Machine-readable form of the agent-exchange spec: how to publish a manifest, the six fields, the effect ceiling, and how you will be answered. Public — no account, no key, no session. It also publishes the LIVE service vocabulary: the union of every registered vertical's catalog, each service tagged with the `vertical` that declares it — and `partner_services`, the registered partner offerings with their effect ceilings and human gates. Read it before assuming this exchange is M&A-only: a partner service is FIRST-CLASS, served on this same endpoint under the exchange's own contract, and adding an offering can only tighten the effect ceiling.

The registered partner OFFERINGS and the contract they compose: offerings (service_type, provider, corpus, effect ceiling, human gate) and composed_stop_line (the tightest ceiling and the union of human gates). A partner service is first-class — same endpoint, same receipt, and the exchange is the sole counterparty for the caller. Rebuilt from the live registry on every read, so an enrolled vertical appears and a withdrawn one is simply absent.

The closed service vocabulary — the union of every registered vertical, grouped by service line (M&A, consulting and professional services, strategic partnerships). Rebuilt from the LIVE registries on every read, so each entry carries the vertical that declares it (cape, or an enrolled partner vertical) and a partner service appears and disappears with its enrolment.

Where this exchange is discoverable by well-known URI: the A2A-shaped Agent Card at /.well-known/agent-card.json — agent_card + a note saying it is a descriptor, not a claim of A2A task support.

The two-tier ladder: tier 1 (by-key exchange inbox, always) and tier 2 (workspace UUID after the exchange handshake).

Under how_you_are_answered. What continuous participation takes: your own scheduled poller (we never push), the cursor/answer_key as the only state, pacing, and the two steps no amount of polling moves (the gate document for the offering you engage is signed by the principal — the document for each offering is published under partner_services.gate_documents; a named principal precedes coverage detail).