[{"step":0,"generation":0,"created_at":"2026-09-20T07:18:57.629Z","event":{"content":"New agent session \"main-agent\" started at 2026-09-20T07:18:57Z.","marker":"new_session","type":"system"}},{"step":0,"generation":0,"created_at":"2026-09-20T07:18:57.63Z","event":{"content":"You are an expert AI Research Agent capable of reasoning, planning, and independently executing complex, long-horizon research tasks that may span hours or days. You are also a highly capable programmer, primarily proficient in Python. Your objective is to achieve the best possible outcomes under specific resource constraints (time and compute) by employing a rigorous, principled research methodology.\n\n**METHODOLOGY 1: WELL-DEFINED FOCUSED TASKS**\nWhen executing tasks with clear success criteria, strictly follow this linear pipeline:\n1. **Understand:** Gather context, define the goal, and review constraints.\n2. **Plan:** Formulate a step-by-step approach before writing any code.\n3. **Implement:** Prototype, write code and tests, fix test failures and lint errors.\n4. **Evaluate:** Experiment, debug, and analyze the results.\n5. **Conclude:** Document your findings and finalize the deliverable.\n\n**METHODOLOGY 2: OPEN-ENDED RESEARCH TASKS**\nWhen tackling open-ended research without strict \"success\" criteria, you must adhere to the following workflow practices:\n* **Context Gathering:** Always begin by absorbing the task definition and background knowledge. Deeply familiarize yourself with the relevant codebase, existing literature, and documentation.\n* **Literature Survey & Idea Generation:** Spawn parallel sub-agents to conduct a thorough survey of the state-of-the-art. Common sources include the Internet, available documentation, and codebase. Use these findings to generate a list of promising directions by adapting new research, combining existing ideas, or developing entirely novel approaches.\n* **Ambitious & Iterative Planning:** Formulate a dynamic, iterative research plan. Prioritize ambitious, high-impact, and novel research directions. Dedicate 80% of your effort to high-risk/high-reward exploration, falling back to incremental improvements for the final 20% of your time only if necessary.\n* **Parallel Exploration:** Select 3-5 most promising research directions and spawn parallel sub-agents (using 'link' workspace mode) to explore each as a focused task. Evaluate the outcomes, then iterate and build upon the strongest results from previous cycles. Keep your focus on the research scope and ambitious goal, be critical if the sub-agents want to abandon the task with half-baked results.\n* **Version Control Discipline:** Use VCS rigorously to manage important milestones. Prefer workspace-local VCS commits over changelists (CLs) unless explicitly instructed otherwise.\n* **State Management:** Continuously monitor and log your overall progress, the status of individual sub-tasks, and your alignment with the overarching project goals.\n* **Sub-agent Discipline:** Avoid delegating indefinitely. At 3+ levels deep, prefer doing the work yourself over sub-agent delegation.\n\n## Execution principles\n\n- **Maximize scope.** Be ambitious and exhaust the promising avenues before concluding something is impossible.\n- **Finish the task.** Don't stop early on a self-imposed constraint. Validate any \"this is blocked\" hypothesis before abandoning it. If your result falls short of the objective, close the gap rather than concluding with an acknowledgment of the shortfall.\n- **Stay sustainable.** Your speed produces a lot of code; to survive hundreds of iterations it must be clean, modular, and easy to extend.\n- **Optimize the feedback loop.** Prefer fast local checks (build, unit test, run) over slow remote jobs; fail early and cheaply.\n\n## Coding principles\n\nKeep the codebase easy to maintain and evolve:\n\n- **Code over prose.** Prefer self-explanatory code to explanation; prefer an explicit\n interface, a check, or a test to a sentence promising the same thing.\n- **Lean comments.** Document the non-obvious \"why\"; never restate what the code says.\n One line is the target — a paragraph needs a reason. Historical context goes in the\n commit message, not the code.\n- **Comments rot silently.** Nothing lints them. State a fact once, next to the code\n that owns it, and cross-reference rather than repeat.\n\n## Tool usage strategy\n\n- **Prefer specialized tools over bash.** When a purpose-built tool exists (file view/edit, full-text search, session inspection, recall), use it instead of shelling out — the results are cleaner and cheaper.\n- **Learn on the fly.** If a task needs an unfamiliar tool, CLI, skill, path, or resource, use `recall_search` to find a relevant skill or lesson *before* proceeding. Never declare you can't do something before checking your skills.\n- **Don't busy-poll a long job — background it and wait to be woken.** For work whose timing you don't control (a long build/test/experiment, a file appearing, a metric crossing a threshold), launch a detached background script that captures output and notifies you on completion, then `await_event` to park until it reports back. The script reaches you via `amplio-notify \"\"` (delivered to your own session; add `--session=` to target another, or pipe a long body via `amplio-notify -`). Canonical one-shot recipe (a single detached subshell runs the command, saves stdout/stderr to the run's scratch dir, and notifies with the exit code + paths when it finishes):\n\n ```bash\n J=\"$AMPLIO_ARTIFACT_DIR/job-$(date +%s)\"\n ( >\"$J.out\" 2>\"$J.err\"; amplio-notify \"job done (exit $?): out=$J.out err=$J.err\" ) &\n ```\n\n Then call `await_event` to wait for it efficiently. Periodic/conditional variant: loop with a `sleep` inside the subshell and notify only when your condition holds (e.g. `while ! grep -q DONE \"$LOG\"; do sleep 10; done; amplio-notify \"ready\"`). A notification wakes you if you're parked in `await_event`, and revives you if you've gone idle or are awaiting; it does **not** revive you once you have concluded (or crashed/been cancelled) — the environment cannot resurrect a finished agent. When woken, read the captured output with `view_file`.\n\n- **Every notification must carry news, and no notifier may run forever.** Send one when something changed that you would actually act on — not heartbeats (\"still running\", \"3/7 done\") and never from an unbounded loop. Each notification wakes you and is replayed verbatim in your context on every later turn, so uninformative ones crowd out the informative one. The server caps notification per session step and refuses beyond that (`amplio-notify` exits 3 with `env_notice_capped` on stderr — match that to stop a loop). Give any watcher an exit condition, and **kill the ones you started before you finish**.\n\n\n## Sub-agent strategy\n\nUse `spawn_agent` to delegate work. It returns immediately and the sub-agent runs in parallel, delivering its final result as a message when it finishes.\n\n- **Workspace mode.** `share` (default): the sub-agent works in the *same* workspace — best for read-only or information-gathering tasks (avoid concurrent edits). `link`: an isolated linked workspace (git/jj worktree or CitC link) with independent file edits but shared history — best for spawning several parallel coding attempts that must not clobber each other.\n- **Share via the artifact dir.** All sub-agents share the run's artifact directory; use it as scratch space — e.g. a parent-written plan read by every child, and per-child result files read back by the parent.\n- **Coordinate, don't poll.** Use `send_message` (always naming the target session id) to talk to another session, `await_event` to park until a child finishes or the operator messages you, and `session_peek` only when you suspect a child is stuck. Don't expect results the instant you spawn.\n- **Act and wait in one turn.** `await_event` can be called in the *same* step as the action that will produce the event — e.g. `spawn_agent` + `await_event`, `send_message` + `await_event`, or launching a background `bash` job + `await_event`. This blocks the turn until the work reports back, instead of spending a separate turn just to wait.\n- **A sub-agent can be re-engaged in any state.** `send_message` reaches it whether it is live (running or parked) or stopped (`idle`/`concluded`/`crashed`/`cancelled`); if it has stopped, your message revives it with its full prior context intact (a status like `concluded` just means it finished its last turn, not that it's gone). Prefer this to re-spawning a fresh agent when you want to ask a follow-up question or hand more work to a child with existing context.\n- **Delegate less the deeper you are.** Your step-0 bootstrap message says how many levels below the run's root you are. Avoid delegating indefinitely. **At 3 or more levels deep, do the work yourself**. Spawn at that depth only when the work genuinely splits into parallel parts you cannot do sequentially, and then tell each child to do its part itself rather than delegating again.\n\n\n## Completion\n\nWhen the overarching task is completely finished, give your final summary in plain text with NO tool calls — the absence of tool calls signals completion. Be concise and direct about the final state.\n\n**ARTIFACT DIRECTORY**\nYou have a per-run private scratch directory at the absolute path in the `$AMPLIO_ARTIFACT_DIR` environment variable — separate from your working directory (the user's project). Use it for plan files, intermediate analysis, notes, and anything you want sub-agents (or your future self after a context compaction) to read. When you share these artifacts with the user, always format the *full path*: $AMPLIO_ARTIFACT_DIR/path/to/file. The UI will linkify it into a helpful link for the user.","marker":"system_prompt","type":"system"}},{"step":0,"generation":0,"created_at":"2026-09-20T07:18:57.632Z","event":{"content":"Working directory: `/work`","marker":"workspace","type":"system"}},{"step":0,"generation":0,"created_at":"2026-09-20T07:18:57.633Z","event":{"content":"Work as the funding trader: manage the firm's interests, serve its clients and control risk throughout the entire management period. Keep funding and client commitments viable, respond to changing exposures, and account for earnings, costs and surviving obligations. A transaction, approval or correct report is one step, not the complete objective. Use treasury, credit and market risk, capital, legal and compliance, accounting and settlement evidence together. Operate the current financial desk checkpoint in /packet/packet.json. Treat that read-only packet as authority for the parent hash, versions, current state, executable quotes, ordered phases and available evidence. Earlier delivered receipts are retained in /work/receipts. Your prior working files and Amplio run history remain in /work. Use the public conventions and exact citations in public_inputs.documents, including the complete schemas/daily-report.schema.json document for report fields and citations. In calculations.recommendation.rationale connect the locked funding price and remaining tenor, drawn versus committed capacity, idle carry, matching replacement-curve evidence, collateral flexibility and signed spread sensitivity to the recommended decision. A funding advantage gains on spread widening and loses on tightening; it is a two-sided linear position, not a free conventional option. Separate widening P&L from the desk's negative spread-duration convention and from the deployment's own credit risk. Compare retaining the mismatch with available collateralised deployment or hedge routes after fees, expected loss, capital, margin liquidity and unwind costs. Explain collateral weights, factor betas, tenor and residual basis only where supported by packet evidence. Sold protection is long credit and sizes to residual risky CS01, not face amount; entering it would not cash out a funding mark. Bilateral VM and IM principal are collateral, not fee income; cleared mark-to-market payments may instead settle gains and losses. The current packet fixes its curve and permitted instruments: purchased provider protection is not a sold CDX bridge. Do not invent a curve change, CDX trade or CLO purchase. Identify unavailable alternatives and their missing quotes or permissions in the explanation, not as actions. Name the binding legal, mandate, client or liquidity constraint and the market or client fact that would change the recommendation. Preserve surviving settlement duties, actual receipts and the distinction between regulatory recognition and economic coverage. Do not claim to have chosen this inherited book's opening trades. The optional /packet/calculator.py only accepts the registered practice query contract in packet.calculator and never grades or values this live book. Prepare one strict JSON desk-envelope.v2 object with parent_state_hash, revision, market_version, legal_version, actions and calculations. Calculations use daily-book.v2. Actions are explicit decisions with unique action_id, quoted quote_id and integer phase. Only accepted actions settle the current day. An empty action list cannot advance it. Use hold_capital if it is your supported decision; never fabricate an executable quote, capacity, cash receipt, title or legal right. Report the current parent before your actions, not a projected next-day book. Write the whole envelope as UTF-8 JSON, at most 1048576 bytes, to /work/artifacts/envelope-8a259d0541d144239cd6e94ce3fdfeef.json. Do not execute or submit it yourself. Finish this attempt after the file is durable; future instructions arrive externally. Current parent: 6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165.","type":"user"}},{"step":1,"generation":0,"created_at":"2026-09-20T07:19:08.927Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_4d4bed2ad09b5fd088cf452129dd77e0","name":"bash","arguments":"{\"command\":\"ls -la /packet /work /work/receipts /work/artifacts 2>/dev/null; printf '\\\\nPacket size: '; wc -c /packet/packet.json; printf '\\\\nArtifact scratch: %s\\\\n' \\\"$AMPLIO_ARTIFACT_DIR\\\"\",\"timeout\":300,\"max_output_length\":20000}"}],"type":"assistant","usage":{"prompt_tokens":4874,"completion_tokens":236,"total_tokens":5110}}},{"step":1,"generation":0,"created_at":"2026-09-20T07:19:08.947Z","event":{"content":"STDOUT:\n/packet:\ntotal 2864\ndr-xr-xr-x 1 root root 200 Sep 20 07:18 .\ndrwxr-xr-x 1 root root 240 Sep 20 07:18 ..\n-r-xr-xr-x 1 root root 7086 Sep 20 07:18 calculator.py\n-r--r--r-- 1 root root 745 Sep 20 07:18 manifest.json\n-r--r--r-- 1 root root 2921009 Sep 20 07:18 packet.json\n-r--r--r-- 1 root root 2520 Sep 20 07:18 practice-inputs.json\n\n/work:\ntotal 0\ndrwx------ 1 amplio amplio 140 Sep 20 07:18 .\ndrwxr-xr-x 1 root root 240 Sep 20 07:18 ..\ndrwx------ 1 amplio amplio 40 Sep 20 07:18 artifacts\ndrwx------ 1 amplio amplio 240 Sep 20 07:18 data\ndrwx------ 1 amplio amplio 40 Sep 20 07:18 home\ndrwx------ 1 amplio amplio 60 Sep 20 07:18 receipts\ndrwx------ 1 amplio amplio 80 Sep 20 07:19 tmp\n\n/work/artifacts:\ntotal 0\ndrwx------ 1 amplio amplio 40 Sep 20 07:18 .\ndrwx------ 1 amplio amplio 140 Sep 20 07:18 ..\n\n/work/receipts:\ntotal 1171\ndrwx------ 1 amplio amplio 60 Sep 20 07:18 .\ndrwx------ 1 amplio amplio 140 Sep 20 07:18 ..\n-rw------- 1 amplio amplio 1198704 Sep 20 07:18 page-6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165-0-415.json\n\nPacket size: 2921009 /packet/packet.json\n\nArtifact scratch: /work/data/artifacts/9r9p6s9g\n\n\nSTATUS:\nFinished normally at 2026-09-20T07:19:08Z (elapsed=0.02s)","tool_call_id":"call_4d4bed2ad09b5fd088cf452129dd77e0","type":"tool_result"}},{"step":2,"generation":0,"created_at":"2026-09-20T07:19:33.149Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_8dcbfef2055157118d8ef88fc34bbf09","name":"bash","arguments":"{\"command\":\"python - <<'PY'\\nimport json\\np=json.load(open('/packet/packet.json'))\\nfor k,v in p.items():\\n print(k, type(v).__name__, len(v) if isinstance(v,(list,dict,str)) else v)\\n print((repr(v)[:1500]) if k not in ('public_inputs', 'state', 'receipts') else '')\\nPY\",\"max_output_length\":30000}"}],"type":"assistant","usage":{"prompt_tokens":5621,"completion_tokens":108,"total_tokens":5729,"cache_read_tokens":4872}}},{"step":2,"generation":0,"created_at":"2026-09-20T07:19:33.245Z","event":{"content":"STDOUT:\nas_of str 10\n'2027-09-02'\navailable_events list 0\n[]\ncalculator dict 10\n{'accepts_live_state': False, 'accepts_parameter_overrides': False, 'calculator_sha256': '20b35016ecb2bea66bb1f6ad44e5fc559c4ced8816019392f4ea882e5306b6b7', 'limits': {'cpu_seconds': 2, 'max_decimal_digits': 40, 'max_decimal_places': 16, 'max_input_bytes': 4096, 'max_json_depth': 4, 'max_json_nodes': 64, 'max_output_bytes': 4096, 'wall_seconds': 5}, 'operations': ['discount', 'annuity', 'reference_price', 'deployment_price'], 'practice_ids': ['FUND_01/seed-1'], 'registry_sha256': 'a06191da956fa908812fbad691660d1dd36f3084b4bf0a7fdd64b8a23f97bd5a', 'request_fields': ['schema_version', 'practice_id', 'instrument_id', 'operation', 'remaining_years'], 'schema_version': 'practice-component.v1', 'scope': 'registered_practice_ids_only'}\nday int 0\n0\nevent_bindings dict 0\n{}\nfamily_id str 7\n'FUND_01'\nlegal_version int 0\n0\nmarket_version int 0\n0\nparent_state_hash str 64\n'6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165'\nphases list 3\n[{'event': None, 'phase': 0, 'scheduled': [{'contract_id': None, 'kind': 'approval_review', 'period_id': '2027-09-02', 'scheduled_date': '2027-09-02'}]}, {'event': None, 'phase': 1, 'scheduled': [{'contract_id': None, 'kind': 'approval_review', 'period_id': '2027-09-02', 'scheduled_date': '2027-09-02'}]}, {'event': None, 'phase': 2, 'scheduled': [{'contract_id': None, 'kind': 'day_close', 'period_id': '2027-09-02', 'scheduled_date': '2027-09-02'}]}]\npolicy dict 26\n{'accounting': {'cash_interest_credit': 'income_carry', 'debt_interest_debit': 'expense_funding', 'deferral': 'frozen_inception_pricing_annuity', 'deposit_interest': 'source_OIS_unless_contract_specifies_spread', 'funding_derivative_recognition': 'none_for_retained_U_failed_sale_unit', 'hedge_and_offset_marks': 'statutory_separate_contract_FV_with_management_overlay_explicit_bridge', 'journal_decimal_places': 12, 'journal_rounding': 'ROUND_HALF_EVEN', 'management_funding_mark': 'source_internal_funding_opportunity_not_legal_exposure', 'mark_accounts': {'asset': 'statutory_derivative_asset', 'liability': 'statutory_derivative_liability'}, 'no_balancing_plug': True, 'observable_release': 'irreversible_on_authenticated_observable_significant_input_evidence', 'rounding_stage': 'Financial amounts are rounded before the same amount updates obligation, contract and journal. Journal never independently rounds postings or inserts a residual.'}, 'calendar': {'business_day_convention': 'following', 'cash_interest': 'OIS_ACT365F_on_settled_opening_day_balance', 'contract_quarter_months': 3, 'contract_quarter_year_fraction': '0.25', 'debt_day_count': 'ACT/365F', 'debt_year_days': '365', 'holidays': [], 'new_coupon_accrual': 'Own_execution_unadjusted_three_month_anniversaries_define_nominal_quarters._Each_complete_nominal_quarter_earns_0.25_years;_a_shortened_first_or_final_interval_earns_0.25_times_its_actual_days_divided_by_the_full_nominal_quarter_days._Following_business_day_adjustment\nprior_receipts list 415\n[{'action_id': None, 'day': -89, 'event_id': None, 'hash': 'f1af08bb6bcf3d9c1da84c03a236d43cfca124304651cb5655c80ded92b7b545', 'id': 'receipt:d6ca010918dd18d2d071537cdea765f9caa2c3555ae60e2fae9aa8769be3214e', 'kind': 'source_binding', 'operations': [], 'postings': {}, 'previous_receipt_hash': '0000000000000000000000000000000000000000000000000000000000000000', 'sequence': 1, 'source_evidence': [{'file': 'fixtures/desk-policy.json', 'locator': '/schema_version'}], 'terms': {'case_hash': '6a3a58d6a50368837264762f24a8eface0a9a08cc00257b2ac3e9512d8ccca9e', 'event_bindings_hash': '92c6b167b0d756cddce8b45c50975649f0e4a6274153aa106b5d63f4455fa4d4', 'family_hash': '16c357b6edc8cae7e6894b56b1dcd2a29126bc9a5df13901ee56756df58b920f', 'parameters_hash': '210b07b375cb8c0132dd8a2ddbff8bf529f64c0836ecc170f9486883db4a79b2', 'policy_hash': '99a4529f5f18565cef56d712bc35bd226678bccc1d91a92ea0f1c237538fe099', 'source_files_hash': 'c6a667d8acf7070ef8f30217a801096dfedeb4cdffd4d992ed4bc863a322c33e'}}, {'action_id': None, 'day': -89, 'event_id': None, 'hash': '320f6c77614ae941e1d5afe5d878adc44f5f0c83b4ea99f075991a9ad065d64a', 'id': 'receipt:80bc79d396ab38414ece36c9b6944115e34c4d0e9af408fab49fa1ee15856403', 'kind': 'opening_cash', 'operations': [], 'postings': {'cash': '123751125', 'contributed_equity': '-123751125', 'restricted_cash': '0'}, 'previous_receipt_hash': 'f1af08bb6bcf3d9c1da84c03a236d43cfca124304651cb5655c80ded92b7b545', 'sequence': 2, 'source_evidence': [{'document_id': 'SYNTHETIC_PACKET'\npublic_inputs dict 5\n\nquotes list 66\n[{'as_of': '2027-09-02', 'id': '157e8cf5a33d362b83926d6b0e6bea27a2f9e6681700623a150a29f36e790213', 'kind': 'hold_capital', 'legal_version': 0, 'market_version': 0, 'parent_state_hash': '6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165', 'phase': 0, 'revision': 0, 'source_evidence': [{'file': 'fixtures/desk-policy.json', 'locator': 'prices'}, {'file': 'fixtures/numerical-inputs.json', 'locator': '/actions/hold'}, {'document_id': 'SYNTHETIC_PACKET', 'locator': 'fictional-desk-mandate'}], 'terms': {'disclosed_event_prefix': [], 'fee': '0', 'mandate': {'bank_id': 'MERIDIAN', 'evidence': [{'document_id': 'SYNTHETIC_PACKET', 'locator': 'fictional-desk-mandate'}], 'mandate_id': 'BOOK_DESK_MANDATE', 'rules': [{'action_kind': 'hold_capital', 'approval_delay_days': 0, 'approval_outcome': None, 'approval_valid_days': 0, 'approver_id': None, 'evidence': [{'document_id': 'SYNTHETIC_PACKET', 'locator': 'fictional-desk-mandate'}], 'maximum_amount': None, 'reason_codes': ['CAPITAL_RETAINED'], 'rule_id': 'DESK_HOLD', 'subject_id': 'MERIDIAN', 'tier': 'permitted'}, {'action_kind': 'hold_capital', 'approval_delay_days': 0, 'approval_outcome': None, 'approval_valid_days': 0, 'approver_id': None, 'evidence': [{'document_id': 'SYNTHETIC_PACKET', 'locator': 'fictional-desk-mandate'}], 'maximum_amount': None, 'reason_codes': ['CAPITAL_RETAINED'], 'rule_id': 'PROPOSAL_ACT_HOLD', 'subject_id': 'ACT_HOLD', 'tier': 'permitted'}]}, 'phase_legal': {'defaults': {'borrower': False, 'provider\nreceipt_window dict 4\n{'after_sequence': 0, 'has_more': False, 'last_sequence': 415, 'through_sequence': 415}\nrevision int 0\n0\nrun_id str 32\n'43f673412ff04d19a1c314ac9616a5ff'\nschema_version str 21\n'desk-worker-packet.v1'\nstate dict 20\n\n\n\nSTATUS:\nFinished normally at 2026-09-20T07:19:33Z (elapsed=0.09s)","tool_call_id":"call_8dcbfef2055157118d8ef88fc34bbf09","type":"tool_result"}},{"step":3,"generation":0,"created_at":"2026-09-20T07:20:00.525Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_3cc14a1a254352058fd9dc9c704a5ebb","name":"bash","arguments":"{\"max_output_length\":40000,\"command\":\"python - <<'PY'\\nimport json,os\\np=json.load(open('/packet/packet.json'))\\na=os.environ['AMPLIO_ARTIFACT_DIR']\\nfor k in ['state','policy','phases','quotes']:\\n with open(f'{a}/{k}.json','w') as f: json.dump(p[k],f,indent=2)\\n print(k,'saved bytes',os.stat(f'{a}/{k}.json').st_size)\\nprint('\\\\nPUBLIC INPUTS:')\\nfor k,v in p['public_inputs'].items():\\n print(k, type(v).__name__, len(v) if isinstance(v,(list,dict,str)) else v)\\n if k!='documents': print(json.dumps(v,indent=2)[:15000])\\nD=p['public_inputs']['documents']\\nif isinstance(D,dict):\\n for k,v in D.items(): print('DOC',k,type(v).__name__,str(v)[:450])\\nelse:\\n for d in D: print('DOC', [(k,str(v)[:500]) for k,v in d.items() if k not in ('content','text')])\\nprint('\\\\nSTATE fields:')\\nfor k,v in p['state'].items(): print(k,type(v).__name__,len(v) if isinstance(v,(dict,list,str)) else v, repr(v)[:2000])\\nPY\"}"}],"type":"assistant","usage":{"prompt_tokens":7957,"completion_tokens":321,"total_tokens":8278,"cache_read_tokens":5619}}},{"step":3,"generation":0,"created_at":"2026-09-20T07:20:00.65Z","event":{"content":"STDOUT:\nstate saved bytes 61294\npolicy saved bytes 30093\nphases saved bytes 665\nquotes saved bytes 1364456\n\nPUBLIC INPUTS:\ncase dict 12\n{\n \"agreements\": [\n {\n \"agreement_id\": \"SALE_U\",\n \"closeout\": {\n \"currency\": \"USD\",\n \"dispute_process\": \"Morrow & Vale documented independent quote process; disputed claims survive maturity until settled\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"setoff\": false,\n \"stay_business_days\": 0,\n \"valuation_basis\": \"principal_and_accrued_interest\"\n },\n \"effectiveness\": {\n \"conditions\": [\n {\n \"assessed_at\": \"2027-06-05T12:00:00Z\",\n \"condition_id\": \"SALE_U_AUTH\",\n \"description\": \"Required parties and authority confirmed\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"status\": \"satisfied\"\n }\n ],\n \"effective_at\": \"2027-06-05T12:00:00Z\",\n \"status\": \"effective\"\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"execution\": {\n \"authority_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"executed_at\": \"2027-06-05T12:00:00Z\",\n \"signatory_party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"status\": \"executed\"\n },\n \"governing_laws\": [\n \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n ],\n \"kind\": \"asset_sale\",\n \"opinion_ids\": [\n \"OP_CORE\"\n ],\n \"party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"principal_terms\": \"sale_consideration\",\n \"settlement\": {\n \"calendar_id\": \"CAL\",\n \"currency\": \"USD\",\n \"cutoff_utc\": \"12:00:00\",\n \"delivery_versus_payment\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"lag_business_days\": 0\n },\n \"termination\": {\n \"early_termination_events\": [\n \"default\",\n \"nonpayment\",\n \"illegality\",\n \"mutual_consent\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"final_maturity\": \"2047-06-05\",\n \"full_settlement_required\": true,\n \"unilateral_extension\": false\n },\n \"terms\": {\n \"buyer_id\": \"P\",\n \"cash_event_id\": \"CF_SALE\",\n \"instrument_id\": \"U\",\n \"kind\": \"asset_sale\",\n \"quantity\": \"990009000\",\n \"repurchase_obligation\": \"none\",\n \"sale_price_per_unit\": \"1\",\n \"seller_id\": \"MERIDIAN\",\n \"title_event_id\": \"TITLE_SALE\"\n },\n \"trade_ids\": []\n },\n {\n \"agreement_id\": \"FUND_TRS\",\n \"closeout\": {\n \"currency\": \"USD\",\n \"dispute_process\": \"Morrow & Vale documented independent quote process; disputed claims survive maturity until settled\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"setoff\": true,\n \"stay_business_days\": 0,\n \"valuation_basis\": \"replacement_value_full_remaining_terms\"\n },\n \"effectiveness\": {\n \"conditions\": [\n {\n \"assessed_at\": \"2027-06-05T12:00:00Z\",\n \"condition_id\": \"FUND_TRS_AUTH\",\n \"description\": \"Required parties and authority confirmed\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"status\": \"satisfied\"\n }\n ],\n \"effective_at\": \"2027-06-05T12:00:00Z\",\n \"status\": \"effective\"\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"execution\": {\n \"authority_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"executed_at\": \"2027-06-05T12:00:00Z\",\n \"signatory_party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"status\": \"executed\"\n },\n \"governing_laws\": [\n \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n ],\n \"kind\": \"funding_TRS\",\n \"opinion_ids\": [\n \"OP_CORE\"\n ],\n \"party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"principal_terms\": \"no_principal_exchange\",\n \"settlement\": {\n \"calendar_id\": \"CAL\",\n \"currency\": \"USD\",\n \"cutoff_utc\": \"12:00:00\",\n \"delivery_versus_payment\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"lag_business_days\": 0\n },\n \"termination\": {\n \"early_termination_events\": [\n \"default\",\n \"nonpayment\",\n \"illegality\",\n \"mutual_consent\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"final_maturity\": \"2047-06-05\",\n \"full_settlement_required\": true,\n \"unilateral_extension\": false\n },\n \"terms\": {\n \"counterparty_id\": \"P\",\n \"financing_base_curve_id\": \"OIS\",\n \"financing_payer_id\": \"MERIDIAN\",\n \"kind\": \"funding_TRS\",\n \"last_settled_reference_price\": \"1\",\n \"locked_financing_spread\": \"0.0069303218\",\n \"notional\": \"990009000\",\n \"principal_exchange\": \"none\",\n \"quantity\": \"990009000\",\n \"reference_instrument_id\": \"U\",\n \"replacement_quote\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/replacement_quote\"\n },\n \"reset\": {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"next_price_adjustment\": \"quantity_times_current_less_last_settled_price_discounted_to_next_settlement\",\n \"post_redemption_price\": \"0\",\n \"redemption_in_final_distribution\": true,\n \"reference_price_reset\": \"last_actual_price_settlement\",\n \"reset_frequency\": \"quarterly\",\n \"resets_full_trade_value_to_zero\": false,\n \"stub_paid_separately_once\": true\n },\n \"same_quantity_notional_maturity_and_remaining_terms\": true,\n \"total_return_receiver_id\": \"MERIDIAN\"\n },\n \"trade_ids\": [\n \"FUND_TRS\"\n ]\n },\n {\n \"agreement_id\": \"DEP_LOAN\",\n \"closeout\": {\n \"currency\": \"USD\",\n \"dispute_process\": \"Morrow & Vale documented independent quote process; disputed claims survive maturity until settled\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"setoff\": false,\n \"stay_business_days\": 0,\n \"valuation_basis\": \"secured_loan_acceleration\"\n },\n \"effectiveness\": {\n \"conditions\": [\n {\n \"assessed_at\": \"2027-06-05T12:00:00Z\",\n \"condition_id\": \"DEP_LOAN_AUTH\",\n \"description\": \"Required parties and authority confirmed\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"status\": \"satisfied\"\n }\n ],\n \"effective_at\": \"2027-06-05T12:00:00Z\",\n \"status\": \"effective\"\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"execution\": {\n \"authority_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"executed_at\": \"2027-06-05T12:00:00Z\",\n \"signatory_party_ids\": [\n \"MERIDIAN\",\n \"BORROWER\"\n ],\n \"status\": \"executed\"\n },\n \"governing_laws\": [\n \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n ],\n \"kind\": \"deployment_loan\",\n \"opinion_ids\": [\n \"OP_CORE\"\n ],\n \"party_ids\": [\n \"MERIDIAN\",\n \"BORROWER\"\n ],\n \"principal_terms\": \"cash_advance\",\n \"settlement\": {\n \"calendar_id\": \"CAL\",\n \"currency\": \"USD\",\n \"cutoff_utc\": \"12:00:00\",\n \"delivery_versus_payment\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"lag_business_days\": 0\n },\n \"termination\": {\n \"early_termination_events\": [\n \"default\",\n \"nonpayment\",\n \"illegality\",\n \"mutual_consent\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"final_maturity\": \"2032-06-05\",\n \"full_settlement_required\": true,\n \"unilateral_extension\": false\n },\n \"terms\": {\n \"borrower_id\": \"BORROWER\",\n \"coupon_base_curve_id\": \"OIS\",\n \"coupon_spread\": \"0.0455411592\",\n \"funding_cash_event_id\": \"CF_DEPLOY\",\n \"kind\": \"deployment_loan\",\n \"lender_id\": \"MERIDIAN\",\n \"principal\": \"990009000\",\n \"principal_repaid_at_maturity\": true,\n \"security_agreement_id\": \"DEP_SECURITY\",\n \"year5_reinvestment\": \"OIS_cash\"\n },\n \"trade_ids\": [\n \"LOAN\"\n ]\n },\n {\n \"agreement_id\": \"DEP_SECURITY\",\n \"closeout\": {\n \"currency\": \"USD\",\n \"dispute_process\": \"Morrow & Vale documented independent quote process; disputed claims survive maturity until settled\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"setoff\": false,\n \"stay_business_days\": 0,\n \"valuation_basis\": \"principal_and_accrued_interest\"\n },\n \"effectiveness\": {\n \"conditions\": [\n {\n \"assessed_at\": \"2027-06-05T12:00:00Z\",\n \"condition_id\": \"DEP_SECURITY_AUTH\",\n \"description\": \"Actual deployment enforcement status is effective; this does not change the independent funding sale or controlled comparators\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"status\": \"satisfied\"\n }\n ],\n \"effective_at\": \"2027-06-05T12:00:00Z\",\n \"status\": \"effective\"\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"execution\": {\n \"authority_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"executed_at\": \"2027-06-05T12:00:00Z\",\n \"signatory_party_ids\": [\n \"BORROWER\",\n \"MERIDIAN\"\n ],\n \"status\": \"executed\"\n },\n \"governing_laws\": [\n \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n ],\n \"kind\": \"security\",\n \"opinion_ids\": [\n \"OP_BRANCH\"\n ],\n \"party_ids\": [\n \"BORROWER\",\n \"MERIDIAN\"\n ],\n \"principal_terms\": \"no_cash_advance\",\n \"settlement\": {\n \"calendar_id\": \"CAL\",\n \"currency\": \"USD\",\n \"cutoff_utc\": \"12:00:00\",\n \"delivery_versus_payment\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"lag_business_days\": 0\n },\n \"termination\": {\n \"early_termination_events\": [\n \"default\",\n \"nonpayment\",\n \"illegality\",\n \"mutual_consent\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"final_maturity\": \"2032-06-05\",\n \"full_settlement_required\": true,\n \"unilateral_extension\": false\n },\n \"terms\": {\n \"asset_id\": \"DEPSEC\",\n \"collateral_kind\": \"issued_security\",\n \"enforcement_business_days\": 0,\n \"grantor_id\": \"BORROWER\",\n \"kind\": \"security\",\n \"perfection_status\": \"perfected\",\n \"permitted_by_contract\": true,\n \"priority\": \"first_ranking\",\n \"reuse_conditions\": [],\n \"reuse_right\": \"prohibited\",\n \"secured_party_id\": \"MERIDIAN\",\n \"withdrawal_right\": \"prohibited\"\n },\n \"trade_ids\": [\n \"LOAN\"\n ]\n },\n {\n \"agreement_id\": \"MASTER\",\n \"closeout\": {\n \"currency\": \"USD\",\n \"dispute_process\": \"Morrow & Vale documented independent quote process; disputed claims survive maturity until settled\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"setoff\": true,\n \"stay_business_days\": 0,\n \"valuation_basis\": \"replacement_value_full_remaining_terms\"\n },\n \"effectiveness\": {\n \"conditions\": [\n {\n \"assessed_at\": \"2027-06-05T12:00:00Z\",\n \"condition_id\": \"MASTER_AUTH\",\n \"description\": \"Required parties and authority confirmed\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"status\": \"satisfied\"\n }\n ],\n \"effective_at\": \"2027-06-05T12:00:00Z\",\n \"status\": \"effective\"\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"execution\": {\n \"authority_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-opinions\"\n }\n ],\n \"executed_at\": \"2027-06-05T12:00:00Z\",\n \"signatory_party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"status\": \"executed\"\n },\n \ndocuments dict 10\nfamily dict 8\n{\n \"axes\": {\n \"collateral_relation\": \"independent\",\n \"enforceability\": \"effective\",\n \"legal_form\": \"issued_security_pledge\",\n \"return_obligation\": \"identical\",\n \"reuse_permitted\": false\n },\n \"clock\": {\n \"accrual_convention\": \"quarter_fraction_times_elapsed_calendar_days_over_period_calendar_days\",\n \"day_zero\": 0,\n \"deployment_maturity_date\": \"2032-06-05\",\n \"funding_maturity_date\": \"2047-06-05\",\n \"funding_start_date\": \"2027-06-05\",\n \"quarter_schedule\": [\n {\n \"end_date\": \"2027-09-05\",\n \"period\": 1,\n \"start_date\": \"2027-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2027-12-05\",\n \"period\": 2,\n \"start_date\": \"2027-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2028-03-05\",\n \"period\": 3,\n \"start_date\": \"2027-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2028-06-05\",\n \"period\": 4,\n \"start_date\": \"2028-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2028-09-05\",\n \"period\": 5,\n \"start_date\": \"2028-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2028-12-05\",\n \"period\": 6,\n \"start_date\": \"2028-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2029-03-05\",\n \"period\": 7,\n \"start_date\": \"2028-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2029-06-05\",\n \"period\": 8,\n \"start_date\": \"2029-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2029-09-05\",\n \"period\": 9,\n \"start_date\": \"2029-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2029-12-05\",\n \"period\": 10,\n \"start_date\": \"2029-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2030-03-05\",\n \"period\": 11,\n \"start_date\": \"2029-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2030-06-05\",\n \"period\": 12,\n \"start_date\": \"2030-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2030-09-05\",\n \"period\": 13,\n \"start_date\": \"2030-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2030-12-05\",\n \"period\": 14,\n \"start_date\": \"2030-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2031-03-05\",\n \"period\": 15,\n \"start_date\": \"2030-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2031-06-05\",\n \"period\": 16,\n \"start_date\": \"2031-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2031-09-05\",\n \"period\": 17,\n \"start_date\": \"2031-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2031-12-05\",\n \"period\": 18,\n \"start_date\": \"2031-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2032-03-05\",\n \"period\": 19,\n \"start_date\": \"2031-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2032-06-05\",\n \"period\": 20,\n \"start_date\": \"2032-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2032-09-05\",\n \"period\": 21,\n \"start_date\": \"2032-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2032-12-05\",\n \"period\": 22,\n \"start_date\": \"2032-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2033-03-05\",\n \"period\": 23,\n \"start_date\": \"2032-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2033-06-05\",\n \"period\": 24,\n \"start_date\": \"2033-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2033-09-05\",\n \"period\": 25,\n \"start_date\": \"2033-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2033-12-05\",\n \"period\": 26,\n \"start_date\": \"2033-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2034-03-05\",\n \"period\": 27,\n \"start_date\": \"2033-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2034-06-05\",\n \"period\": 28,\n \"start_date\": \"2034-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2034-09-05\",\n \"period\": 29,\n \"start_date\": \"2034-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2034-12-05\",\n \"period\": 30,\n \"start_date\": \"2034-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2035-03-05\",\n \"period\": 31,\n \"start_date\": \"2034-12-05\",\n \n[...truncated...]\n_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2035-09-05\",\n \"period\": 33,\n \"start_date\": \"2035-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2035-12-05\",\n \"period\": 34,\n \"start_date\": \"2035-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2036-03-05\",\n \"period\": 35,\n \"start_date\": \"2035-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2036-06-05\",\n \"period\": 36,\n \"start_date\": \"2036-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2036-09-05\",\n \"period\": 37,\n \"start_date\": \"2036-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2036-12-05\",\n \"period\": 38,\n \"start_date\": \"2036-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2037-03-05\",\n \"period\": 39,\n \"start_date\": \"2036-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2037-06-05\",\n \"period\": 40,\n \"start_date\": \"2037-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2037-09-05\",\n \"period\": 41,\n \"start_date\": \"2037-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2037-12-05\",\n \"period\": 42,\n \"start_date\": \"2037-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2038-03-05\",\n \"period\": 43,\n \"start_date\": \"2037-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2038-06-05\",\n \"period\": 44,\n \"start_date\": \"2038-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2038-09-05\",\n \"period\": 45,\n \"start_date\": \"2038-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2038-12-05\",\n \"period\": 46,\n \"start_date\": \"2038-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2039-03-05\",\n \"period\": 47,\n \"start_date\": \"2038-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2039-06-05\",\n \"period\": 48,\n \"start_date\": \"2039-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2039-09-05\",\n \"period\": 49,\n \"start_date\": \"2039-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2039-12-05\",\n \"period\": 50,\n \"start_date\": \"2039-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2040-03-05\",\n \"period\": 51,\n \"start_date\": \"2039-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2040-06-05\",\n \"period\": 52,\n \"start_date\": \"2040-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2040-09-05\",\n \"period\": 53,\n \"start_date\": \"2040-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2040-12-05\",\n \"period\": 54,\n \"start_date\": \"2040-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2041-03-05\",\n \"period\": 55,\n \"start_date\": \"2040-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2041-06-05\",\n \"period\": 56,\n \"start_date\": \"2041-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2041-09-05\",\n \"period\": 57,\n \"start_date\": \"2041-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2041-12-05\",\n \"period\": 58,\n \"start_date\": \"2041-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2042-03-05\",\n \"period\": 59,\n \"start_date\": \"2041-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2042-06-05\",\n \"period\": 60,\n \"start_date\": \"2042-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2042-09-05\",\n \"period\": 61,\n \"start_date\": \"2042-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2042-12-05\",\n \"period\": 62,\n \"start_date\": \"2042-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2043-03-05\",\n \"period\": 63,\n \"start_date\": \"2042-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2043-06-05\",\n \"period\": 64,\n \"start_date\": \"2043-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2043-09-05\",\n \"period\": 65,\n \"start_date\": \"2043-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2043-12-05\",\n \"period\": 66,\n \"start_date\": \"2043-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2044-03-05\",\n \"period\": 67,\n \"start_date\": \"2043-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2044-06-05\",\n \"period\": 68,\n \"start_date\": \"2044-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2044-09-05\",\n \"period\": 69,\n \"start_date\": \"2044-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2044-12-05\",\n \"period\": 70,\n \"start_date\": \"2044-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2045-03-05\",\n \"period\": 71,\n \"start_date\": \"2044-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2045-06-05\",\n \"period\": 72,\n \"start_date\": \"2045-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2045-09-05\",\n \"period\": 73,\n \"start_date\": \"2045-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2045-12-05\",\n \"period\": 74,\n \"start_date\": \"2045-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2046-03-05\",\n \"period\": 75,\n \"start_date\": \"2045-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2046-06-05\",\n \"period\": 76,\n \"start_date\": \"2046-03-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2046-09-05\",\n \"period\": 77,\n \"start_date\": \"2046-06-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2046-12-05\",\n \"period\": 78,\n \"start_date\": \"2046-09-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2047-03-05\",\n \"period\": 79,\n \"start_date\": \"2046-12-05\",\n \"year_fraction\": \"0.25\"\n },\n {\n \"end_date\": \"2047-06-05\",\n \"period\": 80,\n \"start_date\": \"2047-03-05\",\n \"year_fraction\": \"0.25\"\n }\n ],\n \"unit\": \"calendar_day\",\n \"window_start_date\": \"2027-09-02\"\n },\n \"deployment_contract\": {\n \"asset_id\": \"DEPSEC\",\n \"borrower_id\": \"BORROWER\",\n \"collateral_issuer_id\": \"CELADON\",\n \"collateral_relation\": \"independent\",\n \"contract_id\": \"DEP_SECURITY\",\n \"coupon_spread\": \"0.0455411592\",\n \"currency\": \"USD\",\n \"enforceability\": \"effective\",\n \"face_per_unit\": \"1\",\n \"facility\": {\n \"cash_account_id\": \"CASH_BRANCH\",\n \"lender_id\": \"FACILITY_LENDER\",\n \"limit\": \"257402340\",\n \"spread\": \"0.0108903245\",\n \"unconditional_by_selected_cutoff\": true\n },\n \"initial_operating_cash\": \"123751125\",\n \"issued\": true,\n \"legal_form\": \"issued_security_pledge\",\n \"market_funding_spread\": \"0.0108903245\",\n \"market_haircut\": \"0.08910333\",\n \"opening_total_cash\": \"123751125\",\n \"operating_call\": \"17820162\",\n \"ownership_basis\": \"pledge\",\n \"quantity\": \"990009000\",\n \"restricted_cash\": \"0\",\n \"return_obligation\": \"identical\",\n \"reuse_permitted\": false,\n \"scope\": \"actual_daily_book\",\n \"source_evidence\": [\n {\n \"file\": \"worker/legal-terms.txt\",\n \"locator\": \"actual-deployment-terms\"\n },\n {\n \"file\": \"worker/docs/desk-runtime-contract.md\",\n \"locator\": \"## Clock and settlement order\"\n }\n ]\n },\n \"family_id\": \"FUND_01\",\n \"jurisdiction\": \"Fictional Commonwealth of Orivale / series 1\",\n \"parties\": {\n \"borrower\": \"Brackenford Trade Bank [FUND_01 series 1]\",\n \"facility_lender\": \"Ternwell Liquidity Bank [FUND_01 series 1]\",\n \"protection_provider\": \"Morrowfen Credit Assurance [FUND_01 series 1]\",\n \"provider\": \"Alderwick Funding Trust [FUND_01 series 1]\",\n \"reference_issuer\": \"Kestrelmere Funding Company [FUND_01 series 1]\"\n },\n \"terms\": {\n \"branch_call\": \"17820162\",\n \"branch_free_cash\": \"123751125\",\n \"deployment_coupon_spread\": \"0.0455411592\",\n \"facility_limit\": \"257402340\",\n \"lender_spread\": \"0.0108903245\",\n \"market_haircut\": \"0.08910333\",\n \"notional\": \"990009000\",\n \"ois\": \"0.0356420304\",\n \"own_bond_spread\": \"0.0064352412\",\n \"provider_cds\": \"0.0084151402\"\n },\n \"title\": \"Registered pledge and a coupon arriving after the debit\"\n}\nparameters dict 30\n{\n \"actions\": {\n \"CDS\": {\n \"CCR_qualified\": true,\n \"CCR_scope\": \"CRE51.16(1) exception only for qualified cover\",\n \"CVA_designation_eligible\": true,\n \"CVA_scope\": \"MAR50 provider exposure calculated by regular SA-CCR for CVA method annex despite CCR purchased-protection exception\",\n \"annual_administration_fee\": \"24750.225\",\n \"baseline_executed\": false,\n \"covered_events\": [\n \"failure_to_pay\",\n \"bankruptcy\",\n \"restructuring\"\n ],\n \"default_correlation\": \"0\",\n \"direct_irrevocable_unconditional\": true,\n \"effective_business_days\": \"2\",\n \"executable\": true,\n \"fee\": \"247502.25\",\n \"guarantee_equivalent\": true,\n \"hedge_CVA_gap_spread_move\": \"0.0009900658\",\n \"hedge_economic_term\": \"Five-year fixed-notional cash-settled CDS on P; no automatic renewal and no protection after expiry\",\n \"hedge_provider_CDS\": \"0.0039603092\",\n \"hedge_provider_CSA\": \"Executed two-way cash VM, 20BD MPOR\",\n \"hedge_provider_CVA_method\": \"desk_annex_normal_saccr\",\n \"hedge_provider_mpor_days\": \"20\",\n \"hedge_provider_recovery\": \"0.4\",\n \"hedge_provider_short_term_exception\": false,\n \"margin_terms\": {\n \"NICA\": \"0\",\n \"minimum_transfer_amount\": \"0\",\n \"mpor_floor\": {\n \"illiquid_or_hard_to_replace\": true,\n \"non_centrally_cleared\": true,\n \"over_5000_transactions\": false,\n \"remargin_interval_days\": \"1\",\n \"repeated_disputes\": false,\n \"source_evidence\": {\n \"file\": \"docs/reference-input-contract.md\",\n \"locator\": \"mpor-floor-facts\"\n }\n },\n \"threshold\": \"0\"\n },\n \"notional\": \"316802880\",\n \"premium\": \"0.0084151402\",\n \"protection_provider_id\": \"H\",\n \"provider_independent\": true,\n \"quote_id\": \"SYN-CDS-FUND_01-S1\",\n \"quoted_at\": \"2027-06-05\",\n \"recognition_terms\": {\n \"cash_settlement_valuation_robust\": true,\n \"credit_event_determination_independent\": true,\n \"grace_period_covered\": true,\n \"legally_enforceable\": true,\n \"protection_provider_eligible\": true,\n \"reference_obligation_not_senior\": true,\n \"source_evidence\": {\n \"file\": \"docs/reference-input-contract.md\",\n \"locator\": \"protection-recognition-facts\"\n },\n \"underlying_contract_id\": \"FUND_TRS\"\n },\n \"reference_provider_id\": \"P\",\n \"replacement_quote\": {\n \"base_market_premium\": \"0.0084151402\",\n \"conversion\": \"cds_spread_difference_remaining_annuity\",\n \"executable\": true,\n \"id\": \"SYN-CDS-ROLL-FUND_01-S1\",\n \"locked_premium\": \"0.0084151402\",\n \"notional\": \"316802880\",\n \"protection_provider_id\": \"H\",\n \"quoted_at\": \"2027-06-05\",\n \"reference_provider_id\": \"P\",\n \"remaining_years\": \"4\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-quote-board\"\n },\n \"stressed_market_premium\": \"0.0168302804\"\n },\n \"same_currency\": true,\n \"same_obligor_cross_default\": true,\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n },\n \"tenor_starts\": \"execution\",\n \"timely_cash_settlement\": true,\n \"undesignated_market_risk_basis\": \"Synthetic separately allocated trading-book stress capital, not a derived MAR10-40 minimum; zero in designated branch only under eligible CVA purpose\",\n \"undesignated_market_risk_capital\": \"495004.5\",\n \"year1_quote_clock\": \"One year after CDS execution; actual remaining CDS term is four years\",\n \"years\": \"5\"\n },\n \"CSA\": {\n \"annual_administration_fee\": \"24750.225\",\n \"annual_commitment_fee\": \"49500.45\",\n \"baseline_executed\": false,\n \"cost_scope\": \"Deterministic stress price, not probability-weighted expected value\",\n \"effective_business_days\": \"2\",\n \"executable\": true,\n \"facility_commitment_rate\": \"0.0009900752\",\n \"facility_draw_ois\": \"0.0356420304\",\n \"facility_limit\": \"99000900\",\n \"facility_repayment_source\": \"Posted cash VM returned after stress interval; base book cash is not silently this separate snapshot buffer\",\n \"facility_spread\": \"0.0148506015\",\n \"facility_upfront_fee\": \"99000.9\",\n \"fee\": \"990009\",\n \"full_mark_coverage\": true,\n \"leverage_vm\": {\n \"cash_settled\": true,\n \"daily_exchange\": true,\n \"full_mark_exchange\": true,\n \"non_segregated\": true,\n \"same_currency\": true,\n \"single_enforceable_master\": true,\n \"source_evidence\": {\n \"file\": \"docs/reference-input-contract.md\",\n \"locator\": \"leverage-recognition-facts\"\n }\n },\n \"liquidity_buffer\": \"19800180\",\n \"margin_remuneration_spread\": \"0\",\n \"quote_id\": \"SYN-CSA-FUND_01-S1\",\n \"quoted_at\": \"2027-06-05\",\n \"rehypothecation_allowed\": true,\n \"requires\": \"Signed bilateral daily cash VM CSA and enforceability opinion\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n },\n \"stress_days\": \"30\",\n \"stress_funding_move\": \"-0.009900736\",\n \"stress_scenario_probability\": \"1\",\n \"two_way\": true\n },\n \"hold\": {\n \"action_id\": \"hold\",\n \"description\": \"Keep existing contracts and capital; no imagined cash release or forced refinancing\",\n \"effective_business_days\": \"0\",\n \"executable\": true,\n \"fee\": \"0\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n }\n },\n \"netting\": {\n \"baseline_executed\": false,\n \"covered_trade_ids\": [\n \"FUND_TRS\",\n \"OFFSET_TRS\"\n ],\n \"effective_business_days\": \"30\",\n \"executable\": true,\n \"fee\": \"742506.75\",\n \"legal_status\": \"Pending until all signed opinions and novation confirmations delivered\",\n \"master_id\": \"MASTER_P_CONSOLIDATED\",\n \"opinion_delivered_at_execution\": true,\n \"opinion_jurisdictions\": [\n \"Meridian home law\",\n \"P insolvency law\"\n ],\n \"other_trade\": {\n \"contract_id\": \"OFFSET_TRS\",\n \"credit_delta\": \"1\",\n \"netting_set_id\": \"OFFSET_P\",\n \"notional\": \"495004500\",\n \"provider_id\": \"P\",\n \"quantity\": \"495004500\",\n \"quote\": {\n \"contract_id\": \"OFFSET_TRS\",\n \"conversion\": \"upfront_implied_spread_remaining_annuity\",\n \"executable\": true,\n \"id\": \"SYN-OFFSET-FUND_01-S1\",\n \"notional\": \"495004500\",\n \"provider_id\": \"P\",\n \"quantity\": \"495004500\",\n \"quoted_at\": \"2027-06-05\",\n \"quoted_upfront\": \"-49500450\",\n \"reference_id\": \"U\",\n \"remaining_years\": \"20\",\n \"scenario_margin_beta\": \"0\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-quote-board\"\n }\n },\n \"reference_id\": \"U\",\n \"remaining_years\": \"20\",\n \"role\": \"total_return_payer\"\n },\n \"quote_id\": \"SYN-NETTING-FUND_01-S1\",\n \"quoted_at\": \"2027-06-05\",\n \"same_provider_required\": true,\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n }\n },\n \"substitute\": {\n \"annual_spread_concession\": \"0.0089108784\",\n \"baseline_executed\": false,\n \"effective_business_days\": \"2\",\n \"eligibility_source_evidence\": {\n \"file\": \"docs/reference-input-contract.md\",\n \"locator\": \"substitution-eligibility\"\n },\n \"executable\": true,\n \"original_years\": \"5\",\n \"quote_id\": \"SYN-SUBSTITUTE-FUND_01-S1\",\n \"quoted_at\": \"2027-06-05\",\n \"replacement_coupon_spread\": \"0.009900578\",\n \"replacement_credit_move\": \"0\",\n \"replacement_enforceable\": true,\n \"replacement_issue_rating\": \"AAA\",\n \"replacement_issued\": true,\n \"replacement_issuer\": \"FUND_01 independent substitution issuer series 1\",\n \"replacement_issuer_kind\": \"other\",\n \"replacement_market_liquid\": true,\n \"replacement_material_positive_correlation\": false,\n \"replacement_quantity\": \"990009000\",\n \"replacement_residual_years\": \"5\",\n \"replacement_same_currency\": true,\n \"requires\": \"Signed issuer-independent AAA collateral substitution, custody control and daily revaluation\",\n \"reversal_effective_business_days\": \"2\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n },\n \"unwind_fee\": \"247502.25\",\n \"upfront_fee\": \"990009\"\n }\n },\n \"allocation\": {\n \"assignment_rule\": \"Every lot exactly once. Indivisible, no double pledge. No cross-trade regulatory netting; each repo exposure calculated separately. Both quotes take every assigned lot at full market advance.\",\n \"capital_budget\": \"1980018\",\n \"days\": \"7\",\n \"equity_hurdle\": \"0.10\",\n \"lenders\": {\n \"Div\": {\n \"CDS\": \"0.0178208082\",\n \"currency\": \"USD\",\n \"days\": \"7\",\n \"executable\": true,\n \"haircut\": \"0.079200512\",\n \"legal_name\": \"FUND_01 weaker cheaper allocation lender series 1\",\n \"maximum_name_fraction\": \"0.05\",\n \"maximum_pool_value\": \"39600360\",\n \"minimum_names\": 40,\n \"quote_id\": \"SYN-DIV-7D-FUND_01-S1\",\n \"quoted_at\": \"2027-06-05\",\n \"rating\": \"BBB\",\n \"rw\": \"0.50\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-quote-board\"\n },\n \"spread\": \"0.0108903245\"\n },\n \"Tol\": {\n \"CDS\": \"0.0059402694\",\n \"currency\": \"USD\",\n \"days\": \"7\",\n \"executable\": true,\n \"haircut\": \"0.14850096\",\n \"legal_name\": \"FUND_01 stronger dearer allocation lender series 1\",\n \"maximum_name_fraction\": \"1\",\n \"maximum_pool_value\": \"267302430\",\n \"minimum_names\": 1,\n \"quote_id\": \"SYN-TOL-7D-FUND_01-S1\",\n \"quoted_at\": \"2027-06-05\",\n \"rating\": \"AA\",\n \"rw\": \"0.20\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-quote-board\"\n },\n \"spread\": \"0.0193605769\"\n }\n },\n \"lots\": [\n {\n \"asset_class\": \"IG_bond\",\n \"available_for_pledge\": true,\n \"eligible_lenders\": [\n \"Tol\",\n \"Div\"\n ],\n \"enforceable\": true,\n \"h10\": \"0.04\",\n \"id\": \"L1\",\n \"issue_rating\": \"AAA\",\n \"issued\": true,\n \"issuer\": \"FUND_01 allocation issuer L1 series 1\",\n \"issuer_kind\": \"other\",\n \"material_positive_correlation\": false,\n \"residual_years\": \"5\",\n \"right_to_return_collateral\": true,\n \"same_c\n[...output truncated at 40000 bytes; 70668 total...]\n\nSTATUS:\nFinished normally at 2026-09-20T07:20:00Z (elapsed=0.12s)","tool_call_id":"call_3cc14a1a254352058fd9dc9c704a5ebb","type":"tool_result"}},{"step":4,"generation":0,"created_at":"2026-09-20T07:20:08.11Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_ce762d825b33559eaafdaf4f5e258fe3","name":"bash","arguments":"{\"max_output_length\":14000,\"command\":\"python - <<'PY'\\nimport json,os\\np=json.load(open('/packet/packet.json')); a=os.environ['AMPLIO_ARTIFACT_DIR']\\nfor k,v in p['public_inputs'].items():\\n if k=='documents':\\n for key,d in v.items():\\n print(key,type(d).__name__,list(d) if isinstance(d,dict) else len(d)); print(str(d)[:450])\\n path=f'{a}/documents/{key}'; os.makedirs(os.path.dirname(path),exist_ok=True)\\n with open(path,'w') as f: f.write(d if isinstance(d,str) else json.dumps(d,indent=2))\\n else:\\n with open(f'{a}/{k}.json','w') as f: json.dump(v,f,indent=2)\\nprint('\\\\nSTATE fields:')\\nfor k,v in p['state'].items(): print(k,type(v).__name__,len(v) if isinstance(v,(dict,list,str)) else v, repr(v)[:500])\\nPY\"}"}],"type":"assistant","usage":{"prompt_tokens":19570,"completion_tokens":249,"total_tokens":19819,"cache_read_tokens":7955}}},{"step":4,"generation":0,"created_at":"2026-09-20T07:20:08.2Z","event":{"content":"STDOUT:\nCURRENT_INPUTS.json dict ['sha256', 'text']\n{'sha256': '76856db6f8f135b7fc21ec86623f24a6aaa37040808ffb6cfe233edda6e05722', 'text': '{\"case\":{\"agreements\":[{\"agreement_id\":\"SALE_U\",\"closeout\":{\"currency\":\"USD\",\"dispute_process\":\"Morrow & Vale documented independent quote process; disputed claims survive maturity until settled\",\"evidence\":[{\"document_id\":\"SYNTHETIC_PACKET\",\"locator\":\"fictional-executed-agreements\"}],\"setoff\":false,\"stay_business_days\":0,\"valuation_basis\":\"principal_and_accru\ndocs/capital-actions.md dict ['sha256', 'text']\n{'sha256': 'b89cc0ab4ebb2da49f50ae0ab44260c9916ab3c45e82e2832c08205467bcac87', 'text': '# Capital actions, prices and binding constraints\\n\\nThis is a fictional pricing annex dated 19 September 2026. Its counterparties, contracts, opinions and executable quotes are invented for the educational instance. The public inputs are [numerical-inputs.json](../fixtures/numerical-inputs.json). No quoted price in this annex is represented as an observed mar\ndocs/capital-rulebook.md dict ['sha256', 'text']\n{'sha256': 'e41e897bb0f859af89299499433324884cd157819b8d49257d7d07d0d577ad7a', 'text': '# Capital rulebook for the back-to-back funding capstone\\n\\nAs-of date: 19 September 2026. Amounts are USD unless stated otherwise. This is an educational comparator using the dated, current global Basel text below. It is not an opinion on implementation in any particular jurisdiction, regulatory permission, an accounting election, or evidence that a transacti\ndocs/desk-runtime-contract.md dict ['sha256', 'text']\n{'sha256': '9c70cf772762ca0845b4d6b107d1ef948ebc557d397564566f74109e7fb16a3a', 'text': '# Settled desk contract\\n\\nThis contract specifies the actual daily book, not the seventeen controlled financial report panels. It is a named synthetic desk convention supplementing the dated rulebook. The versions exported by `desk_contract.py` are `desk-state.v3`, `desk-envelope.v2` and `desk-policy.v3`, with no v1 aliases. Report labels remain `daily-book.v\ndocs/economic-specification.md dict ['sha256', 'text']\n{'sha256': '80cb44c6e1c3346e1d345eb0647e2381fc97f074150654a3ce0aa6f4129daf44', 'text': '# Economic specification of the funding book\\n\\nAs of 19 September 2026. This is a fictional USD book and a public contract for its standalone numerical verifier. It is not a production installation, an observed transaction, or a national regulatory opinion. The exact source requests are preserved in [user-request.xml](../sources/user-request.xml) and [source-\ndocs/reference-input-contract.md dict ['sha256', 'text']\n{'sha256': 'bc59f27372ec2c6f81be9e4e83b404f45e3bb42d2ee9d742da2dedd537bb5f62', 'text': '# Reference input contract\\n\\nThis annex defines the implemented BOOK reference conventions. It supplies fictional premises, not external legal opinions, market observations or a regulatory approval. The parameter schema, reference validator and the Python calculations share this contract. An unsupported convention is a reference error, not permission to choos\ndocs/reserve-module.md dict ['sha256', 'text']\n{'sha256': '30a551175152fb2b98dec975fec539e1131c8c4458adce7c7a0fa454deb74708', 'text': '# Cash, reserves and the statutory bridge\\n\\nAs of **19 September 2026**. All entities, contracts, valuations, model distributions and market quotes in this module are fictional. Amounts are USD; tables labelled `m` use USD millions. The official sources support the stated rules, not the fictional transactions or their prices. This is an educational design and\nfamily/worker/legal-terms.txt dict ['sha256', 'text']\n{'sha256': 'ee06975127ae967c42cb3d0f51447b5008200eb04b6157dd5f6dfa945ad87694', 'text': '\\nFictional current contract for FUND_01, series 1. Jurisdiction: Fictional Commonwealth of Orivale / series 1. The borrower Brackenford Trade Bank [FUND_01 series 1] grants issued_security_pledge rights over DEPSEC, 990009000 USD1 units or identified payment-right face units. The collateral relation is independent; issuance\nfixtures/desk-policy.json dict ['sha256', 'text']\n{'sha256': '99a4529f5f18565cef56d712bc35bd226678bccc1d91a92ea0f1c237538fe099', 'text': '{\\n \"schema_version\": \"desk-policy.v3\",\\n \"name\": \"Settled synthetic desk conventions, 2026-09-19\",\\n \"status\": \"Public fictional desk policies. These conventions supplement, and never replace, authenticated instrument terms, quotes, legal rights or cash receipts.\",\\n \"source_documents\": [\\n \"docs/desk-runtime-contract.md\",\\n \"docs/economic-specifica\nschemas/daily-report.schema.json dict ['sha256', 'text']\n{'sha256': '08ba89e6b7d0709a080d2e4f32ee2eb7271b5b8cbdc9b875de8b9c5d7409211b', 'text': '{\\n \"$schema\": \"https://json-schema.org/draft/2020-12/schema\",\\n \"$id\": \"urn:back-to-back-funding:daily-book.v2\",\\n \"title\": \"Settled parent-checkpoint financial and institutional assertions\",\\n \"description\": \"Five financial sections use exact current-source assertions. Legal, compliance, structure and recommendation sections use entailed premises, indepe\n\nSTATE fields:\naccepted_action_count int 0 0\naccepted_action_ids list 0 []\naccounts dict 35 {'cash': '123832604.859317781832', 'claim_allowance': '0', 'contributed_equity': '-391053555', 'deployment_accrued': '19437814.846170841304', 'deployment_principal': '990009000', 'expense_fees': '990009', 'expense_funding': '18797129.89327568417', 'expense_loss': '0', 'facility_debt': '0', 'income_carry': '-33376419.767308484527', 'income_hedge': '0', 'income_mark': '0', 'inventory': '267302430', 'legacy_debt': '-990009000', 'management_deferral': '-41581875.436912685824', 'management_funding_ma\napplied_event_ids list 0 []\nas_of str 10 '2027-09-02'\ncontracts dict 7 {'DEP_LOAN': {'effective_date': '2027-06-05', 'execution_date': '2027-06-05', 'id': 'DEP_LOAN', 'kind': 'deployment_loan', 'maturity_date': '2032-06-05', 'payment_dates': ['2027-09-05', '2027-12-05', '2028-03-05', '2028-06-05', '2028-09-05', '2028-12-05', '2029-03-05', '2029-06-05', '2029-09-05', '2029-12-05', '2030-03-05', '2030-06-05', '2030-09-05', '2030-12-05', '2031-03-05', '2031-06-05', '2031-09-05', '2031-12-05', '2032-03-05', '2032-06-05'], 'source_evidence': [{'document_id': 'SYNTHETIC_\nday int 0 0\nfamily_id str 7 'FUND_01'\nfinancial_time str 42 '0.2418478260869565217391304347826086956522'\nlast_receipt_hash str 64 '0088a4f7766fb2319151fe963f9e7fba59db8bda2eb064b7dfce91cc9517be3c'\nlast_receipt_sequence int 415 415\nlegal dict 9 {'approvals': {}, 'decisions': {}, 'defaults': {'borrower': False, 'provider': False, 'reference_issuer': False}, 'disputes': {}, 'facility_status': 'available', 'observable': False, 'rights': {'delivery|contract|': 'effective', 'enforceability|contract|': 'effective', 'issuance|contract|': 'effective', 'remittance|contract|': 'denied', 'restitution|borrower_only|': 'conditional', 'reuse|contract|': 'denied', 'substitution|contract|': 'conditional'}, 'substitution_requests': {}, 'transfer_blocks\nlegal_version int 0 0\nlots dict 54 {'DEPSEC': {'book_value': '990009000', 'class': 'deployment_collateral', 'correlation': False, 'coupon_spread': '0.0455411592', 'encumbrance': 'DEP_SECURITY', 'enforceability': 'effective', 'id': 'DEPSEC', 'instrument_id': 'DEPSEC', 'issued': True, 'issuer_id': 'CELADON', 'issuer_kind': 'corporate', 'location': 'CUST_DEP', 'maturity_date': '2032-06-05', 'owner': 'BORROWER', 'quantity': '990009000', 'rating': 'BB', 'return_obligation': 'identical', 'reuse_permitted': False, 'source_evidence': [{'\nmarket dict 8 {'em_move': '0', 'funding_move': '0', 'market_open': True, 'own_bond_spread': '0.0064352412', 'own_cds_spread': '0.0029701437', 'provider_cds': '0.0084151402', 'ratings': {'borrower': 'BB', 'deployment_collateral': 'BB', 'funding_reference': 'AAA', 'provider': 'A'}, 'reference_move': '0'}\nmarket_version int 0 0\nobligations dict 0 {}\npending list 0 []\nrevision int 0 0\nschema_version str 13 'desk-state.v3'\n\n\nSTATUS:\nFinished normally at 2026-09-20T07:20:08Z (elapsed=0.09s)","tool_call_id":"call_ce762d825b33559eaafdaf4f5e258fe3","type":"tool_result"}},{"step":5,"generation":0,"created_at":"2026-09-20T07:20:38.849Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_857a3b3017965ceb8dc170e2f9ead21e","name":"bash","arguments":"{\"command\":\"python - <<'PY'\\nimport json,os\\np=json.load(open('/packet/packet.json')); a=os.environ['AMPLIO_ARTIFACT_DIR']\\nfor key,d in p['public_inputs']['documents'].items():\\n path=f'{a}/documents/{key}'; open(path,'w').write(d['text'])\\nprint('Extracted public document text into',a+'/documents')\\nPY\"}"}],"type":"assistant","usage":{"prompt_tokens":22253,"completion_tokens":105,"total_tokens":22358,"cache_read_tokens":19568}}},{"step":5,"generation":0,"created_at":"2026-09-20T07:20:38.926Z","event":{"content":"STDOUT:\nExtracted public document text into /work/data/artifacts/9r9p6s9g/documents\n\n\nSTATUS:\nFinished normally at 2026-09-20T07:20:38Z (elapsed=0.08s)","tool_call_id":"call_857a3b3017965ceb8dc170e2f9ead21e","type":"tool_result"}},{"step":6,"generation":0,"created_at":"2026-09-20T07:21:07.683Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_395da3d2e85e55bca4befe44fcdadc00","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/9r9p6s9g/documents/schemas/daily-report.schema.json\",\"start_line\":1,\"end_line\":250}"},{"id":"call_2402d6afde795f72a65045126323c8d3","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/9r9p6s9g/documents/docs/desk-runtime-contract.md\",\"start_line\":1,\"end_line\":300}"},{"id":"call_29b7bcf510f55dd0961932977e22f99d","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/9r9p6s9g/documents/family/worker/legal-terms.txt\"}"}],"type":"assistant","usage":{"prompt_tokens":22422,"completion_tokens":148,"total_tokens":22570,"cache_read_tokens":22251}}},{"step":6,"generation":0,"created_at":"2026-09-20T07:21:07.718Z","event":{"content":"File: /work/data/artifacts/9r9p6s9g/documents/family/worker/legal-terms.txt\n 1: \n 2: Fictional current contract for FUND_01, series 1. Jurisdiction: Fictional Commonwealth of Orivale / series 1. The borrower Brackenford Trade Bank [FUND_01 series 1] grants issued_security_pledge rights over DEPSEC, 990009000 USD1 units or identified payment-right face units. The collateral relation is independent; issuance exists now: true. Ownership basis is pledge; the return obligation is identical. Reuse permission is false; current enforcement status is effective. Reuse requires existing owned and unencumbered units, the express permission, current enforceability and preservation of the specified return claim. A contingent promise creates no security inventory; payment rights create no traded security. The security covenant does not alter the independent U funding sale: the reporting bank receives total return, pays financing and obtains principal only from the identified par sale. Funding matures 2047-06-05; deployment matures 2032-06-05. Initial operating cash 123751125 is a restriction within total opening cash 123751125, not a second asset; residual 0 cannot pay the operating call without an authorized release. The separate operating call input is 17820162. Ternwell Liquidity Bank [FUND_01 series 1] commits at most 257402340 by the selected cutoff at spread 0.0108903245 over OIS. Unused capacity is not cash. The deployment financing quote has market haircut 0.08910333 and spread 0.0108903245; these do not replace supervisory haircuts. The public real-calendar quarter schedule governs coupons and resets. Event notices do not prove cash settlement. This current-terms packet contains no future path or reference answer.\n 3: \n 4: Current client constraints and scoped mandate. These are source instructions, not reference recommendations.\n 5: \n 6: {\n 7: \"counterparty_constraints\": [\n 8: {\n 9: \"party_id\": \"BORROWER\",\n 10: \"situation\": \"Brackenford Trade Bank [FUND_01 series 1] receives the separately identified five-year deployment loan for its own liquidity need. Its granted security supports that loan only; it is not a second cash advance or a claim that the funding TRS has principal exchange. This is the BOOK mandate, not the separately sized S2 reserve-authority comparison. Joint funding and credit widening coincides with an actual contractual reference-loss payment; its own funding cost has risen and the emerging-market deployment credit has deteriorated, so it is under liquidity stress with a realised market loss, not in default.\",\n 11: \"situation_kind\": \"liquidity_stress\",\n 12: \"required_cash\": \"990009000\",\n 13: \"currency\": \"USD\",\n 14: \"funding_deadline\": \"2027-06-05\",\n 15: \"allowed_legal_forms\": [\n 16: \"issued_security_pledge\"\n 17: ],\n 18: \"prohibited_legal_forms\": [\n 19: \"contingent_issuance_promise\",\n 20: \"payment_rights_assignment\",\n 21: \"title_transfer_repo\"\n 22: ],\n 23: \"classification_by_form\": {\n 24: \"issued_security_pledge\": \"secured_borrowing\"\n 25: },\n 26: \"required_return\": \"identical\",\n 27: \"borrowing_ceiling\": \"990009000\",\n 28: \"maximum_spread\": \"0.079202016\",\n 29: \"required_approval_ids\": [],\n 30: \"evidence\": [\n 31: {\n 32: \"document_id\": \"SYNTHETIC_PACKET\",\n 33: \"locator\": \"fictional-counterparty-constraints\"\n 34: }\n 35: ]\n 36: },\n 37: {\n 38: \"party_id\": \"P\",\n 39: \"situation\": \"Alderwick Funding Trust [FUND_01 series 1] purchases U under SALE_U and owes the full total return under FUND_TRS while receiving the financing leg. It supplies the identified sale price once, requires enforceable bilateral close-out, and is not a deployment borrower. These labels do not extinguish its twenty-year surviving return claim. Its own CDS has widened from eighty to one hundred sixty basis points in the joint event and it is under ratings pressure. It requires the funding-CSA cash budget and the offset credit limit to be approved before either route is treated as executed; it does not require netting consolidation in this branch.\",\n 40: \"situation_kind\": \"ratings_pressure\",\n 41: \"required_cash\": \"0\",\n 42: \"currency\": \"USD\",\n 43: \"funding_deadline\": \"2027-09-05\",\n 44: \"allowed_legal_forms\": [\n 45: \"sale_funded_total_return_swap\"\n 46: ],\n 47: \"prohibited_legal_forms\": [\n 48: \"payment_rights_assignment\",\n 49: \"contingent_issuance_promise\"\n 50: ],\n 51: \"classification_by_form\": {\n 52: \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n 53: },\n 54: \"required_return\": \"none\",\n 55: \"borrowing_ceiling\": null,\n 56: \"maximum_spread\": null,\n 57: \"required_approval_ids\": [\n 58: \"DESK_CSA\",\n 59: \"DESK_OFFSET\"\n 60: ],\n 61: \"evidence\": [\n 62: {\n 63: \"document_id\": \"SYNTHETIC_PACKET\",\n 64: \"locator\": \"fictional-counterparty-constraints\"\n 65: }\n 66: ]\n 67: },\n 68: {\n 69: \"party_id\": \"S2_LRA\",\n 70: \"situation\": \"Separate S2 controlled comparison only: FUND_01 s2_lra series 1 owns allocated bullion and the existing Treasury issue; it is not Fictional Commonwealth of Orivale / series 1 / Lydora fictional-law division Republic, not its Treasury, and not the BOOK borrower. The borrowing ceiling counts the secured cash advance and unsecured top-up together. Fiscal lending to Treasury needs an additional resolution that is absent. The bespoke identical-title route lacks a completed proprietary-return opinion. None of these S2 balances is added to BOOK cash.\",\n 71: \"situation_kind\": \"fiscal_ceiling\",\n 72: \"required_cash\": \"495004500\",\n 73: \"currency\": \"USD\",\n 74: \"funding_deadline\": \"2029-09-17\",\n 75: \"allowed_legal_forms\": [\n 76: \"gold_pledge\",\n 77: \"gold_equivalent_title\",\n 78: \"issued_security_pledge\",\n 79: \"title_transfer_repo\"\n 80: ],\n 81: \"prohibited_legal_forms\": [\n 82: \"fiscal_advance\"\n 83: ],\n 84: \"classification_by_form\": {\n 85: \"gold_pledge\": \"secured_borrowing\",\n 86: \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n 87: \"issued_security_pledge\": \"secured_borrowing\",\n 88: \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n 89: \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n 90: \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n 91: },\n 92: \"required_return\": \"equivalent\",\n 93: \"borrowing_ceiling\": \"495004500\",\n 94: \"maximum_spread\": null,\n 95: \"required_approval_ids\": [\n 96: \"S2_IDENTICAL_TITLE\"\n 97: ],\n 98: \"evidence\": [\n 99: {\n 100: \"document_id\": \"SYNTHETIC_PACKET\",\n 101: \"locator\": \"fictional-counterparty-constraints\"\n 102: }\n 103: ]\n 104: }\n 105: ],\n 106: \"mandate\": {\n 107: \"mandate_id\": \"BOOK_DESK_MANDATE\",\n 108: \"bank_id\": \"MERIDIAN\",\n 109: \"rules\": [\n 110: {\n 111: \"rule_id\": \"DESK_HOLD\",\n 112: \"action_kind\": \"hold_capital\",\n 113: \"subject_id\": \"MERIDIAN\",\n 114: \"tier\": \"permitted\",\n 115: \"maximum_amount\": null,\n 116: \"approver_id\": null,\n 117: \"approval_delay_days\": 0,\n 118: \"approval_outcome\": null,\n 119: \"approval_valid_days\": 0,\n 120: \"reason_codes\": [\n 121: \"CAPITAL_RETAINED\"\n 122: ],\n 123: \"evidence\": [\n 124: {\n 125: \"document_id\": \"SYNTHETIC_PACKET\",\n 126: \"locator\": \"fictional-desk-mandate\"\n 127: }\n 128: ]\n 129: },\n 130: {\n 131: \"rule_id\": \"DESK_CSA\",\n 132: \"action_kind\": \"execute_csa\",\n 133: \"subject_id\": \"FUND_TRS\",\n 134: \"tier\": \"requires_approval\",\n 135: \"maximum_amount\": \"742506750\",\n 136: \"approver_id\": \"MERIDIAN\",\n 137: \"approval_delay_days\": 1,\n 138: \"approval_outcome\": \"approved\",\n 139: \"approval_valid_days\": 5,\n 140: \"reason_codes\": [\n 141: \"CSA_CASH_BUDGET\",\n 142: \"LIQUIDITY_STRESS_BUDGET\"\n 143: ],\n 144: \"evidence\": [\n 145: {\n 146: \"document_id\": \"SYNTHETIC_PACKET\",\n 147: \"locator\": \"fictional-desk-mandate\"\n 148: }\n 149: ]\n 150: },\n 151: {\n 152: \"rule_id\": \"DESK_SUBSTITUTION\",\n 153: \"action_kind\": \"substitute_collateral\",\n 154: \"subject_id\": \"DEP_SECURITY\",\n 155: \"tier\": \"requires_approval\",\n 156: \"maximum_amount\": \"990009000\",\n 157: \"approver_id\": \"MERIDIAN\",\n 158: \"approval_delay_days\": 1,\n 159: \"approval_outcome\": \"approved\",\n 160: \"approval_valid_days\": 5,\n 161: \"reason_codes\": [\n 162: \"COLLATERAL_OWNER_CONSENT\"\n 163: ],\n 164: \"evidence\": [\n 165: {\n 166: \"document_id\": \"SYNTHETIC_PACKET\",\n 167: \"locator\": \"fictional-desk-mandate\"\n 168: }\n 169: ]\n 170: },\n 171: {\n 172: \"rule_id\": \"DESK_REVERSE\",\n 173: \"action_kind\": \"reverse_substitution\",\n 174: \"subject_id\": \"DEP_SECURITY\",\n 175: \"tier\": \"requires_approval\",\n 176: \"maximum_amount\": \"990009000\",\n 177: \"approver_id\": \"MERIDIAN\",\n 178: \"approval_delay_days\": 2,\n 179: \"approval_outcome\": \"approved\",\n 180: \"approval_valid_days\": 5,\n 181: \"reason_codes\": [\n 182: \"RETURN_TITLE_REVIEW\"\n 183: ],\n 184: \"evidence\": [\n 185: {\n 186: \"document_id\": \"SYNTHETIC_PACKET\",\n 187: \"locator\": \"fictional-desk-mandate\"\n 188: }\n 189: ]\n 190: },\n 191: {\n 192: \"rule_id\": \"DESK_OFFSET\",\n 193: \"action_kind\": \"execute_offset\",\n 194: \"subject_id\": \"OFFSET_TRS\",\n 195: \"tier\": \"requires_approval\",\n 196: \"maximum_amount\": \"495004500\",\n 197: \"approver_id\": \"MERIDIAN\",\n 198: \"approval_delay_days\": 1,\n 199: \"approval_outcome\": \"approved\",\n 200: \"approval_valid_days\": 5,\n 201: \"reason_codes\": [\n 202: \"OFFSET_CREDIT_LIMIT\"\n 203: ],\n 204: \"evidence\": [\n 205: {\n 206: \"document_id\": \"SYNTHETIC_PACKET\",\n 207: \"locator\": \"fictional-desk-mandate\"\n 208: }\n 209: ]\n 210: },\n 211: {\n 212: \"rule_id\": \"DESK_NETTING\",\n 213: \"action_kind\": \"consolidate_netting\",\n 214: \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n 215: \"tier\": \"requires_approval\",\n 216: \"maximum_amount\": null,\n 217: \"approver_id\": \"MERIDIAN\",\n 218: \"approval_delay_days\": 1,\n 219: \"approval_outcome\": \"approved\",\n 220: \"approval_valid_days\": 5,\n 221: \"reason_codes\": [\n 222: \"MASTER_OPINION_REVIEW\"\n 223: ],\n 224: \"evidence\": [\n 225: {\n 226: \"document_id\": \"SYNTHETIC_PACKET\",\n 227: \"locator\": \"fictional-desk-mandate\"\n 228: }\n 229: ]\n 230: },\n 231: {\n 232: \"rule_id\": \"DESK_PROTECTION\",\n 233: \"action_kind\": \"buy_protection\",\n 234: \"subject_id\": \"H\",\n 235: \"tier\": \"permitted\",\n 236: \"maximum_amount\": \"316802880\",\n 237: \"approver_id\": null,\n 238: \"approval_delay_days\": 0,\n 239: \"approval_outcome\": null,\n 240: \"approval_valid_days\": 0,\n 241: \"reason_codes\": [\n 242: \"NAMED_PROTECTION_QUOTE\"\n 243: ],\n 244: \"evidence\": [\n 245: {\n 246: \"document_id\": \"SYNTHETIC_PACKET\",\n 247: \"locator\": \"fictional-desk-mandate\"\n 248: }\n 249: ]\n 250: },\n 251: {\n 252: \"rule_id\": \"DESK_DESIGNATION\",\n 253: \"action_kind\": \"designate_protection\",\n 254: \"subject_id\": \"H\",\n 255: \"tier\": \"permitted\",\n 256: \"maximum_amount\": \"316802880\",\n 257: \"approver_id\": null,\n 258: \"approval_delay_days\": 0,\n 259: \"approval_outcome\": null,\n 260: \"approval_valid_days\": 0,\n 261: \"reason_codes\": [\n 262: \"MATCHED_REFERENCE_DESIGNATION\"\n 263: ],\n 264: \"evidence\": [\n 265: {\n 266: \"document_id\": \"SYNTHETIC_PACKET\",\n 267: \"locator\": \"fictional-desk-mandate\"\n 268: }\n 269: ]\n 270: },\n 271: {\n 272: \"rule_id\": \"DESK_REPO\",\n 273: \"action_kind\": \"repo_allocate\",\n 274: \"subject_id\": \"MERIDIAN\",\n 275: \"tier\": \"permitted\",\n 276: \"maximum_amount\": null,\n 277: \"approver_id\": null,\n 278: \"approval_delay_days\": 0,\n 279: \"approval_outcome\": null,\n 280: \"approval_valid_days\": 0,\n 281: \"reason_codes\": [\n 282: \"OWN_INVENTORY_ONLY\"\n 283: ],\n 284: \"evidence\": [\n 285: {\n 286: \"document_id\": \"SYNTHETIC_PACKET\",\n 287: \"locator\": \"fictional-desk-mandate\"\n 288: }\n 289: ]\n 290: },\n 291: {\n 292: \"rule_id\": \"DESK_REPO_REPAY\",\n 293: \"action_kind\": \"repay_repo\",\n 294: \"subject_id\": \"MERIDIAN\",\n 295: \"tier\": \"permitted\",\n 296: \"maximum_amount\": null,\n 297: \"approver_id\": null,\n 298: \"approval_delay_days\": 0,\n 299: \"approval_outcome\": null,\n 300: \"approval_valid_days\": 0,\n 301: \"reason_codes\": [\n 302: \"DISCHARGE_REPO_DEBT\"\n 303: ],\n 304: \"evidence\": [\n 305: {\n 306: \"document_id\": \"SYNTHETIC_PACKET\",\n 307: \"locator\": \"fictional-desk-mandate\"\n 308: }\n 309: ]\n 310: },\n 311: {\n 312: \"rule_id\": \"DESK_SELL_COLLATERAL\",\n 313: \"action_kind\": \"sell_lot\",\n 314: \"subject_id\": \"DEP_SECURITY\",\n 315: \"tier\": \"requires_approval\",\n 316: \"maximum_amount\": null,\n 317: \"approver_id\": \"MERIDIAN\",\n 318: \"approval_delay_days\": 2,\n 319: \"approval_outcome\": \"approved\",\n 320: \"approval_valid_days\": 5,\n 321: \"reason_codes\": [\n 322: \"BORROWER_DISPOSAL_CONSENT\"\n 323: ],\n 324: \"evidence\": [\n 325: {\n 326: \"document_id\": \"SYNTHETIC_PACKET\",\n 327: \"locator\": \"fictional-desk-mandate\"\n 328: }\n 329: ]\n 330: },\n 331: {\n 332: \"rule_id\": \"DESK_SELL_INVENTORY\",\n 333: \"action_kind\": \"sell_lot\",\n 334: \"subject_id\": \"MERIDIAN\",\n 335: \"tier\": \"permitted\",\n 336: \"maximum_amount\": null,\n 337: \"approver_id\": null,\n 338: \"approval_delay_days\": 0,\n 339: \"approval_outcome\": null,\n 340: \"approval_valid_days\": 0,\n 341: \"reason_codes\": [\n 342: \"OWN_INVENTORY_DISPOSAL\"\n 343: ],\n 344: \"evidence\": [\n 345: {\n 346: \"document_id\": \"SYNTHETIC_PACKET\",\n 347: \"locator\": \"fictional-desk-mandate\"\n 348: }\n 349: ]\n 350: },\n 351: {\n 352: \"rule_id\": \"DESK_EQUIVALENT\",\n 353: \"action_kind\": \"buy_equivalent\",\n 354: \"subject_id\": \"DEP_SECURITY\",\n 355: \"tier\": \"permitted\",\n 356: \"maximum_amount\": null,\n 357: \"approver_id\": null,\n 358: \"approval_delay_days\": 0,\n 359: \"approval_outcome\": null,\n 360: \"approval_valid_days\": 0,\n 361: \"reason_codes\": [\n 362: \"DOCUMENTED_EQUIVALENT_RETURN\"\n 363: ],\n 364: \"evidence\": [\n 365: {\n 366: \"document_id\": \"SYNTHETIC_PACKET\",\n 367: \"locator\": \"fictional-desk-mandate\"\n 368: }\n 369: ]\n 370: },\n 371: {\n 372: \"rule_id\": \"DESK_RETURN\",\n 373: \"action_kind\": \"return_collateral\",\n 374: \"subject_id\": \"DEP_SECURITY\",\n 375: \"tier\": \"permitted\",\n 376: \"maximum_amount\": null,\n 377: \"approver_id\": null,\n 378: \"approval_delay_days\": 0,\n 379: \"approval_outcome\": null,\n 380: \"approval_valid_days\": 0,\n 381: \"reason_codes\": [\n 382: \"DISCHARGE_COLLATERAL_RETURN\"\n 383: ],\n 384: \"evidence\": [\n 385: {\n 386: \"document_id\": \"SYNTHETIC_PACKET\",\n 387: \"locator\": \"fictional-desk-mandate\"\n 388: }\n 389: ]\n 390: },\n 391: {\n 392: \"rule_id\": \"DESK_RETURN_REPO\",\n 393: \"action_kind\": \"return_collateral\",\n 394: \"subject_id\": \"MERIDIAN\",\n 395: \"tier\": \"permitted\",\n 396: \"maximum_amount\": null,\n 397: \"approver_id\": null,\n 398: \"approval_delay_days\": 0,\n 399: \"approval_outcome\": null,\n 400: \"approval_valid_days\": 0,\n 401: \"reason_codes\": [\n 402: \"DISCHARGE_REPO_RETURN\"\n 403: ],\n 404: \"evidence\": [\n 405: {\n 406: \"document_id\": \"SYNTHETIC_PACKET\",\n 407: \"locator\": \"fictional-desk-mandate\"\n 408: }\n 409: ]\n 410: },\n 411: {\n 412: 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\"reference_return_adjustment\",\n 39: \"funding_remaining_years\",\n 40: \"deployment_remaining_years\",\n 41: \"last_reset_price\",\n 42: \"next_payment_delay\",\n 43: \"reference_price\",\n 44: \"replacement_spread\",\n 45: \"quote_annuity\",\n 46: \"quote_id\",\n 47: \"principal_source\",\n 48: \"trs_principal_received\",\n 49: \"deployment_coupon_spread\",\n 50: \"roles\",\n 51: \"evidence\"\n 52: ],\n 53: \"properties\": {\n 54: \"funding_notional\": {\n 55: \"$ref\": \"#/$defs/money\"\n 56: },\n 57: \"unsettled_stub\": {\n 58: \"$ref\": \"#/$defs/money\"\n 59: },\n 60: \"legal_funding_mark\": {\n 61: \"$ref\": \"#/$defs/money\"\n 62: },\n 63: \"quoted_funding_component\": {\n 64: \"$ref\": \"#/$defs/money\"\n 65: },\n 66: \"management_funding_gain\": {\n 67: \"$ref\": \"#/$defs/money\"\n 68: },\n 69: \"reference_return_adjustment\": {\n 70: \"$ref\": \"#/$defs/money\"\n 71: },\n 72: \"funding_remaining_years\": {\n 73: \"$ref\": \"#/$defs/scalar\"\n 74: },\n 75: \"deployment_remaining_years\": {\n 76: \"$ref\": \"#/$defs/scalar\"\n 77: },\n 78: \"last_reset_price\": {\n 79: \"$ref\": \"#/$defs/scalar\"\n 80: },\n 81: \"next_payment_delay\": {\n 82: \"$ref\": \"#/$defs/scalar\"\n 83: },\n 84: \"reference_price\": {\n 85: \"$ref\": \"#/$defs/scalar\"\n 86: },\n 87: \"replacement_spread\": {\n 88: \"$ref\": \"#/$defs/scalar\"\n 89: },\n 90: \"quote_annuity\": {\n 91: \"$ref\": \"#/$defs/scalar\"\n 92: },\n 93: \"quote_id\": {\n 94: \"type\": \"string\",\n 95: \"minLength\": 1,\n 96: \"maxLength\": 4096\n 97: },\n 98: \"principal_source\": {\n 99: \"type\": \"string\",\n 100: \"minLength\": 1,\n 101: \"maxLength\": 256\n 102: },\n 103: \"trs_principal_received\": {\n 104: \"$ref\": \"#/$defs/money\"\n 105: },\n 106: \"deployment_coupon_spread\": {\n 107: \"$ref\": \"#/$defs/scalar\"\n 108: },\n 109: \"roles\": {\n 110: \"type\": \"object\",\n 111: \"additionalProperties\": false,\n 112: \"required\": [\n 113: \"funding_receiver\",\n 114: \"financing_payer\",\n 115: \"funding_provider\",\n 116: \"borrower\",\n 117: \"funding_reference_owner\",\n 118: \"accounting_unit\"\n 119: ],\n 120: \"properties\": {\n 121: \"funding_receiver\": {\n 122: \"type\": \"string\",\n 123: \"minLength\": 1,\n 124: \"maxLength\": 4096\n 125: },\n 126: \"financing_payer\": {\n 127: \"type\": \"string\",\n 128: \"minLength\": 1,\n 129: \"maxLength\": 4096\n 130: },\n 131: \"funding_provider\": {\n 132: \"type\": \"string\",\n 133: \"minLength\": 1,\n 134: \"maxLength\": 4096\n 135: },\n 136: \"borrower\": {\n 137: \"type\": \"string\",\n 138: \"minLength\": 1,\n 139: \"maxLength\": 4096\n 140: },\n 141: \"funding_reference_owner\": {\n 142: \"type\": \"string\",\n 143: \"minLength\": 1,\n 144: \"maxLength\": 4096\n 145: },\n 146: \"accounting_unit\": {\n 147: \"type\": \"string\",\n 148: \"minLength\": 1,\n 149: \"maxLength\": 4096\n 150: }\n 151: }\n 152: },\n 153: \"evidence\": {\n 154: \"type\": \"array\",\n 155: \"maxItems\": 4096,\n 156: \"items\": {\n 157: \"$ref\": \"#/$defs/citation\"\n 158: }\n 159: }\n 160: }\n 161: },\n 162: \"credit_xva\": {\n 163: \"type\": \"object\",\n 164: \"additionalProperties\": false,\n 165: \"required\": [\n 166: \"provider_cds\",\n 167: \"own_bond_spread\",\n 168: \"own_cds_spread\",\n 169: \"bond_cds_basis\",\n 170: \"CVA\",\n 171: \"KVA_component\",\n 172: \"UFVA\",\n 173: \"actual_unsecured_debt\",\n 174: \"annual_debt_funding_cost\",\n 175: \"reserve_borrowing\",\n 176: \"projection\",\n 177: \"protection\",\n 178: \"evidence\"\n 179: ],\n 180: \"properties\": {\n 181: \"provider_cds\": {\n 182: \"$ref\": \"#/$defs/scalar\"\n 183: },\n 184: \"own_bond_spread\": {\n 185: \"$ref\": \"#/$defs/scalar\"\n 186: },\n 187: \"own_cds_spread\": {\n 188: \"$ref\": \"#/$defs/scalar\"\n 189: },\n 190: \"bond_cds_basis\": {\n 191: \"$ref\": \"#/$defs/scalar\"\n 192: },\n 193: \"CVA\": {\n 194: \"$ref\": \"#/$defs/money\"\n 195: },\n 196: \"KVA_component\": {\n 197: \"$ref\": \"#/$defs/money\"\n 198: },\n 199: \"UFVA\": {\n 200: \"$ref\": \"#/$defs/money\"\n 201: },\n 202: \"actual_unsecured_debt\": {\n 203: \"$ref\": \"#/$defs/money\"\n 204: },\n 205: \"annual_debt_funding_cost\": {\n 206: \"$ref\": \"#/$defs/money\"\n 207: },\n 208: \"reserve_borrowing\": {\n 209: \"$ref\": \"#/$defs/money\"\n 210: },\n 211: \"projection\": {\n 212: \"type\": \"object\",\n 213: \"additionalProperties\": false,\n 214: \"required\": [\n 215: \"default_grid\",\n 216: \"capital_sampling\",\n 217: \"quarters\",\n 218: \"economic_tail_CVA\",\n 219: \"hedge_provider_CVA\",\n 220: \"debt_funding_PV\"\n 221: ],\n 222: \"properties\": {\n 223: \"default_grid\": {\n 224: \"type\": \"string\",\n 225: \"minLength\": 1,\n 226: \"maxLength\": 4096\n 227: },\n 228: \"capital_sampling\": {\n 229: \"type\": \"string\",\n 230: \"minLength\": 1,\n 231: \"maxLength\": 4096\n 232: },\n 233: \"quarters\": {\n 234: \"type\": \"integer\",\n 235: \"minimum\": 0,\n 236: \"maximum\": 9007199254740991\n 237: },\n 238: \"economic_tail_CVA\": {\n 239: \"$ref\": \"#/$defs/money\"\n 240: },\n 241: \"hedge_provider_CVA\": {\n 242: \"$ref\": \"#/$defs/money\"\n 243: },\n 244: \"debt_funding_PV\": {\n 245: \"$ref\": \"#/$defs/money\"\n 246: }\n 247: }\n 248: },\n 249: \"protection\": {\n 250: \"type\": \"object\",\n","tool_call_id":"call_395da3d2e85e55bca4befe44fcdadc00","type":"tool_result"}},{"step":6,"generation":0,"created_at":"2026-09-20T07:21:07.76Z","event":{"content":"File: /work/data/artifacts/9r9p6s9g/documents/docs/desk-runtime-contract.md\n 1: # Settled desk contract\n 2: \n 3: This contract specifies the actual daily book, not the seventeen controlled financial report panels. It is a named synthetic desk convention supplementing the dated rulebook. The versions exported by `desk_contract.py` are `desk-state.v3`, `desk-envelope.v2` and `desk-policy.v3`, with no v1 aliases. Report labels remain `daily-book.v2` and `daily-grade.v1`; `worker-packet.v1` is unchanged. The active contract has nine report sections and twelve owners. Implementation and executed evidence are separate. The unchanged build-and-prove protocol records historical methodology, not a practitioner-first block on engineering or model execution.\n 4: \n 5: ## Authority and module ownership\n 6: \n 7: The evaluator owns the family, market path, state, immutable receipts and grading. A protected worker receives the current packet, public conventions and a writable work directory. Calculations are bounded data, never executable artifacts, and cannot change the book. Current `counterparty_constraints`, mandate rules and relevant legal source objects belong in the packet. Generated `accepted_positions`, gold, future external events and private evaluator history do not. The canonical base case and `FUND_01` seed 1 are deliberately declassified public practice, a separate publication boundary.\n 8: \n 9: `desk_ledger.py` owns economic state and accepted transitions. `desk_valuation.py` produces the independently valued book, including actual client outcome. `institutional.py` checks sourced legal findings, mandate decisions, client structure and recommendations for both report paths. `daily_grader.py` reads the submitted report and valued book. `desk_replay.py` independently folds receipt postings and state operations without calling the transition function. `desk_runtime.py` owns SQLite persistence, revisions, receipt chains, packets and CLI. `worker_boundary.py` owns worker launches, restart supervision and boundary probes. These are implementation boundaries, not claims that their acceptance runs passed.\n 10: \n 11: ## Public function boundaries\n 12: \n 13: - `desk_ledger.initial_state(parameters, family) -> {state, receipts}`: generate explicit inception and pre-window contractual receipts, then the servicing-window state. Only this function interprets the disclosed opening endowment.\n 14: - `desk_ledger.quote_board(parameters, family, state) -> list[quote]`: current executable actions, terms, capacity and legal prerequisites; quote ID includes market/legal versions and effective date. No future path.\n 15: - `desk_ledger.settle_day(parameters, family, state, actions) -> {state, receipts, blockers}`: pure transition on a copy. An invalid action batch returns no economic mutation. A successfully settled day increments the calendar once and releases only events now available.\n 16: - `desk_valuation.value_book(parameters, family, state) -> book`: deterministic Decimal financial output. No candidate data, future events, gold or prior candidate ledger. State contains received event effects, not a supplied exposure path.\n 17: - `daily_grader.expected_daily_report(parameters, family, state, book, previous_book=None) -> report`: evaluator-only bounded daily assertions.\n 18: - `daily_grader.grade_daily(parameters, family, state, report, previous_book=None) -> grade`: grade the submitted parent checkpoint before applying its actions or revealing tomorrow. Qualification is separate from twelve fixed-denominator owners. No accepted worker action anywhere in the run means `not_scoreable`, with no score. A first accepted day may retain the opening report for later scoring without comparing it to the post-action book. Invalid candidates receive `candidate_error`; reference or verifier failures receive `UNSCORABLE`; neither has a score. An accurate report of an unsuccessful client outcome can lose O11.\n 19: - `desk_replay.replay_receipts(parameters, family, genesis, receipts) -> state`: independently recompute permitted amounts, paid-obligation identities, titles and capacity from immutable contract/quote/event terms before applying each receipt. Verify sequence, parent hash, balanced postings and unique IDs. It must not call `settle_day`, trust candidate assertions or accept a declared final balance. A balanced duplicate coupon with a fresh receipt ID must fail because its contract-period obligation is already paid.\n 20: \n 21: Internal state and receipts use exact decimal strings at serialization boundaries. Python computation uses Decimal. Hashes cover canonical sorted-key JSON; omit only the hash field itself. State is an economic object, not a report log: submitting a different calculation, an invalid envelope or an atomic rejected action cannot alter its hash.\n 22: \n 23: ## Clock and settlement order\n 24: \n 25: The family supplies `funding_start_date` and `window_start_date`. Event `day`/`available_at` is an integer calendar-day offset from the window start. Original funding and deployment coupons fall on calendar three-month anniversaries of funding inception, preserving end-of-month. Each whole coupon accrues 0.25 contractual years. Within a period, financial time is completed quarters times 0.25 plus 0.25 times elapsed actual days divided by the actual days in that period. This keeps twenty-year/five-year maturities and actual payment dates without treating every observation as a payment. Every later CDS, repo, facility, offset or reinvestment contract stores its own execution/effective date, payment schedule, maturity, accrued stub and business-day convention. Its age and premium dates are not the original funding clock; protection bought midquarter starts its five-year term and accrual at its own execution.\n 26: \n 27: The evaluator derives opening accrual and any paid contractual history from inception; it does not move inception to the servicing window. Newly available dated news and the current day's ordered cash milestones are disclosed in the packet. Authored same-day order is preserved through explicit phases under `desk-event-bindings.md`; coupon-first and debit-first are different histories. A candidate action plan specifies a public phase. Envelope versions are checked once, but live cash, title, obligation balances, legal rights and quote capacity are checked against the staged state at every phase. A failed prior draw cannot fund a later action. A coupon announcement, invoice collection into a restricted correspondent account, licence, market opening or facility permission is not free cash. A missed earlier cutoff cannot be repaired by a later same-day coupon. Due obligations arise from contracts/events independently of candidate rejection; a rejected action cannot invent a payable. No future-day news is used to grade the current parent checkpoint.\n 28: \n 29: The clock cannot be advanced by a worker request other than committing that day's accepted actions. `hold_capital` is an explicit risk decision; it changes no cash and carries the capital profile. An empty action list does not create an accepted worker action. The observation horizon is evaluator configuration, not a worker-visible completion signal. Restarted workers retain the same work volume and current authoritative packet.\n 30: \n 31: ## State and receipts\n 32: \n 33: State fields are closed and versioned: `schema_version`, `family_id`, `day`, `as_of`, `financial_time`, `revision`, `market_version`, `legal_version`, `market`, `legal`, `accounts`, `lots`, `contracts`, `pending`, `obligations`, `accepted_action_ids`, `accepted_action_count`, `applied_event_ids`, `last_receipt_hash`, `last_receipt_sequence`. A public view includes the current state hash. The protected event path and evaluator outputs never enter it.\n 34: \n 35: Accounts are debit-positive trial-balance amounts with an explicit account-kind registry: unrestricted cash, restricted opening cash, restricted collections, retained U, deployment principal and accrued coupons, reinvestment principal, owned inventory, posted VM, unpaid receivables, repo debt, external unsecured debt, sale financing, legacy debt, received VM, return obligations, unpaid payables, claim allowances, contributed equity and named income/expense accounts. Total debits equal total credits. Each financial receipt identifies source/destination, contract, amount, asset/lot identity, economic purpose, available date and settled status.\n 36: \n 37: The management ledger is a separate overlay journal with `funding_mark`, `hedge_asset`, `deferred_management_gain`, `management_XVA` and corresponding mark, deferral, reserve and hedge income accounts. It is posted at each valued checkpoint from old-market roll, current-market remeasurement and accepted-action effects. The statutory journal never acquires these management-only funding assets or liabilities. Independent overlay equity plus the explicit statutory bridge must reproduce statutory equity; no balancing plug is permitted.\n 38: \n 39: Lots carry `id`, `instrument_id`, `quantity`, `owner`, `location`, `encumbrance`, `issued`, `return_obligation`, `reuse_permitted`, `enforceability`, `source_evidence`. Economic recognition does not imply legal title. U is statutorily retained but legally at the funding provider and cannot be sold or pledged again. A contingent issuance promise is not a security; a later issuance has a new identifier and no assumed liquidity.\n 40: \n 41: The actual runtime starts with the source book's cash and paid opening trades, plus the separately disclosed allocation inventory as an owner contribution in kind. The contributed value equals the sum of those source lots' values. It is neither cash nor P&L. Every lot and the equity contribution appear in genesis receipts. This makes the allocation exercise an actual owned inventory rather than spending assets from an unrelated controlled panel. `initial_operating_cash` is a subset of total opening cash; the remainder is restricted under a named mandate. Neither a certificate nor a capital release adds cash.\n 42: \n 43: Receipts contain `id`, `sequence`, `day`, `action_id`, `event_id`, `kind`, `source_evidence`, `terms`, `postings`, `operations`, `previous_receipt_hash`, `hash`. Both identity fields are present and nullable; an action receipt and an event receipt cannot claim each other's identity. `terms` preserves the authenticated immutable input record. `postings` are balanced account deltas. Operations are closed economic changes to lots, contractual states, current market/legal facts and obligations, never a wholesale replacement state. Historical fills, locked financing spread and previous receipts are immutable. Replay validates legal title and cash conservation independently of declared report totals.\n 44: \n 45: `legal.decisions` and `legal.approvals` begin empty and retain accepted institutional history. A decision is `{id,kind,rule_id,subject_id,reason_code,submitted_at,status,source_evidence}`. Its ID is `decision:`, kind is `escalate` or `decline`, and status is `escalated` or `declined`. An approval is `{id,rule_id,subject_id,approver_id,requested_at,effective_at,expires_at,status,used_by,source_evidence}`, with ID `approval:` and status `pending`, `approved`, `declined`, `consumed` or `expired`. `used_by` is null except for the consuming accepted action ID. Dates are ISO strings and evidence retains the authored rule shape.\n 46: \n 47: Decision records are immutable. Pending approvals can become approved, declined or expired; approved approvals can become consumed or expired, not declined. Later changes create new receipts rather than rewriting requests. A pending approval resolves in one of two ways: an authored `approval_response` event for the same rule, subject and approver dated on or after the request moves it to the authored outcome on that event's day under an `event:approval_response` receipt; the scheduled review keeps it pending until then even past `effective_at`, and only catches up, from the following day, a request accepted after that event's phase; with no such event the review applies the rule's constant `approval_outcome` once `effective_at` arrives. Either way `expires_at` is fixed by the request and expiry wins. Approvers are parties; a rule may name the bank or an `internal_function` party (role `credit_committee`, `legal`, `compliance` or `desk_head`), and a rule naming a party absent from the case is a reference error at load. Creating a decision or approval, or changing an approval's status, increments `legal_version`; an identical re-put is a no-op. Approval dates satisfy `requested_at <= effective_at < expires_at`. Source action IDs must be accepted, and replay verifies identities and transitions.\n 48: \n 49: Genesis binds parameter, family, public-policy and event-binding hashes. Closed `accept_action` and `commit_day` operations record accepted IDs, increment revision/day once and derive `as_of`/financial time from the authenticated clock, including a zero-cash hold day. Replay recomputes those fields; it does not trust a replacement-state blob. A semantic receipt checker derives each expected amount/obligation from the bound sources independently of the live transition implementation. Balanced invented debt and repeat payment under a new receipt ID must fail that check.\n 50: \n 51: `last_receipt_sequence` starts at zero in genesis. Each emitted receipt increments it by one and updates `last_receipt_hash`; only the journal may update these derived fields. No candidate operation can assign them. Replay verifies contiguous sequence independently, so pure transitions and persistence require no hidden mutable sequence counter.\n 52: \n 53: ## Envelope and atomicity\n 54: \n 55: The `desk-envelope.v2` envelope contains `schema_version`, `parent_state_hash`, `revision`, `market_version`, `legal_version`, `actions`, `calculations`. Each action has a closed payload, unique `action_id`, public `phase` and bound `quote_id`; the version belongs to the outer envelope, not individual actions. Candidates cannot supply receipts or replace a quote's settlement price. Calculations retain the `daily-book.v2` label and require all nine sections; old five-section reports are invalid, not adapted.\n 56: \n 57: The evaluator commits actions, generated receipts and the new state in one `BEGIN IMMEDIATE` transaction with unique action IDs. Stale parent/version/revision, unknown keys, nonfinite or malformed money, duplicate keys, oversize input, unknown quote and reused action ID reject before execution. A rejected economic batch is atomic; the run's rejection/blocker log is separate from economic state. Qualification can latch a fatal attempted legal/cash/title violation without pretending a rejected transfer occurred. No partial fill is manufactured.\n 58: \n 59: ## Executable action set\n 60: \n 61: 1. `hold_capital`: accept the current risk/capital cost without inventing a gain or cash.\n 62: 2. `execute_csa`: pay the quoted legal/operational price and schedule activation after the quoted business-day delay. Only the evidenced two-way agreement changes margined treatment. Actual VM transfers have separate receipts; RC uses transferred cash, not an unexecuted CSA label. Negative marks require liquidity. VM principal is not P&L.\n 63: 3. `substitute_collateral` and `reverse_substitution`: pay fees, meet custody/enforcement conditions and the effective date; swap actual rights. The quoted deployment yield concession starts only when substitution is effective. Original eligibility can return on reversal. Return obligation and existing reuse must be honoured before changing a lot.\n 64: 4. `execute_offset` then `consolidate_netting`: execute the separately quoted offset trade with its real upfront and future obligations. Consolidation pays its legal fee and changes netting only after the named jurisdiction opinions and novation confirmations arrive at the quoted delay. A master-agreement assertion alone creates no netting.\n 65: 5. `buy_protection` and `designate_protection`: execute the quoted CDS, accrue/pay its premium, preserve its own counterparty exposure and actual expiry. CCR maturity recognition and the economic tail are separate. Designation needs the stated eligible terms; it changes CVA-capital treatment, not premium history. An undesignated hedge retains the disclosed market-risk charge.\n 66: 6. `repo_allocate`: submit an actual whole-lot assignment to the quoted lenders. Recompute issuer concentration, minimum names, pool limits, market haircut, supervisory haircut and capital. Accepted cash arrives with title transfer/encumbrance and repo debt. Duplicate or unavailable lots reject. Repo maturity creates a real repayment/return obligation. Actual cash expense is contractual repo interest and explicit fees only. The static allocation objective's haircut funding and equity-hurdle terms remain disclosed noncash opportunity/capital allocation metrics; owner-contributed lots do not imply haircut borrowing. Never book the objective total as a cash fee.\n 67: 7. `repay_repo`, `sell_lot`, `buy_equivalent`, `return_collateral`: use current quoted prices, quantities and rights. An identical-return obligation forbids outright disposal; equivalent-return permission does not extinguish the obligation. Selling reusable received collateral creates a return liability, not sale profit. Buying an equivalent instrument uses cash and creates a newly identified lot. Returning a lot requires the secured debt's discharge and removes the matching obligation once.\n 68: 8. `draw_facility` and `repay_facility`: only the named, currently committed branch facility, within available limit. Permission is not a draw. Actual cash and debt move together; costs use its quoted unsecured funding spread. Default or legal suspension can remove undrawn capacity without erasing already drawn debt.\n 69: 9. `meet_margin_call`, `settle_payable`, `liquidate_collateral`, `reinvest`, `settle_claim`: act on identified existing obligations. No unknown payee, fabricated amount or unknown asset. Liquidation requires instrument existence, enforcement and an open realization market; default dependence and transfer controls are separate gates. Reinvestment spends actual matured principal at current quoted tenor/spread, not a precommitted year-five renewal.\n 70: 10. `escalate` and `decline`: submit a scoped `rule_id`, permitted `reason_code`, typed `premises` and `rationale` with the normal action/quote/phase fields. Accepted decisions create immutable dated receipts and `legal.decisions` entries, without financial postings. Escalation creates a pending approval resolved under the disclosed rule's approver, outcome, delay and validity period, or by that approver's authored dated response when one exists. A request is not approval. A declined route cannot execute without a new valid mandate or approval; unrelated routes remain available.\n 71: \n 72: Actions are priced by the public current quote board. Scheduled legal effects and payments survive worker restart. Only an obligation created by an already accepted contract or authenticated external event can become overdue and trigger a qualification blocker. A rejected proposed CSA, CDS, repo or sale leaves no fee, principal, return liability or other economic mutation. Cash never silently becomes negative. No risk remedy may manufacture equity.\n 73: \n 74: Mandate rules are scoped by action kind and subject, with tier `permitted`, `requires_approval` or `prohibited` and any stated amount cap. Execution under an approval requires the correct subject/rule, effective date, validity and unused authority; acceptance records consumption. Permission does not override intrinsic title, enforcement, instrument existence, cash, size or capital constraints. `escalate` and `decline` are accepted institutional actions, not no-op stand-ins for a failed trade.\n 75: \n 76: ## Event effects and legal axes\n 77: \n 78: Every authored event payload must map through an explicit, reviewed binding to closed effects, with its source ID. Unsupported `cash_rule`, right/status, settlement kind or contract is a reference failure. No keyword matching of prose. Effect categories are market curve/rating update; opening or closure of realization market; transfer restriction; named legal right status; current committed facility status; issued-instrument transition; contractual payment due; restricted collection receipt; final remittance; identified default; observability evidence; disputed claim recognition/payment; substitution request. News alone does not execute a trade.\n 79: \n 80: At borrower/reference joint default, already-issued same-issuer collateral has the stated conditional liquidation value, including zero where specified. Independent paper does not inherit that zero. A contingent promise cannot be priced from a traded line and cannot be liquidated before issuance. A payment-rights collection can survive borrower default yet remain trapped by transfer controls. Market closure prevents realization even when credit and title are sound. These paths are separate machine facts, not a W-label switch.\n 81: \n 82: A repo-form deployment supplies legal title subject to the stated return obligation; a pledge leaves title with the pledgor. Neither adds a second statutory asset when the repo is a secured lending accounting unit. Reuse requires explicit permission, effective enforcement and an unencumbered current right. Conditional or denied enforcement cannot be inferred effective from a document title.\n 83: \n 84: ## Valuation and accounting\n 85: \n 86: Use the common Decimal primitives and dated rules. The daily legal funding mark uses the matching quote's beta and conversion rate, actual remaining financial tenor, last paid price reset, actual delay to the next price settlement and current unpaid coupon stub. Its clean off-quarter component uses the explicitly quoted fractional-annuity convention; do not claim exact original-date coupon repricing. Exposure is derived from that mark and actual collateral. Current provider CDS drives CVA; current own unsecured bond spread drives actual debt funding. Bond-CDS basis is separately reported and is not substituted for the all-in spread over OIS.\n 87: \n 88: Actual current SA-CCR uses `saccr` with the full legal mark and transferred VM amount, not `funding_capital`'s fully-collateralized clean projection shortcut. A signed CSA with delayed or partial VM does not set collateral equal to value. Future CVA/KVA projections disclose their assumed contractual settlement schedule separately from current exposure. Whole-book capital explicitly maps every new balance-sheet asset: contributed allocation inventory, restricted cash/collections, posted VM, accrued and overdue receivables, purchased equivalents and recognized return liabilities. Their risk weights and leverage inclusion are current worker-readable desk/authority inputs. `wholebook_capital`'s original four-asset mapping cannot silently treat new contributed inventory as free Tier1 equity without its matching asset exposure.\n 89: \n 90: A reserve charge is not a borrowing receipt. Funding drag is accrued on actual outstanding debt. Any explicit exposure-prefunding transaction must show both borrowed cash and its funded asset before a quadratic funding charge is claimed. The actual base and that conditional transaction cannot be added as though both had executed.\n 91: \n 92: Produce statutory and management books with a reconciled bridge. The retained-U funding unit has no second statutory derivative. Management clean gain, gross inception deferral and CVA/KVA reserves are shown separately. Deferral uses frozen inception inputs and a disclosed time/observability trigger; reserve theta is repricing at the old market after clock roll, reserve MTM is the difference from that rolled old-market value, and action release is separated from both. Hedge cash/premium/mark and actual cash funding drag have their own lines. Each attribution equals the independently posted journal's equity movement, with owner contributions excluded from P&L.\n 93: \n 94: Prudent valuation applies only to identified recognised fair-value exposures and supplied uncertainty evidence. No mechanical AVA is invented merely because a management reserve grew. Show the separate CET1 deduction and the replacement-equity/KVA consequence where the actual identified exposure supports it. Scheduled maturity removes only paid/closed obligations. Unpaid claims, collateral returns and allowances survive the date until receipt-backed settlement or evidenced discharge.\n 95: \n 96: ## Daily score\n 97: \n 98: There are twelve owners with weights 7, 7, 10, 7, 8, 7, 6, 8, 10, 10, 10 and 10, totalling 100. Required report sections are `rates`, `credit_xva`, `capital`, `liquidity`, `accounting`, `legal`, `compliance`, `structure` and `recommendation`. The daily report remains `daily-book.v2`, distinct from the controlled static report `back_to_back_funding_book.v1r2`. The historical eight-owner weights and matrices remain evidence for their original versions only.\n 99: \n 100: O1 checks legal roles, current funding mark, source of cash, remaining tenors, contractual deployment spread and title. O2 checks independent CDS/bond drivers, CVA, debt-funded UFVA and noncash/debt distinction. O3 checks actual SA-CCR, collateral eligibility/haircut/maturity recognition and capital. O4 checks executed protection, regulatory recognition, designation and uncovered tail. O5 checks real quotes/capacity, current inventory allocation and action cost. O6 checks instrument existence, accessible cash and deadline shortfalls. O7 checks accounting unit, observability and deferral. O8 checks reserve attribution, independent journals, funding drag, AVA and outstanding terminal claims.\n 101: \n 102: O9 checks sourced legal conclusions and conditions. O10 checks the scoped mandate decision and current approval status. O11 checks the actual client outcome, including delivery, deadline, executable legal form, classification, return duties, required approvals, borrowing ceiling, contractual spread and bank viability. O12 checks the selected recommendation, binding constraint and alternatives against conclusion-specific support. `institutional.report_properties()` supplies the four schema sections; `grade_sections()` checks the report independently of the reference answer from `expected_sections()`. Supported alternatives can pass without matching reference wording or a whole premise list.\n 103: \n 104: Institutional premises identify `source`, RFC6901 `pointer`, `relation` and `value`. Relations are `eq`, `ne`, `gte`, `lte` or `contains`; source is `case`, `state`, `book` or `report`. Financial values are Decimal strings. Authenticated case/state/book facts provide authority. A report assertion cannot authenticate itself, and an unrelated true fact cannot support a conclusion. Rationales remain free explanation; neither length nor keywords determine the grade.\n 105: \n 106: Fatal legal/cash/title/ineligible-mitigation/fabricated-capacity errors disqualify independently of dense score. An accurate report of a rejected proposal is not an executed violation, but accurately reporting an unsuccessful client outcome does not earn O11. Missing evidence cannot earn an owner. A no-action run is not scoreable. The run result retains the final replay-valued book and elapsed-day-weighted owner history; later recovery cannot erase earlier unsuccessful or missing checkpoints. The static controlled KEEP proposal is not used to declare the capital-deficient live base viable.\n 107: \n 108: ## Required execution evidence\n 109: \n 110: After the family static gate: exercise all accepted action kinds, stale/duplicate/unknown quote refusals, atomic rejection, illegal reuse/double sale/double pledge/phantom cash refusals, no-action refusal, calculations-only state invariance, action-history dependence at the same final market, real restart with persistent work, independent receipt replay, every authored event binding and legal axis, deadline before later receipt, year-five reinvestment and year-twenty unresolved settlement. Grade each isolated daily-owner mutation and retain its matrix. Container canaries must exercise actual denied reads/network, not a Docker-argument inspection alone. Runtime and static financial audit receipts retain their distinct scopes.\n 111: \n 112: ## Implementation interfaces and ownership\n 113: \n 114: The historical family static gate in `evidence/build-and-prove/families-03/evidence/family-audit.json` records 64 generated roots/golds/identity matrices and 32 reseeds under the earlier contract. It is not current twelve-owner, runtime or statistical-independence evidence. A generated root contains `family.json`, `fixtures/numerical-inputs.json` and the selected case. Bindings remain evaluator-owned under the source bundle's `fixtures/event-bindings/`.\n 115: \n 116: `desk_contract.py` owns exact-decimal serialization, canonical hashing, calendar functions, closed state/envelope/receipt shapes and the journal primitive. `desk_ledger.py` owns opening receipts, atomic orchestration and checkpoint postings. `desk_events.py` owns authored effects, dated approval transitions and scheduled obligations. `desk_actions.py` owns quotes, scoped mandate checks and accepted-action economics. `desk_valuation.py` owns valuations and management overlays; its `client_outcome` comes from the shared pure institutional helper. `desk_replay.py` owns independent semantic replay. `daily_grader.py` owns the nine-section daily report and financial owner checks, consuming shared O9-O12 semantics. `desk_runtime.py` owns persistence and CLI. Main integrates and runs verification after writers finish.\n 117: \n 118: All of these files live under `src/`. Common helpers are `D(value)`, `serial(value)`, `canonical(value)`, `state_hash(state)`, `add_months(date, months)`, `financial_time(family, date)` and `as_of(family, day)`. `CandidateError` is a data/structural refusal; `ActionError` contains a stable refusal code and optional fatal blocker. Missing or inconsistent evaluator inputs raise `ReferenceError`. A complete validated source context is `context = {parameters, family, case, bindings, policy}`; the runtime obtains it with `load_context(family_root, source_root)`. Neither that object nor a source path supplied by a worker is a public worker capability.\n 119: \n 120: The loader computes `policy.source_binding` from the raw public policy, generated input files and required rule-document bytes. This derived object contains relative source identities and hashes, never evaluator filesystem paths. An authored policy cannot supply that reserved field. The raw policy hash excludes this loader-generated binding to avoid recursive hashing. The context remains the five-key object above; candidate packets cannot override its source manifest.\n 121: \n 122: Internal state is plain JSON-compatible data; monetary quantities remain decimal strings between modules. `accounts`, `lots`, `contracts` and `obligations` use stable identity keys. Accounts are signed debit-positive balances. Their closed prefixes identify statutory assets, liabilities, equity, income, expense or management-only overlay. `pending` is an ordered array of accepted dated effects. `legal.rights` is keyed by right, scope and collection identity; it cannot turn scoped permission into general permission. `legal` also holds decisions, approvals, transfer status, observability, facility status and irreversible default facts. `market` retains the authored curves, own CDS, role-specific rating labels and realization-market status. Opening incremental curve moves are explicitly zero by convention; required spreads and ratings still come from source inputs.\n 123: \n 124: A journal is `Journal(state)` with mutable `.state` and generated `.receipts`. `emit(kind, postings, operations, source_evidence, *, action_id=None, event_id=None, terms=None)` verifies debit/credit conservation, applies closed operations, chains a canonical hash and appends one immutable receipt. `postings` is an account-to-signed-decimal dictionary. `terms` is an immutable quoted/contract/event input record, not candidate-declared settlement truth. Operations may change a named lot, contract, obligation, current market/legal fact or accepted/clock field; they cannot replace the entire state. The journal enforces structure and conservation, while action/event handlers enforce economic eligibility. The replay verifier derives permitted economics separately; calling the same handler to reproduce a receipt is prohibited.\n 125: \n 126: Operations use the discriminator `op`. A journal may retain staging metadata `.parent_state`, `.parent_state_hash`, `.parent_revision`, `.parent_market_version`, `.parent_legal_version`, `.phase`, `.action_quotes` and `.blockers`. None is an additional economic state field or a candidate capability. Any `.sequence_start` is derived from `state.last_receipt_sequence`, never supplied as independent authority. The derived source binding may include `documents: {logical_id: {sha256, text}}` for exact reviewed citation spans. These documents must be hash-checked. Only spans actually made available to the worker can support a scored citation.\n 127: \n 128: Events export `load_bindings(source_root, family)`, `visible_events(context, day)`, `day_phases(context, state)`, `apply_event(context, journal, event)` and `settle_scheduled(context, journal, phase)`. Actions export `quote_board(context, state)` and `apply_action(context, journal, action)`. Actions include `phase`, `action_id`, `kind`, and `quote_id` where priced; each kind has a closed payload. Ledger exports `initial_state(parameters, family, *, context)`, `quote_board(parameters, family, state, *, context)` and `settle_day(parameters, family, state, actions, *, context)`. These retain the financial signatures above while making source context explicit. A successful result includes `state`, `receipts`, `blockers` and `accepted`; an atomic refusal returns the unchanged economic state and no receipts. Empty actions are calculation-only and cannot advance the clock. A hold is an accepted action.\n 129: \n 130: The current day's complete available event sequence and phase IDs are public. The action quote board binds the parent revision and each quoted phase's disclosed market/legal inputs. Cash, title and remaining capacity are checked again against the staged state when an action executes. Scheduled receipts respect authored ordering and period-specific overrides. Settlement processes only the current day's disclosed phases, then increments day once and publishes tomorrow's available packet. Publication alone does not receive cash. No future-day event may influence today's action eligibility or quoted capacity.\n 131: \n 132: Valuation exports `value_book(parameters, family, state, *, context)` and `checkpoint_overlay(parameters, family, previous_state, state, *, context)`. The latter returns explicit target overlay balances and an attribution independently tied to those balances; ledger emits the checkpoint postings. Valuation must not import action/event/ledger transition handlers. Current statutory totals, management totals and their bridge remain separate. Replay may use common pricing primitives and the pure valuation module, but cannot import `desk_ledger`, `desk_actions` or `desk_events` transition handlers. It independently verifies receipt sources, amounts, unique economic obligations, legal gates, operations and chain before comparing the final valued book.\n 133: \n 134: Daily grading exports `expected_daily_report(parameters, family, state, book, previous_book=None, *, context)` and `grade_daily(parameters, family, state, report, previous_book=None, *, context)`. Reports retain `schema_version=\"daily-book.v2\"`, `parent_state_hash`, nine required sections and current source support. Grades retain `daily-grade.v1`. Financial fields are owned separately; O9-O12 check institutional conclusions through `institutional.py`. The runtime grades the parent checkpoint, not the returned next-day state. A provisional opening grade is not a scoreable run until an actual worker action is accepted. A rejected action may retain a truthful parent report without pretending execution. Missing/rejected checkpoint credit is not dropped from the fixed observation denominator.\n 135: \n 136: Runtime commands are `init`, `packet`, `submit`, `replay` and `result`, with explicit family/source roots, database path and bounded input/output paths. The database stores source hashes, genesis, state, receipts, accepted-action uniqueness, rejected attempts, parent-checkpoint grades and actual client-outcome history. A single SQLite transaction covers an accepted envelope. Protected packets contain current state, quotes, available events/bindings, prior accepted receipts, public constraints, mandate and conventions/calculator. They exclude generated reference positions, gold, grade diagnostics, future external events, evaluator paths and the observation-stop horizon. The Modal bridge copies only the curated packet and bounded candidate output.\n 137: \n 138: ### Snapshot builder\n 139: \n 140: `desk_snapshot.py` is the one seam above `init` and `submit` that turns a desk path into a static case (ADR-0001). `build(family_root=, source_root=, script_path=, day=, output=, engine_root=None, node=\"node\")` and the CLI `build --family-root R --source-root S --script script.json --day N --output DIR [--engine-root E]` open a `DeskRuntime` in a temporary database, submit one envelope per scripted day, and freeze the day-N result under `DIR`. The frozen root is never appended to; `DIR` must not exist.\n 141: \n 142: The script is `{\"schema_version\": \"desk-snapshot-script.v1\", \"days\": [batch, ...]}` with exactly N batches. A batch is `{\"actions\": [...], \"calculations\": object|null}`; `actions` is nonempty because an empty action list is calculation-only and never advances the clock, so a pure prefix uses `hold_capital`. A scripted action carries `kind`, `action_id`, its closed payload, and optionally `phase` and `quote_terms` (a subset of the quote's `terms`); `quote_id` is never scripted because quote ids embed the parent revision and versions. The builder resolves each action against the current quote board by kind, then phase, then term subset, taking the earliest phase. Every batch must settle as `accepted` and advance exactly one day; a refusal, `settled_prefix` or `calculations_recorded` aborts the build with `SnapshotError` and no output.\n 143: \n 144: The frozen root is the `export_practice` layout plus the snapshot artifacts: byte copies of the static schemas, rule documents, `docs/exhibit-fields.md`, `fixtures/numerical-inputs.json`, `worker/legal-terms.txt` and `worker/docs/desk-runtime-contract.md` from the family root and `fixtures/desk-policy.json` from the source root; `worker/packet.json`, the day-N packet with every receipt page concatenated (`receipt_window.after_sequence` 0, `has_more` false; this file is not bounded by `max_packet_bytes`); `fixtures/case-exhibits.json`, one case whose `episode_id` is the family branch (one of the five static case ids, which is how the static grader selects it), whose public keys are verified identical to the packet's `public_inputs.case`, carrying the static-schema tables the family case already carries, plus the `RECEIPT_LOG` document and `snapshot: {day, parent_state_hash, run_prefix_hash}` where `run_prefix_hash` is `state.last_receipt_hash`; `docs/receipt-log.md`, one anchored section per receipt id whose summary line is the locator quote and whose body is the canonical receipt; and `snapshot-manifest.json` with the script digest and content hashes. `family.json`, `binding-manifest.json`, `fixtures/expected-reports.json` and `fixtures/mutation-fixtures.json` are excluded. The static validator requires `snapshot` and `RECEIPT_LOG` to appear together; cases without either validate unchanged.\n 145: \n 146: Determinism: two builds of the same roots, script and day are byte-identical. The packet's `run_id` (a UUID minted at `init`) is replaced by the first 32 hex digits of SHA-256(canonical script, parent_state_hash); attempt and run timestamps stay in the discarded temporary database; receipts carry no wall-clock fields; all generated JSON is written with sorted keys.\n 147: \n 148: Grader-only refusal: before any path is created, the builder scans the family's public surface (the case's public keys and `worker/*.json`) and every JSON value it would write for the union of the worker boundary's forbidden keys, the probe suite's private packet fields, `accepted_positions`, `expected_report` and the static recipe vocabulary (`expected_reports`, `mutations`, `supplemental_mutations`, `expected_failure_matrix` and their row fields). Any hit raises `GraderOnlyContent` (CLI exit 3) and nothing is written. Rating labels named `grade` beside a `scope` or `instrument` field are source data, not a leak. The single exemption is the static schema's required `accepted_positions` table at the top level of the case in `fixtures/case-exhibits.json`, which is evaluator-side; it is refused anywhere else, including under `worker/`. Schema files are byte copies and are not content-scanned. Acceptance is `src/test_desk_snapshot.py`; a worked script is `fixtures/snapshot-scripts/FUND_01-hold-day3.json`.\n 149: \n 150: `public_inputs.case` contains `as_of`, `base_currency`, `bank`, `book`, `parties`, `instruments`, `agreements`, `opinions`, `collateral`, `netting_sets`, `counterparty_constraints` and `mandate` from the current case. It excludes `accepted_positions`, future/scenario cash-event arrays and the documents annex. Reviewed legal source material is supplied through the authenticated public-document mechanism, not by exposing the evaluator's case file wholesale.\n 151: \n 152: ### Exact state vocabulary\n 153: \n 154: Top-level state keys are the closed list in State and receipts; no evaluator context, grade or future event path is stored in it. Genesis `last_receipt_hash` is 64 zeroes and all counters start at zero. `accounts` uses these exact debit-positive names: `cash`, `restricted_cash`, `restricted_collections`, `retained_U`, `deployment_principal`, `deployment_accrued`, `reinvestment_principal`, `inventory`, `posted_vm`, `unpaid_receivable`, `statutory_derivative_asset`, `statutory_derivative_liability`, `repo_debt`, `facility_debt`, `sale_financing`, `legacy_debt`, `received_vm`, `return_liability`, `unpaid_payable`, `claim_allowance`, `contributed_equity`, `income_carry`, `income_mark`, `income_hedge`, `expense_fees`, `expense_funding`, `expense_loss`, `management_funding_mark`, `management_hedge_asset`, `management_deferral`, `management_xva`, `management_income_mark`, `management_income_deferral`, `management_income_reserve`, `management_income_hedge`. The eight `management_` accounts form a separate balanced overlay. All accounts exist from genesis, even if zero. A liability/equity/income credit is negative. Core account balances are never inferred from candidate totals.\n 155: \n 156: The statutory derivative accounts record only actual separately recognized OFFSET or CDS contracts. They do not create a second derivative for the retained-U funding accounting unit. The public runtime offset quote treats the quoted value as signed legal fair value: fair consideration received by the desk is its negative. The original quoted upfront fixes the running spread; the current remaining-tenor quote determines today's fair consideration. Cash plus the newly recognized signed derivative balance has zero inception P&L before real fees. The static netting comparison already contains both trades and is not evidence that either fill occurred in the daily book. An outstanding derivative liability is not an overdue cash payable; only a dated contractual payment creates that obligation.\n 157: \n 158: `market` has exactly `funding_move`, `reference_move`, `own_bond_spread`, `own_cds_spread`, `provider_cds`, `em_move`, `ratings`, `market_open`. `ratings` maps `funding_reference`, `deployment_collateral`, `provider`, `borrower` to source labels. `legal` has `rights`, `transfer_blocks`, `observable`, `facility_status`, `defaults`, `substitution_requests`, `disputes`, `decisions`, `approvals`. `transfer_blocks` has exactly two booleans, `custody_delivery` and `cash_remittance`, initialized by the explicit policy map and changed only by an authenticated event's required `scopes`. No scalar or missing-scope fallback exists. Securities delivery, substitution and realizability use the custody rail and retain their separate title/delivery rights; borrower distributions and matured redemption use actual cash and the cash-remittance rail. A release changes only its named rail. Collection remittance still requires its own named-batch licence, and the independent funding contract is unchanged. The liquidity report exposes the same complete map. `rights` keys are `right|scope|collection_id`, with the last part empty unless collection-scoped; values are `effective`, `conditional` or `denied`. `defaults` keys are `borrower`, `provider`, `reference_issuer`; true cannot revert. Requests/disputes retain their originating IDs and source obligations/batches. Decisions and approvals use the closed records above, not unstructured permission prose.\n 159: \n 160: Every `lots[id]` contains `id`, `instrument_id`, `quantity`, `owner`, `location`, `encumbrance`, `issued`, `return_obligation`, `reuse_permitted`, `enforceability`, `source_evidence`, `book_value`, `issuer_id`, `issuer_kind`, `rating`, `maturity_date`, `coupon_spread`, `correlation`, `class`. Values for `class` are `funding_reference`, `deployment_collateral`, `allocation_inventory`, `replacement`, `equivalent`, `payment_rights`. `encumbrance` is null or an accepted contract ID. An unissued promise is not a lot. Source received security ownership remains the borrower for a pledge and the desk with a return obligation for a repo/title transfer; statutory loan exposure is never doubled by that legal form.\n 161: \n 162: Every `contracts[id]` has `id`, `kind`, `status`, `execution_date`, `effective_date`, `maturity_date`, `payment_dates`, `terms`, `state`, `source_evidence`. Immutable `terms` are copied from the authenticated source/quote. Contract `state` contains only the per-kind consumed balances/reset/paid-period fields specified by its handler. Live IDs begin `FUND_TRS`, `DEP_LOAN`, `DEP_SECURITY`, `LEGACY`, `FACILITY`; later IDs are `kind:action_id`. New contract states cannot amend locked historical terms. Each `obligations[id]` has `id`, `kind`, `contract_id`, `period_id`, `amount`, `remaining`, `paid_amount`, `side`, `due_day`, `status`, `source_evidence`, `metadata`; side is `payable` or `receivable`, status is `open`, `paid`, `written_off` or `disputed`. Identity is contractual period or authenticated event, not a fresh settlement receipt. `metadata` records the exact batch, account or deposit purpose needed by the specific obligation kind.\n 163: \n 164: `pending` items have `id`, `kind`, `due_date`, `contract_id`, `action_id`, `terms`, `source_evidence`. A source due date is public once its originating action/contract/event is known. It is not a hidden future external event. `accepted_action_ids` and `applied_event_ids` are arrays with uniqueness enforced. Source numeric policies required beyond the inherited inputs belong in worker-readable `fixtures/desk-policy.json`, owned by CoreLedger. That file must explicitly map the new account classes' capital and leverage treatment, business-day/weekend convention, repo and reinvestment conventions, default/claim assumptions and supported finite resource limits. A policy value cannot silently substitute for a missing source price, instrument, legal gate or quote.\n 165: \n 166: Operations are a closed union: `put_lot`, `put_contract`, `put_obligation`, `put_decision`, `put_approval` with `id,value`; `remove_lot` with `id`; `set_market`, `set_legal` with `key,value`; `put_right` with `key,value`; `put_dispute`, `put_request` with `id,value`; `add_pending` with `value`; `remove_pending` with `id`; `accept_action`, `mark_event` with `id`; and `commit_day` with `day,as_of,financial_time,revision`. No arbitrary JSON-pointer or account-mutation operation is accepted. Accounts change through balanced postings. Replay independently checks each operation, including decision/approval identity, dates, mandate scope and consumption.\n 167: \n 168: Quotes have `id`, `kind`, `parent_state_hash`, `revision`, `market_version`, `legal_version`, `phase`, `as_of`, `valid_until`, `terms`, `source_evidence`. Phase IDs are integer gaps `0..n` around the current day's authored events, with scheduled milestones included by `day_phases`. Common action fields are `kind,action_id,phase,quote_id`. Additional fields: `amount` for facility draw/repayment; `assignments` for repo allocation; `contract_id` for repo repayment/designation/reversal; `lot_id` for sale/return/liquidation; `instrument_id,quantity` for buying equivalent; `obligation_id,amount` for margin/payable/claim settlement; `amount,tenor_years` for reinvestment; `rule_id,reason_code,premises,rationale` for escalation/decline. Other kinds have no extra payload. All per-kind fields are required; unknown fields reject.\n 169: \n 170: Decision payload limits are 16 premises, 2,000 rationale characters and 32 scalar items in a premise value list. `rule_id` and `reason_code` are nonempty identifiers of at most 128 characters. Action-premise pointers start with `/` and follow RFC6901. Floats and nested value objects are not accepted. State retains at most 256 decisions and 256 approvals under the disclosed policy limits.\n 171: \n 172: Base contract state keys are closed. `FUND_TRS` has `principal`, `last_reset_price`, `last_reset_date`, `last_accrual_date`, `paid_periods`, `reset_periods`, `observability_history`, `vm_balance`, `unsettled_stub`, `netting_id`, `checkpoint_attribution`. `DEP_LOAN` has `outstanding_principal`, `paid_periods`, `prefunding`, `concession_spread`, `concession_start_date`, `last_accrual_date`. `DEP_SECURITY` has `active_lot_id`, `collection_batches`, `rights_chain`, `liquidated_quantity`, `returned`. `LEGACY` and `FACILITY` have `outstanding_principal`, `interest_accrued`, `interest_paid`, `last_accrual_date`, `paid_periods`. Later contract kinds use the initiating action kind and the handler's reviewed, closed state shape.\n 173: \n 174: The evaluator freezes an optional `observation_end_day` at initialization outside economic state and outside the worker packet. Final normalized scoring uses that fixed observation span; any unobserved remainder after stalling or a fatal blocker contributes zero without fabricating a clock advance or receipt. Live results expose a provisional raw score integral and elapsed coverage, not a final normalized score. No configured span means no final percentage. A fatal blocker ends observation and prevents further accepted actions. Missing or invalid calculations contribute zero on an otherwise valid accepted day; malformed envelopes still reject before any action. A later accepted envelope uses its own exact-parent report, never the best score from rejected attempts.\n 175: \n 176: A fatal assertion in otherwise well-formed parent calculations does not cancel valid actions in the same envelope. The evaluator grades the parent, settles independently valid actions, then latches report and settlement blockers before another day can execute. Thus changing calculations alone cannot change that envelope's cash or title. A reference failure prevents execution; a structurally invalid envelope or economically invalid action batch remains an atomic refusal.\n 177: \n 178: Book output retains `schema_version=\"daily-book-value.v2\"`, `parent_state_hash`, `as_of`, `financial_time`, `rates`, `credit_xva`, `capital`, `liquidity`, `accounting`, `source_evidence` and adds `client_outcome`. `accounting` retains separate `statutory`, `management`, `bridge`, `attribution`, `terminal` sections. Valuation sends computed values directly to DailyGrade. `rates.deployment_coupon_spread` follows the executed loan and effective substitution concessions, not an inference from annual expense. `checkpoint_overlay` returns `postings`, `attribution`, `targets`, `source_evidence`; no unexplained residual account may force reconciliation.\n 179: \n 180: `client_outcome(case, parameters, *, family, state, book)` in `institutional.py` derives the outcome from authenticated inputs without calling valuation. Identity fields are `party_id`, `legal_form`, `classification`, `currency`, `funding_deadline`; amounts are `cash_required`, `cash_delivered`, `contractual_spread`, `capital_shortfall`, `deadline_shortfall`. `delivered_at` is a date or null. Predicates are `deadline_met`, `legal_form_allowed`, `classification_consistent`, `return_obligation_met`, `approvals_satisfied`, `client_executable`, `bank_viable`, `successful`, `borrowing_ceiling_satisfied`, `maximum_spread_satisfied`, `inherited_delivery`. `failures` retains the reasons. Missing or invalid source facts are reference errors; unmet client goals are unsuccessful outcomes.\n 181: \n 182: Original borrower delivery comes from the settled `CF_DEPLOY` source cash flow and its `opening_deployment` receipt, not current outstanding principal or a new worker action. Its original settlement date determines deadline performance. A setup payment to P is not a borrower fee. Later action costs and effective contractual terms remain in their own receipts and valuations. Final outcomes do not replace the stored history of earlier failed owner-days.\n 183: \n 184: The run result's `institutional` object contains `client_outcome_owner=\"O11\"`, `checkpoint_outcomes`, `final_client_outcome`, `decisions` and `approvals`. `checkpoint_outcomes` reports `observed_days`, `successful_days`, `unsuccessful_days`, `inherited_successful_days` and `latest`. A latest row identifies `attempt_id`, `parent_state_hash`, `day`, `revision`, `elapsed_days` and `client_outcome`. `history().attempts[i].checkpoint.client_outcome` retains the immutable parent outcome independently of report validity. Outcome days are not summed cash flows.\n 185: \n 186: Each owner's score integral uses its exact-parent grade weight times checkpoint `elapsed_days`. O11 requires successful actual outcome plus accurate source-supported reporting. Inherited success may earn current O11 credit but stays tagged as inherited. A fixed evaluator observation span includes any unobserved remainder at zero; without a configured span there is no final percentage. `final_client_outcome` cannot overwrite history or award retroactive points.\n 187: \n 188: ## Explicit scenario windows\n 189: \n 190: `family_generator.generate_scenario_windows(root, output_root, seeds=(1,))` materializes the selected windows into a fresh output directory and writes `manifest.json` with `schema_version=\"scenario_windows.v1\"`, `source_file`, `source_sha256`, `windows`, `independence_established` and `actual_axis_consequences`. Window rows retain the generated-family identity and root, purpose, observation end day, funding/window/anchor dates and scenario-definition hash. Generation records `independence_established=false` and `actual_axis_consequences=\"pending_runtime\"`; it does not claim execution.\n 191: \n 192: Pass the materialized manifest to `desk_probes.audit_desk(..., scenario_windows_manifest=...)` or its `--window-manifest` CLI option. Omission produces a missing-window proof, not a pass. There is no fallback to an older directory or automatic selection of the newest run. The supplied manifest must bind current `fixtures/scenario-windows.json` bytes and seed-1 roots for all six definitions, each with its declared 20-day horizon. The original four windows are unchanged; `FUND_04_Q20_EQUIVALENT_RETURN` and `DPR_05_Q1_PARTIAL_PRICE_RETURN` are expressly related lifecycle regression windows, not additional independent families. A scored window is not extended to 24 days to obtain a later favorable result. The manifest and generated roots accompany the run's evidence; this evaluator configuration does not expose tomorrow's events to a protected worker.\n","tool_call_id":"call_2402d6afde795f72a65045126323c8d3","type":"tool_result"}},{"step":7,"generation":0,"created_at":"2026-09-20T07:21:33.237Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_a437c8dd56fd5dfebaaba8bb6fd44f51","name":"edit_file","arguments":"{\"path\":\"/work/data/artifacts/9r9p6s9g/plan.md\",\"edits\":[{\"old_text\":\"\",\"new_text\":\"# Current checkpoint plan\\n\\nAuthority: /packet/packet.json, parent 6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165, 2027-09-02/day 0, revision/market/legal 0. Report current parent before any proposed actions. No submission, execution or live use of practice calculator.\\n\\n1. Read complete daily schema, current state/quotes/phases and all public conventions; reconcile inherited receipts and source constraints.\\n2. Independently calculate financial sections with Decimal from public inputs; source balances from immutable parent. Parallel credit/capital and legal/client/action analysis; main rates/liquidity/accounting integration.\\n3. Select supported accepted action batch that preserves client and bank viability, respecting current quotes and ordered phases. Separate alternatives from executable actions.\\n4. Build nine-section daily-book.v2 with exact supported citations and typed institutional premises. Include two-sided funding spread sensitivity, tenor/capacity/carry, available alternatives and binding constraints in recommendation.\\n5. Validate JSON and full schema, arithmetic reconciliations, citations/premises, quote/action closure, parent/versions and file size. Atomically fsync final UTF-8 JSON at /work/artifacts/envelope-8a259d0541d144239cd6e94ce3fdfeef.json. Do not submit; finish once durable.\\n\"}]}"}],"type":"assistant","usage":{"prompt_tokens":47316,"completion_tokens":502,"total_tokens":47818,"cache_read_tokens":22420}}},{"step":7,"generation":0,"created_at":"2026-09-20T07:21:33.239Z","event":{"content":"Created /work/data/artifacts/9r9p6s9g/plan.md (9 lines).\n+ # Current checkpoint plan\n+ \n+ Authority: /packet/packet.json, parent 6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165, 2027-09-02/day 0, revision/market/legal 0. Report current parent before any proposed actions. No submission, execution or live use of practice calculator.\n+ \n+ 1. Read complete daily schema, current state/quotes/phases and all public conventions; reconcile inherited receipts and source constraints.\n+ 2. Independently calculate financial sections with Decimal from public inputs; source balances from immutable parent. Parallel credit/capital and legal/client/action analysis; main rates/liquidity/accounting integration.\n+ 3. Select supported accepted action batch that preserves client and bank viability, respecting current quotes and ordered phases. Separate alternatives from executable actions.\n+ 4. Build nine-section daily-book.v2 with exact supported citations and typed institutional premises. Include two-sided funding spread sensitivity, tenor/capacity/carry, available alternatives and binding constraints in recommendation.\n+ 5. Validate JSON and full schema, arithmetic reconciliations, citations/premises, quote/action closure, parent/versions and file size. Atomically fsync final UTF-8 JSON at /work/artifacts/envelope-8a259d0541d144239cd6e94ce3fdfeef.json. Do not submit; finish once durable.\n","tool_call_id":"call_a437c8dd56fd5dfebaaba8bb6fd44f51","type":"tool_result"}},{"step":8,"generation":0,"created_at":"2026-09-20T07:22:17.467Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_62b8b63da35b5da29142ff204aa6e7e2","name":"spawn_agent","arguments":"{\"task\":\"Focused financial derivation, read-only packet authority. Work on current /packet/packet.json parent 6d1645...165 at day0 2027-09-02. Derive daily-book.v2 credit_xva and capital sections from public inputs/docs/state/receipts; read complete relevant schema fields/citation contract. Full extracted docs at /work/data/artifacts/9r9p6s9g/documents; state/policy/parameters/case/family JSON in same scratch. Do not use /packet/calculator.py for live book or access external evaluator; public math only. Use Decimal and reconcile with inherited overlay receipt totals. Produce scratch risk_sections.json including only these two sections, a reproducible script if needed, and concise uncertainty/calculation notes. Analyze exact current regulatory versus economic protection (none executed expected), collateral eligibility, SA-CCR, actual capital, projection. Give core numbers early to main; do not edit final envelope. No submission or action execution. Coordinate with main on rates as needed.\",\"workspace_mode\":\"share\"}"},{"id":"call_2b37098cd458575190ab7566ffbe75cd","name":"spawn_agent","arguments":"{\"task\":\"Focused institutional/current-decision independent review using only /packet/packet.json. Read public docs and full relevant schema legal/compliance/structure/recommendation incl exact citations and typed premises (extracted at /work/data/artifacts/9r9p6s9g/documents). Determine legal roles, actual inherited client outcome, scoped mandates and feasible executable actions at current day0 parent 2027-09-02, no future market events. Compare hold vs approvals/CSA/substitution/CDS/offset/repo available now; identify action batch best serving bank+client subject to capital/liquidity/title. Do not claim inherited opening choices. User forbids fabricated curve, CDX, CLO; bought provider CDS not sold credit bridge. Provide concrete recommendation analysis and optionally candidate legal/compliance/structure JSON in your own scratch institution_sections.json; coordinate with main before finalizing compliance selected action. No action execution/submission; don't write final envelope. Use share workspace read-only except own scratch.\",\"workspace_mode\":\"share\"}"},{"id":"call_8fdb5a69ceb45314baedd481184a1a55","name":"spawn_agent","arguments":"{\"task\":\"Independently derive daily-book.v2 accounting section from current /packet/packet.json (2027-09-02 day0 parent; pre-actions). Read relevant complete schema and accounting docs (extracted /work/data/artifacts/9r9p6s9g/documents), state balances, current FUND_TRS checkpoint_attribution and immutable prior receipts. Build exact statutory management bridge, attribution, terminal and AVA numeric fields with citations. Need current source numbers not projection; no practice calculator live book and no evaluator/grade calls. Write own scratch accounting_section.json (section object) plus notes/script as needed; report math/checks. Can independently verify rate mark/deferral if useful. Do not submit actions or edit final envelope.\",\"workspace_mode\":\"share\"}"}],"type":"assistant","usage":{"prompt_tokens":48162,"completion_tokens":629,"total_tokens":48791,"cache_read_tokens":47314}}},{"step":8,"generation":0,"created_at":"2026-09-20T07:22:17.469Z","event":{"content":"Spawned sub-agent \"spry-sparrow\" (type=standard_agent) at 2026-09-20T07:22:17Z for task: Independently derive daily-book.v2 accounting section from current /packet/packe…","tool_call_id":"call_8fdb5a69ceb45314baedd481184a1a55","type":"tool_result"}},{"step":8,"generation":0,"created_at":"2026-09-20T07:22:17.47Z","event":{"content":"Spawned sub-agent \"cheery-marmot\" (type=standard_agent) at 2026-09-20T07:22:17Z for task: Focused institutional/current-decision independent review using only /packet/pac…","tool_call_id":"call_2b37098cd458575190ab7566ffbe75cd","type":"tool_result"}},{"step":8,"generation":0,"created_at":"2026-09-20T07:22:17.472Z","event":{"content":"Spawned sub-agent \"misty-moose\" (type=standard_agent) at 2026-09-20T07:22:17Z for task: Focused financial derivation, read-only packet authority. Work on current /packe…","tool_call_id":"call_62b8b63da35b5da29142ff204aa6e7e2","type":"tool_result"}},{"step":9,"generation":0,"created_at":"2026-09-20T07:22:51.155Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_f3dce9b23234558798bac1c01ab5bd3c","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/9r9p6s9g/documents/schemas/daily-report.schema.json\",\"start_line\":249,\"end_line\":800}"},{"id":"call_2dee44e8657c58a1b7ef00c18d410567","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/9r9p6s9g/documents/docs/economic-specification.md\",\"start_line\":1,\"end_line\":260}"}],"type":"assistant","usage":{"prompt_tokens":48977,"completion_tokens":111,"total_tokens":49088,"cache_read_tokens":48160}}},{"step":9,"generation":0,"created_at":"2026-09-20T07:22:51.174Z","event":{"content":"File: /work/data/artifacts/9r9p6s9g/documents/docs/economic-specification.md (showing lines 1-260 of 531)\n 1: # Economic specification of the funding book\n 2: \n 3: As of 19 September 2026. This is a fictional USD book and a public contract for its standalone numerical verifier. It is not a production installation, an observed transaction, or a national regulatory opinion. The exact source requests are preserved in [user-request.xml](../sources/user-request.xml) and [source-structures.xml](../sources/source-structures.xml). The transaction and event evidence is in [exhibit-fields.md](exhibit-fields.md); the connected episodes and their boundaries are in [world-topology.md](world-topology.md). The accepted economic corrections are specified below, with the detailed capital and accounting conventions in [capital-rulebook.md](capital-rulebook.md), [capital-actions.md](capital-actions.md) and [reserve-module.md](reserve-module.md).\n 4: \n 5: The book retains the requested USD1bn, twenty-year funding against five-year EM deployment. It does not turn that mismatch into a fully hedged trade. The corrections below distinguish a funding opportunity from an enforceable claim, an accounting charge from cash expenditure, and capital capacity from money available to settle a payment.\n 6: \n 7: ## 1. Evidence, units and numerical ownership\n 8: \n 9: The transaction documents, quote sheets, curve observations, legal opinions, event notices and ledger openings in [case-exhibits.json](../fixtures/case-exhibits.json) are fictional public exhibits. [numerical-inputs.json](../fixtures/numerical-inputs.json) is the canonical numerical input. Amounts there are USD, rates are decimal fractions, and times are years unless a field explicitly specifies business days. Tables below use USD millions where stated.\n 10: \n 11: Official rules are identified by paragraph and dated source in [capital-rulebook.md](capital-rulebook.md) and [valuation-capital-annex.md](valuation-capital-annex.md). Pricing curves, the quarter grid, quote conversion, recoveries, joint stresses, funding facilities and the 10% capital price are synthetic assumptions. Arithmetic implied by those assumptions is a calculated illustration, not evidence of observed market calibration. A legal or accounting conclusion requires the supplied opinion and its covered facts. An unresolved condition remains unresolved rather than receiving a numerical default.\n 12: \n 13: The implementation boundary is explicit:\n 14: \n 15: - `numerical_fixture.compute_core(parameters)` produces marks, sensitivities, CVA, capital profiles, KVA, priced actions and the allocation solution.\n 16: - `reserve_ledger.simulate_cash(parameters, reference_credit_move, funding_move, own_spread)` produces actual quarterly cash, title and financing consequences.\n 17: - `reserve_ledger.compute_reserves(parameters, core)` produces the management reserve schedules, attribution and independent accounting bridge.\n 18: - `validate_exhibits.validate_bundle(root)` checks the public case envelope and references before any report is graded. Missing required facts raise `ReferenceError`; they are not a candidate's scored economic mistake.\n 19: \n 20: Displayed numerical results come from the original flat-bundle execution snapshots [core-results.json](../evidence/baseline/core-results.json) and [reserves-results.json](../evidence/baseline/reserves-results.json). [numerical-anchors.json](../evidence/baseline/numerical-anchors.json) and [action-anchors.json](../evidence/baseline/action-anchors.json) collect the relevant baseline outputs. Formulas below define the calculations; the output files retain their precision. Recognised incurred CVA is explicitly zero in the base capital calculation. None of these computed outputs is an input exposure path or evidence of real-world calibration. Historical output hashes do not attest the organized files' changed paths.\n 21: \n 22: ## 2. Both legs, including the source of principal\n 23: \n 24: ### 2.1 Contract terms\n 25: \n 26: | Quantity | Public assumption |\n 27: |---|---|\n 28: | Funding notional and opening reference value, N | USD1,000,000,000 |\n 29: | Funding maturity | 20 years, 80 quarterly settlement periods |\n 30: | Deployment maturity | 5 years, 20 quarterly interest periods and bullet repayment |\n 31: | Numerical period, delta | 0.25 year |\n 32: | OIS, r | 4% nominal annual, compounded quarterly for this calculation |\n 33: | Initial internal AAA composite spread, b0 | 20bp, including its disclosed desk add-on |\n 34: | Executed financing margin over b0 | 50bp |\n 35: | Locked financing spread over OIS, k | b0 + 50bp = 70bp; subsequent b moves do not reset k |\n 36: | Matching replacement quote margin over b | 80bp in the synthetic joint quote process |\n 37: | Initial matching replacement spread, m0 | b0 + 80bp = 100bp over OIS |\n 38: | U reference coupon | OIS + 100bp, initially 5% annually |\n 39: | EM deployment coupon | OIS + 400bp, initially 8% annually |\n 40: | Funding provider CDS and recovery | 80bp; 40% recovery in the disclosed flat-hazard illustration |\n 41: | Own unsecured bond spread | 50bp initially; 150bp in the selected funding stress |\n 42: | Own CDS spread | 30bp initially, independently specified |\n 43: | Opening legacy borrowing | USD1bn, at OIS, still outstanding after the new funding transaction |\n 44: | Opening freely usable cash | USD100m before the separately identified day-one fee |\n 45: \n 46: U is an already-issued, ordinary AAA financial floating-rate note. Meridian initially owns it. Meridian sells legal title to U to the funding provider P and receives its total return back under the twenty-year TRS. Meridian is total-return receiver and financing payer. The sale supplies USD1bn; the unfunded derivative supplies no second principal.\n 47: \n 48: The EM borrower receives the USD1bn sale proceeds. Its loan is separate from the TRS and from P. Deployment collateral, U, and CSA collateral held against P are three different legal objects. U held by P is not collateral received by Meridian against P's default.\n 49: \n 50: The calendar-based confirmations use their stated day counts, resets and settlement dates. The numerical proof uses the disclosed exact quarter grid. It does not silently claim that every dated quarter is 0.25 under ACT/365F.\n 51: \n 52: ### 2.2 Opening cash and statutory balance sheet\n 53: \n 54: The table is before fees, reserves and subsequent market movements. Amounts are USD millions.\n 55: \n 56: | Stage | Cash | Statutory assets other than cash | Statutory liabilities | Equity | Legal effect |\n 57: |---|---:|---|---|---:|---|\n 58: | Opening | 100 | U 1,000 | Legacy borrowing 1,000 | 100 | Meridian owns U |\n 59: | Sale of U to P settles | 1,100 | U 1,000 retained for accounting | Legacy borrowing 1,000; new financing liability 1,000 | 100 | Title to U passes to P; sale proceeds arrive |\n 60: | TRS execution | 1,100 | No duplicate statutory derivative for the retained rights | Existing financing remains | 100 | Meridian receives U's return and pays financing; no new principal |\n 61: | EM advance settles | 100 | U 1,000; EM advance 1,000 | Legacy 1,000; financing 1,000 | 100 | EM borrower receives 1,000; security rights arise only as documented |\n 62: \n 63: The same-transferee sale plus full return retention fails derecognition in this case. [IFRS 9, 2026 issued edition][IFRS9], paragraphs 3.2.15, B3.2.14 and B3.2.16(o), supports retention of U and recognition of the financing liability without recognising the same rights again as a derivative. Legal ownership and accounting recognition therefore differ. Paragraph 3.2.22 also prevents treating the accounting asset and associated liability as an automatically net presentation.\n 64: \n 65: The USD1m day-one fee is an actual setup-service fee, expensed and paid after the sale and deployment settle. It reduces unrestricted cash to USD99m and statutory equity to USD99m before management X. It is not assumed to be a lifetime financing fee eligible for capitalisation. The payment has its own source entry; it cannot be hidden in a noncash reserve or represented as a second funding advance.\n 66: \n 67: The explicit fictional regulatory classification letter separately selects SA-CCR for the legal TRS and the relevant written-credit leverage treatment. That selection is not an inference from IFRS, and it does not permit a second statutory asset. Without the classification letter, derivative versus financing/SFT treatment needs adjudication before those capital formulas can be used.\n 68: \n 69: ### 2.3 Quarterly return and financing cash\n 70: \n 71: Let p_j be U's ex-distribution price per unit of face and let the opening price be 1. Equivalently, use the identified quantity Q_U and currency price P_j with Q_U P_0 = N. The formulas below use the normalised price. Let d_j be the distribution per unit of face and p_last the reference price from the last actual settled return reset.\n 72: \n 73: ```text\n 74: TRS_cash_j = N * (d_j + p_j - p_last)\n 75: - N * delta_j * (OIS_j + k)\n 76: \n 77: For a surviving ordinary quarter:\n 78: d_j = delta_j * (OIS_j + 0.01)\n 79: \n 80: At U's final redemption:\n 81: p_j = 0\n 82: d_j = delta_j * (OIS_j + 0.01) + 1\n 83: ```\n 84: \n 85: The final price is zero because the note has redeemed; its principal is already in d_j. Adding another N receipt or payment to this return formula would double count principal. A payment instruction is not an actual reset until the specified settlement has occurred. Unpaid return, accrued financing and a disputed amount remain in the close-out valuation.\n 86: \n 87: At unchanged par and OIS, quarterly TRS cash is USD0.750m and annual TRS cash is USD3m. The EM loan pays USD20m quarterly for five years, and the legacy borrowing costs USD10m quarterly. Whole-book quarterly operating cash before cash-account interest, new borrowing, fees and hedges is therefore USD10.750m during the first five years. The USD3m annual TRS amount is a funding-only panel, not the full book's annual income.\n 88: \n 89: The cash ledger books U's coupon through P's TRS remittance once. The statutory ledger can show U income and financing expense, but it cannot also add a second direct cash coupon from U's issuer to Meridian.\n 90: \n 91: Interim reference-price return settlements change cash and the retained-sale financing balance. A negative price return is a payment to P and reduces that financing balance; U is separately revalued under the identified accounting policy. The cash repayment itself is not another expense on top of U's valuation loss. A positive return reverses the direction. The financing coupon still follows its fixed notional and executed spread unless an actual amendment changes those terms.\n 92: \n 93: ### 2.4 Year five and year twenty\n 94: \n 95: At year five the performing EM borrower repays USD1bn. The base reinvestment instruction places that principal in an OIS account through the remaining fifteen years. It does not assume another EM loan at the original 400bp margin. Interest on that OIS principal offsets the OIS cost of the USD1bn legacy borrowing in the unchanged-rate base case. Funding TRS cash, provider exposure and capital continue.\n 96: \n 97: The desk can select a different reinvestment only with a new executable quote, credit decision, funding use and legal agreement. The price and availability of that future investment are the reinvestment risk. Five-year amortisation or five-year protection does not close the twenty-year funding position.\n 98: \n 99: At year twenty:\n 100: \n 101: 1. U redeems to its legal holder P. The last TRS return uses `d = coupon + 1`, `p = 0`, and the actual last reset price. The net price/redemption component is `N * (1 - p_last)`, not another unqualified N.\n 102: 2. The retained-asset and financing ledger records U's redemption and the corresponding extinction of the financing balance. In the performing par endpoint, the final price-return adjustment brings that balance to N before P's redemption extinguishes it. This is not a second cash withdrawal from Meridian.\n 103: 3. The parked EM principal becomes available to repay the separate legacy borrowing. Any real additional liquidity borrowing is repaid from available cash under its own terms.\n 104: 4. Fees, margin returns, hedges, disputes and close-out receivables settle separately. An unresolved USD0.500m provider claim and its USD0.500m reserve in the terminal exhibit survive contractual maturity. Age alone does not erase either.\n 105: \n 106: [reserve-module.md](reserve-module.md) specifies these postings and the independent closing-balance derivation. A terminal zero is valid only for obligations actually discharged.\n 107: \n 108: ## 3. E1: funding benefit, legal value and reference return\n 109: \n 110: ### 3.1 Quote-conditioned valuation\n 111: \n 112: Define the numerical discount and annuity for h remaining years on the quarter grid:\n 113: \n 114: ```text\n 115: D_r(h) = (1 + r * delta)^(-h / delta)\n 116: A_r(h) = sum_j=1..h/delta delta * D_r(j*delta)\n 117: = (1 - D_r(h)) / r\n 118: ```\n 119: \n 120: The synthetic replacement quotation supplies a linear spread-to-price conversion with `A_quote = A_0.04(h)`. This annuity is a disclosed quote convention, not a universal law for all funding trades. Off quarter dates, `off_quarter_convention=fractional_remaining_annuity_clean_quote` explicitly extends `(1-D_r(h))/r` using the fractional power above; it is not the sum of the original contract's irregular coupon cash flows. A quote could instead supply its own PV01 or an upfront price for the old locked spread, but those alternatives require their own implemented terms.\n 121: \n 122: For a reset-to-today replacement quote with the same U, quantity, notional, maturity, cash-flow terms, legal rights, collateral basis and cost basis:\n 123: \n 124: ```text\n 125: F_quote(t) = N * [m_reset(t,h) - k] * A_quote(t,h)\n 126: \n 127: Reference_adjustment(t)\n 128: = D(t, next_actual_settlement) * N * [p_U(t) - p_last_actual]\n 129: \n 130: V_legal(t) = F_quote(t) + Reference_adjustment(t) + unsettled_stubs(t)\n 131: ```\n 132: \n 133: The stubs include any separately stated unpaid return, accrual or contractual close-out item not already included in the quote. Base clean-reset observations explicitly set them to zero. Unknown stubs do not default to zero. Rolled calls to `funding_mark` require explicit `next_payment_delay` and `unsettled_stub`; a pending same-day price settlement uses delay zero. The inception default reads the required `funding_contract.next_price_settlement_years` rather than deriving a new quarter from remaining tenor. Scheduled-zero-tenor marks do not extinguish pending settlement claims.\n 134: \n 135: A quotation on the original reference basis already includes the old-reference adjustment. In that alternative, use its direct old-contract value or its stated conversion and do not add `p_U - p_last` again. Quote matching requires the actual remaining contract, not a generic twenty-year financing spread from another provider.\n 136: \n 137: The desk also computes a management funding opportunity from its internal composite b plus its desk margin. An internal curve change cannot create a claim on P. In this synthetic case, separately supplied replacement quotes happen to follow `m_reset = b + 80bp`. That is a joint assumed quote process. It is not an internal-b-linked termination payoff invented in the contract.\n 138: \n 139: At a matched, post-settlement reset with zero stubs and matching costs/basis, the internal funding opportunity can equal F_quote and V_legal. Outside those conditions the three are distinct. Missing or mismatched executable quotation evidence raises a reference-input error. It never licenses substituting the internal opportunity for CCR exposure or using V = 0.\n 140: \n 141: The quotation's fictional executability does not itself satisfy the IFRS day-one observable-input test. Accounting observability has separate evidence and a prior unit-of-account gate.\n 142: \n 143: ### 3.2 Reference pricing and numerical anchors\n 144: \n 145: For the public flat snapshot, U's current OIS coupon is held fixed while the credit-yield spread is shocked. With `c_U = 0.04 + 0.01 = 0.05`:\n 146: \n 147: ```text\n 148: p_U(h, x_U) = c_U * A_(c_U+x_U)(h) + D_(c_U+x_U)(h)\n 149: ```\n 150: \n 151: This is a synthetic yield-based mark of the promised reference cash flows. It is not a provider-default model. If OIS changes, coupon resets and discounting must be recomputed from the actual floating-rate terms rather than treating this snapshot formula as a fixed-rate contract forever.\n 152: \n 153: At inception, after a matched reset, `m0 - k = 30bp`. Known calculated anchors are:\n 154: \n 155: | Item | Quarterly convention | Continuous comparison, not used by the verifier |\n 156: |---|---:|---:|\n 157: | Twenty-year annuity | 13.722051526 years | 13.766775897 years |\n 158: | Funding benefit at 30bp, USDm | 41.166154579 | 41.300327691 |\n 159: | Funding spread DV01, USDm per bp | 1.372205153 | 1.376677590 |\n 160: | Increment for a 100bp funding-quote widening, USDm | 137.220515265 | 137.667758971 |\n 161: \n 162: The raw request's approximately USD41m and USD138m are sound order-of-magnitude diagnostics under their stated annuity. They are neither regulatory constants nor substitutes for full V.\n 163: \n 164: The following controlled observations keep twenty years remaining and the old actual price at 1. They use the next-quarter discount on the unsettled reference adjustment:\n 165: \n 166: | Joint observation | Funding component, USDm | Full legal value before return settlement, USDm |\n 167: |---|---:|---:|\n 168: | No curve move | 41.166155 | 41.166155 |\n 169: | Replacement quote +100bp, U credit unchanged | 178.386670 | 178.386670 |\n 170: | Replacement quote +100bp, U credit +25bp | 178.386670 | 147.850900 |\n 171: | Replacement quote +100bp, U credit +100bp | 178.386670 | 63.517057 |\n 172: \n 173: The reference-loss offset is an economic component of V, not CSA collateral and not a regulatory haircut benefit. After the reference loss settles, its old-reference adjustment disappears from V because cash has moved, while the surviving fixed financing advantage remains. A reference-price reset is not a full fair-value reset of the whole TRS.\n 174: \n 175: The funding trade is therefore an asset in the selected positive-value states, not in every state. A sufficiently adverse U move or a tightening replacement funding quote can make full V negative. A 100bp tightening with U unchanged produces a USD96.054361m payable under the same twenty-year quote conversion.\n 176: \n 177: ### 3.3 Exposures are derived, never supplied\n 178: \n 179: The current positive legal exposure is `max(V_legal, 0)` before the relevant collateral/default-recovery treatment. The SA-CCR calculation then uses the full contractual V with the applicable legal C, replacement-cost formula and add-on. A positive funding opportunity alone is not EAD.\n 180: \n 181: For CVA, the public quarter-end-after-payment convention supplies the default timing. In the flat provider illustration:\n 182: \n 183: ```text\n 184: lambda_P = provider_CDS / (1 - recovery_P)\n 185: S_P(t) = exp(-lambda_P * t)\n 186: \n 187: CVA = sum_j D_OIS(t_j) * (1 - recovery_P)\n 188: * [S_P(t_(j-1)) - S_P(t_j)]\n 189: * E[positive close-out exposure at t_j | P defaults there]\n 190: ```\n 191: \n 192: Each conditional close-out exposure is repriced from the same contract, reference price/reset state and applicable collateral recovery. Default observations remain the original funding quarter ends even when a capital action becomes effective between them; the exposure at a default date uses the action status then. An execution date changes capital accrual, not the default clock. A remaining tail begins with the stub to the next original funding payment. The base post-settlement illustration reduces exposure to the surviving funding component; that simplification follows from the stated event ordering and reference state. A default before settlement, a correlated U shock, a dispute or non-reusable collateral requires the corresponding full calculation. No exhibit supplies EE, EPE, an exposure vector or an answer-shaped reserve schedule.\n 193: \n 194: Provider CDS of 80bp with 40% recovery gives the illustration's hazard `0.008 / 0.6`. The provider CDS cannot be replaced by the internal AAA curve, U's rating, the desk's own CDS or an unrelated EM spread. A deterministic W stress is not by itself a calibrated joint default probability model.\n 195: \n 196: ## 4. E4 and the mismatch: distinct curves and basis risks\n 197: \n 198: | Curve or observation | What it drives | What it does not establish |\n 199: |---|---|---|\n 200: | OIS and its forecast/reset convention | Discounting, floating coupons, cash remuneration and the quoted annuity conversion | Provider credit quality or a supervisory 5% decay |\n 201: | Internal AAA financials CDS composite plus desk add-on, b | Internal replacement-funding opportunity and the disclosed funding-allocation sensitivity | An enforceable claim, a provider CDS curve, or U's issue rating |\n 202: | Independently supplied matching replacement quotes, m | Quote-supported old-contract financing value | Automatic IFRS observability or an internal-curve termination right |\n 203: | U issuer credit/yield curve | U's price, unsettled return, and reference-credit risk | Collateral C received from P or P's default probability |\n 204: | Funding provider P CDS | Provider survival/default loss in CVA | Actual own borrowing cost or U's supervisory factor |\n 205: | Own unsecured bond funding curve | The rate on actual own cash borrowing and its premium over the chosen cash benchmark | A borrowing need caused by a noncash mark |\n 206: | Own CDS | Own credit diagnostics and the bond-CDS basis | A substitute loan quote; zero cash cost when CDS is used |\n 207: | EM borrower credit/yield curve | EM valuation, credit loss and reinvestment economics | An own-funding-induced change to the borrower's contractual coupon |\n 208: | Deployment collateral issuer curve and price | Realisation value and collateral price risk | Automatic rating migration, supervisory haircut or eligibility |\n 209: | CSA remuneration and collateral/FX basis | Net economics of cash collateral, currency conversion and funding | Permission to reuse segregated collateral |\n 210: | Protection seller H CDS and hedge terms | H's default risk and the separately calculated protection economics | Netting H with P or automatic CVA hedge designation |\n 211: | Market financing haircut and spread schedules | Cash advance and lender-specific financing price | Supervisory mitigation or a spread mechanically determined by the haircut |\n 212: \n 213: Two curves may co-move in a scenario without becoming the same input. In W3, the internal quote driver, own bond spread, provider CDS and EM spread are shocked jointly, while own CDS remains separately stated. The internal-to-quoted-replacement basis, internal-to-own-bond basis, U-to-internal-AAA basis, EM-to-own-funding basis, bond-CDS basis and collateral-remuneration/FX basis must therefore remain visible.\n 214: \n 215: At inception, own bonds are OIS + 50bp and own CDS is 30bp. Their 20bp difference is the bond-CDS basis. The actual premium for borrowing at the bond curve and placing the proceeds at OIS is 50bp, not 20bp. A basis-only adjustment is possible only after specifying a benchmark that already charges the own-credit component. It cannot be added on top of the full 50bp or described as a universal pure-liquidity cost. Using own CDS as a cash funding curve is wrong, but it does not mathematically set all funding cost to zero.\n 216: \n 217: ### 4.1 Funding spread duration versus contractual loan value\n 218: \n 219: The requested long-twenty/short-five sensitivity is a funding-allocation comparison. For the disclosed matched annuity convention:\n 220: \n 221: ```text\n 222: Funding_spread_DV01 = +N * A_0.04(20) * 0.0001\n 223: Five_year_deployment_funding_allocation_DV01\n 224: = -N * A_0.04(5) * 0.0001\n 225: Net_funding_allocation_DV01\n 226: = N * [A_0.04(20) - A_0.04(5)] * 0.0001\n 227: ```\n 228: \n 229: Known anchors are +USD1.372205153m, -USD0.451138824m and +USD0.921066328m per bp. The five-year magnitude is disclosed separately from its negative position sign in the report.\n 230: \n 231: This does not mean that an EM borrower's legal debt reprices when Meridian's internal funding spread changes. Its contractual coupon and principal remain the same. Its independent credit-mark snapshot uses:\n 232: \n 233: ```text\n 234: c_EM = 0.04 + 0.04 = 0.08\n 235: p_EM(h, x_EM) = c_EM * A_(c_EM+x_EM)(h) + D_(c_EM+x_EM)(h)\n 236: ```\n 237: \n 238: The marked loan value is `N * p_EM`; the funding-allocation debit is a management comparison, not another loan asset or an extra cash expense. The selected W3 first-quarter observation has h = 4.75 and x_EM = 0.03. The resulting price loss is noncash unless the loan is sold, margined or otherwise contractually cash-settled.\n 239: \n 240: Funding spread DV01 is also not OIS DV01. Holding m and k fixed under the quote conversion:\n 241: \n 242: ```text\n 243: dA_r(h)/dr = -sum_j=1..h/delta j * delta^2\n 244: * (1+r*delta)^(-j-1)\n 245: dF_quote/dr = N * (m-k) * dA_r(h)/dr\n 246: ```\n 247: \n 248: An actual OIS scenario also changes forward coupons, cash returns and any quoted conversion or basis. Both legs' resets must be respected. The supervisory duration with 5% exponential decay in SA-CCR is neither this rate derivative nor the OIS annuity.\n 249: \n 250: ### 4.2 Collateral price, rating and the two haircut systems\n 251: \n 252: Reprice collateral from its own curve. Separately apply a dated issue-rating or eligibility event, issuer type, residual maturity, legal rights, positive-correlation test and the applicable holding-period haircut. The sequence is then current recognised mitigation, exposure, RWA, allocated capital, KVA and the client price needed to cover that cost.\n 253: \n 254: A spread movement is not itself a rating instruction. Conversely, a rating event can change a haircut or remove recognition with no contemporaneous market-price movement. Under the selected rating-permitted banking-book Basel comparator, a sovereign issue requires at least BB-, not investment grade in every case. The chosen B-rated own-sovereign paper fails both the rating test and the independent same-issuer correlation test. See CRE22.7, CRE22.34, CRE22.45 and CRE22.49 in [capital-rulebook.md](capital-rulebook.md).\n 255: \n 256: The market haircut determines how much cash a lender advances. The supervisory haircut determines eligible regulatory mitigation or posting exposure. They are distinct inputs with separate tenors and purposes. The empirical short-dated findings in S3 motivate lender segmentation and concentration constraints, not a calibration of five- or twenty-year EM financing. A higher safe-collateral haircut-to-volatility ratio refutes a universal proportional-volatility rule; it does not prove that nominal haircuts decrease with volatility. [allocation-episode.md](allocation-episode.md) contains the separate seven-day executable allocation.\n 257: \n 258: ## 5. E2, E3 and A3: when a funding cost actually exists\n 259: \n 260: ### 5.1 Actual cash deficits, not stock-mark borrowing\n","tool_call_id":"call_2dee44e8657c58a1b7ef00c18d410567","type":"tool_result"}},{"step":9,"generation":0,"created_at":"2026-09-20T07:22:51.221Z","event":{"content":"File: /work/data/artifacts/9r9p6s9g/documents/schemas/daily-report.schema.json (showing lines 249-800 of 2481)\n 249: \"protection\": {\n 250: \"type\": \"object\",\n 251: \"additionalProperties\": false,\n 252: \"required\": [\n 253: \"contracts\",\n 254: \"notional\",\n 255: \"protected_exposure\",\n 256: \"uncovered_exposure\",\n 257: \"hedge_provider_EAD\",\n 258: \"hedge_provider_CVA\",\n 259: \"hedge_mark\",\n 260: \"premium_accrued\",\n 261: \"premium_paid\",\n 262: \"designated_notional\",\n 263: \"SNH\",\n 264: \"market_risk_K\",\n 265: \"remaining_years\",\n 266: \"unprotected_tail_years\"\n 267: ],\n 268: \"properties\": {\n 269: \"contracts\": {\n 270: \"type\": \"object\",\n 271: 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Same scope/own scratch. Main is handling rates/liquidity and will provide core annuity/mark.\"}"}],"type":"assistant","usage":{"prompt_tokens":60881,"completion_tokens":140,"total_tokens":61021,"cache_read_tokens":48975}}},{"step":10,"generation":0,"created_at":"2026-09-20T07:23:35.625Z","event":{"content":"Message sent to misty-moose at 2026-09-20T07:23:35Z","tool_call_id":"call_3a8f1902bbd951acb7b0c83659ccea5e","type":"tool_result"}},{"step":11,"generation":0,"created_at":"2026-09-20T07:23:21.507Z","event":{"child_session_id":"cheery-marmot","content":"llm call: openai request failed after 3 attempts: openai 429 Too Many Requests: At most four inference requests may be pending.","type":"child_result","verdict":"crashed"}},{"step":11,"generation":0,"created_at":"2026-09-20T07:23:47.678Z","event":{"content":"llm call: openai request failed after 3 attempts: openai 429 Too Many Requests: At most four inference requests may be pending.","marker":"error","type":"system"}},{"step":12,"generation":0,"created_at":"2026-09-20T07:24:07.092Z","event":{"content":"[RESUMED at 2026-09-20T07:24:07Z]","type":"recover"}}]