Before go-live, a commodity annex defines each of these
The annex licensee defines these under its own law. The platform enforces what is defined.
| Field | What must be defined | Gold example | Oil example | Status |
|---|---|---|---|---|
| Unit definition | What one unit is. | One fine gram. | One barrel. | Set by the annex licensee. Not defined for any live annex. |
| Legal nature of the unit | Allocated metal, a warehouse claim, title to a quantity, or a payment token. | Set by the annex licensee. Not defined for any live annex. | ||
| Custodian and storage | Who holds the physical commodity, where, and under what agreement. | Vault and custodian. | Tank farm or terminal. | Set by the annex licensee. Not defined for any live annex. |
| Quality standard | The standard the physical stock meets. | LBMA Good Delivery. | Crude grade, API gravity, and sulfur content. | Set by the annex licensee. Not defined for any live annex. |
| Title documents | How title is evidenced. | Bar list and allocation certificate. | Warehouse receipt, bill of lading, inspection certificate. | Set by the annex licensee. Not defined for any live annex. |
| Pricing benchmark | The reference price used for marking. | LBMA Gold Price. | Brent, WTI, or Dubai and Oman. | Set by the annex licensee. Not defined for any live annex. |
| Redemption | Eligibility, timing, minimums, and whether redemption is in kind or in cash. | Set by the annex licensee. Not defined for any live annex. | ||
| Reserve attestation | Cadence and the independent auditor. | Set by the annex licensee. Not defined for any live annex. | ||
| Licensed entity and regulator | The licensed local entity and its regulator in each jurisdiction, including commodity-backed token, warehouse, and commodity rules. | Set by the annex licensee. Not defined for any live annex. |
What the demonstrations show
GLD-S and OIL-S on the domain demos are illustrative units with no claim on any physical commodity. The vault and tank figures on those desks are synthetic.
On chain, a reserve check compares issuance against a posted reserve figure. It does not inspect the physical reserve. Physical assurance comes from the custodian, the title documents, and the independent attestation defined above.
A commodity desk is a commodity annex under a root, or a commodity root if a consortium licenses its own. Only the root sends on a corridor, so an oil annex cannot open one. A route that crosses several JIL hops pays the toll on each hop; see the worked example on fees. The InterOp router that would plan such a route is Designed.
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A briefing covers custody, title, and redemption for your commodity.