Exchange Assurance

Custody, reserves, best execution, and listing standards, chained together

For exchange and venue operations teams who need to attest custody segregation, asset/liability coverage, proof-of-reserves composition, and best-execution recompute against caller-supplied figures, plus a listing-standards checklist, without any tool assuming a single jurisdiction's rulebook.

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Scope. This pack covers four provable ChainGraph nodes plus one checklist definition, all jurisdiction-neutral by design: none is anchored to a single exchange's numeric thresholds, a single regulator's proof-of-reserves standard, or a proposed-but-unenacted framework. Each node attests that its arithmetic ran over the inputs as supplied; none audits the source of those inputs or determines regulatory compliance. See each tool's own scope note for exactly what it does and does not attest.

Custody-Segregation Ratio

Segregated customer-asset holdings against required segregation obligations to a ratio and a sufficiency verdict.

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Asset/Liability Coverage

Total qualifying assets against total liabilities to a coverage ratio and a surplus/shortfall determination.

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PoR Liabilities Composer

Composes a proof-of-reserves determination from art-280's reserve-proof verdict plus a supplied liabilities figure.

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Best-Execution Recompute

Price-improvement arithmetic over a supplied fill set against the NBBO at execution time.

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Why these belong in one pack

An exchange or venue's custody, reserve, and execution-quality obligations are usually reported by different desks on different cadences, but together they describe whether the venue is meeting its baseline operating assurances for a given period. Chaining the four compute nodes gives a single hash-anchored record that all four figures were computed for the same period, without any one node needing to know the others' internal logic. The listing-standards checklist is a separate, standalone attestation, a set of threshold/presence gates rather than a computation, so it sits alongside the chain rather than inside it.

How the pieces fit together

  1. Compute the custody-segregation ratio with the Custody-Segregation Ratio tool, supplying segregated customer-asset holdings and the required segregation obligation. The tool reports the ratio and a sufficiency verdict.
  2. Compute asset/liability coverage with the Asset/Liability Coverage tool, supplying total qualifying assets and total liabilities. The tool reports the coverage ratio and a surplus/shortfall determination.
  3. Compose the proof-of-reserves determination with the PoR Liabilities Composer, supplying a liabilities figure alongside the reserve-proof verdict already produced by art-280's reserve-proof verifier. The composer never re-runs art-280's own arithmetic, it composes over its published verdict.
  4. Recompute best execution with the Best-Execution Recompute tool, supplying a fill set (side, execution price, NBBO bid/ask, quantity) with no customer or order identifiers. The tool reports price-improvement figures against the supplied NBBO.
  5. Validate listing standards separately with the checklist run executor against the exchange-listing-standards-baseline definition: market-cap floor, minimum public float, minimum holder count, and board-independence/audit-committee presence, all against caller-supplied figures and thresholds. This is a threshold/presence checklist, not a chain step, since there is no further arithmetic once a figure is supplied.
What this pack proves, and what it never proves. The chain attests that all four node computations ran over the inputs as supplied, hash-anchored so the set can't be silently edited after the fact. It does not attest that the supplied holdings, liabilities, reserve data, or fills are accurate, does not audit their source records, and is not a determination of regulatory compliance. The listing-standards checklist is a generic threshold/presence definition, it names no single exchange's numbers and any jurisdiction's actual thresholds are supplied by the caller, not built in. This workflow processes zero PII: only aggregate totals, ratios, and anonymized fill-set line items are consumed, never a per-customer or per-wallet balance.

Jurisdiction-neutral by design

None of these four nodes or the checklist definition is anchored to one exchange's rulebook, one country's proof-of-reserves attestation standard, or a proposed-but-not-yet-enacted framework. Each ships a framework-agnostic core with a single named crosswalk-annex entry pointing at a representative regulatory pairing, so the underlying arithmetic stays usable across venues and jurisdictions rather than being rebuilt per regime.

Family linkage

This pack is a separate operating-assurance family from Broker-Dealer Operations: 15c3-3 Reserve and TRACE/CAT Reporting, which is explicitly scoped to US broker-dealer obligations (SEC Rule 15c3-3, FINRA TRACE/CAT). Where that pack addresses a US broker-dealer's reserve and trade-reporting obligations, this pack addresses a venue's own custody, reserve-composition, execution-quality, and listing-standards assurances, framework-agnostic and jurisdiction-neutral by design. The two packs cover distinct operating surfaces and are meant to be read together for a fuller picture of exchange and broker-dealer operating assurance on AINumbers.