| A primary market at a price | The Registry does not price assets. | Subscriptions and redemptions, each priced at the NAV the asset’s price source signed, and paid in the same transaction. |
| Servicing | Holders expect income and statements. | Income accrued per holder, distributions net of withholding, the cap table at any date, statements and tax statements. |
| Controls | Regulators expect maker-checker, and a way to stop. | Four eyes on every change, holds and freezes, versioned policies, and issuer powers only with the holder’s prior consent. |
| Reconciliation | The books must agree, every day. | Every mint and burn checked against a plan, and against the administrator’s and registrar’s own records. Anything unexplained stops the book. |
| Interfaces | People and systems need a way in. | One API, with webhooks and an event feed. The venue’s screens, and its clients’, are the bank’s own, or its systems integrator’s, built on it; the demo shows a screen for each role. |