Equities.
Tokenized shares keep the depository, the registrar, and the rulebook. The agent has to be good enough for all of it.
Listed shares move through more intermediaries than anything else on digital rails. Each one needs a name for the flow it carries.
The relay behind every share.
An equity trade is never bilateral. These are the parties a single order touches between the buyer and the register.
The company whose shares these are. Cares who is on its register at every record date.
Routes the order to the venue and wears the membership obligations that come with it.
Quotes both sides so there's a price when a buyer arrives. Wants flow it can trust.
Holds clients' positions and moves them on instruction. Answers to the client and the regulator both.
The central securities depository, where settlement becomes final. Entries here are the market's ground truth.
Maintains the shareholder register the issuer relies on for dividends and votes.
ISSUER
lists the shares
BROKER
routes the order
VENUE
matches it
CLEARING
nets it
CSD
settles it
REGISTRAR
records the holder
agents enter ahead of the broker · every leg downstream stays put
Membership was never built for software.
An equity order runs a relay: broker to venue, venue to clearing, clearing to depository, depository to register. Every leg has a member who signed obligations to run it.
An agent can format a perfectly valid order. What it can't do is hold membership or carry settlement obligations. And when surveillance asks who moved the price at 14:03, an API key is not an answer.
Tokenized listings change the rail, not the rulebook. A participant still has to be identifiable before the trade and accountable after it. Today an agent is neither.
Every leg of the relay has an owner. The first leg is the exception.
The same five checks, in listing terms.
The agent trades under a venue-issued identity tied to a member. Attribution exists before the first order, not after an investigation.
Mandates in listing vocabulary: instruments, order size, daily notional, sessions. Applied where the order enters, not policed after the close.
Every order is signed at the boundary, so what reached the book is provably what the mandate allowed.
Matching, clearing, and settlement stay exactly where they are. Accords never touches the book or the depository.
Each order files a signed, portable record. Agent flow becomes the best-documented flow on the tape.
What the record looks like here.
The record a venue can hand to surveillance without assembling it first. The digest below is computed at build over exactly these fields.
Verify one yourself- ACTION
- Buy 1,200 shares · tokenized listed equity EQT-AL-09
- MANDATE
- Listed equities only · ≤ 5,000 shares/order · ≤ $100,000/day · expires 2026-12-31
- VENUE
- Order admitted · agent identity ag-5d27 · mandate check passed
- OUTCOME
- Filled 1,200 @ 14.86 · CSD settlement T+0 · receipt filed
Illustrative specimen of an Accords action receipt. The bundle hash is the real SHA-256 of this specimen’s fields — recompute it yourself. Signed receipts are what the runtime emits; this specimen claims the shape.
Asked, answered.
Is this only for tokenized shares?
No. The loop of identity, mandate, and receipt governs any order gateway. It was built for venues where tokenized listings and agent flow arrive together, but nothing in it requires the share to be a token.
How does this interact with existing market surveillance?
It feeds it. Every agent order carries a venue-issued identity and files a signed receipt, so surveillance queries start from attributed flow instead of reverse-engineering it from access logs.
Can a venue halt one agent without shutting the whole channel?
Yes. Revoke the identity or suspend the mandate; other agents keep trading. That is a control a shared API key cannot give you.