> For the complete documentation index, see [llms.txt](https://docs.gyldfinance.com/Qr8kZvavn9Z7Z8ov8REK/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.gyldfinance.com/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/custody-transparency.md).

# Custody & transparency

#### Where the bonds are held

The bonds are held in segregated securities accounts with two regulated custodians: **Alpaca Securities**, in the United States, and **Swissquote**, in Luxembourg. They are held to the order of the Issuer and are subject to the Security Agent's control under an account control agreement with each custodian. See [Collateral & security](/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/collateral-security.md).

The Issuer may use custodians in more than one jurisdiction and may vary the custody arrangements on notice, as set out in the Final Terms or published on its website.

#### Security Agent

**Kroll Trustee Services Limited** acts as Security Agent. It holds a security package over the collateral in each custody account, for the benefit of holders. If the Issuer becomes insolvent, control of the collateral passes to Kroll: the custodian blocks the Issuer's access, Kroll realises the collateral, and the net proceeds are paid pro-rata to holders. See [Collateral & security](/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/collateral-security.md) for how this operates in full.

#### Execution

Bonds are purchased and sold through the same two custodians, **Alpaca Securities** and **Swissquote**, and settle in accordance with each instrument's standard market convention.

#### Proof of reserves

Gyld publishes a daily proof-of-reserves report, confirming that the bonds and cash held in custody match the tokens outstanding. Attestations are provided by **HT Digital**, the digital-assets audit practice of Harris & Trotter LLP, a JFSC-recognised auditor that also carries out the Issuer's annual financial statement audit.

#### Transparency

* Token value is determined against the **reference source** specified in the Final Terms, on each business day. See [NAV model](/Qr8kZvavn9Z7Z8ov8REK/product-mechanics/nav-model.md).
* On-chain, the tokens exist as securities recorded on a ledger; contract addresses and audit reports are published. See [Smart contracts](/Qr8kZvavn9Z7Z8ov8REK/on-chain/smart-contracts.md).
* The Issuer's financial statements are audited annually by **HT Digital**.