "vercy": "1.0-draft", "publication": { "status": "research-draft", "adjudicationStatus": "unreviewed", "publishableCanonical": false, "generatedAt": "2026-09-11T21:59:31Z", "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": 2, "engine": "claude" }, "metaModel": { "id": "THING-Q179076", "registryId": "vr.tr.trading-venue", "name": "trading venue", "version": "0.2.0-wave.2", "entryKind": "thing", "family": "Thing Registry", "domain": [ "SOC.ORG" ], "status": "research-draft" }, "canonicalUrl": "https://ver.cy/models/thing/q179076/", "model": { "registry_id": "vr.tr.trading-venue", "name": "trading venue", "purpose": "Let an agent explain kinds of trading venues and how they work, describe rules and regulation, identify specific venues with sources, and support participation questions in general terms.", "definition": "A place or organisation where buyers and sellers meet to trade goods, securities, commodities or collectables under agreed rules, from historical merchant halls and guild exchanges to stock, futures and commodity exchanges, and specialised markets such as seed exchanges and stamp fairs; trading venues set rules for admission, pricing and settlement and are often regulated.", "what_it_is_for": "Organised places for trading.", "affordances": [ "explain kinds of trading venues", "describe rules and regulation", "identify specific venues", "support participation in general terms" ], "distinguishing_features": [ "Multi-party trading", "Rules and membership", "Price formation", "Often regulated" ], "appearance": "Halls, floors, fairs or electronic platforms where trading occurs.", "visual_identification": [ "Organised trading under rules", "Physical or electronic", "A single shop is not a trading venue" ], "physical_properties": [], "families_and_kinds": [ "stock and securities exchanges", "futures and commodity exchanges", "historical exchanges and merchant halls", "fairs and collectables markets such as stamp fairs", "community exchanges such as seed exchanges" ], "related_models": [ { "relation": "is a kind of", "target": "market", "why": "category" }, { "relation": "is a kind of", "target": "organization", "why": "category" }, { "relation": "is related to", "target": "liquid assets", "why": "traded securities" }, { "relation": "is related to", "target": "nondiscretionary trust", "why": "traded instruments" } ], "identifiers": [], "standards_and_regulation": [ "Securities and markets regulation", "Exchange rulebooks", "Consumer and fair trading rules for markets" ], "failure_modes_and_hazards": [ "Market manipulation and fraud", "Settlement failures", "Agents giving investment advice" ], "in_scope": [], "out_of_scope": [], "characteristics": [] }, "sources": [], "structure": { "bundles": [ { "id": "understand", "name": "Understand", "description": "Kinds of venue.", "rationale": "Definitions.", "layers": [ { "id": "kinds", "name": "Kinds", "description": "Types of trading venue.", "findings": [ { "id": "kinds-finding", "name": "Kinds", "description": "Kinds.", "questions": [ { "text": "What kind of trading venue is this, and how does it organise trading, pricing and settlement?", "kind": "definition" }, { "text": "How do exchanges differ from over-the-counter markets?", "kind": "definition" } ] } ] }, { "id": "specific", "name": "Specific", "description": "A specific venue.", "findings": [ { "id": "specific-finding", "name": "Specific", "description": "Specific venue.", "questions": [ { "text": "What is this exchange or market, who operates it, and what is traded, according to official sources?", "kind": "provenance" }, { "text": "Which entry fits it?", "kind": "action" } ] } ] } ] }, { "id": "participate", "name": "Participate", "description": "Taking part.", "rationale": "General information.", "layers": [ { "id": "access", "name": "Access", "description": "Access and membership.", "findings": [ { "id": "access-finding", "name": "Access", "description": "Access.", "questions": [ { "text": "How do participants gain access to this venue, directly or through intermediaries?", "kind": "provenance" }, { "text": "Is the user seeking investment advice, which needs a licensed adviser?", "kind": "boundary" } ] } ] }, { "id": "community", "name": "Community", "description": "Community exchanges.", "findings": [ { "id": "community-finding", "name": "Community", "description": "Community exchanges.", "questions": [ { "text": "How do seed exchanges, stamp fairs and similar community venues operate?", "kind": "provenance" }, { "text": "Which rules apply to them?", "kind": "provenance" } ] } ] } ] }, { "id": "regulate", "name": "Regulate", "description": "Rules and oversight.", "rationale": "Governance.", "layers": [ { "id": "rules", "name": "Rules", "description": "Exchange rules.", "findings": [ { "id": "rules-finding", "name": "Rules", "description": "Rules.", "questions": [ { "text": "Which rules govern listing, trading, transparency and settlement at this venue, and who supervises it?", "kind": "provenance" }, { "text": "How is manipulation detected?", "kind": "provenance" } ] } ] }, { "id": "failures", "name": "Failures", "description": "Failures and crises.", "findings": [ { "id": "failures-finding", "name": "Failures", "description": "Failures.", "questions": [ { "text": "What are documented failures and crises at trading venues, and what reforms followed?", "kind": "provenance" }, { "text": "How are investors protected?", "kind": "provenance" } ] } ] } ] }, { "id": "history", "name": "History", "description": "History of exchanges.", "rationale": "Context.", "layers": [ { "id": "origins", "name": "Origins", "description": "Origins.", "findings": [ { "id": "origins-finding", "name": "Origins", "description": "Origins.", "questions": [ { "text": "How did trading venues develop, from medieval fairs and Japanese kaisho to modern electronic exchanges?", "kind": "provenance" }, { "text": "Which historical venues are notable?", "kind": "provenance" } ] } ] }, { "id": "technology", "name": "Technology", "description": "Electronic trading.", "findings": [ { "id": "technology-finding", "name": "Technology", "description": "Technology.", "questions": [ { "text": "How has electronic trading changed venues, and what are documented concerns?", "kind": "provenance" }, { "text": "Which entry fits a specific technology?", "kind": "action" } ] } ] } ] } ] }, "openQuestions": [ "Should each exchange be a separate entry?", "How should regulator registers be linked?", "How should historical venues be linked?" ], "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 trading venue, record what state it is in, and decide what may be done with it.", "whatItIs": "Let an agent explain kinds of trading venues and how they work, describe rules and regulation, identify specific venues with sources, and support participation questions in general terms.", "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: kaisho, dōza, Biržas nams, seed exchange, stamp fair, futures exchange, cryptocurrency exchange, green energy exchange, Ie, antiques show, stock market history, commodities exchange.", "19 finer distinctions are held as aliases rather than separate entries, because telling them apart needs a task that asks for it.", "Described in 76 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 trading venue, 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": [ "kaisho", "dōza", "Biržas nams", "seed exchange", "stamp fair", "futures exchange", "cryptocurrency exchange", "green energy exchange", "Ie", "antiques show", "stock market history", "commodities exchange" ] } ], "standing": "Described in 76 Wikipedia languages, which measures how widely it is written about rather than how important or how common it is. 19 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 trading venue from another, and a trading venue 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 trading venue, 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 trading venue, 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 trading venue 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 trading venue, 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 trading venue, 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 trading venue 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 trading venue 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 trading venue, 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 trading venue, 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 trading venue 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 trading venue from the things most often confused with it.", "questions": [ { "id": "distinguishing-features-q01", "text": "What identifies and describes what distinguishes a trading venue, 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 trading venue, 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 trading venue 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 trading venue 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 trading venue between them.", "questions": [ { "id": "stages-and-transitions-q01", "text": "What identifies and describes the lifecycle of a trading venue, 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 trading venue, 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 trading venue 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 trading venue, how often and by whom.", "findings": [ { "id": "observation-record", "name": "Observation record", "description": "How an observation of a trading venue 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 trading venue, 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 trading venue, 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 trading venue 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 trading venue.", "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 trading venue and who fills them.", "findings": [ { "id": "role-assignments", "name": "Role assignments and their validity", "description": "Who holds which role over a trading venue, from when, and on whose authority.", "questions": [ { "id": "role-assignments-q01", "text": "What identifies and describes a role over a trading venue, 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 trading venue, 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 trading venue 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 trading venue and who may decide about it.", "findings": [ { "id": "accountability", "name": "Accountability and decision rights", "description": "Where responsibility for a trading venue sits when something goes wrong.", "questions": [ { "id": "accountability-q01", "text": "What identifies and describes responsibility for a trading venue, 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 trading venue, 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 trading venue 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 trading venue 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 trading venue 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 trading venue, 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 trading venue 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 trading venue 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 trading venue 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 trading venue 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 trading venue and how confident it is.", "questions": [ { "id": "claim-provenance-q01", "text": "What identifies and describes a claim about a trading venue, 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 trading venue, 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 trading venue 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 trading venue is retired without being erased.", "questions": [ { "id": "validity-and-supersession-q01", "text": "What identifies and describes the validity of a claim about a trading venue, 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 trading venue, 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 trading venue 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 } } } }