{ "standard": "The DAP Standard", "full_name": "Dartmouth Advisory Partners classification standard", "std_version": "2026.2", "status": "published for review", "published": "28 August 2026, for review", "document_code": "DAP-STD-2026.2", "supersedes": "2026.1 (additive, no code moves, no forward map required)", "owner": "Dartmouth Advisory Partners, Toronto, Canada", "schema_licence": "DAP Standard Public Licence 1.0 (LICENCE-schema.md)", "generated_from": "dap-standard-2026.2.md", "generator": "tools/generate_taxonomy_json.py", "mandatory_layer": 2, "layers": [ { "layer": 1, "name": "Primary economic domain", "code_shape": "one letter", "example": "K" }, { "layer": 2, "name": "Sector . segment", "code_shape": "letter.NN.NN", "example": "K.02.03" }, { "layer": 3, "name": "Asset form", "code_shape": "F-prefixed code", "example": "F-MOD-OPEN" }, { "layer": 4, "name": "Geography", "code_shape": "ISO-2 or bloc", "example": "US, XN" }, { "layer": 5, "name": "Secondary themes", "code_shape": "multi-select", "example": "[T-AICOMPUTE, T-OPENWEIGHT]" }, { "layer": 6, "name": "Risk, governance, policy", "code_shape": "multi-select", "example": "[R-EXPORTCTRL, G-STEWARD]" } ], "named_assumptions": { "A1": { "claim": "Function is more stable than wrapper.", "detail": "We assume an entity's economic function changes more slowly than the legal or technical form it is delivered in. If this reverses (forms becoming more durable than functions), the primary spine should move to Layer 3 and the current spine demote to an attribute. What would break it: a regime where wrappers are permanent and functions are routinely re-pointed underneath them." }, "A2": { "claim": "Model weights are durable, transferable assets.", "detail": "We assume frontier and open-weight models are held, valued, licensed, and transferred as assets distinct from their creators. If models become non-transferable in practice (pure hosted services with no assignable rights), the model-asset form collapses into a service revenue line under Layer 2 domain K and Module A is demoted." }, "A3": { "claim": "On-chain settlement persists as a distinct property.", "detail": "We assume that whether a claim settles on a public ledger remains economically material (custody, finality, counterparty). If on-chain and off-chain settlement converge to indistinguishable risk, Layer 3's digital forms merge with their traditional analogues." }, "A4": { "claim": "Machine and human readers must agree.", "detail": "We assume the standard's primary value is that an Overture agent and a DAP analyst reach the same classification. Every ambiguity is resolved by an explicit rule (Module C) rather than left to judgement. What would break it: definitions loose enough that inter-rater agreement falls, at which point the offending nodes are split or re-defined." }, "A5": { "claim": "Public-domain-only lineage.", "detail": "We assume the standard must remain free of any proprietary commercial scheme's structure or naming, to be freely usable and defensible as DAP IP. Coverage completeness is checked only against public government concepts (activity families in the spirit of ISIC, NAICS, SIC), never against commercial taxonomies." }, "A6": { "claim": "Compute is becoming a commodity with an independent, referenceable price.", "detail": "We assume standardised accelerator capacity trades as a fungible unit whose price is observable independently of any single provider's contract terms, and that the unit is durable enough to carry its own leaf. The leaf rests on the unit, not on any one venue, contract, or administrator. If this reverses, `K.04.05` is retired with a forward map to `K.04.01` and `T-COMPUTEMKT` retires with a forward map to `T-AICOMPUTE`. What would break it: the disappearance of every independently published capacity price and every venue trading a fungible unit, or a return to capacity sold only inside bundled, bespoke, non-transferable supply agreements. The withdrawal, non-approval, or illiquidity of any single listed contract does not break it; such an event is recorded against the affected contracts in `deriv_attrs` and in the review log, and the leaf stands. A6 is weaker than A1 to A5 and should be read that way: `K.04.05` was added on published daily benchmarks, spot venues, and announced listings rather than on a deep observed market, which is a deliberate and stated risk." } }, "entity_types": { "E-ISSUER": { "name": "Company or issuer", "definition": "An operating or holding organisation that produces goods, services, or claims.", "spine_anchor": "Primary economic activity" }, "E-SEC": { "name": "Security", "definition": "A financial claim issued by an entity (equity, debt, unit).", "spine_anchor": "Function of the claim, form on Layer 3" }, "E-TOKEN": { "name": "Digital token or protocol", "definition": "An on-chain asset or the protocol that issues and governs it.", "spine_anchor": "Primary economic function and value accrual (Module B)" }, "E-MODEL": { "name": "Model asset or weights", "definition": "A trained model treated as an asset, distinct from its creator.", "spine_anchor": "Model function, attributes via Module A" }, "E-FUND": { "name": "Fund or vehicle", "definition": "A pooled or structured vehicle holding other entities.", "spine_anchor": "Strategy and underlying, form on Layer 3" }, "E-REAL": { "name": "Real asset", "definition": "A physical or resource asset (property, infrastructure, commodity unit).", "spine_anchor": "Asset function and resource type" }, "E-HYBRID": { "name": "Hybrid instrument", "definition": "An instrument that bridges traditional and digital settlement or rights.", "spine_anchor": "Underlying function, with both forms recorded" }, "E-DERIV": { "name": "Derivative contract", "definition": "A bilateral or cleared contract whose value is determined by reference to an underlying asset, rate, index, price, or event, and which is not itself an issued claim on an entity.", "spine_anchor": "The activity that produces or supplies the referenced underlying (Module C.6), attributes via Module E" } }, "domains": { "A": { "name": "Primary resources and extraction", "value_origination": "Drawing value directly from land, sea, and subsurface", "sectors": { "A.01": { "name": "Agriculture and cultivated systems", "segments": { "A.01.01": { "name": "Row and field crops", "definition": "Cultivation of grains, oilseeds, and field crops for food, feed, or industrial use." }, "A.01.02": { "name": "Permanent and specialty crops", "definition": "Orchards, vineyards, and perennial specialty cultivation." }, "A.01.03": { "name": "Controlled-environment agriculture", "definition": "Indoor, vertical, and greenhouse cultivation with managed inputs." }, "A.01.04": { "name": "Livestock and animal production", "definition": "Raising animals for meat, dairy, fibre, or breeding." }, "A.01.05": { "name": "Aquaculture", "definition": "Farmed production of fish, shellfish, and aquatic organisms." }, "A.01.06": { "name": "Agricultural inputs and services", "definition": "Seed, crop protection, fertiliser distribution, and field services not classified as manufacturing." } } }, "A.02": { "name": "Forestry and land", "segments": { "A.02.01": { "name": "Timberland and managed forestry", "definition": "Ownership and harvest of standing timber and managed forest." }, "A.02.02": { "name": "Non-timber land resources", "definition": "Grazing, conservation, and undeveloped land held for resource value." } } }, "A.03": { "name": "Fishing and marine harvest", "segments": { "A.03.01": { "name": "Wild-capture fishing", "definition": "Harvest of wild aquatic species." }, "A.03.02": { "name": "Marine resource harvest", "definition": "Harvest of non-fish marine resources (kelp, minerals from seawater)." } } }, "A.04": { "name": "Metals and mining", "segments": { "A.04.01": { "name": "Precious metals", "definition": "Extraction of gold, silver, and platinum-group metals." }, "A.04.02": { "name": "Base and industrial metals", "definition": "Extraction of copper, aluminium ore, zinc, nickel, and similar." }, "A.04.03": { "name": "Battery and transition metals", "definition": "Extraction of lithium, cobalt, and metals concentrated in energy-transition demand." }, "A.04.04": { "name": "Rare earth and critical minerals", "definition": "Extraction of rare-earth elements and minerals designated strategically critical." }, "A.04.05": { "name": "Bulk and steelmaking inputs", "definition": "Iron ore, coking coal, and bulk mineral inputs to primary industry." } } }, "A.05": { "name": "Hydrocarbon extraction", "segments": { "A.05.01": { "name": "Crude oil extraction", "definition": "Upstream production of crude petroleum." }, "A.05.02": { "name": "Natural gas extraction", "definition": "Upstream production of natural gas and associated liquids." }, "A.05.03": { "name": "Unconventional and heavy resources", "definition": "Oil sands, shale, and heavy hydrocarbon production." } } }, "A.06": { "name": "Water as a primary resource", "segments": { "A.06.01": { "name": "Freshwater rights and supply", "definition": "Ownership and supply of raw freshwater and abstraction rights." }, "A.06.02": { "name": "Desalination and water production", "definition": "Production of usable water from saline or impaired sources." } } } } }, "B": { "name": "Materials and industrial transformation", "value_origination": "Converting raw inputs into processed materials and goods", "sectors": { "B.01": { "name": "Basic and advanced materials", "segments": { "B.01.01": { "name": "Commodity chemicals", "definition": "Bulk chemical production (petrochemicals, industrial gases, base polymers)." }, "B.01.02": { "name": "Specialty and fine chemicals", "definition": "Formulated and application-specific chemical products." }, "B.01.03": { "name": "Metals refining and processing", "definition": "Smelting, refining, and primary shaping of metals." }, "B.01.04": { "name": "Construction materials", "definition": "Cement, aggregates, glass, and structural materials." }, "B.01.05": { "name": "Advanced and engineered materials", "definition": "Composites, semiconductor-grade materials, and engineered substrates." } } }, "B.02": { "name": "Manufactured goods", "segments": { "B.02.01": { "name": "Industrial machinery and equipment", "definition": "Capital equipment and machinery for production and construction." }, "B.02.02": { "name": "Electrical and electronic components", "definition": "Components and assemblies below the level of finished electronics." }, "B.02.03": { "name": "Transportation equipment", "definition": "Vehicles, aircraft, rail stock, and marine vessels as manufactured goods." }, "B.02.04": { "name": "Consumer durable manufacturing", "definition": "Manufacture of appliances, furnishings, and durable consumer goods." }, "B.02.05": { "name": "Defence and aerospace systems", "definition": "Manufacture of defence platforms, munitions, and aerospace systems." } } }, "B.03": { "name": "Semiconductor and hardware fabrication", "segments": { "B.03.01": { "name": "Logic and memory fabrication", "definition": "Foundry and integrated fabrication of logic and memory devices." }, "B.03.02": { "name": "AI accelerator design and supply", "definition": "Design and supply of processors specialised for AI training and inference." }, "B.03.03": { "name": "Semiconductor capital equipment", "definition": "Lithography, deposition, and metrology equipment for fabrication." }, "B.03.04": { "name": "Advanced packaging and interconnect", "definition": "High-density packaging, chiplet integration, and interconnect." } } }, "B.04": { "name": "Robotics and automation hardware", "segments": { "B.04.01": { "name": "Industrial and warehouse robotics", "definition": "Fixed and mobile robots for production and logistics." }, "B.04.02": { "name": "Humanoid and general-purpose robotics", "definition": "General-purpose robotic platforms intended for varied physical tasks." }, "B.04.03": { "name": "Autonomous mobility hardware", "definition": "Sensing and actuation hardware for autonomous vehicles and drones." } } } } }, "C": { "name": "Built environment and real assets", "value_origination": "Creating and holding fixed structures and property", "sectors": { "C.01": { "name": "Real estate ownership", "segments": { "C.01.01": { "name": "Residential property", "definition": "Ownership of housing held for rent or appreciation." }, "C.01.02": { "name": "Commercial and office property", "definition": "Ownership of office and mixed commercial property." }, "C.01.03": { "name": "Industrial and logistics property", "definition": "Warehouses, distribution, and industrial real estate." }, "C.01.04": { "name": "Retail and hospitality property", "definition": "Retail centres, hotels, and hospitality real estate." }, "C.01.05": { "name": "Digital infrastructure real estate", "definition": "Data-centre and compute-facility property held as real assets." }, "C.01.06": { "name": "Specialised and social real estate", "definition": "Healthcare, education, and specialised-use property." } } }, "C.02": { "name": "Construction and development", "segments": { "C.02.01": { "name": "Building construction", "definition": "Vertical construction of residential and commercial structures." }, "C.02.02": { "name": "Infrastructure construction", "definition": "Heavy civil construction of transport, water, and energy works." }, "C.02.03": { "name": "Real estate development", "definition": "Origination and entitlement of new real estate projects." } } }, "C.03": { "name": "Real estate services", "segments": { "C.03.01": { "name": "Property management and operation", "definition": "Operation and servicing of real estate on behalf of owners." }, "C.03.02": { "name": "Brokerage and transaction services", "definition": "Intermediation of real estate transactions and leasing." } } } } }, "D": { "name": "Networks and movement", "value_origination": "Moving people, goods, and signals across space", "sectors": { "D.01": { "name": "Transport and logistics", "segments": { "D.01.01": { "name": "Freight and cargo transport", "definition": "Movement of goods by road, rail, sea, or air." }, "D.01.02": { "name": "Passenger transport", "definition": "Movement of people by scheduled or on-demand carriers." }, "D.01.03": { "name": "Logistics and fulfilment", "definition": "Warehousing, sortation, and last-mile fulfilment networks." }, "D.01.04": { "name": "Transport infrastructure operation", "definition": "Operation of ports, airports, toll roads, and terminals as concessions." } } }, "D.02": { "name": "Communications networks", "segments": { "D.02.01": { "name": "Fixed and mobile connectivity", "definition": "Operation of wireline and wireless communications networks." }, "D.02.02": { "name": "Satellite and non-terrestrial connectivity", "definition": "Communications carried by satellite and high-altitude platforms." }, "D.02.03": { "name": "Network infrastructure and towers", "definition": "Passive network infrastructure, towers, and fibre held as assets." } } }, "D.03": { "name": "Compute and data-transport fabric", "segments": { "D.03.01": { "name": "Data-centre operation", "definition": "Operation of facilities that house compute and storage at scale." }, "D.03.02": { "name": "Interconnection and content delivery", "definition": "Exchange points, peering, and content-delivery networks." } } } } }, "E": { "name": "Energy systems and power", "value_origination": "Generating, storing, and delivering usable energy", "sectors": { "E.01": { "name": "Power generation", "segments": { "E.01.01": { "name": "Renewable generation", "definition": "Electricity from solar, wind, hydro, and other renewable sources." }, "E.01.02": { "name": "Nuclear generation", "definition": "Electricity from fission, including small modular reactors." }, "E.01.03": { "name": "Fossil generation", "definition": "Electricity from coal, gas, and oil combustion." }, "E.01.04": { "name": "Emerging generation", "definition": "Fusion, enhanced geothermal, and pre-commercial generation." } } }, "E.02": { "name": "Energy delivery and storage", "segments": { "E.02.01": { "name": "Transmission and distribution", "definition": "Operation of grid infrastructure delivering power to load." }, "E.02.02": { "name": "Grid-scale storage", "definition": "Stationary storage balancing supply and demand on the grid." }, "E.02.03": { "name": "Fuels distribution and retail", "definition": "Distribution and retail of refined fuels and gas to end users." } } }, "E.03": { "name": "Energy for compute", "segments": { "E.03.01": { "name": "Dedicated compute power supply", "definition": "Generation and supply contracted specifically to power data centres and AI compute." }, "E.03.02": { "name": "Behind-the-meter and co-located energy", "definition": "On-site generation and storage co-located with compute load." } } }, "E.04": { "name": "Energy transition inputs", "segments": { "E.04.01": { "name": "Battery and cell manufacturing", "definition": "Manufacture of energy-storage cells and packs." }, "E.04.02": { "name": "Hydrogen and alternative carriers", "definition": "Production and handling of hydrogen and alternative energy carriers." }, "E.04.03": { "name": "Electrification equipment", "definition": "Charging, power electronics, and equipment enabling electrification." } } } } }, "F": { "name": "Consumer provisioning", "value_origination": "Supplying goods and services to households", "sectors": { "F.01": { "name": "Consumer goods", "segments": { "F.01.01": { "name": "Food and beverage products", "definition": "Manufactured food and beverage products for consumption." }, "F.01.02": { "name": "Household and personal products", "definition": "Non-durable household, personal-care, and cosmetic products." }, "F.01.03": { "name": "Apparel and lifestyle goods", "definition": "Clothing, footwear, and lifestyle consumer goods." }, "F.01.04": { "name": "Consumer electronics products", "definition": "Finished consumer electronic devices sold to households." } } }, "F.02": { "name": "Consumer services and retail", "segments": { "F.02.01": { "name": "Physical retail", "definition": "Sale of goods through physical outlets." }, "F.02.02": { "name": "Digital commerce", "definition": "Sale of goods and services through online marketplaces and storefronts." }, "F.02.03": { "name": "Food service and hospitality", "definition": "Restaurants, lodging, and hospitality services." }, "F.02.04": { "name": "Leisure and experiences", "definition": "Travel, entertainment venues, and experiential services." } } }, "F.03": { "name": "Consumer media and content", "segments": { "F.03.01": { "name": "Content production and rights", "definition": "Creation and ownership of film, music, and media rights." }, "F.03.02": { "name": "Streaming and distribution", "definition": "Distribution of content to consumers through subscription or ad models." }, "F.03.03": { "name": "Interactive entertainment", "definition": "Games and interactive experiences sold or operated for consumers." } } } } }, "G": { "name": "Health and life systems", "value_origination": "Maintaining and restoring human health", "sectors": { "G.01": { "name": "Therapeutics", "segments": { "G.01.01": { "name": "Small-molecule pharmaceuticals", "definition": "Discovery and manufacture of small-molecule drugs." }, "G.01.02": { "name": "Biologics and large molecules", "definition": "Antibody, protein, and other large-molecule therapeutics." }, "G.01.03": { "name": "Cell and gene therapies", "definition": "Therapies based on engineered cells or genetic modification." }, "G.01.04": { "name": "Vaccines and immunotherapies", "definition": "Preventive and immune-directed therapeutics." }, "G.01.05": { "name": "AI-native drug discovery", "definition": "Therapeutic discovery where machine models are the primary discovery engine." } } }, "G.02": { "name": "Devices and diagnostics", "segments": { "G.02.01": { "name": "Medical devices", "definition": "Instruments and implants used in diagnosis and treatment." }, "G.02.02": { "name": "Diagnostics and testing", "definition": "Laboratory and point-of-care diagnostic products and services." }, "G.02.03": { "name": "Digital health and monitoring", "definition": "Software and connected devices for health monitoring and management." } } }, "G.03": { "name": "Care delivery and health services", "segments": { "G.03.01": { "name": "Provider and hospital services", "definition": "Delivery of clinical care through providers and facilities." }, "G.03.02": { "name": "Health payers and benefits", "definition": "Financing and administration of health coverage." }, "G.03.03": { "name": "Pharmacy and distribution", "definition": "Distribution and dispensing of therapeutics." } } } } }, "H": { "name": "Bioeconomy and synthetic systems", "value_origination": "Engineering biology as a production technology", "sectors": { "H.01": { "name": "Synthetic biology platforms", "segments": { "H.01.01": { "name": "Organism and strain engineering", "definition": "Design and engineering of organisms for production purposes." }, "H.01.02": { "name": "Bio-manufacturing and fermentation", "definition": "Production of materials, chemicals, and proteins through engineered biology." }, "H.01.03": { "name": "Cell-free and enzymatic systems", "definition": "Production using isolated biological machinery outside living cells." }, "H.01.04": { "name": "Biological design tools", "definition": "Software and instruments that design and simulate biological systems." } } }, "H.02": { "name": "Agricultural and environmental biology", "segments": { "H.02.01": { "name": "Engineered agricultural inputs", "definition": "Biologically engineered seeds, traits, and crop inputs." }, "H.02.02": { "name": "Alternative and cultivated foods", "definition": "Fermented, cultivated, and engineered protein and food products." }, "H.02.03": { "name": "Environmental and remediation biology", "definition": "Engineered organisms for remediation, carbon, and environmental services." } } }, "H.03": { "name": "Longevity and human enhancement", "segments": { "H.03.01": { "name": "Longevity therapeutics", "definition": "Interventions targeting ageing biology to extend healthy lifespan." }, "H.03.02": { "name": "Regenerative and repair systems", "definition": "Tissue regeneration, organ engineering, and biological repair." }, "H.03.03": { "name": "Human performance and enhancement", "definition": "Interventions to extend or augment healthy human capability." } } } } }, "J": { "name": "Software and digital services", "value_origination": "Producing non-AI software and digital service value", "sectors": { "J.01": { "name": "Application software", "segments": { "J.01.01": { "name": "Enterprise application software", "definition": "Software operating core business functions (resource planning, workflow)." }, "J.01.02": { "name": "Vertical and industry software", "definition": "Software specialised to a single industry's operations." }, "J.01.03": { "name": "Consumer and prosumer software", "definition": "Software sold or operated directly for individuals and small teams." }, "J.01.04": { "name": "Developer and infrastructure software", "definition": "Tools and platforms used to build and operate other software." } } }, "J.02": { "name": "Digital platforms", "segments": { "J.02.01": { "name": "Marketplace and network platforms", "definition": "Platforms whose value is the network connecting participants." }, "J.02.02": { "name": "Social and communication platforms", "definition": "Platforms for interpersonal communication and social interaction." }, "J.02.03": { "name": "Search and discovery platforms", "definition": "Platforms organising information and directing attention." } } }, "J.03": { "name": "Digital services", "segments": { "J.03.01": { "name": "Cloud and hosting services", "definition": "General-purpose compute, storage, and hosting sold as a service." }, "J.03.02": { "name": "Cybersecurity services and software", "definition": "Protection of systems, networks, and data as product and service." }, "J.03.03": { "name": "IT and professional digital services", "definition": "Implementation, integration, and managed digital services." }, "J.03.04": { "name": "Fintech and embedded software services", "definition": "Software delivering financial function embedded in non-financial products." } } } } }, "K": { "name": "Artificial intelligence and cognitive systems", "value_origination": "Producing machine cognition and its direct inputs", "sectors": { "K.01": { "name": "Frontier and foundation model development", "segments": { "K.01.01": { "name": "Frontier general model development", "definition": "Development of the most capable general-purpose models at the compute frontier." }, "K.01.02": { "name": "Applied and domain foundation models", "definition": "Development of foundation models specialised to a domain (code, biology, finance)." }, "K.01.03": { "name": "Open-weight model development", "definition": "Development of models released with openly available weights (see Module A openness regime)." }, "K.01.04": { "name": "Small and edge model development", "definition": "Development of compact models optimised for on-device or low-cost inference." } } }, "K.02": { "name": "Model assets and weights", "segments": { "K.02.01": { "name": "Closed frontier model weights", "definition": "Weights of a frontier model held under closed or gated licence as an asset." }, "K.02.02": { "name": "Open-weight model assets", "definition": "Publicly released model weights available for local deployment and modification." }, "K.02.03": { "name": "Fine-tuned and derivative model assets", "definition": "Model assets derived by adapting a base model to a task or domain." }, "K.02.04": { "name": "Model rights and royalty claims", "definition": "Financial claims on the economics of a model without holding the weights." } } }, "K.03": { "name": "AI agents and agentic systems", "segments": { "K.03.01": { "name": "Task and workflow agents", "definition": "Agents that execute bounded tasks or workflows under human oversight." }, "K.03.02": { "name": "Autonomous economic agents", "definition": "Agents that hold resources, transact, and pursue objectives with limited human intervention." }, "K.03.03": { "name": "Multi-agent systems and orchestration", "definition": "Systems coordinating multiple agents toward a composite objective (the class Overture belongs to)." }, "K.03.04": { "name": "Agent infrastructure and tooling", "definition": "Frameworks, memory, tool-use, and identity infrastructure for agents." } } }, "K.04": { "name": "AI compute and training infrastructure", "segments": { "K.04.01": { "name": "Training compute provision", "definition": "Provision of large-scale compute for model training." }, "K.04.02": { "name": "Inference and serving infrastructure", "definition": "Provision of compute and systems for model inference at scale." }, "K.04.03": { "name": "AI cloud and model-hosting platforms", "definition": "Platforms that host and serve third-party models as a service." }, "K.04.04": { "name": "Compute brokerage and marketplaces", "definition": "Intermediation and marketplace matching of compute supply and demand." }, "K.04.05": { "name": "Traded compute capacity", "definition": "Standardised accelerator or compute capacity treated as a fungible commodity unit rather than as a named provider's service. Covers spot and forward capacity sold by the unit, published rental price benchmarks as the good being referenced, and cleared or bilateral contracts settling against them. The boundary is the unit: `K.04.01` to `K.04.04` classify parties who sell compute, `K.04.05` classifies compute sold as a unit independent of who supplied it. An entity that publishes a benchmark is classified by its own activity at `M.07.02`, not here." } } }, "K.05": { "name": "AI data and evaluation inputs", "segments": { "K.05.01": { "name": "Synthetic data generation", "definition": "Production of machine-generated data for training and evaluation." }, "K.05.02": { "name": "Human data and annotation", "definition": "Sourcing and labelling of human-generated training data." }, "K.05.03": { "name": "Model evaluation and benchmarking", "definition": "Measurement of model capability, reliability, and comparative performance." }, "K.05.04": { "name": "AI safety, alignment and assurance", "definition": "Research, tooling, and services directed at model safety, alignment, and assurance." } } }, "K.06": { "name": "Applied AI products", "segments": { "K.06.01": { "name": "Horizontal AI applications", "definition": "AI products serving general cross-industry tasks (assistants, generation)." }, "K.06.02": { "name": "Vertical AI applications", "definition": "AI products specialised to a single industry's work." }, "K.06.03": { "name": "Embodied and physical AI", "definition": "AI systems whose primary output is control of physical machines and robots." } } } } }, "L": { "name": "Data and information assets", "value_origination": "Originating and licensing information as an asset", "sectors": { "L.01": { "name": "Data assets", "segments": { "L.01.01": { "name": "Proprietary primary datasets", "definition": "Original datasets held as assets and licensed or monetised." }, "L.01.02": { "name": "Aggregated and reference data", "definition": "Curated aggregations and reference data sold to institutions." }, "L.01.03": { "name": "Real-time and sensor data feeds", "definition": "Continuously generated data streams sold as subscriptions or feeds." }, "L.01.04": { "name": "Rights-cleared training corpora", "definition": "Data assembled and rights-cleared specifically for model training." } } }, "L.02": { "name": "Data infrastructure and markets", "segments": { "L.02.01": { "name": "Data marketplaces and exchanges", "definition": "Venues intermediating the sale and licensing of data assets." }, "L.02.02": { "name": "Data trusts and stewardship vehicles", "definition": "Vehicles holding data on behalf of contributors under defined governance." }, "L.02.03": { "name": "Data provenance and rights infrastructure", "definition": "Systems tracking origin, consent, and licence status of data." } } }, "L.03": { "name": "Information and analytics services", "segments": { "L.03.01": { "name": "Market and financial information", "definition": "Provision of financial market data and analytics as a service." }, "L.03.02": { "name": "Sector and alternative information", "definition": "Specialised and alternative information products for decision-making." }, "L.03.03": { "name": "Identity and verification data", "definition": "Data services establishing identity, credentials, and verification." } } } } }, "M": { "name": "Capital, risk and financial intermediation", "value_origination": "Allocating capital and transferring risk", "sectors": { "M.01": { "name": "Banking and deposit intermediation", "segments": { "M.01.01": { "name": "Commercial and retail banking", "definition": "Deposit-taking and lending to households and businesses." }, "M.01.02": { "name": "Corporate and institutional banking", "definition": "Banking services to large corporates and institutions." }, "M.01.03": { "name": "On-chain and digital-native banking", "definition": "Deposit and credit intermediation delivered natively on-chain or through digital rails." } } }, "M.02": { "name": "Insurance and risk transfer", "segments": { "M.02.01": { "name": "Life and health insurance", "definition": "Underwriting of life, health, and longevity risk." }, "M.02.02": { "name": "Property and casualty insurance", "definition": "Underwriting of property, liability, and casualty risk." }, "M.02.03": { "name": "Reinsurance and retrocession", "definition": "Transfer of insured risk between carriers." }, "M.02.04": { "name": "Alternative and parametric risk transfer", "definition": "Risk transfer through capital-market and parametric structures." } } }, "M.03": { "name": "Asset management and allocation", "segments": { "M.03.01": { "name": "Public-market asset management", "definition": "Management of listed equity and fixed-income strategies." }, "M.03.02": { "name": "Private equity and buyout", "definition": "Acquisition and management of private operating companies for control returns." }, "M.03.03": { "name": "Venture and growth capital", "definition": "Investment in early and growth-stage private companies." }, "M.03.04": { "name": "Private credit and direct lending", "definition": "Non-bank lending strategies held in managed vehicles." }, "M.03.05": { "name": "Hedge and absolute-return strategies", "definition": "Trading strategies pursuing returns largely independent of market direction." }, "M.03.06": { "name": "Real asset and infrastructure strategies", "definition": "Managed strategies in real estate, infrastructure, and natural resources." }, "M.03.07": { "name": "Digital asset investment strategies", "definition": "Managed strategies allocating to tokens, protocols, and digital assets." }, "M.03.08": { "name": "Multi-asset and allocation vehicles", "definition": "Vehicles allocating across asset classes on behalf of owners." } } }, "M.04": { "name": "Capital markets and market operation", "segments": { "M.04.01": { "name": "Exchanges and trading venues", "definition": "Operation of venues matching buyers and sellers." }, "M.04.02": { "name": "Clearing, settlement and custody", "definition": "Post-trade infrastructure holding and settling assets." }, "M.04.03": { "name": "Brokerage and dealing", "definition": "Intermediation and market-making in financial instruments." }, "M.04.04": { "name": "Investment banking and advisory", "definition": "Origination, underwriting, and advisory services." } } }, "M.05": { "name": "Money, currency and foreign exchange", "segments": { "M.05.01": { "name": "Fiat currency and FX markets", "definition": "National currencies as exposures and the markets trading them." }, "M.05.02": { "name": "Central-bank digital currency", "definition": "Sovereign digital money issued and settled digitally." }, "M.05.03": { "name": "Money-market and cash instruments", "definition": "Short-dated instruments held as cash equivalents." } } }, "M.06": { "name": "Credit and specialty finance", "segments": { "M.06.01": { "name": "Structured and securitised credit", "definition": "Credit repackaged into structured and securitised instruments." }, "M.06.02": { "name": "Consumer and commercial finance", "definition": "Non-bank financing of consumers and businesses." }, "M.06.03": { "name": "Trade and receivables finance", "definition": "Financing of trade flows and receivables." } } }, "M.07": { "name": "Financial infrastructure and payments", "segments": { "M.07.01": { "name": "Payments and transfer networks", "definition": "Networks moving money between parties." }, "M.07.02": { "name": "Data, index and benchmark provision", "definition": "Provision of indices, benchmarks, and reference data, including physical-market and capacity-market price assessments that serve as settlement references for traded contracts. Classified here by the act of administering the reference, irrespective of what the reference prices." }, "M.07.03": { "name": "Regulatory and compliance infrastructure", "definition": "Systems delivering compliance, reporting, and regulatory function." } } } } }, "N": { "name": "Digital asset and protocol economy", "value_origination": "Accruing value to on-chain protocols and tokens", "sectors": { "N.01": { "name": "Settlement and smart-contract platforms", "segments": { "N.01.01": { "name": "Base-layer settlement networks", "definition": "Layer-1 networks providing base settlement and security for on-chain activity." }, "N.01.02": { "name": "Scaling and execution layers", "definition": "Layer-2 and execution networks extending a base layer's throughput." }, "N.01.03": { "name": "Interoperability and bridging protocols", "definition": "Protocols moving value and messages between networks." }, "N.01.04": { "name": "Application-specific chains", "definition": "Networks purpose-built for a single application or protocol." } } }, "N.02": { "name": "Decentralised finance primitives", "segments": { "N.02.01": { "name": "Decentralised exchange and market-making", "definition": "Protocols providing on-chain trading and automated liquidity." }, "N.02.02": { "name": "On-chain lending and credit", "definition": "Protocols intermediating on-chain borrowing and lending." }, "N.02.03": { "name": "On-chain derivatives and structured products", "definition": "Protocols issuing derivatives and structured exposure on-chain." }, "N.02.04": { "name": "Staking, restaking and yield primitives", "definition": "Protocols coordinating staked capital and derived yield." }, "N.02.05": { "name": "On-chain asset management", "definition": "Protocols allocating pooled on-chain capital under encoded strategy." } } }, "N.03": { "name": "Digital money and stable value", "segments": { "N.03.01": { "name": "Fiat-backed stablecoins", "definition": "Tokens redeemable for fiat and backed by reserve assets." }, "N.03.02": { "name": "Crypto-collateralised stable tokens", "definition": "Stable-value tokens collateralised by on-chain assets." }, "N.03.03": { "name": "Algorithmic and hybrid stable tokens", "definition": "Stable-value tokens relying wholly or partly on algorithmic mechanisms." }, "N.03.04": { "name": "Tokenised deposits and e-money", "definition": "On-chain representations of regulated bank deposits or e-money." } } }, "N.04": { "name": "Decentralised physical infrastructure (DePIN)", "segments": { "N.04.01": { "name": "Compute and storage networks", "definition": "Protocols coordinating distributed compute and storage against token incentives." }, "N.04.02": { "name": "Connectivity and wireless networks", "definition": "Protocols coordinating distributed wireless and connectivity capacity." }, "N.04.03": { "name": "Energy and sensor networks", "definition": "Protocols coordinating distributed energy resources or sensing." }, "N.04.04": { "name": "Mobility and mapping networks", "definition": "Protocols coordinating distributed mobility data and mapping." } } }, "N.05": { "name": "Protocol governance and coordination", "segments": { "N.05.01": { "name": "Governance tokens", "definition": "Tokens whose primary function is protocol governance rights." }, "N.05.02": { "name": "Utility and access tokens", "definition": "Tokens whose primary function is access to protocol services." }, "N.05.03": { "name": "Autonomous organisation treasuries", "definition": "On-chain treasuries governed by encoded collective decision-making." }, "N.05.04": { "name": "Culture and community tokens with economic function", "definition": "Social and culture tokens tagged by their explicit economic function, not by sentiment." } } }, "N.06": { "name": "On-chain identity and provenance", "segments": { "N.06.01": { "name": "Identity and attestation protocols", "definition": "Protocols issuing and verifying on-chain identity and attestations." }, "N.06.02": { "name": "Non-fungible asset standards", "definition": "Protocols and standards for unique on-chain assets and their provenance." } } } } }, "P": { "name": "Environmental and planetary markets", "value_origination": "Pricing and trading environmental outcomes", "sectors": { "P.01": { "name": "Carbon and emissions markets", "segments": { "P.01.01": { "name": "Compliance carbon allowances", "definition": "Emissions allowances issued under regulated cap-and-trade regimes." }, "P.01.02": { "name": "Voluntary carbon credits", "definition": "Credits representing verified emissions reduction or removal, traded voluntarily." }, "P.01.03": { "name": "Carbon removal and sequestration", "definition": "Assets representing durable removal of carbon from the atmosphere." }, "P.01.04": { "name": "Carbon market infrastructure", "definition": "Registries, verification, and market operation for carbon assets." } } }, "P.02": { "name": "Natural capital and ecosystem markets", "segments": { "P.02.01": { "name": "Biodiversity and habitat credits", "definition": "Assets representing measured biodiversity or habitat outcomes." }, "P.02.02": { "name": "Water quality and watershed credits", "definition": "Assets representing measured water and watershed outcomes." }, "P.02.03": { "name": "Natural capital asset holdings", "definition": "Ownership of natural systems held for their measured ecosystem value." } } }, "P.03": { "name": "Environmental services and adaptation", "segments": { "P.03.01": { "name": "Measurement, reporting and verification", "definition": "Services measuring and verifying environmental outcomes." }, "P.03.02": { "name": "Climate adaptation and resilience assets", "definition": "Assets whose value derives from providing resilience to climate change." } } } } }, "Q": { "name": "Frontier, space and orbital", "value_origination": "Operating beyond the terrestrial surface", "sectors": { "Q.01": { "name": "Launch and access", "segments": { "Q.01.01": { "name": "Launch services", "definition": "Transport of payloads to orbit and beyond." }, "Q.01.02": { "name": "In-space transport and logistics", "definition": "Movement and servicing of assets once in space." } } }, "Q.02": { "name": "Orbital assets and services", "segments": { "Q.02.01": { "name": "Earth observation and sensing", "definition": "Orbital assets producing observation and sensing data." }, "Q.02.02": { "name": "Space-based connectivity", "definition": "Orbital assets providing communications and connectivity." }, "Q.02.03": { "name": "Position, navigation and timing", "definition": "Assets providing positioning and timing services." } } }, "Q.03": { "name": "Extraterrestrial resources and infrastructure", "segments": { "Q.03.01": { "name": "In-space manufacturing", "definition": "Production of goods in the space environment." }, "Q.03.02": { "name": "Resource prospecting and extraction", "definition": "Prospecting and extraction of extraterrestrial resources." }, "Q.03.03": { "name": "Orbital and surface infrastructure", "definition": "Stations, habitats, and fixed infrastructure beyond Earth." } } } } }, "R": { "name": "Public, civic and sovereign", "value_origination": "Providing public goods and sovereign functions", "sectors": { "R.01": { "name": "Sovereign and sub-sovereign entities", "segments": { "R.01.01": { "name": "Sovereign governments", "definition": "National governments as issuers and economic actors." }, "R.01.02": { "name": "Sub-sovereign and municipal entities", "definition": "Regional, provincial, and municipal governments." }, "R.01.03": { "name": "Supranational and multilateral bodies", "definition": "Multilateral institutions and supranational issuers." }, "R.01.04": { "name": "Sovereign wealth and public investment vehicles", "definition": "State-owned investment and reserve-management vehicles." } } }, "R.02": { "name": "Public services and infrastructure", "segments": { "R.02.01": { "name": "Public utilities and services", "definition": "Government-operated utilities and essential services." }, "R.02.02": { "name": "Public digital and identity infrastructure", "definition": "State digital infrastructure, identity, and public technology systems." }, "R.02.03": { "name": "Defence and security functions", "definition": "Sovereign defence and security provision." } } }, "R.03": { "name": "Civic and non-profit", "segments": { "R.03.01": { "name": "Foundations and endowments", "definition": "Mission-driven asset-holding institutions." }, "R.03.02": { "name": "Non-governmental and civic organisations", "definition": "Organisations providing civic and public-benefit functions." } } } } } }, "reserved_leaves": { "Z.00.00": { "reserved": true, "is_domain": false, "source_line": 234, "definition": "`Z` is not a domain. The leaf `Z.00.00` is reserved as the unresolved-domain marker for `E-DERIV` entities referencing a cross-domain basket with no dominant value-origination mechanism (rule C.6.4). It is never used for any other entity type and never carries a sector or segment." } }, "asset_forms_L3": { "F-EQ-PUB-COM": { "name": "Public common equity", "definition": "Listed common shares.", "family": "Equity forms" }, "F-EQ-PUB-PREF": { "name": "Public preferred equity", "definition": "Listed preferred shares with priority features.", "family": "Equity forms" }, "F-EQ-PRIV": { "name": "Private equity interest", "definition": "Unlisted direct equity in an operating company.", "family": "Equity forms" }, "F-EQ-LP": { "name": "Fund partnership interest", "definition": "Limited-partner interest in a pooled vehicle.", "family": "Equity forms" }, "F-EQ-FOUND": { "name": "Founder or restricted equity", "definition": "Founder, restricted, or vesting equity.", "family": "Equity forms" }, "F-DEBT-SR": { "name": "Senior debt", "definition": "Senior-ranking debt claim, secured or unsecured.", "family": "Debt and credit forms" }, "F-DEBT-SUB": { "name": "Subordinated debt", "definition": "Debt ranking below senior claims.", "family": "Debt and credit forms" }, "F-DEBT-CONV": { "name": "Convertible instrument", "definition": "Debt convertible into equity on defined terms.", "family": "Debt and credit forms" }, "F-DEBT-SOV": { "name": "Sovereign or sub-sovereign debt", "definition": "Debt issued by a government or its subdivisions.", "family": "Debt and credit forms" }, "F-DEBT-STRUCT": { "name": "Structured or securitised debt", "definition": "Debt repackaged from underlying pools.", "family": "Debt and credit forms" }, "F-DEBT-PRIV": { "name": "Private credit instrument", "definition": "Directly originated non-bank loan or note.", "family": "Debt and credit forms" }, "F-FUND-OE": { "name": "Open-end fund", "definition": "Continuously issued and redeemed pooled fund.", "family": "Fund and vehicle forms" }, "F-FUND-CE": { "name": "Closed-end fund", "definition": "Fixed-capital listed fund.", "family": "Fund and vehicle forms" }, "F-FUND-ETP": { "name": "Exchange-traded product", "definition": "Listed vehicle tracking an underlying exposure.", "family": "Fund and vehicle forms" }, "F-FUND-LP": { "name": "Private fund", "definition": "Limited-partnership or drawdown fund vehicle.", "family": "Fund and vehicle forms" }, "F-FUND-SMA": { "name": "Separately managed account", "definition": "Segregated managed mandate.", "family": "Fund and vehicle forms" }, "F-FUND-DAO": { "name": "On-chain fund or treasury", "definition": "Pooled capital governed and held on-chain.", "family": "Fund and vehicle forms" }, "F-REAL-DIRECT": { "name": "Direct real property", "definition": "Directly held real estate or land.", "family": "Real asset forms" }, "F-REAL-CONCESS": { "name": "Infrastructure concession", "definition": "Right to operate an infrastructure asset for a term.", "family": "Real asset forms" }, "F-REAL-COMMOD-PHYS": { "name": "Physical commodity", "definition": "Physically held commodity units.", "family": "Real asset forms" }, "F-REAL-RESRIGHT": { "name": "Resource or extraction right", "definition": "Right to extract a natural resource.", "family": "Real asset forms" }, "F-TOK-NATIVE": { "name": "Native network coin", "definition": "Native asset securing or paying for a base network.", "family": "Digital token forms" }, "F-TOK-GOV": { "name": "Governance token", "definition": "Token conferring protocol governance rights.", "family": "Digital token forms" }, "F-TOK-UTIL": { "name": "Utility or access token", "definition": "Token granting access to protocol services.", "family": "Digital token forms" }, "F-TOK-STABLE": { "name": "Stable-value token", "definition": "Token designed to hold a stable reference value.", "family": "Digital token forms" }, "F-TOK-SEC": { "name": "Security token", "definition": "Token that is a regulated security by its rights.", "family": "Digital token forms" }, "F-TOK-RECEIPT": { "name": "Receipt or position token", "definition": "Token representing a deposited position or claim (LP, staking, restaking receipt).", "family": "Digital token forms" }, "F-TOK-NFA": { "name": "Non-fungible asset", "definition": "Unique on-chain asset with individual provenance.", "family": "Digital token forms" }, "F-MOD-CLOSED": { "name": "Closed model licence", "definition": "Right to use a model whose weights are not disclosed.", "family": "Model and data asset forms" }, "F-MOD-OPEN": { "name": "Open-weight model asset", "definition": "Held or deployed model with openly available weights.", "family": "Model and data asset forms" }, "F-MOD-CLAIM": { "name": "Model royalty or rights claim", "definition": "Financial claim on a model's economics without the weights.", "family": "Model and data asset forms" }, "F-DATA-LIC": { "name": "Data licence", "definition": "Right to use a defined dataset under licence.", "family": "Model and data asset forms" }, "F-DATA-UNIT": { "name": "Data trust unit", "definition": "Interest in a data-holding vehicle.", "family": "Model and data asset forms" }, "F-DERIV-OPT": { "name": "Option", "definition": "Right without obligation to transact an underlying.", "family": "Derivative, hybrid and money forms" }, "F-DERIV-FUT": { "name": "Future or forward", "definition": "Obligation to transact an underlying at a future date.", "family": "Derivative, hybrid and money forms" }, "F-DERIV-SWAP": { "name": "Swap", "definition": "Exchange of cash-flow streams.", "family": "Derivative, hybrid and money forms" }, "F-DERIV-PERP": { "name": "Perpetual contract", "definition": "On-chain perpetual derivative with no expiry.", "family": "Derivative, hybrid and money forms" }, "F-HYB-TOKRWA": { "name": "Tokenised real-world asset", "definition": "On-chain token representing an off-chain asset or claim.", "family": "Derivative, hybrid and money forms" }, "F-HYB-WRAP": { "name": "Wrapped or bridged asset", "definition": "Representation of an asset issued on a different network or rail.", "family": "Derivative, hybrid and money forms" }, "F-MON-FIAT": { "name": "Fiat money", "definition": "National currency held as money.", "family": "Derivative, hybrid and money forms" }, "F-MON-CBDC": { "name": "Central-bank digital currency", "definition": "Sovereign digital money.", "family": "Derivative, hybrid and money forms" } }, "geography_L4": { "categories": { "country": { "description": "ISO 3166 alpha-2 (public domain), e.g. `CA`, `US`, `SG`.", "codes_cited": [ "CA", "US", "SG" ], "enumerated": false }, "region": { "description": "DAP region codes, e.g. `RG-NAM`, `RG-EUR`, `RG-APAC`, `RG-LATAM`, `RG-MEA`.", "codes_cited": [ "RG-NAM", "RG-EUR", "RG-APAC", "RG-LATAM", "RG-MEA" ], "enumerated": false }, "bloc": { "description": "DAP economic-bloc codes for policy-relevant groupings, e.g. `BL-EU`, `BL-EEA`, `BL-USMCA`, `BL-ASEAN`, `BL-GCC`.", "codes_cited": [ "BL-EU", "BL-EEA", "BL-USMCA", "BL-ASEAN", "BL-GCC" ], "enumerated": false }, "jurisdictionless": { "description": "`XN` for borderless on-chain entities with no meaningful legal domicile.", "codes_cited": [ "XN" ], "enumerated": true }, "multi-jurisdiction": { "description": "`XM` where operations are genuinely distributed with no dominant jurisdiction; the distribution is recorded in the ingestion record.", "codes_cited": [ "XM" ], "enumerated": true } }, "note": "The published text cites region and bloc codes by example only. The complete vocabularies are not enumerated in the document, so they are not enumerated here." }, "themes_L5": { "T-AICOMPUTE": { "name": "AI compute dependency", "definition": "Value materially depends on access to AI compute." }, "T-AIEXPOSED": { "name": "AI capability exposure", "definition": "Economics materially exposed to advancing AI capability, positively or negatively." }, "T-OPENWEIGHT": { "name": "Open-weight ecosystem", "definition": "Participates in or depends on open-weight model ecosystems." }, "T-AGENTIC": { "name": "Agentic operation", "definition": "Involves autonomous agents acting economically." }, "T-TOKENISATION": { "name": "Tokenisation enablement", "definition": "Enables or depends on the tokenisation of assets." }, "T-ONCHAIN": { "name": "On-chain settlement", "definition": "Settles or operates on a public ledger." }, "T-DECARB": { "name": "Decarbonisation", "definition": "Exposure to reducing emissions intensity." }, "T-TRANSITION": { "name": "Energy transition", "definition": "Exposure to the shift in the energy system." }, "T-LONGEVITY": { "name": "Longevity", "definition": "Exposure to extending healthy human lifespan." }, "T-BIOENG": { "name": "Biological engineering", "definition": "Exposure to engineered-biology production methods." }, "T-DATASSET": { "name": "Data as asset", "definition": "Value materially derives from data held as an asset." }, "T-CRITMIN": { "name": "Critical minerals", "definition": "Exposure to strategically critical minerals." }, "T-STRATEGIC": { "name": "Strategic or sovereignty", "definition": "Subject to sovereignty, security, or strategic-autonomy concern." }, "T-AUTODISPLACE": { "name": "Automation displacement", "definition": "Materially exposed to labour displacement by automation." }, "T-NETWORK": { "name": "Network effect", "definition": "Value driven by network effects among participants." }, "T-FRONTIERPHYS": { "name": "Physical frontier", "definition": "Exposure to space, orbital, or other physical frontier." }, "T-REALYIELD": { "name": "Real-world yield", "definition": "Produces yield sourced from off-chain economic activity." }, "T-COMPUTEMKT": { "name": "Compute market exposure", "definition": "Value depends on the traded price of compute capacity, as distinct from dependence on access to compute. A hyperscaler carries `T-AICOMPUTE`; a compute futures position carries `T-COMPUTEMKT`; an entity that both consumes and trades capacity carries both." } }, "tags_L6": { "R-CUSTODY-SELF": { "name": "Self-custody risk", "definition": "Holder bears direct custody of a bearer-like asset.", "family": "Risk" }, "R-CUSTODY-3P": { "name": "Third-party custody", "definition": "Asset held through a custodian with counterparty exposure.", "family": "Risk" }, "R-SMARTCONTRACT": { "name": "Smart-contract risk", "definition": "Exposure to failure of on-chain code.", "family": "Risk" }, "R-ORACLE-BRIDGE": { "name": "Oracle or bridge risk", "definition": "Exposure to failure of price oracles or cross-chain bridges.", "family": "Risk" }, "R-DEPEG": { "name": "Stability or peg risk", "definition": "Exposure to loss of a designed stable value.", "family": "Risk" }, "R-LIQUIDITY": { "name": "Liquidity risk", "definition": "Exposure to inability to transact at a fair price.", "family": "Risk" }, "R-CONCENTRATION": { "name": "Concentration risk", "definition": "Exposure concentrated in a single name, chain, or venue.", "family": "Risk" }, "R-MODELSAFETY": { "name": "Model-safety risk", "definition": "Exposure to unsafe or misaligned model behaviour.", "family": "Risk" }, "R-EXPORTCTRL": { "name": "Export-control exposure", "definition": "Subject to export controls on compute, models, or technology.", "family": "Risk" }, "R-PREREV": { "name": "Pre-revenue", "definition": "No established revenue; value is expectational.", "family": "Risk" }, "R-BASIS": { "name": "Basis risk", "definition": "The instrument settles against a reference that may diverge from the holder's actual exposure, so the hedge is imperfect by construction.", "family": "Risk" }, "R-CCP": { "name": "Central counterparty exposure", "definition": "Performance depends on a clearing house and its default waterfall. Distinct from `R-CUSTODY-3P`, which is custody of a held asset rather than novation of a contract.", "family": "Risk" }, "R-BENCHREF": { "name": "Benchmark reference risk", "definition": "Value depends on a settlement reference published by a single administrator, exposing the holder to methodology change, panel thinness, and administrator failure.", "family": "Risk" }, "G-CENTRAL": { "name": "Centralised control", "definition": "Controlled by an identifiable central party.", "family": "Governance" }, "G-DECENTRAL": { "name": "Decentralised governance", "definition": "Governed by distributed on-chain or community process.", "family": "Governance" }, "G-FOUNDATION": { "name": "Foundation-stewarded", "definition": "Stewarded by a foundation or non-profit structure.", "family": "Governance" }, "G-STEWARD": { "name": "Active stewardship object", "definition": "Held with active stewardship or engagement rights.", "family": "Governance" }, "G-UPGRADEABLE": { "name": "Upgradeable or mutable", "definition": "Underlying code or terms can be changed by a controlling process.", "family": "Governance" }, "P-REG-SEC": { "name": "Securities-regulated", "definition": "Treated as a regulated security in its primary jurisdiction.", "family": "Policy" }, "P-REG-BANK": { "name": "Banking-regulated", "definition": "Subject to banking or deposit regulation.", "family": "Policy" }, "P-REG-COMMOD": { "name": "Commodity-regulated", "definition": "Regulated as a commodity or commodity derivative.", "family": "Policy" }, "P-REG-UNCLEAR": { "name": "Regulatory status unsettled", "definition": "Regulatory classification is genuinely unresolved.", "family": "Policy" }, "P-SANCTION": { "name": "Sanctions-sensitive", "definition": "Exposed to sanctions regimes.", "family": "Policy" }, "P-ESG-EXCL": { "name": "Common exclusion candidate", "definition": "Commonly subject to exclusion under institutional policy.", "family": "Policy" }, "P-TAXSPECIAL": { "name": "Special tax treatment", "definition": "Subject to distinct tax treatment relevant to holding.", "family": "Policy" } }, "module_A_model_attrs": { "openness_regime": { "attribute": "Openness regime", "values": { "kind": "enum", "values": [ "closed", "gated", "open-weight", "open-full" ] }, "definition": "Degree of access: closed (no weights, API only), gated (weights under restricted licence), open-weight (weights public, licence may restrict use), open-full (weights and training pipeline open)." }, "primary_modality": { "attribute": "Primary modality", "values": { "kind": "enum", "values": [ "text", "vision", "audio", "multimodal", "action", "bio", "other" ] }, "definition": "Dominant input-output modality. `action` denotes models whose primary output is control of tools or effectors." }, "scale_class": { "attribute": "Scale class", "values": { "kind": "enum", "values": [ "S", "M", "L", "XL", "frontier" ] }, "definition": "Relative compute and parameter scale, from small (`S`) to the capability frontier. Scale class is relative and re-based each major version." }, "licensing": { "attribute": "Licensing", "values": { "kind": "enum", "values": [ "proprietary", "restricted-open", "permissive-open", "bespoke" ] }, "definition": "Terms governing use, redistribution, and commercial exploitation." }, "training-data_profile": { "attribute": "Training-data profile", "values": { "kind": "enum", "values": [ "licensed", "public", "synthetic-heavy", "proprietary", "mixed", "undisclosed" ] }, "definition": "Dominant character of the training corpus." }, "inference_economics": { "attribute": "Inference economics", "values": { "kind": "enum", "values": [ "hosted-metered", "hosted-subscription", "local-deployable", "hybrid" ] }, "definition": "How inference is delivered and paid for." }, "agentic_capability": { "attribute": "Agentic capability", "values": { "kind": "enum", "values": [ "A0", "A1", "A2", "A3" ] }, "definition": "Autonomy tier, defined below." }, "provenance": { "attribute": "Provenance", "values": { "kind": "prose", "text": "issuing entity, base-model lineage" }, "definition": "The developer and, for derivatives, the base model adapted from." } }, "module_B_token_axes": { "economic_rights_matrix": [ { "right_class": "Cash-flow", "entitles_holder_to": "A share of protocol fees or revenue", "typical_layer2_pull": "`N.02` or the underlying activity", "typical_form": "`F-TOK-SEC` or `F-TOK-GOV`" }, { "right_class": "Governance", "entitles_holder_to": "A vote over protocol parameters and treasury", "typical_layer2_pull": "`N.05.01`", "typical_form": "`F-TOK-GOV`" }, { "right_class": "Access or utility", "entitles_holder_to": "Use of a service, compute, or resource", "typical_layer2_pull": "`N.05.02` or the DePIN sector", "typical_form": "`F-TOK-UTIL`" }, { "right_class": "Collateral or security", "entitles_holder_to": "A role securing a network or position", "typical_layer2_pull": "`N.01` or `N.02.04`", "typical_form": "`F-TOK-NATIVE` or `F-TOK-RECEIPT`" }, { "right_class": "Unit of account", "entitles_holder_to": "Stable redemption for a reference value", "typical_layer2_pull": "`N.03`", "typical_form": "`F-TOK-STABLE`" }, { "right_class": "Claim on external asset", "entitles_holder_to": "Redemption for an off-chain asset or cash flow", "typical_layer2_pull": "Underlying activity (look-through)", "typical_form": "`F-HYB-TOKRWA`" }, { "right_class": "None (speculative or social)", "entitles_holder_to": "No defined economic right", "typical_layer2_pull": "`N.05.04` with explicit function tag", "typical_form": "`F-TOK-UTIL` or `F-TOK-NFA`" } ], "sections": { "B.1": { "title": "Economic rights matrix", "text": "The primary question is what the token entitles the holder to. A token may carry more than one right; the dominant right drives classification, the others become themes.\n\n| Right class | The holder is entitled to | Typical Layer 2 pull | Typical form |\n|---|---|---|---|\n| Cash-flow | A share of protocol fees or revenue | `N.02` or the underlying activity | `F-TOK-SEC` or `F-TOK-GOV` |\n| Governance | A vote over protocol parameters and treasury | `N.05.01` | `F-TOK-GOV` |\n| Access or utility | Use of a service, compute, or resource | `N.05.02` or the DePIN sector | `F-TOK-UTIL` |\n| Collateral or security | A role securing a network or position | `N.01` or `N.02.04` | `F-TOK-NATIVE` or `F-TOK-RECEIPT` |\n| Unit of account | Stable redemption for a reference value | `N.03` | `F-TOK-STABLE` |\n| Claim on external asset | Redemption for an off-chain asset or cash flow | Underlying activity (look-through) | `F-HYB-TOKRWA` |\n| None (speculative or social) | No defined economic right | `N.05.04` with explicit function tag | `F-TOK-UTIL` or `F-TOK-NFA` |" }, "B.2": { "title": "Tradability and transferability spectrum", "text": "Recorded as an attribute, because it drives liquidity and custody risk independently of economic function.\n\n- `free` Freely transferable and traded on open venues.\n- `permissioned` Transferable only among allow-listed parties.\n- `restricted` Transferable subject to lock-ups, vesting, or regulatory gating.\n- `soulbound` Non-transferable by design (identity, credential, attestation).\n- `redeem-only` Not traded; only created and redeemed against an underlying." }, "B.3": { "title": "Primary economic function versus secondary attributes", "text": "A token's Layer 2 placement follows its dominant economic function from B.1, decided by the multi-label rules in Module C. Its other roles, its network, its DePIN category, its cultural context, are recorded as Layer 5 themes. This is what keeps a governance token that also earns fees from being double-counted: it is placed once, by its dominant right, and its other properties are tags." }, "B.4": { "title": "On-chain native versus claim-based", "text": "The single most important token distinction for an institutional holder.\n\n- **On-chain native.** The token is the asset. Its value originates in the protocol itself. It is classified in domain N by its function (B.1), typed `E-TOKEN`.\n- **Claim-based (tokenised real-world asset).** The token is a representation of an off-chain asset or cash flow. Its value originates off-chain. It is classified by looking through to the underlying economic activity (a tokenised treasury bill is placed at `M.05.03` or the sovereign issuer at `R.01.01`, not in domain N), typed `E-HYBRID`, carrying form `F-HYB-TOKRWA` on Layer 3 and the themes `T-ONCHAIN` and `T-TOKENISATION`, with on-chain risks recorded on Layer 6.\n\nThe test: **if the public ledger vanished, would the economic value survive?** If yes, it is claim-based and classified by the underlying. If no, it is on-chain native and classified in domain N.\n\n---" } } }, "module_C_rules": { "C.1": { "title": "The primary-spine rule (Layer 2)", "text": "Exactly one Layer 2 leaf per entity. Select it by **dominant value origination**: the single mechanism that accounts for the largest share of the entity's economic value or, where value is expectational, the largest share of the investment thesis.\n\n- **Operating companies (`E-ISSUER`).** Dominant value origination is the primary revenue-generating activity. Where revenue is split, use the largest segment; where a company is defined by a strategic pivot not yet in revenue, classify by the activity the market is pricing and tag the legacy activity as a theme.\n- **Securities (`E-SEC`).** Look through to the issuer. A bond or share is placed at the issuer's Layer 2 leaf, with the instrument on Layer 3. Exception: where the security's risk is genuinely detached from the issuer (a fully collateralised structured note), classify by the collateral's activity.\n- **Tokens (`E-TOKEN`).** Dominant economic right from Module B.1.\n- **Models and agents (`E-MODEL`).** Placed in domain K by function; developer classified separately.\n- **Funds (`E-FUND`).** Placed by strategy in `M.03`, with the dominant underlying exposure recorded as a theme; where a fund is single-strategy and single-sector, the underlying sector may also be recorded for look-through." }, "C.2": { "title": "The 60 percent guideline", "text": "Where value origination is quantifiable and no single activity reaches 60 percent, the entity is classified at the **sector** level (leaving the segment as `.00`) and the competing activities are recorded as Layer 5 themes. This prevents false precision. The `.00` segment is reserved throughout for \"sector, segment unresolved.\"" }, "C.3": { "title": "The look-through rule", "text": "For any entity that is a claim on another entity's activity (securities, tokenised RWAs, single-name derivatives, single-underlying funds), classify by the underlying activity, not by the fact of intermediation. Intermediation is captured on Layer 3 (form) and, where the intermediary itself is the investment, in domain M. This is the rule that stops everything financial from collapsing into \"financials.\"" }, "C.4": { "title": "Theme assignment (Layer 5)", "text": "Every real exposure that is not the primary spine becomes a theme. Themes are generous by design: a company can carry many. The discipline is on Layer 2 (exactly one leaf), not on Layer 5. An open-weight model developer that runs its own compute and settles payments on-chain is placed once at `K.01.03` and carries `T-AICOMPUTE`, `T-OPENWEIGHT`, and `T-ONCHAIN`." }, "C.5": { "title": "Tie-breakers", "text": "Where two activities are genuinely equal: prefer the activity that (1) is more specific to the entity's identity, then (2) carries the greater risk exposure, then (3) sorts first by domain letter. The tie-breaker is deterministic so that two agents reach the same answer." }, "C.6": { "title": "Derivative placement", "text": "Applied to entities typed `E-DERIV`, in order. The first branch that resolves the case wins.\n\n1. **Single-name underlying.** Place at the underlying entity's Layer 2 leaf. C.3 applies unchanged.\n2. **Single-good underlying.** Place at the leaf of the activity that produces or supplies the referenced good. A crude oil future is placed at `A.05.01`. A compute rental index future is placed at `K.04.05`.\n3. **Sector-spanning index.** Where the referenced index spans segments within one sector, place at the sector with the segment unresolved (`.00`). Where it spans sectors within one domain, place at the domain with both unresolved.\n4. **Cross-domain basket.** Where no single domain accounts for the dominant referenced exposure, place at `Z.00.00`, reserved for diversified derivative exposure with no dominant value-origination mechanism. The constituent distribution is recorded in `deriv_attrs`. Valid for `E-DERIV` only.\n5. **Rate, volatility, or event underlying.** Where no produced good is referenced, place in domain M by the market the reference belongs to: `M.05.01` for currencies, `M.05.03` for short rates, `M.04.01` where the reference is an exchange product with no other home.\n\nIntermediation is never the classification. The venue, the clearing arrangement, and the settlement method are recorded on Layer 3 and in `deriv_attrs`, never on Layer 2. C.6 is C.3 extended to contracts that have no issuer to look through to.\n\n---" } }, "module_D_geography_rules": { "D.1": { "title": "What geography records", "text": "Geography answers \"whose rules and whose economy.\" It is recorded at up to three grains: country, region, bloc. For most entities a single country suffices; region and bloc are derived from country by a fixed public mapping and populated automatically." }, "D.2": { "title": "Assignment rules", "text": "- **Operating companies.** Primary geography is the country of principal economic activity, which is usually but not always the country of domicile. Where domicile and activity diverge materially (a holding company domiciled for tax in one country, operating in another), record activity as primary and domicile as secondary.\n- **Securities.** Geography follows the issuer.\n- **Real assets.** Geography is the physical location of the asset.\n- **Sovereign entities.** Geography is the sovereign itself.\n- **Tokens and protocols.** Most on-chain-native tokens have no meaningful legal domicile and take `XN` (jurisdictionless). Where a protocol is clearly operated and controlled from an identifiable jurisdiction, record that jurisdiction and add the governance tag `G-CENTRAL`. Where control is genuinely distributed, use `XM` (multi-jurisdiction) and record the distribution in the ingestion record.\n- **Claim-based tokens (RWAs).** Geography follows the underlying off-chain asset, not the chain.\n- **Derivatives.** Where the underlying has a geography, geography follows the underlying: a single-name derivative takes the issuer's country. Where the underlying is a global or distributed good with no dominant location, geography is the jurisdiction whose rules govern the contract, which for a listed contract is the exchange's jurisdiction, with the underlying's distribution recorded in `deriv_attrs`. The location of the physical capacity behind a capacity index is not a term of the contract and does not set geography." }, "D.3": { "title": "Region and bloc codes", "text": "Region codes (`RG-`) partition the world into DAP regions; bloc codes (`BL-`) capture policy-relevant groupings that cut across regions. Blocs are multi-select because a country can belong to several. Both are DAP-defined vocabularies mapped from ISO country codes, so that the only externally sourced element is the public-domain ISO country list.\n\n---" } }, "module_E_deriv_attrs": { "attributes": { "underlying_class": { "attribute": "Underlying class", "values": { "kind": "enum", "values": [ "entity", "commodity", "index", "rate", "basket", "event" ] }, "definition": "What the contract references. Drives the Module C.6 branch." }, "settlement": { "attribute": "Settlement", "values": { "kind": "enum", "values": [ "cash", "physical", "mixed" ] }, "definition": "Whether the underlying is delivered." }, "venue_and_clearing": { "attribute": "Venue and clearing", "values": { "kind": "enum", "values": [ "listed-cleared", "otc-cleared", "otc-bilateral" ] }, "definition": "Where it trades and whether a central counterparty stands between the parties." }, "reference_administrator": { "attribute": "Reference administrator", "values": { "kind": "prose", "text": "entity, plus its own classification" }, "definition": "Who publishes the settlement reference. Null for physically delivered contracts." }, "term_structure": { "attribute": "Term structure", "values": { "kind": "enum", "values": [ "dated", "perpetual", "rolling" ] }, "definition": "Expiry behaviour. `perpetual` pairs with form `F-DERIV-PERP`." }, "position_sign": { "attribute": "Position sign", "values": { "kind": "enum", "values": [ "long", "short" ] }, "definition": "Recorded because a short position in a cost input is a hedge and a long is an exposure. The same contract reads differently in the two directions, and policy rules must be able to test the difference." }, "notional_basis": { "attribute": "Notional basis", "values": { "kind": "prose", "text": "unit and multiplier" }, "definition": "The physical or notional quantity one contract represents." } }, "sections": { "E.1": { "title": "Derivative attribute set", "text": "| Attribute | Values | Definition |\n|---|---|---|\n| Underlying class | `entity`, `commodity`, `index`, `rate`, `basket`, `event` | What the contract references. Drives the Module C.6 branch. |\n| Settlement | `cash`, `physical`, `mixed` | Whether the underlying is delivered. |\n| Venue and clearing | `listed-cleared`, `otc-cleared`, `otc-bilateral` | Where it trades and whether a central counterparty stands between the parties. |\n| Reference administrator | entity, plus its own classification | Who publishes the settlement reference. Null for physically delivered contracts. |\n| Term structure | `dated`, `perpetual`, `rolling` | Expiry behaviour. `perpetual` pairs with form `F-DERIV-PERP`. |\n| Position sign | `long`, `short` | Recorded because a short position in a cost input is a hedge and a long is an exposure. The same contract reads differently in the two directions, and policy rules must be able to test the difference. |\n| Notional basis | unit and multiplier | The physical or notional quantity one contract represents. |" }, "E.2": { "title": "Placement", "text": "Layer 2 placement follows Module C.6. Layer 3 carries the derivative form. The venue, the clearing arrangement, and the settlement method are attributes, never the classification. Geography follows the derivative rule in Module D.2." }, "E.3": { "title": "Why derivatives are typed separately", "text": "A derivative is not an issued claim. No issuer's balance sheet stands behind it, so the `E-SEC` look-through to an issuer does not apply. Its performance depends on the venue, the clearing house, and the integrity of a settlement reference, which are exposures no other entity type carries and which Layer 6 now records as `R-CCP` and `R-BENCHREF`. A portfolio can hold the exposure with no position in anything issued, and the standard must express that, on the same reasoning that separates a model asset from its developer in Module A.3." }, "E.4": { "title": "The hedge direction problem", "text": "A cost-input derivative held short is a hedge; held long it is an exposure to the same cost rising. The classification vector is identical in both cases, because classification describes what an entity is rather than why it is held. Position sign is therefore an attribute, not a layer. Living policy rules that need to distinguish a hedge from a position read `deriv_attrs.position_sign` alongside the vector, not instead of it.\n\n---" } } }, "ingestion_record_schema": { "entity_id": { "type": "string", "notes": "Stable internal identifier." }, "entity_type": { "type": "enum", "notes": "One of the eight `E-` types." }, "l2_leaf": { "type": "string", "notes": "The mandatory Layer 2 code." }, "l2_confidence": { "type": "enum", "notes": "`high` / `medium` / `low`, for agent-assigned labels." }, "form": { "type": "string or null", "notes": "Layer 3 `F-` code." }, "form_secondary": { "type": "string or null", "notes": "Where an instrument carries two forms." }, "geo_country": { "type": "ISO-2 or null", "notes": "" }, "geo_region": { "type": "string or null", "notes": "Derived from country." }, "geo_bloc": { "type": "array", "notes": "Derived; may be empty." }, "themes": { "type": "array", "notes": "Layer 5 `T-` codes." }, "risk_tags": { "type": "array", "notes": "Layer 6 `R-`, `G-`, `P-` codes." }, "model_attrs": { "type": "object or null", "notes": "Module A attribute set, for `E-MODEL`." }, "token_attrs": { "type": "object or null", "notes": "Module B axes, for `E-TOKEN`." }, "deriv_attrs": { "type": "object or null", "notes": "Module E attribute set, for `E-DERIV`." }, "std_version": { "type": "string", "notes": "The DAP Standard version used, e.g. `2026.2`." }, "assigned_by": { "type": "enum", "notes": "`human` / `agent` / `agent-reviewed`." }, "provenance": { "type": "object", "notes": "Source facts and the rule path that produced the label." } }, "versioning": { "scheme": "The standard versions as `YYYY.MAJOR.MINOR`, e.g. `2026.1` is the first release of the 2026 line; `2026.2` a minor revision; `2027.1` the next annual major.", "classes": { "major": "may add or restructure domains and sectors, and may change layer definitions. Every retired or moved code ships with a forward-mapping entry so historical classifications resolve into the new version. Major versions never silently repurpose an existing code.", "minor": "adds segments, themes, forms, and Layer 6 tags, and refines definitions without moving existing codes. Minor versions are purely additive to the code space.", "continuity_guarantee": "a code, once issued, is never reassigned to a different meaning. It can be retired (with a forward map) but not reused. This is what lets a five-year backtest read a stable series (named assumption A4, and the living-taxonomy principle)." } }, "revision_history": [ { "version": "2026.1", "class": "Initial release", "summary": "First publication. Six orthogonal layers, seven entity types, 16 domains, 63 sectors, 222 segments, Modules A to D, 19 worked examples, five named assumptions." }, { "version": "2026.2", "class": "Minor, additive", "summary": "Changeset 01, compute derivatives, with Changeset 02 (assumption A6 break clause) folded in before publication. Adds entity type `E-DERIV`; segment `K.04.05`, traded compute capacity; Module E, derivative and reference-contract framework; rule C.6, derivative placement; the reserved leaf `Z.00.00`; theme `T-COMPUTEMKT`; risk tags `R-BASIS`, `R-CCP`, `R-BENCHREF`; a derivative geography rule at D.2; ingestion field `deriv_attrs`; named assumption A6. Refines the definition of `M.07.02`. Adds worked examples 20 to 22. Corrects the 2026.1 header, which read \"adopted, living\" against a standard that had not been reviewed, tested, or signed off, to \"published for review\", and adds section 7.5 to state that plainly." } ] }