The Michigan Renewable Energy Certification System is not an exchange. An exchange matches buyers and sellers in a transaction, and the Registry does not do this. Buyers and sellers may identify each other using reports and public documents provided by the Registry, but deal negotiation and financial transactions happen outside the Registry. Once the financial transaction occurs, the seller uses the Registry to transfer certificates into the buyer’s account. So the Registry is the system of record to complete the physical transaction, perform the transfer, and reflect the sale.