# BRD-048 — The stock exchange must be a recognised enum value

> A public company's stock exchange must be one of the supported registry values.

- **Rule ID:** BRD-048
- **Layer:** Brand (`BRAND`)
- **Checks:** `brand.stock_exchange`
- **Severity:** BLOCKING — Breaking this rule gets the submission rejected outright.
- **When it bites:** Gates approval — get this wrong and registration is refused
- **How it is detected:** Deterministic (settled in code from the submitted values)
- **Fix type:** Fix the field — a better value in the form clears it
- **Required by:** TCR, Telnyx
- **Applies:** Applies when the brand is a public company.
- **Canonical URL:** https://ekas.io/rules/10dlc/brand/brd-048/

## Why this rule exists

The exchange and symbol together are how a public brand is matched to a listing, so a free-text exchange name matches nothing and drops the brand out of the public-company path it was registered for. People type what they say aloud — "Nasdaq", "New York Stock Exchange" — rather than the code the enum wants.

## How to fix it

Pick the exchange code from the registry list rather than typing the name. Done when the value is one of the short codes — NASDAQ, NYSE, LON, TSX and the rest — in upper case.

## Example of a compliant value

```text
stock_exchange: NASDAQ · stock_symbol: ACME
```