> For the complete documentation index, see [llms.txt](https://city-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://city-protocol.gitbook.io/docs/issuance-and-operation-layer/structured-product-architecture/core-participants.md).

# Core Participants

<table><thead><tr><th width="217.2109375">Participant</th><th>Role</th></tr></thead><tbody><tr><td>Product Issuer / Curator</td><td>Defines the product mandate, methodology, component universe, target weights, fees, liquidity terms, and distribution policy.</td></tr><tr><td>Component Provider</td><td>Supplies an approved TaaS product, VaaS vault, tokenized asset, or whitelisted external component used inside the product.</td></tr><tr><td>Strategy Manager / Rebalancing Operator</td><td>Executes rebalancing or allocation changes only within the approved product rules.</td></tr><tr><td>NAV Signers / Valuation Providers</td><td>Validate component values and product-level NAV according to oracle policy.</td></tr><tr><td>Third-Party Verifier</td><td>Verifies reserves, collateralization, service-provider data, strategy exposure, settlement records, or proof of deployment.</td></tr><tr><td>Governance / Guardian</td><td>Manages high-sensitivity actions such as component approval, parameter changes, emergency pauses, methodology updates, and product wind-down.</td></tr><tr><td>Neofinance Integrator</td><td>Lists the product inside a City Protocol-powered frontend, wallet, exchange, fintech app, or API/SDK integration.</td></tr><tr><td>Product Participant / LP</td><td>Subscribes, holds, monitors, and redeems according to the product's eligibility rules and liquidity terms.</td></tr></tbody></table>