World Credit Whitepaper

FIRST W
CREDIT O
UNION M
ON THE E
BLOCKCHAIN WORLD
CREDIT
+1 832 576 6806
P.O. Box 52280

Houston, TX 77052
info@worlddex.tk
Http://worldcredit.ml
W
O
I AM THE HON. LARRY SHELTON, A GOODWILL AMBASSADOR AND WORLD CHAPLIN FOR THE UN
SPECIAL AGENCY KNOWN AS THE WORLD LEADERS FORUM'S (IGO) & THE WORLD TEMPLE
M
(OMNIVERSAL CHURCH). OUR MISSION HERE AND THROUGHOUT THE NATION IS TO ESTABLISH,
TEACH, AND GROW OUR BLOCKCHAIN PROJECT, COMMUNITY, & DEVELOPED RELATIONSHIPS. E
MANY AMERICANS AND GOVERNMENTS GLOBALLY CANNOT PARTICIPATE IN THE BLOCKCHAIN
OFFERINGS GLOBALLY BECAUSE THE TYPE OF FINANCIAL SECURITIES THEY ARE AND LACK OF
KNOWLEDGE. WE HAVE ESTABLISHED A WAY AROUND THIS WITH MAINTAINING RESPECT FOR THE WORLD
NATIONALITY OF EACH NATION. WE WANTED TO DISCUSS ESTABLISHING SOMETHING LIKE OHIO
AND OTHER STATES ARE ALREADY DOING OR EITHER LOOKING INTO FOR THE NEW FINTECH CREDIT
INNOVATIONS. THESE PEER TO PEER TECHNOLOGIES ARE BRINGING WEALTH BACK TO THE LOCAL
COMMUNITIES AND THE PEOPLE. EVEN BUSINESS TO BUSINESS AND GOVERNMENTS CAN BENEFIT
FROM THE NEW FINTECH INNOVATIONS WE PROPOSE. WE FEEL THE CITIZENS AND NOT JUST
BUSINESSES SHOULD INCORPORATE THE NEW TECHNOLOGIES. WE PROPOSAL ALL GOVERNMENTS
TREASURIES ADOPT THE NEW PAYMENT AND MEDIUM OF EXCHANGE USING COUNTERPARTY
WALLET WHICH IS BITCOIN'S ORIGINAL SMART CONTRACT LAYER AND THE SAFEST WALLETS
GIVEN HERE; FREEWALLET.IO BESIDE BITPAY AND OR COINBASE. FIND MORE INFORMATION HERE:
LET'S TALK BITCOIN. ASSET HOLDING VERIFICATION OUR FEATURE ASSET IS NOMNI ALONG WITH
OUR ECCLESIASTICAL GOVERNMENT CRYPTOCURRENCY CALLED SYNERGY CASH WHICH WILL
WELCOME ALL RELIGIOUS ORGANIZATIONS TO USE AS A MEDIUM OF EXCHANGE AS WELL. LIST OF
DIGITAL ASSETS FOR SDG ACTION# 27655 FOR ISSUING ISO STANDARD SUPRANATIONAL
CRYPTOCURRENCY FOR ALL GOVERNMENTS HERE:
HTTPS://XCHAIN.IO/ADDRESS/18FYNTJG9HDXYVANM67MGGBYO1P7ADCKVG
WORLD TREASURY E-WALLET
WE ARE EXPERT CONSULTANTS ON THESE TYPE OF INNOVATIONS AND TECHNOLOGIES.
P.O. Box 52280
+1 832 576 6806 Houston, TX 77052 info@worlddex.tk
THE NIBIRU POOL AND CRYPTOBANK TRADING STRATEGY'
IF AN INVESTOR PURCHASES A QUALIFIED QUANTITY AMOUNT OF SHARES OF ∞10K NOMNI WHICH
IS PREFERABLY 10000 SHARES OF NOMNI AT 1 XCP/ USD PER SHARE OF ∞1 NOMNI. GIVING YOU
A PROJECTED $20-90,000.00 IN USD EQUITABLE VALUE. CURRENCY IS TRADED IN VARIOUS
SIZED LOTS. THE MICRO LOT IS 1,000 UNITS OF A CURRENCY. IF YOUR ACCOUNT IS FUNDED IN W
U.S. DOLLARS, A MICRO LOT REPRESENTS $1,000 OF YOUR BASE CURRENCY, THE DOLLAR. A MINI
LOT IS 10,000 UNITS OF YOUR BASE CURRENCY AND A STANDARD LOT IS 100,000 UNITS. ALL
CURRENCY TRADING IS DONE IN PAIRS. UNLIKE THE STOCK MARKET, WHERE YOU CAN BUY OR
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SELL A SINGLE STOCK, YOU HAVE TO BUY ONE CURRENCY AND SELL ANOTHER CURRENCY IN THE
FOREX MARKET. NEXT, NEARLY ALL CURRENCIES ARE PRICED OUT TO THE FOURTH DECIMAL M
POINT. A PIP OR PERCENTAGE IN POINT, IS THE SMALLEST INCREMENT OF TRADE. ONE PIP
TYPICALLY EQUALS 1/100 OF 1%. IN THE FACTOR WE SHALL BEGIN WITH FURTHER DETAILS OF
HOW INVESTOR WILL PURCHASE NOMNI WITH EITHER (B) BITCOIN - BTC, (S) SOVEREIGNCOIN -
E
SVC, AND OR $ DOLLARS - USD AND ALSO (X) COUNTERPARTY - XCP
A TRADING STRATEGY IS A SET OF OBJECTIVE RULES DESIGNATING THE CONDITIONS THAT MUST WORLD
BE MET FOR TRADE ENTRIES AND EXITS TO OCCUR. A TRADING STRATEGY INCLUDES CREDIT
SPECIFICATIONS FOR TRADE ENTRIES, INCLUDING TRADE FILTERS AND TRIGGERS, AS WELL AS
RULES FOR TRADE EXITS, MONEY MANAGEMENT, TIMEFRAMES, ORDER TYPES, ETC. A TRADING
STRATEGY, IF BASED ON QUANTIFIABLE SPECIFICATIONS, CAN BE ANALYZED ON HISTORICAL
DATA TO PROJECT THE FUTURE PERFORMANCE OF THE STRATEGY. A PREDETERMINED POINT AT
WHICH AN INVESTOR WILL EXIT A TRADE IN A PROFITABLE POSITION. PROFIT TARGETS ARE PART
OF MANY TRADING STRATEGIES THAT TECHNICAL TRADERS USE TO MANAGE RISK. BEFORE AN
INVESTOR ENTERS A TRADE, HE DETERMINES A PROFITABLE EXIT POINT AT WHICH HE WILL SELL
OUT OF THE POSITION. TRADERS ESTABLISH PROFIT TARGETS TO AVOID LETTING EMOTION TAKE
OVER A TRADE. A PROFIT TARGET CAN BE EXPRESSED AS A DOLLAR OR NOMNI AMOUNT OR AS A
PERCENTAGE RETURN. AS A SIMPLE EXAMPLE OF ARBITRAGE, CONSIDER THE FOLLOWING. THE
SHARES OF NOMNI ∞ IS SOLD AT BROKERAGE RATE 9 XCP / ∞1 NOMNI IN THE NIBIRU RESERVE
CRYPTOBANKS WITH 9-38% PERCENT INTEREST WHILE, AT THE SAME MOMENT IT IS TRADING
FOR 1 XCP / ∞1 NOMNI, WITH 9% PERCENT INTEREST WHILE ON THE OPEN MARKET EXCHANGES
(XCP). A TRADER CAN BUY THE SHARES IN THE OPEN MARKET AND IMMEDIATELY SELL THE
SAME SHARES ON THE XCP DEX- COUNTERPARTY DECENTRALIZED EXCHANGE AND SOON ALL
GLOBAL MARKETS, EARNING A PROFIT OF 9-38% X 9 PER SHARE GIVING YOU THE 1:9 RATIO OF
THE WORLD LEADER'S STANDARD BENCHMARK AGREEMENT.
P.O. Box 52280
+1 832 576 6806 info@worlddex.tk
Houston, TX 77052
IN TRIANGULAR ARBITRAGE, A TRADER CONVERTS ONE CURRENCY TO ANOTHER AT ONE OPEN
MARKET BANK OR OPEN MARKET EXCHANGE, CONVERTS THAT SECOND CURRENCY TO ANOTHER
AT A SECOND BANK OR OPEN MARKET EXCHANGE, AND FINALLY CONVERTS THE THIRD
CURRENCY BACK TO THE ORIGINAL AT A THIRD BANK OR OPEN MARKET EXCHANGE. THE SAME
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BANK OR OPEN MARKET EXCHANGE WOULD HAVE THE INFORMATION EFFICIENCY TO ENSURE ALL
OF ITS CURRENCY RATES WERE ALIGNED, REQUIRING THE USE OF DIFFERENT FINANCIAL O
INSTITUTIONS FOR THIS STRATEGY. CURRENCY ARBITRAGE' CURRENCY ARBITRAGE INVOLVES
THE EXPLOITATION OF THE DIFFERENCES IN QUOTES RATHER THAN MOVEMENTS IN THE
EXCHANGE RATES OF THE CURRENCIES IN THE CURRENCY PAIR. FOREX TRADERS TYPICALLY
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PRACTICE TWO-CURRENCY ARBITRAGE, IN WHICH THE DIFFERENCES BETWEEN THE SPREADS OF
TWO CURRENCIES ARE EXPLOITED. TRADERS CAN ALSO PRACTICE THREE-CURRENCY ARBITRAGE, E
ALSO KNOWN AS TRIANGULAR ARBITRAGE, WHICH IS A MORE COMPLEX STRATEGY. DUE TO THE
USE OF COMPUTERS AND HIGH-SPEED TRADING SYSTEMS, LARGE TRADERS OFTEN CATCH
DIFFERENCES IN CURRENCY PAIR QUOTES AND CLOSE THE GAP QUICKLY. THIS TRADING FORMULA WORLD
CAN AND WILL BE USED BY THOSE WHO BECOME INVESTORS & TRADERS. CREDIT
P.O. Box 52280

FIRST, YOU WOULD CONVERT THE $2 MILLION DOLLARS TO Ƀ 342.19 BTC AT THE Ƀ 1 BTC /
$5,844.75 USD RATE
NEXT, YOU WOULD TAKE THE Ƀ 342.19 BTC AT THE Ƀ 1 BTC / $5,844.75 USD RATE FOR $2
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MILLION DOLLARS AND CONVERT THE BITCOIN TO COUNTERPARTY TOKENS AT 1 XCP / $2.16 USD
RATE WORTH Ƀ 0.00037 BTC. GIVING YOU 925925.925926 COUNTERPARTY TOKENS. O
NEXT, YOU WOULD TAKE THE 925925.925926 COUNTERPARTY TOKENS AT 1 XCP / $2.16 USD
RATE FOR 2 MILLION DOLLARS TO Ƀ 342.19 BTC AND FURTHER CONVERT THE COUNTERPARTY
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TOKENS TO NOMNI GIVING YOU ∞925,926 NOMNI AT THE 1 NMNI / 1 XCP RATE FOR 2 MILLION
DOLLARS EXCHANGED TO Ƀ 342.19 BTC FOR 925925.925926 COUNTERPARTY TOKENS. GIVING E
YOU GIVING YOU ∞925,926 NOMNI.
NEXT, YOU WOULD TAKE THE ∞925,926 NOMNI AND CONVERT THEM TO BACK TO $19.69 USD / 9 WORLD
XCP AT THE ∞1 NMNI / 9 XCP RATE FOR 2 MILLION DOLLARS EXCHANGED TO Ƀ 342.19 BTC FOR CREDIT
925925.925926 COUNTERPARTY TOKENS. GIVING YOU GIVING YOU $18,231,482.94 DOLLARS
AND WORTH Ƀ 3116.34 BTC GIVING YOU A $16,231,482.94 USD PROFIT.
YOUR TOTAL RISK-FREE ARBITRAGE PROFIT WOULD BE $16,231,482.94 MILLION DOLLARS.
DIFFERENT SPREADS FOR A CURRENCY PAIR IMPLY DISPARITIES BETWEEN THE BID AND ASK
PRICES. CURRENCY ARBITRAGE INVOLVES BUYING AND SELLING DIGITAL CURRENCY PAIRS FROM
DIFFERENT BROKERS TO TAKE ADVANTAGE OF THIS DISPARITY. FOR EXAMPLE, TWO DIFFERENT
OPEN MARKET BANKS (OPEN MARKET A BANK AND BANK & OPEN MARKET B) OFFER QUOTES
FOR THE US/EUR CURRENCY PAIR. OPEN MARKET BANK A SETS THE RATE AT 3/2 DOLLARS PER
EURO, AND OPEN MARKET BANK B SETS ITS RATE AT 4/3 DOLLARS PER EURO. IN CURRENCY
ARBITRAGE, THE TRADER WOULD TAKE ONE EURO, CONVERT THAT INTO DOLLARS WITH OPEN
MARKET BANK A AND THEN BACK INTO EURO'S WITH OPEN MARKET BANK B. THE END RESULT IS
THAT THE TRADER WHO STARTED WITH ONE EURO NOW HAS 9/8 EURO. THE TRADER HAS MADE
A 1/8 EURO PROFIT IF TRADING FEES ARE NOT TAKEN INTO ACCOUNT. THIS CAN BE DONE WITH
ANY ASSET ON THE COUNTERPARTY DECENTRALIZED EXCHANGE.
P.O. Box 52280
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WORLD
CREDIT
PROJECT
CRYPTOGRAPHIC
VIEW OF THE
DECENTRALIZED
EXCHANGE MARKET
P.O. Box 52280

THE NIBIRU POOL AND CRYPTOBANK EWALLET
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WORLD
CREDIT
PROJECT
CREATE A WALLET ON
COUNTERWALLET.IO OR
FREELWALLET.IO
P.O. Box 52280

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WORLD
CREDIT
PROJECT
CREATE A WALLET ON
COUNTERWALLET.IO OR
FREELWALLET.IO
P.O. Box 52280

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WORLD
CREDIT
PROJECT
EXCHANGE YOUR ASSETS ON
YOUR WALLET USING
COUNTERWALLET.IO OR
FREELWALLET.IO
P.O. Box 52280

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WORLD
CREDIT
PROJECT
YOUR WALLET USING
COUNTERWALLET.IO OR
FREELWALLET.IO
P.O. Box 52280

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WORLD
CREDIT
PROJECT
YOUR WALLET USING
COUNTERWALLET.IO OR
FREELWALLET.IO
P.O. Box 52280

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BUY YOUR M
ASSETS ON
YOUR WALLET
E
USING
WORLD
COUNTERPARTY CREDIT
PROJECT
P.O. Box 52280

SEND AND
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RECEIVE WITH
O
PEER TO PEER M
TRANSFERS OF E
ALL YOUR
WORLD
ASSETS ON CREDIT
YOUR WALLET
USING
PROJECT
COUNTERPARTY
P.O. Box 52280

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WORLD
CREDIT
PROJECT
BUY YOUR ASSETS ON YOUR

WALLET USING COUNTERPARTY
P.O. Box 52280

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WORLD
CREDIT
PROJECT

P.O. Box 52280

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WORLD
CREDIT
PROJECT

P.O. Box 52280

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WORLD
CREDIT
PROJECT
VERIFIED WALLET OF THE WORLD

SECURITY & EXCHANGE AUTHORITY
P.O. Box 52280

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WORLD
CREDIT
PROJECT
SEND & RECEIVE YOUR ASSET WHILE

MOBILE
P.O. Box 52280

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WORLD
CREDIT
PROJECT
TAKE WITH YOUR ACCOUNT WHILE

MOBILE
P.O. Box 52280

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WORLD
CREDIT
PROJECT

MOBILE
P.O. Box 52280

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WORLD
CREDIT
PROJECT

MOBILE
P.O. Box 52280

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THE WORLD CREDIT AUTHORITY IS THE WORLD GOVERNMENT MUTUAL FUND AND IS A
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PROFESSIONALLY MANAGED INVESTMENT FUND THAT POOLS MONEY FROM MANY INVESTORS TO
PURCHASE SECURITIES. THESE INVESTORS MAY BE RETAIL OR INSTITUTIONAL IN NATURE. WE’VE E
DECIDED TO SERVE THE ENTIRE GLOBAL VILLAGE. OUR INVESTMENT MANAGEMENT IS OWNED BY
THE ACCOUNT-SHAREHOLDERS THEMSELVES. THIS BRINGS THE WEALTH RIGHT BACK TO WHERE
IT BELONGS WITH THE EVERYDAY COMMON FOLK AND THEIR FAMILIES. N THE UNITED STATES, WORLD
SECURITIES WHICH HAVE BEEN DELISTED FROM A MAJOR EXCHANGE FOR REASONS OTHER THAN CREDIT
GOING PRIVATE OR LIQUIDATING MAY BE TRADED ON OVER-THE-COUNTER MARKETS LIKE THE
OTC BULLETIN BOARD OR THE PINK SHEETS. THE WORLD OPEN MARKET BULLETIN ALSO KNOWN
AS THE NIBIRU INDEX ALLOWS FOR ANY LEGAL AND LAWFUL TYPE OF PRIVATE & PUBLIC LISTING
ON IT’S FREE OVER THE COUNTER MARKET. THIS PROVIDES LIQUID FOR ALL SUSTAINABLE
DEVELOPMENTS, GOALS, AND PROJECTS GLOBALLY. WE HAVE OUR OWN UNIQUE PROJECT
CALLED THE NOUS PROJECT UN SDG ACTION NO. 27655 AND THE STANDARD BENCHMARK
AGREEMENT TO END WORLD POVERTY.
Q. HOW CAN I BEGIN TRADING WITHOUT ANY MONEY IN MY ACCOUNT?
A. THE CES DOES NOT REQUIRE THAT YOU HAVE ANYTHING IN YOUR ACCOUNT TO BEGIN TRADING.
AS ‘MONEY’ IN THIS SYSTEM IS JUST A BOOK ENTRY OR ‘POINT SCORING’, THERE IS NO NEED FOR
A SUPPLY OF IT. YOU BEGIN EITHER BY GOING INTO DEBIT (NOT DEBT). THIS MEANS YOUR
ACCOUNT HAS A NEGATIVE BALANCE BUT UNLIKE WITH CONVENTIONAL MONEY YOU DO NOT
HAVE TO PAY INTEREST ON IT AND THERE IS NO STIGMA ATTACHED TO IT (UNLESS IT GETS
LARGE AND IS NEVER REDUCED). YOUR DEBIT SIMPLY MEANS THAT YOU OWE THE COMMUNITY
GOODS AND SERVICES TO THE VALUE OF THE DEBIT.
P.O. Box 52280

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WORLD
CREDIT
STEP 1 - OPEN ACCOUNT

Open your World Credit Account
P.O. Box 52280

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WORLD
CREDIT
STEP 2 - CHOOSE ACCOUNT

TYPE
P.O. Box 52280

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WORLD
CREDIT
STEP 3 - TERMS & CONDITIONS

P.O. Box 52280

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WORLD
CREDIT
STEP 4 -BROKER DEALER SIGN UP

Open your World Credit Broker Account
P.O. Box 52280

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WORLD
CREDIT
STEP 4 -SECURITY OFFERING

List your first Security Offering
P.O. Box 52280

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WORLD
CREDIT
STEP 5 - BUY ORDERS (WANTS)

Buy your first Security Offering
P.O. Box 52280

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WORLD
CREDIT
STEP 5 - BUY ORDERS (WANTS)

Buy your first Security Offering
P.O. Box 52280

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Q. WHAT IS THE WORLD OPEN MARKET CES?
THE CES IS ESSENTIALLY AN EXCHANGE SYSTEM. IT ALLOWS US TO EXCHANGE OUR NARROW
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SPECIALISATIONS FOR THE NARROW SPECIALISATIONS OF OTHERS. THE REGULAR MONEY
SYSTEM, OF WHICH WE ARE SO FAMILIAR, IS ANOTHER EXCHANGE SYSTEM. THROUGHOUT
HISTORY THERE HAVE BEEN MANY DIFFERENT EXCHANGE SYSTEMS. ALL OF THEM ASSIST US TO WORLD
OVERCOME THE INCONVENIENCES OF DIRECT BARTER. WHILE THE MONETARY EXCHANGE SYSTEM CREDIT
USES A VALUE REPRESENTATION TO MEDIATE EXCHANGES, THE CES HAS NO SUCH MEDIUM.
INSTEAD IT USES INFORMATION AS THE ORGANISING PRINCIPLE. VALUE IS TRANSFERRED FROM
SELLERS TO BUYERS AND A RECORD IS KEPT OF IT. THESE RECORDS ENSURE THAT BUYERS ‘PAY’
FOR WHAT THEY HAVE RECEIVED BY DOING OR SELLING SOMETHING FOR/TO SOMEONE ELSE.
THIS WORKS JUST AS WELL AS MONEY BUT SETS UP A COMPLETELY DIFFERENT RELATIONSHIP
BETWEEN PEOPLE. IN THE MONETARY EXCHANGE SYSTEM PRODUCTION IS GEARED TOWARDS
MAXIMISING THE AMOUNT OF THE EXCHANGE MEDIUM THAT CAN BE OBTAINED, WHEREAS IN THE
CES PRODUCTION IS GEARED TOWARDS THE SATISFACTION OF NEEDS. THIS IMPARTS A
COMPLETELY DIFFERENT LOGIC IN OUR RELATIONSHIPS WITH EACH OTHER.
Q. WHAT DOES JOINING THE CES MEAN FOR ME?
THE CES IS NOT A CLUB OR ORGANISATION BUT A NEW EXCHANGE OR ‘MONEY’ SYSTEM.
THEREFORE YOU DO NOT ‘JOIN’ AND BECOME A ‘MEMBER’ OF AN ASSOCIATION. YOU REGISTER TO
USE THE CES AS A NEW WAY OF TRADING, WITHOUT USING YOUR NATIONAL CURRENCY. YOU
WILL FEEL THAT YOU ARE PART OF A COMMUNITY BUT THIS IS BECAUSE YOU WILL EXPERIENCE
A DIFFERENT SPIRIT AMONG THE TRADERS OF THE CES. THE CES IS CHARACTERISED BY
OPENNESS, FRIENDLINESS, HONESTY AND TRUST, WHICH IS QUITE DIFFERENT TO WHAT YOUR
ARE LIKELY TO EXPERIENCE IN THE ‘OLD’ MONEY SYSTEM.
P.O. Box 52280
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ALTERNATIVE TRADING SYSTEM (ATS) IS A US AND CANADIAN REGULATORY TERM FOR A NON-
EXCHANGE TRADING VENUE THAT MATCHES BUYERS AND SELLERS TO FIND COUNTERPARTIES WORLD
FOR TRANSACTIONS. ALTERNATIVE TRADING SYSTEMS ARE TYPICALLY REGULATED AS BROKER-
DEALERS RATHER THAN AS EXCHANGES (ALTHOUGH AN ALTERNATIVE TRADING SYSTEM CAN CREDIT
APPLY TO BE REGULATED AS A SECURITIES EXCHANGE). IN GENERAL, FOR REGULATORY
PURPOSES, AN ALTERNATIVE TRADING SYSTEM IS AN ORGANIZATION OR SYSTEM THAT
PROVIDES OR MAINTAINS A MARKET PLACE OR FACILITIES FOR BRINGING TOGETHER
PURCHASERS AND SELLERS OF SECURITIES, BUT DOES NOT SET RULES FOR SUBSCRIBERS (OTHER
THAN RULES FOR THE CONDUCT OF SUBSCRIBERS TRADING ON THE SYSTEM). AN ATS MUST BE
APPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) AND IS AN
ALTERNATIVE TO A TRADITIONAL STOCK EXCHANGE. HE EQUIVALENT TERM UNDER EUROPEAN
LEGISLATION IS A MULTILATERAL TRADING FACILITY (MTF).
THESE VENUES PLAY AN IMPORTANT ROLE IN PUBLIC MARKETS FOR ALLOWING ALTERNATIVE
MEANS OF ACCESSING LIQUIDITY. THEY CAN BE USED FOR TRADING LARGE BLOCKS OF SHARES
AWAY FROM THE NORMAL EXCHANGE, A PRACTICE THAT COULD OTHERWISE SKEW THE MARKET
PRICE IN A PARTICULAR DIRECTION, DEPENDING ON A SECURITY'S MARKET
CAPITALIZATION AND TRADING VOLUME. ATSS ARE GENERALLY ELECTRONIC BUT DON'T HAVE TO
BE. ATSS CAN BE DISTINGUISHED FROM ELECTRONIC COMMUNICATION NETWORKS (ECNS), WHICH
ARE A "FULLY ELECTRONIC SUBSET OF ATSS THAT AUTOMATICALLY AND ANONYMOUSLY MATCH
ORDERS".
P.O. Box 52280

LEGAL DEFINITION
RULE 300(A) OF THE SEC'S REGULATION ATS PROVIDES THE FOLLOWING LEGAL DEFINITION OF
AN "ALTERNATIVE TRADING SYSTEM":
ANY ORGANIZATION, ASSOCIATION, PERSON, GROUP OF PERSONS, OR SYSTEM:
THAT CONSTITUTES, MAINTAINS, OR PROVIDES A MARKET PLACE OR FACILITIES FOR BRINGING
TOGETHER PURCHASERS AND SELLERS OF SECURITIES OR FOR OTHERWISE PERFORMING WITH W
RESPECT TO SECURITIES THE FUNCTIONS COMMONLY PERFORMED BY A STOCK EXCHANGE
WITHIN THE MEANING OF RULE 3B-16 OF THIS CHAPTER; AND
THAT DOES NOT:
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SET RULES GOVERNING THE CONDUCT OF SUBSCRIBERS OTHER THAN THE CONDUCT OF SUCH
SUBSCRIBERS' TRADING ON SUCH ORGANIZATION, ASSOCIATION, PERSON, GROUP OF PERSONS, M
OR SYSTEM; OR
DISCIPLINE SUBSCRIBERS OTHER THAN BY EXCLUSION FROM TRADING.
REGULATION ATS WAS INTRODUCED BY THE SEC IN 1998 AND IS DESIGNED TO PROTECT
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INVESTORS AND RESOLVE ANY CONCERNS ARISING FROM THIS TYPE OF TRADING SYSTEM.
REGULATION ATS REQUIRES STRICTER RECORD KEEPING AND DEMANDS MORE INTENSIVE
REPORTING ON ISSUES SUCH AS TRANSPARENCY ONCE THE SYSTEM REACHES MORE THAN 5% OF WORLD
THE TRADING VOLUME FOR ANY GIVEN SECURITY. CREDIT
SPECIFICALLY, IT REQUIRES THAT AN ALTERNATIVE TRADING SYSTEM COMPLY WITH THE
REPORTING AND RECORD KEEPING REQUIREMENTS RULE 301 (B)(5)(II) OF REG ATS, IF DURING AT
LEAST 4 OF THE PRECEDING 6 CALENDAR MONTHS, SUCH ALTERNATIVE TRADING SYSTEM HAD:
WITH RESPECT TO ANY NMS STOCK, 5 PERCENT OR MORE OF THE AVERAGE DAILY VOLUME IN
THAT SECURITY REPORTED BY AN EFFECTIVE TRANSACTION REPORTING PLAN;
WITH RESPECT TO AN EQUITY SECURITY THAT IS NOT AN NMS STOCK AND FOR WHICH
TRANSACTIONS ARE REPORTED TO A SELF-REGULATORY ORGANIZATION, 5 PERCENT OR MORE OF
THE AVERAGE DAILY TRADING VOLUME IN THAT SECURITY AS CALCULATED BY THE SELF-
REGULATORY ORGANIZATION TO WHICH SUCH TRANSACTIONS ARE REPORTED;
WITH RESPECT TO MUNICIPAL SECURITIES, 5 PERCENT OR MORE OF THE AVERAGE DAILY VOLUME
TRADED IN THE UNITED STATES; OR
WITH RESPECT TO CORPORATE DEBT SECURITIES, 5 PERCENT OR MORE OF THE AVERAGE DAILY
VOLUME TRADED IN THE UNITED STATES.
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AN ELECTRONIC COMMUNICATION NETWORK (ECN) IS A TYPE OF COMPUTERIZED FORUM OR
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NETWORK THAT FACILITATES THE TRADING OF FINANCIAL PRODUCTS OUTSIDE
TRADITIONAL STOCK EXCHANGES. AN ECN IS GENERALLY AN ELECTRONIC SYSTEM THAT WIDELY
DISSEMINATES ORDERS ENTERED BY MARKET MAKERS TO THIRD PARTIES AND PERMITS THE WORLD
ORDERS TO BE EXECUTED AGAINST IN WHOLE OR IN PART. THE PRIMARY PRODUCTS THAT ARE CREDIT
TRADED ON ECNS ARE STOCKS AND CURRENCIES. ECNS ARE GENERALLY PASSIVE COMPUTER-
DRIVEN NETWORKS THAT INTERNALLY MATCH LIMIT ORDERS AND CHARGE A VERY SMALL PER
SHARE TRANSACTION FEE (OFTEN A FRACTION OF A CENT PER SHARE). TO TRADE WITH AN ECN,
ONE MUST BE A SUBSCRIBER OR HAVE AN ACCOUNT WITH A BROKER THAT PROVIDES DIRECT
ACCESS TRADING. ECN SUBSCRIBERS CAN ENTER ORDERS INTO THE ECN VIA A CUSTOM
COMPUTER TERMINAL OR NETWORK PROTOCOLS. THE ECN WILL THEN MATCH CONTRA-SIDE
ORDERS (I.E. A SELL-ORDER IS "CONTRA-SIDE" TO A BUY-ORDER WITH THE SAME PRICE AND
SHARE COUNT) FOR EXECUTION. THE ECN WILL POST UNMATCHED ORDERS ON THE SYSTEM FOR
OTHER SUBSCRIBERS TO VIEW. GENERALLY, THE BUYER AND SELLER ARE ANONYMOUS, WITH
THE TRADE EXECUTION REPORTS LISTING THE ECN AS THE PARTY.
SOME ECN BROKERS MAY OFFER ADDITIONAL FEATURES TO SUBSCRIBERS SUCH AS
NEGOTIATION, RESERVE SIZE, AND PEGGING, AND MAY HAVE ACCESS TO THE ENTIRE ECN BOOK
(AS OPPOSED TO THE "TOP OF THE BOOK") THAT REAL-TIME MARKET DATA REGARDING DEPTH
OF TRADING INTEREST.
ECNS ARE GENERALLY FACILITATED BY ELECTRONIC NEGOTIATION, A TYPE OF COMMUNICATION
BETWEEN AGENTS THAT ALLOWS COOPERATIVE AND COMPETITIVE SHARING OF INFORMATION TO
DETERMINE A PROPER PRICE.
P.O. Box 52280
ECN'S FEE STRUCTURE CAN BE GROUPED IN TWO BASIC STRUCTURES: A CLASSIC STRUCTURE
AND A CREDIT (OR REBATE) STRUCTURE. BOTH FEE STRUCTURES OFFER ADVANTAGES OF THEIR
OWN. THE CLASSIC STRUCTURE TENDS TO ATTRACT LIQUIDITY REMOVERS WHILE THE CREDIT
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STRUCTURE APPEALS TO LIQUIDITY PROVIDERS. HOWEVER, SINCE BOTH REMOVERS AND
PROVIDERS OF LIQUIDITY ARE NECESSARY TO CREATE A MARKET, ECNS MUST CHOOSE THEIR FEE O
STRUCTURES CAREFULLY.
IN A CREDIT STRUCTURE ECNS MAKE A PROFIT FROM PAYING LIQUIDITY PROVIDERS A CREDIT
WHILE CHARGING A DEBIT TO LIQUIDITY REMOVERS. CREDITS RANGE FROM $0.002 TO $0.00295
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PER SHARE FOR LIQUIDITY PROVIDERS, AND DEBITS FROM $0.0025 TO $0.003 PER SHARE FOR
LIQUIDITY REMOVERS. THE FEE CAN BE DETERMINED BY MONTHLY VOLUME PROVIDED AND
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REMOVED, OR BY A FIXED STRUCTURE, DEPENDING ON THE ECN. IN A CLASSIC STRUCTURE, THE
ECN WILL CHARGE A SMALL FEE TO ALL MARKET PARTICIPANTS USING THEIR NETWORK, BOTH
LIQUIDITY PROVIDERS AND REMOVERS. THEY ALSO CAN ATTRACT VOLUME TO THEIR NETWORKS WORLD
BY GIVING LOWER PRICES TO LARGE LIQUIDITY PROVIDERS. FEES FOR ECNS THAT OPERATE CREDIT
UNDER A CLASSIC STRUCTURE RANGE FROM $0 TO $0.0015, OR EVEN HIGHER DEPENDING ON
EACH ECN. THIS FEE STRUCTURE IS MORE COMMON IN THE NYSE, HOWEVER RECENTLY SOME
ECNS HAVE MOVED THEIR NYSE OPERATIONS INTO A CREDIT STRUCTURE. THE TERM ECN WAS
USED BY THE SEC TO DEFINE, "ANY ELECTRONIC SYSTEM THAT WIDELY DISSEMINATES TO THIRD
PARTIES ORDERS ENTERED THEREIN BY AN EXCHANGE MARKET MAKER OR OTC MARKET MAKER,
AND PERMITS SUCH ORDERS TO BE EXECUTED AGAINST IN WHOLE OR IN PART". THE SPREAD OF
ECNS WAS ENCOURAGED THROUGH CHANGES IN REGULATORY LAW SET FORTH BY THE SEC, AND
IN 1975 THE SEC ADOPTED THE SECURITIES ACTS AMENDMENTS OF 1975, ENCOURAGING THE
“LINKING OF ALL MARKETS FOR QUALIFIED SECURITIES THROUGH COMMUNICATION AND DATA
PROCESSING FACILITIES”.
P.O. Box 52280

W
O
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CURRENCY TRADING
E
THE FIRST ECN FOR INTERNET CURRENCY TRADING WAS NEW-YORK BASED MATCHBOOK
FX FORMED IN 1999. BACK THEN, ALL THE PRICES WERE CREATED & SUPPLIED BY MATCHBOOK
FX'S TRADERS/USERS, INCLUDING BANKS, WITHIN ITS ECN NETWORK. THIS WAS QUITE UNIQUE WORLD
AT THE TIME, AS IT EMPOWERED BUY-SIDE FX MARKET PARTICIPANTS, HISTORICALLY ALWAYS
"PRICE TAKERS", TO FINALLY BE PRICE MAKERS AS WELL. TODAY, MULTIPLE FX ECNS PROVIDE CREDIT
ACCESS TO AN ELECTRONIC TRADING NETWORK, SUPPLIED WITH STREAMING QUOTES FROM THE
TOP TIER BANKS IN THE WORLD. THEIR MATCHING ENGINES PERFORM LIMIT CHECKS AND MATCH
ORDERS, USUALLY IN LESS THAN 100 MILLISECONDS PER ORDER. THE MATCHING IS QUOTE
DRIVEN AND THESE ARE THE PRICES THAT MATCH AGAINST ALL ORDERS.
SPREADS ARE DISCRETIONARY BUT IN GENERAL MULTIBANK COMPETITION CREATES 1-2 PIP
SPREADS ON USD MAJORS AND EURO CROSSES. THE ORDER BOOK IS NOT A ROUTING SYSTEM
THAT SENDS ORDERS TO INDIVIDUAL MARKET MAKERS. IT IS A LIVE EXCHANGE TYPE BOOK
WORKING AGAINST THE BEST BID/OFFER OF ALL QUOTES. BY TRADING THROUGH AN ECN, A
CURRENCY TRADER GENERALLY BENEFITS FROM GREATER PRICE TRANSPARENCY, FASTER
PROCESSING, INCREASED LIQUIDITY AND MORE AVAILABILITY IN THE
MARKETPLACE. BANKS ALSO REDUCE THEIR COSTS AS THERE IS LESS MANUAL EFFORT
INVOLVED IN USING AN ECN FOR TRADING.
P.O. Box 52280

A UNIFORM PRICE AUCTION OTHERWISE KNOWN AS A "CLEARING PRICE AUCTION" IS A MULTIUNIT
AUCTION IN WHICH A FIXED NUMBER OF IDENTICAL UNITS OF A HOMOGENOUS COMMODITY ARE
SOLD FOR THE SAME PRICE. EACH BIDDER IN THE AUCTION MAY SUBMIT (POSSIBLY MULTIPLE) W
BIDS, DESIGNATING BOTH THE QUANTITY OF UNITS DESIRED AND THE PRICE HE/SHE IS WILLING
TO PAY PER UNIT. TYPICALLY THESE BIDS ARE SEALED - NOT REVEALED TO THE OTHER BUYERS O
UNTIL THE AUCTION CLOSES. THE AUCTIONEER THEN SERVES THE HIGHEST BIDDER FIRST, GIVING
THEM THE NUMBER OF UNITS REQUESTED, THEN THE SECOND HIGHEST BIDDER AND SO FORTH
UNTIL THE SUPPLY OF THE COMMODITY IS EXHAUSTED. ALL BIDDERS THEN PAY A PER UNIT
M
PRICE EQUAL TO THE LOWEST WINNING BID (THE LOWEST BID OUT OF THE BUYERS WHO
ACTUALLY RECEIVED ONE OR MORE UNITS OF THE COMMODITY) - REGARDLESS OF THEIR ACTUAL E
BID. SOME VARIATIONS OF THIS AUCTION HAVE THE WINNERS PAYING THE HIGHEST LOSING BID
RATHER THAN THE LOWEST WINNING BID.
WORLD
A UNIFORM PRICE AUCTION MAY BE UTILISED TO AGGREGATE A QUANTITY OF UNITS OFFERED BY
MORE THAN ONE SELLER TO MULTIPLE BUYERS. THIS STYLE OF AUCTION, SOMETIMES REFERRED CREDIT
TO AS A CALL MARKET OR DOUBLE AUCTION, SHARES THE CHARACTERISTICS OF AN OPEN
MARKET MECHANISM IN WHICH ALL BUYERS AND ALL SELLERS INTERESTED IN TRADING A
HOMOGENOUS COMMODITY MAY PARTICIPATE SIMULTANEOUSLY. THE CLEARING PRICE
MECHANISM IS OFTEN UTILISED IN A MARKET CONTEXT IN ORDER TO ESTABLISH A BENCHMARK
PRICE INDEX FOR THAT MARKET IN QUESTION. EXAMPLES INCLUDE GOVERNMENT BOND
AUCTIONS, ENERGY MARKET AUCTIONS AND COMPLIANCE CERTIFICATE MARKETS.
IN THEORY, THE UNIFORM-PRICE AUCTION PROVIDES AN INCENTIVE FOR BIDDERS TO BID
INSINCERELY UNLESS EACH BIDDER HAS DEMAND FOR ONLY A SINGLE UNIT. FOR MULTIPLE-UNIT
DEMAND, BIDDERS HAVE AN INCENTIVE TO SHADE THEIR BIDS FOR UNITS OTHER THAN THEIR
FIRST BECAUSE THOSE BIDS MAY INFLUENCE THE PRICE THE BIDDER PAYS. THIS DEMAND
REDUCTION RESULTS IN AN INEFFICIENT EQUILIBRIUM.
P.O. Box 52280

A UNIFORM PRICE AUCTION OTHERWISE KNOWN AS A "CLEARING PRICE AUCTION" IS A MULTIUNIT
AUCTION IN WHICH A FIXED NUMBER OF IDENTICAL UNITS OF A HOMOGENOUS COMMODITY ARE
SOLD FOR THE SAME PRICE. EACH BIDDER IN THE AUCTION MAY SUBMIT (POSSIBLY MULTIPLE) W
BIDS, DESIGNATING BOTH THE QUANTITY OF UNITS DESIRED AND THE PRICE HE/SHE IS WILLING
TO PAY PER UNIT. TYPICALLY THESE BIDS ARE SEALED - NOT REVEALED TO THE OTHER BUYERS O
UNTIL THE AUCTION CLOSES. THE AUCTIONEER THEN SERVES THE HIGHEST BIDDER FIRST, GIVING
THEM THE NUMBER OF UNITS REQUESTED, THEN THE SECOND HIGHEST BIDDER AND SO FORTH
UNTIL THE SUPPLY OF THE COMMODITY IS EXHAUSTED. ALL BIDDERS THEN PAY A PER UNIT
M
PRICE EQUAL TO THE LOWEST WINNING BID (THE LOWEST BID OUT OF THE BUYERS WHO
ACTUALLY RECEIVED ONE OR MORE UNITS OF THE COMMODITY) - REGARDLESS OF THEIR ACTUAL E
BID. SOME VARIATIONS OF THIS AUCTION HAVE THE WINNERS PAYING THE HIGHEST LOSING BID
RATHER THAN THE LOWEST WINNING BID.
WORLD
A UNIFORM PRICE AUCTION MAY BE UTILISED TO AGGREGATE A QUANTITY OF UNITS OFFERED BY
MORE THAN ONE SELLER TO MULTIPLE BUYERS. THIS STYLE OF AUCTION, SOMETIMES REFERRED CREDIT
TO AS A CALL MARKET OR DOUBLE AUCTION, SHARES THE CHARACTERISTICS OF AN OPEN
MARKET MECHANISM IN WHICH ALL BUYERS AND ALL SELLERS INTERESTED IN TRADING A
HOMOGENOUS COMMODITY MAY PARTICIPATE SIMULTANEOUSLY. THE CLEARING PRICE
MECHANISM IS OFTEN UTILISED IN A MARKET CONTEXT IN ORDER TO ESTABLISH A BENCHMARK
PRICE INDEX FOR THAT MARKET IN QUESTION. EXAMPLES INCLUDE GOVERNMENT BOND
AUCTIONS, ENERGY MARKET AUCTIONS AND COMPLIANCE CERTIFICATE MARKETS.
IN THEORY, THE UNIFORM-PRICE AUCTION PROVIDES AN INCENTIVE FOR BIDDERS TO BID
INSINCERELY UNLESS EACH BIDDER HAS DEMAND FOR ONLY A SINGLE UNIT. FOR MULTIPLE-UNIT
DEMAND, BIDDERS HAVE AN INCENTIVE TO SHADE THEIR BIDS FOR UNITS OTHER THAN THEIR
FIRST BECAUSE THOSE BIDS MAY INFLUENCE THE PRICE THE BIDDER PAYS. THIS DEMAND
REDUCTION RESULTS IN AN INEFFICIENT EQUILIBRIUM.
P.O. Box 52280

AN ORDER MATCHING SYSTEM OR SIMPLY MATCHING SYSTEM IS AN ELECTRONIC SYSTEM THAT
MATCHES BUY AND SELL ORDERS FOR A STOCK MARKET, COMMODITY MARKET OR
OTHER FINANCIAL EXCHANGE. THE ORDER MATCHING SYSTEM IS THE CORE OF ALL
ELECTRONIC EXCHANGES AND ARE USED TO EXECUTE ORDERS FROM PARTICIPANTS IN THE
EXCHANGE.
ORDERS ARE USUALLY ENTERED BY MEMBERS OF AN EXCHANGE AND EXECUTED BY A CENTRAL
SYSTEM THAT BELONGS TO THE EXCHANGE. THE ALGORITHM THAT IS USED TO MATCH ORDERS
W
VARIES FROM SYSTEM TO SYSTEM AND OFTEN INVOLVES RULES AROUND BEST EXECUTION.[1]
THE ORDER MATCHING SYSTEM AND IMPLIED ORDER SYSTEM OR IMPLICATION ENGINE IS OFTEN
O
PART OF A LARGER ELECTRONIC TRADING SYSTEM WHICH WILL USUALLY INCLUDE
A SETTLEMENT SYSTEM AND A CENTRAL SECURITIES DEPOSITORY THAT ARE ACCESSED M
BY ELECTRONIC TRADING PLATFORMS. THESE SERVICES MAY OR MAY NOT BE PROVIDED BY THE
ORGANISATION THAT PROVIDES THE ORDER MATCHING SYSTEM.
THE MATCHING ALGORITHMS DECIDES THE EFFICIENCY AND THE ROBUSTNESS OF THE ORDER
E
MATCHING SYSTEM. THERE ARE TWO STATES FOR A MARKET, CONTINUOUS TRADING WHERE
ORDERS ARE MATCHES IMMEDIATELY OR AUCTION WHERE MATCHING IS DONE AT FIXED
INTERVALS. A TYPICAL EXAMPLE WHEN A MATCHING SYSTEMS WORKS IN AUCTION STATE IS AT WORLD
THE MARKET OPEN WHEN A NUMBER OF ORDERS HAVE BUILT UP. ELECTRONIC ORDER MATCHING CREDIT
WAS INTRODUCED IN THE EARLY 1980S IN THE UNITED STATES TO SUPPLEMENT OPEN
OUTCRY TRADING (FOR EXAMPLE THE THEN MID WEST STOCK EXCHANGE (NOW THE CHICAGO
STOCK EXCHANGE) LAUNCHED THE "MAX SYSTEM, BECOMING ONE OF THE FIRST STOCK
EXCHANGES TO PROVIDE FULLY AUTOMATED ORDER EXECUTION" IN 1982). THE TRADING
MECHANISM ON ELECTRONIC EXCHANGES IS AN IMPORTANT COMPONENT THAT HAS A GREAT
IMPACT ON THE EFFICIENCY AND LIQUIDITY OF FINANCIAL MARKETS. THE CHOICE OF MATCHING
ALGORITHM IS AN IMPORTANT PART OF THE TRADING MECHANISM. THE MOST COMMON
MATCHING ALGORITHMS ARE THE PRO-RATA AND PRICE/TIME ALGORITHMS.
COMPARISON OF PRICE/TIME AND PRO-RATA FOLLOWING ARE FEW BASIC REMARKS ABOUT THE
TWO BASIC ALGORITHMS AND THEIR COMPARISON. LARGE LIMIT ORDERS CAN BE "FRONT-RUN"
BY "PENNY JUMPING". FOR EXAMPLE, IF A BUY LIMIT ORDER FOR 100,000 SHARES FOR $1.00 IS
ANNOUNCED TO THE MARKET, MANY TRADERS MAY SEEK TO BUY FOR $1.01. IF THE MARKET
PRICE INCREASES AFTER THEIR PURCHASES, THEY WILL GET THE FULL AMOUNT OF THE PRICE
INCREASE. HOWEVER, IF THE MARKET PRICE DECREASES, THEY WILL LIKELY BE ABLE TO SELL
TO THE LIMIT ORDER TRADER, FOR ONLY A ONE CENT LOSS. THIS TYPE OF TRADING IS PROBABLY
NOT ILLEGAL, AND IN ANY CASE, A LAW AGAINST IT WOULD BE VERY DIFFICULT TO ENFORCE.
P.O. Box 52280

W
O
M
ABOUT THE WSEA - GLOBAL SECURITIES & EXCHANGE INTERGOVERNMENTAL AGENCY
E
THE MISSION OF THE WSEA IS TO PROTECT INVESTORS; MAINTAIN FAIR, ORDERLY, AND
EFFICIENT CENTRALIZED MARKETS ON DECENTRALIZED NETWORKS AND FACILITATE CAPITAL
FORMATION. THE WSEA STRIVES TO PROMOTE A GLOBAL DECENTRALIZED MARKET WORLD
ENVIRONMENT THAT IS WORTHY OF THE PUBLIC’S TRUST.NT. THIS CAN BE DONE WITH ANY CREDIT
ASSET ON THE COUNTERPARTY DECENTRALIZED EXCHANGE.
CURRENT WSEA COMMISSIONERS
THE WORLD SECURITIES AND EXCHANGE AUTHORITY HAS SEVEN COMMISSIONERS WHO ARE
APPOINTED BY THE WORLD PRESIDENT OF THE WORLD GOVERNMENT WITH THE ADVICE AND
CONSENT OF THE HOUSE OF PROGRESS. THEIR TERMS LAST NINE YEARS AND ARE SET SO THAT
ONE COMMISSIONER’S TERM ENDS ON JUNE 26 OF EACH YEAR. THE CHAIRMAN AND
COMMISSIONERS MAY CONTINUE TO SERVE APPROXIMATELY 18 MONTHS AFTER TERMS EXPIRE
IF THEY ARE NOT REPLACED BEFORE THEN. TO ENSURE THAT THE COMMISSION REMAINS NON-
PARTISAN, NO MORE THAN THREE COMMISSIONERS MAY BELONG TO THE SAME POLITICAL
MOVEMENT. THE WORLD PRESIDENT ALSO DESIGNATES ONE OF THE COMMISSIONERS AS
CHAIRMAN, THE WSEA’S TOP EXECUTIVE. WSEA DIVISIONS
WORLD FINANCE
WORLD INVESTMENT MANAGEMENT
WORLD SECURITIES ENFORCEMENT
WORLD TRADING AND MARKETS
WORLD ECONOMIC AND RISK ANALYSIS
P.O. Box 52280
WSEA OFFICES
OFFICE OF HUMAN RESOURCES
SECURITY REGISTRATION OFFICE
OFFICE OF ACQUISITIONS W
OFFICE OF INFORMATION TECHNOLOGY
OFFICE OF ADMINISTRATIVE LAW JUDGES
OFFICE OF INSPECTOR GENERAL
O
OFFICE OF THE CHIEF ACCOUNTANT
OFFICE OF INTERNATIONAL AFFAIRS M
OFFICE OF THE CHIEF OPERATING OFFICER
OFFICE OF THE INVESTOR ADVOCATE
OFFICE OF COMPLIANCE INSPECTIONS AND EXAMINATIONS
E
OFFICE OF INVESTOR EDUCATION & ADVOCACY
OFFICE OF CREDIT RATINGS
OFFICE OF LEGISLATIVE AND INTERGOVERNMENTAL AFFAIRS WORLD
OFFICE OF EQUAL EMPLOYMENT OPPORTUNITY (EEO) CREDIT
OFFICE OF MINORITY AND WOMEN INCLUSION
OFFICE OF THE ETHICS COUNSEL
OFFICE OF MUNICIPAL SECURITIES
OFFICE OF FINANCIAL MANAGEMENT
OFFICE OF PUBLIC AFFAIRS
OFFICE OF THE GENERAL COUNSEL
OFFICE OF THE SECRETARY
OFFICE OF SUPPORT OPERATIONS
P.O. Box 52280

W
O
M
E
THE WORLD SECURITY EXCHANGE AUTHORITY
WORLD
THE FIRST OFFICIAL SELF REGULATING ORGANIZATION (SRO) ON THE BLOCKCHAIN, WE ISSUE CREDIT
DIGITAL STOCK TOKENS FROM ONE WALLET TO ESTABLISH OFFICIAL REGULATION FOR CENTRAL
MARKETS ON THE DECENTRALIZED EXCHANGES! THE WORLD SECURITIES AND EXCHANGE
COMMISSION (WSEC) IS AN INTERDEPENDENT AGENCY OF THE NOOCRATIC WORLD GOVERNMENT.
THE WSEC HOLDS PRIMARY RESPONSIBILITY FOR ENFORCING THE NOOCRATIC SECURITIES LAWS,
PROPOSING SECURITIES RULES, AND REGULATING THE SECURITIES INDUSTRY, FOR ALL
SUPRANATIONAL GOVERNMENT'S STOCK AND OPTIONS EXCHANGES, AND OTHER ACTIVITIES AND
ORGANIZATIONS, INCLUDING THE GLOBAL ELECTRONIC SECURITIES MARKETS IN THROUGHOUT
THE GLOBAL VILLAGE. WE ACCEPT DONATIONS DENOMINATED IN BITCOIN AND IT'S SMART
CONTRACT XCP TOKENS INCLUDED BUT NOT LIMITED TO ALL ISO STANDARD WORLD CURRENCIES
HTTP://OPENMARKETEXCHANGE.ONLINE
HTTP://WORLDCREDIT.ML
HTTPS://T.ME/WORLDDEX
VERIFIED REGISTRATION E-WALLET:
1KY2WRYYRJZQDQJH64F7TR98FQLXJS7LK8
DIRECT REGISTRATION SYSTEM FOR
PUBLIC INDEXES TRUST FUNDS STOCK TREASURIES
P.O. BoxBONDS
52280OPTIONS
FOR MORE INFORMATION ON COUNTERPARTY & BITCOIN’S ORIGINAL SMART CONTRACT
PLATFORM SIMILAR TO ETHEREUM CAN BE FOUND HERE:
HTTPS://COUNTERPARTY.IO/PLATFORM/#WALLET HTTPS://BITCOIN.ORG/EN/RESOURCES
HTTPS://LETSTALKBITCOIN.COM/ABOUT-LTBCOIN HTTPS://COUNTERPARTY.IO/PROJECTS/
W
NOMNI IS AN FEATURED ASSET ON THE DEX FOR COUNTERPARTY. O
HTTPS://XCPDEX.COM/ NEWS ABOUT COUNTERPARTY THE SAFEST SMART CONTRACT LAYER
AND PLATFORM FOR BITCOIN ITSELF.
M
HTTPS://NULLTX.COM/A-BEGINNERS-GUIDE-TOCOUNTERPARTY/? E
FBCLID=IWAR1V9O1QE3VWPFYQATZZ9JY8SRPRSV9AVVG4Y_A9S1W7XUMAEPKSNYZOPME
HTTPS://COINCENTRAL.COM/COUNTERPARTY-XCP-BEGINNERS-GUIDE/ WORLD
CREDIT
HTTPS://HACKED.COM/WHY-INVESTORS-SHOULD-BE-PAYING-ATTENTION-TO-COUNTERPARTY-
XCP/
HTTPS://EN.WIKIPEDIA.ORG/WIKI/COUNTERPARTY_(TECHNOLOGY)
HTTPS://HACKED.COM/WHY-INVESTORS-SHOULD-BE-PAYING-ATTENTION-TO-
COUNTERPARTYXCP/?
FBCLID=IWAR2N1DS9MRBRQDKXJI3G6SEPOJCVEOL4KXRFYDBCHI9PPVQ3JHW0PF1FZ4U
HTTPS://XCHAIN.IO/ADDRESS/18FYNTJG9HDXYVANM67MGGBYO1P7ADCKVG
WORLD TREASURY E-WALLET
P.O. Box 52280

THE WORLD SECURITIES AND TO ENSURE THAT THE COMMISSION
ABOUT US
EXCHANGE AUTHORITY HAS SEVEN REMAINS NON-PARTISAN, NO MORE
COMMISSIONERS WHO ARE THAN THREE COMMISSIONERS MAY
APPOINTED BY THE WORLD BELONG TO THE SAME POLITICAL
PRESIDENT OF THE WORLD MOVEMENT. THE WORLD PRESIDENT
GOVERNMENT WITH THE ADVICE ALSO DESIGNATES ONE OF THE
AND CONSENT OF THE HOUSE OF COMMISSIONERS AS CHAIRMAN, THE
ABOUT THE WSEA - GLOBAL WSEA’S TOP EXECUTIVE. THE WSEA
PROGRESS. THEIR TERMS LAST NINE
SECURITIES & EXCHANGE STRIVES TO PROMOTE A GLOBAL
YEARS AND ARE SET SO THAT ONE
INTERGOVERNMENTAL AGENCY DECENTRALIZED MARKET
COMMISSIONER’S TERM ENDS ON
ENVIRONMENT THAT IS WORTHY OF
THE MISSION OF THE WSEA IS TO JUNE 26 OF EACH YEAR. THE
THE PUBLIC’S TRUST.NT. THIS CAN BE
PROTECT INVESTORS; MAINTAIN CHAIRMAN AND COMMISSIONERS
DONE WITH ANY ASSET ON THE
FAIR, ORDERLY, AND EFFICIENT MAY CONTINUE TO SERVE
COUNTERPARTY DECENTRALIZED
CENTRALIZED MARKETS ON APPROXIMATELY 18 MONTHS AFTER
EXCHANGE.
DECENTRALIZED NETWORKS AND TERMS EXPIRE IF THEY ARE NOT
FACILITATE CAPITAL FORMATION. REPLACED BEFORE THEN.
CURRENT WSEA COMMISSIONERS

World Credit Whitepaper

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+1 832 576 6806

P.O. Box 52280

P.O. Box 52280

P.O. Box 52280

P.O. Box 52280

P.O. Box 52280

P.O. Box 52280

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BUY YOUR ASSETS ON YOUR

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BUY YOUR ASSETS ON YOUR

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BUY YOUR ASSETS ON YOUR

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VERIFIED WALLET OF THE WORLD

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SEND & RECEIVE YOUR ASSET WHILE

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TAKE WITH YOUR ACCOUNT WHILE

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TAKE WITH YOUR ACCOUNT WHILE

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TAKE WITH YOUR ACCOUNT WHILE

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STEP 1 - OPEN ACCOUNT

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STEP 2 - CHOOSE ACCOUNT

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STEP 3 - TERMS & CONDITIONS

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STEP 4 -BROKER DEALER SIGN UP

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STEP 4 -SECURITY OFFERING

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STEP 5 - BUY ORDERS (WANTS)

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STEP 5 - BUY ORDERS (WANTS)

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WE ARE EXPERT CONSULTANTS ON THESE TYPE OF INNOVATIONS AND TECHNOLOGIES.

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