Movement Is Not Admission

The July 2026 Global Digital Finance and ISDA tokenized-money-market-fund sandbox demonstrated that test collateral could move through an orchestrated workflow. It did not establish the admission boundary for a live financial instrument. This technical determination tests that missing boundary against seventeen FINOS Common Domain Model requirements, a TFII Record Integrity Profile, three fixed admission-control vectors, and five public tokenized-fund records. Native CDM representation was partial: five requirements passed, three were partial, and nine failed the published native-path test. CDM plus the TFII profile represented all seventeen requirements. The admission control executed PASS, FAIL, and UNKNOWN branches. Every public record remained UNKNOWN because receiver-specific ownership, control, reconciliation, valuation, haircut, custody, and default-access evidence was unavailable. The supported conclusion is exact: successful collateral movement under assumed eligibility is not proof of production admission. No instrument is declared eligible, ineligible, safe, or unsafe.