[{"step":0,"generation":0,"created_at":"2026-09-20T09:44:05.483Z","event":{"content":"New agent session \"chill-tiger\" started at 2026-09-20T09:44:05Z. You are a sub-agent 1 level(s) below the run's root: main-agent → chill-tiger.","marker":"new_session","type":"system"}},{"step":0,"generation":0,"created_at":"2026-09-20T09:44:05.487Z","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":"2026-09-20T09:44:05.495Z","event":{"content":"Working directory: `/work`\nThis workspace is shared with the parent session `main-agent`.","marker":"workspace","type":"system"}},{"step":0,"generation":0,"created_at":"2026-09-20T09:44:05.499Z","event":{"content":"Independent legal/compliance/structure and action recommendation review (focused, read-only). Packet /packet/packet.json authority; full documents extracted /work/data/artifacts/qyaws7fs/documents, snapshot case/family/parameters/policy/state/quotes. Read full schema institutional sections and exact evidence premises. Determine viable current-day actions serving firm/client throughout obligations, likely hold vs approval capital levers. No actions executed. Draft strict sections {legal,compliance,structure,recommendation} per schema into /work/data/artifacts/qyaws7fs/institutional_sections.json with entailed citations and actual supported client outcome. Recommendation rationale <=2000 chars must connect inherited funding locked price remaining tenor, drawn vs committed, idle carry/replacement matching, collateral flexibility, linear funding gains widening/loss tightening vs negative duration and separate risky deployment, no invented CDX/CLO. Identify binding constraint and decision-changing fact, compare quoted alternatives after costs capital margin etc. Do not edit envelope. Send concise pitfalls/action suggestion early.","type":"user"}},{"step":1,"generation":0,"created_at":"2026-09-20T09:46:09.741Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_6135fe72cfa956c7ab8e164b7690400f","name":"bash","arguments":"{\"command\":\"ls -la /packet; ls -la /work/data/artifacts/qyaws7fs; find /work/data/artifacts/qyaws7fs/documents -maxdepth 2 -type f -printf '%P\\\\n' | head -80; python - <<'PY'\\nimport json\\np=json.load(open('/packet/packet.json')); print(type(p));print(p.keys() if isinstance(p,dict) else '');print(json.dumps(p,indent=2)[:18000])\\nPY\",\"max_output_length\":26000}"}],"type":"assistant","usage":{"prompt_tokens":4405,"completion_tokens":130,"total_tokens":4535}}},{"step":1,"generation":0,"created_at":"2026-09-20T09:46:09.834Z","event":{"content":"STDOUT:\ntotal 2864\ndr-xr-xr-x 1 root root 200 Sep 20 09:40 .\ndrwxr-xr-x 1 root root 240 Sep 20 09:40 ..\n-r-xr-xr-x 1 root root 7086 Sep 20 09:40 calculator.py\n-r--r--r-- 1 root root 745 Sep 20 09:40 manifest.json\n-r--r--r-- 1 root root 2921009 Sep 20 09:40 packet.json\n-r--r--r-- 1 root root 2520 Sep 20 09:40 practice-inputs.json\ntotal 2457\ndrwx------ 1 amplio amplio 280 Sep 20 09:44 .\ndrwx------ 1 amplio amplio 60 Sep 20 09:40 ..\n-rw------- 1 amplio amplio 848 Sep 20 09:41 calculator.json\n-rw------- 1 amplio amplio 140330 Sep 20 09:42 case.json\ndrwx------ 1 amplio amplio 140 Sep 20 09:42 documents\n-rw------- 1 amplio amplio 13984 Sep 20 09:42 family.json\n-rw------- 1 amplio amplio 57315 Sep 20 09:42 parameters.json\n-rw------- 1 amplio amplio 665 Sep 20 09:41 phases.json\n-rw------- 1 amplio amplio 1632 Sep 20 09:44 plan.md\n-rw------- 1 amplio amplio 30093 Sep 20 09:41 policy.json\n-rw------- 1 amplio amplio 842653 Sep 20 09:41 public_inputs.json\n-rw------- 1 amplio amplio 1364456 Sep 20 09:41 quotes.json\n-rw------- 1 amplio amplio 97 Sep 20 09:41 receipt_window.json\n-rw------- 1 amplio amplio 61294 Sep 20 09:41 state.json\nCURRENT_INPUTS.json\ndocs/capital-actions.md\ndocs/capital-rulebook.md\ndocs/desk-runtime-contract.md\ndocs/economic-specification.md\ndocs/reference-input-contract.md\ndocs/reserve-module.md\nfixtures/desk-policy.json\nschemas/daily-report.schema.json\n\ndict_keys(['as_of', 'available_events', 'calculator', 'day', 'event_bindings', 'family_id', 'legal_version', 'market_version', 'parent_state_hash', 'phases', 'policy', 'prior_receipts', 'public_inputs', 'quotes', 'receipt_window', 'revision', 'run_id', 'schema_version', 'state'])\n{\n \"as_of\": \"2027-09-02\",\n \"available_events\": [],\n \"calculator\": {\n \"accepts_live_state\": false,\n \"accepts_parameter_overrides\": false,\n \"calculator_sha256\": \"20b35016ecb2bea66bb1f6ad44e5fc559c4ced8816019392f4ea882e5306b6b7\",\n \"limits\": {\n \"cpu_seconds\": 2,\n \"max_decimal_digits\": 40,\n \"max_decimal_places\": 16,\n \"max_input_bytes\": 4096,\n \"max_json_depth\": 4,\n \"max_json_nodes\": 64,\n \"max_output_bytes\": 4096,\n \"wall_seconds\": 5\n },\n \"operations\": [\n \"discount\",\n \"annuity\",\n \"reference_price\",\n \"deployment_price\"\n ],\n \"practice_ids\": [\n \"FUND_01/seed-1\"\n ],\n \"registry_sha256\": \"a06191da956fa908812fbad691660d1dd36f3084b4bf0a7fdd64b8a23f97bd5a\",\n \"request_fields\": [\n \"schema_version\",\n \"practice_id\",\n \"instrument_id\",\n \"operation\",\n \"remaining_years\"\n ],\n \"schema_version\": \"practice-component.v1\",\n \"scope\": \"registered_practice_ids_only\"\n },\n \"day\": 0,\n \"event_bindings\": {},\n \"family_id\": \"FUND_01\",\n \"legal_version\": 0,\n \"market_version\": 0,\n \"parent_state_hash\": \"6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165\",\n \"phases\": [\n {\n \"event\": null,\n \"phase\": 0,\n \"scheduled\": [\n {\n \"contract_id\": null,\n \"kind\": \"approval_review\",\n \"period_id\": \"2027-09-02\",\n \"scheduled_date\": \"2027-09-02\"\n }\n ]\n },\n {\n \"event\": null,\n \"phase\": 1,\n \"scheduled\": [\n {\n \"contract_id\": null,\n \"kind\": \"approval_review\",\n \"period_id\": \"2027-09-02\",\n \"scheduled_date\": \"2027-09-02\"\n }\n ]\n },\n {\n \"event\": null,\n \"phase\": 2,\n \"scheduled\": [\n {\n \"contract_id\": null,\n \"kind\": \"day_close\",\n \"period_id\": \"2027-09-02\",\n \"scheduled_date\": \"2027-09-02\"\n }\n ]\n }\n ],\n \"policy\": {\n \"accounting\": {\n \"cash_interest_credit\": \"income_carry\",\n \"debt_interest_debit\": \"expense_funding\",\n \"deferral\": \"frozen_inception_pricing_annuity\",\n \"deposit_interest\": \"source_OIS_unless_contract_specifies_spread\",\n \"funding_derivative_recognition\": \"none_for_retained_U_failed_sale_unit\",\n \"hedge_and_offset_marks\": \"statutory_separate_contract_FV_with_management_overlay_explicit_bridge\",\n \"journal_decimal_places\": 12,\n \"journal_rounding\": \"ROUND_HALF_EVEN\",\n \"management_funding_mark\": \"source_internal_funding_opportunity_not_legal_exposure\",\n \"mark_accounts\": {\n \"asset\": \"statutory_derivative_asset\",\n \"liability\": \"statutory_derivative_liability\"\n },\n \"no_balancing_plug\": true,\n \"observable_release\": \"irreversible_on_authenticated_observable_significant_input_evidence\",\n \"rounding_stage\": \"Financial amounts are rounded before the same amount updates obligation, contract and journal. Journal never independently rounds postings or inserts a residual.\"\n },\n \"calendar\": {\n \"business_day_convention\": \"following\",\n \"cash_interest\": \"OIS_ACT365F_on_settled_opening_day_balance\",\n \"contract_quarter_months\": 3,\n \"contract_quarter_year_fraction\": \"0.25\",\n \"debt_day_count\": \"ACT/365F\",\n \"debt_year_days\": \"365\",\n \"holidays\": [],\n \"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_changes_cash_payment_date_only_not_earned_coupon_or_contract_tenor.\",\n \"new_payment_dates\": \"following_business_day_own_execution_anniversaries\",\n \"opening_quote_moves\": {\n \"em_move\": \"0\",\n \"funding_move\": \"0\",\n \"reference_move\": \"0\"\n },\n \"original_payment_dates\": \"unadjusted_calendar_anniversaries_preserving_inception_end_of_month\",\n \"prewindow_history\": \"Only explicit compiled opening_history settled_periods and source contractual schedule. No external event, trade, default, funding facility or reinvestment is inferred.\",\n \"receipt_clock\": \"calendar_day_offset_from_window_start\",\n \"weekend_days\": [\n 5,\n 6\n ]\n },\n \"capital\": {\n \"accounts\": {\n \"cash\": {\n \"basis\": \"source_central_bank_OIS_cash\",\n \"leverage_included\": true,\n \"risk_weight\": \"0\"\n },\n \"claim_allowance\": {\n \"basis\": \"specific_credit_allowance_reduces_only_identified_related_asset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"deployment_accrued\": {\n \"basis\": \"borrower_accrued_receivable\",\n \"leverage_included\": true,\n \"risk_weight_source\": \"whole_book.deployment_rw\"\n },\n \"deployment_principal\": {\n \"basis\": \"loan_after_current_CRM\",\n \"leverage_included\": true,\n \"risk_weight_source\": \"whole_book.deployment_rw\"\n },\n \"facility_debt\": {\n \"basis\": \"liability_no_gross_asset_offset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"inventory\": {\n \"basis\": \"actual_owned_lot_by_class\",\n \"leverage_included\": true,\n \"risk_weight_source\": \"capital.lot_classes\"\n },\n \"legacy_debt\": {\n \"basis\": \"liability_no_gross_asset_offset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"posted_vm\": {\n \"basis\": \"actual_returnable_deposit_no_assumed_netting\",\n \"leverage_included\": true,\n \"risk_weight_source\": \"regulatory.provider_rw\"\n },\n \"received_vm\": {\n \"basis\": \"returnable_VM_qualified_netting_only\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"reinvestment_principal\": {\n \"basis\": \"central_bank_OIS_deposit\",\n \"leverage_included\": true,\n \"risk_weight\": \"0\"\n },\n \"repo_debt\": {\n \"basis\": \"liability_no_gross_asset_offset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"restricted_cash\": {\n \"basis\": \"mandated_central_bank_OIS_cash\",\n \"leverage_included\": true,\n \"risk_weight\": \"0\"\n },\n \"restricted_collections\": {\n \"basis\": \"named_synthetic_correspondent_exposure\",\n \"leverage_included\": true,\n \"risk_weight\": \"0.2\"\n },\n \"retained_U\": {\n \"basis\": \"retained_source_security_current_rating\",\n \"leverage_included\": true,\n \"risk_weight_source\": \"current_underlying_issuer_weight\"\n },\n \"return_liability\": {\n \"basis\": \"recognised_return_obligation_does_not_erase_cash_or_inventory\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"sale_financing\": {\n \"basis\": \"liability_no_retained_U_offset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"statutory_derivative_asset\": {\n \"basis\": \"same_actual_contract_counted_by_derivative_SA_CCR_and_derivative_leverage_once\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"statutory_derivative_liability\": {\n \"basis\": \"derivative_liability_no_unrelated_gross_asset_offset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"unpaid_payable\": {\n \"basis\": \"liability_no_gross_asset_offset\",\n \"leverage_included\": false,\n \"risk_weight\": \"0\"\n },\n \"unpaid_receivable\": {\n \"basis\": \"identified_claim_not_account_aggregate_shortcut\",\n \"leverage_included\": true,\n \"risk_weight_source\": \"capital.receivable_kinds\"\n }\n },\n \"bank_risk_weights\": {\n \"A\": \"0.3\",\n \"AA\": \"0.2\",\n \"AAA\": \"0.2\",\n \"B\": \"1\",\n \"BB\": \"1\",\n \"BBB\": \"0.5\",\n \"CCC\": \"1.5\",\n \"D\": \"1.5\"\n },\n \"borrower_mapping_scope\": \"Named synthetic current-rating desk mapping by authenticated case party kind; no bank eligibility inferred from a rating label. Source unaltered whole_book baseline remains separately disclosed.\",\n \"borrower_risk_weights\": {\n \"bank\": {\n \"A\": \"0.3\",\n \"AA\": \"0.2\",\n \"AAA\": \"0.2\",\n \"B\": \"1\",\n \"BB\": \"1\",\n \"BBB\": \"0.5\",\n \"CCC\": \"1.5\",\n \"D\": \"1.5\"\n },\n \"corporate\": {\n \"A\": \"0.5\",\n \"AA\": \"0.2\",\n \"AAA\": \"0.2\",\n \"B\": \"1.5\",\n \"BB\": \"1\",\n \"BBB\": \"0.75\",\n \"CCC\": \"1.5\",\n \"D\": \"1.5\"\n },\n \"sovereign\": {\n \"A\": \"0.2\",\n \"AA\": \"0\",\n \"AAA\": \"0\",\n \"B\": \"1\",\n \"BB\": \"1\",\n \"BBB\": \"0.5\",\n \"CCC\": \"1.5\",\n \"D\": \"1.5\"\n }\n },\n \"cash_claims\": \"Matured_or_defaulted_legal_cash_claims_use_identified_ordinary_receivable_risk_weight_without_derivative_alpha_or_future_PFE; surviving_claims_are_not_erased_at_maturity\",\n \"credit_supervisory_factors\": {\n \"A\": \"0.0042\",\n \"AA\": \"0.0038\",\n \"AAA\": \"0.0038\",\n \"B\": \"0.016\",\n \"BB\": \"0.0106\",\n \"BBB\": \"0.0054\",\n \"CCC\": \"0.06\",\n \"D\": \"0.06\"\n },\n \"defaulted_unsecured_risk_weight\": \"1.5\",\n \"due_diligence_uplift\": \"source_input_required\",\n \"equity_contribution\": \"contributed_equity_in_Tier1_only_with_matching_capital_and_leverage_exposed_asset\",\n \"financial_cva_authority\": \"docs/capital-rulebook.md MAR50.16 Table 1 financial-sector IG and HY/NR columns\",\n \"financial_cva_risk_weights\": {\n \"A\": \"0.05\",\n \"AA\": \"0.05\",\n \"AAA\": \"0.05\",\n \"B\": \"0.12\",\n \"BB\": \"0.12\",\n \"BBB\": \"0.05\",\n \"CCC\": \"0.12\",\n \"D\": \"0.12\"\n },\n \"liability_netting\": \"none_except_source_authorised_current_CSA_recognition\",\n \"lot_classes\": {\n \"IG_bond\": {\n \"leverage_included\": true,\n \"risk_weight\": \"0.2\"\n },\n \"deployment_collateral\": {\n \"leverage_included\": false,\n \"recognition\": \"CRM_only_no_duplicate_statutory_asset\"\n },\n \"equivalent\": {\n \"leverage_included\": true,\n \"risk_weight_source\": \"current_underlying_issuer_weight\"\n },\n \"funding_reference\": {\n \"leverage_included\": true,\n \"risk_weight_source\": \"current_underlying_issuer_weight\"\n },\n \"main_index_equity\": {\n \"leverage_included\": true,\n \"risk_weight\": \"2.5\"\n },\n \"payment_rights\": {\n \"leverage_included\": false,\n \"recognition\": \"security_only_until_identified_receipt\"\n },\n \"replacement\": {\n \"leverage_included\": false,\n \"recognition\": \"CRM_only_until_own_cash_purchase\"\n }\n },\n \"other_mdb_authority\": \"docs/capital-rulebook.md section 4.1; CRE20.13 definition and CRE20.15 Table 5 rated branch. Requires the actual supranational party's source-evidenced capital_treatment with exposure_class=other_mdb, external_ratings_permitted=true and zero_weight_eligible=false. Neither treaty status nor a rating elects this treatment; CRE20.14 zero-weight eligibility is not granted.\",\n \"other_mdb_risk_weights\": {\n \"A\": \"0.3\",\n \"AA\": \"0.2\",\n \"AAA\": \"0.2\",\n \"B\": \"1\",\n \"BB\": \"1\",\n \"BBB\": \"0.5\",\n \"CCC\": \"1.5\",\n \"D\": \"1.5\"\n },\n \"rating_buckets\": {\n \"A\": \"A\",\n \"A+\": \"A\",\n \"A-\": \"A\",\n \"AA\": \"AA\",\n \"AA+\": \"AA\",\n \"AA-\": \"AA\",\n \"AAA\": \"AAA\",\n \"B\": \"B\",\n \"B+\": \"B\",\n \"B-\": \"B\",\n \"BB\": \"BB\",\n \"BB+\": \"BB\",\n \"BB-\": \"BB\",\n \"BBB\": \"BBB\",\n \"BBB+\": \"BBB\",\n \"BBB-\": \"BBB\",\n \"C\": \"CCC\",\n \"CC\": \"CCC\",\n \"CCC\": \"CCC\",\n \"CCC+\": \"CCC\",\n \"CCC-\": \"CCC\",\n \"D\": \"D\"\n },\n \"receivable_kinds\": {\n \"default_claim\": {\n \"risk_weight_source\": \"identified_counterparty\"\n },\n \"deposit_return\": {\n \"risk_weight_source\": \"regulatory.provider_rw\"\n },\n \"derivative_FV\": {\n \"basis\": \"SA_CCR_already_counts_separate_contract_exposure\",\n \"risk_weight\": \"0\"\n },\n \"funding_cash\": {\n \"no_duplicate_current_derivative_EAD\": true,\n \"risk_weight_source\": \"regulatory.provider_rw\"\n },\n \"inventory_coupon\": {\n \"risk_weight_source\": \"identified_source_lot\"\n },\n \"inventory_principal\": {\n \"risk_weight_source\": \"identified_source_lot\"\n },\n \"loan_coupon\": {\n \"risk_weight_source\": \"whole_book.deployment_rw\"\n },\n \"loan_principal\": {\n \"risk_weight_source\": \"whole_book.deployment_rw\"\n },\n \"protection_claim\": {\n \"risk_weight_source\": \"regulatory.protection_provider_rw\"\n },\n \"reinvestment_interest\": {\n \"risk_weight\": \"0\"\n },\n \"reinvestment_principal\": {\n \"risk_weight\": \"0\"\n }\n },\n \"scope\": \"Named synthetic whole-book asset mapping. Existing dated authority remains controlling for SA-CCR, eligible bank weights, CRM and leverage. New inventory and collection allocations below are explicit desk policies, not inferred regulatory approvals.\",\n \"unknown_rating\": \"ReferenceError\"\n },\n \"collections\": {\n \"loan_application\": \"discharge_identified_loan_receivable_and_matching_collection_return_obligation_once\",\n \"opening_recognition\": \"controlled_payment_rights_are_security_for_existing_loan_not_a_second_asset\",\n \"ownership_otherwise\": \"assigned_claim\",\n \"ownership_when_enforcement_denied\": \"borrower\",\n \"prefunding\": \"restricted_cash_and_borrower_return_liability_until_identified_loan_coupon_is_due_then_return_liability_and_receivable_clear_while_cash_remains_desk_owned_restricted_debt_service_cash\",\n \"remittance\": \"only_exact_batch_with_effective_scoped_permission\",\n \"restitution_or_correspondent_setoff\": \"consume_identified_batch_and_return_liability_without_desk_cash\",\n \"restricted_receipt\": \"restricted_collections_asset_and_identified_return_liability_no_equity\"\n },\n \"csa\": {\n \"VM_source\": \"actual_settled_cash_only\",\n \"VM_treatment\": \"deposit_asset_or_returnable_received_cash_not_income\",\n \"consolidated_netting_coverage\": \"funding_contract_only_without_explicit_joint_margin_coverage_opinion\",\n \"cost_fields\": [\n \"fee\",\n \"annual_administration_fee\"\n ],\n \"excluded_static_comparison_fields\": [\n \"facility_limit\",\n \"liquidity_buffer\",\n \"facility_upfront_fee\",\n \"annual_commitment_fee\",\n \"facility_commitment_rate\",\n \"facility_spread\"\n ],\n \"facility_capacity\": \"only_current_committed_branch_FACILITY\",\n \"quote_scope\": \"Actual agreement only. The quoted standalone stress credit line is a separate static comparison and is not executed by execute_csa.\"\n },\n \"daily_report\": {\n \"max_bytes\": 1048576,\n \"max_collection_items\": 4096,\n \"max_depth\": 24,\n \"max_nodes\": 30000,\n \"max_string_length\": 4096,\n \"numeric_tolerances\": {\n \"money\": \"0.000001\",\n \"scalar\": \"0.000000000001\"\n },\n \"schema_version\": \"daily-book.v2\"\n },\n \"defaults\": {\n \"automatic_deficit_draw\": false,\n \"borrower_unsecured_recovery\": \"0\",\n \"facility_default_effect\": \"source_legal_availability_controls_undrawn_capacity_debt_survives\",\n \"independent_collateral\": \"does_not_inherit_borrower_default_zero\",\n \"liquidation_surplus\": \"Actual_sale_cash_excess_is_borrower_property_matched_by_identified_return_liability_never_desk_income\",\n \"liquidation_trigger\": \"borrower_default_or_identified_due_unpaid_secured_loan_obligation\",\n \"liquidation_waterfall\": [\n \"due_loan_coupon\",\n \"outstanding_loan_principal\",\n \"borrower_surplus_return_liability\"\n ],\n \"provider_closeout\": \"crystallise_full_current_legal_mark_once_into_identified_claim_or_payable_preserve_existing_unpaid_obligations_stop_future_TRS_payments\",\n \"provider_closeout_allowance\": \"positive_identified_claim_times_one_minus_source_provider_recovery\",\n \"provider_recovery_source\": \"parameters.provider_recovery\",\n \"recoveries_are_cash\": false,\n \"reference_default_value\": \"source_notional_times_explicit_reference_issuer_recovery_is_claim_not_cash\",\n \"reference_issuer_recovery\": \"0.4\",\n \"same_issuer_collateral_recovery\": \"0\",\n \"same_issuer_scope\": \"only_already_issued_borrower_collateral_when_borrower_defaults\",\n \"settlement\": \"recognized_claims_survive_until_authenticated_cash_or_evidenced_discharge\",\n \"terminal_static_claim\": \"controlled_report_only_no_runtime_claim_without_authentic_origin\",\n \"worker_claim_settlement\": \"identified_existing_payable_from_actual_cash_or_identified_receivable_with_explicit_authenticated_uncredited_pending_cash_receipt_only;_metadata.cash_receipts_records_already_settled_cash_and_never_authorises_a_second_credit\",\n \"zero_liquidation\": \"No_cash_receipt_and_no_duplicate_loss_beyond_identified_credit_allowance\"\n },\n \"execution\": {\n \"accepted_result\": \"Accepted_means_transition_committed;_worker_action_count_and_scoreability_use_only_actual_accept_action_receipts._A_fatal_prefix_with_zero_worker_actions_is_not_scoreable.\",\n \"fatal_cutoff_commit\": \"A_valid_envelope_stops_at_the_first_actual_fatal_cutoff._Only_executed_prefix_receipts_commit;_halt_day_increments_revision_once_without_advancing_day_date_or_financial_time._No_later_action_event_accrual_checkpoint_or_clock_receipt_is_executed.\",\n \"rejection\": \"Malformed_or_invalid_actio\n\n\nSTATUS:\nFinished normally at 2026-09-20T09:46:09Z (elapsed=0.09s)","tool_call_id":"call_6135fe72cfa956c7ab8e164b7690400f","type":"tool_result"}},{"step":2,"generation":0,"created_at":"2026-09-20T09:48:42.573Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_01ad40b92d255af0bc9b4a9dc3ad2f0c","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/qyaws7fs/documents/schemas/daily-report.schema.json\",\"start_line\":1,\"end_line\":260}"},{"id":"call_cc3bd5d59cd953acbf62572b2d219ac0","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/qyaws7fs/documents/docs/capital-actions.md\"}"},{"id":"call_510ee4768607549ea498a3830aec59d7","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/qyaws7fs/plan.md\"}"},{"id":"call_94c9a02e59fa557e8f60ddf329afeb77","name":"bash","arguments":"{\"command\":\"python - <<'PY'\\nimport json\\nfor f in ['case','family','parameters','state','quotes']:\\n p=json.load(open(f'/work/data/artifacts/qyaws7fs/{f}.json'))\\n print('\\\\n'+f, type(p), list(p) if isinstance(p,dict) else '');\\nPY\",\"max_output_length\":16000}"}],"type":"assistant","usage":{"prompt_tokens":9769,"completion_tokens":210,"total_tokens":9979,"cache_read_tokens":4403}}},{"step":2,"generation":0,"created_at":"2026-09-20T09:48:42.577Z","event":{"content":"File: /work/data/artifacts/qyaws7fs/documents/schemas/daily-report.schema.json (showing lines 1-260 of 2481)\n 1: {\n 2: \"$schema\": \"https://json-schema.org/draft/2020-12/schema\",\n 3: \"$id\": \"urn:back-to-back-funding:daily-book.v2\",\n 4: \"title\": \"Settled parent-checkpoint financial and institutional assertions\",\n 5: \"description\": \"Five financial sections use exact current-source assertions. Legal, compliance, structure and recommendation sections use entailed premises, independent client outcomes and supported alternatives, never exact reference prose.\",\n 6: \"type\": \"object\",\n 7: \"additionalProperties\": false,\n 8: \"required\": [\n 9: \"schema_version\",\n 10: \"parent_state_hash\",\n 11: \"rates\",\n 12: \"credit_xva\",\n 13: \"capital\",\n 14: \"liquidity\",\n 15: \"accounting\",\n 16: \"legal\",\n 17: \"compliance\",\n 18: \"structure\",\n 19: \"recommendation\"\n 20: ],\n 21: \"properties\": {\n 22: \"schema_version\": {\n 23: \"const\": \"daily-book.v2\"\n 24: },\n 25: \"parent_state_hash\": {\n 26: \"type\": \"string\",\n 27: \"pattern\": \"^[0-9a-f]{64}$\"\n 28: },\n 29: \"rates\": {\n 30: \"type\": \"object\",\n 31: \"additionalProperties\": false,\n 32: \"required\": [\n 33: \"funding_notional\",\n 34: \"unsettled_stub\",\n 35: \"legal_funding_mark\",\n 36: \"quoted_funding_component\",\n 37: \"management_funding_gain\",\n 38: \"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 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","tool_call_id":"call_01ad40b92d255af0bc9b4a9dc3ad2f0c","type":"tool_result"}},{"step":2,"generation":0,"created_at":"2026-09-20T09:48:42.583Z","event":{"content":"File: /work/data/artifacts/qyaws7fs/documents/docs/capital-actions.md\n 1: # Capital actions, prices and binding constraints\n 2: \n 3: This 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 market transaction or an IFRS observability conclusion.\n 4: \n 5: The [capital rulebook](capital-rulebook.md) fixes the dated official factors and the selected applicability conditions. This annex fixes contractual prices and the synthetic equity-pricing convention. The Python module derives every exposure, reserve and action value from those inputs. Actual funding draws, securities title movements and the accounting journal are owned by [reserve_ledger.py](../src/reserve_ledger.py) and [reserve-module.md](reserve-module.md).\n 6: \n 7: ## Executable terms and timing\n 8: \n 9: An action is available at its stated quote, but it is not effective merely because it appears on a menu. The baseline has no new CSA, consolidation or CDS. An action requires the named documents and execution conditions in [exhibit-fields.md](exhibit-fields.md#fictional-actions). The capital gate is separate from availability of a quote.\n 10: \n 11: | Action | Binding fictional price | Earliest effect | Cash and title consequence |\n 12: |---|---|---|---|\n 13: | Two-way funding CSA | USD1m execution fee; USD100,000 facility setup; USD50,000 annual fixed commitment fee; USD25,000 annual administration; another 10bp annually on a USD100m committed line | Two business days after the required CSA and enforceability opinion | Full contractual V exchanged as cash VM. Received cash is reusable. Posted VM consumes liquidity. Facility borrowing arises from the collateral cash deficit, not the reserve mark. |\n 14: | Substitute deployment collateral | USD1m fee plus 90bp annually on USD1bn until deployment maturity | Two business days after perfected independent-issuer collateral delivery | Custodian releases the sovereign's own pledge and receives the issued Westhaven Bank AAA instrument. Client yield falls by the contractual concession. No principal is paid to the desk as a capital release. |\n 15: | Reverse that substitution | USD250,000 fee; the 90bp yield concession ends | Two business days after release/redelivery conditions | Restores the original collateral and yield. Capital rises. The existing full-book capital shortage can block this otherwise positive standalone economic action. |\n 16: | Consolidate netting | USD750,000 legal/novation fee | Thirty business days, only when both covered trades and all named opinions are delivered | `FUND_TRS` and `OFFSET_TRS` become one close-out obligation against the same legal P. Their existing economic cashflows continue. Gross accounting assets do not disappear. |\n 17: | Buy five-year P protection | USD320m notional, 80bp annual premium, USD250,000 fee, USD25,000 annual administration | Two business days after execution and qualification | Premiums are cash expenses. Default payment is due under the executed CDS. H has a separately documented daily cash-VM agreement. The CDS creates no immediate cash principal. |\n 18: | Hold | No transaction fee | Immediate | Existing cash, title and credit exposures continue. The cost is the complete remaining KVA, not zero. |\n 19: \n 20: Business-day execution offsets use the published 250-business-day year: two days are 0.008 years and thirty days are 0.12 years. Funding and deployment schedules use the published quarter-year pricing grid. This timing convention is distinct from dated ACT/365F settlement records.\n 21: \n 22: For capital-action comparisons the first affected quarter is split at execution. Both alternatives are remeasured on the same event grid; there is no relief before execution. The capital charge for each piece is paid at the next original quarter end. CDS expiry and recognition-floor events are additional split points. An action's `without_KVA_on_event_grid` can therefore differ slightly from the unsplit hold profile. Compare it with its own `with_KVA_on_event_grid`, never with a differently sampled path.\n 23: \n 24: `_capital_action(..., events=(), observations=())` separates two clocks. `events` contains genuine additional pricing knots, such as the stated CDS recognition floor and expiry; execution is inserted independently. Together with the original contract quarters, those dates determine beginning-interval capital accrual and its next-original-quarter payment. The keyword-only `observations` supplies reporting dates, not additional accrual knots. `observation_profile` reports sorted unique supplied dates as `elapsed`, `effective`, `without_capital` and `with_capital`, evaluating the actual capital formula and action status at each date without changing any charge, payment or KVA total. Dates outside the priced horizon are rejected.\n 25: \n 26: Density checks hold execution and every genuine pricing event fixed while varying only `observations`. They also check the reported current capital against its independent formula; reporting the previously sampled charge basis instead would be wrong. A changed execution, expiry or recognition event can change the charge contract and must be tested separately. This is the disclosed piecewise beginning-interval desk convention, not a claim that quarterly and finer approximations of a continuous capital integral converge within a chosen tolerance. The earlier D4 failure from passing presentation dates through `events` remains failed evidence; it is not relabelled as a successful convergence test.\n 27: \n 28: Economic funding CVA still defaults only after original funding quarter-end payments. It evaluates the action status at each such date; inserting execution or capital recognition events does not introduce new default dates. Tail CVA and KVA retain that original payment clock, beginning with a first stub after an off-quarter expiry.\n 29: \n 30: The five-year CDS tenor starts at execution. Its coupons are quarterly from execution, and it expires at book year 5.008 under the two-day case delay. `rolloff.elapsed` is time since CDS execution; `rolloff.book_elapsed` is time since the book decision. The familiar fifteen-year naked tail is the immediate-execution twenty-versus-five comparator. The delayed action leaves 14.992 years after expiry and an unprotected initial two-day interval. The year-one CDS replacement quote is one year after CDS execution, with four years remaining. It is not incorrectly labelled the book's exact first anniversary.\n 31: \n 32: ## Matching the funding quote before measuring exposure\n 33: \n 34: The sale of U supplies the USD1bn principal. The return-receiver TRS does not advance a second principal. The failed sale leaves U and the financing liability in the statutory balance sheet; the management funding opportunity is not another automatically recognised derivative asset.\n 35: \n 36: For quarter length q, annual nominal OIS r and remaining life h:\n 37: \n 38: ```text\n 39: D(h; r) = (1 + r*q)^(-h/q)\n 40: A(h; r) = (1 - D(h; r))/r\n 41: A(h; 0) = h\n 42: \n 43: m = executable base replacement spread + quoted scenario beta * funding move\n 44: k = locked contractual financing spread\n 45: quoted funding component = N * (m-k) * A_quote(h)\n 46: reference price = coupon * A(h; coupon + reference spread move)\n 47: + D(h; coupon + reference spread move)\n 48: old reference cash return = quantity * (current price - actual reset price)\n 49: V = quoted funding component + D(next payment) * old reference cash return + stub\n 50: ```\n 51: \n 52: The base quote is reset to today's reference price. The old reference cash return must therefore be added once. An original-reference quote requires its own explicitly quoted old-reference upfront and `quote_basis=original_reference`; that amount is already in the quoted value, so the engine does not add the price return again. Inconsistent flags, a missing quote, or mismatched contract, provider, reference, currency, N, quantity, maturity, locked spread, schedule or reset convention raises `ReferenceError`. Projecting an inclusive quote through future resets without the required post-settlement replacement quotes also raises. It does not silently reuse an inclusive price or default to zero exposure.\n 53: \n 54: The public quoted annuity uses 4% nominal OIS quarterly. Its required `off_quarter_convention=fractional_remaining_annuity_clean_quote` extends that conversion to fractional remaining quarters. It is an explicit fictional spread-to-upfront quote, not an exact irregular original-coupon valuation or a theorem that all TRSs discount this way. Rolled `funding_mark` observations separately require actual `next_payment_delay` and `unsettled_stub`, including zero; same-day pending settlement is undiscounted. The management opportunity F equals quoted V only in the matched post-reference-settlement base state with consistent margins, rates and zero stub. The source remains fictional and does not by itself pass a day-one accounting observability test.\n 55: \n 56: The marks section prints normal, funding-mark stress, joint stress, 25bp/100bp reference-price shocks and the negative funding-spread liquidity reversal. It exposes the reference return before settlement and the surviving funding value after settlement. U's final ex-distribution price is zero; final principal belongs in its distribution, not a second redemption or an automatically cancelled funding obligation.\n 57: \n 58: ## Funding capital and annual KVA\n 59: \n 60: The default-risk exposure is `max(SA_CCR_EAD - incurred_CVA, 0)`. The canonical recognised incurred-CVA input is explicitly zero. Management CVA is not deducted as if it were a recognised CRE51.12 write-down. A user-supplied positive recognised-incurred-CVA branch changes default-risk exposure but never the EAD used by CVA capital.\n 61: \n 62: The engine uses the rulebook's credit-only SA-CCR baseline:\n 63: \n 64: ```text\n 65: SD(h) = max((1-exp(-0.05*h))/0.05, 10/250), for h > 0\n 66: MF_unmargined = sqrt(min(max(h, 10/250), 1))\n 67: MF_margined = 1.5 * sqrt(MPOR/250)\n 68: AddOn = reference SF * N * SD * MF\n 69: RC = max(V-C, 0), also subject to TH+MTA-NICA for a margined set\n 70: PFE = multiplier * AddOn\n 71: EAD = 1.4 * (RC+PFE)\n 72: ```\n 73: \n 74: Full VM does not set the multiplier to zero. The multiplier is one at `V=C`; the margin benefit comes from RC and the selected 20-business-day maturity factor. The margined EAD is capped by the independently recalculated unmargined comparator for the same terms.\n 75: \n 76: The supplied MPOR is checked against explicit netting-set facts, not accepted merely because it is positive. The funding and H sets separately attest daily remargining, hard-to-replace terms, fewer than 5,001 transactions and no qualifying repeated disputes. Their 20-business-day inputs satisfy the applicable [CRE52.50–51](https://www.bis.org/committees/bcbs/basel-framework/standard/cre/52/inforce/2023-01-01/published/2020-06-05#52.50) floor. Central clearing is not implemented; changed remargining, illiquidity, size or dispute facts must still satisfy their derived floor.\n 77: \n 78: BA-CVA has a different maturity rule:\n 79: \n 80: ```text\n 81: M_NS = max(1 year, remaining transaction maturity)\n 82: DF_NS = (1-exp(-0.05*M_NS))/(0.05*M_NS)\n 83: SCVA_P = (5%/1.4) * sum_over_P_netting_sets(M_NS * EAD_NS * DF_NS)\n 84: K_reduced = sqrt((0.5*sum(SCVA))^2 + 0.75*sum(SCVA^2))\n 85: CVA capital = 0.65 * K_reduced\n 86: ```\n 87: \n 88: MAR50 removes the ordinary five-year cap for exposure maturity, not CRE32's one-year floor. The floor still applies in the last three quarterly observations of the original twenty-year TRS and five-year CDS. SA-CCR supervisory duration continues to use actual reference h. The single-name hedge term SNH uses actual remaining hedge maturity under MAR50.23, not the exposure floor. The three tenors are not interchangeable.\n 89: \n 90: `funding_profile` publishes each capital observation on the original funding quarter clock and an annual subset including scheduled maturity. An off-quarter remaining tail has a first stub to the next original quarter end. It computes remaining CVA and KVA recursively without supplying an exposure path:\n 91: \n 92: ```text\n 93: K_funding(t) = CCR capital(t) + CVA capital(t)\n 94: KVA(t_i) = D(delta_i) * [10% * delta_i * K_funding(t_i) + KVA(t_(i+1))]\n 95: ```\n 96: \n 97: The scalar is a disclosed all-equity desk charge. It is neither an official Basel cost of equity nor the entire bank's incremental capital. The canonical normal, +100bp mark-only, joint-spread, year-one roll, year-one spread stress and margined profiles appear under `funding`. At year five fifteen years of the original funding contract survive. A scheduled terminal zero in this component is not evidence that a disputed settlement claim has been paid.\n 98: \n 99: The separate `dual_driver_countercase` requires its explicit fictional classification annex. For the same V, C, reference period and maturity factor it adds the credit add-on and the 0.50% IR add-on. The single currency's effective IR notional sits in the residual-maturity bucket; it does not diversify against the credit class. The output prints credit-only and dual EAD in unmargined and margined normal/stress states, plus the isolated V=0 factor comparison. It does not change the credit-only baseline by inference from the product label.\n 100: \n 101: ## Net NPV definitions\n 102: \n 103: Let `KVA_without` and `KVA_with` be the two complete paths on the same action event grid, and define:\n 104: \n 105: ```text\n 106: S_K = KVA_without - KVA_with\n 107: S_CVA = valuation CVA_without - valuation CVA_with\n 108: PV_fixed = sum D(payment time) * fee\n 109: PV_running = sum D(next quarter end) * annual quoted charge * interval\n 110: ```\n 111: \n 112: A positive NPV is a benefit relative to holding the identical opening position or portfolio. Each result retains the individual costs, the full interval capital profile and the exact execution time. A reserve's decline is counted once. An expected KVA roll-down is already priced and is not an extra action profit.\n 113: \n 114: ### Two-way CSA\n 115: \n 116: ```text\n 117: VM_call = max(-V_at_execution_under_negative100bp_move, 0)\n 118: buffer_used = min(VM_call, 20m)\n 119: facility_draw = max(VM_call - buffer_used, 0)\n 120: \n 121: annual fees = 50,000 + 25,000 + 100m * 0.001\n 122: facility gross interest = draw * (OIS + 0.015) * 30/365\n 123: buffer opportunity cost = buffer_used * OIS * 30/365\n 124: VM interest received = VM_call * (OIS + collateral remuneration spread) * 30/365\n 125: net liquidity cost = gross interest + buffer opportunity cost - VM interest received\n 126: \n 127: NPV_CSA = S_K + S_CVA - PV(1m + 100,000) - PV_running - PV(net liquidity cost)\n 128: ```\n 129: \n 130: The deterministic liquidity scenario has weight one, explicitly a stress cost rather than an empirical probability. Its static immediate-execution VM comparator is about USD96.054361m, leaving USD76.054361m beyond the separate USD20m liquidity buffer. The executed action reprices at day two rather than copying those static numbers. The gross facility OIS interest, the cash buffer's lost OIS and VM remuneration are all printed; only their net plus unsecured spread is the economic carry cost. Ignoring them separately would conceal why OIS cancels under equal remuneration.\n 131: \n 132: The line has a USD100m limit, which the cash call must satisfy. No cash is generated merely by releasing capital. The base book's management reserves created no exposure-prefunding borrowing, so `actual_base_UFVA_released` is zero. The independent opt-in exposure-deposit UFVA experiment must not be added as another CSA cash saving.\n 133: \n 134: The normal and joint-stress CSA results have separate capital/CVA savings. Both carry the adverse liquidity scenario. Lower capital can therefore coexist with worse cash liquidity. CSA alone need not cure the full book's initial capital shortage.\n 135: \n 136: ### Substitute eligible collateral and reverse it\n 137: \n 138: The before-state is the sovereign's own B-rated security. Recognition fails independently on issuer correlation and issue quality. No haircut can turn that instrument into eligible received collateral for this banking-book exposure.\n 139: \n 140: The replacement is an issued, independent AAA other-issuer bond with five years remaining and daily valuation. Its ten-day supervisory haircut starts at 4%, scales by the square root of 20/10 for secured lending, then steps to the three-year and one-year rows as the collateral rolls down.\n 141: \n 142: ```text\n 143: E_star(t) = max(0, deployment exposure - C_market(t) * (1-H_scaled(t)-H_FX(t)))\n 144: K_deployment(t) = 8% * RW_deployment * E_star(t)\n 145: NPV_substitute = S_K - PV(1m) - PV(0.009 * 1bn per year until year five)\n 146: NPV_reverse = reversed S_K + PV(restored 0.009 * 1bn yield) - PV(250,000)\n 147: ```\n 148: \n 149: For the instantaneous, no-delay comparator, the accepted parameter formulas give unsecured deployment KVA about USD36.091106m and AAA collateral KVA about USD1.559396m. The corresponding capital saving is about USD34.531710m against about USD41.602494m fee-plus-yield cost, a roughly USD7.070784m loss. Reversing an already executed substitution recovers yield and loses that capital saving, giving about USD5.820784m before changing the execution clock. Those values are not the delayed action NPVs. The CLI derives the exact two-day event-grid values under `actions.substitute.net_NPV` and `.reversal.net_NPV`.\n 150: \n 151: This example establishes the economic distinction without pretending every profitable reversal is currently allowed. Reversal increases the required capital and can fail the bank's capacity gate. The 49-to-50-lot allocation move below supplies a separate feasible capital-up/economics-better action under its own fully stated capital budget.\n 152: \n 153: ### Enforceable same-provider netting\n 154: \n 155: `OFFSET_TRS` is an actual opposite return trade, not a negative exposure row supplied to the model. It has USD500m notional, the same reference U, provider P and twenty-year maturity. Its independently fictional matched executable quote is a USD50m negative upfront at inception. The quoted conversion implies a constant spread:\n 156: \n 157: ```text\n 158: k_offset = quoted upfront / (N_offset * A20)\n 159: V_offset(t) = N_offset * k_offset * A_remaining(t)\n 160: ```\n 161: \n 162: Before consolidation, the two sets' EADs are calculated separately. Their SCVA terms are summed within P before BA portfolio aggregation. After consolidation, V sums and same-reference signed effective notionals offset, but only after the opinion becomes enforceable. The BA maturity is the netting set's notional-weighted remaining maturity, still subject to its ordinary one-year floor. No P/H cross-counterparty netting is allowed.\n 163: \n 164: ```text\n 165: NPV_netting = same-two-trade S_K + same-two-trade S_CVA - PV(750,000 at day 30)\n 166: ```\n 167: \n 168: The instantaneous normal reference calculation has approximately USD137.253451m separate EAD versus USD28.006762m combined EAD. The source result prints both. Its lifetime economic gain includes the thirty-day wait and the fee. Comparing the consolidated two-trade portfolio with a one-trade hold baseline would fabricate relief.\n 169: \n 170: Legal costs are paid; received collateral or trading cashflows are not manufactured. A missing opinion or different provider fails the proposed consolidation instead of selecting cheaper arithmetic.\n 171: \n 172: ### Buy P protection, with or without CVA designation\n 173: \n 174: CCR recognition follows its own gates. The eligible, irrevocable, unconditional, same-currency five-year CDS provides guarantee-equivalent protection directly on the identified P funding obligation, with the required credit events, grace periods, no-senior reference obligation and same-obligor cross-default link, enforceable rights and timely robust independently determined cash settlement. The supplied recognition facts are fictional evidence, not conclusions inferred from ratings. Its seller H qualifies independently of U. Only a strictly lower H risk weight receives substitution relief; otherwise protected exposure for default-risk substitution is zero while H's economic and CVA risks remain.\n 175: \n 176: ```text\n 177: T = min(5, remaining protected exposure)\n 178: t = min(T, remaining CDS protection)\n 179: P_a = P * (t-0.25)/(T-0.25), when the mismatch qualifications hold\n 180: protected = min(default exposure, P_a)\n 181: CCR RWA = protected * RW_H + (default exposure-protected) * RW_P\n 182: ```\n 183: \n 184: At CDS inception the factor is one despite the long funding tail. After one year of CDS life, USD320m becomes USD252.631579m recognised P_a; after four years it becomes USD50.526316m. At 4.75 years it becomes zero. This adjustment changes default-risk weighting, not EAD or the contractual protection payout.\n 185: \n 186: Full BA-CVA uses actual designated protection:\n 187: \n 188: ```text\n 189: SNH_P = RW_CVA_P * N_CDS * actual_remaining_CDS_M * DF_CDS\n 190: K_hedged = BA_aggregate([SCVA_P-SNH_P, SCVA_H])\n 191: Capital_full = 0.65 * [0.25*K_reduced + 0.75*K_hedged]\n 192: ```\n 193: \n 194: The hedge directly references P, so proxy HMA is zero. Under the explicitly selected `hedge_provider_CVA_method=desk_annex_normal_saccr` desk method, H's normal SA-CCR EAD, including its 20-business-day VM exposure, enters `SCVA_H`. This is a disclosed convention for H's CVA treatment, not a claim that CRE51.16's separate purchased-protection CCR exception by itself prescribes that CVA method. The exception does not authorise silently deleting seller risk. The engine never adds isolated counterparty relief figures as if BA aggregation were linear.\n 195: \n 196: Without eligible designation, SNH is zero and H remains in the reduced-BA portfolio. The unrecognised hedge also bears the public USD500,000 synthetic trading-book capital allocation, priced at the same 10% hurdle until expiry. That allocation is explicitly a desk stress-capital quote, not an invented MAR10-40 regulatory calculation or proof of market-risk permission.\n 197: \n 198: The module reports two useful NPVs:\n 199: \n 200: ```text\n 201: capital_only_net_NPV = S_K - full promised premium PV - fee PV\n 202: - administration PV - provider CVA - undesignated market-risk KVA\n 203: \n 204: net_NPV = S_K + expected CDS payout PV - expected premium PV - fee PV\n 205: - administration PV - provider CVA - undesignated market-risk KVA\n 206: ```\n 207: \n 208: The first asks whether capital savings alone pay for the hedge. The second includes credit protection's economic cashflows under the disclosed flat `hazard=CDS/(1-recovery)` and end-quarter default convention. Premiums accrue for the current interval before a default at its end. Expected cashflows are conditional on survival to the delayed execution. The independent daily-VM seller-risk adjustment prices H's specified spread-gap exposure; no H/P netting or magical provider-risk removal occurs.\n 209: \n 210: `expected_underlying_loss_covered_PV` identifies the portion of expected payout attributable to the funding receivable's loss. `overhedge_payout_PV` exposes the balance from purchasing fixed-notional protection above that loss. Their sum is the CDS payout; the engine does not add the covered-loss reduction again as another CVA benefit. It does not call the fixed-notional CDS a perfect dynamic exposure hedge.\n 211: \n 212: There is no renewal assumption. The output contains the remaining tail CVA, KVA at expiry, first-two-day gap and every recognition rolloff state. The quoted year-one clean hedge mark is separately available for actual reserve attribution, without pretending it is cash or adding it to expected-payout NPV a second time.\n 213: \n 214: ### Hold\n 215: \n 216: `actions.hold.normal_KVA` and `.stress_KVA` are the full twenty-year standalone funding costs. Incremental NPV versus hold is zero by definition, while the charged capital cost is not. Scheduled amortisation and release remain ordinary priced income under the reserve policy. No capital redemption receipt appears in the cash ledger.\n 217: \n 218: ## Collateral and the client price\n 219: \n 220: The collateral curve chain is computed rather than represented by labels:\n 221: \n 222: ```text\n 223: reference credit move\n 224: -> coupon/yield bond price\n 225: -> quantity * price\n 226: -> separately observed rating and residual-maturity haircut row\n 227: -> eligibility/correlation/rights gate\n 228: -> haircut-adjusted mitigation * applicable collateral maturity factor\n 229: -> E_star -> RWA -> capital -> discounted KVA\n 230: -> required client capital spread = KVA / (N * deployment annuity)\n 231: ```\n 232: \n 233: A curve move does not mechanically produce a rating action. The fixture deliberately supplies separate rating events. `AAA_widening` changes market price; `BBB_same_price` changes the haircut at the identical market price; `BB_eligibility_cliff` removes banking-book eligibility at that same price. The market value can remain continuous while the capital output jumps.\n 234: \n 235: Collateral pricing and haircut buckets use the collateral's own remaining maturity, rolled down from its separately supplied initial residual life. CRE22.47 then applies the CRE22.10–14 maturity-mismatch adjustment to haircut-adjusted eligible value. Neither substitution nor the comparison inherits the loan's maturity as a replacement for its own terms. An explicit live claim at scheduled loan maturity retains its unsecured exposure; this capital routine does not invent repayment or collateral reinvestment.\n 236: \n 237: `collateral_chain.states` prints all links, each full quarterly capital profile, and the capital-cost spread in both decimal and basis points. The market haircut and market financing spread are independent public quotes. They are not set equal to the supervisory haircut and do not borrow seven-day empirical levels for the five-year transaction.\n 238: \n 239: On the funding leg, an AAA reference spread increase reduces the pending total-return value while the jointly quoted replacement funding margin can increase funding value. `marks.reference25bp` and `marks.reference100bp` expose the partial natural offset and its failure to be exact. On deployment, the EM curve is independent of that AAA/funding process; `deployment_fair_value_loss` comes from the EM credit-price equation, not an own-funding sensitivity imposed on the loan.\n 240: \n 241: ## Whole-book capital and leverage\n 242: \n 243: The same public opening book is used before and after an action. U is retained at USD1bn with the explicitly selected AAA-bank default RW of 20%. The B-sovereign deployment is USD1bn at RW 100% before recognised mitigation. OIS reinvestment is cash with the selected zero RW. The initial USD100m cash/equity falls to USD99m after the separate USD1m day-one service fee. There is no automatic equity top-up.\n 244: \n 245: ```text\n 246: risk requirement = K_retained_U + K_deployment + K_cash\n 247: + funding CCR capital + funding CVA capital + specified other capital\n 248: L = continuing accounting assets + derivative leverage exposure + written credit notional\n 249: required desk equity = max(risk requirement, 3% * L)\n 250: available = explicitly supplied Tier1_before_AVA - explicitly supplied AVA\n 251: capital shortfall = max(required - available, 0)\n 252: ```\n 253: \n 254: The baseline written-credit notional is USD1bn under the fictional classification letter. The stated LEV30.35 election excludes that same unoffset written-protection portion from PFE, not from RC or written notional. A five-year P CDS cannot offset the twenty-year written exposure on U. Neither the reference name nor the full-tenor condition matches.\n 255: \n 256: `wholebook_capital(parameters, balances, funding_row)` requires all actual balance fields, the remaining funding row, recognised deployment E_star, Tier1 and AVA. It does not read or generate a cash ledger. ReserveLedger can apply it to each actual beginning/closing balance and integrate a full-book max path without duplicating capital formulas.\n 257: \n 258: The actual base field `leverage.actual_base_after_day1_fee` uses zero AVA because the separate USD0.6m valuation-uncertainty example is not automatically an AVA on U. The controlled leverage snapshots deliberately apply that stated USD0.6m AVA to the same named comparison and show their scope. No unexplained USD90m whole-book risk requirement remains.\n 259: \n 260: The unmitigated base is capital deficient under this minimum-only desk allocation. It is a calculable existing-book/counterfactual cash path, not an approved new booking. CSA can reduce capital without curing the shortage. Eligible substitution reduces the deployment requirement enough for the leverage denominator to bind in the controlled snapshot. Its standalone NPV and its difference in whole-book maxima are different quantities.\n 261: \n 262: The repo comparator keeps U, deployment and the same cash uses. As cash borrower posting par U for a par advance, its current SFT gap is zero; it does not invent a reverse-repo loan asset. The separate repo contract is not assigned the legal TRS's written-credit amount. This explicit classification comparison is not a universal claim that one form always dominates the other.\n 263: \n 264: ## Allocation certificate and feasible capital increase\n 265: \n 266: S3 is a seven-day funding episode with all 52 indivisible lots. `L1` and `L2` are USD120m and USD110m. `S01` through `S50` are USD0.8m each, each with a distinct issuer. Each lot names its issuer kind, issue rating or equity status, residual maturity, currency, correlation, rights, liquidity availability and ten-day regulatory haircut. The engine checks the haircut against those attributes; omission does not trigger a default AAA rating.\n 267: \n 268: The objective is independently recalculated for each actual assignment:\n 269: \n 270: ```text\n 271: cash_i = V_i * (1 - market_haircut_lender)\n 272: borrower_E_star_i = max(V_i * (1 + regulatory_haircut_i) - cash_i, 0)\n 273: capital_i = 8% * lender_RW * borrower_E_star_i\n 274: cost_i = 7/365 * [cash_i * lender_spread\n 275: + (V_i-cash_i) * own_unsecured_spread\n 276: + capital_i * equity_hurdle]\n 277: ```\n 278: \n 279: The two market quotes and each issuer-concentration rule are separate. Div requires at least forty issuers, at most 5% per issuer and no more than USD40m in the pool. Both large positions are therefore forced to Tol. The optimizer verifies that all small lots have equal economics and distinct issuers before reducing the search to counts. It then evaluates complete 52-row assignments for every count from zero to fifty, including funding, concentration, available-title and capital constraints.\n 280: \n 281: The resulting exact feasible optimum is all fifty small lots at Div and both large lots at Tol. Under the conservative base-weight election its formula values are USD232.3m cash, approximately USD1.010360288m capital and USD45,953.293703 cost. The forty-nine-small-lot alternative raises USD232.244m, consumes about USD1.007004998m and costs USD46,003.779448. It remains within the USD2m budget and funding minimum. Moving the last small lot to Div therefore increases required capital by about USD3,355.29 but reduces cost by about USD50.485745. The evaluator does not accept an `optimal` flag or candidate totals as proof.\n 282: \n 283: The 20% Tol and 50% Div RWs are an explicit conservative election to use CRE20.18 base weights without optional CRE20.19 short-term relief. They are not asserted to be mandatory seven-day minimums. `allocation.short_term_countercase` recomputes the same full assignments with the published optional 20%/20% weights.\n 284: \n 285: If a lot ceases to be identical, an issuer repeats, or the large-lot-forced premise fails, the specialized optimizer raises `ReferenceError` rather than claiming a false certificate. `evaluate_allocation` still checks submitted complete assignments directly. Missing/duplicate/unknown IDs, partial assignment, lender constraints and double pledges are rejected independently of the objective. The safe-versus-equity haircut/volatility ratios are disclosed separately and do not claim to disprove nominal haircut monotonicity.\n 286: \n 287: ## Public module API and diagnostics\n 288: \n 289: All functions take the parameter dictionary explicitly. Importing `src/numerical_fixture.py` performs no fixture-file read and keeps no global parameter object. Decimal results become exact decimal strings only at the CLI boundary.\n 290: \n 291: ```python\n 292: compute_core(parameters) -> dict\n 293: funding_mark(parameters, h, funding_move, reference_credit_move, last_reset_price) -> dict\n 294: funding_profile(parameters, h, funding_move, provider_cds,\n 295: margined=False, cds_notional=Decimal(0), designated=False,\n 296: *, cds_remaining=None) -> dict\n 297: funding_capital(parameters, h, funding_move, margined, provider_cds,\n 298: cds_notional=Decimal(0), cds_remaining=Decimal(0), designated=False) -> dict\n 299: wholebook_capital(parameters, balances, funding_row) -> dict\n 300: evaluate_allocation(parameters, assignment) -> dict\n 301: optimize_allocation(parameters) -> dict\n 302: ```\n 303: \n 304: `discount`, `annuity`, `reference_price`, `deployment_price`, `saccr`, `ba_scva`, `protection_factor`, `collateral_state`, `deployment_profile` and `conditional_ufva` are reusable parameter-first helpers. A surviving CDS profile can pass its actual residual tenor with `cds_remaining`; it must not restart a five-year hedge at a later observation.\n 305: \n 306: | Output path under `compute_core` | Meaning |\n 307: |---|---|\n 308: | `funding.normal`, `.mark_stress`, `.joint_stress`, `.year1_roll`, `.year1_stress`, `.CSA` | `CVA`, `KVA`, `initial`, full `quarterly` and `annual` profiles. Each row includes V, EAD, CCR/CVA capital, BA M/DF, and `KVA_remaining`. These are post-reference-settlement funding profiles. |\n 309: | `marks.` | Full pre-price-settlement V, funding opportunity F, quoted funding component, pending reference return, pre-settlement SA-CCR and EM price loss. |\n 310: | `sensitivities` | Quarterly/continuous annuity comparison, funding and five-year allocation FDV01, mismatch FDV01, same-scenario marginal KVA and conditional-UFVA ratios. |\n 311: | `conditional_UFVA.UFVA` | Opt-in external OIS-deposit funding cost, not actual borrowing from a noncash reserve. |\n 312: | `actions.CSA.normal` and `.stress` | Execution-grid KVA/CVA savings, all facility/VM costs, liquidity feasibility and net NPVs. |\n 313: | `actions.substitute` and `.reversal` | Execution-grid collateral changes, yield price and net NPVs. |\n 314: | `actions.netting.normal` and `.stress` | Identical two-trade P portfolio, legal delay, CVA/KVA savings and net NPV. |\n 315: | `actions.CDS.normal_designated`, `.stress_designated`, `.stress_undesignated` | Full CDS economics, normal H exposure, protection rolloff, tail and designation consequences. CDS stress here is the same +100bp funding-mark scenario with the initial P hazard, so designation comparisons hold credit calibration fixed. |\n 316: | `actions.CDS.hedge_mark_year1` | `quote_id`, `base`, `stressed` at one year after CDS execution. |\n 317: | `collateral_chain` | Complete collateral-credit-price-rating-recognition-capital-client-spread chain. |\n 318: | `leverage` | Full-book risk/leverage maxima, fee-reduced available equity, failed base booking gate and eligible-substitution binding-leverage comparison. |\n 319: | `allocation` | `optimum`, `feasible49`, every count's full-constraint frontier, lower-bound proof and optional short-term RW countercase. |\n 320: | `dual_driver_countercase` | Explicit classified credit-plus-IR comparison, not the default allocation. |\n 321: | `year5_reset` | Reference-only reset versus a separately paid full-value re-strike; surviving fifteen-year reference duration remains visible. |\n 322: \n 323: Run the CLI from R, the organized bundle root containing `requirements.txt`:\n 324: \n 325: ```text\n 326: python3 src/numerical_fixture.py\n 327: python3 src/numerical_fixture.py --parameters fixtures/numerical-inputs.json --section actions\n 328: ```\n 329: \n 330: From another working directory, use `python3 \"$R/src/numerical_fixture.py\" --parameters \"$R/fixtures/numerical-inputs.json\" --section actions`, with R set to the absolute bundle path. The numerical CLI does not accept `--root`.\n 331: \n 332: It emits JSON diagnostics and exits zero when computation completes. Missing or inconsistent reference data emits a `reference_error` to stderr and exits two. It is not a report grader or a JSON-schema validator. `validate_bundle` and the independent report grader retain those jobs.\n 333: \n 334: The model's conditional +100bp exposure-prefunding experiment uses the exact beginning-quarter target integral `I=sum D(end)*delta*N*A(remaining_start)`. Its UFVA is `I*x*(0.005+x)`, approximately USD17.958836372m at x=1%, rather than the prompt's USD14.5m order-of-magnitude estimate. The actual book still needs cash-ledger evidence before reporting borrowing. The normal and stressed standalone KVA values, their marginal difference, and their ratios to that conditional UFVA all print from the same scenario; no obsolete incurred-CVA-deducted KVA anchor is reused here.\n 335: \n 336: ## Source boundary\n 337: \n 338: The official formulas are CRE51.12 for incurred CVA, CRE52 for SA-CCR and driver allocation, CRE22 for collateral and protection, MAR50 for CVA capital, CRE20 for bank RWs, and LEV30 for leverage treatment. Use the precise effective/update versions in [capital-rulebook.md](capital-rulebook.md#1-dated-official-source-register), including its current links to [CRE52](https://www.bis.org/committees/bcbs/basel-framework/standard/cre/52/inforce/2023-01-01/published/2020-06-05), [CRE22](https://www.bis.org/committees/bcbs/basel-framework/standard/cre/22/inforce/2023-01-01/published/2020-11-26), [MAR50](https://www.bis.org/committees/bcbs/basel-framework/standard/mar/50/inforce/2023-01-01/published/2020-07-08), [CRE20](https://www.bis.org/committees/bcbs/basel-framework/standard/cre/20/inforce/2023-01-01/published/2025-06-10) and [LEV30](https://www.bis.org/committees/bcbs/basel-framework/standard/lev/30/inforce/2023-01-01/published/2020-03-27).\n 339: \n 340: Quote margins, fees, execution calendars, hazard illustrations, reference bond pricing, risk-neutral versus deterministic scope, the 10% equity charge and capital-quality allocation are named fictional assumptions. No national regulatory permission, complete bank compliance result, executable real-world trade or production evaluator installation is claimed. Workers did not run validations or experiments; Main owns the numerical and integration evidence for this completed source artifact.\n","tool_call_id":"call_cc3bd5d59cd953acbf62572b2d219ac0","type":"tool_result"}},{"step":2,"generation":0,"created_at":"2026-09-20T09:48:42.587Z","event":{"content":"file_fingerprint=03d8fc2bcf5d\nFile: /work/data/artifacts/qyaws7fs/plan.md\n[L1 #febfc3] # Current checkpoint work plan\n[L2 #388694] \n[L3 #74c940] Authority: /packet/packet.json, parent 6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165; as-of 2027-09-02, day/revision/market/legal versions 0. Final is /work/artifacts/envelope-1473cecfb1a94437b899c2097f06b7ff.json, no submission.\n[L4 #9d52e4] \n[L5 #621887] 1. Understand complete daily-book.v2 schema, runtime envelope/action contract, all authoritative evidence and inherited receipts.\n[L6 #6ac998] 2. Parallel exact financial reconciliation: funding/credit (tame-bison), capital/liquidity (lofty-squid), accounting (balmy-sheep), institutional and alternatives (chill-tiger). Only scratch artifacts shared, no concurrent edits of final.\n[L7 #877aa6] 3. Parent independently reviews executable phase quotes and client obligations; picks supported decision(s) without inventing trades/rights or receiving cash by assertion.\n[L8 #a23ffc] 4. Assemble current-parent calculations, unique quote-bound actions and evidence. Cross-check accounting, signed funding sensitivity, legal restrictions, and available funding liquidity.\n[L9 #7dc4e1] 5. Validate strict JSON schema, current version/hash/phase/quote bindings, source citations, report numeric identities, UTF-8 and <=1048576 bytes. Atomic durable write. Stop after file exists; do not execute or submit.\n[L10 #8f48fd] \n[L11 #d11a2c] Important: inherited opening trades are not chosen now. Quotes don't override title or mandates. Empty actions won't advance. Current parameters fix curves and permitted instruments. Bilateral VM/IM collateral is not income; economic protection differs from regulatory recognition. Recommendation compares keeping inherited mismatch to only genuinely available routes, with costs and surviving duties.\n","tool_call_id":"call_510ee4768607549ea498a3830aec59d7","type":"tool_result"}},{"step":2,"generation":0,"created_at":"2026-09-20T09:48:42.62Z","event":{"content":"STDOUT:\n\ncase ['agreements', 'as_of', 'bank', 'base_currency', 'book', 'collateral', 'counterparty_constraints', 'instruments', 'mandate', 'netting_sets', 'opinions', 'parties']\n\nfamily ['axes', 'clock', 'deployment_contract', 'family_id', 'jurisdiction', 'parties', 'terms', 'title']\n\nparameters ['actions', 'allocation', 'book', 'currency', 'day_one_accounting', 'deployment_coupon_spread', 'deployment_years', 'desk', 'execution_margin', 'funding_contract', 'funding_years', 'incurred_CVA', 'internal_AAA_initial', 'leverage_snapshot', 'notional', 'ois', 'opening_free_cash', 'opening_legacy_funding', 'opening_legacy_spread', 'own_CDS_spread', 'own_bond_spread', 'provider_CDS', 'provider_recovery', 'quarter', 'reference_coupon_spread', 'regulatory', 'replacement_margin', 'replacement_quote', 'schema_version', 'whole_book']\n\nstate ['accepted_action_count', 'accepted_action_ids', 'accounts', 'applied_event_ids', 'as_of', 'contracts', 'day', 'family_id', 'financial_time', 'last_receipt_hash', 'last_receipt_sequence', 'legal', 'legal_version', 'lots', 'market', 'market_version', 'obligations', 'pending', 'revision', 'schema_version']\n\nquotes \n\n\nSTATUS:\nFinished normally at 2026-09-20T09:48:42Z (elapsed=0.05s)","tool_call_id":"call_94c9a02e59fa557e8f60ddf329afeb77","type":"tool_result"}},{"step":3,"generation":0,"created_at":"2026-09-20T09:51:28.486Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_32daaa4aab9a59f398255c7e0a905265","name":"bash","arguments":"{\"max_output_length\":33000,\"command\":\"python - <<'PY'\\nimport json\\ns=json.load(open('/work/data/artifacts/qyaws7fs/documents/schemas/daily-report.schema.json'))\\nfor k in ['legal','compliance','structure','recommendation']:\\n print(k, json.dumps(s['properties'][k],indent=2))\\nfor k in s['$defs']:\\n print('\\\\nDEFINITION',k,json.dumps(s['$defs'][k],indent=2))\\nPY\"}"},{"id":"call_504d752f98635ac184a8c9b0872559b4","name":"bash","arguments":"{\"max_output_length\":22000,\"command\":\"python - <<'PY'\\nimport json\\np=json.load(open('/packet/packet.json'))\\nprint('public keys',p['public_inputs'].keys());\\nprint('quotes len',len(p['quotes']),json.dumps(p['quotes'][0],indent=2))\\nfor f,ks in [('case',['as_of','bank','book','mandate','counterparty_constraints']),('family',['axes','clock','deployment_contract','jurisdiction','terms'])]:\\n a=json.load(open(f'/work/data/artifacts/qyaws7fs/{f}.json'))\\n for k in ks: print('\\\\n',f,k,json.dumps(a[k],indent=2))\\nPY\"}"},{"id":"call_d9bb11dd555a5b709ccd418726f20eda","name":"bash","arguments":"{\"max_output_length\":22000,\"command\":\"python - <<'PY'\\nimport json\\ns=json.load(open('/work/data/artifacts/qyaws7fs/state.json'))\\nfor k in ['legal','accounts','obligations','pending']:\\n print(k,json.dumps(s[k],indent=2))\\nprint('contracts');\\nfor k,v in s['contracts'].items(): print(k,json.dumps(v,indent=2))\\nPY\"}"}],"type":"assistant","usage":{"prompt_tokens":22838,"completion_tokens":451,"total_tokens":23289,"cache_read_tokens":9767}}},{"step":3,"generation":0,"created_at":"2026-09-20T09:51:28.526Z","event":{"content":"STDOUT:\nlegal {\n \"approvals\": {},\n \"decisions\": {},\n \"defaults\": {\n \"borrower\": false,\n \"provider\": false,\n \"reference_issuer\": false\n },\n \"disputes\": {},\n \"facility_status\": \"available\",\n \"observable\": false,\n \"rights\": {\n \"delivery|contract|\": \"effective\",\n \"enforceability|contract|\": \"effective\",\n \"issuance|contract|\": \"effective\",\n \"remittance|contract|\": \"denied\",\n \"restitution|borrower_only|\": \"conditional\",\n \"reuse|contract|\": \"denied\",\n \"substitution|contract|\": \"conditional\"\n },\n \"substitution_requests\": {},\n \"transfer_blocks\": {\n \"cash_remittance\": false,\n \"custody_delivery\": false\n }\n}\naccounts {\n \"cash\": \"123832604.859317781832\",\n \"claim_allowance\": \"0\",\n \"contributed_equity\": \"-391053555\",\n \"deployment_accrued\": \"19437814.846170841304\",\n \"deployment_principal\": \"990009000\",\n \"expense_fees\": \"990009\",\n \"expense_funding\": \"18797129.89327568417\",\n \"expense_loss\": \"0\",\n \"facility_debt\": \"0\",\n \"income_carry\": \"-33376419.767308484527\",\n \"income_hedge\": \"0\",\n \"income_mark\": \"0\",\n \"inventory\": \"267302430\",\n \"legacy_debt\": \"-990009000\",\n \"management_deferral\": \"-41581875.436912685824\",\n \"management_funding_mark\": \"41581875.436912685824\",\n \"management_hedge_asset\": \"0\",\n \"management_income_deferral\": \"41581875.436912685824\",\n \"management_income_hedge\": \"0\",\n \"management_income_mark\": \"-41581875.436912685824\",\n \"management_income_reserve\": \"30187093.484686993067\",\n \"management_xva\": \"-30187093.484686993067\",\n \"posted_vm\": \"0\",\n \"received_vm\": \"0\",\n \"reinvestment_principal\": \"0\",\n \"repo_debt\": \"0\",\n \"restricted_cash\": \"0\",\n \"restricted_collections\": \"0\",\n \"retained_U\": \"990009000\",\n \"return_liability\": \"0\",\n \"sale_financing\": \"-990009000\",\n \"statutory_derivative_asset\": \"0\",\n \"statutory_derivative_liability\": \"0\",\n \"unpaid_payable\": \"-18797129.89327568417\",\n \"unpaid_receivable\": \"12867116.061819861391\"\n}\nobligations {}\npending []\ncontracts\nDEP_LOAN {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"DEP_LOAN\",\n \"kind\": \"deployment_loan\",\n \"maturity_date\": \"2032-06-05\",\n \"payment_dates\": [\n \"2027-09-05\",\n \"2027-12-05\",\n \"2028-03-05\",\n \"2028-06-05\",\n \"2028-09-05\",\n \"2028-12-05\",\n \"2029-03-05\",\n \"2029-06-05\",\n \"2029-09-05\",\n \"2029-12-05\",\n \"2030-03-05\",\n \"2030-06-05\",\n \"2030-09-05\",\n \"2030-12-05\",\n \"2031-03-05\",\n \"2031-06-05\",\n \"2031-09-05\",\n \"2031-12-05\",\n \"2032-03-05\",\n \"2032-06-05\"\n ],\n \"source_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"state\": {\n \"concession_spread\": \"0\",\n \"concession_start_date\": null,\n \"last_accrual_date\": \"2027-06-05\",\n \"matured_principal_received\": \"0\",\n \"matured_principal_reinvested\": \"0\",\n \"outstanding_principal\": \"990009000\",\n \"paid_periods\": [],\n \"prefunding\": {}\n },\n \"status\": \"active\",\n \"terms\": {\n \"borrower_id\": \"BORROWER\",\n \"coupon_spread\": \"0.0455411592\",\n \"notional\": \"990009000\",\n \"ois\": \"0.0356420304\",\n \"principal\": \"990009000\",\n \"quarter\": \"0.25\",\n \"security_contract_id\": \"DEP_SECURITY\"\n }\n}\nDEP_SECURITY {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"DEP_SECURITY\",\n \"kind\": \"deployment_security\",\n \"maturity_date\": \"2032-06-05\",\n \"payment_dates\": [],\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 \"state\": {\n \"active_lot_id\": \"DEPSEC\",\n \"collection_batches\": {},\n \"distributions\": {},\n \"liquidated_quantity\": \"0\",\n \"returned\": false,\n \"rights_chain\": []\n },\n \"status\": \"active\",\n \"terms\": {\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}\nFACILITY {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"FACILITY\",\n \"kind\": \"facility\",\n \"maturity_date\": \"2047-06-05\",\n \"payment_dates\": [\n \"2027-09-05\",\n \"2027-12-05\",\n \"2028-03-05\",\n \"2028-06-05\",\n \"2028-09-05\",\n \"2028-12-05\",\n \"2029-03-05\",\n \"2029-06-05\",\n \"2029-09-05\",\n \"2029-12-05\",\n \"2030-03-05\",\n \"2030-06-05\",\n \"2030-09-05\",\n \"2030-12-05\",\n \"2031-03-05\",\n \"2031-06-05\",\n \"2031-09-05\",\n \"2031-12-05\",\n \"2032-03-05\",\n \"2032-06-05\",\n \"2032-09-05\",\n \"2032-12-05\",\n \"2033-03-05\",\n \"2033-06-05\",\n \"2033-09-05\",\n \"2033-12-05\",\n \"2034-03-05\",\n \"2034-06-05\",\n \"2034-09-05\",\n \"2034-12-05\",\n \"2035-03-05\",\n \"2035-06-05\",\n \"2035-09-05\",\n \"2035-12-05\",\n \"2036-03-05\",\n \"2036-06-05\",\n \"2036-09-05\",\n \"2036-12-05\",\n \"2037-03-05\",\n \"2037-06-05\",\n \"2037-09-05\",\n \"2037-12-05\",\n \"2038-03-05\",\n \"2038-06-05\",\n \"2038-09-05\",\n \"2038-12-05\",\n \"2039-03-05\",\n \"2039-06-05\",\n \"2039-09-05\",\n \"2039-12-05\",\n \"2040-03-05\",\n \"2040-06-05\",\n \"2040-09-05\",\n \"2040-12-05\",\n \"2041-03-05\",\n \"2041-06-05\",\n \"2041-09-05\",\n \"2041-12-05\",\n \"2042-03-05\",\n \"2042-06-05\",\n \"2042-09-05\",\n \"2042-12-05\",\n \"2043-03-05\",\n \"2043-06-05\",\n \"2043-09-05\",\n \"2043-12-05\",\n \"2044-03-05\",\n \"2044-06-05\",\n \"2044-09-05\",\n \"2044-12-05\",\n \"2045-03-05\",\n \"2045-06-05\",\n \"2045-09-05\",\n \"2045-12-05\",\n \"2046-03-05\",\n \"2046-06-05\",\n \"2046-09-05\",\n \"2046-12-05\",\n \"2047-03-05\",\n \"2047-06-05\"\n ],\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 \"state\": {\n \"interest_accrued\": \"0\",\n \"interest_paid\": \"0\",\n \"last_accrual_date\": \"2027-09-02\",\n \"outstanding_principal\": \"0\",\n \"paid_periods\": []\n },\n \"status\": \"active\",\n \"terms\": {\n \"cash_account_id\": \"CASH_BRANCH\",\n \"day_count\": \"ACT/365F\",\n \"fee\": \"0\",\n \"initial_own_bond_spread\": \"0.0064352412\",\n \"lender_id\": \"FACILITY_LENDER\",\n \"limit\": \"257402340\",\n \"ois\": \"0.0356420304\",\n \"spread\": \"0.0108903245\",\n \"unconditional_by_selected_cutoff\": true,\n \"year_days\": \"365\"\n }\n}\nFUND_TRS {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"FUND_TRS\",\n \"kind\": \"funding_trs\",\n \"maturity_date\": \"2047-06-05\",\n \"payment_dates\": [\n \"2027-09-05\",\n \"2027-12-05\",\n \"2028-03-05\",\n \"2028-06-05\",\n \"2028-09-05\",\n \"2028-12-05\",\n \"2029-03-05\",\n \"2029-06-05\",\n \"2029-09-05\",\n \"2029-12-05\",\n \"2030-03-05\",\n \"2030-06-05\",\n \"2030-09-05\",\n \"2030-12-05\",\n \"2031-03-05\",\n \"2031-06-05\",\n \"2031-09-05\",\n \"2031-12-05\",\n \"2032-03-05\",\n \"2032-06-05\",\n \"2032-09-05\",\n \"2032-12-05\",\n \"2033-03-05\",\n \"2033-06-05\",\n \"2033-09-05\",\n \"2033-12-05\",\n \"2034-03-05\",\n \"2034-06-05\",\n \"2034-09-05\",\n \"2034-12-05\",\n \"2035-03-05\",\n \"2035-06-05\",\n \"2035-09-05\",\n \"2035-12-05\",\n \"2036-03-05\",\n \"2036-06-05\",\n \"2036-09-05\",\n \"2036-12-05\",\n \"2037-03-05\",\n \"2037-06-05\",\n \"2037-09-05\",\n \"2037-12-05\",\n \"2038-03-05\",\n \"2038-06-05\",\n \"2038-09-05\",\n \"2038-12-05\",\n \"2039-03-05\",\n \"2039-06-05\",\n \"2039-09-05\",\n \"2039-12-05\",\n \"2040-03-05\",\n \"2040-06-05\",\n \"2040-09-05\",\n \"2040-12-05\",\n \"2041-03-05\",\n \"2041-06-05\",\n \"2041-09-05\",\n \"2041-12-05\",\n \"2042-03-05\",\n \"2042-06-05\",\n \"2042-09-05\",\n \"2042-12-05\",\n \"2043-03-05\",\n \"2043-06-05\",\n \"2043-09-05\",\n \"2043-12-05\",\n \"2044-03-05\",\n \"2044-06-05\",\n \"2044-09-05\",\n \"2044-12-05\",\n \"2045-03-05\",\n \"2045-06-05\",\n \"2045-09-05\",\n \"2045-12-05\",\n \"2046-03-05\",\n \"2046-06-05\",\n \"2046-09-05\",\n \"2046-12-05\",\n \"2047-03-05\",\n \"2047-06-05\"\n ],\n \"source_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"state\": {\n \"checkpoint_attribution\": {\n \"carry\": \"33376419.767308484527\",\n \"cash_funding_drag\": \"18797129.89327568417\",\n \"claim_loss\": \"0\",\n \"closing_as_of\": \"2027-09-02\",\n \"deferral_observability\": \"-41581875.436912685824\",\n \"deferral_theta\": \"0\",\n \"funding_action\": \"41581875.436912685824\",\n \"funding_mtm\": \"0\",\n \"funding_theta\": \"0\",\n \"hedge_accrual\": \"0\",\n \"hedge_cash\": \"0\",\n \"hedge_mark\": \"0\",\n \"management_equity_change\": \"374455742.38934580729\",\n \"opening_as_of\": \"2027-06-05\",\n \"operating_cost\": \"990009\",\n \"overlay_equity_change\": \"-30187093.484686993067\",\n \"overlay_journal_pnl\": \"-30187093.484686993067\",\n \"owner_contributions\": \"391053555\",\n \"pnl_total\": \"-16597812.61065419271\",\n \"reserve_action\": \"-30187093.484686993067\",\n \"reserve_mtm\": \"0\",\n \"reserve_theta\": \"0\",\n \"scope\": \"Actual journal P&L. Reserve theta is old-market elapsed-time repricing; MTM changes only current market inputs; action is received legal, settlement and accepted-position change, never a residual accounting plug. Cash and debt principal are excluded.\",\n \"statutory_equity_change\": \"404642835.874032800357\",\n \"statutory_journal_pnl\": \"13589280.874032800357\",\n \"statutory_mark\": \"0\",\n \"tie_difference\": \"0\"\n },\n \"financing_coupon_accrued\": \"10193163.186945957065\",\n \"last_accrual_date\": \"2027-09-02\",\n \"last_reset_date\": \"2027-06-05\",\n \"last_reset_price\": \"1\",\n \"netting_id\": \"FUNDING_P\",\n \"observability_history\": [\n {\n \"day\": -89,\n \"observable\": false\n }\n ],\n \"paid_periods\": [],\n \"principal\": \"990009000\",\n \"reference_coupon_accrued\": \"10904336.156938392391\",\n \"reset_periods\": [],\n \"unsettled_stub\": \"0\",\n \"vm_balance\": \"0\"\n },\n \"status\": \"active\",\n \"terms\": {\n \"NICA\": \"0\",\n \"SA_CVA_approval\": false,\n \"classification_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-classification\"\n },\n \"contract_id\": \"FUND_TRS\",\n \"currency\": \"USD\",\n \"full_value_reset\": false,\n \"last_reset_price\": \"1\",\n \"locked_financing_spread\": \"0.0069303218\",\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 \"netting_set_id\": \"FUNDING_P\",\n \"next_price_settlement_years\": \"0.25\",\n \"notional\": \"990009000\",\n \"ois\": \"0.0356420304\",\n \"ordinary_BA_maturity_floor_applies\": true,\n \"original_reference_rating\": \"AAA\",\n \"provider_ECRA_rating\": \"A\",\n \"provider_bank_eligible\": true,\n \"provider_credit_quality\": \"IG\",\n \"provider_due_diligence_uplift\": false,\n \"provider_id\": \"P\",\n \"provider_recovery\": \"0.4\",\n \"provider_sector\": \"financial\",\n \"quantity\": \"990009000\",\n \"quarter\": \"0.25\",\n \"ratings_permitted\": true,\n \"reference_coupon_spread\": \"0.009900578\",\n \"reference_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-executed-agreements\"\n },\n \"reference_id\": \"U\",\n \"reference_issuer_kind\": \"other\",\n \"reference_price_basis\": \"USD per unit of original principal; final ex-distribution price zero\",\n \"regulatory_classification\": \"Credit-only SA-CCR plus LEV30 written credit under fictional classification letter; failed-sale IFRS retention reconciled separately\",\n \"remaining_years\": \"20\",\n \"replacement_quote\": {\n \"closeout_basis\": \"Full financing and return obligations under matched replacement terms, no own-spread-linked termination payment\",\n \"contract_id\": \"FUND_TRS\",\n \"conversion\": \"remaining_quarterly_annuity\",\n \"conversion_rate\": \"0.0356420304\",\n \"currency\": \"USD\",\n \"executable\": true,\n \"id\": \"SYN-REPL-FUND-FUND_01-S1\",\n \"includes_old_reference_adjustment\": false,\n \"locked_financing_spread\": \"0.0069303218\",\n \"notional\": \"990009000\",\n \"off_quarter_convention\": \"fractional_remaining_annuity_clean_quote\",\n \"old_reference_adjustment_upfront\": \"0\",\n \"provider_id\": \"P\",\n \"quantity\": \"990009000\",\n \"quarter\": \"0.25\",\n \"quote_basis\": \"reset_to_today\",\n \"quoted_at\": \"2027-06-05\",\n \"quoted_base_financing_spread\": \"0.009900825\",\n \"reference_id\": \"U\",\n \"remaining_years\": \"20\",\n \"reset_basis\": \"Quarterly reference-price return settlement; future financing advantage survives\",\n \"reset_price_convention\": \"Current reference price; old reference-price return is excluded from quoted margin\",\n \"roll_convention\": \"Same surviving contract, remaining maturity rolls down without renewal; margin beta applies only to stated synthetic parallel scenarios\",\n \"scenario_margin_beta\": \"1\",\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-quote-board\"\n },\n \"status\": \"Fictional binding quote convention for this educational instance, not an observed market quote\"\n },\n \"reset_basis\": \"Quarterly reference-price return settlement; future financing advantage survives\",\n \"stub\": \"0\",\n \"threshold\": \"0\"\n }\n}\nLEGACY {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"LEGACY\",\n \"kind\": \"legacy\",\n \"maturity_date\": \"2047-06-05\",\n \"payment_dates\": [\n \"2027-09-05\",\n \"2027-12-05\",\n \"2028-03-05\",\n \"2028-06-05\",\n \"2028-09-05\",\n \"2028-12-05\",\n \"2029-03-05\",\n \"2029-06-05\",\n \"2029-09-05\",\n \"2029-12-05\",\n \"2030-03-05\",\n \"2030-06-05\",\n \"2030-09-05\",\n \"2030-12-05\",\n \"2031-03-05\",\n \"2031-06-05\",\n \"2031-09-05\",\n \"2031-12-05\",\n \"2032-03-05\",\n \"2032-06-05\",\n \"2032-09-05\",\n \"2032-12-05\",\n \"2033-03-05\",\n \"2033-06-05\",\n \"2033-09-05\",\n \"2033-12-05\",\n \"2034-03-05\",\n \"2034-06-05\",\n \"2034-09-05\",\n \"2034-12-05\",\n \"2035-03-05\",\n \"2035-06-05\",\n \"2035-09-05\",\n \"2035-12-05\",\n \"2036-03-05\",\n \"2036-06-05\",\n \"2036-09-05\",\n \"2036-12-05\",\n \"2037-03-05\",\n \"2037-06-05\",\n \"2037-09-05\",\n \"2037-12-05\",\n \"2038-03-05\",\n \"2038-06-05\",\n \"2038-09-05\",\n \"2038-12-05\",\n \"2039-03-05\",\n \"2039-06-05\",\n \"2039-09-05\",\n \"2039-12-05\",\n \"2040-03-05\",\n \"2040-06-05\",\n \"2040-09-05\",\n \"2040-12-05\",\n \"2041-03-05\",\n \"2041-06-05\",\n \"2041-09-05\",\n \"2041-12-05\",\n \"2042-03-05\",\n \"2042-06-05\",\n \"2042-09-05\",\n \"2042-12-05\",\n \"2043-03-05\",\n \"2043-06-05\",\n \"2043-09-05\",\n \"2043-12-05\",\n \"2044-03-05\",\n \"2044-06-05\",\n \"2044-09-05\",\n \"2044-12-05\",\n \"2045-03-05\",\n \"2045-06-05\",\n \"2045-09-05\",\n \"2045-12-05\",\n \"2046-03-05\",\n \"2046-06-05\",\n \"2046-09-05\",\n \"2046-12-05\",\n \"2047-03-05\",\n \"2047-06-05\"\n ],\n \"source_evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-ledgers\"\n }\n ],\n \"state\": {\n \"interest_accrued\": \"8603966.706329727105\",\n \"interest_paid\": \"0\",\n \"last_accrual_date\": \"2027-09-02\",\n \"outstanding_principal\": \"990009000\",\n \"paid_periods\": []\n },\n \"status\": \"active\",\n \"terms\": {\n \"day_count\": \"ACT/365F\",\n \"ois\": \"0.0356420304\",\n \"principal\": \"990009000\",\n \"quarter\": \"0.25\",\n \"spread\": \"0\"\n }\n}\ninventory:L1 {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"inventory:L1\",\n \"kind\": \"inventory_security\",\n \"maturity_date\": \"2032-06-05\",\n \"payment_dates\": [\n \"2027-09-05\",\n \"2027-12-05\",\n \"2028-03-05\",\n \"2028-06-05\",\n \"2028-09-05\",\n \"2028-12-05\",\n \"2029-03-05\",\n \"2029-06-05\",\n \"2029-09-05\",\n \"2029-12-05\",\n \"2030-03-05\",\n \"2030-06-05\",\n \"2030-09-05\",\n \"2030-12-05\",\n \"2031-03-05\",\n \"2031-06-05\",\n \"2031-09-05\",\n \"2031-12-05\",\n \"2032-03-05\",\n \"2032-06-05\"\n ],\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n },\n \"state\": {\n \"interest_accrued\": \"1024059.080807722957\",\n \"last_accrual_date\": \"2027-09-02\",\n \"outstanding_principal\": \"118801080\",\n \"paid_periods\": []\n },\n \"status\": \"active\",\n \"terms\": {\n \"coupon_spread\": \"0\",\n \"day_count\": \"quarter_actual_fraction\",\n \"instrument_id\": \"L1\",\n \"lot_id\": \"L1\",\n \"ois\": \"0.0356420304\",\n \"principal\": \"118801080\",\n \"quarter\": \"0.25\"\n }\n}\ninventory:L2 {\n \"effective_date\": \"2027-06-05\",\n \"execution_date\": \"2027-06-05\",\n \"id\": \"inventory:L2\",\n \"kind\": \"inventory_security\",\n \"maturity_date\": \"2032-06-05\",\n \"payment_dates\": [\n \"2027-09-05\",\n \"2027-12-05\",\n \"2028-03-05\",\n \"2028-06-05\",\n \"2028-09-05\",\n \"2028-12-05\",\n \"2029-03-05\",\n \"2029-06-05\",\n \"2029-09-05\",\n \"2029-12-05\",\n \"2030-03-05\",\n \"2030-06-05\",\n \"2030-09-05\",\n \"2030-12-05\",\n \"2031-03-05\",\n \"2031-06-05\",\n \"2031-09-05\",\n \"2031-12-05\",\n \"2032-03-05\",\n \"2032-06-05\"\n ],\n \"source_evidence\": {\n \"file\": \"docs/exhibit-fields.md\",\n \"locator\": \"fictional-actions\"\n },\n \"state\": {\n \"interest_accrued\": \"938720.824073746043\",\n \"last_accrual_date\": \"2027-09-02\",\n \"outstanding_principal\": \"108900990\",\n \"paid_periods\": []\n },\n \"status\": \"active\",\n \"terms\": {\n \"coupon_spread\": \"0\",\n \"day_count\": \"quarter_actual_fraction\",\n \"instrument_id\": \"L2\",\n \"lot_id\": \"L2\",\n \"ois\": \"0.0356420304\",\n \"principal\": \"108900990\",\n \"quarter\": \"0.25\"\n }\n}\n\n\nSTATUS:\nFinished normally at 2026-09-20T09:51:28Z (elapsed=0.04s)","tool_call_id":"call_d9bb11dd555a5b709ccd418726f20eda","type":"tool_result"}},{"step":3,"generation":0,"created_at":"2026-09-20T09:51:28.541Z","event":{"content":"STDOUT:\nlegal {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"findings\"\n ],\n \"properties\": {\n \"findings\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"subject_id\",\n \"status\",\n \"premises\",\n \"rationale\"\n ],\n \"properties\": {\n \"subject_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"status\": {\n \"enum\": [\n \"permitted\",\n \"conditional\",\n \"blocked\"\n ]\n },\n \"premises\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"source\",\n \"pointer\",\n \"relation\",\n \"value\"\n ],\n \"properties\": {\n \"source\": {\n \"enum\": [\n \"case\",\n \"state\",\n \"book\",\n \"report\"\n ]\n },\n \"pointer\": {\n \"type\": \"string\",\n \"pattern\": \"^(?:/(?:[^~/]|~[01])*)*(?![\\\\s\\\\S])\"\n },\n \"relation\": {\n \"enum\": [\n \"eq\",\n \"ne\",\n \"gte\",\n \"lte\",\n \"contains\"\n ]\n },\n \"value\": {\n \"anyOf\": [\n {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n },\n {\n \"type\": \"array\",\n \"items\": {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n }\n }\n ]\n }\n }\n }\n },\n \"rationale\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n }\n }\n }\n }\n }\n}\ncompliance {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"decisions\"\n ],\n \"properties\": {\n \"decisions\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"rule_id\",\n \"decision\",\n \"premises\",\n \"rationale\"\n ],\n \"properties\": {\n \"rule_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"decision\": {\n \"enum\": [\n \"execute\",\n \"escalate\",\n \"decline\",\n \"await_approval\"\n ]\n },\n \"premises\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"source\",\n \"pointer\",\n \"relation\",\n \"value\"\n ],\n \"properties\": {\n \"source\": {\n \"enum\": [\n \"case\",\n \"state\",\n \"book\",\n \"report\"\n ]\n },\n \"pointer\": {\n \"type\": \"string\",\n \"pattern\": \"^(?:/(?:[^~/]|~[01])*)*(?![\\\\s\\\\S])\"\n },\n \"relation\": {\n \"enum\": [\n \"eq\",\n \"ne\",\n \"gte\",\n \"lte\",\n \"contains\"\n ]\n },\n \"value\": {\n \"anyOf\": [\n {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n },\n {\n \"type\": \"array\",\n \"items\": {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n }\n }\n ]\n }\n }\n }\n },\n \"rationale\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n }\n }\n }\n }\n }\n}\nstructure {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"party_id\",\n \"legal_form\",\n \"client_executable\",\n \"classification\",\n \"cash_required\",\n \"cash_delivered\",\n \"deadline_met\",\n \"bank_viable\",\n \"premises\",\n \"rationale\"\n ],\n \"properties\": {\n \"party_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"legal_form\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"client_executable\": {\n \"type\": \"boolean\"\n },\n \"classification\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"cash_required\": {\n \"type\": \"string\",\n \"pattern\": \"^-?(?:0|[1-9][0-9]*)(?:\\\\.[0-9]+)?(?![\\\\s\\\\S])\",\n \"x-exact-decimal\": true,\n \"x-dimension\": \"money\"\n },\n \"cash_delivered\": {\n \"type\": \"string\",\n \"pattern\": \"^-?(?:0|[1-9][0-9]*)(?:\\\\.[0-9]+)?(?![\\\\s\\\\S])\",\n \"x-exact-decimal\": true,\n \"x-dimension\": \"money\"\n },\n \"deadline_met\": {\n \"type\": \"boolean\"\n },\n \"bank_viable\": {\n \"type\": \"boolean\"\n },\n \"premises\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"source\",\n \"pointer\",\n \"relation\",\n \"value\"\n ],\n \"properties\": {\n \"source\": {\n \"enum\": [\n \"case\",\n \"state\",\n \"book\",\n \"report\"\n ]\n },\n \"pointer\": {\n \"type\": \"string\",\n \"pattern\": \"^(?:/(?:[^~/]|~[01])*)*(?![\\\\s\\\\S])\"\n },\n \"relation\": {\n \"enum\": [\n \"eq\",\n \"ne\",\n \"gte\",\n \"lte\",\n \"contains\"\n ]\n },\n \"value\": {\n \"anyOf\": [\n {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n },\n {\n \"type\": \"array\",\n \"items\": {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n }\n }\n ]\n }\n }\n }\n },\n \"rationale\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n }\n }\n}\nrecommendation {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"action_kind\",\n \"subject_id\",\n \"binding_constraint\",\n \"position_id\",\n \"premises\",\n \"alternatives\",\n \"rationale\"\n ],\n \"properties\": {\n \"action_kind\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"subject_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"binding_constraint\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"position_id\": {\n \"type\": [\n \"string\",\n \"null\"\n ],\n \"minLength\": 1\n },\n \"premises\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"source\",\n \"pointer\",\n \"relation\",\n \"value\"\n ],\n \"properties\": {\n \"source\": {\n \"enum\": [\n \"case\",\n \"state\",\n \"book\",\n \"report\"\n ]\n },\n \"pointer\": {\n \"type\": \"string\",\n \"pattern\": \"^(?:/(?:[^~/]|~[01])*)*(?![\\\\s\\\\S])\"\n },\n \"relation\": {\n \"enum\": [\n \"eq\",\n \"ne\",\n \"gte\",\n \"lte\",\n \"contains\"\n ]\n },\n \"value\": {\n \"anyOf\": [\n {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n },\n {\n \"type\": \"array\",\n \"items\": {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n }\n }\n ]\n }\n }\n }\n },\n \"alternatives\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"action_kind\",\n \"subject_id\",\n \"reason\",\n \"premises\"\n ],\n \"properties\": {\n \"action_kind\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"subject_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"reason\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n },\n \"premises\": {\n \"type\": \"array\",\n \"minItems\": 1,\n \"items\": {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"source\",\n \"pointer\",\n \"relation\",\n \"value\"\n ],\n \"properties\": {\n \"source\": {\n \"enum\": [\n \"case\",\n \"state\",\n \"book\",\n \"report\"\n ]\n },\n \"pointer\": {\n \"type\": \"string\",\n \"pattern\": \"^(?:/(?:[^~/]|~[01])*)*(?![\\\\s\\\\S])\"\n },\n \"relation\": {\n \"enum\": [\n \"eq\",\n \"ne\",\n \"gte\",\n \"lte\",\n \"contains\"\n ]\n },\n \"value\": {\n \"anyOf\": [\n {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n },\n {\n \"type\": \"array\",\n \"items\": {\n \"type\": [\n \"string\",\n \"integer\",\n \"boolean\",\n \"null\"\n ]\n }\n }\n ]\n }\n }\n }\n }\n }\n }\n },\n \"rationale\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"pattern\": \"\\\\S\"\n }\n }\n}\n\nDEFINITION money {\n \"type\": \"string\",\n \"maxLength\": 82,\n \"pattern\": \"^(?!-0(?:\\\\.0+)?$)-?(?:0|[1-9][0-9]*)(?:\\\\.[0-9]{1,40})?$\",\n \"x-exact-decimal\": true,\n \"x-dimension\": \"money\"\n}\n\nDEFINITION scalar {\n \"type\": \"string\",\n \"maxLength\": 82,\n \"pattern\": \"^(?!-0(?:\\\\.0+)?$)-?(?:0|[1-9][0-9]*)(?:\\\\.[0-9]{1,40})?$\",\n \"x-exact-decimal\": true,\n \"x-dimension\": \"scalar\"\n}\n\nDEFINITION citation {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"exhibit_id\",\n \"locator\",\n \"claim\"\n ],\n \"properties\": {\n \"exhibit_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"locator\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"claim\": {\n \"enum\": [\n \"DAILY_FUNDING\",\n \"DAILY_CREDIT\",\n \"DAILY_CAPITAL\",\n \"DAILY_PROTECTION\",\n \"DAILY_ALLOCATION\",\n \"DAILY_LIQUIDITY\",\n \"DAILY_RECOGNITION\",\n \"DAILY_ATTRIBUTION\"\n ]\n }\n }\n}\n\nDEFINITION protection_contract {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"notional\",\n \"protected_exposure\",\n \"hedge_provider_EAD\",\n \"hedge_provider_collateral\",\n \"hedge_mark\",\n \"premium_accrued\",\n \"premium_paid\",\n \"remaining_years\",\n \"maturity_factor\",\n \"CCR_eligible\",\n \"designated\",\n \"expiry\"\n ],\n \"properties\": {\n \"notional\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"protected_exposure\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"hedge_provider_EAD\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"hedge_provider_collateral\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"hedge_mark\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"premium_accrued\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"premium_paid\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"remaining_years\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"maturity_factor\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"CCR_eligible\": {\n \"type\": \"boolean\"\n },\n \"designated\": {\n \"type\": \"boolean\"\n },\n \"expiry\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n }\n }\n}\n\nDEFINITION netting_set {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"RC\",\n \"PFE\",\n \"EAD\",\n \"add_on\",\n \"unmargined_cap\",\n \"V\",\n \"collateral\",\n \"SCVA\",\n \"MF\",\n \"SD\",\n \"multiplier\",\n \"remaining\",\n \"margined\",\n \"contracts\"\n ],\n \"properties\": {\n \"RC\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"PFE\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"EAD\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"add_on\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"unmargined_cap\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"V\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"collateral\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"SCVA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"MF\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"SD\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"multiplier\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"remaining\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"margined\": {\n \"type\": \"boolean\"\n },\n \"contracts\": {\n \"type\": \"array\",\n \"maxItems\": 4096,\n \"items\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n }\n }\n }\n}\n\nDEFINITION inventory_lot {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"instrument_id\",\n \"class\",\n \"quantity\",\n \"owner\",\n \"location\",\n \"issued\",\n \"encumbrance\",\n \"return_obligation\",\n \"reuse_permitted\",\n \"enforceability\",\n \"unit_price\",\n \"market_value\",\n \"realizable_now\"\n ],\n \"properties\": {\n \"instrument_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"class\": {\n \"enum\": [\n \"funding_reference\",\n \"deployment_collateral\",\n \"allocation_inventory\",\n \"replacement\",\n \"equivalent\",\n \"payment_rights\"\n ]\n },\n \"quantity\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"owner\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"location\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"issued\": {\n \"type\": \"boolean\"\n },\n \"encumbrance\": {\n \"type\": [\n \"string\",\n \"null\"\n ],\n \"minLength\": 1,\n \"maxLength\": 256\n },\n \"return_obligation\": {\n \"type\": [\n \"string\",\n \"null\"\n ],\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"reuse_permitted\": {\n \"type\": \"boolean\"\n },\n \"enforceability\": {\n \"enum\": [\n \"effective\",\n \"conditional\",\n \"denied\"\n ]\n },\n \"unit_price\": {\n \"anyOf\": [\n {\n \"$ref\": \"#/$defs/scalar\"\n },\n {\n \"type\": \"null\"\n }\n ]\n },\n \"market_value\": {\n \"anyOf\": [\n {\n \"$ref\": \"#/$defs/money\"\n },\n {\n \"type\": \"null\"\n }\n ]\n },\n \"realizable_now\": {\n \"type\": \"boolean\"\n }\n }\n}\n\nDEFINITION repo_lot {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"lender_id\",\n \"principal\",\n \"market_value\",\n \"counterparty_exposure\",\n \"RWA\",\n \"noncash_haircut_funding_cost\",\n \"noncash_capital_cost\",\n \"market_haircut\",\n \"supervisory_haircut\"\n ],\n \"properties\": {\n \"lender_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"principal\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"market_value\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"counterparty_exposure\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"RWA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"noncash_haircut_funding_cost\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"noncash_capital_cost\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"market_haircut\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"supervisory_haircut\": {\n \"$ref\": \"#/$defs/scalar\"\n }\n }\n}\n\nDEFINITION repo_contract {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"principal\",\n \"RWA\",\n \"interest_accrued\",\n \"maturity_date\",\n \"lots\"\n ],\n \"properties\": {\n \"principal\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"RWA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"interest_accrued\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"maturity_date\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"lots\": {\n \"type\": \"object\",\n \"maxProperties\": 4096,\n \"propertyNames\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 256\n },\n \"additionalProperties\": {\n \"$ref\": \"#/$defs/repo_lot\"\n }\n }\n }\n}\n\nDEFINITION asset_detail {\n \"oneOf\": [\n {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"value\",\n \"RWA\",\n \"risk_weight\"\n ],\n \"properties\": {\n \"value\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"RWA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"risk_weight\": {\n \"$ref\": \"#/$defs/scalar\"\n }\n }\n },\n {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"gross\",\n \"allowance\",\n \"RWA\",\n \"risk_weight\",\n \"included_in_derivative\"\n ],\n \"properties\": {\n \"gross\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"allowance\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"RWA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"risk_weight\": {\n \"$ref\": \"#/$defs/scalar\"\n },\n \"included_in_derivative\": {\n \"type\": \"boolean\"\n }\n }\n }\n ]\n}\n\nDEFINITION capital_asset {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"balance\",\n \"exposure\",\n \"RWA\",\n \"leverage_exposure\",\n \"basis\",\n \"details\"\n ],\n \"properties\": {\n \"balance\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"exposure\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"RWA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"leverage_exposure\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"basis\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"details\": {\n \"type\": \"object\",\n \"maxProperties\": 4096,\n \"propertyNames\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 256\n },\n \"additionalProperties\": {\n \"$ref\": \"#/$defs/asset_detail\"\n }\n }\n }\n}\n\nDEFINITION obligation {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"kind\",\n \"contract_id\",\n \"side\",\n \"remaining\",\n \"due_day\",\n \"status\"\n ],\n \"properties\": {\n \"kind\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"contract_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"side\": {\n \"enum\": [\n \"payable\",\n \"receivable\"\n ]\n },\n \"remaining\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"due_day\": {\n \"type\": \"integer\",\n \"minimum\": -366000\n },\n \"status\": {\n \"enum\": [\n \"open\",\n \"paid\",\n \"written_off\",\n \"disputed\"\n ]\n }\n }\n}\n\nDEFINITION terminal_obligation {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"kind\",\n \"side\",\n \"remaining\",\n \"status\"\n ],\n \"properties\": {\n \"kind\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"side\": {\n \"enum\": [\n \"payable\",\n \"receivable\"\n ]\n },\n \"remaining\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"status\": {\n \"enum\": [\n \"open\",\n \"paid\",\n \"written_off\",\n \"disputed\"\n ]\n }\n }\n}\n\nDEFINITION ava_exposure {\n \"type\": \"object\",\n \"additionalProperties\": false,\n \"required\": [\n \"id\",\n \"exposure_id\",\n \"account\",\n \"recognised_fair_value\",\n \"low_exit_cost\",\n \"high_exit_cost\",\n \"expected_exit_cost_benchmark\",\n \"q90_exit_cost\",\n \"same_source_accounting_prudence\",\n \"residual_uncertainty\",\n \"AVA\",\n \"cet1_sensitivity\"\n ],\n \"properties\": {\n \"id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"exposure_id\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"account\": {\n \"type\": \"string\",\n \"minLength\": 1,\n \"maxLength\": 4096\n },\n \"recognised_fair_value\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"low_exit_cost\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"high_exit_cost\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"expected_exit_cost_benchmark\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"q90_exit_cost\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"same_source_accounting_prudence\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"residual_uncertainty\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"AVA\": {\n \"$ref\": \"#/$defs/money\"\n },\n \"cet1_sensitivity\": {\n \"$ref\": \"#/$defs/scalar\"\n }\n }\n}\n\n\nSTATUS:\nFinished normally at 2026-09-20T09:51:28Z (elapsed=0.05s)","tool_call_id":"call_32daaa4aab9a59f398255c7e0a905265","type":"tool_result"}},{"step":3,"generation":0,"created_at":"2026-09-20T09:51:28.568Z","event":{"content":"STDOUT:\npublic keys dict_keys(['case', 'documents', 'family', 'parameters', 'policy'])\nquotes len 66 {\n \"as_of\": \"2027-09-02\",\n \"id\": \"157e8cf5a33d362b83926d6b0e6bea27a2f9e6681700623a150a29f36e790213\",\n \"kind\": \"hold_capital\",\n \"legal_version\": 0,\n \"market_version\": 0,\n \"parent_state_hash\": \"6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165\",\n \"phase\": 0,\n \"revision\": 0,\n \"source_evidence\": [\n {\n \"file\": \"fixtures/desk-policy.json\",\n \"locator\": \"prices\"\n },\n {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"locator\": \"/actions/hold\"\n },\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"terms\": {\n \"disclosed_event_prefix\": [],\n \"fee\": \"0\",\n \"mandate\": {\n \"bank_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"rules\": [\n {\n \"action_kind\": \"hold_capital\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"rule_id\": \"DESK_HOLD\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"hold_capital\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\"\n }\n ]\n },\n \"phase_legal\": {\n \"defaults\": {\n \"borrower\": false,\n \"provider\": false,\n \"reference_issuer\": false\n },\n \"facility_status\": \"available\",\n \"observable\": false,\n \"rights\": {\n \"delivery|contract|\": \"effective\",\n \"enforceability|contract|\": \"effective\",\n \"issuance|contract|\": \"effective\",\n \"remittance|contract|\": \"denied\",\n \"restitution|borrower_only|\": \"conditional\",\n \"reuse|contract|\": \"denied\",\n \"substitution|contract|\": \"conditional\"\n },\n \"transfer_blocks\": {\n \"cash_remittance\": false,\n \"custody_delivery\": false\n }\n },\n \"phase_market\": {\n \"em_move\": \"0\",\n \"funding_move\": \"0\",\n \"market_open\": true,\n \"own_bond_spread\": \"0.0064352412\",\n \"own_cds_spread\": \"0.0029701437\",\n \"provider_cds\": \"0.0084151402\",\n \"ratings\": {\n \"borrower\": \"BB\",\n \"deployment_collateral\": \"BB\",\n \"funding_reference\": \"AAA\",\n \"provider\": \"A\"\n },\n \"reference_move\": \"0\"\n },\n \"phase_prefix_digest\": \"4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945\",\n \"pricing\": {\n \"allocation\": \"source_value\",\n \"buy_ask_multiplier\": \"1\",\n \"buy_fee\": \"0\",\n \"deployment_security\": \"source_coupon_current_em_curve_remaining_financial_tenor\",\n \"equivalent\": \"same_instrument_current_unit_price\",\n \"execution\": \"same_day_delivery_versus_payment\",\n \"funding_reference\": \"source_reference_price_remaining_financial_tenor\",\n \"independent_security\": \"source_coupon_independent_issuer_curve\",\n \"market_maker_id\": \"DESK_SECURITY_MARKET_MAKER\",\n \"market_maker_status\": \"Named synthetic current firm quote counterparty with committed consideration only for accepted, legally deliverable current-price trades. It never settles unrelated claims.\",\n \"payment_rights\": \"no_traded_security_price\",\n \"sale_bid_multiplier\": \"1\",\n \"sale_fee\": \"0\",\n \"settlement_lag_business_days\": 0,\n \"settlement_scope\": \"Current synthetic market-maker action quote expressly uses same-day DVP, distinct from the source instrument's ordinary one-business-day indicative settlement convention; quote acceptance requires legal delivery and actual settled consideration together.\",\n \"unissued_promise\": \"no_inventory_no_price_no_liquidation\"\n },\n \"resource_limits\": {\n \"max_actions_per_day\": 64,\n \"max_assignments\": 512,\n \"max_contracts\": 16384,\n \"max_decimal_digits\": 80,\n \"max_decimal_places\": 40,\n \"max_decision_premises\": 16,\n \"max_events\": 4096,\n \"max_input_bytes\": 1048576,\n \"max_json_depth\": 32,\n \"max_json_nodes\": 50000,\n \"max_legal_approvals\": 256,\n \"max_legal_decisions\": 256,\n \"max_lots\": 16384,\n \"max_obligations\": 262144,\n \"max_output_bytes\": 1048576,\n \"max_packet_bytes\": 33554432,\n \"max_pending\": 16384,\n \"max_premise_value_items\": 32,\n \"max_rationale_chars\": 2000,\n \"max_source_bytes\": 16777216,\n \"max_string_length\": 16384\n },\n \"source_quote\": {\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 \"version_basis\": \"parent_checkpoint_with_disclosed_phase_fact_binding\"\n },\n \"valid_until\": \"2027-09-02\"\n}\n\n case as_of \"2027-06-05T12:00:00Z\"\n\n case bank {\n \"AVA_annex\": {\n \"method\": \"EU_core_model_risk_Method1\",\n \"parameter_ref\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/reserve_uncertainty\"\n },\n \"scope\": \"identified_recognised_FV_positions_only\",\n \"source\": [\n {\n \"document_id\": \"AVA_RULES\",\n \"locator\": \"applicability\"\n },\n {\n \"document_id\": \"AVA_RULES\",\n \"locator\": \"method\"\n },\n {\n \"document_id\": \"AVA_RULES\",\n \"locator\": \"same_source\"\n }\n ]\n },\n \"accounting_units\": [\n {\n \"agreements\": [\n \"SALE_U\",\n \"FUND_TRS\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-accounting\"\n }\n ],\n \"financing_liability_recognised\": true,\n \"framework\": \"IFRS9\",\n \"management_ledger_separate\": true,\n \"opinion_id\": \"OP_ACCOUNTING\",\n \"retained_reference_asset\": true,\n \"sale_derecognised\": false,\n \"separate_statutory_derivative\": false,\n \"transaction_price\": \"990009000\",\n \"unit_id\": \"FAILED_SALE_UNIT\"\n }\n ],\n \"allocation_parameters\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/allocation\"\n },\n \"capital_rulebook\": [\n {\n \"document_id\": \"CAPITAL_RULES\",\n \"locator\": \"source_register\"\n }\n ],\n \"capital_snapshots\": [\n \"CAPITAL_COMPARE\",\n \"AVA_CONTROLLED\"\n ],\n \"classification\": {\n \"CVA_method\": \"reduced_BA\",\n \"SA_CVA_approval\": false,\n \"accounting_does_not_determine_regulatory_classification\": true,\n \"credit_supervisory_delta\": \"-1\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-classification\"\n },\n {\n \"document_id\": \"CAPITAL_RULES\",\n \"locator\": \"classification\"\n }\n ],\n \"full_reset_applies\": false,\n \"issued_at\": \"2027-06-04\",\n \"letter_id\": \"CLASS_TRS\",\n \"primary_risk_assessment\": \"Documented sensitivity assessment selects reference-credit exposure; no full future-value reset; dual class remains a named countercase\",\n \"primary_risk_class\": \"credit\",\n \"ratings_permitted\": true,\n \"regulatory_unit\": \"legal_TRS_SA_CCR_with_separate_retained_asset_bridge\",\n \"trade_id\": \"FUND_TRS\",\n \"written_credit_notional_treatment\": \"Full legal written-credit notional, explicit LEV30.35 exclusion election only for same notional PFE population\"\n },\n \"day_one_policy\": {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-accounting\"\n }\n ],\n \"management_deferral_basis\": \"frozen_initial_annuity\",\n \"release_triggers\": [\n \"priced_time\",\n \"independent_observability\"\n ],\n \"spread_tightening_is_release_trigger\": false,\n \"statutory_unit_assessed_first\": true\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-classification\"\n },\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-accounting\"\n }\n ],\n \"historical_journal\": [\n {\n \"entry_id\": \"OPENING\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-ledgers\"\n }\n ],\n \"lines\": [\n {\n \"account\": \"U\",\n \"amount\": \"990009000\",\n \"side\": \"debit\"\n },\n {\n \"account\": \"cash\",\n \"amount\": \"123751125\",\n \"side\": \"debit\"\n },\n {\n \"account\": \"legacy_debt\",\n \"amount\": \"990009000\",\n \"side\": \"credit\"\n },\n {\n \"account\": \"equity\",\n \"amount\": \"123751125\",\n \"side\": \"credit\"\n }\n ],\n \"posted_at\": \"2027-06-05T11:59:00Z\",\n \"purpose\": \"Observed pretransaction opening statutory balances\",\n \"snapshot_id\": \"BASE_CASH\"\n }\n ],\n \"numerical_annex\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/regulatory\"\n },\n \"observability\": [\n {\n \"assessment_at\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-quote-board\"\n }\n ],\n \"input_id\": \"AAA_MARK\",\n \"observable\": false,\n \"significant\": true,\n \"unit_id\": \"FAILED_SALE_UNIT\"\n }\n ],\n \"party_id\": \"MERIDIAN\",\n \"reserve_policy\": {\n \"cash_borrowing_source\": \"settled_cash_deficits_only\",\n \"conditional_prefunding\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/conditional_reserve_facility\"\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-accounting\"\n },\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-ledgers\"\n }\n ],\n \"expected_theta_in_PnL_once\": true,\n \"remeasurement\": \"daily\",\n \"separate_funding_drag_line\": true,\n \"terminal_requires_all_obligations_settled\": true\n }\n}\n\n case book {\n \"TRS_has_no_principal_exchange\": true,\n \"bank_id\": \"MERIDIAN\",\n \"borrower_id\": \"BORROWER\",\n \"cash_funding_policy\": \"actual_cash_deficit_not_noncash_reserve\",\n \"deployment_agreement_id\": \"DEP_LOAN\",\n \"deployment_maturity_date\": \"2032-06-05\",\n \"deployment_start_dat\n[...truncated...]\ning_agreement_id\": \"FUND_TRS\",\n \"funding_maturity_date\": \"2047-06-05\",\n \"funding_principal_source\": \"identified_asset_sale\",\n \"funding_start_date\": \"2027-06-05\",\n \"notional\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/notional\"\n },\n \"provider_id\": \"P\",\n \"reference_id\": \"U\",\n \"reference_quantity\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/funding_contract/quantity\"\n },\n \"sale_agreement_id\": \"SALE_U\",\n \"year5_reinvestment\": \"OIS_cash\"\n}\n\n case mandate {\n \"bank_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"rules\": [\n {\n \"action_kind\": \"hold_capital\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"rule_id\": \"DESK_HOLD\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"execute_csa\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"approver_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"742506750\",\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"rule_id\": \"DESK_CSA\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\"\n },\n {\n \"action_kind\": \"substitute_collateral\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"approver_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"990009000\",\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\"\n },\n {\n \"action_kind\": \"reverse_substitution\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"approver_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"990009000\",\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"rule_id\": \"DESK_REVERSE\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\"\n },\n {\n \"action_kind\": \"execute_offset\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"approver_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"495004500\",\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"rule_id\": \"DESK_OFFSET\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\"\n },\n {\n \"action_kind\": \"consolidate_netting\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"approver_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"rule_id\": \"DESK_NETTING\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\"\n },\n {\n \"action_kind\": \"buy_protection\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"316802880\",\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"rule_id\": \"DESK_PROTECTION\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"designate_protection\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"316802880\",\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"rule_id\": \"DESK_DESIGNATION\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"repo_allocate\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"rule_id\": \"DESK_REPO\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"repay_repo\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"sell_lot\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"approver_id\": \"MERIDIAN\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\"\n },\n {\n \"action_kind\": \"sell_lot\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"buy_equivalent\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"return_collateral\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"rule_id\": \"DESK_RETURN\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"return_collateral\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"draw_facility\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": \"257402340\",\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"rule_id\": \"DESK_DRAW\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"repay_facility\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"rule_id\": \"DESK_REPAY\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"meet_margin_call\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"meet_margin_call\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\"\n },\n {\n \"action_kind\": \"meet_margin_call\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"approver_id\": null,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ],\n \"maximum_amount\": null,\n \n[...output truncated at 22000 bytes; 49590 total...]\n\nSTATUS:\nFinished normally at 2026-09-20T09:51:28Z (elapsed=0.07s)","tool_call_id":"call_504d752f98635ac184a8c9b0872559b4","type":"tool_result"}},{"step":4,"generation":0,"created_at":"2026-09-20T09:54:47.416Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_332b4e56ed7d529f9b98489ae7cea637","name":"send_message","arguments":"{\"session_id\":\"main-agent\",\"content\":\"Early institutional steer: hold_capital currently permitted; active CSA/substitution/offset/netting all require absent approvals (state.legal.approvals={}), so don't execute these now. Draw only genuine settled cash need: cash 123.833m, facility drawn 0 vs committed 257.402m. Borrower collateral is pledge/identical-return/reuse false; approval alone cannot confer sale/reuse title. Full live-book capital likely ample vs annex's old deficient baseline (contributed 391.054m plus profits); do NOT import annex USD1bn/20y capital-shortfall claim. Investigating actual client delivery and approval-lever economics.\"}"}],"type":"assistant","usage":{"prompt_tokens":42086,"completion_tokens":186,"total_tokens":42272,"cache_read_tokens":22836}}},{"step":4,"generation":0,"created_at":"2026-09-20T09:54:47.417Z","event":{"content":"Message sent to main-agent at 2026-09-20T09:54:47Z","tool_call_id":"call_332b4e56ed7d529f9b98489ae7cea637","type":"tool_result"}},{"step":5,"generation":0,"created_at":"2026-09-20T09:57:49.556Z","event":{"stop_reason":"tool_calls","tool_calls":[{"id":"call_415be79219b25564af8a50d02f4648e8","name":"bash","arguments":"{\"max_output_length\":20000,\"command\":\"python - <<'PY'\\nimport json\\nc=json.load(open('/work/data/artifacts/qyaws7fs/case.json'))\\nfor k in ['counterparty_constraints']:\\n print(k,json.dumps(c[k],indent=2))\\nprint('\\\\nMANDATE RULES');\\nfor i,v in enumerate(c['mandate']['rules']): print(i, ' '.join(f'{k}={v[k]}' for k in ['rule_id','action_kind','subject_id','tier','approval_delay_days','maximum_amount']))\\nprint('\\\\nBOOK',json.dumps(c['book'],indent=2))\\nprint('\\\\nPARTIES');\\nfor i,v in enumerate(c['parties']): print(i,json.dumps(v,indent=2))\\nPY\"}"},{"id":"call_44495a16bbd155dea019944690426a17","name":"bash","arguments":"{\"max_output_length\":22000,\"command\":\"python - <<'PY'\\nimport json\\nc=json.load(open('/work/data/artifacts/qyaws7fs/case.json'))\\nfor k in ['agreements','collateral','netting_sets','opinions']:\\n print('\\\\n',k)\\n for i,v in enumerate(c[k]):print(i,json.dumps(v,indent=2))\\nPY\"}"},{"id":"call_85abd1fe1142524fac88fffc7745548f","name":"view_file","arguments":"{\"path\":\"/work/data/artifacts/qyaws7fs/family.json\"}"},{"id":"call_d6246c9c258150208147e25538f87b2f","name":"bash","arguments":"{\"max_output_length\":9000,\"command\":\"wc -l /work/data/artifacts/qyaws7fs/documents/docs/*.md; grep -n -E 'institution|premise|structure|recommendation|approval|hold_capital|request_approval|client' /work/data/artifacts/qyaws7fs/documents/docs/desk-runtime-contract.md; cat /work/data/artifacts/qyaws7fs/documents/CURRENT_INPUTS.json\"}"}],"type":"assistant","usage":{"prompt_tokens":42303,"completion_tokens":480,"total_tokens":42783,"cache_read_tokens":42084}}},{"step":5,"generation":0,"created_at":"2026-09-20T09:57:49.56Z","event":{"content":"File: /work/data/artifacts/qyaws7fs/family.json\n 1: {\n 2: \"axes\": {\n 3: \"collateral_relation\": \"independent\",\n 4: \"enforceability\": \"effective\",\n 5: \"legal_form\": \"issued_security_pledge\",\n 6: \"return_obligation\": \"identical\",\n 7: \"reuse_permitted\": false\n 8: },\n 9: \"clock\": {\n 10: \"accrual_convention\": \"quarter_fraction_times_elapsed_calendar_days_over_period_calendar_days\",\n 11: \"day_zero\": 0,\n 12: \"deployment_maturity_date\": \"2032-06-05\",\n 13: \"funding_maturity_date\": \"2047-06-05\",\n 14: \"funding_start_date\": \"2027-06-05\",\n 15: \"quarter_schedule\": [\n 16: {\n 17: \"end_date\": \"2027-09-05\",\n 18: \"period\": 1,\n 19: \"start_date\": \"2027-06-05\",\n 20: \"year_fraction\": \"0.25\"\n 21: },\n 22: {\n 23: \"end_date\": \"2027-12-05\",\n 24: \"period\": 2,\n 25: \"start_date\": \"2027-09-05\",\n 26: \"year_fraction\": \"0.25\"\n 27: },\n 28: {\n 29: \"end_date\": \"2028-03-05\",\n 30: \"period\": 3,\n 31: \"start_date\": \"2027-12-05\",\n 32: \"year_fraction\": \"0.25\"\n 33: },\n 34: {\n 35: \"end_date\": \"2028-06-05\",\n 36: \"period\": 4,\n 37: \"start_date\": \"2028-03-05\",\n 38: \"year_fraction\": \"0.25\"\n 39: },\n 40: {\n 41: \"end_date\": \"2028-09-05\",\n 42: \"period\": 5,\n 43: \"start_date\": \"2028-06-05\",\n 44: \"year_fraction\": \"0.25\"\n 45: },\n 46: {\n 47: \"end_date\": \"2028-12-05\",\n 48: \"period\": 6,\n 49: \"start_date\": \"2028-09-05\",\n 50: \"year_fraction\": \"0.25\"\n 51: },\n 52: {\n 53: \"end_date\": \"2029-03-05\",\n 54: \"period\": 7,\n 55: \"start_date\": \"2028-12-05\",\n 56: \"year_fraction\": \"0.25\"\n 57: },\n 58: {\n 59: \"end_date\": \"2029-06-05\",\n 60: \"period\": 8,\n 61: \"start_date\": \"2029-03-05\",\n 62: \"year_fraction\": \"0.25\"\n 63: },\n 64: {\n 65: \"end_date\": \"2029-09-05\",\n 66: \"period\": 9,\n 67: \"start_date\": \"2029-06-05\",\n 68: \"year_fraction\": \"0.25\"\n 69: },\n 70: {\n 71: \"end_date\": \"2029-12-05\",\n 72: \"period\": 10,\n 73: \"start_date\": \"2029-09-05\",\n 74: \"year_fraction\": \"0.25\"\n 75: },\n 76: {\n 77: \"end_date\": \"2030-03-05\",\n 78: \"period\": 11,\n 79: \"start_date\": \"2029-12-05\",\n 80: \"year_fraction\": \"0.25\"\n 81: },\n 82: {\n 83: \"end_date\": \"2030-06-05\",\n 84: \"period\": 12,\n 85: \"start_date\": \"2030-03-05\",\n 86: \"year_fraction\": \"0.25\"\n 87: },\n 88: {\n 89: \"end_date\": \"2030-09-05\",\n 90: \"period\": 13,\n 91: \"start_date\": \"2030-06-05\",\n 92: \"year_fraction\": \"0.25\"\n 93: },\n 94: {\n 95: 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\"2038-09-05\",\n 290: \"year_fraction\": \"0.25\"\n 291: },\n 292: {\n 293: \"end_date\": \"2039-03-05\",\n 294: \"period\": 47,\n 295: \"start_date\": \"2038-12-05\",\n 296: \"year_fraction\": \"0.25\"\n 297: },\n 298: {\n 299: \"end_date\": \"2039-06-05\",\n 300: \"period\": 48,\n 301: \"start_date\": \"2039-03-05\",\n 302: \"year_fraction\": \"0.25\"\n 303: },\n 304: {\n 305: \"end_date\": \"2039-09-05\",\n 306: \"period\": 49,\n 307: \"start_date\": \"2039-06-05\",\n 308: \"year_fraction\": \"0.25\"\n 309: },\n 310: {\n 311: \"end_date\": \"2039-12-05\",\n 312: \"period\": 50,\n 313: \"start_date\": \"2039-09-05\",\n 314: \"year_fraction\": \"0.25\"\n 315: },\n 316: {\n 317: \"end_date\": \"2040-03-05\",\n 318: \"period\": 51,\n 319: \"start_date\": \"2039-12-05\",\n 320: \"year_fraction\": \"0.25\"\n 321: },\n 322: {\n 323: \"end_date\": \"2040-06-05\",\n 324: \"period\": 52,\n 325: \"start_date\": \"2040-03-05\",\n 326: \"year_fraction\": \"0.25\"\n 327: },\n 328: {\n 329: \"end_date\": \"2040-09-05\",\n 330: \"period\": 53,\n 331: \"start_date\": \"2040-06-05\",\n 332: \"year_fraction\": \"0.25\"\n 333: },\n 334: {\n 335: \"end_date\": \"2040-12-05\",\n 336: \"period\": 54,\n 337: \"start_date\": \"2040-09-05\",\n 338: \"year_fraction\": \"0.25\"\n 339: },\n 340: {\n 341: \"end_date\": \"2041-03-05\",\n 342: \"period\": 55,\n 343: \"start_date\": \"2040-12-05\",\n 344: \"year_fraction\": \"0.25\"\n 345: },\n 346: {\n 347: \"end_date\": \"2041-06-05\",\n 348: \"period\": 56,\n 349: \"start_date\": \"2041-03-05\",\n 350: \"year_fraction\": \"0.25\"\n 351: },\n 352: {\n 353: \"end_date\": \"2041-09-05\",\n 354: \"period\": 57,\n 355: \"start_date\": \"2041-06-05\",\n 356: \"year_fraction\": \"0.25\"\n 357: },\n 358: {\n 359: \"end_date\": \"2041-12-05\",\n 360: \"period\": 58,\n 361: \"start_date\": \"2041-09-05\",\n 362: \"year_fraction\": \"0.25\"\n 363: },\n 364: {\n 365: \"end_date\": \"2042-03-05\",\n 366: \"period\": 59,\n 367: \"start_date\": \"2041-12-05\",\n 368: \"year_fraction\": \"0.25\"\n 369: },\n 370: {\n 371: \"end_date\": \"2042-06-05\",\n 372: \"period\": 60,\n 373: \"start_date\": \"2042-03-05\",\n 374: \"year_fraction\": \"0.25\"\n 375: },\n 376: {\n 377: \"end_date\": \"2042-09-05\",\n 378: \"period\": 61,\n 379: \"start_date\": \"2042-06-05\",\n 380: \"year_fraction\": \"0.25\"\n 381: },\n 382: {\n 383: \"end_date\": \"2042-12-05\",\n 384: \"period\": 62,\n 385: \"start_date\": \"2042-09-05\",\n 386: \"year_fraction\": \"0.25\"\n 387: },\n 388: {\n 389: \"end_date\": \"2043-03-05\",\n 390: \"period\": 63,\n 391: \"start_date\": \"2042-12-05\",\n 392: \"year_fraction\": \"0.25\"\n 393: },\n 394: {\n 395: \"end_date\": \"2043-06-05\",\n 396: \"period\": 64,\n 397: \"start_date\": \"2043-03-05\",\n 398: \"year_fraction\": \"0.25\"\n 399: },\n 400: {\n 401: \"end_date\": \"2043-09-05\",\n 402: \"period\": 65,\n 403: \"start_date\": \"2043-06-05\",\n 404: \"year_fraction\": \"0.25\"\n 405: },\n 406: {\n 407: \"end_date\": \"2043-12-05\",\n 408: \"period\": 66,\n 409: \"start_date\": \"2043-09-05\",\n 410: \"year_fraction\": \"0.25\"\n 411: },\n 412: {\n 413: \"end_date\": \"2044-03-05\",\n 414: \"period\": 67,\n 415: \"start_date\": \"2043-12-05\",\n 416: \"year_fraction\": \"0.25\"\n 417: },\n 418: {\n 419: \"end_date\": \"2044-06-05\",\n 420: \"period\": 68,\n 421: \"start_date\": \"2044-03-05\",\n 422: \"year_fraction\": \"0.25\"\n 423: },\n 424: {\n 425: \"end_date\": \"2044-09-05\",\n 426: \"period\": 69,\n 427: \"start_date\": \"2044-06-05\",\n 428: \"year_fraction\": \"0.25\"\n 429: },\n 430: {\n 431: \"end_date\": \"2044-12-05\",\n 432: \"period\": 70,\n 433: \"start_date\": \"2044-09-05\",\n 434: \"year_fraction\": \"0.25\"\n 435: },\n 436: {\n 437: \"end_date\": \"2045-03-05\",\n 438: \"period\": 71,\n 439: \"start_date\": \"2044-12-05\",\n 440: \"year_fraction\": \"0.25\"\n 441: },\n 442: {\n 443: \"end_date\": \"2045-06-05\",\n 444: \"period\": 72,\n 445: \"start_date\": \"2045-03-05\",\n 446: \"year_fraction\": \"0.25\"\n 447: },\n 448: {\n 449: \"end_date\": \"2045-09-05\",\n 450: \"period\": 73,\n 451: \"start_date\": \"2045-06-05\",\n 452: \"year_fraction\": \"0.25\"\n 453: },\n 454: {\n 455: \"end_date\": \"2045-12-05\",\n 456: \"period\": 74,\n 457: \"start_date\": \"2045-09-05\",\n 458: \"year_fraction\": \"0.25\"\n 459: },\n 460: {\n 461: \"end_date\": \"2046-03-05\",\n 462: \"period\": 75,\n 463: \"start_date\": \"2045-12-05\",\n 464: \"year_fraction\": \"0.25\"\n 465: },\n 466: {\n 467: \"end_date\": \"2046-06-05\",\n 468: \"period\": 76,\n 469: \"start_date\": \"2046-03-05\",\n 470: \"year_fraction\": \"0.25\"\n 471: },\n 472: {\n 473: \"end_date\": \"2046-09-05\",\n 474: \"period\": 77,\n 475: \"start_date\": \"2046-06-05\",\n 476: \"year_fraction\": \"0.25\"\n 477: },\n 478: {\n 479: \"end_date\": \"2046-12-05\",\n 480: \"period\": 78,\n 481: \"start_date\": \"2046-09-05\",\n 482: \"year_fraction\": \"0.25\"\n 483: },\n 484: {\n 485: \"end_date\": \"2047-03-05\",\n 486: \"period\": 79,\n 487: \"start_date\": \"2046-12-05\",\n 488: \"year_fraction\": \"0.25\"\n 489: },\n 490: {\n 491: \"end_date\": \"2047-06-05\",\n 492: \"period\": 80,\n 493: \"start_date\": \"2047-03-05\",\n 494: \"year_fraction\": \"0.25\"\n 495: }\n 496: ],\n 497: \"unit\": \"calendar_day\",\n 498: \"window_start_date\": \"2027-09-02\"\n 499: },\n 500: \"deployment_contract\": {\n 501: \"asset_id\": \"DEPSEC\",\n 502: \"borrower_id\": \"BORROWER\",\n 503: \"collateral_issuer_id\": \"CELADON\",\n 504: \"collateral_relation\": \"independent\",\n 505: \"contract_id\": \"DEP_SECURITY\",\n 506: \"coupon_spread\": \"0.0455411592\",\n 507: \"currency\": \"USD\",\n 508: \"enforceability\": \"effective\",\n 509: \"face_per_unit\": \"1\",\n 510: \"facility\": {\n 511: \"cash_account_id\": \"CASH_BRANCH\",\n 512: \"lender_id\": \"FACILITY_LENDER\",\n 513: \"limit\": \"257402340\",\n 514: \"spread\": \"0.0108903245\",\n 515: \"unconditional_by_selected_cutoff\": true\n 516: },\n 517: \"initial_operating_cash\": \"123751125\",\n 518: \"issued\": true,\n 519: \"legal_form\": \"issued_security_pledge\",\n 520: \"market_funding_spread\": \"0.0108903245\",\n 521: \"market_haircut\": \"0.08910333\",\n 522: \"opening_total_cash\": \"123751125\",\n 523: \"operating_call\": \"17820162\",\n 524: \"ownership_basis\": \"pledge\",\n 525: \"quantity\": \"990009000\",\n 526: \"restricted_cash\": \"0\",\n 527: \"return_obligation\": \"identical\",\n 528: \"reuse_permitted\": false,\n 529: \"scope\": \"actual_daily_book\",\n 530: \"source_evidence\": [\n 531: {\n 532: \"file\": \"worker/legal-terms.txt\",\n 533: \"locator\": \"actual-deployment-terms\"\n 534: },\n 535: {\n 536: \"file\": \"worker/docs/desk-runtime-contract.md\",\n 537: \"locator\": \"## Clock and settlement order\"\n 538: }\n 539: ]\n 540: },\n 541: \"family_id\": \"FUND_01\",\n 542: \"jurisdiction\": \"Fictional Commonwealth of Orivale / series 1\",\n 543: \"parties\": {\n 544: \"borrower\": \"Brackenford Trade Bank [FUND_01 series 1]\",\n 545: \"facility_lender\": \"Ternwell Liquidity Bank [FUND_01 series 1]\",\n 546: \"protection_provider\": \"Morrowfen Credit Assurance [FUND_01 series 1]\",\n 547: \"provider\": \"Alderwick Funding Trust [FUND_01 series 1]\",\n 548: \"reference_issuer\": \"Kestrelmere Funding Company [FUND_01 series 1]\"\n 549: },\n 550: \"terms\": {\n 551: \"branch_call\": \"17820162\",\n 552: \"branch_free_cash\": \"123751125\",\n 553: \"deployment_coupon_spread\": \"0.0455411592\",\n 554: \"facility_limit\": \"257402340\",\n 555: \"lender_spread\": \"0.0108903245\",\n 556: \"market_haircut\": \"0.08910333\",\n 557: \"notional\": \"990009000\",\n 558: \"ois\": \"0.0356420304\",\n 559: \"own_bond_spread\": \"0.0064352412\",\n 560: \"provider_cds\": \"0.0084151402\"\n 561: },\n 562: \"title\": \"Registered pledge and a coupon arriving after the debit\"\n 563: }\n","tool_call_id":"call_85abd1fe1142524fac88fffc7745548f","type":"tool_result"}},{"step":5,"generation":0,"created_at":"2026-09-20T09:57:49.568Z","event":{"content":"STDOUT:\n 340 /work/data/artifacts/qyaws7fs/documents/docs/capital-actions.md\n 876 /work/data/artifacts/qyaws7fs/documents/docs/capital-rulebook.md\n 192 /work/data/artifacts/qyaws7fs/documents/docs/desk-runtime-contract.md\n 531 /work/data/artifacts/qyaws7fs/documents/docs/economic-specification.md\n 110 /work/data/artifacts/qyaws7fs/documents/docs/reference-input-contract.md\n 415 /work/data/artifacts/qyaws7fs/documents/docs/reserve-module.md\n 2464 total\n9:`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.\n18:- `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.\n29: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.\n45:`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.\n47: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.\n61:1. `hold_capital`: accept the current risk/capital cost without inventing a gain or cash.\n70:10. `escalate` and `decline`: submit a scoped `rule_id`, permitted `reason_code`, typed `premises` and `rationale` with the normal action/quote/phase fields. Accep\n[...truncated...]\nved 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.\n74: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.\n98: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.\n102: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.\n104: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.\n106: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.\n116:`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.\n122: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. `lega\n[...output truncated at 9000 bytes; 161750 total...]\n\nSTATUS:\nFinished normally at 2026-09-20T09:57:49Z (elapsed=0.01s)","tool_call_id":"call_d6246c9c258150208147e25538f87b2f","type":"tool_result"}},{"step":5,"generation":0,"created_at":"2026-09-20T09:57:49.608Z","event":{"content":"STDOUT:\ncounterparty_constraints [\n {\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"borrowing_ceiling\": \"990009000\",\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"currency\": \"USD\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ],\n \"funding_deadline\": \"2027-06-05\",\n \"maximum_spread\": \"0.079202016\",\n \"party_id\": \"BORROWER\",\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"required_approval_ids\": [],\n \"required_cash\": \"990009000\",\n \"required_return\": \"identical\",\n \"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 \"situation_kind\": \"liquidity_stress\"\n },\n {\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"borrowing_ceiling\": null,\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"currency\": \"USD\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ],\n \"funding_deadline\": \"2027-09-05\",\n \"maximum_spread\": null,\n \"party_id\": \"P\",\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_OFFSET\"\n ],\n \"required_cash\": \"0\",\n \"required_return\": \"none\",\n \"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 \"situation_kind\": \"ratings_pressure\"\n },\n {\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"borrowing_ceiling\": \"495004500\",\n \"classification_by_form\": {\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"gold_pledge\": \"secured_borrowing\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\"\n },\n \"currency\": \"USD\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ],\n \"funding_deadline\": \"2029-09-17\",\n \"maximum_spread\": null,\n \"party_id\": \"S2_LRA\",\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"required_cash\": \"495004500\",\n \"required_return\": \"equivalent\",\n \"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 \"situation_kind\": \"fiscal_ceiling\"\n }\n]\n\nMANDATE RULES\n0 rule_id=DESK_HOLD action_kind=hold_capital subject_id=MERIDIAN tier=permitted approval_delay_days=0 maximum_amount=None\n1 rule_id=DESK_CSA action_kind=execute_csa subject_id=FUND_TRS tier=requires_approval approval_delay_days=1 maximum_amount=742506750\n2 rule_id=DESK_SUBSTITUTION action_kind=substitute_collateral subject_id=DEP_SECURITY tier=requires_approval approval_delay_days=1 maximum_amount=990009000\n3 rule_id=DESK_REVERSE action_kind=reverse_substitution subject_id=DEP_SECURITY tier=requires_approval approval_delay_days=2 maximum_amount=990009000\n4 rule_id=DESK_OFFSET action_kind=execute_offset subject_id=OFFSET_TRS tier=requires_approval approval_delay_days=1 maximum_amount=495004500\n5 rule_id=DESK_NETTING action_kind=consolidate_netting subject_id=MASTER_P_CONSOLIDATED tier=requires_approval approval_delay_days=1 maximum_amount=None\n6 rule_id=DESK_PROTECTION action_kind=buy_protection subject_id=H tier=permitted approval_delay_days=0 maximum_amount=316802880\n7 rule_id=DESK_DESIGNATION action_kind=designate_protection subject_id=H tier=permitted approval_delay_days=0 maximum_amount=316802880\n8 rule_id=DESK_REPO action_kind=repo_allocate subject_id=MERIDIAN tier=permitted approval_delay_days=0 maximum_amount=None\n9 rule_id=DESK_REPO_REPAY action_kind=repay_repo subject_id=MERIDIAN tier=permitted approval_delay_days=0 maximum_amount=None\n10 rule_id=DESK_SELL_COLLATERAL action_kind=sell_lot subject_id=DEP_SECURITY tier=requires_approval approval_delay_days=2 maximum_amount=None\n11 rule_id=DESK_SELL_INVENTORY action_kind=sell_lot subject_id=MERIDIAN tier=permitted approval_delay_days=0 maximum_amount=None\n12 rule_id=DESK_EQUIVALENT action_kind=buy_equivalent subject_id=DEP_SECURITY tier=permitted approval_delay_days=0 maximum_amount=None\n13 rule_id=DESK_RETURN action_kind=return_collateral subject_id=DEP_SECURITY tier=permitted approval_delay_days=0 maximum_amount=None\n14 rule_id=DESK_RETURN_REPO action_kind=return_collateral subject_id=MERIDIAN tier=permitted approval_delay_days=0 maximum_amount=None\n15 rule_id=DESK_DRAW action_kind=draw_facility subject_id=FACILITY_LENDER tier=permitted approval_delay_days=0 maximum_amount=257402340\n16 rule_id=DESK_REPAY action_kind=repay_facility subject_id=FACILITY_LENDER tier=permitted approval_delay_days=0 maximum_amount=None\n17 rule_id=DESK_MARGIN_DEP action_kind=meet_margin_call subject_id=DEP_SECURITY tier=permitted approval_delay_days=0 maximum_amount=None\n18 rule_id=DESK_MARGIN_FUND action_kind=meet_margin_call subject_id=FUND_TRS tier=permitted approval_delay_days=0 maximum_amount=None\n19 rule_id=DESK_MARGIN_HEDGE action_kind=meet_margin_call subject_id=H tier=permitted approval_delay_days=0 maximum_amount=None\n20 rule_id=DESK_PAY_FUND action_kind=settle_payable subject_id=FUND_TRS tier=permitted approval_delay_days=0 maximum_amount=None\n21 rule_id=DESK_PAY_DEP action_kind=settle_payable subject_id=DEP_LOAN tier=permitted approval_delay_days=0 maximum_amount=None\n22 rule_id=DESK_PAY_RETURN action_kind=settle_payable subject_id=DEP_SECURITY tier=permitted approval_delay_days=0 maximum_amount=None\n23 rule_id=DESK_PAY_HEDGE action_kind=settle_payable subject_id=H tier=permitted approval_delay_days=0 maximum_amount=None\n24 rule_id=DESK_PAY_FACILITY action_kind=settle_payable subject_id=FACILITY_LENDER tier=permitted approval_delay_days=0 maximum_amount=None\n25 rule_id=DESK_PAY_BANK action_kind=settle_payable subject_id=MERIDIAN tier=permitted approval_delay_days=0 maximum_amount=None\n26 rule_id=DESK_PAY_OFFSET action_kind=settle_payable subject_id=OFFSET_TRS tier=permitted approval_delay_days=0 maximum_amount=None\n27 rule_id=DESK_CLAIM_PROVIDER action_kind=settle_claim subject_id=P tier=permitted approval_delay_days=0 maximum_amount=None\n28 rule_id=DESK_CLAIM_BORROWER action_kind=settle_claim subject_id=BORROWER tier=permitted approval_delay_days=0 maximum_amount=None\n29 rule_id=DESK_CLAIM_HEDGE action_kind=settle_claim subject_id=H tier=permitted approval_delay_days=0 maximum_amount=None\n30 rule_id=DESK_LIQUIDATION action_kind=liquidate_collateral subject_id=DEP_SECURITY tier=requires_approval approval_delay_days=1 maximum_amount=None\n31 rule_id=DESK_REINVEST action_kind=reinvest subject_id=DEP_LOAN tier=requires_approval approval_delay_days=2 maximum_amount=495004500\n32 rule_id=S2_FISCAL action_kind=fiscal_advance subject_id=S2_LRA tier=prohibited approval_delay_days=0 maximum_amount=0\n33 rule_id=S2_IDENTICAL_TITLE action_kind=identical_title_financing subject_id=S2_LRA tier=requires_approval approval_delay_days=3 maximum_amount=495004500\n34 rule_id=PROPOSAL_ACT_CSA action_kind=execute_CSA subject_id=ACT_CSA tier=requires_approval approval_delay_days=1 maximum_amount=742506750\n35 rule_id=PROPOSAL_ACT_SUB action_kind=substitute_collateral subject_id=ACT_SUB tier=requires_approval approval_delay_days=1 maximum_amount=990009000\n36 rule_id=PROPOSAL_ACT_NET action_kind=consolidate_netting subject_id=ACT_NET tier=requires_approval approval_delay_days=1 maximum_amount=None\n37 rule_id=PROPOSAL_ACT_CDS action_kind=buy_CDS subject_id=ACT_CDS tier=permitted approval_delay_days=0 maximum_amount=316802880\n38 rule_id=PROPOSAL_ACT_HOLD action_kind=hold_capital subject_id=ACT_HOLD tier=permitted approval_delay_days=0 maximum_amount=None\n39 rule_id=PROPOSAL_ACT_RELEASE action_kind=release_substitution subject_id=ACT_RELEASE tier=requires_approval approval_delay_days=2 maximum_amount=990009000\n\nB\n[...truncated...]\not_noncash_reserve\",\n \"deployment_agreement_id\": \"DEP_LOAN\",\n \"deployment_maturity_date\": \"2032-06-05\",\n \"deployment_start_date\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-executed-agreements\"\n }\n ],\n \"funding_agreement_id\": \"FUND_TRS\",\n \"funding_maturity_date\": \"2047-06-05\",\n \"funding_principal_source\": \"identified_asset_sale\",\n \"funding_start_date\": \"2027-06-05\",\n \"notional\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/notional\"\n },\n \"provider_id\": \"P\",\n \"reference_id\": \"U\",\n \"reference_quantity\": {\n \"file\": \"fixtures/numerical-inputs.json\",\n \"pointer\": \"/funding_contract/quantity\"\n },\n \"sale_agreement_id\": \"SALE_U\",\n \"year5_reinvestment\": \"OIS_cash\"\n}\n\nPARTIES\n0 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"kind\": \"corporate\",\n \"legal_name\": \"Ternwell Liquidity Bank [FUND_01 series 1]\",\n \"ownership_group\": \"FACILITY_LENDER\",\n \"party_id\": \"FACILITY_LENDER\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ],\n \"grade\": \"unrated\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"unrated\"\n },\n \"regulated_bank\": false,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n}\n1 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Lydora fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Lydora fictional-law division\",\n \"kind\": \"public_authority\",\n \"legal_name\": \"FUND_01 s2_lra series 1\",\n \"ownership_group\": \"S2_LRA\",\n \"party_id\": \"S2_LRA\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ],\n \"grade\": \"unrated\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"unrated\"\n },\n \"regulated_bank\": false,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Lydora fictional-law division\"\n}\n2 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"kind\": \"bank\",\n \"legal_name\": \"FUND_01 reporting bank series 1\",\n \"ownership_group\": \"MERIDIAN\",\n \"party_id\": \"MERIDIAN\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": true,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"A\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"rated\"\n },\n \"regulated_bank\": true,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n}\n3 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Northhaven fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Northhaven fictional-law division\",\n \"kind\": \"bank\",\n \"legal_name\": \"Alderwick Funding Trust [FUND_01 series 1]\",\n \"ownership_group\": \"P\",\n \"party_id\": \"P\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": true,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"A\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"rated\"\n },\n \"regulated_bank\": true,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Northhaven fictional-law division\"\n}\n4 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Northhaven fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Northhaven fictional-law division\",\n \"kind\": \"bank\",\n \"legal_name\": \"Kestrelmere Funding Company [FUND_01 series 1]\",\n \"ownership_group\": \"APEX\",\n \"party_id\": \"APEX\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": true,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"AAA\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"rated\"\n },\n \"regulated_bank\": true,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Northhaven fictional-law division\"\n}\n5 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"kind\": \"bank\",\n \"legal_name\": \"Morrowfen Credit Assurance [FUND_01 series 1]\",\n \"ownership_group\": \"H\",\n \"party_id\": \"H\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": true,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"AA\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"rated\"\n },\n \"regulated_bank\": true,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n}\n6 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"kind\": \"custodian\",\n \"legal_name\": \"FUND_01 custody trustee series 1\",\n \"ownership_group\": \"CLEARVAULT\",\n \"party_id\": \"CLEARVAULT\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"unrated\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"unrated\"\n },\n \"regulated_bank\": false,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n}\n7 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Caldera fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Caldera fictional-law division\",\n \"kind\": \"bank\",\n \"legal_name\": \"Brackenford Trade Bank [FUND_01 series 1]\",\n \"ownership_group\": \"BORROWER\",\n \"party_id\": \"BORROWER\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": true,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"BB\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"rated\"\n },\n \"regulated_bank\": true,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Caldera fictional-law division\"\n}\n8 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Caldera fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Caldera fictional-law division\",\n \"kind\": \"corporate\",\n \"legal_name\": \"FUND_01 independent deployment issuer series 1\",\n \"ownership_group\": \"CELADON\",\n \"party_id\": \"CELADON\",\n \"rating\": {\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": true,\n \"as_of\": \"2027-06-05\",\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"grade\": \"BB\",\n \"implicit_support_excluded\": true,\n \"scope\": \"issuer\",\n \"status\": \"rated\"\n },\n \"regulated_bank\": false,\n \"resolution_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Caldera fictional-law division\"\n}\n9 {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-parties\"\n }\n ],\n \"incorporation_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"insolvency_jurisdiction\": \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\",\n \"kind\": \"bank\",\n \"legal_name\": \"FUND_01 independent substitution issuer s\n[...output truncated at 20000 bytes; 24388 total...]\n\nSTATUS:\nFinished normally at 2026-09-20T09:57:49Z (elapsed=0.03s)","tool_call_id":"call_415be79219b25564af8a50d02f4648e8","type":"tool_result"}},{"step":5,"generation":0,"created_at":"2026-09-20T09:57:49.61Z","event":{"content":"STDOUT:\n\n agreements\n0 {\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}\n1 {\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}\n2 {\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}\n3 {\n \"agreement_id\": \"DEP_SECURITY\",\n \"closeout\": {\n \"currency\": \"USD\",\n \"dispute_process\": \"Morrow & Vale documented independent quote process; 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\"locator\n[...truncated...]\nn\": 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}\n4 {\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 \"governing_laws\": [\n \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n ],\n \"kind\": \"netting_master\",\n \"opinion_ids\": [\n \"OP_CORE\"\n ],\n \"party_ids\": [\n \"MERIDIAN\",\n \"P\"\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\": \"2047-06-05\",\n \"full_settlement_required\": true,\n \"unilateral_extension\": false\n },\n \"terms\": {\n \"covered_trade_ids\": [\n \"FUND_TRS\"\n ],\n \"cross_product\": false,\n \"kind\": \"netting_master\",\n \"party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"single_closeout_balance\": true,\n \"walkaway_clause\": false\n },\n \"trade_ids\": [\n \"FUND_TRS\"\n ]\n}\n5 {\n \"agreement_id\": \"LOAN_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\": \"LOAN_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\": 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\"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-actions\"\n }\n ],\n \"execution\": {\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-actions\"\n }\n ],\n \"proposed_at\": \"2027-06-05T12:00:00Z\",\n \"required_party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"status\": \"proposed\"\n },\n \"governing_laws\": [\n \"Fictional Commonwealth of Orivale / series 1 / Meridia fictional-law division\"\n ],\n \"kind\": \"netting_master\",\n \"opinion_ids\": [\n \"OP_NETTING\"\n ],\n \"party_ids\": [\n \"MERIDIAN\",\n \"P\"\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\": \"2047-06-05\",\n \"full_settlement_required\": true,\n \"unilateral_extension\": false\n },\n \"terms\": {\n \"covered_trade_ids\": [\n \"FUND_TRS\",\n \"OFFSET_TRS\"\n ],\n \"cross_product\": true,\n \"kind\": \"netting_master\",\n \"party_ids\": [\n \"MERIDIAN\",\n \"P\"\n ],\n \"single_closeout_balance\": true,\n \"walkaway_clause\": false\n },\n \"trade_ids\": [\n \"FUND_TRS\",\n \"OFFSET_TRS\"\n ]\n}\n8 {\n \"agreement_id\": \"NEW_CSA\",\n \"closeout\": {\n \"currency\": \"USD\",\n \n[...output truncated at 22000 bytes; 73612 total...]\n\nSTATUS:\nFinished normally at 2026-09-20T09:57:49Z (elapsed=0.03s)","tool_call_id":"call_44495a16bbd155dea019944690426a17","type":"tool_result"}},{"step":7,"generation":0,"created_at":"2026-09-20T10:00:28.248Z","event":{"content":"parent main-agent cancelled","marker":"cancelled","type":"system"}}]