VDS CAPITAL, LLC issues its whole book on the register — 48 certificates in four classes: Class P principal dealing for own account, Class A customized fee-paid advisory and fund management, Class F trust and custody, and Class X the market services that clear, quote and transfer the paper.
Own-account investing, royalty and mortgage dealing, venture capital and viaticals — the issuer's own book.
CERT 01 – 09 CLASS AFee-paid customized planning and advice, plus fund, trust, pension and portfolio management.
CERT 10 – 25 CLASS FEstates, trust offices, non-RE escrow and fiduciary agencies, securities custody and trust administration.
CERT 26 – 33 CLASS XClearinghouses, lease and deposit brokers, protective committees, quotation and transfer services.
CERT 34 – 48A certificate means nothing until the registrar signs it. VDS CAPITAL runs the same rule on capital: no position, mandate or transfer exists until the paper behind it exists — the confirmation, the mandate, the trust instrument or the escrow instruction.
Class P is the issuer's own book — dealing as principal at own risk. Classes A and F are the client's side — fee-paid advice, managed funds, trusts and custody under written mandates. Class X is the registrar's bench — clearing, brokering, protecting, quoting and transferring. Class tells you the capacity before the negotiation starts.
Before any transaction or mandate: principal or fiduciary, issuer's book or client's — the class is on the certificate before the position exists.
Customized advisory means the client pays the fee — printed in the mandate like a par value, never buried in spread or markup.
Positions, custodies, trust balances and transfers tie to the register and to statements — unregistered entries don't count.
Bring the mandate, the deal or the question — the reply states plainly which class of paper it prints on.
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