Published

Market / Exchange

vr.wm-eco-001 · wm-eco-001-market-exchange

Give an agent the governed context needed to identify, describe, operate and audit an organised market or exchange: venue and segments, rulebook, admitted scope, participants and access, order and quote intake, matching and price formation, published transparency, and the disciplined handoff of matched trades to clearing, settlement and oversight models that own those semantics.

World Models Society, people and institutions SOC.ECO.MKT

Bundle → Layer → Finding → Questions Classifiers What it is Why it exists Distinguishing features What robots and AI may and may not do Moral aspects Owners Links to other meta-models Identity and identifiers Direct properties Recognition Capabilities and actions Hazards and failure modes Standards and interfaces Context of use Sources

Bundle → Layer → Finding → Questions Filled

6 bundles · 12 layers · 28 findings · 106 questions

Market Venue and Scope The identity, regulatory standing, internal structure, rulebook and governance of the venue itself - the facts that make one organised market place distinguishable from another and from adjacent classes.

Venue Identity and Authorisation

Authoritative identification of the venue and its legal and regulatory standing, including the class of authorisation and the authority that granted it.

Venue identity and registry codes

The authoritative identification of the venue: operating and segment market identifier codes from the ISO 10383 registry, the operator's governed legal-entity identifier, registered market and legal entity names, acronym, country and city.

Which registry-assigned code is the authoritative master identifier for this venue, and is it an operating or a segment code? identity
Which governed global identifier resolves the legal entity that operates the venue, and how is it kept current? ownership
In which country and city does the venue operate for registry purposes, and how does that differ from where its matching engine runs? spatial
What registry status does the code carry, and on which dates was it created, last updated and last validated? provenance

Venue authorisation class and status

The class under which the venue is authorised, designated or registered, the authority responsible, and the dated transitions of that standing including suspension and withdrawal.

Under which authorisation class does the venue operate, and which authority granted or designated it? authority
What authorisation states are valid for this venue, and which evidenced event moves it between them? lifecycle
From which instant is each authorisation state effective, and when was that fact observed by this model? temporal
Which jurisdictions recognise this venue for their own regulatory purposes, and on what basis? interoperability

Multilateral recognition criteria

A trading venue is recognised by the presence of a multilateral system in which multiple third-party buying and selling interests interact under rules in a way that results in a contract. SEA 1934 instead emphasises an organisation that provides a marketplace or facilities for bringing together purchasers and sellers of securities. Discretionary matching distinguishes an OTF from RM/MTF. These are logical tests, not a stored document type.

Does this facility operate a multilateral system in which multiple third-party buying and selling interests can interact in the system under its rules so that a contract can result? classification
Are interests matched under non-discretionary rules (RM or MTF) or may the operator use discretion (OTF), and is own-account matching of third-party interests prohibited in the way a venue is prohibited from acting as an SI? constraint
What observations, with method, time and confidence, distinguish this facility from an adjacent class such as broker crossing, bulletin board, e-commerce catalogue, CCP, or DRSP? evidence
If the US Exchange Act definition applies, which premises, property rights, communication systems and reporting facilities are included as facilities of this exchange? composition

MIC lifecycle and operational dormancy

An allocated MIC is never altered and is not removed from the published list; it moves among ACTIVE, UPDATED and EXPIRED. Publication occurs on the second Monday of the month and modifications become effective on the fourth Monday. Separately, a CFTC DCM with no trading for twelve consecutive calendar months is dormant and must reinstate designation; newly designated DCMs have a 36-month grace period; vacated exchanges must reapply. These paths are not the same event.

What MIC-status transition is being recorded (creation, update of details, deactivation/expiry), who was entitled to request it, and what are the RA publication date and modification implementation date? lifecycle
Has trading occurred on this designated contract market in the last twelve consecutive calendar months, is the 36-month new-market grace still running, or has designation been vacated, and at what event-times? temporal
If this Dimension record is retired, will the MIC be tombstoned rather than hard-deleted, and which adopting-Dimension retention policy executes destruction of any extra local attributes? process

Venue Structure, Rulebook and Governance

How the venue decomposes into segments and order books, which rulebook version governs it, and who holds operating authority, ownership and stewardship over the record.

Segment and order book hierarchy

The whole-part decomposition of the venue: operating market to market segments to order books, and the market-category classification attached at each level.

Which segments and order books compose this venue, and which identifier is authoritative at each level? composition
Which market-category classification applies to each segment, and under which scheme version? classification
How does an agent distinguish a segment of this venue from a separate venue operated by the same entity? definition

Rulebook version, governance and conflicts disclosure

The governing rulebook and its version and effectivity, together with the venue's published governance arrangements, ownership and operator conflicts of interest.

Which rulebook version governs trading at a given instant, and what was the immediately preceding version? temporal
Which document or filing is the authoritative published statement of how this venue operates? evidence
Who owns the venue, who operates it, and which conflicts of interest are disclosed between operator, affiliates and participants? ownership
Which role holds authority to change the rulebook, and which role merely stewards this model's record of it? authority

Participants and Eligibility Who may interact with the venue, on what criteria they were admitted, through which access channels they connect, what they are entitled to do, and what obligations they carry.

Admission and Membership

The participant's membership record, the eligibility criteria and admission decision that created it, and the states through which membership moves.

Participant membership record

The venue's own record of an admitted participant: venue-assigned member code, category, trading capacities permitted, and the external identifiers that resolve the participant entity.

Which venue-assigned code identifies this participant, and which external identifiers resolve the same party? identity
Which membership category and trading capacities does the participant hold on this venue? classification
Which participants access the venue indirectly through another member, and how is that tier recorded? relationship

Eligibility criteria and admission decision

The published participation criteria, the evidence assessed, the admission or refusal decision, and the states through which membership subsequently moves including restriction, suspension and termination.

Which participation criteria applied at the time of the decision, and were they objective, risk-based and publicly disclosed? requirement
What decision was reached, by which role, on which evidence, and what recourse exists against it? decision
Which membership states are valid, and which evidenced event moves the participant between them? lifecycle
Under what conditions may access be withdrawn immediately, and what safe state applies while the decision is pending? exception

Access Channels and Participant Obligations

The technical and contractual routes by which a participant reaches the venue, what each route is entitled to do, and the standing commitments the participant has accepted.

Access channel and trading entitlements

The means of entry a participant uses - gateways, sessions, direct electronic access, sponsored access, colocation - and the segment, product and order-type entitlements attached to each.

Through which access channels does this participant reach the venue, and which of them are sponsored or direct electronic access? access
Which segments, order books, products and order types is each channel entitled to use? constraint
How is an order traced from the access channel back to the accountable member and decision maker? provenance
What controls protect the venue when a channel misbehaves, and how is the intervention recorded? security

Liquidity provision and market-making commitments

Standing obligations a participant has accepted - quoting presence, spread and size commitments, incentive schemes - and the terms under which they may be relieved.

Which standing quoting obligations has this participant accepted, and for which instruments and phases? requirement
How is compliance with the commitment measured, over what window, and against which threshold? measurement
Under which exceptional market conditions is the obligation suspended, and how is that declared? exception
Which flag marks an order or trade as submitted under a liquidity provision activity? interoperability

Offer and Demand What may be traded on the venue, and the buying and selling interest expressed against it: orders, quotes and requests for quote, their attributes, their event sequence and the resulting order book state.

Tradable Scope and Interest Intake

The objects admitted to trading and the forms in which buying and selling interest is expressed against them.

Admission of tradable objects to trading

The venue's decision to admit an instrument, product or contract to trading on a segment, with the trading parameters attached, and the termination of that admission.

Which external identifier resolves the object admitted to trading, and which classification accompanies it? relationship
From which instant is the object tradable on which segment, and when does admission terminate? temporal
Which venue-specific trading parameters attach to the admission rather than to the object itself? constraint
Which product reference data must the venue supply before trading may commence, and to whom? requirement

Order record and attributes

The full attribute set the venue must hold for each order: identification, party attribution, type and conditions, prices, quantities, capacity, validity and trading phase.

Which identifiers make an order uniquely resolvable within the venue and across a reporting chain? identity
Which price and quantity attributes must be held, and how are undisclosed portions represented? measurement
Which attributes express the order's conditions and intent rather than its economics? classification
Which fields are mandatory for every order and which are conditional on the trading model? validation

Quotes, requests for quote and indications of interest

Non-order forms of trading interest used by quote-driven, request-for-quote and negotiated trading models, and how they differ from firm orders.

Which forms of trading interest does this venue accept besides firm orders, and how is each defined? definition
Which timestamp granularity and clock tolerance applies to a request-for-quote or negotiated interest as opposed to an electronic order? temporal
How is a quote's lifecycle bounded, and what happens on expiry, withdrawal or non-response? state

Order Lifecycle and Book State

The evidenced sequence of events that changes an order's status, and the resulting priority and depth of the order book.

Order event sequence and status

Each new order, modification, cancellation, rejection, expiry and execution, in a strictly sequenced record that preserves prior states rather than overwriting them.

Which event types change an order's state, and which resulting status does each produce? event
How is the ordering of events guaranteed when two events carry the same timestamp? process
Which timestamps are recorded per event, and how are event time and ingestion time kept apart? temporal
How is a superseded order state preserved when an order is amended? provenance

Order book state and priority

The composition of resting interest at a point in time, the priority each order holds, and the depth published or retained for reconstruction.

What determines an order's position in the queue, and which attribute records it? constraint
What exactly does a book state record capture, and is it a snapshot or a derived reconstruction? quality
Which parts of the book are displayed to participants and which are not? access

Matching and Price Discovery How the venue converts resting interest into trades and prices: trading phases and calendar, matching algorithm and priority, volatility controls, official and indicative prices, and the transparency the venue must publish.

Trading Phases and Matching Rules

When the venue trades, in which phase, and by which deterministic or disclosed rules interest is matched.

Trading calendar, sessions and phases

The venue's operating calendar and the named phases within a session, including pre-open, auctions, continuous trading, close and out-of-hours trading.

Which named phases exist in a session, and in which order do they run for each segment? process
Which days are trading days for this venue, and which are holidays or partial sessions? temporal
How does the venue treat activity outside regular trading hours? constraint
Which phase was in force when a given order event or trade occurred? evidence

Matching algorithm and priority rules

The rule by which the venue pairs interest and allocates fills, whether execution is non-discretionary, and where operator discretion is permitted and disclosed.

Which matching algorithm applies to each order book and phase, and how are fills allocated? definition
Is execution non-discretionary, and where discretion exists, how is it constrained and disclosed? authority
Which orders may not match each other, and why? constraint
How would an independent party verify that a published fill followed the stated algorithm? validation

Price Formation and Transparency

Controls that interrupt or constrain price formation, the prices the venue itself produces, and the pre- and post-trade information it must publish.

Volatility controls and trading halts

Price bands, circuit breakers, auction extensions, suspensions and emergency interventions that constrain or stop trading, and the events that record them.

Which automatic controls constrain price movement, and against which reference price are they measured? constraint
Which halt and suspension states exist, and what evidence records entry to and exit from each? state
Under what emergency authority may the operator intervene beyond the automatic controls, and how is that recorded? authority
What is the safe state when the matching system itself fails, and how is participant interest treated? exception

Official and indicative prices

Prices the venue itself produces - indicative auction price and volume, opening, closing and settlement prices - together with the method, inputs and status of each.

Which official prices does this venue produce, and by which published method is each derived? measurement
What is the status of a published price, and how is a provisional value distinguished from a final one? quality
When was the price effective, and when was it published and observed? temporal
Where a downstream benchmark or index consumes this price, what does the venue assert and what does it not? interoperability

Pre- and post-trade transparency, waivers, deferrals and market data terms

What the venue must make public before and after trading, the waivers and deferrals that modify it, the flags that qualify a publication, and the terms on which market data is supplied.

Which pre-trade information must be made public, and which waiver removes or limits that duty? requirement
Which fields constitute a post-trade publication, and which flags qualify it? interoperability
Under what conditions may publication be deferred, and when does the deferred detail become public? temporal
On what terms is market data supplied, and how is non-discriminatory access evidenced? access

Execution and Settlement Handoff The trade event the venue records when interest matches, its correction and supersession, and the disciplined handoff of the trade to the clearing and settlement infrastructures that own post-trade semantics.

Trade Execution Record

The venue's authoritative record of an executed trade and of any correction, cancellation or supersession of it.

Executed trade event

The market event created when interest matches: identifiers, economics, timing, attribution to orders and members, capacity, and the venue of execution.

Which identifier is authoritative for the trade, and which order and member records does it link back to? identity
Which economic terms does the venue assert at execution? definition
Which timestamps must be recorded, and at which granularity? temporal
What does the venue assert about the trade, and what does it explicitly not assert? provenance

Trade correction, cancellation and supersession

How an erroneous or invalidated trade is amended or cancelled without destroying history, including the venue's error-trade policy and the flags that mark the change publicly.

On what grounds may the venue amend or cancel an executed trade, and within what window? exception
How is the original trade preserved when a correction is issued? lifecycle
Which flag signals a cancellation or amendment to consumers of the venue's published data? interoperability
What evidence supports a cancellation decision, and how long must it be retained? evidence

Clearing and Settlement Handoff

The binding between an executed trade and the infrastructures that will clear and settle it, and the observed downstream status, without absorbing post-trade semantics.

Clearing arrangement binding

Which clearing arrangement applies to a trade executed on this venue, which clearing member and infrastructure it routes to, and what the venue asserts about that routing.

Which clearing arrangement applies to a trade on this segment, and which infrastructure is named? relationship
At what point does the venue's responsibility end and the clearing infrastructure's begin? authority
Which pre-execution checks does the venue perform on clearing eligibility, and what happens on failure? validation

Settlement terms asserted and downstream status observed

The settlement or delivery terms the venue asserts at execution, and any downstream status the venue later observes, recorded strictly as an observation with its source and confidence.

Which settlement or delivery terms does the venue assert at the moment of execution? requirement
When the venue records a downstream status, what marks it as an observation rather than an authoritative fact? quality
How is a conflict between the venue's asserted terms and the peer infrastructure's record resolved? exception
Which downstream statuses are meaningful to record here, and which must never be inferred? constraint

Market Integrity and Oversight The conduct rules that apply on the venue, the surveillance arrangements the venue declares, the records and clock traceability it must retain, and the exceptions, disputes and referrals it raises.

Conduct Rules and Surveillance Arrangements

The prohibitions and disclosure duties applying on the venue, and the monitoring arrangements the venue declares without owning their execution.

Market conduct rule set and disclosure duties

The prohibitions on insider dealing and manipulation applicable at this venue, the disclosure duties placed on participants, and the rulebook version in which they sit.

Which conduct prohibitions apply to activity on this venue, and from which instrument do they derive? requirement
Which inside-information disclosure duty applies to participants, and what role does the venue play in it? process
How does an agent tell whether a conduct rule is a venue rule or a statutory rule the venue merely restates? authority
Which version of the conduct rule set applied to a given event? temporal

Declared surveillance arrangement and referral pointer

The monitoring arrangement the venue declares - scope, coverage and responsible function - and the reference by which a matter is handed to the investigating or enforcing body.

What monitoring arrangement does the venue declare, over which activity, and which function operates it? definition
By which reference is a matter handed to an investigating or enforcing body, and what does this model retain? relationship
Which surveillance details must not be disclosed, and to whom may the arrangement be described? privacy
How does the venue evidence that the declared arrangement was in force at a given time? evidence

Records, Clock Traceability and Exceptions

The retention parameters and clock evidence the venue must hold, the data it is bound to supply to authorities, and the exceptions and disputes it records.

Record retention parameters and clock traceability

How long each class of venue record must be kept, under which authority, and the documented traceability of the venue's business clocks to Coordinated Universal Time.

Which retention period applies to each class of venue record, and which instrument sets it? retention
Which clock divergence tolerance and timestamp granularity apply to this venue, and on what basis? measurement
How is traceability to Coordinated Universal Time documented and reviewed? validation
Which party executes disposition when a retention period ends, and what does this model retain afterwards? ownership

Exceptions, disputes and supervisory data supply bindings

Operational exceptions and participant disputes raised at the venue, the interim treatment applied, and the standing bindings under which the venue supplies order, trade and reference data to authorities.

Which exception classes does the venue record, and what interim treatment applies to each? exception
How is a participant dispute recorded, and where does its resolution live? process
Which data must the venue supply to which authority, under which legal basis and on what deadline? interoperability
Who may see an open exception record, and under what minimum-disclosure projection? access

Classifiers Filled

Family: World Models
Category: Society, people and institutions
Entry kind: aggregate
Navigation path: NAV.SOC.ECO.MKT
Domain: SOC.ECO.MKT
Industry: Cross-industry
Tags: marketexchangesoc.eco.mkt

What it is Filled

WM-ECO-001 models an organised market place: a multilateral venue bringing together multiple third-party buying and selling interests in a defined class of tradable objects under published rules. It is an aggregate because venue identity, segment and order-book structure, rulebook version, participant admission, order and quote records, trading phases, matching rules and executed-trade events share one consistency boundary under a single operator's authority. The model owns the venue's own assertions and its own market-event records. It does not own the objects traded, the legal entities that trade, the infrastructures that clear and settle, the contracts that arise, or the supervisory processes that investigate and enforce. Storage and interface formats are projections, not semantics.

In scope

Venue identity and operating structure: operating and segment market identifier codes, operator legal-entity reference, market category, country and city, and the operating-to-segment whole-part hierarchy.
Regulatory standing: authorisation or designation class (regulated market, MTF, OTF, designated contract market, organised market place), competent or designating authority, and status transitions.
Rulebook version, governance and conflicts disclosure, and the venue's declared market model.
Participant admission, membership categories, eligibility evidence, access channels, entitlements and liquidity-provision commitments.
Admission of tradable objects to trading on the venue, and the trading parameters attached to that admission.
Order, quote and request-for-quote intake records, their attributes, event sequence, status and order-book priority.
Trading calendar and phases, matching algorithm and priority rules, volatility controls and halts.
Official and indicative prices produced by the venue's own price-formation process, and pre- and post-trade transparency publications with waiver and deferral flags.
Executed-trade events recorded by the venue, and their correction, cancellation and supersession.
Conduct rules applicable on the venue, declared surveillance arrangements, referral pointers, record-retention parameters and clock-traceability evidence.

Out of scope

The economic or competition-law construct of a 'relevant market' defined by substitutability and the hypothetical-monopolist test; that is an analytical construct, not a venue.
Mastering of financial instrument or product reference data (ISIN, CFI, UPI, notional currency, issuer); this model carries only the admission binding.
Legal-entity mastering, LEI issuance, validation and renewal, and ownership hierarchies.
Clearing and settlement semantics: novation, netting, margin, collateral, default management, settlement finality, money settlement and physical delivery execution.
Contract formation terms, obligations, performance and remedies arising from an executed trade.
Surveillance alert generation, investigation, case adjudication, sanctions and enforcement, and the evidentiary audit-trail semantics of those processes.
Regulatory report submission lifecycle and its acceptance, rejection and correction states.
Benchmark or index administration and the governance of derived indices.
Position, custody and portfolio accounting.
Governance audit trails of who read or changed a record in this model; that belongs to the adopting Dimension's audit model.
Physical facilities, data-centre and colocation hardware.

Why it exists Filled

Distinguishing features Filled

An organised venue with a rulebook and admitted participants, not the economic concept of a relevant market.
Matches multiple third-party interests multilaterally, unlike a bilateral contract or a single dealer.
Owns order and trading-phase records but not clearing, settlement or instrument reference data.
Identified by venue codes and segments, separate from the legal entity that operates it.

What robots and AI may and may not do Filled

Must not

Submit, modify or cancel orders or quotes on anyone's behalf.
Use non-public order information or front-run client interests.
Create or spread false or misleading signals about prices or volumes.
Treat a market data snapshot as current after the trading phase changed.
Give personalized investment advice.

Only with a human decision

Admitting or suspending participants.
Halting trading or changing trading phases.
Amending the rulebook.

May

Read published rulebooks, trading calendars and venue reference data.
Report market data as published, with source and timestamp.
Check whether a participant is admitted to a segment against public lists.

Moral aspects Filled

Fair and orderly markets depend on equal access to information and rules.
Market abuse harms savers and investors who are not present at the venue.
Order data can reveal the strategies of participants and must be protected.

Who is affected

Market participants and their clients
Investors and savers whose wealth depends on prices
Issuers whose instruments are traded

Owners Filled

Steward

The adopting Dimension must name one accountable operator or maintainer per venue record - the market operator, the supervising authority, or a contracting party acting for one of them - and must record that role separately from the record steward who maintains this model's entries.

Roles

Market operator authority: Holds authority to adopt and amend the rulebook, admit and suspend participants, admit and terminate tradable objects, set matching and volatility parameters, and declare halts and emergency interventions.; Asserts the venue's own facts: executed trades, official prices, transparency publications and corrections.; Cannot alter this model's governance, retention or access policy, which belongs to the adopting Dimension.
Model record steward: Maintains this model's entries: creates records, applies patches, canonicalises content, recomputes digests and resolves or flags unresolved peer references.; Enforces the identity priority and the timestamp rule at write time and rejects records that assert peer-owned semantics.; Holds no authority over venue rules, admissions or trading decisions and must not originate market assertions.
Supervisory or oversight reader: Reads full-fidelity order, trade, membership and exception records under a declared supervisory purpose and legal basis.; Receives referral pointers and supply bindings but conducts investigation, adjudication and enforcement in the peer case model, not here.; Records the legal basis and purpose of each access so that projections remain auditable by the adopting Dimension's audit model.
Participant reader: Reads its own membership, entitlement, order, quote and trade records, plus published transparency and market data products according to entitlement.; Raises disputes and exception reports against its own records.; Has no visibility of other participants' undisclosed interest, entitlement configurations or surveillance parameters.
Public transparency consumer: Reads only the published pre- and post-trade field sets, official prices, rulebook, calendar, admitted-object list and governance disclosure.; Receives deferral and correction flags so that provisional and superseded publications are distinguishable.; Has no access to participant identity beyond what the published field set discloses, nor to any open exception or referral content.
Retention and access policy owner: Supplies retention durations, legal-hold instructions, disposition triggers and access rules through the declared policy link.; Executes disposition and access decisions that this model records but does not perform.; Owns the governance audit trail of reads and writes against this model's records.

Links to other meta-models Filled

references

Financial instrument / tradable product model (identity via ISIN, unique product identifier, classification code, or energy product reference data) - Resolve the object admitted to trading. This model carries only the admission binding, the segment on which it trades, the validity interval and venue-specific trading parameters such as tick size and lot size. Instrument identity, terms, classification mastering and lifecycle stay with the peer model.
Legal entity / organisation model (identity via ISO 17442 LEI, ACER registration code or equivalent sector register) - Resolve the venue operator, participants, clearing members and authorities. This model carries the venue-assigned member code and the external identifier reference. Entity reference data, ownership hierarchies, registration status, validation and renewal remain peer-owned.
Financial market infrastructure model (central counterparty, central securities depository, securities settlement system, payment system) - Bind an executed trade to the clearing and settlement arrangement that will process it. This model carries the clearing model value, the infrastructure reference and the settlement terms asserted at execution. Novation, netting, margin, collateral, participant-default rules, segregation, portability, settlement finality and money settlement are owned by the peer model under the PFMI.
Contract / agreement model - Point from an executed trade event to the legal contract it gives rise to. This model asserts only that a match occurred on stated terms; contract formation, obligations, performance, remedies and discharge are peer-owned.
Market abuse surveillance and enforcement case model - Carry the referral pointer and the recipient body reference when the venue hands a matter out. Alert evaluation, investigation, case adjudication, sanctions, enforcement and the evidentiary audit-trail semantics of those processes are owned by the peer model.
Regulatory reporting submission model (order record supply, transaction reporting, product reference data supply) - Record the standing supply binding: which data class goes to which authority under which legal basis and deadline. The submission lifecycle, acknowledgement, rejection, resubmission and correction states are peer-owned.
Regulatory authority / jurisdiction model - Resolve the competent, designating or recognising authority named on an authorisation, waiver, deferral or supply binding. Authority identity, mandate and instrument publication remain peer-owned.
Price benchmark / index administration model - Point from an official closing or settlement price produced here to any benchmark that consumes it. Benchmark methodology, governance, oversight and publication are peer-owned; this model asserts only its own price observation and derivation method.

aligned

ISO 10383 Market Identifier Code registry - Align venue and segment identification with the registry's codes, statuses and validation dates. Code assignment, modification, deactivation and the publication cycle are owned by the registration authority; this model consumes the registry as an authoritative source and does not mint or retire codes.
Order, trade and reference data field sets in RTS 24, RTS 1 and the REMIT implementing regulation - Align this model's order, trade, publication and product reference data elements with named regulatory field sets so that projections can be produced. Alignment is a mapping, not a conformance claim; a completed assessment is required before conformance may be asserted.
FIX order state model (OrdStatus and ExecType semantics) - Align this model's venue-neutral order state vocabulary with the de facto industry order state model for interoperability. The messaging standard's session, transport and encoding layers are projections and remain outside this model.
Clock synchronisation and traceability profile (RTS 25 tolerance and granularity tables) - Bind the venue's recorded clock profile to a named external tolerance and granularity table. Timing-source operation, calibration and attestation are owned by the operator's technical and assurance functions, not by this model.

composes

Adopting-Dimension records, retention and access policy - Supply the retention durations, legal-hold, disposition and access rules that this model records but does not execute. The policy owns execution of deletion and of access decisions; this model owns only the parameters, markers and evidence pointers.

neighbor

Economic 'relevant market' in competition analysis - A relevant market is an analytical construct delimited by product and geographic substitutability using the SSNIP test; it has no operator, rulebook, membership or order book. WM-ECO-001 models an institution with an authoritative identifier, not an analytical delimitation. Name collision only.
Financial instrument / tradable product model - The peer model masters the object's identity and terms. This model records only which objects are admitted to trading here, on which segment, from when, and with which venue-specific trading parameters.
Legal entity / organisation model - Operator, participants and issuers are referenced by governed identifiers such as the ISO 17442 LEI or an ACER registration code. Entity reference data, validation and renewal remain with the peer registry.
Financial market infrastructure model (CCP, CSD, securities settlement system, payment system) - PFMI assigns settlement finality, netting, margin, collateral, participant-default rules, segregation and portability to the FMI. This model records only the clearing arrangement binding and the settlement terms asserted at execution, plus downstream status as an observation.
Contract / agreement model - The venue records that a match occurred and its economic terms as a market event. The resulting legal contract, its obligations and its performance lifecycle are peer-owned.
Market abuse surveillance and enforcement case model - IOSCO, MiFIR, REMIT and CFTC core principles require monitoring and disciplinary procedures. This model carries the declared arrangement, its parameters and a referral pointer; alert evaluation, investigation, adjudication, sanctions and audit-trail semantics stay with the peer model.
Regulatory reporting submission model - MiFIR Article 26 and the REMIT implementing regulation define submission obligations. This model records the supply binding (which data, to which authority, under which legal basis); the submission lifecycle, acknowledgement and rejection states are peer-owned.
Benchmark or index administration model - Official closing and settlement prices produced here may feed a benchmark. Benchmark methodology, governance and publication are peer-owned; this model owns only the venue's own price observation and its method reference.
Bilateral over-the-counter execution and systematic internalisation - A systematic internaliser deals on own account against client orders and is not a multilateral venue. Recognition test: multiple third-party interests interacting under the operator's non-discretionary or disclosed rules. Bilateral execution is out of scope.
Adopting-Dimension audit and access-log model - The venue's order-event log is this model's own operational market record required by RTS 24. It is distinct from the governance audit trail of reads and writes against this model, which the adopting Dimension owns.

What else AI and robots need to interact with it Filled

Sources Filled

Principles for Financial Market Infrastructures (PFMI) - Committee on Payments and Market Infrastructures (BIS) and IOSCO
Objectives and Principles of Securities Regulation - International Organization of Securities Commissions (compendium record hosted by the Financial Stability Board)
ISO 10383 Market Identifier Codes (MIC) registry and registration procedures - ISO 10383 Registration Authority, S.W.I.F.T. SC (La Hulpe, Belgium)
Commission Delegated Regulation (EU) 2017/580 - regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments - European Commission (EUR-Lex)
Commission Delegated Regulation (EU) 2017/574 - regulatory technical standards for the level of accuracy of business clocks - European Commission (EUR-Lex)
Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR) - European Parliament and Council (EUR-Lex)
Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) - European Parliament and Council (EUR-Lex)
Commission Implementing Regulation (EU) No 1348/2014 on data reporting implementing Article 8(2) and 8(6) of Regulation (EU) No 1227/2011 - European Commission (EUR-Lex)
Designated Contract Markets (DCMs) - 23 Core Principles under Section 5(d) of the Commodity Exchange Act, 17 CFR Part 38 - U.S. Commodity Futures Trading Commission
ISO 17442 - the LEI code structure - Global Legal Entity Identifier Foundation (GLEIF)
Form ATS-N Filings and Information (Rule 304 of Regulation ATS, 17 CFR 242.304) - U.S. Securities and Exchange Commission, Division of Trading and Markets
FIX Latest Order State Changes (as of EP284) - FIX Trading Community / FIX Protocol Ltd
Market Definition - OECD Roundtables on Competition Policy Papers No. 130 - Organisation for Economic Co-operation and Development, Competition Committee
IOSCO Principles - Executive Summary (FSI Connect) - Financial Stability Institute, Bank for International Settlements
Commission Delegated Regulation (EU) 2017/587 - regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares and similar instruments - European Commission (EUR-Lex)
ISO 10383:2012 Securities and related financial instruments - Codes for exchanges and market identification (MIC) - International Organization for Standardization
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) - European Union
Securities Exchange Act of 1934, section 3(a) definitions of exchange, facility and member - United States Congress
FIBO Markets Ontology (FBC FunctionalEntities Markets) - EDM Association dba EDM Council, Inc. / Object Management Group
Principles for financial market infrastructures - Committee on Payments and Market Infrastructures and International Organization of Securities Commissions (BIS)
Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) - European Union
FAQ ISO 10383 January 2023 - SWIFT SC as ISO 10383 Registration Authority
ISO 10383 Market Identifier Codes - Release 2.0 Factsheet - SWIFT SC as ISO 10383 Registration Authority

Open questions

Re-research a boundary-guard finding for MIC-bearing facilities that are not multilateral venues - systematic internalisers and the APA, ARM and CTP data-reporting service providers - worded from the exclusion side so it cannot be read as admitting them as instances of this aggregate.
Research the place-of-official-listing versus place-of-trade versus trade-reporting-facility role per admitted object, with an identity strategy that does not key on the admission event time, for addition to the tradable scope layer.
Decompose venue-declared hazards, failure modes, resilience and system-safeguard regimes under PFMI Principle 17 and CFTC core principle 20, which both passes acknowledge but neither models.
Establish whether non-EU and non-US venue licensing regimes (Japan FIEA, Hong Kong SFO, MAS, SEBI, CSRC, CVM) can be carried as jurisdiction profiles against the existing authorisation-class structure, using primary texts.
Research MiCA crypto-asset trading platforms and EU DLT Pilot Regime venues against the multilateral recognition test, including when a token makes the platform a MiFID trading venue instead.
Research fee, tariff, rebate and market-data licensing schedules, which are disclosed on Form ATS-N and materially shape routing behaviour but are only touched through market-data terms in this pass.
Determine whether non-financial marketplaces - procurement portals, agricultural spot markets, warehouse-receipt markets, spectrum and capacity auctions - are in-subject profiles or sibling models, since neither pass found primary support for them.
Fetch the FIX tag 30 LastMkt and ISO 20022 PlaceOfTrade specifications as first-party technical sources so the messaging bindings can move from interoperability hold to recorded alignment.
No relations are registered for this model in the registry, so all twelve composition links are proposals rather than confirmed contracts. Until they are registered and their targets exist, cross-model ownership boundaries are asserted here but not enforceable.
Fee and tariff schedules, rebate structures and maker-taker economics are only touched through market data terms and are not modelled as a first-class finding, although they materially shape order routing behaviour and are disclosed on Form ATS-N.
Position limits, accountability levels and large-trader reporting are cited through the CFTC core principles but not modelled, because they attach to participant positions held in a peer position model rather than to the venue record.
Cross-venue routing, consolidated tape arrangements and best-execution obligations are not modelled; they span multiple venues and belong to a market-structure or execution-quality peer model.
Auction-specific mechanism detail beyond phase and uncrossing - for example multi-round, sealed-bid, combinatorial or capacity-allocation auctions used in energy, emissions and spectrum markets - is not decomposed, though the phase and matching findings can carry it.
Resilience, business continuity and system-safeguard testing regimes are acknowledged under PFMI Principle 17 and CFTC core principle 20 but not decomposed into findings.
Crypto-asset trading platforms and their regional regimes are not separately evidenced; they may or may not fit the organised-market-place recognition test used here.
Non-financial marketplaces such as retail platforms, public procurement portals and agricultural spot markets are within the nominal subject name but have no primary source support in this pass and are therefore not claimed.
National exchange-licensing regimes outside the EU, US federal CEA/SEA and MiCA (for example Japan FIEA, Hong Kong SFO, MAS, SEBI, CVM, CSRC) were not fetched as primary texts and are unmarked as canonical classes.
Wholesale energy organised marketplaces under REMIT, agricultural spot exchanges, warehouse-receipt markets and spectrum or treasury auction systems lack primary support in this pass and may be sibling models.
FIX tag 30 LastMkt and ISO 20022 PlaceOfTrade message bindings are implied by ISO 10383's purpose but were not fetched as first-party technical specifications; they are interoperability holds, not claimed mappings.
WFE membership, IOSCO Objectives and Principles for secondary-market regulation, and EU DLT Pilot Regime (Regulation 2022/858) trading venues were not ingested as primary sources.
Tick-size, lot-size, colocation fee schedules and market-data licensing products are likely omitted and may belong to fee or data-product siblings.
Whether APA/ARM/CTP should ever be instantiated as WM-ECO-001 records remains unresolved; they have MICs but are not markets.
Islamic capital-market exchanges, SME growth-market subclass operational detail, security-futures dual CFTC/SEC notice registration workflows, and national ATS/MTF subtypes beyond those named.
Market-maker scheme agreements required by MiFID recital 113 are referenced only as a constraint, not modelled as contracts.
Clock synchronisation to UTC as a technical standard (MiFID RTS 25) was not fetched.
Unresolved boundary: Systematic internaliser is MIC-bearing in ISO 10383/FIBO but is not a trading venue under MiFID Article 4(24); instantiation policy is a Dimension choice.
Unresolved boundary: DRSPs with MICs versus a dedicated data-reporting model.
Unresolved boundary: Physical marketplace or bazaar without a MIC.
Unresolved boundary: Prediction markets and event-contract venues where CEA versus CFTC jurisdiction is contested.
Unresolved boundary: When a crypto-asset platform is a MiCA CASP versus a MiFID trading venue because the token is a financial instrument.

Machine files

Card as JSON Specification AGENTS.md Source Card backlog vercy.card/1

Provenance

world-models research · reviewable-draft

Built from: models/wm-eco-001-market-exchange/spec.yaml, ver-cy/world-models/card-supplements/wm-eco-001-market-exchange.json