Company: DEFI
Filing Date: 2025-11-04
Form Type: POS AM
Source: 0001999371-25-016766
Chunk: 96

Company: Tidal Commodities Trust I
Filing Date: 2025-11-04
Form: POS AM
Chunk 96
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 2015                                 | New           
 York, NY      | NFDS                          
 Bitlicense,                   
 FinCen MSB                    |
| LMAX          
 Digital       | LMAX                                                                                                                                
 Digital is the institutional crypto currency exchange, operated by LMAX Group. LMAX Digital is regulated by the Gibraltar           
 Financial Services Commission (GFSC) as a DLT provider for execution and custody services                                           | New           
 York, NY      | Gibraltar                     
 Financial Services Commission |
| Kraken        | Kraken                                                                                                                              
 is the product name of the Payward Inc, a United States–based cryptocurrency exchange, founded in 2011                              | San           
 Francisco, CA | FinCen                        
 MSB                           |

To be considered eligible for designation as a “Core Exchange” and be considered an eligible pricing data source, according to the criteria set forth in the Benchmark methodology, an exchange should, at minimum:

| ● | Include                  
 strong forking controls. |

| ● | Have                    
 effective AML controls. |

| ● | Have                                                                                
 a reliable and transparent API that provides real-time and historical trading data. |

78

| ● | Charge                                                                                  
 fees for trading and structure trading incentives that do not interfere with the forces 
 of supply and demand.                                                                   |

| ● | Be                                               
 licensed by a public independent governing body. |

| ● | Include                                                                     
 surveillance for manipulative trading practices and erroneous transactions. |

| ● | Provide                                 
 evidence of a robust IT infrastructure. |

| ● | Demonstrate                 
 active capacity management. |

| ● | Evidence                                       
 cooperation with regulators / law enforcement. |

| ● | Have                                                                                  
 a minimum market representation for trading volume. The market size of an exchange is 
 computed by summing the USD volume of all eligible “digital asset”-”USD”              
 pairs for the month of August each year. Exchanges with less than 0.05% of the total  
 volume in eligible exchanges are eliminated.                                          |

If an exchange meets these standards, the CIOC will conduct further diligence to assess an exchange’s eligibility for designation as a Core Exchange. In the process of conducting diligence of the exchanges, the CIOC will consider additional criteria, including, but not limited to, the exchange’s rules for admitting digital assets, its organizational and ownership structure, security history, and reputation. NYSE Arca will review new Core Exchange candidates throughout the year and announce any new additions when approved. The list of existing Core Exchanges will be recertified by the CIOC at minimum on an annual