{
  "data_version": "seed-0.7 · marketcap-1 · 2026-08-30",
  "source": "https://finance.foundation",
  "license": {
    "finance_foundation_data": "CC BY 4.0 — attribution: Finance Foundation (https://finance.foundation)",
    "upstream_values": "Fields sourced from a provider carry their own source field and remain under that provider's terms — see https://finance.foundation/api/v1/sources"
  },
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      "founded": 1984,
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      "name": "Reliance Industries",
      "legal_name": "Reliance Industries Limited",
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      "name": "Shopify",
      "legal_name": "Shopify Inc.",
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      "founded": 2006,
      "description": "Commerce operating system powering millions of online stores; payments and logistics services.",
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      "founded": 1961,
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      "legal_name": "Oracle Corporation",
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      "name": "Salesforce",
      "legal_name": "Salesforce, Inc.",
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      "exchange": "nyse",
      "country": "united-states",
      "sector": "Technology",
      "industry": "Enterprise software (CRM)",
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      "website": "https://www.salesforce.com",
      "founded": 1999,
      "description": "The largest customer relationship management (CRM) software provider, delivered as cloud subscriptions, with an expanding portfolio spanning Slack, data cloud and AI agents.",
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      "legal_name": "Advanced Micro Devices, Inc.",
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      "exchange": "nasdaq",
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      "sector": "Technology",
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      "founded": 1969,
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      "name": "Cisco",
      "legal_name": "Cisco Systems, Inc.",
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      "exchange": "nasdaq",
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      "founded": 1984,
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      "website": "https://www.ibm.com",
      "founded": 1911,
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      "legal_name": "QUALCOMM Incorporated",
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      "exchange": "nasdaq",
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      "sector": "Technology",
      "industry": "Semiconductors (wireless & mobile)",
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      "founded": 1985,
      "description": "Leading designer of smartphone processors and modems (Snapdragon) with a highly profitable wireless-patent licensing arm, expanding into automotive and PC chips.",
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      "name": "Palantir",
      "legal_name": "Palantir Technologies Inc.",
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      "exchange": "nasdaq",
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      "sector": "Technology",
      "industry": "Data analytics & AI software",
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      "founded": 2003,
      "description": "Software company selling data-integration and AI platforms (Gotham, Foundry, AIP) to governments, defense agencies and large enterprises. One of the market's most richly valued software stocks.",
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      "exchange": "nasdaq",
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      "sector": "Communication Services",
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      "founded": 1997,
      "description": "The world's largest subscription video-streaming service — though it discontinued reporting membership numbers during 2025, as its Form 10-K states, so no current count can be cited. Increasingly monetized through advertising tiers and live events.",
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      "exchange": "nyse",
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      "sector": "Communication Services",
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      "founded": 1923,
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      "legal_name": "T-Mobile US, Inc.",
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      "exchange": "nasdaq",
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      "sector": "Communication Services",
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      "founded": 1994,
      "description": "One of the three big US wireless carriers, majority-owned by Deutsche Telekom, with the leading standalone 5G network built partly on Sprint spectrum acquired in 2020.",
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      "name": "Verizon",
      "legal_name": "Verizon Communications Inc.",
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      "exchange": "nyse",
      "country": "united-states",
      "sector": "Communication Services",
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      "market_cap_usd_bn": 208.2,
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      "website": "https://www.verizon.com",
      "founded": 2000,
      "description": "Major US telecom carrier reporting approximately 116 million Consumer wireless retail connections at 31 December 2025 in its Form 10-K, plus Fios broadband, formed from the Bell Atlantic–GTE merger. Known as a high-dividend stock.",
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      "market_cap_seed_usd_bn": 170,
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      "name": "Home Depot",
      "legal_name": "The Home Depot, Inc.",
      "ticker": "HD",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Consumer Discretionary",
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      "website": "https://www.homedepot.com",
      "founded": 1978,
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      "legal_name": "McDonald's Corporation",
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      "exchange": "nyse",
      "country": "united-states",
      "sector": "Consumer Discretionary",
      "industry": "Restaurants (quick service)",
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      "website": "https://www.mcdonalds.com",
      "founded": 1940,
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      "legal_name": "NIKE, Inc.",
      "ticker": "NKE",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Consumer Discretionary",
      "industry": "Athletic footwear & apparel",
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      "website": "https://www.nike.com",
      "founded": 1964,
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      "exchange": "nyse",
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      "sector": "Consumer Staples",
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      "website": "https://www.walmart.com",
      "founded": 1962,
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      "ticker": "COST",
      "exchange": "nasdaq",
      "country": "united-states",
      "sector": "Consumer Staples",
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      "website": "https://www.costco.com",
      "founded": 1983,
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      "legal_name": "The Procter & Gamble Company",
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      "exchange": "nyse",
      "country": "united-states",
      "sector": "Consumer Staples",
      "industry": "Household & personal care products",
      "market_cap_usd_bn": 334.2,
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      "website": "https://www.pg.com",
      "founded": 1837,
      "description": "One of the world's largest consumer-goods companies, owning brands such as Tide, Pampers, Gillette and Oral-B, and a dividend payer for over a century.",
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      "name": "Coca-Cola",
      "legal_name": "The Coca-Cola Company",
      "ticker": "KO",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Consumer Staples",
      "industry": "Non-alcoholic beverages",
      "market_cap_usd_bn": 385.8,
      "currency": "USD",
      "website": "https://www.coca-colacompany.com",
      "founded": 1886,
      "description": "The world's largest non-alcoholic beverage company, selling concentrate for Coca-Cola and hundreds of other drink brands through a global bottling network.",
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      "legal_name": "AbbVie Inc.",
      "ticker": "ABBV",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Healthcare",
      "industry": "Pharmaceuticals",
      "market_cap_usd_bn": 451.5,
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      "website": "https://www.abbvie.com",
      "founded": 2013,
      "description": "Large pharmaceutical company spun off from Abbott in 2013, with immunology blockbusters Skyrizi and Rinvoq succeeding Humira, plus the Allergan aesthetics portfolio (Botox).",
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      "legal_name": "Thermo Fisher Scientific Inc.",
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      "exchange": "nyse",
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      "sector": "Financials",
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      "description": "Global investment bank that has shifted toward fee-based wealth and asset management, overseeing several trillion dollars in client assets alongside its institutional securities arm.",
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      "name": "American Express",
      "legal_name": "American Express Company",
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      "exchange": "nyse",
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      "sector": "Financials",
      "industry": "Payments & consumer finance",
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      "website": "https://www.americanexpress.com",
      "founded": 1850,
      "description": "Closed-loop card network and lender to affluent consumers and small businesses, earning revenue from merchant discount fees, annual card fees and lending.",
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      "name": "S&P Global",
      "legal_name": "S&P Global Inc.",
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      "exchange": "nyse",
      "country": "united-states",
      "sector": "Financials",
      "industry": "Financial data, ratings & indices",
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      "website": "https://www.spglobal.com",
      "founded": 1860,
      "description": "Owner of S&P Global Ratings (the largest credit-rating agency), the S&P 500 family of indices, and market-data platforms including S&P Capital IQ and Platts.",
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      "legal_name": "Chevron Corporation",
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      "exchange": "nyse",
      "country": "united-states",
      "sector": "Energy",
      "industry": "Integrated oil & gas",
      "market_cap_usd_bn": 398.8,
      "currency": "USD",
      "website": "https://www.chevron.com",
      "founded": 1879,
      "description": "Second-largest US oil major with upstream strength in the Permian Basin, Kazakhstan and — after completing the Hess acquisition in 2025 — Guyana, alongside refining and chemicals.",
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      "legal_name": "ConocoPhillips",
      "ticker": "COP",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Energy",
      "industry": "Oil & gas exploration & production",
      "market_cap_usd_bn": 156.6,
      "currency": "USD",
      "website": "https://www.conocophillips.com",
      "founded": 2002,
      "description": "The largest US independent exploration and production company, with major positions in US shale (expanded by the Marathon Oil acquisition), Alaska and LNG.",
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      "name": "Caterpillar",
      "legal_name": "Caterpillar Inc.",
      "ticker": "CAT",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Industrials",
      "industry": "Construction & mining equipment",
      "market_cap_usd_bn": 367.9,
      "currency": "USD",
      "website": "https://www.caterpillar.com",
      "founded": 1925,
      "description": "The world's largest maker of construction and mining equipment, whose engines and turbines also power data-center backup generation — a growing AI-era demand driver.",
      "identifiers": {
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      "name": "GE Aerospace",
      "legal_name": "General Electric Company",
      "ticker": "GE",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Industrials",
      "industry": "Aerospace engines & services",
      "market_cap_usd_bn": 355.4,
      "currency": "USD",
      "website": "https://www.geaerospace.com",
      "founded": 1892,
      "description": "The remaining core of General Electric after its 2023-24 three-way split, making jet engines (including CFM LEAP with Safran) and earning most profit from engine servicing.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 300,
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      "name": "Honeywell",
      "legal_name": "Honeywell International Inc.",
      "ticker": "HON",
      "exchange": "nasdaq",
      "country": "united-states",
      "sector": "Industrials",
      "industry": "Diversified industrial technology",
      "market_cap_usd_bn": 68.9,
      "currency": "USD",
      "website": "https://www.honeywell.com",
      "founded": 1906,
      "description": "Industrial conglomerate spanning aerospace, building automation and process technologies, in the middle of a planned separation into independent companies.",
      "identifiers": {
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      "name": "Sherwin-Williams",
      "legal_name": "The Sherwin-Williams Company",
      "ticker": "SHW",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Materials",
      "industry": "Paints & coatings",
      "market_cap_usd_bn": 83.7,
      "currency": "USD",
      "website": "https://www.sherwin-williams.com",
      "founded": 1866,
      "description": "The largest paints and coatings company in the Americas, selling through roughly 5,000 of its own stores to professional painters as well as via retail and industrial channels.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 90,
      "market_cap_basis": "computed",
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    {
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      "name": "Air Products",
      "legal_name": "Air Products and Chemicals, Inc.",
      "ticker": "APD",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Materials",
      "industry": "Industrial gases",
      "market_cap_usd_bn": 68.6,
      "currency": "USD",
      "website": "https://www.airproducts.com",
      "founded": 1940,
      "description": "One of the world's largest industrial-gas producers, supplying oxygen, nitrogen and hydrogen under long-term contracts, with major investments in hydrogen energy projects.",
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      "market_cap_seed_usd_bn": 60,
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      "name": "NextEra Energy",
      "legal_name": "NextEra Energy, Inc.",
      "ticker": "NEE",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Utilities",
      "industry": "Electric utilities & renewables",
      "market_cap_usd_bn": 170.7,
      "currency": "USD",
      "website": "https://www.nexteraenergy.com",
      "founded": 1925,
      "description": "The largest US utility by market value, combining the regulated Florida Power & Light with the world's biggest generator of wind and solar power, well placed for data-center electricity demand.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 160,
      "market_cap_basis": "computed",
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      "name": "Prologis",
      "legal_name": "Prologis, Inc.",
      "ticker": "PLD",
      "exchange": "nyse",
      "country": "united-states",
      "sector": "Real Estate",
      "industry": "Industrial & logistics REIT",
      "market_cap_usd_bn": 131.3,
      "currency": "USD",
      "website": "https://www.prologis.com",
      "founded": 1983,
      "description": "The world's largest industrial real-estate investment trust, owning approximately 1.3 billion square feet, per its 2025 Form 10-K, of logistics warehouses leased to e-commerce and supply-chain tenants, and expanding into data centers.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 105,
      "market_cap_basis": "computed",
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      "legal_name": "AstraZeneca PLC",
      "ticker": "AZN",
      "exchange": "lse",
      "country": "united-kingdom",
      "sector": "Healthcare",
      "industry": "Pharmaceuticals",
      "market_cap_usd_bn": 252.2,
      "currency": "GBP",
      "website": "https://www.astrazeneca.com",
      "founded": 1999,
      "description": "Anglo-Swedish pharmaceutical company formed by the 1999 merger of Astra AB and Zeneca Group, with major franchises in oncology, cardiovascular and rare diseases. One of the largest companies on the London Stock Exchange.",
      "identifiers": {
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      "market_cap_basis": "computed",
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      "id": "unilever",
      "name": "Unilever",
      "legal_name": "Unilever PLC",
      "ticker": "ULVR",
      "exchange": "lse",
      "country": "united-kingdom",
      "sector": "Consumer Staples",
      "industry": "Household and personal care products",
      "market_cap_usd_bn": 141.5,
      "currency": "GBP",
      "website": "https://www.unilever.com",
      "founded": 1929,
      "description": "British consumer goods multinational whose brands include Dove, Knorr, Hellmann's and Magnum, sold in nearly every country. Unified under a single London-listed parent in 2020 after decades of dual Anglo-Dutch structure.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 150,
      "market_cap_basis": "computed",
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      "name": "BP",
      "legal_name": "BP p.l.c.",
      "ticker": "BP",
      "exchange": "lse",
      "country": "united-kingdom",
      "sector": "Energy",
      "industry": "Integrated oil and gas",
      "market_cap_usd_bn": 109.7,
      "currency": "GBP",
      "website": "https://www.bp.com",
      "founded": 1909,
      "description": "British integrated oil and gas supermajor tracing its roots to the Anglo-Persian Oil Company of 1909, active across upstream, refining, trading and retail fuels. It has partially scaled back its energy-transition targets to refocus on hydrocarbons.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 95,
      "market_cap_basis": "computed",
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      "name": "Rio Tinto",
      "legal_name": "Rio Tinto plc",
      "ticker": "RIO",
      "exchange": "lse",
      "country": "united-kingdom",
      "sector": "Materials",
      "industry": "Diversified mining",
      "market_cap_usd_bn": 178.5,
      "currency": "GBP",
      "website": "https://www.riotinto.com",
      "founded": 1873,
      "description": "Anglo-Australian dual-listed mining group and one of the world's largest producers of iron ore, aluminium and copper. Founded in 1873 to mine the Rio Tinto site in Spain, it now operates principally in Australia and the Americas.",
      "identifiers": {
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        "isin": "GB0007188757",
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      "market_cap_seed_usd_bn": 110,
      "market_cap_basis": "computed",
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      "legal_name": "Rolls-Royce Holdings plc",
      "ticker": "RR",
      "exchange": "lse",
      "country": "united-kingdom",
      "sector": "Industrials",
      "industry": "Aerospace engines and defense",
      "market_cap_usd_bn": 172.9,
      "currency": "GBP",
      "website": "https://www.rolls-royce.com",
      "founded": 1906,
      "description": "British maker of civil and military aero engines, power systems and naval nuclear propulsion, distinct from the BMW-owned car brand. Its shares re-rated sharply in the mid-2020s on a turnaround in civil aerospace and defense demand.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 110,
      "market_cap_basis": "computed",
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      "id": "hermes",
      "name": "Hermès",
      "legal_name": "Hermès International S.C.A.",
      "ticker": "RMS",
      "exchange": "euronext",
      "country": "france",
      "sector": "Consumer Discretionary",
      "industry": "Luxury goods",
      "market_cap_usd_bn": 196.4,
      "currency": "EUR",
      "website": "https://www.hermes.com",
      "founded": 1837,
      "description": "Family-controlled French luxury house founded in 1837 as a harness maker, best known for Birkin and Kelly handbags and silk scarves. Commands some of the highest margins and valuation multiples in the luxury sector.",
      "identifiers": {
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      "legal_name": "L'Oréal S.A.",
      "ticker": "OR",
      "exchange": "euronext",
      "country": "france",
      "sector": "Consumer Staples",
      "industry": "Cosmetics and beauty",
      "market_cap_usd_bn": 240.9,
      "currency": "EUR",
      "website": "https://www.loreal.com",
      "founded": 1909,
      "description": "The world's largest cosmetics company, with brands spanning L'Oréal Paris, Lancôme, Maybelline, La Roche-Posay and Kérastase. Founded in 1909 by chemist Eugène Schueller; the founding family and Nestlé remain major shareholders.",
      "identifiers": {
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      "market_cap_basis": "computed",
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      "id": "totalenergies",
      "name": "TotalEnergies",
      "legal_name": "TotalEnergies SE",
      "ticker": "TTE",
      "exchange": "euronext",
      "country": "france",
      "sector": "Energy",
      "industry": "Integrated oil, gas and power",
      "market_cap_usd_bn": 192.8,
      "currency": "EUR",
      "website": "https://www.totalenergies.com",
      "founded": 1924,
      "description": "French energy supermajor founded in 1924 as Compagnie Française des Pétroles, renamed TotalEnergies in 2021 to reflect expansion into LNG, power and renewables. It is one of the world's largest LNG traders.",
      "identifiers": {
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        "isin": "FR0000120271",
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      "market_cap_seed_usd_bn": 140,
      "market_cap_basis": "computed",
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      "name": "Schneider Electric",
      "legal_name": "Schneider Electric SE",
      "ticker": "SU",
      "exchange": "euronext",
      "country": "france",
      "sector": "Industrials",
      "industry": "Electrical equipment and energy management",
      "market_cap_usd_bn": 202.8,
      "currency": "EUR",
      "website": "https://www.se.com",
      "founded": 1836,
      "description": "French leader in electrical distribution, industrial automation and energy-management software, a key supplier to data centers and electrification projects. Traces its origins to the Schneider brothers' 1836 ironworks at Le Creusot.",
      "identifiers": {
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        "isin": "FR0000121972",
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      "market_cap_seed_usd_bn": 140,
      "market_cap_basis": "computed",
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      "name": "Airbus",
      "legal_name": "Airbus SE",
      "ticker": "AIR",
      "exchange": "euronext",
      "country": "france",
      "sector": "Industrials",
      "industry": "Aerospace and defense",
      "market_cap_usd_bn": 187.3,
      "currency": "EUR",
      "website": "https://www.airbus.com",
      "founded": 2000,
      "description": "European aerospace group headquartered in Toulouse and the world's largest commercial aircraft manufacturer, ahead of Boeing in deliveries since 2019. Formed in 2000 as EADS from the merger of French, German and Spanish aerospace firms.",
      "identifiers": {
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    {
      "id": "allianz",
      "name": "Allianz",
      "legal_name": "Allianz SE",
      "ticker": "ALV",
      "exchange": "xetra",
      "country": "germany",
      "sector": "Financials",
      "industry": "Insurance and asset management",
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      "website": "https://www.allianz.com",
      "founded": 1890,
      "description": "Munich-based insurer founded in 1890 and one of the world's largest by premiums, spanning property-casualty, life and health insurance. Its PIMCO and Allianz Global Investors units make it a top global asset manager.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 150,
      "market_cap_basis": "computed",
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    {
      "id": "deutsche-telekom",
      "name": "Deutsche Telekom",
      "legal_name": "Deutsche Telekom AG",
      "ticker": "DTE",
      "exchange": "xetra",
      "country": "germany",
      "sector": "Communication Services",
      "industry": "Telecommunications",
      "market_cap_usd_bn": 161,
      "currency": "EUR",
      "website": "https://www.telekom.com",
      "founded": 1995,
      "description": "Europe's largest telecom operator by market value, corporatized out of the German federal postal service in 1995 and partially privatized via its 1996 IPO. Its majority stake in T-Mobile US accounts for the bulk of its value.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 170,
      "market_cap_basis": "computed",
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    {
      "id": "rheinmetall",
      "name": "Rheinmetall",
      "legal_name": "Rheinmetall AG",
      "ticker": "RHM",
      "exchange": "xetra",
      "country": "germany",
      "sector": "Industrials",
      "industry": "Defense and armaments",
      "market_cap_usd_bn": 62.7,
      "currency": "EUR",
      "website": "https://www.rheinmetall.com",
      "founded": 1889,
      "description": "Düsseldorf-based defense group founded in 1889, producing ammunition, armored vehicles and weapon systems. Its shares multiplied after 2022 as European rearmament budgets surged, making it a DAX heavyweight.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 90,
      "market_cap_basis": "computed",
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    {
      "id": "munich-re",
      "name": "Munich Re",
      "legal_name": "Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München",
      "ticker": "MUV2",
      "exchange": "xetra",
      "country": "germany",
      "sector": "Financials",
      "industry": "Reinsurance",
      "market_cap_usd_bn": 76.6,
      "currency": "EUR",
      "website": "https://www.munichre.com",
      "founded": 1880,
      "description": "The world's largest reinsurer, founded in Munich in 1880, covering catastrophe, life and specialty risks worldwide. Also owns the primary insurer ERGO.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 85,
      "market_cap_basis": "computed",
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    {
      "id": "roche",
      "name": "Roche",
      "legal_name": "Roche Holding AG",
      "ticker": "ROG",
      "exchange": "six",
      "country": "switzerland",
      "sector": "Healthcare",
      "industry": "Pharmaceuticals and diagnostics",
      "market_cap_usd_bn": 368.3,
      "currency": "CHF",
      "website": "https://www.roche.com",
      "founded": 1896,
      "description": "Basel-based healthcare group founded in 1896, the world leader in in-vitro diagnostics and a top oncology drugmaker. The founding Hoffmann and Oeri families still hold a controlling voting stake.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 260,
      "market_cap_basis": "computed",
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    {
      "id": "novartis",
      "name": "Novartis",
      "legal_name": "Novartis AG",
      "ticker": "NOVN",
      "exchange": "six",
      "country": "switzerland",
      "sector": "Healthcare",
      "industry": "Pharmaceuticals",
      "market_cap_usd_bn": 292.4,
      "currency": "CHF",
      "website": "https://www.novartis.com",
      "founded": 1996,
      "description": "Basel-based pharmaceutical company created by the 1996 merger of Ciba-Geigy and Sandoz, now a pure-play innovative-medicines business after spinning off Alcon and Sandoz. Key franchises include cardiovascular, oncology and immunology drugs.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 230,
      "market_cap_basis": "computed",
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    {
      "id": "richemont",
      "name": "Richemont",
      "legal_name": "Compagnie Financière Richemont SA",
      "ticker": "CFR",
      "exchange": "six",
      "country": "switzerland",
      "sector": "Consumer Discretionary",
      "industry": "Luxury goods and jewelry",
      "market_cap_usd_bn": 143,
      "currency": "CHF",
      "website": "https://www.richemont.com",
      "founded": 1988,
      "description": "Swiss luxury group founded in 1988 by Johann Rupert, owner of Cartier, Van Cleef & Arpels and watchmakers including IWC, Jaeger-LeCoultre and Vacheron Constantin. Jewelry maisons generate most of its profit.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 100,
      "market_cap_basis": "computed",
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    {
      "id": "adyen",
      "name": "Adyen",
      "legal_name": "Adyen N.V.",
      "ticker": "ADYEN",
      "exchange": "euronext",
      "country": "netherlands",
      "sector": "Financials",
      "industry": "Payment processing",
      "market_cap_usd_bn": 40.1,
      "currency": "EUR",
      "website": "https://www.adyen.com",
      "founded": 2006,
      "description": "Amsterdam-based payments platform founded in 2006 that processes online, mobile and in-store transactions on a single stack for merchants such as Uber, Spotify and McDonald's. Listed on Euronext Amsterdam since 2018.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 55,
      "market_cap_basis": "computed",
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    {
      "id": "ing",
      "name": "ING",
      "legal_name": "ING Groep N.V.",
      "ticker": "INGA",
      "exchange": "euronext",
      "country": "netherlands",
      "sector": "Financials",
      "industry": "Banking",
      "market_cap_usd_bn": 102.9,
      "currency": "EUR",
      "website": "https://www.ing.com",
      "founded": 1991,
      "description": "Dutch banking group formed in 1991 from the merger of NMB Postbank and Nationale-Nederlanden, now a largely digital retail and wholesale bank across Europe. A pioneer of branchless direct banking.",
      "identifiers": {
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      "market_cap_seed_usd_bn": 65,
      "market_cap_basis": "computed",
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    {
      "id": "inditex",
      "name": "Inditex",
      "legal_name": "Industria de Diseño Textil, S.A.",
      "ticker": "ITX",
      "exchange": "bme",
      "country": "spain",
      "sector": "Consumer Discretionary",
      "industry": "Apparel retail",
      "market_cap_usd_bn": 211.6,
      "currency": "EUR",
      "website": "https://www.inditex.com",
      "founded": 1985,
      "description": "Spanish fast-fashion group founded by Amancio Ortega, owner of Zara, Massimo Dutti, Bershka and Pull&Bear. The world's largest fashion retailer by sales, run from Arteixo in Galicia.",
      "identifiers": {
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        "isin": "ES0148396007",
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      "market_cap_seed_usd_bn": 155,
      "market_cap_basis": "computed",
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    {
      "id": "enel",
      "name": "Enel",
      "legal_name": "Enel S.p.A.",
      "ticker": "ENEL",
      "exchange": "borsa-italiana",
      "country": "italy",
      "sector": "Utilities",
      "industry": "Electric utilities and renewables",
      "market_cap_usd_bn": 112,
      "currency": "EUR",
      "website": "https://www.enel.com",
      "founded": 1962,
      "description": "Italian utility founded in 1962 as the state electricity monopoly, now one of the world's largest power companies by customers and a leading renewables developer through Enel Green Power. The Italian state remains its largest shareholder.",
      "identifiers": {
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        "isin": "IT0003128367",
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      "market_cap_seed_usd_bn": 90,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "atlas-copco",
      "name": "Atlas Copco",
      "legal_name": "Atlas Copco AB",
      "ticker": "ATCO A",
      "exchange": "omx-stockholm",
      "country": "sweden",
      "sector": "Industrials",
      "industry": "Industrial compressors and vacuum equipment",
      "market_cap_usd_bn": 103,
      "currency": "SEK",
      "website": "https://www.atlascopcogroup.com",
      "founded": 1873,
      "description": "Swedish industrial group founded in 1873, a global leader in air compressors, vacuum pumps and industrial tools; its vacuum division is a key supplier to semiconductor fabs. Spun off its mining-equipment arm as Epiroc in 2018.",
      "identifiers": {
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        "isin": "SE0011166610",
        "figi": "BBG001S5TDF9"
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      "market_cap_seed_usd_bn": 75,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "sony",
      "name": "Sony",
      "legal_name": "Sony Group Corporation",
      "ticker": "6758",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Technology",
      "industry": "Consumer electronics, gaming & entertainment",
      "market_cap_usd_bn": 144.5,
      "currency": "JPY",
      "website": "https://www.sony.com",
      "founded": 1946,
      "description": "Japanese conglomerate spanning PlayStation gaming, music, film, image sensors and consumer electronics. One of Japan's largest companies by market value.",
      "identifiers": {
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        "isin": "JP3435000009",
        "figi": "BBG001S629P4"
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      "market_cap_seed_usd_bn": 170,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "nintendo",
      "name": "Nintendo",
      "legal_name": "Nintendo Co., Ltd.",
      "ticker": "7974",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Communication Services",
      "industry": "Video games & consoles",
      "market_cap_usd_bn": 72.5,
      "currency": "JPY",
      "website": "https://www.nintendo.com",
      "founded": 1889,
      "description": "Kyoto-based video game company behind the Switch console family and franchises such as Mario, Zelda and Pokemon (via affiliates). Founded in 1889 as a playing-card maker.",
      "identifiers": {
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        "isin": "JP3756600007",
        "figi": "BBG001S6FGJ1"
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      "market_cap_seed_usd_bn": 110,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "mitsubishi-corporation",
      "name": "Mitsubishi Corporation",
      "legal_name": "Mitsubishi Corporation",
      "ticker": "8058",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Industrials",
      "industry": "General trading company (sogo shosha)",
      "market_cap_usd_bn": 111.2,
      "currency": "JPY",
      "website": "https://www.mitsubishicorp.com",
      "founded": 1954,
      "description": "Japan's largest general trading company (sogo shosha), active in energy, metals, machinery, food and consumer industries worldwide. A long-term Berkshire Hathaway holding alongside the other major shosha.",
      "identifiers": {
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        "isin": "JP3898400001",
        "figi": "BBG001S5RNJ5"
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      "market_cap_seed_usd_bn": 85,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "hitachi",
      "name": "Hitachi",
      "legal_name": "Hitachi, Ltd.",
      "ticker": "6501",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Industrials",
      "industry": "Industrial conglomerate: IT, energy & rail",
      "market_cap_usd_bn": 157.6,
      "currency": "JPY",
      "website": "https://www.hitachi.com",
      "founded": 1910,
      "description": "Japanese industrial and digital conglomerate focused on IT services (Lumada), power grids, rail systems and industrial equipment after a decade of portfolio restructuring.",
      "identifiers": {
        "lei": "549300T6IPOCDWLKC615",
        "isin": "JP3788600009",
        "figi": "BBG001S6D9N4"
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      "market_cap_seed_usd_bn": 150,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "softbank-group",
      "name": "SoftBank Group",
      "legal_name": "SoftBank Group Corp.",
      "ticker": "9984",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Communication Services",
      "industry": "Technology investment holding",
      "market_cap_usd_bn": 184.6,
      "currency": "JPY",
      "website": "https://group.softbank",
      "founded": 1981,
      "description": "Masayoshi Son's technology investment holding company, owner of a majority stake in chip designer Arm and manager of the Vision Funds. Heavily exposed to AI infrastructure bets.",
      "identifiers": {
        "lei": "5493003BZYYYCDIO0R13",
        "isin": "JP3436100006",
        "figi": "BBG001S82FT2"
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      "market_cap_seed_usd_bn": 160,
      "market_cap_basis": "computed",
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    {
      "id": "ntt",
      "name": "NTT",
      "legal_name": "Nippon Telegraph and Telephone Corporation",
      "ticker": "9432",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Communication Services",
      "industry": "Telecommunications",
      "market_cap_usd_bn": 95.6,
      "currency": "JPY",
      "website": "https://group.ntt",
      "founded": 1952,
      "description": "Japan's dominant telecom group, parent of NTT Docomo and NTT Data, with large data-center and undersea-cable operations. The Japanese government remains a major shareholder.",
      "identifiers": {
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        "isin": "JP3735400008",
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      "market_cap_seed_usd_bn": 95,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
    },
    {
      "id": "fast-retailing",
      "name": "Fast Retailing",
      "legal_name": "Fast Retailing Co., Ltd.",
      "ticker": "9983",
      "exchange": "jpx",
      "country": "japan",
      "sector": "Consumer Discretionary",
      "industry": "Apparel retail",
      "market_cap_usd_bn": 142,
      "currency": "JPY",
      "website": "https://www.fastretailing.com",
      "founded": 1963,
      "description": "Parent of the Uniqlo casual-wear chain and one of the world's largest apparel retailers, expanding aggressively across Asia, Europe and North America.",
      "identifiers": {
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        "isin": "JP3802300008",
        "figi": "BBG001S82FV9"
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      "market_cap_seed_usd_bn": 100,
      "market_cap_basis": "computed",
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    {
      "id": "kweichow-moutai",
      "name": "Kweichow Moutai",
      "legal_name": "Kweichow Moutai Co., Ltd.",
      "ticker": "600519",
      "exchange": "sse",
      "country": "china",
      "sector": "Consumer Staples",
      "industry": "Distilled spirits (baijiu)",
      "market_cap_usd_bn": 241.3,
      "currency": "CNY",
      "website": "https://www.moutaichina.com",
      "founded": 1999,
      "description": "Producer of Moutai, China's premium baijiu liquor, and long the most valuable company on the Shanghai Stock Exchange, though the big state banks have recently overtaken it. Known for exceptionally high margins and state ownership.",
      "identifiers": {
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        "isin": "CNE0000018R8",
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      "market_cap_seed_usd_bn": 250,
      "market_cap_basis": "computed",
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    {
      "id": "catl",
      "name": "CATL",
      "legal_name": "Contemporary Amperex Technology Co., Limited",
      "ticker": "300750",
      "exchange": "szse",
      "country": "china",
      "sector": "Industrials",
      "industry": "EV batteries & energy storage",
      "market_cap_usd_bn": 258.9,
      "currency": "CNY",
      "website": "https://www.catl.com",
      "founded": 2011,
      "description": "The world's largest maker of lithium-ion batteries for electric vehicles and grid storage, supplying Tesla, BMW, Volkswagen and most major automakers. Added a Hong Kong listing in 2025 alongside its Shenzhen shares.",
      "identifiers": {
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        "isin": "CNE100003662",
        "figi": "BBG00DYQ3MK2"
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      "market_cap_seed_usd_bn": 180,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "byd",
      "name": "BYD",
      "legal_name": "BYD Company Limited",
      "ticker": "002594",
      "exchange": "szse",
      "country": "china",
      "sector": "Consumer Discretionary",
      "industry": "Electric vehicles & batteries",
      "market_cap_usd_bn": 117.8,
      "currency": "CNY",
      "website": "https://www.byd.com",
      "founded": 1995,
      "description": "China's largest electric-vehicle maker, vertically integrated from batteries to finished cars, and the world leader in combined EV and plug-in hybrid sales. Dual-listed in Shenzhen and Hong Kong.",
      "identifiers": {
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        "isin": "CNE100001526",
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      "market_cap_seed_usd_bn": 130,
      "market_cap_basis": "computed",
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    {
      "id": "meituan",
      "name": "Meituan",
      "legal_name": "Meituan",
      "ticker": "3690",
      "exchange": "hkex",
      "country": "china",
      "sector": "Consumer Discretionary",
      "industry": "Food delivery & local services platform",
      "market_cap_usd_bn": 61,
      "currency": "HKD",
      "website": "https://www.meituan.com",
      "founded": 2010,
      "description": "China's leading local-services super-app, dominant in food delivery and in-store, hotel and travel bookings. Faces intense subsidy competition from Alibaba and JD.com in instant retail.",
      "identifiers": {
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        "isin": "KYG596691041",
        "figi": "BBG00LLV9WX5"
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      "market_cap_seed_usd_bn": 80,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
    },
    {
      "id": "xiaomi",
      "name": "Xiaomi",
      "legal_name": "Xiaomi Corporation",
      "ticker": "1810",
      "exchange": "hkex",
      "country": "china",
      "sector": "Technology",
      "industry": "Smartphones, IoT & electric vehicles",
      "market_cap_usd_bn": 91.4,
      "currency": "HKD",
      "website": "https://www.mi.com",
      "founded": 2010,
      "description": "One of the world's top-three smartphone makers by volume, with a large connected-device ecosystem and a fast-growing electric-vehicle business launched with the SU7 in 2024.",
      "identifiers": {
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        "isin": "KYG9830T1067",
        "figi": "BBG00KVR9RT1"
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      "market_cap_seed_usd_bn": 150,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
    },
    {
      "id": "china-mobile",
      "name": "China Mobile",
      "legal_name": "China Mobile Limited",
      "ticker": "941",
      "exchange": "hkex",
      "country": "china",
      "sector": "Communication Services",
      "industry": "Telecommunications",
      "market_cap_usd_bn": 223.6,
      "currency": "HKD",
      "website": "https://www.chinamobileltd.com",
      "founded": 1997,
      "description": "The world's largest mobile operator by subscribers, serving roughly a billion customers in mainland China. State-controlled, listed in Hong Kong with a secondary Shanghai listing.",
      "identifiers": {
        "lei": "529900U2JJ7GK68NI589",
        "isin": "HK0941009539",
        "figi": "BBG001S6T9W7"
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      "market_cap_seed_usd_bn": 220,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
    },
    {
      "id": "aia-group",
      "name": "AIA Group",
      "legal_name": "AIA Group Limited",
      "ticker": "1299",
      "exchange": "hkex",
      "country": "hong-kong",
      "sector": "Financials",
      "industry": "Life insurance",
      "market_cap_usd_bn": 99.6,
      "currency": "HKD",
      "website": "https://www.aia.com",
      "founded": 1919,
      "description": "Pan-Asian life insurer headquartered in Hong Kong, operating across 18 markets in Asia-Pacific. Spun out of AIG and listed in 2010 in one of Hong Kong's largest-ever IPOs.",
      "identifiers": {
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        "isin": "HK0000069689",
        "figi": "BBG001T6WWK4"
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      "market_cap_seed_usd_bn": 85,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "ping-an",
      "name": "Ping An",
      "legal_name": "Ping An Insurance (Group) Company of China, Ltd.",
      "ticker": "2318",
      "exchange": "hkex",
      "country": "china",
      "sector": "Financials",
      "industry": "Insurance & financial services",
      "market_cap_usd_bn": 142.6,
      "currency": "HKD",
      "website": "https://group.pingan.com",
      "founded": 1988,
      "description": "China's largest insurer by market value, combining life and P&C insurance with banking (Ping An Bank), asset management and health-technology platforms. Dual-listed in Hong Kong and Shanghai.",
      "identifiers": {
        "lei": "529900M9MC28JLN35U89",
        "isin": "CNE1000003X6",
        "figi": "BBG001SJZWR7"
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      "market_cap_seed_usd_bn": 120,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
    },
    {
      "id": "pdd-holdings",
      "name": "PDD Holdings",
      "legal_name": "PDD Holdings Inc.",
      "ticker": "PDD",
      "exchange": "nasdaq",
      "country": "china",
      "sector": "Consumer Discretionary",
      "industry": "E-commerce (Pinduoduo, Temu)",
      "market_cap_usd_bn": 122,
      "currency": "USD",
      "website": "https://www.pddholdings.com",
      "founded": 2015,
      "description": "Operator of Pinduoduo, China's value-focused e-commerce platform, and Temu, its fast-growing international discount marketplace. Trades as ADRs on Nasdaq rather than in China.",
      "us_listing_type": "ADR",
      "local_listing": {
        "venue": "Not listed locally — the group's shares trade only as ADSs on Nasdaq",
        "mic": null,
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        "isin": null
      },
      "identifiers": {
        "lei": "5493000573DS7005T657",
        "isin": "US7223041028",
        "figi": "BBG00LBLDFH8"
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      "market_cap_seed_usd_bn": 150,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "sk-hynix",
      "name": "SK Hynix",
      "legal_name": "SK hynix Inc.",
      "ticker": "000660",
      "exchange": "krx",
      "country": "south-korea",
      "sector": "Technology",
      "industry": "Memory semiconductors (DRAM, NAND, HBM)",
      "market_cap_usd_bn": 878.5,
      "currency": "KRW",
      "website": "https://www.skhynix.com",
      "founded": 1983,
      "description": "The world's second-largest memory-chip maker and the leader in high-bandwidth memory (HBM) for AI accelerators, with Nvidia as a key customer. Part of South Korea's SK Group.",
      "identifiers": {
        "lei": "988400XAIK6XISWQV045",
        "isin": "KR7000660001",
        "figi": "BBG001S90F76"
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      "market_cap_seed_usd_bn": 220,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "tata-consultancy-services",
      "name": "Tata Consultancy Services",
      "legal_name": "Tata Consultancy Services Limited",
      "ticker": "TCS",
      "exchange": "nse-india",
      "country": "india",
      "sector": "Technology",
      "industry": "IT services & consulting",
      "market_cap_usd_bn": 88.8,
      "currency": "INR",
      "website": "https://www.tcs.com",
      "founded": 1968,
      "description": "India's largest IT-services exporter and the flagship of the Tata Group, providing outsourcing, consulting and software services to global enterprises with over a workforce of several hundred thousand.",
      "identifiers": {
        "lei": "335800ZJKU9GPQRE2U66",
        "isin": "INE467B01029",
        "figi": "BBG001SM1D62"
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      "market_cap_seed_usd_bn": 140,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "hdfc-bank",
      "name": "HDFC Bank",
      "legal_name": "HDFC Bank Limited",
      "ticker": "HDFCBANK",
      "exchange": "nse-india",
      "country": "india",
      "sector": "Financials",
      "industry": "Private-sector banking",
      "market_cap_usd_bn": 116.2,
      "currency": "INR",
      "website": "https://www.hdfcbank.com",
      "founded": 1994,
      "description": "India's largest private-sector bank by assets and market value, further enlarged by its 2023 merger with parent mortgage lender HDFC Ltd. Also trades as ADRs on the NYSE.",
      "identifiers": {
        "lei": "335800ZQ6I4E2JXENC50",
        "isin": "INE040A01034",
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      "market_cap_seed_usd_bn": 180,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
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      "name": "Bharti Airtel",
      "legal_name": "Bharti Airtel Limited",
      "ticker": "BHARTIARTL",
      "exchange": "nse-india",
      "country": "india",
      "sector": "Communication Services",
      "industry": "Telecommunications",
      "market_cap_usd_bn": 123.1,
      "currency": "INR",
      "website": "https://www.airtel.in",
      "founded": 1995,
      "description": "India's second-largest mobile operator, with hundreds of millions of subscribers across India and Africa (via Airtel Africa). A principal beneficiary of India's consolidation into a near-duopoly with Jio.",
      "identifiers": {
        "lei": "335800KQ1FPKOQ84OR26",
        "isin": "INE397D01024",
        "figi": "BBG001S91BW6"
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      "market_cap_seed_usd_bn": 140,
      "market_cap_basis": "computed",
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    {
      "id": "al-rajhi-bank",
      "name": "Al Rajhi Bank",
      "legal_name": "Al Rajhi Banking and Investment Corporation",
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      "exchange": "tadawul",
      "country": "saudi-arabia",
      "sector": "Financials",
      "industry": "Islamic banking",
      "market_cap_usd_bn": 109.2,
      "currency": "SAR",
      "website": "https://www.alrajhibank.com.sa",
      "founded": 1957,
      "description": "The world's largest Islamic bank by assets and market value, and Saudi Arabia's biggest retail lender. A core constituent of the Tadawul alongside Saudi Aramco.",
      "identifiers": {
        "lei": "558600BQZS4Y1DTU8589",
        "isin": "SA0007879113",
        "figi": "BBG001SG58J8"
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      "market_cap_seed_usd_bn": 105,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "bhp",
      "name": "BHP",
      "legal_name": "BHP Group Limited",
      "ticker": "BHP",
      "exchange": "asx",
      "country": "australia",
      "sector": "Materials",
      "industry": "Diversified mining (iron ore, copper)",
      "market_cap_usd_bn": 246,
      "currency": "AUD",
      "website": "https://www.bhp.com",
      "founded": 1885,
      "description": "The world's largest mining company by market value, with core positions in iron ore, copper, coal and potash. Unified its dual-listed structure onto the ASX in 2022.",
      "identifiers": {
        "lei": "WZE1WSENV6JSZFK0JC28",
        "isin": "AU000000BHP4",
        "figi": "BBG001S5YBT2"
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      "market_cap_seed_usd_bn": 130,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
      "id": "commonwealth-bank",
      "name": "Commonwealth Bank",
      "legal_name": "Commonwealth Bank of Australia",
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      "exchange": "asx",
      "country": "australia",
      "sector": "Financials",
      "industry": "Retail & commercial banking",
      "market_cap_usd_bn": 189.3,
      "currency": "AUD",
      "website": "https://www.commbank.com.au",
      "founded": 1911,
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      "identifiers": {
        "lei": "MSFSBD3QN1GSN7Q6C537",
        "isin": "AU000000CBA7",
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      "market_cap_seed_usd_bn": 180,
      "market_cap_basis": "computed",
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    {
      "id": "csl",
      "name": "CSL",
      "legal_name": "CSL Limited",
      "ticker": "CSL",
      "exchange": "asx",
      "country": "australia",
      "sector": "Healthcare",
      "industry": "Plasma therapies & vaccines",
      "market_cap_usd_bn": 59.4,
      "currency": "AUD",
      "website": "https://www.csl.com",
      "founded": 1916,
      "description": "Australian biotech and one of the world's largest makers of plasma-derived therapies (CSL Behring), also active in influenza vaccines (Seqirus) and iron-deficiency and nephrology treatments (Vifor).",
      "identifiers": {
        "lei": "529900ECSECK5ZDQTE14",
        "isin": "AU000000CSL8",
        "figi": "BBG001S7YNK1"
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      "market_cap_seed_usd_bn": 65,
      "market_cap_basis": "computed",
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      "id": "petrobras",
      "name": "Petrobras",
      "legal_name": "Petróleo Brasileiro S.A. – Petrobras",
      "ticker": "PETR4",
      "exchange": "b3",
      "country": "brazil",
      "sector": "Energy",
      "industry": "Integrated oil & gas",
      "market_cap_usd_bn": 115.5,
      "currency": "BRL",
      "website": "https://www.petrobras.com.br",
      "founded": 1953,
      "description": "Brazil's state-controlled oil major, a global leader in deepwater production from the pre-salt fields offshore Brazil. Known for large dividend payouts and government influence over strategy.",
      "identifiers": {
        "lei": "5493000J801JZRCMFE49",
        "isin": "BRPETRACNPR6",
        "figi": "BBG001S7GRB2"
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      "market_cap_seed_usd_bn": 80,
      "market_cap_basis": "computed",
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      "name": "Royal Bank of Canada",
      "legal_name": "Royal Bank of Canada",
      "ticker": "RY",
      "exchange": "tsx",
      "country": "canada",
      "sector": "Financials",
      "industry": "Diversified banking & wealth management",
      "market_cap_usd_bn": 287.3,
      "currency": "CAD",
      "website": "https://www.rbc.com",
      "founded": 1864,
      "description": "Canada's largest bank and one of its two most valuable listed companies (trading places with Shopify), spanning retail banking, capital markets and wealth management, with a significant US presence via City National. Acquired HSBC Canada in 2024.",
      "identifiers": {
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        "isin": "CA7800871021",
        "figi": "BBG001S60869"
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      "market_cap_seed_usd_bn": 185,
      "market_cap_basis": "computed",
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      "id": "brookfield",
      "name": "Brookfield",
      "legal_name": "Brookfield Corporation",
      "ticker": "BN",
      "exchange": "tsx",
      "country": "canada",
      "sector": "Financials",
      "industry": "Alternative asset management & holdings",
      "market_cap_usd_bn": 92.6,
      "currency": "CAD",
      "website": "https://www.brookfield.com",
      "founded": 1899,
      "description": "Toronto-based owner-operator of real assets — infrastructure, renewables, real estate and private equity — and majority owner of listed manager Brookfield Asset Management, and one of the largest managers of real assets in the world.",
      "identifiers": {
        "lei": "C6J3FGIWG6MBDGTE8F80",
        "isin": "CA11271J1075",
        "figi": "BBG001SF86D7"
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      "market_cap_seed_usd_bn": 95,
      "market_cap_basis": "computed",
      "market_cap_as_of": "2026-08-28"
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    {
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      "name": "Enbridge",
      "legal_name": "Enbridge Inc.",
      "ticker": "ENB",
      "exchange": "tsx",
      "country": "canada",
      "sector": "Energy",
      "industry": "Oil & gas pipelines and utilities",
      "market_cap_usd_bn": 110,
      "currency": "CAD",
      "website": "https://www.enbridge.com",
      "founded": 1949,
      "description": "North America's largest energy-infrastructure company, moving a large share of the continent's crude oil and natural gas through its pipeline networks, plus growing gas-utility and renewables businesses.",
      "identifiers": {
        "lei": "98TPTUM4IVMFCZBCUR27",
        "isin": "CA29250N1050",
        "figi": "BBG001S6Q6D7"
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      "market_cap_seed_usd_bn": 95,
      "market_cap_basis": "computed",
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      "id": "sea-limited",
      "name": "Sea Limited",
      "legal_name": "Sea Limited",
      "ticker": "SE",
      "exchange": "nyse",
      "country": "singapore",
      "sector": "Communication Services",
      "industry": "E-commerce, gaming & digital finance",
      "market_cap_usd_bn": 72.9,
      "currency": "USD",
      "website": "https://www.sea.com",
      "founded": 2009,
      "description": "Singapore-based internet group behind Shopee (Southeast Asia's leading e-commerce platform), Garena games (Free Fire) and the Monee/SeaMoney digital-finance arm. Listed on the NYSE via ADRs.",
      "us_listing_type": "ADR",
      "local_listing": {
        "venue": "Not listed locally — the group's shares trade only as ADSs on NYSE",
        "mic": null,
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        "isin": null
      },
      "identifiers": {
        "lei": "529900OM6JLLW44YKI15",
        "isin": "US81141R1005",
        "figi": "BBG00HTBWMH4"
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      "market_cap_seed_usd_bn": 95,
      "market_cap_basis": "computed",
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  "markets": [
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      "name": "New York Stock Exchange",
      "country": "united-states",
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      "currency": "USD",
      "timezone": "America/New_York",
      "operator": "Intercontinental Exchange (ICE)",
      "note": "Largest equity market in the world by listed domestic market capitalization, on the World Federation of Exchanges monthly statistics.",
      "segment_mics": [
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        {
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          "mic": "XCIS",
          "name": "NYSE National"
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          "name": "NYSE Texas (formerly NYSE Chicago)"
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          "name": "NYSE Bonds"
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          "name": "NYSE Arca Options"
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          "name": "NYSE American Options"
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      "session": {
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        "close": "16:00",
        "timezone": "America/New_York",
        "lunch_break": null,
        "pre_market": "04:00-09:30",
        "post_market": "16:00-20:00",
        "settlement": "T+1"
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      "benchmarks": [
        "Dow Jones Industrial Average",
        "S&P 500 (multi-venue)",
        "NYSE Composite"
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      "country": "united-states",
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      "currency": "USD",
      "timezone": "America/New_York",
      "operator": "Nasdaq, Inc.",
      "note": "Home of most large-cap technology listings; fully electronic since 1971.",
      "segment_mics": [
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          "name": "Nasdaq Global Select Market"
        },
        {
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          "name": "Nasdaq Global Market"
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          "mic": "XNCM",
          "name": "Nasdaq Capital Market"
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        {
          "mic": "XBOS",
          "name": "Nasdaq Texas (formerly Nasdaq BX)"
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        {
          "mic": "XPSX",
          "name": "Nasdaq PSX"
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        {
          "mic": "XPHL",
          "name": "Nasdaq PHLX"
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          "name": "Nasdaq Options Market"
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      "session": {
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        "close": "16:00",
        "timezone": "America/New_York",
        "lunch_break": null,
        "pre_market": "04:00-09:30",
        "post_market": "16:00-20:00",
        "settlement": "T+1"
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      "benchmarks": [
        "Nasdaq Composite",
        "Nasdaq-100"
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      "operator_lei": "549300L8X1Q78ERXFD06"
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      "name": "London Stock Exchange",
      "country": "united-kingdom",
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      "timezone": "Europe/London",
      "operator": "London Stock Exchange Group (LSEG)",
      "note": "Primary UK equity venue; LSEG is also a major market-data provider (Refinitiv).",
      "segment_mics": [
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          "name": "London Stock Exchange - AIM MTF"
        },
        {
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          "name": "London Stock Exchange - MTF"
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          "mic": "XLOX",
          "name": "London Stock Exchange - Reference Price Waiver System"
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          "mic": "XPVT",
          "name": "London Stock Exchange - Private Securities Market"
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        "timezone": "Europe/London",
        "lunch_break": null,
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        "settlement": "T+2"
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      "benchmarks": [
        "FTSE 100",
        "FTSE 250",
        "FTSE All-Share",
        "FTSE AIM All-Share"
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      "group_lei": "213800QAUUUP6I445N30"
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      "name": "Euronext",
      "country": "france",
      "type": "Pan-European exchange",
      "currency": "EUR",
      "timezone": "Europe/Paris",
      "operator": "Euronext N.V.",
      "note": "Pan-European exchange spanning Paris, Amsterdam, Brussels, Lisbon, Dublin, Milan and Oslo.",
      "segment_mics": [
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          "name": "Euronext Growth Paris"
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        {
          "mic": "XMLI",
          "name": "Euronext Access Paris"
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          "mic": "XMAT",
          "name": "Euronext Paris MATIF"
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        "close": "17:30",
        "timezone": "Europe/Paris",
        "lunch_break": null,
        "pre_market": "07:15-09:00",
        "post_market": null,
        "settlement": "T+2"
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      "benchmarks": [
        "CAC 40",
        "CAC Next 20",
        "SBF 120",
        "Euronext 100"
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      "operator_lei": "969500HMVSZ0TCV65D58"
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    {
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      "name": "Japan Exchange Group (TSE)",
      "country": "japan",
      "type": "Stock exchange",
      "currency": "JPY",
      "timezone": "Asia/Tokyo",
      "operator": "Japan Exchange Group",
      "note": "Tokyo Stock Exchange; largest equity market in Asia by developed-market standards.",
      "segment_mics": [
        {
          "mic": "XTKS",
          "name": "Tokyo Stock Exchange"
        },
        {
          "mic": "XOSE",
          "name": "Osaka Exchange"
        },
        {
          "mic": "XTAM",
          "name": "Tokyo Stock Exchange - Tokyo Pro Market"
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        {
          "mic": "XTK1",
          "name": "Tokyo Stock Exchange - ToSTNeT-1"
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        {
          "mic": "XTKT",
          "name": "Tokyo Commodity Exchange"
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      "session": {
        "open": "09:00",
        "close": "15:30",
        "timezone": "Asia/Tokyo",
        "lunch_break": "11:30-12:30",
        "pre_market": null,
        "post_market": null,
        "settlement": "T+2"
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      "benchmarks": [
        "Nikkei 225",
        "TOPIX",
        "JPX-Nikkei Index 400"
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      "operator_lei": "353800578ADEGIJTVW07"
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    {
      "id": "hkex",
      "mic": "XHKG",
      "name": "Hong Kong Exchanges and Clearing",
      "country": "hong-kong",
      "type": "Stock exchange",
      "currency": "HKD",
      "timezone": "Asia/Hong_Kong",
      "operator": "HKEX",
      "note": "Gateway listing venue between mainland China and global capital.",
      "segment_mics": [
        {
          "mic": "XGEM",
          "name": "Hong Kong Growth Enterprise Market (GEM)"
        },
        {
          "mic": "SHSC",
          "name": "Shanghai-Hong Kong Stock Connect"
        },
        {
          "mic": "SZSC",
          "name": "Shenzhen-Hong Kong Stock Connect"
        }
      ],
      "session": {
        "open": "09:30",
        "close": "16:00",
        "timezone": "Asia/Hong_Kong",
        "lunch_break": "12:00-13:00",
        "pre_market": "09:00-09:30",
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "Hang Seng Index",
        "Hang Seng China Enterprises Index",
        "Hang Seng TECH Index"
      ],
      "operator_lei": "213800YTVSXYQN17BW16"
    },
    {
      "id": "sse",
      "mic": "XSHG",
      "name": "Shanghai Stock Exchange",
      "country": "china",
      "type": "Stock exchange",
      "currency": "CNY",
      "timezone": "Asia/Shanghai",
      "operator": "Shanghai Stock Exchange",
      "note": "Largest mainland-China exchange; access for foreign investors via Stock Connect.",
      "segment_mics": [
        {
          "mic": "XSSC",
          "name": "Shanghai Stock Exchange - Shanghai-Hong Kong Stock Connect"
        }
      ],
      "session": {
        "open": "09:30",
        "close": "15:00",
        "timezone": "Asia/Shanghai",
        "lunch_break": "11:30-13:00",
        "pre_market": "09:15-09:25",
        "post_market": null,
        "settlement": "T+1"
      },
      "benchmarks": [
        "SSE Composite Index",
        "SSE 50",
        "STAR 50",
        "CSI 300 (multi-venue)"
      ],
      "operator_lei": "300300LRJ5FEZ23N8725"
    },
    {
      "id": "xetra",
      "mic": "XETR",
      "name": "Deutsche Börse Xetra",
      "country": "germany",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Berlin",
      "operator": "Deutsche Börse Group",
      "note": "Reference market for German equities; DAX index family.",
      "segment_mics": [
        {
          "mic": "XETA",
          "name": "Xetra - Regulierter Markt"
        },
        {
          "mic": "XETB",
          "name": "Xetra - Freiverkehr"
        },
        {
          "mic": "XETS",
          "name": "Xetra - Scale"
        },
        {
          "mic": "XEMA",
          "name": "Xetra Midpoint Regulated Market"
        }
      ],
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Berlin",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "DAX",
        "MDAX",
        "SDAX",
        "TecDAX"
      ],
      "operator_lei": "529900G3SW56SHYNPR95"
    },
    {
      "id": "tsx",
      "mic": "XTSE",
      "name": "Toronto Stock Exchange",
      "country": "canada",
      "type": "Stock exchange",
      "currency": "CAD",
      "timezone": "America/Toronto",
      "operator": "TMX Group",
      "note": "Primary Canadian venue; strong in resources and financials.",
      "segment_mics": [
        {
          "mic": "XDRK",
          "name": "Toronto Stock Exchange - Dark"
        }
      ],
      "session": {
        "open": "09:30",
        "close": "16:00",
        "timezone": "America/Toronto",
        "lunch_break": null,
        "pre_market": "07:00-09:30",
        "post_market": "16:15-17:00",
        "settlement": "T+1"
      },
      "benchmarks": [
        "S&P/TSX Composite Index",
        "S&P/TSX 60"
      ],
      "operator_lei": "549300N65GFVKSHGJW59",
      "operator_lei_source": "From GLEIF directly, not from the ISO 10383 registry, which leaves the LEI column empty for XTSE. The record is TMX Group Limited, the listed company that operates the exchange."
    },
    {
      "id": "nse-india",
      "session": {
        "open": "09:15",
        "close": "15:30",
        "timezone": "Asia/Kolkata",
        "lunch_break": null,
        "pre_market": "09:00-09:15",
        "post_market": "15:40-16:00",
        "settlement": "T+1"
      },
      "session_note": "These are NSE's headline cash-market timings and they remain correct for securities outside the new closing auction. They are no longer complete for the most heavily traded names: NSE went live with a Closing Auction Session on 3 August 2026, and for stocks with listed derivatives continuous trading now ends at 15:15, with auction order entry 15:20-15:30 and matching to 15:35. NSE's own two pages currently disagree with each other on this, so we publish the headline grid and say what it omits.",
      "mic": "XNSE",
      "name": "National Stock Exchange of India",
      "country": "india",
      "type": "Stock exchange",
      "currency": "INR",
      "timezone": "Asia/Kolkata",
      "operator": "NSE",
      "note": "World's largest derivatives exchange by number of contracts traded.",
      "segment_mics": [
        {
          "mic": "INSE",
          "name": "NSE IFSC Limited"
        }
      ],
      "benchmarks": [
        "NIFTY 50",
        "NIFTY Next 50",
        "NIFTY Bank"
      ],
      "operator_lei": "335800NLY5HYW9I7YE03"
    },
    {
      "id": "tadawul",
      "mic": "XSAU",
      "name": "Saudi Exchange (Tadawul)",
      "country": "saudi-arabia",
      "type": "Stock exchange",
      "currency": "SAR",
      "timezone": "Asia/Riyadh",
      "operator": "Saudi Tadawul Group",
      "note": "Largest exchange in the Middle East; home listing of Saudi Aramco.",
      "session": {
        "open": "10:00",
        "close": "15:00",
        "timezone": "Asia/Riyadh",
        "lunch_break": null,
        "pre_market": "09:30-10:00",
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "TASI (Tadawul All Share Index)",
        "MT30 (MSCI Tadawul 30)"
      ],
      "operator_lei": "894500BXFAWZK686TP37"
    },
    {
      "id": "krx",
      "mic": "XKRX",
      "name": "Korea Exchange",
      "country": "south-korea",
      "type": "Stock exchange",
      "currency": "KRW",
      "timezone": "Asia/Seoul",
      "operator": "KRX",
      "note": "Sole securities exchange operator of South Korea.",
      "segment_mics": [
        {
          "mic": "XKOS",
          "name": "Korea Exchange - KOSDAQ"
        },
        {
          "mic": "XKON",
          "name": "Korea New Exchange (KONEX)"
        },
        {
          "mic": "XKFE",
          "name": "Korea Exchange - Futures Market"
        }
      ],
      "session": {
        "open": "09:00",
        "close": "15:30",
        "timezone": "Asia/Seoul",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "KOSPI",
        "KOSPI 200",
        "KOSDAQ Composite"
      ],
      "operator_lei": "549300TJ3RRV6Q1UEW14"
    },
    {
      "id": "six",
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Zurich",
        "lunch_break": null,
        "pre_market": "06:00-09:00",
        "post_market": "17:30-17:40",
        "settlement": "T+2"
      },
      "session_note": "17:30 is the end of the closing auction, which is what SIX's own trading-hours table prints in a column headed Close. Continuous trading ends at 17:20 and the auction runs from there; both figures are right about different phases. The opening auction is randomised over 09:00-09:02 and the close over 17:30-17:32, after which Trading-At-Last runs to 17:40 for blue chips and mid/small caps.",
      "mic": "XSWX",
      "name": "SIX Swiss Exchange",
      "country": "switzerland",
      "type": "Stock exchange",
      "currency": "CHF",
      "timezone": "Europe/Zurich",
      "operator": "SIX Group",
      "note": "Principal Swiss venue; also operates post-trade and financial-information businesses.",
      "segment_mics": [
        {
          "mic": "XQMH",
          "name": "SIX Swiss Exchange - Structured Products"
        },
        {
          "mic": "XSWM",
          "name": "SIX Swiss Exchange at Midpoint"
        },
        {
          "mic": "XSEB",
          "name": "SIX Swiss Exchange - EBBO Book"
        },
        {
          "mic": "XQOD",
          "name": "SIX Swiss Exchange - ETF QOD"
        }
      ],
      "benchmarks": [
        "SMI (Swiss Market Index)",
        "SMIM",
        "SPI (Swiss Performance Index)"
      ],
      "operator_lei": "529900HQ12A6FGDMWA17"
    },
    {
      "id": "szse",
      "session": {
        "open": "09:30",
        "close": "15:00",
        "timezone": "Asia/Shanghai",
        "lunch_break": "11:30-13:00",
        "pre_market": "09:15-09:25",
        "post_market": null,
        "settlement": "T+1"
      },
      "session_note": "Identical to Shanghai. 15:00 is the end of the closing call auction: continuous trading runs 09:30-11:30 and 13:00-14:57, then a three-minute call. Taken from the Shenzhen exchange's own trading rules, because neither open calendar we cross-check against covers this venue.",
      "mic": "XSHE",
      "name": "Shenzhen Stock Exchange",
      "country": "china",
      "type": "Stock exchange",
      "currency": "CNY",
      "timezone": "Asia/Shanghai",
      "operator": "Shenzhen Stock Exchange (under CSRC oversight)",
      "note": "One of mainland China's two major stock exchanges, home to the tech- and growth-oriented ChiNext board.",
      "segment_mics": [
        {
          "mic": "XSEC",
          "name": "Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect"
        }
      ],
      "benchmarks": [
        "SZSE Component Index",
        "ChiNext Index",
        "CSI 300 (multi-venue)"
      ]
    },
    {
      "id": "asx",
      "mic": "XASX",
      "name": "Australian Securities Exchange",
      "country": "australia",
      "type": "Stock exchange",
      "currency": "AUD",
      "timezone": "Australia/Sydney",
      "operator": "ASX Limited",
      "note": "Australia's primary securities exchange, formed by the 2006 merger of the Australian Stock Exchange and the Sydney Futures Exchange; benchmark index is the S&P/ASX 200.",
      "segment_mics": [
        {
          "mic": "ASXT",
          "name": "ASX TradeMatch"
        },
        {
          "mic": "ASXC",
          "name": "ASX Centre Point"
        },
        {
          "mic": "ASXV",
          "name": "ASX VolumeMatch"
        },
        {
          "mic": "XSFE",
          "name": "ASX Trade24 (ASX 24 derivatives)"
        }
      ],
      "session": {
        "open": "10:00",
        "close": "16:00",
        "timezone": "Australia/Sydney",
        "lunch_break": null,
        "pre_market": "07:00-10:00",
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "S&P/ASX 200",
        "S&P/ASX 300",
        "All Ordinaries"
      ],
      "operator_lei": "549300SDXT36XYPVWI79",
      "group_lei": "549300VSBVYUCBIQKT71"
    },
    {
      "id": "b3",
      "session": {
        "open": "10:00",
        "close": "17:00",
        "timezone": "America/Sao_Paulo",
        "lunch_break": null,
        "pre_market": "09:45-10:00",
        "post_market": "17:30-18:00",
        "settlement": "T+2"
      },
      "session_note": "Seasonal, and the only venue here that is. Brazil abolished daylight saving in 2019 and the United States did not, so B3 shifts its whole grid by an hour twice a year to stay aligned with New York: this 17:00 close took effect 9 March 2026 (Oficio Circular 005/2026-PRE) and from 3 November 2025 until 6 March 2026 the same session closed at 18:00. Expect it to move back when US clocks change on 1 November 2026. Continuous trading ends at 16:55; 17:00 is the end of the closing call.",
      "mic": "BVMF",
      "name": "B3 (Brasil, Bolsa, Balcão)",
      "country": "brazil",
      "type": "Stock exchange",
      "currency": "BRL",
      "timezone": "America/Sao_Paulo",
      "operator": "B3 S.A. – Brasil, Bolsa, Balcão",
      "note": "Brazil's main exchange, created by the 2017 merger of BM&FBOVESPA and Cetip; benchmark index is the Ibovespa.",
      "segment_mics": [
        {
          "mic": "CETI",
          "name": "Cetip S.A. - Mercados Organizados"
        }
      ],
      "benchmarks": [
        "Ibovespa",
        "IBrX-100",
        "IBrX-50"
      ],
      "operator_lei": "4GTK5S46E6H318LMDS44"
    },
    {
      "id": "bme",
      "mic": "BMEX",
      "name": "Bolsas y Mercados Españoles (BME)",
      "country": "spain",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Madrid",
      "operator": "SIX Group",
      "note": "Operates Spain's four stock exchanges (Madrid, Barcelona, Bilbao, Valencia); acquired by Switzerland's SIX Group in 2020; benchmark index is the IBEX 35.",
      "segment_mics": [
        {
          "mic": "XMAD",
          "name": "Bolsa de Madrid"
        },
        {
          "mic": "XBAR",
          "name": "Bolsa de Barcelona"
        },
        {
          "mic": "XBIL",
          "name": "Bolsa de Valores de Bilbao"
        },
        {
          "mic": "XVAL",
          "name": "Bolsa de Valencia"
        },
        {
          "mic": "GROW",
          "name": "BME Growth Market"
        },
        {
          "mic": "XLAT",
          "name": "Latibex (Mercado de Valores Latinoamericanos)"
        },
        {
          "mic": "XDRF",
          "name": "AIAF - Mercado de Renta Fija"
        },
        {
          "mic": "XMRV",
          "name": "MEFF Financial Derivatives"
        }
      ],
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Madrid",
        "lunch_break": null,
        "pre_market": "08:30-09:00",
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "IBEX 35",
        "IBEX Medium Cap",
        "IBEX Small Cap"
      ],
      "operator_lei": "9598003MSLCX8JT38V69"
    },
    {
      "id": "borsa-italiana",
      "mic": "XMIL",
      "name": "Borsa Italiana",
      "country": "italy",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Rome",
      "operator": "Euronext",
      "note": "Italy's main stock exchange, based in Milan; acquired by Euronext from the London Stock Exchange Group in 2021; benchmark index is the FTSE MIB.",
      "segment_mics": [
        {
          "mic": "MTAA",
          "name": "Euronext Milan (Mercato Telematico Azionario)"
        },
        {
          "mic": "EXGM",
          "name": "Euronext Growth Milan"
        },
        {
          "mic": "XMOT",
          "name": "Euronext Access Milan"
        },
        {
          "mic": "MIVX",
          "name": "Euronext MIV Milan"
        },
        {
          "mic": "ETFP",
          "name": "ETFplus - ETF, ETC/ETN and open-end funds market"
        },
        {
          "mic": "SEDX",
          "name": "SeDeX - Securitised Derivatives Market"
        },
        {
          "mic": "MOTX",
          "name": "MOT - Electronic Bond Market"
        },
        {
          "mic": "XDMI",
          "name": "IDEM - Italian Derivatives Market"
        }
      ],
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Rome",
        "lunch_break": null,
        "pre_market": "08:00-09:00",
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "FTSE MIB",
        "FTSE Italia Mid Cap",
        "FTSE Italia All-Share"
      ],
      "operator_lei": "8156005391EE905D3124"
    },
    {
      "id": "omx-stockholm",
      "mic": "XSTO",
      "name": "Nasdaq Stockholm (OMX Stockholm)",
      "country": "sweden",
      "type": "Stock exchange",
      "currency": "SEK",
      "timezone": "Europe/Stockholm",
      "operator": "Nasdaq, Inc.",
      "note": "Sweden's primary stock exchange and the largest of the Nasdaq Nordic markets; benchmark index is the OMXS30.",
      "segment_mics": [
        {
          "mic": "FNSE",
          "name": "Nasdaq First North Sweden"
        },
        {
          "mic": "SSME",
          "name": "Nasdaq First North Sweden - SME Growth Market"
        },
        {
          "mic": "DSTO",
          "name": "Nasdaq Stockholm - Nordic@Mid"
        },
        {
          "mic": "MSTO",
          "name": "Nasdaq Stockholm - Auction on Demand"
        }
      ],
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Stockholm",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": "T+2"
      },
      "benchmarks": [
        "OMX Stockholm 30 (OMXS30)",
        "OMX Stockholm All-Share (OMXSPI)",
        "OMX Nordic 40"
      ],
      "operator_lei": "549300KBQIVNEJEZVL96"
    },
    {
      "id": "bse",
      "mic": "XBOM",
      "name": "BSE (Bombay Stock Exchange)",
      "country": "india",
      "type": "Stock exchange",
      "currency": "INR",
      "timezone": "Asia/Kolkata",
      "operator": "BSE Limited",
      "note": "Founded in 1875, it is Asia's oldest stock exchange and lists thousands of companies; benchmark index is the SENSEX.",
      "segment_mics": [
        {
          "mic": "BSME",
          "name": "BSE SME"
        }
      ],
      "session": {
        "open": "09:15",
        "close": "15:30",
        "timezone": "Asia/Kolkata",
        "lunch_break": null,
        "pre_market": "09:00-09:15",
        "post_market": "15:40-16:00",
        "settlement": "T+1"
      },
      "benchmarks": [
        "BSE SENSEX",
        "BSE 100",
        "BSE 500"
      ],
      "operator_lei": "335800UOTLCPTZQVDA19"
    },
    {
      "id": "cme",
      "mic": "XCME",
      "name": "CME Group (Chicago Mercantile Exchange)",
      "country": "united-states",
      "type": "Derivatives exchange",
      "currency": "USD",
      "timezone": "America/Chicago",
      "operator": "Cme Group Inc.",
      "note": "The largest derivatives venue in the world by volume. Interest-rate, equity-index, FX, energy and agricultural futures and options.",
      "segment_mics": [
        {
          "mic": "FCME",
          "name": "Chicago Mercantile Exchange (Floor)"
        },
        {
          "mic": "XIMM",
          "name": "International Monetary Market"
        },
        {
          "mic": "XIOM",
          "name": "Index And Options Market"
        },
        {
          "mic": "CMES",
          "name": "Cme Swaps Markets (Cme)"
        },
        {
          "mic": "CBTS",
          "name": "Cme Swaps Markets (Cbot)"
        },
        {
          "mic": "NYMS",
          "name": "Cme Swaps Markets (Nymex)"
        },
        {
          "mic": "CECS",
          "name": "Cme Swaps Markets (Comex)"
        }
      ],
      "benchmarks": [],
      "operator_lei": "LCZ7XYGSLJUHFXXNXD88",
      "website": "https://www.cmegroup.com",
      "city": "Chicago",
      "session": null,
      "session_note": "Derivatives venues trade nearly around the clock across several sessions per contract, so a single opening and closing time would be wrong. We publish none rather than one that does not hold."
    },
    {
      "id": "cbot",
      "mic": "XCBT",
      "name": "Chicago Board of Trade",
      "country": "united-states",
      "type": "Derivatives exchange",
      "currency": "USD",
      "timezone": "America/Chicago",
      "operator": "Chicago Board Of Trade",
      "note": "Part of CME Group but a separate operating MIC in the ISO registry, not a segment of XCME. Grains, oilseeds and Treasury futures.",
      "segment_mics": [
        {
          "mic": "FCBT",
          "name": "Chicago Board Of Trade (Floor)"
        },
        {
          "mic": "XKBT",
          "name": "Kansas City Board Of Trade"
        }
      ],
      "benchmarks": [],
      "operator_lei": "549300EX04Q2QBFQTQ27",
      "website": "https://www.cmegroup.com",
      "city": "Chicago",
      "session": null,
      "session_note": "Derivatives venues trade nearly around the clock across several sessions per contract, so a single opening and closing time would be wrong. We publish none rather than one that does not hold."
    },
    {
      "id": "nymex",
      "session": {
        "open": "18:00",
        "close": "17:00",
        "timezone": "America/New_York",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": "T+1"
      },
      "session_note": "Nearly continuous, so a single open-close pair understates it. NYMEX is a CME Group market on Globex: the electronic week opens Sunday 18:00 and runs to Friday 17:00 New York time, with a daily maintenance halt of an hour. Open-outcry futures ended in 2015. The exchange quotes these hours in Central time; they are converted here to the venue's own zone.",
      "mic": "XNYM",
      "name": "New York Mercantile Exchange",
      "country": "united-states",
      "type": "Derivatives exchange",
      "currency": "USD",
      "timezone": "America/New_York",
      "operator": "New York Mercantile Exchange, Inc.",
      "note": "CME Group’s energy and metals venue. COMEX (XCEC), where gold and copper futures trade, is a segment of this MIC — not of XCME, which is the assumption that most often gets this wrong.",
      "segment_mics": [
        {
          "mic": "XCEC",
          "name": "Commodities Exchange Center"
        },
        {
          "mic": "XNYE",
          "name": "New York Mercantile Exchange - Otc Markets"
        },
        {
          "mic": "XNYL",
          "name": "New York Mercantile Exchange - Energy Markets"
        }
      ],
      "benchmarks": [],
      "operator_lei": "5493008GFNDTXFPHWI47",
      "website": "https://www.cmegroup.com",
      "city": "New York"
    },
    {
      "id": "ice-us",
      "mic": "IFUS",
      "name": "ICE Futures U.S.",
      "country": "united-states",
      "type": "Derivatives exchange",
      "currency": "USD",
      "timezone": "America/New_York",
      "operator": "Ice Futures U.S.",
      "note": "Intercontinental Exchange’s US futures venue: softs, cotton, sugar, and the US Dollar Index.",
      "segment_mics": [
        {
          "mic": "IMFX",
          "name": "Ice Markets Foreign Exchange"
        },
        {
          "mic": "IFED",
          "name": "Ice Futures U.S. Energy Division"
        },
        {
          "mic": "IEPA",
          "name": "Intercontinental Exchange"
        },
        {
          "mic": "IMCG",
          "name": "Creditex Llc"
        },
        {
          "mic": "IMIR",
          "name": "Ice Markets Rates"
        },
        {
          "mic": "IMCR",
          "name": "Ice Markets Credit"
        },
        {
          "mic": "IMEN",
          "name": "Ice Markets Energy"
        },
        {
          "mic": "IMAG",
          "name": "Ice Markets Agriculture"
        },
        {
          "mic": "IMBD",
          "name": "Ice Markets Bonds"
        }
      ],
      "benchmarks": [],
      "operator_lei": "5493004R83R1LVX2IL36",
      "website": "https://www.ice.com/futures-us",
      "city": "New York",
      "session": null
    },
    {
      "id": "ice-eu",
      "session": {
        "open": "01:00",
        "close": "23:00",
        "timezone": "Europe/London",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": "T+1"
      },
      "session_note": "Nearly continuous and strongly segmented, so this pair describes the venue's benchmark contract, Brent Crude Futures, rather than the whole market. All-electronic; there is no floor. ICE pins Brent to the US clock, so the London-clock hours shift during the weeks when US and UK daylight saving are out of step.",
      "mic": "IFEU",
      "name": "ICE Futures Europe",
      "country": "united-kingdom",
      "type": "Derivatives exchange",
      "currency": "USD",
      "timezone": "Europe/London",
      "operator": "Ice Futures Europe",
      "note": "Where Brent crude and long gilt futures trade, across divisions that each carry their own segment MIC.",
      "segment_mics": [
        {
          "mic": "IFLX",
          "name": "Ice Futures Europe - Agricultural Products Division"
        },
        {
          "mic": "IFLL",
          "name": "Ice Futures Europe - Financial Products Division"
        },
        {
          "mic": "IFEN",
          "name": "Ice Futures Europe - Oil And Refined Products Division"
        },
        {
          "mic": "IFLO",
          "name": "Ice Futures Europe - Equity Products Division"
        },
        {
          "mic": "IFUT",
          "name": "Ice Futures Europe - European Utilities Division"
        }
      ],
      "benchmarks": [],
      "operator_lei": "549300UF4R84F48NCH34",
      "website": "https://www.ice.com/futures-europe",
      "city": "London"
    },
    {
      "id": "lme",
      "mic": "XLME",
      "name": "London Metal Exchange",
      "country": "united-kingdom",
      "type": "Commodity exchange",
      "currency": "USD",
      "timezone": "Europe/London",
      "operator": "London Metal Exchange",
      "note": "The global reference venue for industrial metals, and the only major exchange still running open-outcry ring trading alongside its electronic book.",
      "segment_mics": [],
      "benchmarks": [],
      "operator_lei": "213800NB8G5VRT1DXC91",
      "operator_lei_source": "From GLEIF directly, not from the ISO 10383 registry. The registry leaves the LEI column empty for XLME, so unlike every other venue here this binding is ours rather than the registration authority's: it is the GLEIF record for THE LONDON METAL EXCHANGE, the entity the exchange's own rulebook names as the operator of the market.",
      "website": "https://www.lme.com",
      "city": "London",
      "session": null
    },
    {
      "id": "eurex",
      "mic": "XEUR",
      "name": "Eurex Deutschland",
      "country": "germany",
      "type": "Derivatives exchange",
      "currency": "EUR",
      "timezone": "Europe/Berlin",
      "operator": "Eurex Deutschland",
      "note": "Deutsche Börse’s derivatives arm and Europe’s main venue for interest-rate and equity-index futures — Bund, BTP and OAT futures, and EURO STOXX 50 derivatives.",
      "segment_mics": [],
      "benchmarks": [],
      "operator_lei": "529900UT4DG0LG5R9O07",
      "website": "https://www.eurex.com",
      "city": "Frankfurt",
      "session": null
    },
    {
      "id": "cboe",
      "mic": "XCBO",
      "name": "Cboe Global Markets",
      "country": "united-states",
      "type": "Options and equities exchange",
      "currency": "USD",
      "timezone": "America/Chicago",
      "operator": "Cboe Global Markets Inc.",
      "note": "Home of the S&P 500 options complex and the VIX. Its US equities venues (BZX, BYX, EDGA, EDGX) are segments of the same operating MIC.",
      "segment_mics": [
        {
          "mic": "C2OX",
          "name": "Cboe C2 Options Exchange"
        },
        {
          "mic": "EDGA",
          "name": "Cboe Edga U.S. Equities Exchange"
        },
        {
          "mic": "EDGD",
          "name": "Cboe Edga U.S. Equities Exchange Dark"
        },
        {
          "mic": "EDGO",
          "name": "Cboe Edgx Options Exchange"
        },
        {
          "mic": "EDGX",
          "name": "Cboe Edgx U.S. Equities Exchange"
        },
        {
          "mic": "BATS",
          "name": "Cboe Bzx U.S. Equities Exchange"
        },
        {
          "mic": "BATY",
          "name": "Cboe Byx U.S. Equities Exchange"
        },
        {
          "mic": "BYXD",
          "name": "Cboe Byx U.S. Equities Exchange Dark"
        },
        {
          "mic": "BZXD",
          "name": "Cboe Bzx U.S. Equities Exchange Dark"
        },
        {
          "mic": "EDDP",
          "name": "Cboe Edgx U.S. Equities Exchange Dark"
        },
        {
          "mic": "BATO",
          "name": "Cboe Bzx Options Exchange"
        },
        {
          "mic": "CBSX",
          "name": "Cboe Stock Exchange"
        },
        {
          "mic": "XCBF",
          "name": "Cboe Futures Exchange"
        },
        {
          "mic": "XCBD",
          "name": "Cboe Digital Exchange"
        }
      ],
      "benchmarks": [],
      "operator_lei": "529900RLNSGA90UPEH54",
      "website": "https://www.cboe.com",
      "city": "Chicago",
      "session": null
    },
    {
      "id": "sgx",
      "session": {
        "open": "09:00",
        "close": "17:00",
        "timezone": "Asia/Singapore",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XSES",
      "name": "Singapore Exchange (SGX)",
      "country": "singapore",
      "type": "Stock exchange",
      "currency": "SGD",
      "timezone": "Asia/Singapore",
      "operator": "Singapore Exchange Limited",
      "note": "Southeast Asia's main listing venue and a regional hub for FX, commodity and equity-index derivatives; the exchange also owns its clearing house and depository.",
      "segment_mics": [
        {
          "mic": "XSCA",
          "name": "SGX-ST Catalist"
        },
        {
          "mic": "XSIM",
          "name": "SGX Derivatives Trading"
        },
        {
          "mic": "XSBT",
          "name": "SGX Bond Trading"
        }
      ],
      "benchmarks": [],
      "operator_lei": "549300IQ650PPXM76X03",
      "website": "https://www.sgx.com",
      "city": "Singapore"
    },
    {
      "id": "twse",
      "session": {
        "open": "09:00",
        "close": "13:30",
        "timezone": "Asia/Taipei",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XTAI",
      "name": "Taiwan Stock Exchange (TWSE)",
      "country": "taiwan",
      "type": "Stock exchange",
      "currency": "TWD",
      "timezone": "Asia/Taipei",
      "operator": "Taiwan Stock Exchange Corporation",
      "note": "Taiwan's main equity venue, dominated by semiconductor manufacturers; its open data service publishes listed-company and market statistics without a key, which is unusual among exchanges.",
      "segment_mics": [],
      "benchmarks": [],
      "operator_lei": "549300NH6S3EOUMY2162",
      "website": "https://www.twse.com.tw/en/",
      "city": "Taipei"
    },
    {
      "id": "euronext-amsterdam",
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Amsterdam",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XAMS",
      "name": "Euronext Amsterdam",
      "country": "netherlands",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Amsterdam",
      "operator": "Euronext Amsterdam N.V.",
      "note": "The oldest of the Euronext markets and, by descent, the oldest stock exchange in the world: share trading began here in 1602 with the Dutch East India Company.",
      "segment_mics": [
        {
          "mic": "TNLA",
          "name": "Euronext Amsterdam - Trading Facility"
        },
        {
          "mic": "XEUE",
          "name": "Euronext Amsterdam - Derivatives"
        },
        {
          "mic": "XAMC",
          "name": "Euronext Amsterdam - Commodities"
        }
      ],
      "benchmarks": [],
      "operator_lei": "724500V6UOK62XEZ2L78",
      "website": "https://www.euronext.com",
      "city": "Amsterdam"
    },
    {
      "id": "euronext-brussels",
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Brussels",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XBRU",
      "name": "Euronext Brussels",
      "country": "belgium",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Brussels",
      "operator": "Euronext Brussels SA/NV",
      "note": "Belgium's regulated market, part of Euronext since the group's founding merger in 2000.",
      "segment_mics": [
        {
          "mic": "ALXB",
          "name": "Euronext Growth Brussels"
        },
        {
          "mic": "MLXB",
          "name": "Euronext Access Brussels"
        },
        {
          "mic": "TNLB",
          "name": "Euronext Brussels - Trading Facility"
        }
      ],
      "benchmarks": [],
      "operator_lei": "5493007YLUF2KAS0TM17",
      "website": "https://www.euronext.com",
      "city": "Brussels"
    },
    {
      "id": "euronext-lisbon",
      "session": {
        "open": "08:00",
        "close": "16:30",
        "timezone": "Europe/Lisbon",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XLIS",
      "name": "Euronext Lisbon",
      "country": "portugal",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Lisbon",
      "operator": "Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados S.A.",
      "note": "Portugal's regulated market, joined Euronext in 2002.",
      "segment_mics": [
        {
          "mic": "ALXL",
          "name": "Euronext Growth Lisbon"
        },
        {
          "mic": "ENXL",
          "name": "Euronext Access Lisbon"
        },
        {
          "mic": "MFOX",
          "name": "Euronext Lisbon - Derivatives"
        }
      ],
      "benchmarks": [],
      "operator_lei": "529900K0OK4J5I7A5V66",
      "website": "https://www.euronext.com",
      "city": "Lisbon"
    },
    {
      "id": "euronext-dublin",
      "session": {
        "open": "08:00",
        "close": "16:28",
        "timezone": "Europe/Dublin",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XDUB",
      "name": "Euronext Dublin",
      "country": "ireland",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Dublin",
      "operator": "The Irish Stock Exchange plc, trading as Euronext Dublin",
      "note": "Ireland's exchange, acquired by Euronext in 2018. Its debt-listing business is disproportionate to the size of the domestic equity market.",
      "segment_mics": [
        {
          "mic": "XMSM",
          "name": "Euronext Dublin - Main Securities Market"
        },
        {
          "mic": "XESM",
          "name": "Euronext Growth Dublin"
        },
        {
          "mic": "XATL",
          "name": "Euronext Dublin - Atlantic Securities Market"
        }
      ],
      "benchmarks": [],
      "operator_lei": "635400DZBUIMTBCXGA12",
      "website": "https://www.euronext.com",
      "city": "Dublin"
    },
    {
      "id": "euronext-oslo",
      "session": {
        "open": "09:00",
        "close": "16:20",
        "timezone": "Europe/Oslo",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XOSL",
      "name": "Oslo Børs",
      "country": "norway",
      "type": "Stock exchange",
      "currency": "NOK",
      "timezone": "Europe/Oslo",
      "operator": "Oslo Børs ASA",
      "note": "Norway's exchange, bought by Euronext in 2019 after a contested bid. Energy and shipping listings give it a sector mix unlike the rest of the group.",
      "segment_mics": [
        {
          "mic": "XOAS",
          "name": "Oslo Børs - Euronext Growth Oslo"
        },
        {
          "mic": "XOBD",
          "name": "Oslo Børs - Bonds"
        },
        {
          "mic": "XOAM",
          "name": "Oslo Børs - Euronext Expand"
        }
      ],
      "benchmarks": [],
      "operator_lei": "5967007LIEEXZXHDL433",
      "website": "https://www.euronext.com",
      "city": "Oslo"
    },
    {
      "id": "nasdaq-copenhagen",
      "session": {
        "open": "09:00",
        "close": "17:00",
        "timezone": "Europe/Copenhagen",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XCSE",
      "name": "Nasdaq Copenhagen",
      "country": "denmark",
      "type": "Stock exchange",
      "currency": "DKK",
      "timezone": "Europe/Copenhagen",
      "operator": "Nasdaq Copenhagen A/S",
      "note": "Denmark's exchange and part of Nasdaq Nordic since 2005.",
      "segment_mics": [
        {
          "mic": "FNDK",
          "name": "Nasdaq First North Denmark"
        },
        {
          "mic": "DCSE",
          "name": "Nasdaq Copenhagen - Nordic@Mid"
        },
        {
          "mic": "MCSE",
          "name": "Nasdaq Copenhagen - Auction on Demand"
        }
      ],
      "benchmarks": [],
      "operator_lei": "549300JNYZUL5PLI8E17",
      "website": "https://www.nasdaq.com/european-market-activity",
      "city": "Copenhagen"
    },
    {
      "id": "nasdaq-helsinki",
      "session": {
        "open": "10:00",
        "close": "18:30",
        "timezone": "Europe/Helsinki",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XHEL",
      "name": "Nasdaq Helsinki",
      "country": "finland",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Helsinki",
      "operator": "Nasdaq Helsinki Ltd",
      "note": "Finland's exchange, part of Nasdaq Nordic since 2003 — the earliest of the group's Nordic acquisitions.",
      "segment_mics": [
        {
          "mic": "FNFI",
          "name": "Nasdaq First North Finland"
        },
        {
          "mic": "DHEL",
          "name": "Nasdaq Helsinki - Nordic@Mid"
        },
        {
          "mic": "MHEL",
          "name": "Nasdaq Helsinki - Auction on Demand"
        }
      ],
      "benchmarks": [],
      "operator_lei": "743700NAXLL4Q86IEX32",
      "website": "https://www.nasdaq.com/european-market-activity",
      "city": "Helsinki"
    },
    {
      "id": "johannesburg",
      "session": {
        "open": "09:00",
        "close": "17:00",
        "timezone": "Africa/Johannesburg",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XJSE",
      "name": "Johannesburg Stock Exchange",
      "country": "south-africa",
      "type": "Stock exchange",
      "currency": "ZAR",
      "timezone": "Africa/Johannesburg",
      "operator": "JSE Limited",
      "note": "Africa's largest market by capitalisation in the World Bank series, and the widest in scope here: the registry lists eight segments under it, from equity and commodity derivatives to bonds and repo.",
      "segment_mics": [
        {
          "mic": "JSER",
          "name": "Jse Repo Market"
        },
        {
          "mic": "ZFXM",
          "name": "Jse Currency Derivatives Market"
        },
        {
          "mic": "JSEB",
          "name": "Jse Bond Electronic Trading Platform"
        },
        {
          "mic": "XBES",
          "name": "Jse Cash Bond Market"
        },
        {
          "mic": "ALTX",
          "name": "Jse Alternate Exchange"
        },
        {
          "mic": "XSAF",
          "name": "Jse Equity Derivatives Market"
        },
        {
          "mic": "XSFA",
          "name": "Jse Commodity Derivatives Market"
        },
        {
          "mic": "YLDX",
          "name": "Jse Interest Rate Derivatives Market"
        }
      ],
      "benchmarks": [],
      "operator_lei": "213800MZ1VUQEBWRFO39",
      "website": "https://www.jse.co.za",
      "city": "Johannesburg"
    },
    {
      "id": "tel-aviv",
      "session": {
        "open": "09:59",
        "close": "17:15",
        "timezone": "Asia/Tel_Aviv",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XTAE",
      "name": "Tel Aviv Stock Exchange",
      "country": "israel",
      "type": "Stock exchange",
      "currency": "ILS",
      "timezone": "Asia/Tel_Aviv",
      "operator": "Tel Aviv Stock Exchange Ltd",
      "note": "Israel's sole securities exchange. The LEI the ISO 10383 registry carries for this MIC resolves to the Tel Aviv Stock Exchange Clearing House, a different legal person; the exchange itself has no LEI in GLEIF, so this row carries none rather than the clearing house's.",
      "segment_mics": [],
      "benchmarks": [],
      "operator_lei": null,
      "website": "https://www.tase.co.il",
      "city": "Tel Aviv"
    },
    {
      "id": "bursa-malaysia",
      "session": {
        "open": "09:00",
        "close": "17:00",
        "timezone": "Asia/Kuala_Lumpur",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed. Both calendars model the day as continuous between these bounds; the exchange's own hours page could not be read (bot-blocked), so a midday break, if the venue has one, is not captured here.",
      "mic": "XKLS",
      "name": "Bursa Malaysia",
      "country": "malaysia",
      "type": "Stock exchange",
      "currency": "MYR",
      "timezone": "Asia/Kuala_Lumpur",
      "operator": "BURSA MALAYSIA BERHAD",
      "note": "Malaysia's exchange. Alongside the main board it runs the ACE Market for smaller companies and, on its own published schedule, the Shariah-compliant Bursa Suq Al-Sila' commodity platform.",
      "segment_mics": [
        {
          "mic": "MESQ",
          "name": "Ace Market"
        }
      ],
      "benchmarks": [],
      "operator_lei": "254900CXCSGW8M52ZU27",
      "website": "https://www.bursamalaysia.com",
      "city": "Kuala Lumpur"
    },
    {
      "id": "set-thailand",
      "session": {
        "open": "10:00",
        "close": "16:30",
        "timezone": "Asia/Bangkok",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed. Both calendars model the day as continuous between these bounds; the exchange's own hours page could not be read (bot-blocked), so a midday break, if the venue has one, is not captured here.",
      "mic": "XBKK",
      "name": "Stock Exchange of Thailand",
      "country": "thailand",
      "type": "Stock exchange",
      "currency": "THB",
      "timezone": "Asia/Bangkok",
      "operator": "ตลาดหลักทรัพย์แห่งประเทศไทย",
      "note": "Thailand's national exchange, with the Market for Alternative Investment and a foreign board as separate segments; its derivatives arm TFEX trades under its own MIC.",
      "segment_mics": [
        {
          "mic": "XMAI",
          "name": "Market For Alternative Investment"
        },
        {
          "mic": "XBKF",
          "name": "Stock Exchange Of Thailand - Foreign Board"
        }
      ],
      "benchmarks": [],
      "operator_lei": "254900R211PTUP8K9M82",
      "website": "https://www.set.or.th",
      "city": "Bangkok"
    },
    {
      "id": "gpw",
      "session": {
        "open": "09:00",
        "close": "17:00",
        "timezone": "Europe/Warsaw",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XWAR",
      "name": "Warsaw Stock Exchange",
      "country": "poland",
      "type": "Stock exchange",
      "currency": "PLN",
      "timezone": "Europe/Warsaw",
      "operator": "GIEŁDA PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE SPÓŁKA AKCYJNA",
      "note": "Poland's principal exchange. The registry lists sixteen segment codes under it, the most of any venue added here.",
      "segment_mics": [
        {
          "mic": "XGLO",
          "name": "Warsaw Stock Exchange/ Equities/Global Connect - Mtf"
        },
        {
          "mic": "WIND",
          "name": "Warsaw Stock Exchange/Indices"
        },
        {
          "mic": "PLPD",
          "name": "Warsaw Stock Exchange/Polish Power Exchange/Regulated Market"
        },
        {
          "mic": "XNCO",
          "name": "Warsaw Stock Exchange/ Equities/New Connect - Mtf"
        },
        {
          "mic": "WIPO",
          "name": "Warsaw Stock Exchange - Other Than Xoff Or Xxxx"
        },
        {
          "mic": "RPWC",
          "name": "Warsaw Stock Exchange/Bonds/Catalyst/Bondspot/Regulated Market"
        },
        {
          "mic": "TBSP",
          "name": "Warsaw Stock Exchange/Bonds/Bondspot/Treasury Bond Market"
        },
        {
          "mic": "TBSA",
          "name": "Warsaw Stock Exchange/Bonds/Treasury Bond/Bondspot/B2C Market/Mtf"
        },
        {
          "mic": "BOSP",
          "name": "Warsaw Stock Exchange/Bonds/Catalyst/Bondspot/Mtf"
        },
        {
          "mic": "WETP",
          "name": "Warsaw Stock Exchange/ Etps"
        },
        {
          "mic": "PLPO",
          "name": "Warsaw Stock Exchange/Commodities/Polish Power - Exchange/Organized Trading Facilities"
        },
        {
          "mic": "PLPS",
          "name": "Warsaw Stock Exchange/Commodities/Polish Power Exchange/Spot"
        },
        {
          "mic": "WBCL",
          "name": "Warsaw Stock Exchange/Bonds/Catalyst/Listing"
        },
        {
          "mic": "WBON",
          "name": "Warsaw Stock Exchange/ Bonds/Catalyst/Main Market"
        },
        {
          "mic": "WMTF",
          "name": "Warsaw Stock Exchange/Bonds/Catalyst/Mtf"
        },
        {
          "mic": "WDER",
          "name": "Warsaw Stock Exchange/Financial Derivatives"
        }
      ],
      "benchmarks": [],
      "operator_lei": "25940039ZHD3Z37GKR71",
      "website": "https://www.gpw.pl",
      "city": "Warsaw"
    },
    {
      "id": "wiener-boerse",
      "session": {
        "open": "09:00",
        "close": "17:30",
        "timezone": "Europe/Vienna",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XWBO",
      "name": "Wiener Börse",
      "country": "austria",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Vienna",
      "operator": "Wiener Börse AG",
      "note": "Austria's exchange, and one of only four venues added here whose operating legal entity the ISO registry troubles to name at all.",
      "segment_mics": [
        {
          "mic": "EXAA",
          "name": "Wiener Boerse Ag, Austrian Energy Exchange"
        },
        {
          "mic": "WBAH",
          "name": "Wiener Boerse Ag Amtlicher Handel (Official Market)"
        },
        {
          "mic": "WBDM",
          "name": "Wiener Boerse Ag Vienna Mtf (Vienna Mtf)"
        },
        {
          "mic": "XVIE",
          "name": "Wiener Boerse Ag, Wertpapierboerse (Securities Exchange)"
        },
        {
          "mic": "WBMA",
          "name": "Wiener Boerse Ag Midpoint Amtlicher Handel (Official Market)"
        },
        {
          "mic": "WBDP",
          "name": "Wiener Boerse Ag Direct Market Plus"
        }
      ],
      "benchmarks": [],
      "operator_lei": "315700ENWH1A81RCVZ91",
      "website": "https://www.wienerborse.at",
      "city": "Vienna"
    },
    {
      "id": "budapest",
      "session": {
        "open": "09:00",
        "close": "17:00",
        "timezone": "Europe/Budapest",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XBUD",
      "name": "Budapest Stock Exchange",
      "country": "hungary",
      "type": "Stock exchange",
      "currency": "HUF",
      "timezone": "Europe/Budapest",
      "operator": "Budapesti Értéktőzsde Nyilvánosan Működő Részvénytársaság",
      "note": "Hungary's exchange. The ISO registry leaves its operating legal entity blank; the name here comes from GLEIF.",
      "segment_mics": [
        {
          "mic": "BETA",
          "name": "Beta Market"
        },
        {
          "mic": "XBND",
          "name": "Budapest Stock Exchange - Xbond"
        },
        {
          "mic": "XTND",
          "name": "Budapest Stock Exchange - Xtend"
        }
      ],
      "benchmarks": [],
      "operator_lei": "54930094UMSXWVWJMT48",
      "website": "https://www.bse.hu",
      "city": "Budapest"
    },
    {
      "id": "bucharest",
      "session": {
        "open": "10:00",
        "close": "17:45",
        "timezone": "Europe/Bucharest",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XBSE",
      "name": "Bucharest Stock Exchange",
      "country": "romania",
      "type": "Stock exchange",
      "currency": "RON",
      "timezone": "Europe/Bucharest",
      "operator": "Bursa de Valori Bucuresti SA",
      "note": "Romania's exchange. Its ISO 10383 row contradicts itself: it names the exchange as the legal entity but carries the LEI of Depozitarul Central, the country's central depository. The code here is the exchange's own, resolved through GLEIF.",
      "segment_mics": [
        {
          "mic": "XCAN",
          "name": "Can - Ats"
        },
        {
          "mic": "XRAS",
          "name": "Rasdaq"
        },
        {
          "mic": "XBSD",
          "name": "Derivatives Regulated Market - Bvb"
        },
        {
          "mic": "XMTI",
          "name": "Bvb Mts International"
        },
        {
          "mic": "XNRG",
          "name": "Bvb Energy Derivatives"
        },
        {
          "mic": "XGRW",
          "name": "Bvb Growth Market"
        }
      ],
      "benchmarks": [],
      "operator_lei": "2549004BOCU15LMNDJ92",
      "website": "https://www.bvb.ro",
      "city": "Bucharest"
    },
    {
      "id": "zagreb",
      "session": {
        "open": "09:00",
        "close": "16:00",
        "timezone": "Europe/Zagreb",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XZAG",
      "name": "Zagreb Stock Exchange",
      "country": "croatia",
      "type": "Stock exchange",
      "currency": "EUR",
      "timezone": "Europe/Zagreb",
      "operator": "Zagrebačka burza d.d.",
      "note": "Croatia's exchange. It quotes in euro, Croatia's ISO 4217 currency since the country joined the euro area.",
      "segment_mics": [
        {
          "mic": "ZAPA",
          "name": "Zagreb Stock Exchange - Apa"
        },
        {
          "mic": "XZAP",
          "name": "Progress Market"
        }
      ],
      "benchmarks": [],
      "operator_lei": "7478000050A040C0D041",
      "website": "https://zse.hr",
      "city": "Zagreb"
    },
    {
      "id": "bmv",
      "session": {
        "open": "08:30",
        "close": "15:00",
        "timezone": "America/Mexico_City",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XMEX",
      "name": "Bolsa Mexicana de Valores",
      "country": "mexico",
      "type": "Stock exchange",
      "currency": "MXN",
      "timezone": "America/Mexico_City",
      "operator": "Bolsa Mexicana de Valores S.A.B. de C.V.",
      "note": "Mexico's principal exchange. The registry also carries BIVA as a second active Mexican equity venue, and MexDer as the country's derivatives market.",
      "segment_mics": [],
      "benchmarks": [],
      "operator_lei": "894500CS2D6RLGW61A19",
      "website": "https://www.bmv.com.mx",
      "city": "Mexico"
    },
    {
      "id": "nzx",
      "session": {
        "open": "10:00",
        "close": "16:45",
        "timezone": "Pacific/Auckland",
        "lunch_break": null,
        "pre_market": null,
        "post_market": null,
        "settlement": null
      },
      "session_note": "Unlike the venues checked by hand, these hours come from the two independently maintained open calendars this dataset cross-checks against, which agree on them — not from the exchange's own publication. Cross-checked but not primary, and the settlement cycle is left blank rather than guessed.",
      "mic": "XNZE",
      "name": "NZX",
      "country": "new-zealand",
      "type": "Stock exchange",
      "currency": "NZD",
      "timezone": "Pacific/Auckland",
      "operator": "NZX LIMITED",
      "note": "New Zealand's exchange. The registry lists a dark pool and a futures and options market as separate segments under it.",
      "segment_mics": [
        {
          "mic": "NZXC",
          "name": "Nzx Central"
        },
        {
          "mic": "NZXM",
          "name": "Nzx Dark"
        },
        {
          "mic": "NZXD",
          "name": "Nzx Derivatives - Futures & Options Market"
        }
      ],
      "benchmarks": [],
      "operator_lei": "254900KTE7C5U39QMD43",
      "website": "https://www.nzx.com",
      "city": "Auckland"
    }
  ],
  "assets": [
    {
      "id": "bitcoin",
      "name": "Bitcoin",
      "symbol": "BTC",
      "type": "Crypto",
      "category": "Layer-1 currency",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "None (decentralized)",
      "description": "The first and largest cryptocurrency; fixed 21M supply, proof-of-work security, increasingly held as a treasury and ETF asset."
    },
    {
      "id": "ethereum",
      "name": "Ethereum",
      "symbol": "ETH",
      "type": "Crypto",
      "category": "Smart-contract platform",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "None (decentralized)",
      "description": "Largest smart-contract network; settlement layer for DeFi, stablecoins and tokenized assets; proof-of-stake."
    },
    {
      "id": "tether-usdt",
      "name": "Tether USD",
      "symbol": "USDT",
      "type": "Crypto",
      "category": "Stablecoin",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "Tether Ltd.",
      "description": "Largest US-dollar stablecoin; primary quote asset of offshore crypto markets and a de-facto dollar rail in emerging markets."
    },
    {
      "id": "usd-coin",
      "name": "USD Coin",
      "symbol": "USDC",
      "type": "Crypto",
      "category": "Stablecoin",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "Circle Internet Financial",
      "description": "Regulated, reserve-attested dollar stablecoin; the preferred stablecoin of US-regulated platforms."
    },
    {
      "id": "gold",
      "name": "Gold",
      "symbol": "XAU",
      "type": "Commodity",
      "category": "Precious metal",
      "currency": "USD",
      "market": "COMEX / LBMA",
      "issuer": "—",
      "description": "The oldest reserve asset. Central banks have been net buyers of gold every year since 2010, according to the World Gold Council's Gold Demand Trends series."
    },
    {
      "id": "silver",
      "name": "Silver",
      "symbol": "XAG",
      "type": "Commodity",
      "category": "Precious metal",
      "currency": "USD",
      "market": "COMEX / LBMA",
      "issuer": "—",
      "description": "Monetary metal with a large industrial demand base (solar, electronics)."
    },
    {
      "id": "copper",
      "name": "Copper",
      "symbol": "HG",
      "type": "Commodity",
      "category": "Industrial metal",
      "currency": "USD",
      "market": "COMEX / LME",
      "issuer": "—",
      "description": "'Dr. Copper' — the industrial metal most watched as a global-growth indicator; central to electrification."
    },
    {
      "id": "brent-crude",
      "name": "Brent Crude Oil",
      "symbol": "BZ",
      "type": "Commodity",
      "category": "Energy",
      "currency": "USD",
      "market": "ICE",
      "issuer": "—",
      "description": "The international oil benchmark; prices roughly two-thirds of the world's traded crude."
    },
    {
      "id": "wti-crude",
      "name": "WTI Crude Oil",
      "symbol": "CL",
      "type": "Commodity",
      "category": "Energy",
      "currency": "USD",
      "market": "NYMEX",
      "issuer": "—",
      "description": "The US oil benchmark, physically settled at Cushing, Oklahoma."
    },
    {
      "id": "natural-gas",
      "name": "Natural Gas (Henry Hub)",
      "symbol": "NG",
      "type": "Commodity",
      "category": "Energy",
      "currency": "USD",
      "market": "NYMEX",
      "issuer": "—",
      "description": "US natural-gas benchmark; increasingly linked to global prices through LNG exports."
    },
    {
      "id": "sp500",
      "name": "S&P 500",
      "symbol": "SPX",
      "type": "Index",
      "category": "Equity index",
      "currency": "USD",
      "market": "CME / CBOE",
      "issuer": "S&P Dow Jones Indices",
      "description": "500 large US companies; the default benchmark for global equity performance and the underlying of the world's largest ETFs."
    },
    {
      "id": "nasdaq-100",
      "name": "Nasdaq-100",
      "symbol": "NDX",
      "type": "Index",
      "category": "Equity index",
      "currency": "USD",
      "market": "CME / Nasdaq",
      "issuer": "Nasdaq, Inc.",
      "description": "100 largest non-financial Nasdaq companies; the benchmark of large-cap technology."
    },
    {
      "id": "us-10y-treasury",
      "name": "US 10-Year Treasury",
      "symbol": "US10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "USD",
      "market": "OTC / CME futures",
      "issuer": "US Department of the Treasury",
      "description": "The world's reference risk-free rate; discount rate for global asset pricing."
    },
    {
      "id": "eur-usd",
      "name": "Euro / US Dollar",
      "symbol": "EURUSD",
      "type": "Currency",
      "category": "FX pair",
      "currency": "USD",
      "market": "OTC FX",
      "issuer": "—",
      "description": "The most traded currency pair in the world's largest market: the BIS Triennial Central Bank Survey put global FX turnover at $9.6tn a day in April 2025."
    },
    {
      "id": "dollar-index",
      "name": "US Dollar Index",
      "symbol": "DXY",
      "type": "Index",
      "category": "FX index",
      "currency": "USD",
      "market": "ICE",
      "issuer": "ICE",
      "description": "The dollar measured against a basket of six major currencies; shorthand for global dollar strength."
    },
    {
      "id": "nikkei-225",
      "name": "Nikkei 225",
      "symbol": "N225",
      "type": "Index",
      "category": "Equity index",
      "currency": "JPY",
      "market": "Tokyo Stock Exchange / Nikkei Inc.",
      "issuer": "Nikkei Inc.",
      "description": "Price-weighted index of 225 large Japanese companies listed on the Tokyo Stock Exchange Prime Market, dating back to 1950 and calculated by the Nikkei newspaper group since 1970. It is Japan's most widely quoted equity benchmark."
    },
    {
      "id": "ftse-100",
      "name": "FTSE 100",
      "symbol": "UKX",
      "type": "Index",
      "category": "Equity index",
      "currency": "GBP",
      "market": "London Stock Exchange / FTSE Russell",
      "issuer": "FTSE Russell (LSEG)",
      "description": "Capitalization-weighted index of the 100 largest companies listed on the London Stock Exchange, launched in 1984. Its constituents earn a large share of revenue outside the UK, making it sensitive to sterling moves."
    },
    {
      "id": "dax-40",
      "name": "DAX 40",
      "symbol": "DAX",
      "type": "Index",
      "category": "Equity index",
      "currency": "EUR",
      "market": "Frankfurt Stock Exchange (Xetra) / Deutsche Börse",
      "issuer": "STOXX (ISS STOXX, Deutsche Börse Group)",
      "description": "Germany's blue-chip benchmark of the 40 largest companies on the Frankfurt Stock Exchange, expanded from 30 to 40 constituents in 2021. Unusually for a headline index, it is calculated as a performance (total-return) index that reinvests dividends."
    },
    {
      "id": "euro-stoxx-50",
      "name": "EURO STOXX 50",
      "symbol": "SX5E",
      "type": "Index",
      "category": "Equity index",
      "currency": "EUR",
      "market": "Eurex / STOXX",
      "issuer": "STOXX (ISS STOXX, Deutsche Börse Group)",
      "description": "Blue-chip index of 50 leading companies from eurozone countries, introduced in 1998. It underlies some of Europe's most liquid futures and options traded on Eurex."
    },
    {
      "id": "hang-seng",
      "name": "Hang Seng Index",
      "symbol": "HSI",
      "type": "Index",
      "category": "Equity index",
      "currency": "HKD",
      "market": "Hong Kong Stock Exchange (HKEX)",
      "issuer": "Hang Seng Indexes Company",
      "description": "Capitalization-weighted benchmark of the largest companies listed in Hong Kong, calculated since 1969 by a subsidiary of Hang Seng Bank. It includes many mainland Chinese firms and is the main gauge of the Hong Kong equity market."
    },
    {
      "id": "csi-300",
      "name": "CSI 300",
      "symbol": "000300",
      "type": "Index",
      "category": "Equity index",
      "currency": "CNY",
      "market": "Shanghai & Shenzhen stock exchanges",
      "issuer": "China Securities Index Co.",
      "description": "Index of the 300 largest and most liquid A-share stocks traded on the Shanghai and Shenzhen exchanges, launched in 2005. It is the primary benchmark for mainland Chinese equities and the underlying for China's main index futures."
    },
    {
      "id": "usd-jpy",
      "name": "US Dollar / Japanese Yen",
      "symbol": "USD/JPY",
      "type": "Currency",
      "category": "FX major pair",
      "currency": "JPY",
      "market": "Global interbank FX (OTC)",
      "issuer": "—",
      "description": "One of the most traded currency pairs in the world, quoting yen per US dollar. It is highly sensitive to the US–Japan interest-rate differential and has historically been a core carry-trade vehicle."
    },
    {
      "id": "gbp-usd",
      "name": "British Pound / US Dollar",
      "symbol": "GBP/USD",
      "type": "Currency",
      "category": "FX major pair",
      "currency": "USD",
      "market": "Global interbank FX (OTC)",
      "issuer": "—",
      "description": "Nicknamed \"Cable\" after the 19th-century transatlantic telegraph cable used to transmit its rate, it is one of the oldest and most liquid currency pairs. Quotes US dollars per British pound."
    },
    {
      "id": "usd-cny",
      "name": "US Dollar / Chinese Yuan (onshore)",
      "symbol": "USD/CNY",
      "type": "Currency",
      "category": "FX pair (managed)",
      "currency": "CNY",
      "market": "China Foreign Exchange Trade System (CFETS)",
      "issuer": "—",
      "description": "The onshore renminbi exchange rate, managed by the People's Bank of China through a daily midpoint fixing around which trading is allowed within a narrow band. The freely traded offshore counterpart is quoted as USD/CNH in Hong Kong."
    },
    {
      "id": "german-bund-10y",
      "name": "German 10-Year Bund",
      "symbol": "DE10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "EUR",
      "market": "OTC / Eurex (Bund futures)",
      "issuer": "Federal Republic of Germany",
      "description": "The 10-year federal bond of Germany, regarded as the eurozone's risk-free benchmark. Other European sovereigns' borrowing costs are commonly quoted as yield spreads over the Bund."
    },
    {
      "id": "jgb-10y",
      "name": "Japanese 10-Year Government Bond",
      "symbol": "JP10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "JPY",
      "market": "OTC / Osaka Exchange (JGB futures)",
      "issuer": "Government of Japan (Ministry of Finance)",
      "description": "The benchmark 10-year bond of Japan, one of the largest government bond markets in the world. Its yield was the explicit anchor of the Bank of Japan's yield-curve-control policy from 2016 until the policy's end in 2024."
    },
    {
      "id": "wheat",
      "name": "Wheat",
      "symbol": "ZW",
      "type": "Commodity",
      "category": "Agricultural (grain)",
      "currency": "USD",
      "market": "CBOT (CME Group)",
      "issuer": "—",
      "description": "CBOT soft red winter wheat futures serve as the leading global price benchmark for wheat, quoted in US cents per bushel with a 5,000-bushel contract. Prices are sensitive to weather and to exports from major producers such as Russia, the EU and the US."
    },
    {
      "id": "corn",
      "name": "Corn",
      "symbol": "ZC",
      "type": "Commodity",
      "category": "Agricultural (grain)",
      "currency": "USD",
      "market": "CBOT (CME Group)",
      "issuer": "—",
      "description": "The most actively traded US grain future, quoted in cents per bushel on a 5,000-bushel CBOT contract. The United States is among the world's largest producers and exporters, and demand spans feed, food and ethanol."
    },
    {
      "id": "platinum",
      "name": "Platinum",
      "symbol": "XPT",
      "type": "Commodity",
      "category": "Precious metal",
      "currency": "USD",
      "market": "NYMEX (CME Group) / LPPM",
      "issuer": "—",
      "description": "Precious metal mined in far smaller quantities than gold, with the majority of primary supply coming from South Africa. Its largest industrial use is in automotive catalytic converters, alongside jewelry and investment demand."
    },
    {
      "id": "solana",
      "name": "Solana",
      "symbol": "SOL",
      "type": "Crypto",
      "category": "Layer-1 blockchain",
      "currency": "USD",
      "market": "Global crypto exchanges",
      "issuer": "None (decentralized)",
      "description": "Proof-of-stake layer-1 blockchain launched in 2020, known for high throughput and low transaction fees. SOL is its native token and ranks among the largest cryptocurrencies by market capitalization."
    },
    {
      "id": "russell-2000",
      "name": "Russell 2000",
      "symbol": "RUT",
      "type": "Index",
      "category": "Equity index",
      "currency": "USD",
      "market": "CME (futures) / Cboe (options)",
      "issuer": "FTSE Russell",
      "description": "Index of about 2,000 smaller US companies — the bottom segment of the Russell 3000 by market capitalization — reconstituted annually. It is the standard benchmark for US small-cap equities."
    },
    {
      "id": "sp-tsx-composite",
      "name": "S&P/TSX Composite Index",
      "symbol": "SPTSX",
      "type": "Index",
      "category": "Equity index",
      "currency": "CAD",
      "market": "Toronto Stock Exchange",
      "issuer": "S&P Dow Jones Indices / TMX Group",
      "description": "Float-adjusted capitalization-weighted benchmark for the Canadian equity market, covering roughly 200 to 230 companies listed on the Toronto Stock Exchange. Financials and energy have historically been its largest sectors."
    },
    {
      "id": "sp-asx-200",
      "name": "S&P/ASX 200",
      "symbol": "XJO",
      "type": "Index",
      "category": "Equity index",
      "currency": "AUD",
      "market": "Australian Securities Exchange (ASX)",
      "issuer": "S&P Dow Jones Indices / ASX",
      "description": "Float-adjusted market-capitalization index of the 200 largest eligible companies listed on the Australian Securities Exchange, rebalanced quarterly. It is the main institutional benchmark for Australian equities."
    },
    {
      "id": "ibovespa",
      "name": "Ibovespa",
      "symbol": "IBOV",
      "type": "Index",
      "category": "Equity index",
      "currency": "BRL",
      "market": "B3 (Brasil, Bolsa, Balcão)",
      "issuer": "B3 S.A.",
      "description": "The headline benchmark of the Brazilian equity market, weighted by free float with a tradability adjustment and typically holding around 80 to 90 of the most actively traded stocks on B3. Its portfolio is rebalanced every four months."
    },
    {
      "id": "sensex",
      "name": "BSE SENSEX",
      "symbol": "SENSEX",
      "type": "Index",
      "category": "Equity index",
      "currency": "INR",
      "market": "BSE (Bombay Stock Exchange)",
      "issuer": "BSE Ltd. (Asia Index Pvt. Ltd.)",
      "description": "Free-float market-capitalization index of 30 large, established companies listed on the BSE, published since 1986 with a 1978-79 base. It is India's oldest widely followed equity benchmark."
    },
    {
      "id": "nifty-50",
      "name": "NIFTY 50",
      "symbol": "NIFTY",
      "type": "Index",
      "category": "Equity index",
      "currency": "INR",
      "market": "National Stock Exchange of India (NSE)",
      "issuer": "NSE Indices Ltd.",
      "description": "Free-float market-capitalization index of 50 large Indian companies listed on the National Stock Exchange, launched in 1996. It is India's most heavily traded equity benchmark, especially in derivatives."
    },
    {
      "id": "kospi",
      "name": "KOSPI Composite Index",
      "symbol": "KOSPI",
      "type": "Index",
      "category": "Equity index",
      "currency": "KRW",
      "market": "Korea Exchange (KRX)",
      "issuer": "Korea Exchange",
      "description": "Capitalization-weighted index of all common stocks listed on the main board of the Korea Exchange, with a base value of 100 set on 4 January 1980. It is South Korea's headline equity benchmark."
    },
    {
      "id": "swiss-market-index",
      "name": "Swiss Market Index",
      "symbol": "SMI",
      "type": "Index",
      "category": "Equity index",
      "currency": "CHF",
      "market": "SIX Swiss Exchange",
      "issuer": "SIX Group",
      "description": "Blue-chip index of the 20 largest and most liquid stocks on the SIX Swiss Exchange, launched in 1988 and subject to a weighting cap per constituent. A small number of large pharmaceutical and consumer companies dominate it."
    },
    {
      "id": "palladium",
      "name": "Palladium",
      "symbol": "XPD",
      "type": "Commodity",
      "category": "Precious metal",
      "currency": "USD",
      "market": "NYMEX (CME Group) / LPPM",
      "issuer": "—",
      "description": "Precious metal whose dominant use is in catalytic converters for gasoline engines, with smaller demand from electronics and dentistry. Primary supply is highly concentrated in Russia and South Africa."
    },
    {
      "id": "aluminium",
      "name": "Aluminium",
      "symbol": "AH",
      "type": "Commodity",
      "category": "Industrial metal",
      "currency": "USD",
      "market": "LME",
      "issuer": "—",
      "description": "Primary aluminium is the most heavily traded base metal contract on the London Metal Exchange, priced in US dollars per tonne. Smelting is highly electricity-intensive, so production costs track power prices closely."
    },
    {
      "id": "nickel",
      "name": "Nickel",
      "symbol": "NI",
      "type": "Commodity",
      "category": "Industrial metal",
      "currency": "USD",
      "market": "LME",
      "issuer": "—",
      "description": "Base metal used mainly in stainless steel, with a growing share going into lithium-ion battery cathodes. LME nickel trading was suspended and a day of trades cancelled in March 2022 after an extreme short squeeze."
    },
    {
      "id": "soybeans",
      "name": "Soybeans",
      "symbol": "ZS",
      "type": "Commodity",
      "category": "Agricultural (oilseed)",
      "currency": "USD",
      "market": "CBOT (CME Group)",
      "issuer": "—",
      "description": "CBOT soybean futures are the global price reference for the oilseed, quoted in US cents per bushel on a 5,000-bushel contract. Brazil and the United States are the largest producers and China is the dominant importer."
    },
    {
      "id": "coffee",
      "name": "Coffee (Arabica)",
      "symbol": "KC",
      "type": "Commodity",
      "category": "Agricultural (softs)",
      "currency": "USD",
      "market": "ICE Futures U.S.",
      "issuer": "—",
      "description": "The ICE 'Coffee C' contract is the world benchmark for washed arabica coffee, quoted in US cents per pound on a 37,500-pound contract. Brazil is the largest arabica producer, while Vietnam leads in the separate robusta market."
    },
    {
      "id": "usd-chf",
      "name": "US Dollar / Swiss Franc",
      "symbol": "USDCHF",
      "type": "Currency",
      "category": "FX pair",
      "currency": "CHF",
      "market": "OTC FX",
      "issuer": "—",
      "description": "Major pair quoting the US dollar in Swiss francs. The franc is a traditional safe-haven currency, and the Swiss National Bank enforced a minimum exchange rate against the euro from 2011 until it was abandoned in January 2015."
    },
    {
      "id": "aud-usd",
      "name": "Australian Dollar / US Dollar",
      "symbol": "AUDUSD",
      "type": "Currency",
      "category": "FX pair",
      "currency": "USD",
      "market": "OTC FX",
      "issuer": "—",
      "description": "Major pair known as the 'Aussie', among the most traded currency pairs globally. It is widely used as a liquid proxy for commodity demand given Australia's large iron-ore, coal and gas exports."
    },
    {
      "id": "usd-cad",
      "name": "US Dollar / Canadian Dollar",
      "symbol": "USDCAD",
      "type": "Currency",
      "category": "FX pair",
      "currency": "CAD",
      "market": "OTC FX",
      "issuer": "—",
      "description": "Major pair nicknamed the 'loonie'. The Canadian dollar is sensitive to crude-oil prices and to US demand, since the United States takes the large majority of Canada's exports."
    },
    {
      "id": "usd-inr",
      "name": "US Dollar / Indian Rupee",
      "symbol": "USDINR",
      "type": "Currency",
      "category": "FX pair",
      "currency": "INR",
      "market": "OTC FX / NSE & BSE currency derivatives",
      "issuer": "—",
      "description": "The reference rate for the Indian rupee, an emerging-market currency whose onshore market operates under Reserve Bank of India oversight, including intervention and capital-flow rules. Rupee futures also trade on Indian exchanges."
    },
    {
      "id": "usd-brl",
      "name": "US Dollar / Brazilian Real",
      "symbol": "USDBRL",
      "type": "Currency",
      "category": "FX pair",
      "currency": "BRL",
      "market": "OTC FX / B3 futures",
      "issuer": "—",
      "description": "The reference rate for the Brazilian real, one of the most liquid Latin American emerging-market currencies. Much of its price discovery takes place in exchange-traded dollar futures on B3 rather than in the spot market."
    },
    {
      "id": "uk-gilt-10y",
      "name": "UK 10-Year Gilt",
      "symbol": "GB10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "GBP",
      "market": "OTC / ICE (long gilt futures)",
      "issuer": "UK Debt Management Office (HM Treasury)",
      "description": "The 10-year benchmark bond of the United Kingdom and the reference rate for sterling fixed income. Gilt yields rose sharply during the September 2022 fiscal crisis, prompting emergency Bank of England purchases."
    },
    {
      "id": "italy-btp-10y",
      "name": "Italian 10-Year BTP",
      "symbol": "IT10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "EUR",
      "market": "OTC / MTS / Eurex (BTP futures)",
      "issuer": "Italian Ministry of Economy and Finance",
      "description": "Italy's 10-year Buono del Tesoro Poliennale, the benchmark for one of the largest sovereign debt markets in the world. Its yield spread over the German Bund is the standard market gauge of eurozone fragmentation risk."
    },
    {
      "id": "france-oat-10y",
      "name": "French 10-Year OAT",
      "symbol": "FR10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "EUR",
      "market": "OTC / Eurex (OAT futures)",
      "issuer": "Agence France Trésor (French Treasury)",
      "description": "France's 10-year Obligation Assimilable du Trésor, the benchmark for the eurozone's second-largest sovereign bond market. It is normally quoted as a yield spread over the German Bund."
    },
    {
      "id": "india-10y",
      "name": "India 10-Year Government Bond",
      "symbol": "IN10Y",
      "type": "Bond",
      "category": "Government bond",
      "currency": "INR",
      "market": "OTC / NDS-OM (Reserve Bank of India)",
      "issuer": "Government of India (issued via the Reserve Bank of India)",
      "description": "The benchmark 10-year rupee government security and the reference rate for India's domestic debt market. Indian government bonds began entering major emerging-market local-currency indices in 2024, broadening foreign participation."
    },
    {
      "id": "xrp",
      "name": "XRP",
      "symbol": "XRP",
      "type": "Crypto",
      "category": "Payment network token",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "None (decentralized ledger; large supply held by Ripple Labs)",
      "description": "Native token of the XRP Ledger, a payment-focused blockchain launched in 2012 whose consensus mechanism uses neither mining nor staking. The entire supply of just under 100 billion units — 99,985,627,691 at 16 August 2026 per the XRP Ledger's own distribution data — was created at genesis, with a large share held in escrow by Ripple Labs."
    },
    {
      "id": "binance-coin",
      "name": "BNB",
      "symbol": "BNB",
      "type": "Crypto",
      "category": "Exchange / Layer-1 token",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "Binance (originally); BNB Chain network",
      "description": "Token launched by the Binance exchange in 2017 as an ERC-20 and later migrated to its own chain. It provides discounted trading fees on Binance and is the gas token of BNB Smart Chain, an EVM-compatible network; supply is reduced by periodic burns."
    },
    {
      "id": "cardano",
      "name": "Cardano",
      "symbol": "ADA",
      "type": "Crypto",
      "category": "Layer-1 blockchain",
      "currency": "USD",
      "market": "Global crypto venues",
      "issuer": "None (decentralized)",
      "description": "Proof-of-stake layer-1 blockchain launched in 2017, built around the Ouroboros consensus protocol and a research-led, peer-reviewed development process. ADA is its native token, used for staking, governance and transaction fees."
    },
    {
      "id": "dai",
      "name": "Dai",
      "symbol": "DAI",
      "type": "Crypto",
      "category": "Stablecoin",
      "currency": "USD",
      "market": "Global crypto venues / Ethereum DeFi",
      "issuer": "Maker protocol (MakerDAO / Sky)",
      "description": "Decentralized US-dollar stablecoin minted against on-chain collateral in the Maker protocol rather than issued by a company holding bank deposits. Its collateral has broadened over time to include centralized stablecoins and tokenized real-world assets."
    }
  ],
  "funds": [
    {
      "id": "spdr-sp500",
      "lei": "549300NZAMSJ8FXPQQ63",
      "name": "SPDR S&P 500 ETF Trust",
      "symbol": "SPY",
      "type": "ETF",
      "manager": "State Street Global Advisors",
      "manager_company": null,
      "strategy": "Passive — tracks S&P 500",
      "country": "united-states",
      "aum_usd_bn": 630,
      "description": "The first US-listed ETF (1993) and the most traded security in the world.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "SPY",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "SPY",
          "currency": "USD"
        },
        "sec": {
          "cik": 884394,
          "series_id": null,
          "series_name": null,
          "class_id": null,
          "entity_name": null
        },
        "classes": [
          {
            "ticker": "SPY",
            "class_id": null,
            "name": null
          }
        ],
        "tracks": "sp500",
        "tracks_note": null,
        "route": "own CIK (trust)"
      },
      "aum_seed_usd_bn": 630,
      "size": null
    },
    {
      "id": "vanguard-total-stock-market",
      "lei": "HJ2RZRUQEVF2A5SPRB21",
      "name": "Vanguard Total Stock Market ETF",
      "symbol": "VTI",
      "type": "ETF",
      "manager": "Vanguard",
      "manager_company": null,
      "strategy": "Passive — entire US equity market",
      "country": "united-states",
      "aum_usd_bn": 1991.7,
      "description": "One fund, ~3,600 US stocks; the core holding of index investing.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "VTI",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "VTI",
          "currency": "USD"
        },
        "sec": {
          "cik": 36405,
          "series_id": "S000002848",
          "series_name": "Vanguard Total Stock Market Index Fund",
          "class_id": "C000007808",
          "entity_name": "VANGUARD INDEX FUNDS"
        },
        "classes": [
          {
            "ticker": "VITSX",
            "class_id": "C000007807",
            "name": "Institutional Shares"
          },
          {
            "ticker": "VSMPX",
            "class_id": "C000155407",
            "name": "Institutional Plus Shares"
          },
          {
            "ticker": "VSTSX",
            "class_id": "C000170276",
            "name": "Institutional Select Shares"
          },
          {
            "ticker": "VTI",
            "class_id": "C000007808",
            "name": "ETF Shares"
          },
          {
            "ticker": "VTSAX",
            "class_id": "C000007806",
            "name": "Admiral Shares"
          },
          {
            "ticker": "VTSMX",
            "class_id": "C000007805",
            "name": "Investor Shares"
          }
        ],
        "tracks": null,
        "tracks_note": "Tracks the CRSP US Total Market Index, which we do not cover.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 470,
      "size": {
        "usd": 1991691212321,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": "2026-05-28",
        "source": "SEC N-PORT data set",
        "series_lei": "HJ2RZRUQEVF2A5SPRB21",
        "series_name": "VANGUARD TOTAL STOCK MARKET INDEX FUND",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 1991.7
      }
    },
    {
      "id": "invesco-qqq",
      "lei": "549300VY6FEJBCIMET58",
      "name": "Invesco QQQ Trust",
      "symbol": "QQQ",
      "type": "ETF",
      "manager": "Invesco",
      "manager_company": null,
      "strategy": "Passive — tracks Nasdaq-100",
      "country": "united-states",
      "aum_usd_bn": 372.5,
      "description": "The default vehicle for large-cap tech exposure; tracks the Nasdaq-100.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "QQQ",
        "listing": {
          "market": "nasdaq",
          "segment_mic": "XNMS",
          "venue_name": "Nasdaq Global Market",
          "ticker": "QQQ",
          "currency": "USD"
        },
        "sec": {
          "cik": 1067839,
          "series_id": "S000101292",
          "series_name": "Invesco QQQ Trust, Series 1",
          "class_id": "C000271435",
          "entity_name": "INVESCO QQQ TRUST, SERIES 1"
        },
        "classes": [
          {
            "ticker": "QQQ",
            "class_id": "C000271435",
            "name": "Invesco QQQ Trust, Series 1"
          }
        ],
        "tracks": "nasdaq-100",
        "tracks_note": null,
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 330,
      "size": {
        "usd": 372507306132,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": "2026-05-28",
        "source": "SEC N-PORT data set",
        "series_lei": "549300VY6FEJBCIMET58",
        "series_name": "Invesco QQQ Trust, Series 1",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 372.5
      }
    },
    {
      "id": "ishares-core-msci-world",
      "lei": "549300QS4Q1IT6XCA514",
      "name": "iShares Core MSCI World UCITS ETF",
      "symbol": "IWDA",
      "type": "ETF",
      "manager": "BlackRock (iShares)",
      "manager_company": "blackrock",
      "strategy": "Passive — developed-market equities worldwide",
      "country": "united-kingdom",
      "aum_usd_bn": 110,
      "description": "Europe's standard one-fund global equity portfolio (~1,400 stocks, 23 developed markets).",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "IWDA",
        "listing": null,
        "sec": null,
        "classes": [
          {
            "ticker": "IWDA",
            "class_id": null,
            "name": null
          }
        ],
        "tracks": null,
        "tracks_note": "Tracks the MSCI World Index, which we do not cover.",
        "route": "not an SEC filer"
      },
      "aum_seed_usd_bn": 110,
      "size": null
    },
    {
      "id": "ishares-bitcoin-trust",
      "lei": "529900HVFN08L8P4H851",
      "name": "iShares Bitcoin Trust",
      "symbol": "IBIT",
      "type": "ETF",
      "manager": "BlackRock (iShares)",
      "manager_company": "blackrock",
      "strategy": "Passive — spot Bitcoin",
      "country": "united-states",
      "aum_usd_bn": 43.4,
      "description": "The fastest-growing ETF in history; brought Bitcoin into brokerage and retirement accounts.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "IBIT",
        "listing": {
          "market": "nasdaq",
          "segment_mic": "XNMS",
          "venue_name": "Nasdaq Global Market",
          "ticker": "IBIT",
          "currency": "USD"
        },
        "sec": {
          "cik": 1980994,
          "series_id": null,
          "series_name": null,
          "class_id": null,
          "entity_name": null
        },
        "classes": [
          {
            "ticker": "IBIT",
            "class_id": null,
            "name": null
          }
        ],
        "tracks": "bitcoin",
        "tracks_note": "Holds bitcoin directly rather than tracking an index.",
        "route": "own CIK (trust)"
      },
      "aum_seed_usd_bn": 80,
      "size": {
        "usd": 43400000000,
        "basis": "investments at fair value",
        "as_of": "2026-06-30",
        "form": "10-Q",
        "filed": null,
        "source": "SEC 10-Q, us-gaap:InvestmentOwnedAtFairValue",
        "series_lei": null,
        "series_name": null,
        "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001980994&type=10-Q&dateb=&owner=include&count=10",
        "note": "This trust does not tag a net-assets figure. What is published is the fair value of the bitcoin it holds, which is nearly but not exactly the same thing — fee accruals sit between them.",
        "usd_bn": 43.4
      }
    },
    {
      "id": "bridgewater-pure-alpha",
      "name": "Bridgewater Pure Alpha",
      "symbol": null,
      "type": "Hedge fund",
      "manager": "Bridgewater Associates",
      "manager_company": null,
      "strategy": "Global macro",
      "country": "united-states",
      "aum_usd_bn": 80,
      "description": "Flagship strategy of the world's largest hedge-fund firm; systematic global-macro.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A private hedge fund: units are not listed and there is no ticker."
      },
      "aum_seed_usd_bn": 80,
      "size": null
    },
    {
      "id": "norway-gpfg",
      "name": "Government Pension Fund Global",
      "symbol": null,
      "type": "Sovereign wealth fund",
      "manager": "Norges Bank Investment Management",
      "manager_company": null,
      "strategy": "Global multi-asset (equity-heavy)",
      "country": "norway",
      "aum_usd_bn": 1800,
      "description": "Norway's oil fund — the largest sovereign wealth fund; and by its own account the owner of a low single-digit percentage of every listed company on Earth.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A sovereign fund, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 1800,
      "size": null
    },
    {
      "id": "gic",
      "lei": "BG8P3GI5QU6LUUX5HI38",
      "name": "GIC",
      "symbol": null,
      "type": "Sovereign wealth fund",
      "manager": "GIC Private Limited",
      "manager_company": null,
      "strategy": "Global multi-asset, long horizon",
      "country": "singapore",
      "aum_usd_bn": 800,
      "description": "Singapore's sovereign investor; one of the largest and most sophisticated allocators in private and public markets.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A sovereign fund, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 800,
      "size": null
    },
    {
      "id": "vanguard-sp500",
      "lei": "12WZ1W76P8QD4VJ6OB47",
      "name": "Vanguard S&P 500 ETF",
      "symbol": "VOO",
      "type": "ETF",
      "manager": "Vanguard",
      "manager_company": null,
      "strategy": "S&P 500 index tracking",
      "country": "united-states",
      "aum_usd_bn": 1421.3,
      "description": "Low-cost ETF tracking the S&P 500 index; overtook SPY in 2025 to become the largest ETF share class by assets. The size shown here is the whole fund across all four of its classes, which is a larger number measuring a different thing. Known for an ultra-low expense ratio.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "VOO",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "VOO",
          "currency": "USD"
        },
        "sec": {
          "cik": 36405,
          "series_id": "S000002839",
          "series_name": "Vanguard 500 Index Fund",
          "class_id": "C000092055",
          "entity_name": "VANGUARD INDEX FUNDS"
        },
        "classes": [
          {
            "ticker": "VFFSX",
            "class_id": "C000170274",
            "name": "Institutional Select Shares"
          },
          {
            "ticker": "VFIAX",
            "class_id": "C000007774",
            "name": "Admiral Shares"
          },
          {
            "ticker": "VFINX",
            "class_id": "C000007773",
            "name": "Investor Shares"
          },
          {
            "ticker": "VOO",
            "class_id": "C000092055",
            "name": "ETF Shares"
          }
        ],
        "tracks": "sp500",
        "tracks_note": null,
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 750,
      "size": {
        "usd": 1421263311402,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": "2026-05-28",
        "source": "SEC N-PORT data set",
        "series_lei": "12WZ1W76P8QD4VJ6OB47",
        "series_name": "VANGUARD 500 INDEX FUND",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 1421.3
      }
    },
    {
      "id": "ishares-core-sp500",
      "lei": "5493007M4YMN8XL48C14",
      "name": "iShares Core S&P 500 ETF",
      "symbol": "IVV",
      "type": "ETF",
      "manager": "BlackRock (iShares)",
      "manager_company": "blackrock",
      "strategy": "S&P 500 index tracking",
      "country": "united-states",
      "aum_usd_bn": 720.5,
      "description": "BlackRock's flagship low-cost S&P 500 tracker, and among the largest ETFs in the world by the assets of its own share class. Competes head-to-head with SPY and VOO on cost.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "IVV",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "IVV",
          "currency": "USD"
        },
        "sec": {
          "cik": 1100663,
          "series_id": "S000004310",
          "series_name": "iShares Core S&P 500 ETF",
          "class_id": "C000012040",
          "entity_name": "iSHARES TRUST"
        },
        "classes": [
          {
            "ticker": "IVV",
            "class_id": "C000012040",
            "name": "iShares Core S&P 500 ETF"
          }
        ],
        "tracks": "sp500",
        "tracks_note": null,
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 600,
      "size": {
        "usd": 720543356320,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": "2026-05-28",
        "source": "SEC N-PORT data set",
        "series_lei": "5493007M4YMN8XL48C14",
        "series_name": "iShares Core S&P 500 ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 720.5
      }
    },
    {
      "id": "vanguard-total-world-stock",
      "lei": "78WHRHOLFN8O2AJ0B221",
      "name": "Vanguard Total World Stock ETF",
      "symbol": "VT",
      "type": "ETF",
      "manager": "Vanguard",
      "manager_company": null,
      "strategy": "Global all-cap equity index",
      "country": "united-states",
      "aum_usd_bn": 89.9,
      "description": "Single-fund exposure to the entire global equity market, tracking the FTSE Global All Cap Index of roughly 9,000+ stocks across developed and emerging markets.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "VT",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "VT",
          "currency": "USD"
        },
        "sec": {
          "cik": 857489,
          "series_id": "S000022482",
          "series_name": "Vanguard Total World Stock Index Fund",
          "class_id": "C000065038",
          "entity_name": "VANGUARD INTERNATIONAL EQUITY INDEX FUNDS"
        },
        "classes": [
          {
            "ticker": "VT",
            "class_id": "C000065038",
            "name": "ETF Shares"
          },
          {
            "ticker": "VTWAX",
            "class_id": "C000209799",
            "name": "Admiral Shares"
          },
          {
            "ticker": "VTWIX",
            "class_id": "C000065039",
            "name": "Institutional Shares"
          }
        ],
        "tracks": null,
        "tracks_note": "Tracks the FTSE Global All Cap Index, which we do not cover.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 50,
      "size": {
        "usd": 89903017880,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-04-30",
        "form": "NPORT-P",
        "filed": "2026-06-26",
        "source": "SEC N-PORT data set",
        "series_lei": "78WHRHOLFN8O2AJ0B221",
        "series_name": "VANGUARD TOTAL WORLD STOCK INDEX FUND",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 89.9
      }
    },
    {
      "id": "spdr-gold-shares",
      "name": "SPDR Gold Shares",
      "symbol": "GLD",
      "type": "ETF",
      "manager": "State Street Global Advisors",
      "manager_company": null,
      "strategy": "Physical gold bullion",
      "country": "united-states",
      "aum_usd_bn": 130.1,
      "description": "The largest physically backed gold ETF, holding allocated bullion in London vaults. Launched in 2004, it is the standard vehicle for gold exposure in brokerage accounts.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "GLD",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "GLD",
          "currency": "USD"
        },
        "sec": {
          "cik": 1222333,
          "series_id": null,
          "series_name": null,
          "class_id": null,
          "entity_name": null
        },
        "classes": [
          {
            "ticker": "GLD",
            "class_id": null,
            "name": null
          }
        ],
        "tracks": "gold",
        "tracks_note": "Holds allocated bullion rather than tracking an index.",
        "route": "own CIK (trust)"
      },
      "aum_seed_usd_bn": 110,
      "size": {
        "usd": 130100000000,
        "basis": "net assets",
        "as_of": "2026-06-30",
        "form": "10-Q",
        "filed": null,
        "source": "SEC 10-Q, us-gaap:AssetsNet",
        "series_lei": null,
        "series_name": null,
        "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001222333&type=10-Q&dateb=&owner=include&count=10",
        "usd_bn": 130.1
      }
    },
    {
      "id": "ishares-20-year-treasury",
      "lei": "549300WWURKS1JGBZU59",
      "name": "iShares 20+ Year Treasury Bond ETF",
      "symbol": "TLT",
      "type": "ETF",
      "manager": "BlackRock (iShares)",
      "manager_company": "blackrock",
      "strategy": "Long-duration US Treasury bonds",
      "country": "united-states",
      "aum_usd_bn": 45.4,
      "description": "The benchmark ETF for long-dated US government bonds, holding Treasuries with 20+ years to maturity. Widely used to express interest-rate views due to its high duration.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "TLT",
        "listing": {
          "market": "nasdaq",
          "segment_mic": "XNMS",
          "venue_name": "Nasdaq Global Market",
          "ticker": "TLT",
          "currency": "USD"
        },
        "sec": {
          "cik": 1100663,
          "series_id": "S000004360",
          "series_name": "iShares 20+ Year Treasury Bond ETF",
          "class_id": "C000012090",
          "entity_name": "iSHARES TRUST"
        },
        "classes": [
          {
            "ticker": "TLT",
            "class_id": "C000012090",
            "name": "iShares 20+ Year Treasury Bond ETF"
          }
        ],
        "tracks": null,
        "tracks_note": "Tracks the ICE US Treasury 20+ Year Bond Index. Our covered Treasury asset is the 10-year, a different point on the curve, so it is deliberately not linked.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 50,
      "size": {
        "usd": 45433627768,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-02-28",
        "form": "NPORT-P",
        "filed": "2026-04-22",
        "source": "SEC N-PORT data set",
        "series_lei": "549300WWURKS1JGBZU59",
        "series_name": "iShares 20+ Year Treasury Bond ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 45.4
      }
    },
    {
      "id": "vanguard-total-bond-market",
      "lei": "CIJB0QNLPT2SSWMJ5W92",
      "name": "Vanguard Total Bond Market ETF",
      "symbol": "BND",
      "type": "ETF",
      "manager": "Vanguard",
      "manager_company": null,
      "strategy": "US investment-grade bond index",
      "country": "united-states",
      "aum_usd_bn": 386.8,
      "description": "Broad exposure to the US investment-grade bond market, tracking the Bloomberg US Aggregate Float Adjusted Index. One of the largest fixed-income ETFs in the world.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "BND",
        "listing": {
          "market": "nasdaq",
          "segment_mic": "XNMS",
          "venue_name": "Nasdaq Global Market",
          "ticker": "BND",
          "currency": "USD"
        },
        "sec": {
          "cik": 794105,
          "series_id": "S000002564",
          "series_name": "Vanguard Total Bond Market Index Fund",
          "class_id": "C000046844",
          "entity_name": "VANGUARD BOND INDEX FUNDS"
        },
        "classes": [
          {
            "ticker": "BND",
            "class_id": "C000046844",
            "name": "ETF Shares"
          },
          {
            "ticker": "VBMFX",
            "class_id": "C000007062",
            "name": "Investor Shares"
          },
          {
            "ticker": "VBMPX",
            "class_id": "C000081425",
            "name": "Institutional Plus Shares"
          },
          {
            "ticker": "VBTIX",
            "class_id": "C000007064",
            "name": "Institutional Shares"
          },
          {
            "ticker": "VBTLX",
            "class_id": "C000007063",
            "name": "Admiral Shares"
          },
          {
            "ticker": "VTBSX",
            "class_id": "C000170279",
            "name": "Institutional Select Shares"
          }
        ],
        "tracks": null,
        "tracks_note": "Tracks a Bloomberg US aggregate bond index, which we do not cover.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 130,
      "size": {
        "usd": 386757079103,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": "2026-05-28",
        "source": "SEC N-PORT data set",
        "series_lei": "CIJB0QNLPT2SSWMJ5W92",
        "series_name": "VANGUARD TOTAL BOND MARKET INDEX FUND",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 386.8
      }
    },
    {
      "id": "ishares-core-msci-emerging-markets",
      "lei": "5493007C24Z3ZDJ0VD06",
      "name": "iShares Core MSCI Emerging Markets ETF",
      "symbol": "IEMG",
      "type": "ETF",
      "manager": "BlackRock (iShares)",
      "manager_company": "blackrock",
      "strategy": "Emerging-markets equity index",
      "country": "united-states",
      "aum_usd_bn": 148.6,
      "description": "Low-cost broad emerging-markets equity tracker covering large-, mid- and small-cap stocks across China, India, Taiwan, Brazil and other developing markets.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "IEMG",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "IEMG",
          "currency": "USD"
        },
        "sec": {
          "cik": 930667,
          "series_id": "S000038923",
          "series_name": "iShares Core MSCI Emerging Markets ETF",
          "class_id": "C000119708",
          "entity_name": "iShares, Inc."
        },
        "classes": [
          {
            "ticker": "IEMG",
            "class_id": "C000119708",
            "name": "iShares Core MSCI Emerging Markets ETF"
          }
        ],
        "tracks": null,
        "tracks_note": "Tracks the MSCI Emerging Markets IMI Index, which we do not cover.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 90,
      "size": {
        "usd": 148632250660,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-02-28",
        "form": "NPORT-P",
        "filed": "2026-04-23",
        "source": "SEC N-PORT data set",
        "series_lei": "5493007C24Z3ZDJ0VD06",
        "series_name": "iShares Core MSCI Emerging Markets ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 148.6
      }
    },
    {
      "id": "ark-innovation",
      "lei": "254900636IK9WKHH6949",
      "name": "ARK Innovation ETF",
      "symbol": "ARKK",
      "type": "ETF",
      "manager": "ARK Invest",
      "manager_company": null,
      "strategy": "Actively managed disruptive-innovation equities",
      "country": "united-states",
      "aum_usd_bn": 6.5,
      "description": "Cathie Wood's flagship actively managed ETF, concentrated in disruptive-technology stocks such as Tesla, Coinbase and Roku. Known for extreme boom-bust performance since 2020.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "ARKK",
        "listing": {
          "market": "cboe",
          "segment_mic": "BATS",
          "venue_name": "Cboe BZX",
          "ticker": "ARKK",
          "currency": "USD"
        },
        "sec": {
          "cik": 1579982,
          "series_id": "S000042977",
          "series_name": "ARK Innovation ETF",
          "class_id": "C000133121",
          "entity_name": "ARK ETF Trust"
        },
        "classes": [
          {
            "ticker": "ARKK",
            "class_id": "C000133121",
            "name": "ARK Innovation ETF"
          }
        ],
        "tracks": null,
        "tracks_note": "Actively managed — it tracks no index by design.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 7,
      "size": {
        "usd": 6482466914,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-04-30",
        "form": "NPORT-P",
        "filed": "2026-06-23",
        "source": "SEC N-PORT data set",
        "series_lei": "254900636IK9WKHH6949",
        "series_name": "ARK Innovation ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 6.5
      }
    },
    {
      "id": "fidelity-wise-origin-bitcoin",
      "lei": "254900ICT5W5WU7K9J50",
      "name": "Fidelity Wise Origin Bitcoin Fund",
      "symbol": "FBTC",
      "type": "ETF",
      "manager": "Fidelity Investments",
      "manager_company": null,
      "strategy": "Spot bitcoin",
      "country": "united-states",
      "aum_usd_bn": 12.8,
      "description": "Fidelity's spot bitcoin ETF, launched January 2024 among the first US-approved batch. Distinctive for Fidelity self-custodying the underlying bitcoin rather than using a third-party custodian.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "FBTC",
        "listing": {
          "market": "cboe",
          "segment_mic": "BATS",
          "venue_name": "Cboe BZX",
          "ticker": "FBTC",
          "currency": "USD"
        },
        "sec": {
          "cik": 1852317,
          "series_id": null,
          "series_name": null,
          "class_id": null,
          "entity_name": null
        },
        "classes": [
          {
            "ticker": "FBTC",
            "class_id": null,
            "name": null
          }
        ],
        "tracks": "bitcoin",
        "tracks_note": "Holds bitcoin directly rather than tracking an index.",
        "route": "own CIK (trust)"
      },
      "aum_seed_usd_bn": 20,
      "size": {
        "usd": 12800000000,
        "basis": "net assets",
        "as_of": "2026-03-31",
        "form": "10-Q",
        "filed": null,
        "source": "SEC 10-Q, us-gaap:AssetsNet",
        "series_lei": null,
        "series_name": null,
        "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001852317&type=10-Q&dateb=&owner=include&count=10",
        "usd_bn": 12.8
      }
    },
    {
      "id": "citadel-wellington",
      "lei": "Y5AN8E4TPK79T3GVFF35",
      "name": "Citadel Wellington",
      "symbol": null,
      "type": "Hedge fund",
      "manager": "Citadel",
      "manager_company": null,
      "strategy": "Multi-strategy",
      "country": "united-states",
      "aum_usd_bn": 65,
      "description": "Flagship multi-strategy fund of Ken Griffin's Citadel, which invests across equities, fixed income, commodities, credit and quant strategies. Among the most profitable hedge funds in history by total gains for investors.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A private hedge fund: units are not listed and there is no ticker."
      },
      "aum_seed_usd_bn": 65,
      "size": null
    },
    {
      "id": "millennium-management",
      "name": "Millennium International",
      "symbol": null,
      "type": "Hedge fund",
      "manager": "Millennium Management",
      "manager_company": null,
      "strategy": "Multi-strategy pod platform",
      "country": "united-states",
      "aum_usd_bn": 75,
      "description": "Izzy Englander's Millennium runs one of the largest multi-strategy 'pod shop' platforms, allocating capital across hundreds of independent trading teams under tight risk limits.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A private hedge fund: units are not listed and there is no ticker."
      },
      "aum_seed_usd_bn": 75,
      "size": null
    },
    {
      "id": "de-shaw-composite",
      "name": "D. E. Shaw Composite Fund",
      "symbol": null,
      "type": "Hedge fund",
      "manager": "D. E. Shaw & Co.",
      "manager_company": null,
      "strategy": "Quantitative multi-strategy",
      "country": "united-states",
      "aum_usd_bn": null,
      "description": "Flagship multi-strategy fund of D. E. Shaw, the quantitative investment firm founded in 1988 that manages roughly $60-70bn firm-wide. Blends systematic and discretionary strategies across asset classes.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A private hedge fund: units are not listed and there is no ticker."
      },
      "aum_seed_usd_bn": null,
      "size": null
    },
    {
      "id": "saudi-pif",
      "lei": "558600EF1LZ82YHRMV66",
      "name": "Public Investment Fund",
      "symbol": null,
      "type": "Sovereign wealth fund",
      "manager": "Public Investment Fund",
      "manager_company": null,
      "strategy": "Sovereign development and global investments",
      "country": "saudi-arabia",
      "aum_usd_bn": 925,
      "description": "Saudi Arabia's sovereign wealth fund and the engine of the Vision 2030 diversification program, backing NEOM, LIV Golf and large stakes in Uber and Lucid Motors.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A sovereign fund, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 925,
      "size": null
    },
    {
      "id": "china-investment-corporation",
      "name": "China Investment Corporation",
      "symbol": null,
      "type": "Sovereign wealth fund",
      "manager": "China Investment Corporation",
      "manager_company": null,
      "strategy": "Diversified global sovereign investments",
      "country": "china",
      "aum_usd_bn": 1350,
      "description": "China's principal sovereign wealth fund, established in 2007 to invest part of the country's foreign-exchange reserves. One of the largest sovereign funds in the world.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A sovereign fund, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 1350,
      "size": null
    },
    {
      "id": "temasek",
      "name": "Temasek Holdings",
      "symbol": null,
      "type": "Sovereign wealth fund",
      "manager": "Temasek Holdings",
      "manager_company": null,
      "strategy": "State investment company, equities-heavy",
      "country": "singapore",
      "aum_usd_bn": 320,
      "description": "Singapore's state-owned investment company, holding major stakes in DBS, Singapore Airlines and SingTel alongside a large global portfolio. Distinct from GIC, it invests mainly in equities and reports returns publicly.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A state investment company, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 320,
      "size": null
    },
    {
      "id": "japan-gpif",
      "lei": "353800J6SONXX4RRDZ10",
      "name": "Government Pension Investment Fund",
      "symbol": null,
      "type": "Pension fund",
      "manager": "Government Pension Investment Fund",
      "manager_company": null,
      "strategy": "Balanced 50/50 domestic-foreign, equity-bond indexing",
      "country": "japan",
      "aum_usd_bn": 1700,
      "description": "Japan's public pension reserve fund and the largest pension fund in the world; the size shown above is our own approximation, not traced to a filing. Invests passively in a near-equal split across domestic and foreign equities and bonds.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A public pension fund, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 1700,
      "size": null
    },
    {
      "id": "cpp-investments",
      "lei": "70DNWEAINTGFO4DMV441",
      "name": "CPP Investments",
      "symbol": null,
      "type": "Pension fund",
      "manager": "CPP Investments",
      "manager_company": null,
      "strategy": "Active global multi-asset, heavy private markets",
      "country": "canada",
      "aum_usd_bn": 500,
      "description": "Manages the reserve assets of the Canada Pension Plan for the working population of Canada. A pioneer of the 'Canadian model' of direct investing in private equity, infrastructure and real estate.",
      "listed": false,
      "structure": {
        "listed": false,
        "why": "A public pension fund, not an investable vehicle — it has no units to buy."
      },
      "aum_seed_usd_bn": 500,
      "size": null
    },
    {
      "id": "ishares-russell-2000",
      "lei": "549300O80OAR5VTWR172",
      "name": "iShares Russell 2000 ETF",
      "symbol": "IWM",
      "type": "ETF",
      "manager": "BlackRock (iShares)",
      "manager_company": "blackrock",
      "strategy": "Passive — tracks the Russell 2000 small-cap index",
      "country": "united-states",
      "aum_usd_bn": 71.9,
      "description": "The main way institutions take a position in US small caps, and the reference vehicle for the Russell 2000 — the index the market watches for whether a rally has breadth beyond the megacaps.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "IWM",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "IWM",
          "currency": "USD"
        },
        "sec": {
          "cik": 1100663,
          "series_id": "S000004344",
          "series_name": "iShares Russell 2000 ETF",
          "class_id": "C000012074",
          "entity_name": "iSHARES TRUST"
        },
        "classes": [
          {
            "ticker": "IWM",
            "class_id": "C000012074",
            "name": "iShares Russell 2000 ETF"
          }
        ],
        "tracks": "russell-2000",
        "tracks_note": null,
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 71.9,
      "size": {
        "usd": 71900000000,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": null,
        "source": "SEC N-PORT data set",
        "series_lei": "549300O80OAR5VTWR172",
        "series_name": "iShares Russell 2000 ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 71.9
      }
    },
    {
      "id": "spdr-euro-stoxx-50",
      "lei": "549300FS6B2JRJXYB418",
      "name": "SPDR EURO STOXX 50 ETF",
      "symbol": "FEZ",
      "type": "ETF",
      "manager": "State Street Global Advisors",
      "manager_company": null,
      "strategy": "Passive — tracks the EURO STOXX 50 index",
      "country": "united-states",
      "aum_usd_bn": 4.3,
      "description": "US-listed access to the fifty largest listed companies of the euro area, the benchmark against which European equity risk is usually expressed.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "FEZ",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "FEZ",
          "currency": "USD"
        },
        "sec": {
          "cik": 1168164,
          "series_id": "S000006392",
          "series_name": "State Street SPDR EURO STOXX 50 ETF",
          "class_id": "C000017550",
          "entity_name": "SPDR INDEX SHARES FUNDS"
        },
        "classes": [
          {
            "ticker": "FEZ",
            "class_id": "C000017550",
            "name": "State Street SPDR EURO STOXX 50 ETF"
          }
        ],
        "tracks": "euro-stoxx-50",
        "tracks_note": null,
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 4.3,
      "size": {
        "usd": 4300000000,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": null,
        "source": "SEC N-PORT data set",
        "series_lei": "549300FS6B2JRJXYB418",
        "series_name": "State Street SPDR EURO STOXX 50 ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 4.3
      }
    },
    {
      "id": "xtrackers-csi-300",
      "lei": "549300KGVW9YY7MPVQ67",
      "name": "Xtrackers Harvest CSI 300 China A-Shares ETF",
      "symbol": "ASHR",
      "type": "ETF",
      "manager": "DWS (Xtrackers)",
      "manager_company": null,
      "strategy": "Passive — tracks the CSI 300 index of mainland A-shares",
      "country": "united-states",
      "aum_usd_bn": 1.8,
      "description": "One of the few US-listed routes into mainland Chinese A-shares, which are otherwise reached through quota schemes rather than bought directly.",
      "listed": true,
      "structure": {
        "listed": true,
        "ticker": "ASHR",
        "listing": {
          "market": "nyse",
          "segment_mic": "ARCX",
          "venue_name": "NYSE Arca",
          "ticker": "ASHR",
          "currency": "USD"
        },
        "sec": {
          "cik": 1503123,
          "series_id": "S000040415",
          "series_name": "Xtrackers Harvest CSI 300 China A-Shares ETF",
          "class_id": "C000125568",
          "entity_name": "DBX ETF TRUST"
        },
        "classes": [
          {
            "ticker": "ASHR",
            "class_id": "C000125568",
            "name": "Xtrackers Harvest CSI 300 China A-Shares ETF"
          }
        ],
        "tracks": "csi-300",
        "tracks_note": null,
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 1.8,
      "size": {
        "usd": 1800000000,
        "basis": "net assets of the whole series, all share classes",
        "as_of": "2026-02-27",
        "form": "NPORT-P",
        "filed": null,
        "source": "SEC N-PORT data set",
        "series_lei": "549300KGVW9YY7MPVQ67",
        "series_name": "Xtrackers Harvest CSI 300 China A-Shares ETF",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 1.8
      }
    },
    {
      "id": "fidelity-government-mmf",
      "lei": "549300VZUKS6UD4H4866",
      "name": "Fidelity Government Money Market Fund",
      "symbol": "SPAXX",
      "type": "Money market fund",
      "manager": "Fidelity Investments",
      "manager_company": null,
      "strategy": "Government money market — stable $1.00 share price",
      "country": "united-states",
      "aum_usd_bn": 456.9,
      "description": "The largest money market fund in the United States, and the default cash sweep for millions of brokerage accounts. Money funds hold short government paper and aim to keep a share worth exactly one dollar — a promise that is not a guarantee, and whose failure in 2008 required a Treasury backstop for the whole industry.",
      "listed": false,
      "structure": {
        "listed": false,
        "dealing": "at NAV from the manager",
        "why": "A money market fund is bought and sold at net asset value with the fund company, not on an exchange. Its ticker is quoted through the Nasdaq mutual-fund quotation service, which distributes daily NAVs rather than trading shares.",
        "ticker": "SPAXX",
        "sec": {
          "cik": 754510,
          "series_id": "S000007051",
          "series_name": "Fidelity Government Money Market Fund",
          "class_id": "C000019230",
          "entity_name": "FIDELITY HEREFORD STREET TRUST"
        },
        "classes": [
          {
            "ticker": "SPAXX",
            "class_id": "C000019230",
            "name": "Fidelity Government Money Market Fund"
          },
          {
            "ticker": "FZAXX",
            "class_id": "C000154303",
            "name": "Capital Reserves Class"
          },
          {
            "ticker": "FZBXX",
            "class_id": "C000154304",
            "name": "Daily Money Class"
          },
          {
            "ticker": "FZCXX",
            "class_id": "C000154305",
            "name": "Premium Class"
          },
          {
            "ticker": "FZGXX",
            "class_id": "C000190683",
            "name": "Advisor M Class"
          },
          {
            "ticker": "FNBXX",
            "class_id": "C000198393",
            "name": "Class K6"
          },
          {
            "ticker": "FZSXX",
            "class_id": "C000232685",
            "name": "Class S"
          }
        ],
        "tracks": null,
        "tracks_note": "Holds short-dated government paper and aims to keep a share worth exactly $1.00 — the stable price it reported to the SEC. That is a target, not a guarantee.",
        "route": "SEC series/class",
        "listing": null
      },
      "aum_seed_usd_bn": 456.9,
      "size": {
        "usd": 456934720656,
        "basis": "net assets of the whole series, all seven share classes",
        "as_of": "2026-07-31",
        "form": "N-MFP",
        "filed": null,
        "source": "SEC N-MFP data set",
        "series_lei": "549300VZUKS6UD4H4866",
        "series_name": "Fidelity Government Money Market Fund",
        "url": "https://www.sec.gov/data-research/sec-markets-data/dera-form-n-mfp-data-sets",
        "note": "Money market funds file N-MFP monthly rather than N-PORT quarterly, so this figure is both from a different form and more current than the rest of the table.",
        "usd_bn": 456.9
      }
    },
    {
      "id": "growth-fund-of-america",
      "lei": "VOJHP0RJPD2FRCAXQJ44",
      "name": "The Growth Fund of America",
      "symbol": "AGTHX",
      "type": "Mutual fund",
      "manager": "Capital Group (American Funds)",
      "manager_company": null,
      "strategy": "Actively managed US growth equity",
      "country": "united-states",
      "aum_usd_bn": 328,
      "description": "One of the largest actively managed equity funds in the world and a fixture of American retirement accounts since 1973. It is sold in twenty-one share classes, which is what a fund distributed through advisers, retirement plans and direct channels at once ends up looking like.",
      "listed": false,
      "structure": {
        "listed": false,
        "dealing": "at NAV from the manager",
        "why": "An open-end mutual fund: shares are created and redeemed at net asset value with the fund company rather than traded on an exchange.",
        "ticker": "AGTHX",
        "sec": {
          "cik": 44201,
          "series_id": "S000009228",
          "series_name": "Growth Fund of America",
          "class_id": "C000025064",
          "entity_name": "GROWTH FUND OF AMERICA"
        },
        "classes": [
          {
            "ticker": "AGTHX",
            "class_id": "C000025064",
            "name": "Class A"
          },
          {
            "ticker": "GFACX",
            "class_id": "C000025071",
            "name": "Class C"
          },
          {
            "ticker": "GFAFX",
            "class_id": "C000025072",
            "name": "Class F-1"
          },
          {
            "ticker": "RGAAX",
            "class_id": "C000025065",
            "name": "Class R-1"
          },
          {
            "ticker": "RGABX",
            "class_id": "C000025066",
            "name": "Class R-2"
          },
          {
            "ticker": "RGACX",
            "class_id": "C000025067",
            "name": "Class R-3"
          },
          {
            "ticker": "RGAEX",
            "class_id": "C000025068",
            "name": "Class R-4"
          },
          {
            "ticker": "RGAFX",
            "class_id": "C000025069",
            "name": "Class R-5"
          }
        ],
        "classes_note": "Twenty-one classes in total; the eight most widely held are listed.",
        "tracks": null,
        "tracks_note": "Actively managed — it tracks no index.",
        "route": "SEC series/class",
        "listing": null
      },
      "aum_seed_usd_bn": 328,
      "size": {
        "usd": 328000000000,
        "basis": "net assets of the whole series, all twenty-one share classes",
        "as_of": "2026-02-28",
        "form": "NPORT-P",
        "filed": null,
        "source": "SEC N-PORT data set",
        "series_lei": null,
        "series_name": "Growth Fund of America",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 328
      }
    },
    {
      "id": "vanguard-target-2035",
      "lei": "G1WRFPLZZ155XL7YVZ96",
      "name": "Vanguard Target Retirement 2035 Fund",
      "symbol": "VTTHX",
      "type": "Target-date fund",
      "manager": "Vanguard",
      "manager_company": null,
      "strategy": "Fund of funds with an allocation that shifts from equities to bonds as 2035 approaches",
      "country": "united-states",
      "aum_usd_bn": 118.6,
      "description": "The default investment for a large share of US retirement savers, who are enrolled into it automatically. It holds other funds rather than securities, and rebalances toward bonds each year on a published glide path — a portfolio that changes shape on a schedule rather than on a view.",
      "listed": false,
      "structure": {
        "listed": false,
        "dealing": "at NAV from the manager",
        "why": "An open-end mutual fund, bought at net asset value from the manager. It is most often reached through an employer retirement plan rather than a brokerage.",
        "ticker": "VTTHX",
        "sec": {
          "cik": 752177,
          "series_id": "S000002573",
          "series_name": "Vanguard Target Retirement 2035 Fund",
          "class_id": "C000007076",
          "entity_name": "VANGUARD CHESTER FUNDS"
        },
        "classes": [
          {
            "ticker": "VTTHX",
            "class_id": "C000007076",
            "name": "Investor Shares"
          }
        ],
        "tracks": null,
        "tracks_note": "Holds other Vanguard index funds rather than securities directly, and shifts the mix from equities toward bonds each year along a published glide path.",
        "route": "SEC series/class",
        "listing": null
      },
      "aum_seed_usd_bn": 118.6,
      "size": {
        "usd": 118600000000,
        "basis": "net assets of the whole series",
        "as_of": "2026-03-31",
        "form": "NPORT-P",
        "filed": null,
        "source": "SEC N-PORT data set",
        "series_lei": null,
        "series_name": "Vanguard Target Retirement 2035 Fund",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 118.6
      }
    },
    {
      "id": "proshares-ultrapro-qqq",
      "lei": "03026FQTQRJ0JSTBI779",
      "name": "ProShares UltraPro QQQ",
      "symbol": "TQQQ",
      "type": "ETF",
      "manager": "ProShares",
      "manager_company": null,
      "strategy": "Three times the DAILY return of the Nasdaq-100, reset every day",
      "country": "united-states",
      "aum_usd_bn": 27.3,
      "description": "A leveraged fund that targets three times the Nasdaq-100's return for one day, then resets. Over any longer period the result is not three times the index: compounding a daily multiple makes the outcome depend on the path prices took, not just where they ended.",
      "listed": true,
      "structure": {
        "listed": true,
        "dealing": "exchange",
        "ticker": "TQQQ",
        "listing": {
          "market": "nasdaq",
          "segment_mic": "XNMS",
          "venue_name": "Nasdaq Global Market",
          "ticker": "TQQQ",
          "currency": "USD"
        },
        "sec": {
          "cik": 1174610,
          "series_id": "S000024908",
          "series_name": "ProShares UltraPro QQQ",
          "class_id": "C000074098",
          "entity_name": "PROSHARES TRUST"
        },
        "classes": [
          {
            "ticker": "TQQQ",
            "class_id": "C000074098",
            "name": "ProShares UltraPro QQQ"
          }
        ],
        "tracks": null,
        "tracks_note": "Targets three times the Nasdaq-100's DAILY return and resets each day, so it is deliberately not linked to the index as a tracker: over any longer window its return is not three times the index's, it depends on the path.",
        "route": "SEC series/class"
      },
      "aum_seed_usd_bn": 27.3,
      "size": {
        "usd": 27300000000,
        "basis": "net assets of the whole series",
        "as_of": "2026-02-28",
        "form": "NPORT-P",
        "filed": null,
        "source": "SEC N-PORT data set",
        "series_lei": null,
        "series_name": "ProShares UltraPro QQQ",
        "url": "https://www.sec.gov/data-research/sec-markets-data/form-n-port-data-sets",
        "usd_bn": 27.3
      }
    }
  ],
  "banks": [
    {
      "id": "icbc-bank",
      "name": "ICBC",
      "company": "icbc",
      "country": "china",
      "type": "State-owned commercial bank",
      "gsib": true,
      "total_assets_usd_tn": 6.5,
      "description": "World's largest bank by total assets.",
      "infra_profile": "icbc"
    },
    {
      "id": "jpmorgan-bank",
      "lei": "7H6GLXDRUGQFU57RNE97",
      "name": "JPMorgan Chase",
      "company": "jpmorgan-chase",
      "country": "united-states",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 4.2,
      "description": "Largest US bank; the only G-SIB in the top capital-surcharge bucket.",
      "infra_profile": "jpmorgan-chase"
    },
    {
      "id": "bank-of-america",
      "lei": "B4TYDEB6GKMZO031MB27",
      "name": "Bank of America",
      "company": null,
      "country": "united-states",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 3.3,
      "description": "Second-largest US bank; consumer deposits leader.",
      "infra_profile": "bank-of-america"
    },
    {
      "id": "hsbc-bank",
      "lei": "MP6I5ZYZBEU3UXPYFY54",
      "name": "HSBC",
      "company": "hsbc",
      "country": "united-kingdom",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 3,
      "description": "Europe's largest bank by assets; pivoting toward Asia and wealth.",
      "infra_profile": "hsbc"
    },
    {
      "id": "bnp-paribas",
      "lei": "R0MUWSFPU8MPRO8K5P83",
      "name": "BNP Paribas",
      "company": null,
      "country": "france",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 2.9,
      "description": "Eurozone's largest bank; corporate and institutional banking across the EU.",
      "infra_profile": "bnp-paribas"
    },
    {
      "id": "mufg",
      "lei": "C3GTMMZIHMY46P4OIX74",
      "name": "MUFG Bank",
      "company": null,
      "country": "japan",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 2.9,
      "description": "Japan's largest banking group; major stakeholder in Morgan Stanley.",
      "infra_profile": "mufg"
    },
    {
      "id": "citigroup",
      "lei": "E57ODZWZ7FF32TWEFA76",
      "name": "Citigroup",
      "company": null,
      "country": "united-states",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 2.4,
      "description": "The most international US bank; treasury and trade services in ~95 countries.",
      "infra_profile": "citigroup"
    },
    {
      "id": "ubs",
      "lei": "BFM8T61CT2L1QCEMIK50",
      "name": "UBS",
      "company": null,
      "country": "switzerland",
      "type": "Universal bank / wealth manager",
      "gsib": true,
      "total_assets_usd_tn": 1.7,
      "description": "World's largest wealth manager; absorbed Credit Suisse in 2023.",
      "infra_profile": "ubs"
    },
    {
      "id": "deutsche-bank",
      "lei": "7LTWFZYICNSX8D621K86",
      "name": "Deutsche Bank",
      "company": null,
      "country": "germany",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 1.5,
      "description": "Germany's largest bank; fixed-income franchise and European corporate banking.",
      "infra_profile": "deutsche-bank"
    },
    {
      "id": "dbs",
      "lei": "ATUEL7OJR5057F2PV266",
      "name": "DBS Bank",
      "company": null,
      "country": "singapore",
      "type": "Commercial bank",
      "gsib": false,
      "total_assets_usd_tn": 0.6,
      "description": "Southeast Asia's largest bank; repeatedly rated the world's best digital bank.",
      "infra_profile": "dbs"
    },
    {
      "id": "wells-fargo",
      "lei": "KB1H1DSPRFMYMCUFXT09",
      "name": "Wells Fargo",
      "company": null,
      "country": "united-states",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 1.9,
      "description": "Fourth-largest US bank by assets, focused on retail and commercial banking across the United States. Operated under a Federal Reserve asset cap from 2018 until its lifting in 2025 following the fake-accounts scandal.",
      "infra_profile": null
    },
    {
      "id": "morgan-stanley",
      "name": "Morgan Stanley",
      "company": null,
      "country": "united-states",
      "type": "Investment bank",
      "gsib": true,
      "total_assets_usd_tn": 1.2,
      "description": "US investment bank and wealth-management group headquartered in New York. Wealth and investment management now contribute roughly half of revenues alongside its institutional securities franchise.",
      "infra_profile": "morgan-stanley"
    },
    {
      "id": "santander",
      "lei": "5493006QMFDDMYWIAM13",
      "name": "Banco Santander",
      "company": null,
      "country": "spain",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 2,
      "description": "Spain's largest bank, with major retail operations across Europe and Latin America, notably Brazil, Mexico, the UK and the US. Its 2025 annual report on Form 20-F states 180 million customers worldwide.",
      "infra_profile": "santander"
    },
    {
      "id": "credit-agricole",
      "lei": "969500TJ5KRTCJQWXH05",
      "name": "Crédit Agricole",
      "company": null,
      "country": "france",
      "type": "Cooperative group",
      "gsib": true,
      "total_assets_usd_tn": 2.9,
      "description": "French cooperative banking group built on a network of regional mutual banks, with listed vehicle Crédit Agricole S.A. One of the largest banks in Europe and a leading asset manager through Amundi.",
      "infra_profile": "credit-agricole"
    },
    {
      "id": "rabobank",
      "lei": "DG3RU1DBUFHT4ZF9WN62",
      "name": "Rabobank",
      "company": null,
      "country": "netherlands",
      "type": "Cooperative bank",
      "gsib": false,
      "total_assets_usd_tn": 0.7,
      "description": "Dutch cooperative bank and a global leader in food and agriculture financing. Combines a dominant domestic retail franchise with international agribusiness lending.",
      "infra_profile": "rabobank"
    },
    {
      "id": "standard-chartered",
      "lei": "RILFO74KP1CM8P6PCT96",
      "name": "Standard Chartered",
      "company": null,
      "country": "united-kingdom",
      "type": "International bank",
      "gsib": true,
      "total_assets_usd_tn": 0.85,
      "description": "UK-headquartered bank that earns most of its income in Asia, Africa and the Middle East, with a strong trade-finance and cross-border payments franchise. Listed in London and Hong Kong.",
      "infra_profile": null
    },
    {
      "id": "societe-generale",
      "lei": "O2RNE8IBXP4R0TD8PU41",
      "name": "Société Générale",
      "company": null,
      "country": "france",
      "type": "Universal bank",
      "gsib": true,
      "total_assets_usd_tn": 1.7,
      "description": "One of France's three largest banks, combining French retail networks with global markets and securities-services businesses. Founded in 1864 and headquartered in Paris.",
      "infra_profile": null
    },
    {
      "id": "china-construction-bank",
      "lei": "5493001KQW6DM7KEDR62",
      "name": "China Construction Bank",
      "company": null,
      "country": "china",
      "type": "State-owned commercial bank",
      "gsib": true,
      "total_assets_usd_tn": 5.6,
      "description": "Third-largest bank in the world by assets and one of China's Big Four state-owned commercial banks. Historically strong in infrastructure lending and residential mortgages.",
      "infra_profile": null
    },
    {
      "id": "bank-of-china",
      "lei": "54930053HGCFWVHYZX42",
      "name": "Bank of China",
      "company": null,
      "country": "china",
      "type": "State-owned commercial bank",
      "gsib": true,
      "total_assets_usd_tn": 4.8,
      "description": "The most internationalized of China's Big Four state banks, founded in 1912, with branches in over 60 countries. A key clearing bank for offshore renminbi.",
      "infra_profile": null
    },
    {
      "id": "intesa-sanpaolo",
      "lei": "2W8N8UU78PMDQKZENC08",
      "name": "Intesa Sanpaolo",
      "company": null,
      "country": "italy",
      "type": "Universal bank",
      "gsib": false,
      "total_assets_usd_tn": 1.05,
      "description": "Italy's largest banking group, formed by the 2007 merger of Banca Intesa and Sanpaolo IMI and expanded by the 2020 acquisition of UBI Banca. Strong in domestic retail banking, wealth management and insurance.",
      "infra_profile": null
    }
  ],
  "countries": [
    {
      "id": "united-states",
      "code": "US",
      "code_alpha3": "USA",
      "name": "United States",
      "currency": "USD",
      "gdp_usd_tn": 29,
      "central_bank": "Federal Reserve",
      "markets": [
        "nyse",
        "nasdaq"
      ]
    },
    {
      "id": "china",
      "code": "CN",
      "code_alpha3": "CHN",
      "name": "China",
      "currency": "CNY",
      "gdp_usd_tn": 19,
      "central_bank": "People's Bank of China",
      "markets": [
        "sse",
        "szse"
      ]
    },
    {
      "id": "hong-kong",
      "code": "HK",
      "code_alpha3": "HKG",
      "name": "Hong Kong SAR",
      "currency": "HKD",
      "gdp_usd_tn": 0.42,
      "central_bank": "Hong Kong Monetary Authority",
      "markets": [
        "hkex"
      ]
    },
    {
      "id": "japan",
      "code": "JP",
      "code_alpha3": "JPN",
      "name": "Japan",
      "currency": "JPY",
      "gdp_usd_tn": 4.1,
      "central_bank": "Bank of Japan",
      "markets": [
        "jpx"
      ]
    },
    {
      "id": "germany",
      "code": "DE",
      "code_alpha3": "DEU",
      "name": "Germany",
      "currency": "EUR",
      "gdp_usd_tn": 4.7,
      "central_bank": "European Central Bank / Bundesbank",
      "markets": [
        "xetra"
      ]
    },
    {
      "id": "united-kingdom",
      "code": "GB",
      "code_alpha3": "GBR",
      "name": "United Kingdom",
      "currency": "GBP",
      "gdp_usd_tn": 3.6,
      "central_bank": "Bank of England",
      "markets": [
        "lse"
      ]
    },
    {
      "id": "india",
      "code": "IN",
      "code_alpha3": "IND",
      "name": "India",
      "currency": "INR",
      "gdp_usd_tn": 4.2,
      "central_bank": "Reserve Bank of India",
      "markets": [
        "nse-india",
        "bse"
      ]
    },
    {
      "id": "france",
      "code": "FR",
      "code_alpha3": "FRA",
      "name": "France",
      "currency": "EUR",
      "gdp_usd_tn": 3.2,
      "central_bank": "European Central Bank / Banque de France",
      "markets": [
        "euronext"
      ]
    },
    {
      "id": "switzerland",
      "code": "CH",
      "code_alpha3": "CHE",
      "name": "Switzerland",
      "currency": "CHF",
      "gdp_usd_tn": 0.94,
      "central_bank": "Swiss National Bank",
      "markets": [
        "six"
      ]
    },
    {
      "id": "netherlands",
      "code": "NL",
      "code_alpha3": "NLD",
      "name": "Netherlands",
      "currency": "EUR",
      "gdp_usd_tn": 1.2,
      "central_bank": "European Central Bank / DNB",
      "markets": [
        "euronext"
      ]
    },
    {
      "id": "south-korea",
      "code": "KR",
      "code_alpha3": "KOR",
      "name": "South Korea",
      "currency": "KRW",
      "gdp_usd_tn": 1.8,
      "central_bank": "Bank of Korea",
      "markets": [
        "krx"
      ]
    },
    {
      "id": "saudi-arabia",
      "code": "SA",
      "code_alpha3": "SAU",
      "name": "Saudi Arabia",
      "currency": "SAR",
      "gdp_usd_tn": 1.1,
      "central_bank": "Saudi Central Bank (SAMA)",
      "markets": [
        "tadawul"
      ]
    },
    {
      "id": "taiwan",
      "code": "TW",
      "code_alpha3": "TWN",
      "name": "Taiwan",
      "currency": "TWD",
      "gdp_usd_tn": 0.8,
      "central_bank": "Central Bank of the Republic of China (Taiwan)",
      "markets": []
    },
    {
      "id": "canada",
      "code": "CA",
      "code_alpha3": "CAN",
      "name": "Canada",
      "currency": "CAD",
      "gdp_usd_tn": 2.2,
      "central_bank": "Bank of Canada",
      "markets": [
        "tsx"
      ]
    },
    {
      "id": "singapore",
      "code": "SG",
      "code_alpha3": "SGP",
      "name": "Singapore",
      "currency": "SGD",
      "gdp_usd_tn": 0.55,
      "central_bank": "Monetary Authority of Singapore",
      "markets": []
    },
    {
      "id": "norway",
      "code": "NO",
      "code_alpha3": "NOR",
      "name": "Norway",
      "currency": "NOK",
      "gdp_usd_tn": 0.5,
      "central_bank": "Norges Bank",
      "markets": []
    },
    {
      "id": "australia",
      "code": "AU",
      "code_alpha3": "AUS",
      "name": "Australia",
      "currency": "AUD",
      "gdp_usd_tn": 1.9,
      "central_bank": "Reserve Bank of Australia",
      "markets": [
        "asx"
      ]
    },
    {
      "id": "brazil",
      "code": "BR",
      "code_alpha3": "BRA",
      "name": "Brazil",
      "currency": "BRL",
      "gdp_usd_tn": 2.2,
      "central_bank": "Central Bank of Brazil",
      "markets": [
        "b3"
      ]
    },
    {
      "id": "sweden",
      "code": "SE",
      "code_alpha3": "SWE",
      "name": "Sweden",
      "currency": "SEK",
      "gdp_usd_tn": 0.65,
      "central_bank": "Sveriges Riksbank",
      "markets": [
        "omx-stockholm"
      ]
    },
    {
      "id": "italy",
      "code": "IT",
      "code_alpha3": "ITA",
      "name": "Italy",
      "currency": "EUR",
      "gdp_usd_tn": 2.4,
      "central_bank": "Bank of Italy (Eurosystem)",
      "markets": [
        "borsa-italiana"
      ]
    },
    {
      "id": "spain",
      "code": "ES",
      "code_alpha3": "ESP",
      "name": "Spain",
      "currency": "EUR",
      "gdp_usd_tn": 1.8,
      "central_bank": "Bank of Spain (Eurosystem)",
      "markets": [
        "bme"
      ]
    },
    {
      "id": "belgium",
      "code": "BE",
      "code_alpha3": "BEL",
      "name": "Belgium",
      "currency": "EUR",
      "gdp_usd_tn": 0.725,
      "central_bank": "National Bank of Belgium",
      "markets": [
        "euronext-brussels"
      ]
    },
    {
      "id": "denmark",
      "code": "DK",
      "code_alpha3": "DNK",
      "name": "Denmark",
      "currency": "DKK",
      "gdp_usd_tn": 0.463,
      "central_bank": "Danmarks Nationalbank",
      "markets": [
        "nasdaq-copenhagen"
      ]
    },
    {
      "id": "finland",
      "code": "FI",
      "code_alpha3": "FIN",
      "name": "Finland",
      "currency": "EUR",
      "gdp_usd_tn": 0.317,
      "central_bank": "Bank of Finland",
      "markets": [
        "nasdaq-helsinki"
      ]
    },
    {
      "id": "ireland",
      "code": "IE",
      "code_alpha3": "IRL",
      "name": "Ireland",
      "currency": "EUR",
      "gdp_usd_tn": 0.722,
      "central_bank": "Central Bank of Ireland",
      "markets": [
        "euronext-dublin"
      ]
    },
    {
      "id": "portugal",
      "code": "PT",
      "code_alpha3": "PRT",
      "name": "Portugal",
      "currency": "EUR",
      "gdp_usd_tn": 0.347,
      "central_bank": "Banco de Portugal",
      "markets": [
        "euronext-lisbon"
      ]
    },
    {
      "id": "south-africa",
      "code": "ZA",
      "code_alpha3": "ZAF",
      "name": "South Africa",
      "currency": "ZAR",
      "gdp_usd_tn": 0.427,
      "central_bank": "South African Reserve Bank",
      "markets": [
        "johannesburg"
      ]
    },
    {
      "id": "israel",
      "code": "IL",
      "code_alpha3": "ISR",
      "name": "Israel",
      "currency": "ILS",
      "gdp_usd_tn": 0.611,
      "central_bank": "Bank of Israel",
      "markets": [
        "tel-aviv"
      ]
    },
    {
      "id": "malaysia",
      "code": "MY",
      "code_alpha3": "MYS",
      "name": "Malaysia",
      "currency": "MYR",
      "gdp_usd_tn": 0.472,
      "central_bank": "Bank Negara Malaysia",
      "markets": [
        "bursa-malaysia"
      ]
    },
    {
      "id": "thailand",
      "code": "TH",
      "code_alpha3": "THA",
      "name": "Thailand",
      "currency": "THB",
      "gdp_usd_tn": 0.577,
      "central_bank": "Bank of Thailand",
      "markets": [
        "set-thailand"
      ]
    },
    {
      "id": "poland",
      "code": "PL",
      "code_alpha3": "POL",
      "name": "Poland",
      "currency": "PLN",
      "gdp_usd_tn": 1.035,
      "central_bank": "Narodowy Bank Polski",
      "markets": [
        "gpw"
      ]
    },
    {
      "id": "austria",
      "code": "AT",
      "code_alpha3": "AUT",
      "name": "Austria",
      "currency": "EUR",
      "gdp_usd_tn": 0.579,
      "central_bank": "Oesterreichische Nationalbank (Eurosystem)",
      "markets": [
        "wiener-boerse"
      ]
    },
    {
      "id": "hungary",
      "code": "HU",
      "code_alpha3": "HUN",
      "name": "Hungary",
      "currency": "HUF",
      "gdp_usd_tn": 0.246,
      "central_bank": "Magyar Nemzeti Bank",
      "markets": [
        "budapest"
      ]
    },
    {
      "id": "romania",
      "code": "RO",
      "code_alpha3": "ROU",
      "name": "Romania",
      "currency": "RON",
      "gdp_usd_tn": 0.429,
      "central_bank": "Banca Nationala a Romaniei",
      "markets": [
        "bucharest"
      ]
    },
    {
      "id": "croatia",
      "code": "HR",
      "code_alpha3": "HRV",
      "name": "Croatia",
      "currency": "EUR",
      "gdp_usd_tn": 0.105,
      "central_bank": "Hrvatska narodna banka (Eurosystem)",
      "markets": [
        "zagreb"
      ]
    },
    {
      "id": "mexico",
      "code": "MX",
      "code_alpha3": "MEX",
      "name": "Mexico",
      "currency": "MXN",
      "gdp_usd_tn": 1.833,
      "central_bank": "Banco de Mexico",
      "markets": [
        "bmv"
      ]
    },
    {
      "id": "new-zealand",
      "code": "NZ",
      "code_alpha3": "NZL",
      "name": "New Zealand",
      "currency": "NZD",
      "gdp_usd_tn": 0.264,
      "central_bank": "Reserve Bank of New Zealand",
      "markets": [
        "nzx"
      ]
    }
  ],
  "indicators": [
    {
      "id": "gdp",
      "name": "Gross Domestic Product (GDP)",
      "unit": "% growth / level",
      "frequency": "Quarterly",
      "sources": "BEA, Eurostat, national statistics offices, IMF",
      "description": "Total value of goods and services produced. The broadest measure of economic activity; two consecutive quarters of contraction is the informal definition of recession."
    },
    {
      "id": "cpi-inflation",
      "name": "Consumer Price Inflation (CPI)",
      "unit": "% YoY",
      "frequency": "Monthly",
      "sources": "BLS, Eurostat, national statistics offices",
      "description": "Change in the price of a consumption basket. The primary target variable of modern central banking (most target ~2%)."
    },
    {
      "id": "policy-rate",
      "name": "Central Bank Policy Rate",
      "unit": "%",
      "frequency": "Per meeting (6–8×/year)",
      "sources": "Federal Reserve, ECB, BoJ, BoE, PBoC",
      "description": "The rate at which the central bank lends or remunerates reserves. Sets the floor of the entire yield curve and the price of money economy-wide."
    },
    {
      "id": "unemployment-rate",
      "name": "Unemployment Rate",
      "unit": "%",
      "frequency": "Monthly",
      "sources": "BLS, Eurostat, ILO",
      "description": "Share of the labor force without work but seeking it. One half of the Fed's dual mandate; a lagging indicator of the cycle."
    },
    {
      "id": "pmi",
      "name": "Purchasing Managers' Index (PMI)",
      "unit": "Index (50 = neutral)",
      "frequency": "Monthly",
      "sources": "S&P Global, ISM, Caixin",
      "description": "Survey of purchasing managers on new orders, output and employment. The most watched leading indicator; above 50 signals expansion.",
      "no_live": "This card carries no live number, and that is deliberate. PMI is a proprietary survey: ISM and S&P Global both sell it, and neither publishes a free machine-readable feed. Substituting some other activity series and labelling it PMI would be the kind of small untruth this site exists to avoid, so the definition stands on its own until a licensed feed is in place."
    },
    {
      "id": "yield-curve",
      "name": "Yield Curve (10Y–2Y spread)",
      "unit": "basis points",
      "frequency": "Continuous",
      "sources": "US Treasury, FRED",
      "description": "Difference between long and short government yields. Inversion (negative spread) has preceded every modern US recession, with long and variable lags."
    },
    {
      "id": "m2",
      "name": "M2 Money Supply",
      "unit": "% YoY / level",
      "frequency": "Monthly",
      "sources": "Federal Reserve, ECB",
      "description": "Cash, deposits and near-money. Its expansion and contraction frame the liquidity backdrop for asset prices."
    },
    {
      "id": "current-account",
      "name": "Current Account Balance",
      "unit": "% of GDP",
      "frequency": "Quarterly",
      "sources": "IMF, national central banks",
      "description": "Trade plus income flows with the rest of the world. Persistent deficits or surpluses drive currency valuations and global capital flows."
    }
  ],
  "research": [
    {
      "id": "open-financial-data-stack",
      "title": "The Open Financial Data Stack, 2026",
      "category": "Infrastructure",
      "date": "2026-08",
      "summary": "Where open financial data actually stands: what is genuinely open, what is licensed, and where the gaps are for builders and AI agents.",
      "body": [
        "Financial data looks abundant but is structurally closed. Prices, fundamentals, filings, and reference data are dominated by a handful of vendors — Bloomberg, LSEG (Refinitiv), S&P Global, FactSet, Morningstar — whose terminals and feeds are licensed per seat or per use. The result is a paradox: the numbers that describe public markets are mostly not public in any machine-usable way.",
        "The genuinely open layer is thinner than it appears. Regulatory filings (EDGAR in the US, similar registries elsewhere) are open. LEI — the global legal-entity identifier — is open by mandate. OpenFIGI provides open instrument identifiers. Central banks and statistical agencies publish macro series (FRED being the gold standard of usable open data). Crypto is the outlier: its market data, on-chain activity and reference data are radically open compared to traditional finance.",
        "The gap is in the middle: clean, linked, entity-level data. Anyone can download a filing; almost no one can cheaply answer 'show me all listed subsidiaries of this group, with their tickers, exchanges and reporting currencies.' Entity resolution — knowing that Apple Inc., AAPL, US0378331005 and LEI HWUPKR0MPOU8FGXBT394 are the same thing — is where open data still loses to the terminals.",
        "This is the layer Finance Foundation is built around: not another price feed, but the connective tissue — entities, identifiers, relationships and definitions — published in a form that people, applications and AI agents can consume directly."
      ]
    },
    {
      "id": "global-exchange-landscape",
      "title": "Mapping the Global Exchange Landscape",
      "category": "Markets",
      "date": "2026-08",
      "summary": "A structural map of the world's stock exchanges: who owns them, how they concentrate, and why listing venues and trading venues are diverging.",
      "body": [
        "The world's equity markets are more concentrated than most investors realize. The two US exchanges — NYSE and Nasdaq — account for roughly half of global listed market capitalization. Add Shanghai, Shenzhen, Tokyo, Hong Kong, Euronext, LSE and India's NSE, and nine venue groups cover the overwhelming majority of world equity value.",
        "Exchanges themselves have consolidated into listed, for-profit groups: ICE owns NYSE; Nasdaq Inc. is itself Nasdaq-listed; LSEG earns more from data (Refinitiv) than from listings; Deutsche Börse and Euronext roll up national venues across Europe. The exchange business quietly became a data and clearing business with a trading venue attached.",
        "Meanwhile listing and trading have diverged. A company lists in one place but trades everywhere: ADRs in New York, fungible lines in Hong Kong, systematic internalizers and dark pools in Europe, 24-hour tokenized wrappers emerging offshore. 'Where does this stock trade?' now has a dozen correct answers — which is exactly why machine-readable market identifiers (MIC codes) and listing relationships matter more every year.",
        "India's NSE is the structural story of the decade: the world's largest derivatives exchange by contracts, riding a domestic retail investing boom. The Gulf exchanges (Tadawul above all) are the capital-raising story, recycling energy surpluses into listed national champions."
      ]
    },
    {
      "id": "stablecoins-as-market-infrastructure",
      "title": "Stablecoins as Market Infrastructure",
      "category": "Crypto",
      "date": "2026-08",
      "summary": "Stablecoins stopped being a crypto niche and became a parallel dollar-settlement system. What that means for banks, payments and data.",
      "body": [
        "Stablecoins now settle trillions of dollars a year — volumes in the range of the major card networks — with a combined supply above a quarter of a trillion dollars, almost all of it USD-denominated. Functionally, they are offshore dollar accounts with instant, programmable settlement.",
        "Two design families dominate. Reserve-backed coins (USDT, USDC) hold treasury bills and repo against issued tokens — making their issuers, in aggregate, one of the largest holders of US Treasury bills in the world. The issuers' business model is simply the interest on those reserves, which is why stablecoins became one of the most profitable business models per employee in financial history.",
        "The infrastructure consequence is underrated: a stablecoin transfer is a full settlement — no correspondent chain, no cut-off times, no T+1. For cross-border payments, emerging-market savings and machine-to-machine (AI agent) payments, stablecoins are becoming the default rail, with regulation (MiCA in the EU, the GENIUS Act in the US) converting them from grey zone to licensed instrument.",
        "For a data layer, stablecoins are also the most transparent money in existence: supply, flows and holder distribution are on-chain, queryable in real time — a preview of what all financial reference data could look like."
      ]
    },
    {
      "id": "ai-agents-and-financial-data",
      "title": "AI Agents and Financial Data Access",
      "category": "AI",
      "date": "2026-08",
      "summary": "AI agents are becoming first-class consumers of financial data. Most financial websites are unreadable to them. What machine-readable finance looks like.",
      "body": [
        "The fastest-growing consumer of financial information is no longer a person — it is an AI agent doing research, monitoring portfolios, or executing workflows on someone's behalf. These agents don't read charts or navigate menus. They need structured entities, stable identifiers, clean JSON, and honest metadata about freshness and provenance.",
        "Most financial websites fail this test completely: data lives in rendered charts, paywalled terminals, or PDFs. The sites that win agent traffic are the ones that expose the same knowledge as clean endpoints and machine-readable indexes (llms.txt, OpenAPI schemas, MCP servers) — because an agent that can consume you becomes a distribution channel, not a scraper.",
        "The emerging stack is recognizable: a knowledge layer (entities and relationships), an API layer (typed, versioned, cache-friendly), and an agent interface layer (tool definitions the agent can call directly). Provenance is not optional — an agent that cannot tell how old a number is will propagate stale data into decisions.",
        "Finance Foundation is built agent-first on purpose: every page here has an API twin, the whole dataset is one GET away, and /llms.txt tells an agent exactly what exists and how to fetch it."
      ]
    },
    {
      "id": "entity-resolution-in-finance",
      "title": "The Entity Resolution Problem",
      "category": "Data",
      "date": "2026-08",
      "summary": "Why 'which company is this?' is the hardest cheap-sounding question in finance, and how identifiers (LEI, ISIN, FIGI, MIC) actually fit together.",
      "body": [
        "Every financial dataset eventually hits the same wall: the same real-world thing appears under different names, tickers, and codes. Apple is 'Apple Inc.', AAPL on Nasdaq, ISIN US0378331005, CUSIP 037833100, LEI HWUPKR0MPOU8FGXBT394 — and AAPL means something else entirely on another venue's options feed. Merging two datasets without resolving entities silently corrupts both.",
        "The identifier landscape is layered, not redundant. LEI identifies the legal entity (who). ISIN identifies the security (what). The MIC identifies the venue (where). Tickers are venue-local shorthand — convenient and dangerously ambiguous. FIGI, an open standard, identifies an instrument at venue level and is free to use, unlike CUSIP and SEDOL, which are licensed.",
        "The expensive insight of the data industry is that relationships matter more than attributes: issuer → security → listing → venue → jurisdiction. Once those edges exist, everything else (prices, filings, news) can hang off them. This is why 'knowledge graph' is not a buzzword in finance — it is literally the shape of the domain.",
        "A practical rule for builders: store every identifier you encounter, pick one internal id you control, and treat all external ids as claims with provenance, not truth. Identifier mappings drift — companies merge, relist and rename — so resolution is a process, not a table."
      ]
    },
    {
      "id": "financial-knowledge-graphs",
      "title": "Financial Knowledge Graphs: From Tables to Relationships",
      "category": "Infrastructure",
      "date": "2026-08",
      "summary": "Why the future of financial data is a graph, not a table — and how to build one incrementally without boiling the ocean.",
      "body": [
        "Tabular data answers 'what is the value of X'. A knowledge graph answers 'how is X connected to everything else' — which is the question analysts, risk managers and AI agents actually ask. Contagion, supply chains, ownership webs, fund exposures: all of these are graph queries wearing spreadsheet costumes.",
        "A financial knowledge graph does not need exotic technology to start. It needs typed entities (company, security, market, fund, country), typed edges (lists_on, domiciled_in, managed_by, issues, regulates) and stable identifiers on the nodes. A relational database with a well-designed relationships table is a knowledge graph in the way that matters.",
        "The compounding effect is what makes graphs worth it: each new entity type multiplies the value of existing ones. Add funds to a company graph and you can suddenly answer exposure questions; add countries and you get jurisdiction risk; add banks and you get counterparty maps. The marginal dataset gets cheaper to add and more valuable, the opposite of siloed tables.",
        "For AI, the graph is the difference between retrieval and reasoning. A language model given linked entities can traverse — 'this fund is managed by this company, listed on this exchange, in this jurisdiction, whose central bank just moved rates' — instead of pattern-matching over disconnected text. Structured context is the highest-leverage input an agent can be given."
      ]
    },
    {
      "id": "the-concentration-graph",
      "title": "The Concentration Graph",
      "category": "Data",
      "date": "2026-08",
      "summary": "What our own 237-node map shows: the covered universe is one country, ten companies and seven names deep — and even a supermajor can be unresolvable in open identifier registries.",
      "body": [
        "This note is computed from Finance Foundation's own dataset (seed-0.4): 121 systemically significant companies worth roughly $47tn together, mapped to markets, indices, funds and jurisdictions. The covered set is curated by systemic importance, so every figure below describes this universe, not the whole world — but the set was chosen to represent where the world's market value actually sits, and the shape it reveals is hard to dismiss.",
        "Concentration by country: the United States accounts for 45% of covered companies but 72% of covered market value. Concentration by company: the top ten names — NVIDIA, Microsoft, Apple, Alphabet, Amazon, Meta, Saudi Aramco, Broadcom, Tesla, Berkshire Hathaway — are 46% of the total. A map of 'global' equity value is, to a first approximation, a map of about ten balance sheets.",
        "The fund layer makes the concentration self-reinforcing. Of the ten equity funds in our graph with holdings data, eight list the same seven companies — NVIDIA, Microsoft, Apple, Amazon, Meta, Alphabet, Tesla — among their top holdings; Broadcom appears in seven. An investor diversifying across an S&P 500 tracker, a world index fund and a Nasdaq fund holds the same seven stories three times. In graph terms: the 'holds' edges from different funds converge on the same handful of nodes.",
        "The index layer shows the same convergence from another angle: 25 covered companies sit in two major indices at once (S&P 500 + Nasdaq-100 in the US, DAX + EURO STOXX 50 in Europe, Hang Seng + CSI 300 for the Chinese dual-listings). Index membership multiplies passive demand for exactly the names that are already the largest — the mechanism behind the fund-overlap pattern above.",
        "One more finding surfaced by building the identifier layer rather than by analyzing it: even at this size, open entity resolution has holes. We could verify LEIs for 119 of 121 companies via GLEIF — but Chevron, a $300bn supermajor, and Kweichow Moutai, long China's most valuable listed company, could not be confidently resolved by legal name, country or ISIN mapping. If the connective tissue of open financial data fails on names this large, the long tail is far worse — which is, in one sentence, why this site exists."
      ]
    },
    {
      "id": "the-shape-of-live-data",
      "title": "The Shape of \"Live\" Data",
      "category": "Data",
      "date": "2026-09",
      "summary": "Computed from Finance Foundation's own /api/v1/live feed: the 29 series behind one 'live' label range from same-day crypto prices to a policy rate last set in March 2024, because 'live' means when we last checked, not when the number last changed.",
      "body": [
        "Finance Foundation's /api/v1/live endpoint serves 29 series — cryptocurrency prices, FX crosses, sovereign bond yields, central-bank policy rates, and macro indicators like GDP growth and unemployment — under a single 'live' label, polled on a fixed three-hour cycle. But each series also carries its own value date, its own retrieved_at timestamp, its own source and provider, and its own from_fallback flag, and reading across all 29 at once shows that a fixed polling cadence has almost nothing to do with how current the underlying number actually is.",
        "The freshest tier is priced continuously: all nine crypto series (bitcoin, ether, BNB, XRP, Cardano's ADA, Solana, and the stablecoins DAI, USDC and USDT) carry a value dated the same calendar day they were retrieved. Nine FX crosses sourced from the ECB's daily reference rates, plus the US 10-year Treasury yield from the Treasury's daily par curve, sit one tier back — dated the prior business day, because both publishers fix a rate once per day rather than continuously. Already, at this first split, 'live' quietly covers two different things: a continuously-traded price versus a once-daily official fixing.",
        "Below that sits the statistical-release tier, where the lag runs to weeks and months by construction, not by any fault of the feed: at one reading behind this note, Taiwan's M2 growth was dated eight days before retrieval, euro-area M3 growth and US CPI and unemployment a little over a month behind, euro-area unemployment nearly two months behind. The dataset dates each series to its actual reference period rather than backfilling a fresher-looking date. GDP growth for the US and the euro area, and the US current account, are quarterly — dated to Q1 or Q2 2026 at that same reading, a full quarter or two old by the time anyone reads them, because a quarterly figure cannot exist before its quarter closes.",
        "Policy rates are the extreme case, and the dataset documents why directly in the series' own note: 'the date is when the rate last changed, not when we read it — a policy rate is a level that holds until the bank moves it.' The ECB's main refinancing rate is dated to its last decision; Taiwan's discount rate was dated 2024-03-22 at that reading, over two years earlier, because the Central Bank of the Republic of China had not moved it since and — sitting outside the World Bank, IMF and OECD statistical systems — publishes it only as a figure on its own web page rather than through a data API. Polling that series every three hours for two years returns the identical number every time; the three-hour cadence describes how often the site checks, not how often the value changes.",
        "Provenance is layered the same way freshness is. At the reading behind this note, all nine crypto series were served through their listed fallback provider (Coinbase spot, plus Bybit for BNB) rather than the CoinGecko source named on the record, while every FX, yield and macro series came through its primary source undisturbed — a reminder that 'live' also hides which upstream actually answered. Collapsing a same-day market price, a month-old statistical release and a rate unchanged since 2024 into one undifferentiated 'live' timestamp would misrepresent all three. Carrying date, retrieved_at, source and from_fallback per series, instead of one badge for the whole feed, is what keeps 'live' honest at 29 different speeds."
      ]
    }
  ],
  "schema": {
    "version": "0.1",
    "entities": {
      "Company": {
        "fields": [
          "id",
          "name",
          "legal_name",
          "ticker",
          "exchange",
          "country",
          "sector",
          "industry",
          "market_cap_usd_bn",
          "currency",
          "website",
          "founded",
          "description"
        ],
        "identifiers": [
          "ticker",
          "LEI",
          "ISIN",
          "FIGI",
          "CUSIP (derived, not redistributed)"
        ]
      },
      "Market": {
        "fields": [
          "id",
          "mic",
          "name",
          "country",
          "type",
          "currency",
          "timezone",
          "operator",
          "note"
        ],
        "identifiers": [
          "mic"
        ]
      },
      "Asset": {
        "fields": [
          "id",
          "name",
          "symbol",
          "type",
          "category",
          "currency",
          "market",
          "issuer",
          "description"
        ],
        "identifiers": [
          "symbol"
        ]
      },
      "Fund": {
        "fields": [
          "id",
          "name",
          "symbol",
          "type",
          "manager",
          "strategy",
          "country",
          "aum_usd_bn",
          "description"
        ],
        "identifiers": [
          "symbol"
        ]
      },
      "Bank": {
        "fields": [
          "id",
          "name",
          "company",
          "country",
          "type",
          "gsib",
          "total_assets_usd_tn",
          "description"
        ],
        "identifiers": []
      },
      "Country": {
        "fields": [
          "id",
          "code",
          "name",
          "currency",
          "gdp_usd_tn",
          "central_bank",
          "markets"
        ],
        "identifiers": [
          "ISO 3166-1 alpha-2"
        ]
      },
      "Indicator": {
        "fields": [
          "id",
          "name",
          "unit",
          "frequency",
          "sources",
          "description"
        ],
        "identifiers": []
      }
    },
    "relationships": [
      {
        "type": "lists_on",
        "from": "Company",
        "to": "Market",
        "note": "primary listing venue"
      },
      {
        "type": "domiciled_in",
        "from": "Company",
        "to": "Country",
        "note": "country of incorporation / HQ"
      },
      {
        "type": "located_in",
        "from": "Market",
        "to": "Country"
      },
      {
        "type": "managed_by",
        "from": "Fund",
        "to": "Company",
        "note": "where the manager is a covered listed company"
      },
      {
        "type": "domiciled_in",
        "from": "Fund",
        "to": "Country"
      },
      {
        "type": "operated_by",
        "from": "Bank",
        "to": "Company",
        "note": "where the bank is a covered listed company"
      },
      {
        "type": "chartered_in",
        "from": "Bank",
        "to": "Country"
      },
      {
        "type": "denominated_in",
        "from": "Asset",
        "to": "Currency"
      },
      {
        "type": "member_of",
        "from": "Company",
        "to": "Asset",
        "note": "index membership (covered subset, not the full index)"
      },
      {
        "type": "holds",
        "from": "Fund",
        "to": "Company | Asset",
        "note": "top holdings among covered entities, approximate"
      }
    ]
  }
}