Decentralised News · Editorial by Heath Muchena · Evidence reviewed 12 November 2026 · Edition 1.0
What Matters
A biodiversity credit listed for sale does not tell you what someone will pay for a credit you already own. The unit, transfer rights, buyer commitment and available quantity all matter. DN’s Biodiversity Exit Ladder tests supplied bid scenarios, leaves unmatched units unvalued and excludes asks or expired quotes. It does not invent a market-wide liquidity score from a storefront.
Evidence Block
Evidence reviewed: 12 November 2026. Sources include the Biodiversity Credit Alliance, the 2025 high-level market principles and Regen’s protocol documentation. No live order book, counterparty funding or executed transaction sample was collected. All quoted prices in the worked example are fictional. The tool performs conditional arithmetic on user inputs; it does not assess ecological quality, establish legal ownership or execute a sale.
A marketplace can display a credit, a compelling project description and a price. That makes the purchase proposition visible. It does not establish an exit route for a holder who needs to sell a particular batch next week. The two questions require different evidence: a seller’s offer to supply units and a buyer’s commitment to acquire yours.
This distinction becomes more important when an automated portfolio system treats every token as if it had a continuously available trading market. A transferable representation can move through software while the underlying product remains specific to a place, methodology and contractual arrangement. The exit test must begin with that product, not the shape of its wallet icon.
Claim versus real data: a displayed price is only one side
| Observation | What it tells you | What it does not establish |
|---|---|---|
| A project offers 100 credits at $14 | A stated seller asking price | A buyer for your existing holding |
| A broker discusses a possible $12 price | Indicative interest under stated assumptions | A funded, executable bid |
| A buyer supplies a time-limited bid for 40 matching units | Conditional demand for that quantity | Demand for the rest of your portfolio |
| A previous transaction occurred | A historical exchange under its own terms | Current depth, transfer eligibility or future execution |
Those distinctions are the foundation of DN’s local calculator. Its result is deliberately narrower than “this market is liquid.” It tells you how much of a specified holding the eligible quotes you entered would cover, if their terms are accurate and executable together.
Identify the credit before comparing its price
The Biodiversity Credit Alliance’s May 2024 definition describes a credit in terms of an evidenced positive biodiversity outcome, including durability and additionality. It is a market-development definition, not a grant of legal title to land or a universal property-rights code. Source: BCA definition paper.
The BCA’s February 2026 metrics discussion explains why biodiversity outcomes depend on ecological context and cannot simply be reduced to one universally interchangeable unit. A hectare, a monitored outcome and a credit issued under a particular methodology may represent different things. Matching the word “biodiversity” on two listings is not enough. Source: BCA biodiversity credit metrics paper.
Build the product description from the actual documents: program, methodology version, project, batch or issuance period, unit definition and current status. Then identify what the holder can transfer and what a purchaser can claim. A certificate, a registry entry, a token and a contract can describe connected interests without being interchangeable documents.
For the calculator, use one non-sensitive alias for that precisely defined product. The “same unit and rights” selection is a user assertion made after this review. The tool cannot read a contract or decide that credits from different projects are ecologically equivalent. If the comparison has not been established, select unknown and leave the quote outside the calculation.
Read the marketplace mechanism, not just the landing page
Regen Ledger’s current ecocredit concepts document describes a storefront: holders create sell orders and buyers act on particular offers. Its documentation also distinguishes tradable and retired balances, identifies batches, and limits credit fungibility to the same batch. A storefront mechanism is not evidence of a standing buyer-side order book for every listed credit. Source: Regen Ledger concepts.
The practical consequence is simple. Seeing several offers to sell does not tell a current holder how much they could receive. A trader would need separate buyer interest, the permitted transfer path and settlement terms. DN’s bid ladder is an analytical worksheet for such evidence; it is not a claim that Regen exposes the three bids used in our example.
Regen’s registry catalog includes a biodiversity category and a Terrasos protocol entry. That is evidence of a documented crediting route, not a measured secondary-market spread or turnover rate. This article does not infer liquidity from the existence of the catalog. Source: Regen crediting protocols.
A basket creates another comparison problem. Software may allow pooled representations to circulate under defined rules while the underlying projects retain different ecological attributes. Ask exactly what the buyer receives and what can be redeemed. Do not substitute a basket token’s price for a bid on a particular underlying batch without a supported conversion path.
Transferable, retired and claimable are separate questions
Regen’s published Program Guide version 1.1, dated August 2023, distinguishes tradable credits from retired credits and describes retired units as unavailable for subsequent transfer or sale. We use that dated guide for its stated program mechanics, not as evidence of current trading volume or of every feature proposed at the time. Source: Regen Registry Program Guide v1.1.
The DN tool withholds its valuation whenever the entered transfer state is retired or unknown. That is a protective model boundary. It does not determine the legal status of a credit across every registry, or establish that a token still visible in a wallet carries an independently transferable claim.
For a proposed secondary trade, examine restrictions and any continuing obligations. Who must appear in the registry? Does the transfer preserve project attribution? What claims, if any, can the buyer make? What happens to benefit-sharing obligations? These questions can change the product being offered even when two screenshots show the same nominal quantity.
The July 2025 high-level principles address safeguards for secondary trading, including traceability to the originator, transparent benefit sharing and protection against double counting. These are voluntary market principles, not a finding that a particular transfer complies with local law. Source: 2025 high-level biodiversity credit market principles.
Use the DN Biodiversity Exit Ladder
DN Biodiversity Exit Ladder
A supplied-bid scenario, not a live market feed. Only enter independent quotes for one unit and rights package. Eligible bids are assumed simultaneously available and partially fillable. Use aliases, not private counterparty details.
Version 1.0 · Source review 12 November 2026. No live data, independent verification, account connection or upload. Tool calculations run locally and make no external requests.
Enter a scenario or load the constructed example.
Displayed values are rounded; the JSON export retains calculation precision. The creation timestamp is not an evidence-verification timestamp. Any input edit invalidates the previous result. Keep personal information and private documents out of this worksheet.
Enter one product alias, a target quantity, a reported transfer state, a quote-comparison timestamp and a simple fee schedule. The three quote rows distinguish firm bids, indicative bids, asks, unknown direction and unused rows. Each active row also needs quantity, price, a unique alias, a matching-unit assertion and an expiry time.
The tool includes only rows entered as firm buying bids for the same unit and rights, with expiry later than the comparison time. It sorts those eligible rows by price and fills the target quantity from the highest price down. This is a scenario assumption: eligible bids must be independently available, simultaneously executable and capable of partial fills. A minimum lot or all-or-nothing condition requires another model.
Asks, indicative interest, unknown matches and expired quotes remain visible in the exported assessments with exclusion reasons. A timestamp makes the comparison reproducible; it does not prove a quote existed at that moment. The instrument makes no external request to check the counterparty, registry or venue.
A worked exit that leaves thirty units unvalued
Constructed example: you enter 100 tradable units of one fictional batch. Buyer A’s stated firm bid covers 40 at $12. Buyer B’s covers 30 at $10. Both are entered as matching the batch and unexpired at the comparison time. A third row offers to sell 100 at $14. That third row is an ask, so it contributes no buyer demand.
The eligible scenario fills 70 units and leaves 30 unmatched. Gross proceeds on the filled portion are 40 × $12 plus 30 × $10, or $780. The weighted price of the filled units is approximately $11.14. With a user-entered 100-basis-point fee and a $2 fixed charge, modeled fees total $9.80 and net proceeds are $770.20.
The tool does not multiply the remaining 30 units by $10, $11.14 or the $14 ask. None of those operations would establish an exit price for the unfilled balance. The displayed 70% is coverage from the supplied eligible bids, not a market-wide liquidity rating or a probability of execution.
If both bids expire, coverage from those inputs becomes zero and proceeds are withheld. That says the supplied record contains no eligible current bid at the chosen time. It does not say the wider market has no buyers or that the holding is worthless. If fees exceed modeled proceeds, the negative net result stays visible rather than being silently floored at zero.
Turn an attractive quote into a settlement question
The next review is operational. Establish who is making the bid, whether the quantity is still available and whether several quotes depend on the same buyer or funding pool. A duplicated quote does not become additional depth because two intermediaries forward it. The tool rejects duplicate aliases, but identifying economically duplicated demand remains a human evidence task.
Then reconcile settlement. Confirm the payment currency, registry transfer procedure, delivery timing, retirement setting and failed-settlement treatment. The simple dollar fee fields cannot represent every venue charge, currency conversion, tax or negotiated condition. If a quote depends on a condition that the holding cannot meet, exclude it rather than compensating with a guessed discount.
Finally, separate exit readiness from ecological assessment. A buyer’s willingness to pay is not proof of additionality, durable outcomes, community consent or a valid environmental claim. Conversely, credible project evidence does not create a buyer. Procurement and trading teams need both reviews, with each retaining its own conclusion.
DN’s registry retirement reconciliation addresses the evidence linking carbon tokens to retirement records. The present instrument answers a different question: which supplied bids might absorb an existing biodiversity holding? Neither a carbon retirement method nor a token burn should be copied into this market as a universal rights rule.
Methodology and limits
The calculation is a descending-price fill across at most three entered quote rows. Gross proceeds are the sum of filled quantity times price. Variable fees are gross proceeds multiplied by the entered basis points divided by 10,000. A fixed charge applies only when there is a modeled fill. Weighted price divides gross proceeds by filled units, never by the whole holding.
The model assumes one dollar-denominated product, compatible quantities and independently executable partial fills. It does not discover bids, validate documents, model price impact beyond the supplied rows or verify counterparty credit. An unknown transfer state blocks the monetary scenario; missing eligible quotes leave monetary outputs null. Those are explicit limitations rather than a numerical penalty.
The downloadable JSON includes the version, entered comparison time, quote exclusions, fill assumptions and a record-creation timestamp. Creation is not verification. Any edit invalidates the prior result. Use aliases rather than counterparty names or private contract references in this public worksheet, and keep the supporting documents in the appropriate controlled system.
Frequently Asked Questions
Why cannot I use the marketplace asking price?
An ask describes what a seller seeks. Your exit needs a buyer willing and able to acquire the specific units on compatible terms. The calculator therefore excludes asks from demand.
Does a matching token symbol establish a matching credit?
No. Review the program, batch, unit, status and transferable rights. The tool relies on your matching assertion and cannot establish ecological or legal equivalence.
Can the output value the entire holding?
Only the portion covered by supplied eligible bids receives a conditional proceeds calculation. Unfilled units remain unvalued; they are not assumed to be worthless.
Is this an execution tool or investment recommendation?
No. It has no wallet connection, live market feed or order submission. It is a bounded quote-comparison scenario, not advice to acquire or sell a credit.
Corrections and change log
Send corrections with the relevant program version, quote definition, source and affected passage to press@decentralised.news. 12 November 2026, version 1.0: introduced a supplied-bid exit ladder with explicit unfilled quantities and transfer-state gates. No live liquidity, spread, adoption or project-quality rating is claimed.
Published schema and illustrative record
The schema documents this instrument’s JSON format. The example below contains constructed illustrative inputs and outputs; it is not a provider measurement, verified case or live dataset. The instrument above creates a separate record from the inputs you choose. These resources do not establish an API or an automatic monitoring service.
JSON Schema — dn.biodiversity-exit-ladder.v1
Schema version 1.0.0. The schema identifier is a versioned reference, not an asserted network endpoint.
{
"$schema": "https://json-schema.org/draft/2020-12/schema",
"$id": "urn:dn:biodiversity-exit-ladder:v1",
"title": "DN Biodiversity Exit Ladder Record",
"description": "An offline user-supplied scenario, not independently verified measurements or a legal conclusion. Conditional arithmetic invariants are enforced by logic.js and tested separately.",
"type": "object",
"additionalProperties": false,
"required": [
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"instrument",
"sourceReviewDate",
"recordCreatedAt",
"evidenceVerifiedAt",
"inputBasis",
"externalRequestsMadeByTool",
"inputs",
"quoteAssessments",
"scenario",
"unresolvedIssues",
"limitations",
"sourceRefs"
],
"properties": {
"schemaVersion": {
"const": "1.0.0"
},
"instrument": {
"const": "dn.biodiversity-exit-ladder"
},
"sourceReviewDate": {
"const": "2026-11-12"
},
"recordCreatedAt": {
"type": "string",
"format": "date-time",
"pattern": "^\\d{4}-\\d{2}-\\d{2}T\\d{2}:\\d{2}:\\d{2}\\.\\d{3}Z$"
},
"evidenceVerifiedAt": {
"const": null
},
"inputBasis": {
"const": "user_supplied_scenario"
},
"externalRequestsMadeByTool": {
"const": false
},
"inputs": {
"type": "object",
"additionalProperties": false,
"required": [
"productAlias",
"targetUnits",
"transferState",
"asOfUtc",
"feeBps",
"fixedFeeUsd",
"quotes"
],
"properties": {
"productAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"targetUnits": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"transferState": {
"type": "string",
"enum": [
"tradable",
"retired",
"unknown"
]
},
"asOfUtc": {
"type": "string",
"format": "date-time",
"pattern": "^\\d{4}-\\d{2}-\\d{2}T\\d{2}:\\d{2}:\\d{2}\\.\\d{3}Z$"
},
"feeBps": {
"type": "number",
"minimum": 0,
"maximum": 10000
},
"fixedFeeUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000
},
"quotes": {
"type": "array",
"items": {
"type": "object",
"additionalProperties": false,
"required": [
"quoteAlias",
"direction",
"sameUnit",
"quantity",
"priceUsd",
"expiresAtUtc"
],
"properties": {
"quoteAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"direction": {
"type": "string",
"enum": [
"unused",
"firm_bid",
"indicative_bid",
"ask",
"unknown"
]
},
"sameUnit": {
"type": "string",
"enum": [
"yes",
"no",
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]
},
"quantity": {
"anyOf": [
{
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"maximum": 1000000,
"exclusiveMinimum": 0
},
{
"type": "null"
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]
},
"priceUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
{
"type": "null"
}
]
},
"expiresAtUtc": {
"anyOf": [
{
"type": "string",
"format": "date-time",
"pattern": "^\\d{4}-\\d{2}-\\d{2}T\\d{2}:\\d{2}:\\d{2}\\.\\d{3}Z$"
},
{
"type": "null"
}
]
}
},
"allOf": [
{
"if": {
"properties": {
"direction": {
"const": "unused"
}
}
},
"then": {
"properties": {
"sameUnit": {
"const": "unknown"
},
"quantity": {
"const": null
},
"priceUsd": {
"const": null
},
"expiresAtUtc": {
"const": null
}
}
},
"else": {
"properties": {
"quantity": {
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"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
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"priceUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
}
}
}
}
]
},
"minItems": 3,
"maxItems": 3
}
}
},
"quoteAssessments": {
"type": "array",
"items": {
"type": "object",
"additionalProperties": false,
"required": [
"quoteAlias",
"eligibleOnEnteredTerms",
"excludedReasons"
],
"properties": {
"quoteAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"eligibleOnEnteredTerms": {
"type": "boolean"
},
"excludedReasons": {
"type": "array",
"items": {
"type": "string",
"enum": [
"unused_row",
"not_entered_as_firm_buy_bid",
"same_unit_and_rights_not_confirmed",
"expiry_unknown",
"expired_at_comparison_time"
]
},
"minItems": 0,
"maxItems": 4
}
}
},
"minItems": 3,
"maxItems": 3
},
"scenario": {
"anyOf": [
{
"type": "object",
"additionalProperties": false,
"required": [
"eligibleQuotedUnits",
"filledUnits",
"unfilledUnits",
"suppliedBidCoveragePct",
"grossProceedsUsd",
"weightedFilledPriceUsd",
"variableFeeUsd",
"appliedFixedFeeUsd",
"netProceedsUsd",
"fills"
],
"properties": {
"eligibleQuotedUnits": {
"type": "number",
"minimum": 0,
"maximum": 3000000
},
"filledUnits": {
"type": "number",
"minimum": 0,
"maximum": 1000000
},
"unfilledUnits": {
"type": "number",
"minimum": 0,
"maximum": 1000000
},
"suppliedBidCoveragePct": {
"type": "number",
"minimum": 0,
"maximum": 100
},
"grossProceedsUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000000000
},
{
"type": "null"
}
]
},
"weightedFilledPriceUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000
},
{
"type": "null"
}
]
},
"variableFeeUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000000000
},
{
"type": "null"
}
]
},
"appliedFixedFeeUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000
},
{
"type": "null"
}
]
},
"netProceedsUsd": {
"anyOf": [
{
"type": "number",
"minimum": -1000000,
"maximum": 1000000000000
},
{
"type": "null"
}
]
},
"fills": {
"type": "array",
"items": {
"type": "object",
"additionalProperties": false,
"required": [
"quoteAlias",
"quantity",
"priceUsd",
"grossUsd"
],
"properties": {
"quoteAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"quantity": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"priceUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"grossUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000000000
}
}
},
"minItems": 0,
"maxItems": 3
}
},
"allOf": [
{
"if": {
"properties": {
"filledUnits": {
"const": 0
}
}
},
"then": {
"properties": {
"grossProceedsUsd": {
"const": null
},
"weightedFilledPriceUsd": {
"const": null
},
"variableFeeUsd": {
"const": null
},
"appliedFixedFeeUsd": {
"const": null
},
"netProceedsUsd": {
"const": null
},
"fills": {
"type": "array",
"items": {
"type": "object",
"additionalProperties": false,
"required": [
"quoteAlias",
"quantity",
"priceUsd",
"grossUsd"
],
"properties": {
"quoteAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"quantity": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"priceUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"grossUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000000000
}
}
},
"minItems": 0,
"maxItems": 0
}
}
},
"else": {
"properties": {
"grossProceedsUsd": {
"type": "number"
},
"weightedFilledPriceUsd": {
"type": "number"
},
"variableFeeUsd": {
"type": "number"
},
"appliedFixedFeeUsd": {
"type": "number"
},
"netProceedsUsd": {
"type": "number"
}
}
}
}
]
},
{
"type": "null"
}
]
},
"unresolvedIssues": {
"type": "array",
"items": {
"type": "string"
}
},
"limitations": {
"type": "array",
"items": {
"type": "string"
},
"minItems": 4,
"maxItems": 5
},
"sourceRefs": {
"const": [
"BCA-DEFINITION-2024",
"BCA-METRICS-2026",
"HLP-2025",
"REGEN-CONCEPTS",
"REGEN-PROGRAM-1.1",
"REGEN-PROTOCOLS"
]
}
},
"allOf": [
{
"if": {
"properties": {
"inputs": {
"properties": {
"transferState": {
"const": "tradable"
}
}
}
}
},
"then": {
"properties": {
"scenario": {
"type": "object",
"additionalProperties": false,
"required": [
"eligibleQuotedUnits",
"filledUnits",
"unfilledUnits",
"suppliedBidCoveragePct",
"grossProceedsUsd",
"weightedFilledPriceUsd",
"variableFeeUsd",
"appliedFixedFeeUsd",
"netProceedsUsd",
"fills"
],
"properties": {
"eligibleQuotedUnits": {
"type": "number",
"minimum": 0,
"maximum": 3000000
},
"filledUnits": {
"type": "number",
"minimum": 0,
"maximum": 1000000
},
"unfilledUnits": {
"type": "number",
"minimum": 0,
"maximum": 1000000
},
"suppliedBidCoveragePct": {
"type": "number",
"minimum": 0,
"maximum": 100
},
"grossProceedsUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000000000
},
{
"type": "null"
}
]
},
"weightedFilledPriceUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000
},
{
"type": "null"
}
]
},
"variableFeeUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000000000
},
{
"type": "null"
}
]
},
"appliedFixedFeeUsd": {
"anyOf": [
{
"type": "number",
"minimum": 0,
"maximum": 1000000
},
{
"type": "null"
}
]
},
"netProceedsUsd": {
"anyOf": [
{
"type": "number",
"minimum": -1000000,
"maximum": 1000000000000
},
{
"type": "null"
}
]
},
"fills": {
"type": "array",
"items": {
"type": "object",
"additionalProperties": false,
"required": [
"quoteAlias",
"quantity",
"priceUsd",
"grossUsd"
],
"properties": {
"quoteAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"quantity": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"priceUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"grossUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000000000
}
}
},
"minItems": 0,
"maxItems": 3
}
},
"allOf": [
{
"if": {
"properties": {
"filledUnits": {
"const": 0
}
}
},
"then": {
"properties": {
"grossProceedsUsd": {
"const": null
},
"weightedFilledPriceUsd": {
"const": null
},
"variableFeeUsd": {
"const": null
},
"appliedFixedFeeUsd": {
"const": null
},
"netProceedsUsd": {
"const": null
},
"fills": {
"type": "array",
"items": {
"type": "object",
"additionalProperties": false,
"required": [
"quoteAlias",
"quantity",
"priceUsd",
"grossUsd"
],
"properties": {
"quoteAlias": {
"type": "string",
"minLength": 1,
"maxLength": 64
},
"quantity": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"priceUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000,
"exclusiveMinimum": 0
},
"grossUsd": {
"type": "number",
"minimum": 0,
"maximum": 1000000000000
}
}
},
"minItems": 0,
"maxItems": 0
}
}
},
"else": {
"properties": {
"grossProceedsUsd": {
"type": "number"
},
"weightedFilledPriceUsd": {
"type": "number"
},
"variableFeeUsd": {
"type": "number"
},
"appliedFixedFeeUsd": {
"type": "number"
},
"netProceedsUsd": {
"type": "number"
}
}
}
}
]
}
}
},
"else": {
"properties": {
"scenario": {
"const": null
}
}
}
}
]
}Illustrative example JSON record
This fixed example is published for inspection and integration testing. Its record timestamp is not an evidence-verification timestamp.
{
"schemaVersion": "1.0.0",
"instrument": "dn.biodiversity-exit-ladder",
"sourceReviewDate": "2026-11-12",
"recordCreatedAt": "2026-11-12T12:00:00.000Z",
"evidenceVerifiedAt": null,
"inputBasis": "user_supplied_scenario",
"externalRequestsMadeByTool": false,
"inputs": {
"productAlias": "Fictional biodiversity batch A",
"targetUnits": 100,
"transferState": "tradable",
"asOfUtc": "2026-11-12T12:00:00.000Z",
"feeBps": 100,
"fixedFeeUsd": 2,
"quotes": [
{
"quoteAlias": "Fictional buyer A",
"direction": "firm_bid",
"sameUnit": "yes",
"quantity": 40,
"priceUsd": 12,
"expiresAtUtc": "2026-11-12T13:00:00.000Z"
},
{
"quoteAlias": "Fictional buyer B",
"direction": "firm_bid",
"sameUnit": "yes",
"quantity": 30,
"priceUsd": 10,
"expiresAtUtc": "2026-11-12T13:00:00.000Z"
},
{
"quoteAlias": "Fictional seller C",
"direction": "ask",
"sameUnit": "yes",
"quantity": 100,
"priceUsd": 14,
"expiresAtUtc": "2026-11-12T13:00:00.000Z"
}
]
},
"quoteAssessments": [
{
"quoteAlias": "Fictional buyer A",
"eligibleOnEnteredTerms": true,
"excludedReasons": []
},
{
"quoteAlias": "Fictional buyer B",
"eligibleOnEnteredTerms": true,
"excludedReasons": []
},
{
"quoteAlias": "Fictional seller C",
"eligibleOnEnteredTerms": false,
"excludedReasons": [
"not_entered_as_firm_buy_bid"
]
}
],
"scenario": {
"eligibleQuotedUnits": 70,
"filledUnits": 70,
"unfilledUnits": 30,
"suppliedBidCoveragePct": 70,
"grossProceedsUsd": 780,
"weightedFilledPriceUsd": 11.1428571428571,
"variableFeeUsd": 7.8,
"appliedFixedFeeUsd": 2,
"netProceedsUsd": 770.2,
"fills": [
{
"quoteAlias": "Fictional buyer A",
"quantity": 40,
"priceUsd": 12,
"grossUsd": 480
},
{
"quoteAlias": "Fictional buyer B",
"quantity": 30,
"priceUsd": 10,
"grossUsd": 300
}
]
},
"unresolvedIssues": [
"Unfilled units are left unvalued; the final supplied bid price is not extended to them.",
"One or more supplied rows were excluded from the fill calculation; inspect their reasons."
],
"limitations": [
"Quotes, unit equivalence, rights and transfer status are user assertions, not independently verified market data.",
"The calculation assumes eligible bids are simultaneously available, independent, partially fillable and executable in descending price order; it does not verify counterparty funding or settlement.",
"Quoted demand is not a guarantee of execution. Unfilled units are not marked to the last price.",
"Fees are a simplified user-entered schedule; tax, currency conversion, minimum lots and venue-specific costs are excluded.",
"This instrument does not certify ecological quality, legal ownership, benefit sharing or permission to make an offset claim."
],
"sourceRefs": [
"BCA-DEFINITION-2024",
"BCA-METRICS-2026",
"HLP-2025",
"REGEN-CONCEPTS",
"REGEN-PROGRAM-1.1",
"REGEN-PROTOCOLS"
]
}
