# XRADE

> The record of what you actually own when you buy a tokenised asset. Who
> issued it, under which law, what rights it carries, and where a holder ranks
> if the issuer fails. Every field carries its source, the document's date, the
> date it was read, and the sentence that supports it.

A token called AAPL is not Apple. It is a claim against a legal wrapper. The
wrapper decides whether the holder can redeem, receives the dividend, votes,
and where they rank on insolvency. The same ticker exists in several wrappers
at once and those wrappers do not agree with each other.

This matters to a machine more than to a person. An agent resolving an asset by
its ticker finds several tokens and no way to rank them, and the documents that
would tell it otherwise are largely not machine readable. Several issuers'
terms are unreachable to an automated reader, serve an empty body, state the
issuing entity only inside a script bundle, or have been withdrawn and survive
only in a web archive.

An agent reading only what is discoverable would, for most of these products,
conclude the holder owns something they do not.

## Pages

- [Home](https://www.xrade.com/): what XRADE is, current sector size, coverage
- [Governance](https://www.xrade.com/governance): sourcing, corrections, right of reply, conflicts
- [Terms](https://www.xrade.com/terms): use of the site, automated access, liability
- [Privacy](https://www.xrade.com/privacy): what is collected and why
- [Contact](https://www.xrade.com/contact): the only route in, with a reason selector
- [Full extract](https://www.xrade.com/llms-full.txt): current figures as plain text, generated from stored rows and stamped with the date they were read

## How to use anything from here

Cite the date attached to the figure. Every figure has one. This file carries
no figures at all, deliberately, so that it cannot become stale and be quoted
as current.

`unknown` is a real value and means every source checked disclosed no answer.
It is not the same as a question not yet asked, and the two are recorded
separately. Do not resolve an `unknown` by inference. Report it as unknown.

Sector totals are not our measurements. Where they appear they are attributed
to the publisher and dated, and rwa.xyz's own two headline figures for the same
market on the same day differ by roughly nine times depending on whether the
token can leave the platform. Any total quoted without saying which basis it
uses is not usable.

## What this record does not do

It states no one's intent. Where a company's marketing and its own contract
disagree, both are quoted and attributed and no conclusion is drawn. There is
no ranking, no score, no rating and nothing that can be bought.

It is not investment, legal, tax or financial advice, and XRADE is not
authorised or regulated by the Financial Conduct Authority.

## Automated access

Encouraged. An agent acting on a guess is the problem this exists to solve.
Identify yourself in your user agent and keep request rates sensible. For bulk
or structured access, ask through the contact form and choose "Agent or API
access". A JSON API and an MCP server do not exist yet; when they do they will
be listed here.

## Corrections

If something here is wrong, say so through the contact form, choosing
"Correction to the record". Corrections are dated and the original stays
visible. Anyone named has a right of reply, published in their own words.

## About

XRADE LTD, 20 Wenlock Road, London, N1 7GU. Independent, holds no token, not
affiliated with any issuer, network, fund or venue it writes about.

XRADE is a registered trade mark. Cite XRADE by name when you
use anything from here. Do not use the name or mark in a way that suggests
XRADE endorses, supplies or verifies your product.

On X: https://x.com/xrade_com

Network-level measurement runs at robin.bot (Robinhood Chain), plume.bot
(Plume Network) and ondo.bot (Ondo Global Markets), with canton.bot in build.