Lupe Verification
Forwarding
is not diligence.
For intermediaries who receive offer documents for bonds, medium term notes and structured paper and pass them on. Lupe cross-checks the pack against public records and returns a sourced discrepancy report — before your name is on the chain.
Size — offer
USD 800,000,000
✕ vs USD 250,000,000 in listing particulars
Custody value
GBP 583,286,924
✕ equals 100.00% at GBP/USD 1.3715
Collateral CUSIP
91282CQG9
✕ issued 8 months after note closed
Venue
Vienna MTF
✕ no trade since listing · limited recourse
The problem is not fraud. It is the chain.
A tearsheet passes through five intermediaries before it reaches a buyer. Nobody opens the 130-page listing particulars sitting next to it. Nobody loads the exchange page. Everyone forwards because the previous person forwarded.
In the end the last name on the chain carries the documents — and the liability. Most discrepancies can be verified in ten minutes. Someone just has to look.
What is checked
Six cross-checks, each against a public source.
01
ISIN and reference data
Does the ISIN exist? Do issuer, currency, denomination and FISN match the offer? Checked via ANNA and OpenFIGI.
02
Exchange and venue
Where is the paper actually listed? Segment, trading history, ranking, reference data — and whether those figures were self-reported by the issuer or checked by the exchange.
03
Offer against prospectus
Size, maturity, coupon, clearing system, named parties: every figure in the tearsheet against the listing particulars, line by line.
04
Collateral
Format and existence of the collateral CUSIP or ISIN. Issue date against the date of the claimed pledge. Who holds the collateral — and for whom?
05
Custody and valuation statements
Implied price at the day's FX rate. Maturity and description against the registry. Holding against the documented maximum size.
06
Counterparties
Registration of issuer, guarantor and collateral manager. Incorporation date, registered address, most recent filed accounts.
From a report
Anonymised. Four findings from one dossier that was forwarded as “verified”.
Size
Offer: USD 800m. Listing particulars: USD 250m maximum principal amount. Exchange reference: USD 860m, “provided by the company”, with no published document behind it.
Custody statement
The stated GBP value equals exactly 100.00% at GBP/USD 1.3715. The 94.78% “mark” calculated by the intermediary rested on an assumed rate of 1.30.
Collateral
The US Treasury named as security was issued eight months after the note closed. Evidence supplied: a public auction announcement and a retail broker screen — no custody statement.
Venue
Offer names DTC and two exchanges. Prospectus names only Euroclear and the Vienna MTF. There: no trade since listing, no bid, no ask, ranking “Limited Recourse”.
What Lupe does not do
- —No view on whether you should buy, sell or broker.
- —No valuation and no price forecast.
- —No confirmation of authenticity — only of consistency with public sources.
- —No review of documents that were not supplied. The report names what is missing.
Lupe describes discrepancies between documents and public records. The decision stays with you and your compliance officer.
How it works
- 01
Submit
You send the pack: tearsheet, prospectus or listing particulars, custody statements, evidence. Up to five documents per dossier.
- 02
Cross-check
Lupe checks every figure against registries, exchange data and the documents themselves. Prepared by machine, released by a person.
- 03
Report
You receive a PDF report: every discrepancy with page reference and source, plus the three questions that decide the case.
Price
Priced for the person who has to sign, not for the person who forwards. Every tier is paid before work starts.
Instrument Check
€490
per instrument
48 hours
- —One instrument, up to 3 documents
- —ISIN, registry and venue cross-check
- —Offer sheet against listing particulars, line by line
- —Sourced PDF report
Full Dossier
€1,200
per dossier
24 hours
- —Up to 8 documents
- —Everything in Instrument Check
- —Collateral, custody and valuation statements
- —Issuer, guarantor and manager records
- —The three questions that decide the case
- —30-minute call on the findings
Desk
from €4,900
per month
same day
- —Up to 8 dossiers a month
- —Named analyst, standing NDA
- —Same-day turnaround
- —Priority on anything time-critical
For reference: an enhanced due-diligence report on a single counterparty runs $600–1,200; a legal review of an instrument pack is billed by the hour. A dossier covers the instrument, the venue, the collateral and the counterparties in one report.
Before you forward.
Upload the pack. We look at every dossier before taking it on and send a payment link within one business day; the report follows within the tier's turnaround.
Prefer email? hello@marktlupe.com