{
  "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",
    "enrichment": {
      "pass": 3,
      "engine": "claude",
      "producedAt": "2026-10-06T10:00:00Z",
      "ingestedAt": "2026-10-06T07:01:53+00:00",
      "fields": [
        "agent_conduct",
        "ethics",
        "owners"
      ]
    },
    "gate": {
      "passed": true,
      "version": "1.0",
      "at": "2026-10-06T19:51:53+00:00",
      "evidence": [
        "completeness 1.00",
        "sense: Wikidata description",
        "2 live sources",
        "review by codex: pass"
      ]
    }
  },
  "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": [],
    "agent_conduct": {
      "may": [
        "Explain how stock exchanges list and trade securities and how they are regulated.",
        "Report public market data from official sources."
      ],
      "must_not": [
        "Place trades or give personal investment advice.",
        "Spread false or misleading information that could move prices.",
        "Use or pass on inside information.",
        "Impersonate an exchange or a listed company."
      ],
      "requires_human": [
        "Any trade, listing or delisting decision."
      ]
    },
    "ethics": {
      "considerations": [
        "Markets depend on fair access to information; manipulation harms ordinary investors.",
        "Market swings affect pensions and jobs."
      ],
      "affected_parties": [
        "Retail investors",
        "Pension savers",
        "Listed companies' workers"
      ]
    },
    "owners": {
      "steward": "The exchange operator, supervised by the securities regulator.",
      "master_systems": [
        "Exchange listing records",
        "Securities regulator registers"
      ]
    }
  },
  "sources": [
    {
      "id": "wikidata",
      "title": "Wikidata item Q11691: stock exchange",
      "url": "https://www.wikidata.org/wiki/Q11691",
      "url_status": "live",
      "what_it_supports": "identity and sense of the item",
      "checked_by": "wikidata-api"
    },
    {
      "id": "wikipedia-en",
      "title": "Wikipedia: Stock exchange",
      "url": "https://en.wikipedia.org/wiki/Stock_exchange",
      "url_status": "live",
      "what_it_supports": "general description of the item",
      "checked_by": "wikidata-api sitelink"
    }
  ],
  "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
  }
}