[ { "schema_version": "back_to_back_funding_book.v1r2", "episode_id": "W1_issued", "branch": "W1_issued", "parameters_file": "fixtures/numerical-inputs.json", "as_of": "2026-09-19T12:00:00Z", "base_currency": "USD", "fictional": true, "counterparty_constraints": [ { "party_id": "BORROWER", "situation": "Lydora Republic 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. Its parliament's fiscal ceiling caps aggregate borrowing at the stated ceiling; the selected joint default of issuer and obligor leaves the pledged issue with a zero conditional bid, not a second funding source.", "situation_kind": "fiscal_ceiling", "required_cash": "1000000000", "currency": "USD", "funding_deadline": "2026-09-19", "allowed_legal_forms": [ "issued_security_pledge" ], "prohibited_legal_forms": [ "contingent_issuance_promise", "payment_rights_assignment", "title_transfer_repo" ], "classification_by_form": { "issued_security_pledge": "secured_borrowing" }, "required_return": "identical", "borrowing_ceiling": "1000000000", "maximum_spread": "0.08", "required_approval_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "P", "situation": "Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. The joint sovereign default does not touch its own funding; it requires only the funding-CSA cash budget and consolidated netting to be approved before either is treated as executed.", "situation_kind": "none", "required_cash": "0", "currency": "USD", "funding_deadline": "2026-09-19", "allowed_legal_forms": [ "sale_funded_total_return_swap" ], "prohibited_legal_forms": [ "payment_rights_assignment", "contingent_issuance_promise" ], "classification_by_form": { "sale_funded_total_return_swap": "funded_asset_purchase_and_return_contract" }, "required_return": "none", "borrowing_ceiling": null, "maximum_spread": null, "required_approval_ids": [ "DESK_CSA", "DESK_NETTING" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "S2_LRA", "situation": "Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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.", "situation_kind": "fiscal_ceiling", "required_cash": "500000000", "currency": "USD", "funding_deadline": "2029-01-01", "allowed_legal_forms": [ "gold_pledge", "gold_equivalent_title", "issued_security_pledge", "title_transfer_repo" ], "prohibited_legal_forms": [ "fiscal_advance" ], "classification_by_form": { "gold_pledge": "secured_borrowing", "gold_equivalent_title": "secured_financing_with_title_transfer", "issued_security_pledge": "secured_borrowing", "title_transfer_repo": "secured_financing_with_title_transfer", "gold_identical_title": "bespoke_title_financing_pending_proprietary_opinion", "fiscal_advance": "fiscal_lending_requires_separate_authority" }, "required_return": "equivalent", "borrowing_ceiling": "500000000", "maximum_spread": null, "required_approval_ids": [ "S2_IDENTICAL_TITLE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] } ], "mandate": { "mandate_id": "BOOK_DESK_MANDATE", "bank_id": "MERIDIAN", "rules": [ { "rule_id": "DESK_HOLD", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CSA", "action_kind": "execute_csa", "subject_id": "FUND_TRS", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SUBSTITUTION", "action_kind": "substitute_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REVERSE", "action_kind": "reverse_substitution", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_OFFSET", "action_kind": "execute_offset", "subject_id": "OFFSET_TRS", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "OFFSET_CREDIT_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_NETTING", "action_kind": "consolidate_netting", "subject_id": "MASTER_P_CONSOLIDATED", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PROTECTION", "action_kind": "buy_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DESIGNATION", "action_kind": "designate_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "MATCHED_REFERENCE_DESIGNATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO", "action_kind": "repo_allocate", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_ONLY" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO_REPAY", "action_kind": "repay_repo", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_COLLATERAL", "action_kind": "sell_lot", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 3, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "BORROWER_DISPOSAL_CONSENT", "SOVEREIGN_JOINT_DEFAULT_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_INVENTORY", "action_kind": "sell_lot", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_DISPOSAL" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_EQUIVALENT", "action_kind": "buy_equivalent", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DOCUMENTED_EQUIVALENT_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN", "action_kind": "return_collateral", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_COLLATERAL_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN_REPO", "action_kind": "return_collateral", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DRAW", "action_kind": "draw_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": "500000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "EXECUTED_FACILITY_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPAY", "action_kind": "repay_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_FACILITY_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_DEP", "action_kind": "meet_margin_call", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_FUND", "action_kind": "meet_margin_call", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_HEDGE", "action_kind": "meet_margin_call", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FUND", "action_kind": "settle_payable", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FUNDING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_DEP", "action_kind": "settle_payable", "subject_id": "DEP_LOAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_DEPLOYMENT_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_RETURN", "action_kind": "settle_payable", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_RETURN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_HEDGE", "action_kind": "settle_payable", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_PROTECTION_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FACILITY", "action_kind": "settle_payable", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FACILITY_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_BANK", "action_kind": "settle_payable", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OWN_BORROWING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_OFFSET", "action_kind": "settle_payable", "subject_id": "OFFSET_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OFFSET_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_PROVIDER", "action_kind": "settle_claim", "subject_id": "P", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROVIDER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_BORROWER", "action_kind": "settle_claim", "subject_id": "BORROWER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_BORROWER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_HEDGE", "action_kind": "settle_claim", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROTECTION_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_LIQUIDATION", "action_kind": "liquidate_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "ENFORCEMENT_AND_SURPLUS_REVIEW", "ZERO_BID_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REINVEST", "action_kind": "reinvest", "subject_id": "DEP_LOAN", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MATURED_PRINCIPAL_TREASURY_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_FISCAL", "action_kind": "fiscal_advance", "subject_id": "S2_LRA", "tier": "prohibited", "maximum_amount": "0", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "SEPARATE_FISCAL_AUTHORITY_ABSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_IDENTICAL_TITLE", "action_kind": "identical_title_financing", "subject_id": "S2_LRA", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 3, "approval_outcome": "pending", "approval_valid_days": 5, "reason_codes": [ "PROPRIETARY_RETURN_OPINION_MISSING" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CSA", "action_kind": "execute_CSA", "subject_id": "ACT_CSA", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_SUB", "action_kind": "substitute_collateral", "subject_id": "ACT_SUB", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_NET", "action_kind": "consolidate_netting", "subject_id": "ACT_NET", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CDS", "action_kind": "buy_CDS", "subject_id": "ACT_CDS", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_HOLD", "action_kind": "hold_capital", "subject_id": "ACT_HOLD", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_RELEASE", "action_kind": "release_substitution", "subject_id": "ACT_RELEASE", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, "accepted_positions": [ { "position_id": "KEEP_FUNDED_BOOK", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "binding_constraint": "Existing contractual duties and whole-book capital remain binding; the pledged own-sovereign issue has a zero conditional bid in the selected joint default and retaining the funded position manufactures no liquidity.", "requirements": [ { "source": "case", "pointer": "/book/funding_principal_source", "relation": "eq", "value": "identified_asset_sale" }, { "source": "case", "pointer": "/mandate/rules/0/tier", "relation": "eq", "value": "permitted" }, { "source": "case", "pointer": "/counterparty_constraints/0/situation_kind", "relation": "eq", "value": "fiscal_ceiling" } ], "rationale": "Service the funded position without inventing a second principal exchange or a positive recovery price; the sovereign's fiscal ceiling leaves no room for a fresh advance while executable alternatives and their capital effects are assessed." }, { "position_id": "REQUEST_CSA_AUTHORITY", "action_kind": "escalate", "subject_id": "FUND_TRS", "binding_constraint": "The funding CSA requires a dated cash-budget approval before any execution; no approval converts the zero-bid sovereign pledge into eligible collateral.", "requirements": [ { "source": "case", "pointer": "/mandate/rules/1/tier", "relation": "eq", "value": "requires_approval" }, { "source": "case", "pointer": "/mandate/rules/1/reason_codes", "relation": "contains", "value": "CSA_CASH_BUDGET" }, { "source": "case", "pointer": "/mandate/rules/1/maximum_amount", "relation": "eq", "value": "1000000000" } ], "rationale": "Request the source-mandated funding-CSA approval while preserving the funded book; a request or approval is not an executed collateral arrangement and does not mitigate the wrong-way sovereign exposure." } ], "book": { "bank_id": "MERIDIAN", "provider_id": "P", "borrower_id": "BORROWER", "reference_id": "U", "sale_agreement_id": "SALE_U", "funding_agreement_id": "FUND_TRS", "deployment_agreement_id": "DEP_LOAN", "notional": { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, "reference_quantity": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract/quantity" }, "funding_start_date": "2026-09-19", "funding_maturity_date": "2046-09-19", "deployment_start_date": "2026-09-19", "deployment_maturity_date": "2031-09-19", "funding_principal_source": "identified_asset_sale", "TRS_has_no_principal_exchange": true, "year5_reinvestment": "OIS_cash", "cash_funding_policy": "actual_cash_deficit_not_noncash_reserve", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "documents": [ { "document_id": "SYNTHETIC_PACKET", "title": "Dated fictional legal, market and event packet", "source_kind": "fictional_policy", "fictional": true, "author": "Capstone exercise drafter", "published_at": "2026-09-19", "file": "docs/exhibit-fields.md", "source_uris": [], "source_version": "Fictional dated source exhibits, 2026-09-19 plus specified conditional event dates", "locators": [ { "id": "fictional-institutional-parties", "quote": "Fictional source parties. FACILITY_LENDER supplies the separately committed actual-desk liquidity line, not an alias for the controlled ACTUAL_FACILITY counterparty. S2_LRA is a separate monetary authority used only in the S2 comparison, never the BOOK borrower or Treasury.\n\n[\n {\n \"party_id\": \"FACILITY_LENDER\",\n \"legal_name\": \"Cedar Liquidity Finance\",\n \"kind\": \"corporate\",\n \"incorporation_jurisdiction\": \"Meridia\",\n \"insolvency_jurisdiction\": \"Meridia\",\n \"resolution_jurisdiction\": \"Meridia\",\n \"ownership_group\": \"FACILITY_LENDER\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"legal_name\": \"Lydora Reserve Authority\",\n \"kind\": \"public_authority\",\n \"incorporation_jurisdiction\": \"Lydora\",\n \"insolvency_jurisdiction\": \"Lydora\",\n \"resolution_jurisdiction\": \"Lydora\",\n \"ownership_group\": \"S2_LRA\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n }\n]", "sha256": "12f588f5e3b9b80908bc7d69cb0281b1e998e83fd4272176231735e7f2548e79" }, { "id": "fictional-institutional-authority", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower.", "sha256": "8893e23cd75f738b088d1d7990ea2bf886c7e63f4af00f356386060c77258dd0" }, { "id": "fictional-counterparty-constraints", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower. Each row states its situation_kind from the closed set liquidity_stress, ratings_pressure, regulatory_order, fiscal_ceiling, resolution, sanctions_exposure or none; the free-text situation is narrative and cannot widen that set. Rows vary with the selected branch and are listed under their episode_id.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its parliament's fiscal ceiling caps aggregate borrowing at the stated ceiling; the selected joint default of issuer and obligor leaves the pledged issue with a zero conditional bid, not a second funding source.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. The joint sovereign default does not touch its own funding; it requires only the funding-CSA cash budget and consolidated netting to be approved before either is treated as executed.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its fiscal ceiling caps aggregate borrowing at the stated ceiling and the promised issue has no identifier, no traded mark and no perfected security before issuance; a failed three-business-day issuance window supplies neither a traded asset nor timely cash.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"contingent_issuance_promise\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"contingent_issuance_promise\": \"unsecured_borrowing_with_contingent_security\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because no security exists before issuance, it additionally requires the collateral-substitution review to be approved before any replacement asset is treated as delivered against the funding leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-25\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_SUBSTITUTION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W2\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Anatara Bank 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. A nondefault transfer-control order of its home authority traps collected payment-rights cash locally; no licence exists and every nondefault flag stands, so restricted local balances are not remitted cash.\",\n \"situation_kind\": \"regulatory_order\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"payment_rights_assignment\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"contingent_issuance_promise\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"payment_rights_assignment\": \"borrowing_secured_by_assigned_receivables\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the borrower's collections sit under a transfer-control order, it additionally requires the transfer-control review of borrower claims to be approved before any such claim is counted toward the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_CLAIM_BORROWER\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W3\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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 \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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 \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-12-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_OFFSET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W4\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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. Its solvent, legally realisable asset cannot be sold or repoed before the deadline because the market is closed; a USD40m indicative value produces zero deadline proceeds and only the USD10m line is actual cash.\",\n \"situation_kind\": \"liquidity_stress\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the market is closed, it additionally requires the market-closure review of any facility draw to be approved before drawn cash is treated as covering the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_DRAW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n }\n]", "sha256": "09fe272fa1d83abad7fa2af1e955f58fc41d55bd8ba151da965f98f679a25ecf" }, { "id": "fictional-desk-mandate", "quote": "This fictional desk mandate is a current authority schedule, not a statement that an action has occurred. Every row applies only to the named action kind and authenticated source subject. Approval requests create pending decisions, never immediate permission. The listed outcome is the disclosed decision procedure: resolution occurs only after its calendar-day delay, and an approved authority expires after its stated valid days and may be consumed only by the accepted scoped action. Pending means no scheduled grant. An approved authority never waives a client restriction or an existing legal, title, cash, quote, size, prudential or settlement gate. Maximum amounts measure covered funding principal for CSA, actual opposite-trade notional for offset, covered protection notional for protection and designation, and replaced USD1-face quantity for substitution and reversal. A netting cap, if stated, measures gross covered source notional, not a legal fee. Draw caps measure resulting aggregate outstanding facility principal, so split draws cannot evade them. Reinvestment caps measure actual reinvested principal; cash payments and repayments measure the actual amount discharged. Sale and equivalent-purchase caps measure dirty cash consideration including issuer accrual, excluding execution fees. Repo allocation measures actual funded advances for its authenticated bank, lender or lot scope, not collateral market value; repayment measures actual principal and interest discharged. Return limits measure the USD1 face returned, or cash actually redeeming that outstanding face. Null means this source states no additional numeric mandate cap; every underlying contractual and funding limit remains mandatory. The separate S2 fiscal advance is prohibited without a new fiscal resolution. Its identical-title route remains pending a proprietary-return opinion; neither entry creates a BOOK loan or cash balance. The schedule varies with the selected branch: each episode's rules are listed under its episode_id, and a rule's tier, cap, delay and reason codes apply only within that episode.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\",\n \"SOVEREIGN_JOINT_DEFAULT_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\",\n \"ZERO_BID_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NO_ISSUED_SECURITY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W2\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"250000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"TRANSFER_CONTROL_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W3\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\",\n \"LIQUIDITY_STRESS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W4\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MARKET_CLOSURE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n }\n]", "sha256": "c7b09740f1d3a745d347fd66b02b2169cf712426705b67e29ce964bc1c0ed134" }, { "id": "input-contract", "quote": "Every case is a complete fictional input instance and references the single public fixtures/numerical-inputs.json. No case contains a supplied exposure path, EAD, capital, reserve, action NPV or future P&L answer. Each named decision panel is a separate controlled snapshot; its balances cannot be added to another panel's balances. A missing legal, quote, eligibility or correlation fact raises ReferenceError before any candidate is scored.", "sha256": "252cbd2e720e2c44db1293940f4fe622da52002b59ae8df31f92aa753975387b" }, { "id": "fictional-parties", "quote": "Meridian Bank is the reporting bank incorporated in Meridia. Northhaven Bank is the funding provider incorporated in Northhaven and is a prudentially supervised bank, rated A without implicit state support. Apex Financial is the independent AAA bank issuer of reference U. Harbor Protection Bank is the independent AA bank protection seller. Clearvault Trust is the custodian in Meridia. Lydora Republic is the W1 sovereign borrower and issuer. Anatara Bank is the W2 borrower, supervised in Anatara. Caldera Bank is the W3 and W4 borrower. Celadon Export Finance is the independent issuer of the W3 and W4 deployment security. Westhaven Bank issues the AAA substitution security. Juniper, Pine, Stonebank and Reef names in the allocation annex are fictional. Separate ownership groups and explicit case correlation assessments are facts, not inferences from distinct names.", "sha256": "0d61ef5be83d11ac6c414e21f0091adbae94a38d2f01aa840b4f6ee2d76725b4" }, { "id": "fictional-instrument-register", "quote": "U is an already-issued senior unsecured floating-rate note of Apex Financial, issued 2025-09-19 and maturing 2046-09-19. It has USD1 face per unit, one billion units in this book, quarterly OIS plus 100bp coupons and USD1 redemption per unit. Meridian owns U before the sale. The Lydora issued branch has an already-outstanding five-year USD senior sovereign bond, one billion USD1 units, maturing 2031-09-19 and rated B. No Lydora security is registered in the contingent branch. The Celadon deployment security and Westhaven substitution security each mature 2031-09-19. Celadon is rated BB and Westhaven AAA. The numerical fixture uses fictional identifiers with valid ISIN check digits and makes no claim that these identifiers represent real securities.", "sha256": "5117606f89674d122ccf895a619e16b64462118466483824d54bad70b4fccb96" }, { "id": "fictional-executed-agreements", "quote": "On 2026-09-19 at 12:00 UTC Meridian and Northhaven execute the U sale and FUND_TRS. Meridian sells one billion units of U for USD1bn cash. Northhaven becomes legal owner and pays no second principal under the TRS. Meridian receives the full total return of U and pays OIS plus 70bp on USD1bn until 2046-09-19. Quarterly return cash is quantity times the change from the last actually settled ex-distribution reference price, plus the reference distribution, less the financing payment. Final distribution includes principal redemption and the final ex-redemption reference price is zero. Reference coupons are counted once. A price reset settles only that price change; it does not erase the remaining financing advantage. Surviving contractual replacement value uses all remaining terms and an independent matching quote. Sale proceeds fund the separate USD1bn five-year loan paying OIS plus 400bp. At 2031-09-19 the deployment repays principal, which remains in an OIS account until the twenty-year funding obligations close. The separate OFFSET_TRS is an already executed comparison-panel transaction with Northhaven, quantity and notional USD500m, original twenty-year maturity, total-return payer Meridian and separate OFFSET_P netting set. Its matching firm upfront replacement quote is minus USD50m at inception. That quote fixes a constant-spread conversion against the original quarterly annuity and rolls by the remaining annuity; it is not a supplied exposure path. Its cash belongs to the separate capital-comparison panel, not the base funding ledger.", "sha256": "a2d5d2e8e4cdb29a952fc39bba076d4259e401a93da0aa5f91bc022b55b0e3dd" }, { "id": "fictional-security-rights", "quote": "The executed deployment security agreement creates a perfected first-ranking pledge over the identified issued bond, or a perfected assignment of the specifically identified W2 payment rights. It gives Meridian timely enforcement rights subject to the documented branch event, Clearvault custody segregation and an express prohibition on reuse before enforcement. Legal ownership stays with the pledgor for a pledge. Transfer of legal title to U under the funding sale is not collateral received by Meridian against Northhaven. The W1 contingent document creates a promise to issue a new security after default, with legislative capacity and market admission conditions; it creates no perfected security interest in a presently existing bond. The missing security is not priced by borrowing the curve of another issued line. Contractual collateral acceptance is distinct from regulatory eligibility. Westhaven substitution securities are borrower-owned inventory offered under a proposed first-ranking pledge; Meridian does not obtain credit mitigation by pledging its own property to itself. The substitution pledge is ineffective until executed and the title record settles. Releasing an executed substitution returns the identified units to the borrower and removes the encumbrance; it is a separate counterfactual action, not the same title event as creation.", "sha256": "065ba683ba29adf8917a13e055657591ab23b602ffafe64ca601303ba6c49382" }, { "id": "fictional-opinions", "quote": "Fictional counsel Morrow & Vale issues final opinions on 2026-09-18, reviewed on 2026-09-19, for the named agreements, parties, Meridia, Northhaven and the relevant borrower jurisdiction. The opinions cover execution authority, capacity, contract, insolvency, resolution, security, closeout and transfer law and remain current through 2047-09-19 absent an identified law change. They confirm the funding sale, bilateral closeout master, no walkaway clause, custody segregation and the stated security rights. Sovereign execution immunity is waived for the specified commercial pledged assets, not for every state asset. The contingent W1 opinion expressly denies present security perfection and requires a new capacity and admission review on attempted issuance. The netting extension opinion remains qualified until executed novation and the remaining local opinion arrive; no consolidation benefit exists before that gate. W2 counsel confirms that a sovereign transfer ban can block remittance without bank default. W4 counsel confirms that legal sale rights survive a market closure but do not manufacture an executable market.", "sha256": "3fa65711c3d7dd609e8d4dc1b60ee01f7253cd9cc821a3f277bc1a77c40f959a" }, { "id": "fictional-quote-board", "quote": "The independent fictional replacement quote applies to FUND_TRS, reference U, USD currency, quantity one billion, notional USD1bn and the original remaining maturity and payment terms. At inception its financing spread is 100bp over OIS, versus the original locked 70bp. The quote convention is reset to the current reference price. The old-reference price adjustment and accrued stubs are excluded from the quoted replacement funding spread and must be added once. The quoted linear spread-to-price conversion uses the OIS-discounted quarterly remaining annuity supplied by the quote convention, not an asserted universal termination payoff. A changed mark-curve observation affects legal exposure only with a matching replacement quote under the declared synthetic joint quote process. An original-reference quote that already includes the old-price adjustment cannot add it twice. The internal AAA mark curve is AAA financial closes plus a 20bp internal add-on, and its add-on is significant and unobservable. Fictional executable quotes establish the simulation's legal replacement value; they are not claimed to be real observable market evidence for IFRS day-one recognition. OFFSET_TRS quote SYN-OFFSET-20260919 is executable for the same U, Northhaven, USD500m quantity/notional and twenty-year surviving terms, with quoted upfront minus USD50m and the stated remaining-annuity conversion. The S3 Stonebank and Reef seven-day schedules, exact eligible lots, market haircuts and spreads are the independent firm synthetic quotes in fixtures/numerical-inputs.json; capital-action CDS roll quotes are likewise independent quoted contracts, not derived from the desk curve alone.", "sha256": "4c782ec46e59dc77b618063518aa1004809ade1c4ab8e84a08ec1a3fd8546f9d" }, { "id": "fictional-curves", "quote": "The nine curve identities are OIS discounting, internal AAA funding marking, Meridian unsecured bond funding, Meridian CDS, Northhaven CDS default risk, Apex reference-issuer credit, EM deployment credit, Harbor hedge-provider CDS and Westhaven eligible-collateral credit. They are independent inputs. Each public scenario provides all nine levels, nodes through the relevant tenor, units and a flat interpolation convention with no extrapolation. Baseline OIS is 4%, internal AAA mark is 20bp, own bond 50bp, own CDS 30bp, provider CDS 80bp, reference credit 100bp, EM credit 400bp, hedge-provider CDS 40bp and eligible-collateral credit 100bp. Own bond funding is measured over OIS; bond minus own CDS is a separate basis diagnostic, not a replacement for the cash funding spread. Ratings, issuer identity, legal eligibility and material correlation do not follow automatically from spread levels.", "sha256": "7880b8a7049dd2df8aea1c520e2952870061ad4f21a951ea9aa03fc2e8cab8de" }, { "id": "fictional-classification", "quote": "The fictional institutional letter dated 2026-09-18 classifies the legal FUND_TRS under SA-CCR despite the separately stated failed-sale accounting bridge. Its documented sensitivity assessment selects credit as primary risk and supervisory delta minus one for the total-return receiver. A separate dual-risk calculation is an explicit countercase, not a default. Quarterly reference resets do not qualify as full trade-value resets. Northhaven's eligible A bank rating selects the stated ECRA bank risk weight. Baseline recognised incurred CVA write-down is explicitly zero; an internal management CVA reserve cannot silently be deducted as a statutory incurred write-down. Reduced BA-CVA applies without SA-CVA approval. The eligible CDS option uses full BA-CVA with provider CVA measured separately. The written-credit leverage election is disclosed in the canonical annex. The collateral loan is banking book, not a relabelled five-day trading repo. Allocation quotes use disclosed conservative base bank risk weights; optional short-term CRE20.19 relief is a separate countercase.", "sha256": "00ca6c5408c410a07a03fefd9d7d4ec379204a454ebd5586bd632a56cd392ead" }, { "id": "fictional-collateral-assessments", "quote": "For W1 issued, the sovereign borrower and collateral issuer are the same legal person; common control and material positive correlation are expressly true and the B sovereign issue is outside the general eligible sovereign debt threshold. W1 contingent has no issued collateral. W2 future payments are not eligible financial collateral under the selected standardised financial-collateral approach, and bank-default plus sovereign-transfer dependence is material. W3 and W4 Celadon is a different issuer, outside common control with Caldera, and the fictional due-diligence assessment finds no material positive counterparty-credit correlation under the stated controlled state. A distinct funding-side joint stress or a market closure can still matter. Celadon's BB non-sovereign paper is not eligible under the selected financial-collateral table. Westhaven AAA substitution inventory is issued, liquid, enforceably pledged, currency matched, outside common control and explicitly assessed without material positive correlation. Its supervisory haircut must still be derived from issuer kind, residual maturity and the applicable holding-period table, separately from its market financing haircut.", "sha256": "f1fec993790e2ab94035189e200892cf5cab1093233e837f4865545329fd77ea" }, { "id": "fictional-ledgers", "quote": "The base opening statutory ledger has U USD1bn and free cash USD100m against legacy OIS debt USD1bn and equity USD100m. The sale adds USD1bn cash and a financing liability because the sale plus full-return retention fails derecognition. Deploying USD1bn exchanges cash for the five-year loan. U stays in the statutory asset ledger even after legal title passes to Northhaven. The management TRS mark and reserve pots do not create a duplicate statutory derivative. The USD1m day-one fee is an actual cash cost. Quarterly U return, financing, deployment coupon and legacy OIS interest follow their own contracts. Actual negative settled cash draws the priced borrowing facility; a positive replacement mark or a noncash reserve charge alone does not draw debt. The optional exposure-prefunding experiment has its own facility and external segregated deposit and is never the base cash book. At year five loan principal parks at OIS, and at year twenty redemption, sale financing, legacy principal, deposit withdrawals and remaining settlements are tracked explicitly. An unsettled provider dispute prevents unconditional terminal closure. The executed actual-deficit facility limit is USD500m with zero upfront fee, no acceleration solely from the toy capital comparison, and a spread indexed to the current own-bond spread in the applicable scenario. The legacy USD1bn funding pays OIS and matures at year twenty under its own agreement. Free operating cash and reinvested principal earn OIS in the explicit depository account. W1, W2 and W4 noon cash calls arise under a separate operating-payment agreement, not an obligation to draw the deficit facility. The optional prefunding deposit is a separate account restricted to that experiment.", "sha256": "9902f74f53a7ff70a8740b5147530b14f0683b3da8babc86bc99c5a296c1b994" }, { "id": "fictional-accounting", "quote": "The sale and return swap form one IFRS9 accounting unit retaining substantially all return risk. U and the financing liability remain recognised; a second statutory derivative for the same rights is not recognised. The gross management funding benefit and CVA, UFVA and KVA pots are reconciled out of that unit unless separately justified accounting recognition exists. Day-one observability analysis follows the unit-of-account decision. Significant internal add-on inputs are unobservable. Management deferral releases by frozen initial priced time or independently evidenced observability, never just spread tightening. Expected reserve theta is P&L once, not new additional profit. Reserve market remeasurement, hedge gain or loss, cash funding drag and cash movements are distinct. Only identified recognised fair-value exposures enter the separate EU-style AVA model-risk panel. Its uncertainty distribution and same-source accounting prudence, rather than reserve size alone, determine AVA; AVA reduces CET1 without being an automatic P&L charge.", "sha256": "20fbc5d3db61f1faba84aaada37a0579989fc75983118442239295159024b9c5" }, { "id": "fictional-actions", "quote": "Six alternatives are public: execute two-way full-mark cash CSA, substitute Westhaven AAA collateral, consolidate enforceable netting sets, buy five-year Northhaven CDS from Harbor with an explicit designation decision, hold capital, or release an already executed substitution. All fees, recurring spreads, tenor, facility costs, execution lags and unwind prices are in fixtures/numerical-inputs.json. Quotes are firm subject to documented execution and opinion gates. CSA has zero thresholds and MTA and reusable USD VM remunerated at OIS, but posting liquidity is a priced obligation. The proposed consolidation has a thirty-business-day legal gate and cannot release capital while pending. Five-year protection has no automatic rollover into the uncovered final fifteen years. Harbor has separate default risk and margin terms. Holding capital costs the disclosed KVA. Substitution and its release affect real encumbrance and financing/yield terms. A capital reduction never appears as cash received. The separate S3 annex has borrower Meridian posting issued, unencumbered, freely available lots L1/L2 of USD120m/USD110m AAA other-issuer five-year bank debt and S01-S50 of USD0.8m each in distinct main-index equities. Equities have no contractual debt maturity; residual_years zero denotes not applicable only for this equity class. Juniper, Pine and each Seabrook issuer are unrelated to Meridian and the lenders, without common control or material positive credit correlation. Counsel confirms enforceable return of equivalent collateral after repayment, legal title and daily valuation under same-currency USD repos. No lot is pledged twice. Exact per-lot issuer, rating, rights and eligible lender facts appear in fixtures/numerical-inputs.json. Supervisory ten-day haircuts follow the stated asset class, issuer type and debt maturity; independent market advance haircuts and loan spreads come from the lender quotes. This is a synthetic seven-day market, not a calibration transferred from the empirical study. Stonebank is an eligible AA bank and Reef an eligible BBB bank; the disclosed conservative base ECRA election is 20%/50%, not a compulsory seven-day risk-weight floor. Optional CRE20.19 20%/20% is separately calculated. The full 52-lot assignment, concentration limits, objective and proof domain are disclosed in that same annex.", "sha256": "cf250329b122ef47176553210a79f90aa93cf591a6557de9d8efc42441faf57e" }, { "id": "fictional-events", "quote": "Branch-event liquidity accounts are independently funded operating snapshots, not the base USD100m cash book or the controlled AVA/leverage panel. W1 issued and contingent each have USD5m accessible cash, no available branch facility and a separate USD20m cash call due at noon on 2026-09-22. W2 has USD5m accessible cash, no available branch facility and a USD20m cash call due at noon, with USD12m already collected but trapped by transfer controls. W3 uses the actual base quarterly cash ledger, not a supplied price-loss number. W4 has USD5m accessible cash and an executed unconditional USD10m branch facility against a USD30m noon cash call. The W4 security's USD40m mark cannot be spent during the closure. Every cash deadline is a UTC instant. Branch default, transfer and market facts are independent from common decision-panel assumptions.", "sha256": "5fd97e24b5174630f79eed196d585724c271a824a6e5755a52d3a292c1d9e267" }, { "id": "w1-issued-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; Meridian decides at 10:05 UTC against a 12:00 UTC settlement cutoff. The already-issued Lydora bond existed and traded before default, but its selected catastrophic conditional firm bid is zero for all pledged units and no collateral cash arrives by the cutoff. This is an explicit synthetic zero-liquidation event, not a universal sovereign recovery rule. Apex U and Harbor do not default. The AAA reference price does not become zero because Lydora defaults. Northhaven's full contractual TRS replacement claim and its recovery must be evaluated separately from the sovereign security. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero.", "sha256": "7420ac6663622e9186990bddd7f721fe49b12d099a25583f8e8c604b045ec389" }, { "id": "w1-contingent-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; decision is 10:05 UTC and settlement cutoff 12:00 UTC. The pledge document contains only a contingent promise to issue after default. No security, ISIN, predefault traded price or security-title position exists for that promise. Legislative capacity and exchange admission remain unsatisfied, no new issue completes in the three-business-day issuance window, and market capacity at the cutoff is zero. Apex U and Harbor do not default. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero. Equal zero cash recovery in this event does not erase the legal-existence, accounting and predefault markability differences from an issued bond.", "sha256": "b45bc5d735211416f26c76be63f48686d28ded9d8873f5e1b5cabe678cc5ae1b" }, { "id": "w2-transfer-event", "quote": "On 2026-09-22T09:00:00Z the fictional Anatara Transfer Authority prohibits cross-border USD remittance until 2026-09-29T09:00:00Z. USD12m from the specified future-payment obligors is collected locally at 09:30 UTC but cannot be sent to Meridian; no exemption licence exists. Anatara Bank, Northhaven, Apex and Harbor remain nondefaulted. Meridian decides at 10:00 UTC and owes an independent USD20m cash call by 12:00 UTC. Its only accessible branch cash is USD5m, and it has no available branch facility. Continued collection is not remittable collateral cash. The assignment survives but sovereign transfer power overrides the collection waterfall at the deadline.", "sha256": "b712b861cdcb1e324db4881282548f2f874443072c846ac112a0179ba0b93afe" }, { "id": "w3-joint-event", "quote": "The selected W3 first-quarter settlement is 2026-12-19T12:00:00Z; the joint market state is observed at 09:00 and the decision at 09:05. OIS stays 4%, internal AAA mark rises from 20bp to 120bp, own unsecured bond spread rises from 50bp to 150bp, own CDS stays 30bp, Northhaven CDS rises from 80bp to 160bp, Apex reference credit rises from 100bp to 350bp and EM credit rises from 400bp to 700bp. Harbor CDS and Westhaven credit remain 40bp and 100bp. All default flags are false. The U cash price loss uses the actual remaining 19.75-year post-coupon reference price and last settled price one. U coupon is received once through the TRS, OIS plus 70bp financing is paid, the loan pays its locked 8% coupon and legacy OIS is paid. The five-year deployment now has 4.75 years left and its mark is its locked coupon and principal discounted at OIS plus the current EM credit spread, 11%. That EM mark loss is not cash-settled under the loan. Actual deficits, after opening cash and the fee, drive borrowing; the funding-mark rise alone does not.", "sha256": "652867100ed3c78119c2e3772fae6bb4b6f0b9785d6c1566d4074ed2120f7c37" }, { "id": "w4-closure-event", "quote": "The Celadon bond market closes on 2026-09-22T09:00:00Z and reopens on 2026-09-24T09:00:00Z. At the 2026-09-22T10:00:00Z decision the independent cash call is USD30m due 12:00 UTC, accessible cash is USD5m and the executed unconditional branch facility can advance USD10m by 11:00 UTC. Meridian has legal sale rights over forty million USD1 units marked at USD1 before closure. Both sale and repo executable capacity are zero during closure. The first reopened trade is 2026-09-24T09:00:00Z at the disclosed USD1 bid; its USD proceeds first settle 2026-09-25T12:00:00Z. No borrower, funding-provider, reference-issuer, collateral-issuer or hedge-provider default occurs. The unchanged mark and surviving legal sale right do not meet the earlier cash deadline.", "sha256": "b92d6d091c9d5d008fd3e8f3b6c3eed94c000cf2eb9e31a369555c10d163fc3f" }, { "id": "numerical-input-contract", "quote": "Canonical numerical inputs are explicit exact decimal strings, Boolean facts and integer counts. All used fields are required by schemas/numerical-inputs.schema.json, which rejects additional fields, missing issuer kind, missing correlation or missing quote evidence. Curves and decision panels bind to that public file by JSON Pointer, and no hidden profile file or verifier default supplies a missing number. Causal countercases may change supported input values but must retain matching identities, quote basis, timing and independent legal evidence. Numerical calculations belong to src/numerical_fixture.py and src/reserve_ledger.py; src/validate_exhibits.py checks reference integrity and never assigns a candidate penalty.", "sha256": "485f03cd41dda47862106dbc63d0e7b926c6f83f7c3aec80ea7958ab95e7061e" }, { "id": "fictional-reporting-panels", "quote": "The required reporting_panels object is the public question-routing contract. Each of the seventeen financial panels supplies report field pointers, one obligation owner, the shared report evidence array, a snapshot ID, full-state scenario IDs, model clock, exact numerical-input JSON pointers, relevant legal agreement IDs, a selection rule and claim-specific required source locators. Four institutional panels, LEGAL, COMPLIANCE, STRUCTURE and RECOMMENDATION, map the whole legal, compliance, structure and recommendation sections to O9-O12. They have no evidence_array; their conclusions use typed, independently supported premises checked for truth, relevance and consistency rather than exact reference wording. All reference inputs are mandatory. Fields drawn from several controlled observations form a report, never one simultaneous portfolio. BASE is normal inception; MARK_ONLY widens the funding/replacement quote and own bond without any reference cash loss. AAA_LOSS uses the separately specified first-quarter reference-credit cash shock. YEAR1_ROLL and YEAR1_RESERVE are the same instant after one year of normal cash roll, with only the funding quote and P CDS changed. TERMINAL_DISPUTE is a separate year-twenty observation. Only branch_liquidity reads EVENT. Controlled collateral, capacity, protection, reversal, AVA and allocation panels do not inherit the selected branch borrower, default or account balances. Every typed financial report leaf is owned by exactly one panel; common evidence arrays do not merge the obligations.", "sha256": "d43e42b9adf63091fd6701be6122807dac29e1338f0de3d2285baa1b86bc0918" }, { "id": "fictional-cash-stress-panel", "quote": "The actual-cash-stress counterfactual starts from the separately disclosed BASE_CASH book, USD100m cash before the USD1m paid service expense. Before first quarterly settlement U credit widens by 250bp, the internal and executable replacement funding quotes widen by 100bp, and own unsecured bonds price borrowing at OIS plus 150bp. Provider CDS and deployment credit stay at their original levels in this cash-only experiment. Reference price return, reference coupon, financing payment, deployment coupon and legacy OIS payment settle under their own contracts. Borrow only the resulting deficit up to the executed USD500m limit, not the MTM or reserve balance. The mark-only comparison retains U credit unchanged and therefore creates no price-return cash loss merely from a funding quote widening. Both paths keep explicit future repayment and year-five OIS reinvestment. The conditional cash simulation is not permission to originate the capital-deficient book.", "sha256": "2dfff725b160f42389109a994eec9cb1f6ae61e4486a61a51ca60733fd3a1495" }, { "id": "fictional-conditional-facility", "quote": "The conditional prefunding sensitivity is a separately executed fictional facility and external OIS deposit, not a debt instruction in the base book. Its target is the positive incremental matched replacement funding mark after the disclosed funding move. It has its own USD100m opening cash and equity, zero setup fee, primary spread equal to initial own spread plus the disclosed move beta, external OIS deposit remuneration and explicit primary interest cash payments. If interest exhausts this separate cash, the actually executed deficit facility pays it; no reserve is capitalised automatically. conditional_quadratic_ufva requests the PV of primary spread cash expense only, excluding secondary coupon-funding and fees. A mark or reserve without these executed cash transactions does not support that formula.", "sha256": "2db4b6b5833f8c25da9e8af7fcdfa22b0642ea2b904c351f1ae1a7e7b9cf96dc" }, { "id": "fictional-lydora-comparator", "quote": "This is an independent controlled five-year USD1bn loan to Lydora Republic and is not the live W2, W3 or W4 collateral. Lydora is a sovereign, owns and has already issued the pledged USD1bn face bond, also owes the loan, and has issue rating B from the permitted fictional rating agency. The bond was already outstanding at the valuation date, has five residual years, quarterly OIS plus 400bp coupons and an inception price of one under its matching synthetic curve. Counsel gives an executed, perfected, first-ranking and enforceable USD security interest to Meridian, with clear custody control and daily revaluation, timely liquidation rights, no prior liens, no permitted reuse before enforcement and return/release after loan repayment. Market access is open at this comparator observation, and exposure and collateral are both USD. The issuer and loan obligor are exactly the same legal person, so material positive correlation is explicitly true; neither the B rating nor apparent collateral value overrides that relationship. These facts are the public legal source for every collateral_gate field. The supervisory rules, not an exhibit-supplied exposure, determine whether any mitigation is recognised. Same-issuer denial takes precedence in the single reason field; below-threshold rating is an additional defect.", "sha256": "2c9c6553d4ae1382b12e6360ba46e6cc55172066ff13056deed318408e672a41" }, { "id": "fictional-protection-panel", "quote": "The selected protection question is the conditional stress-designated CDS comparator: reference P, seller H, fixed USD320m notional, five years starting at actual execution, eligible direct irrevocable unconditional timely cash protection, matched currency and obligation, and no automatic renewal. Start is two business days after decision when the signed confirmation and opinion are delivered. Full BA-CVA designation is deliberately elected for the controlled comparison; baseline FUND_TRS remains unhedged. H has its own independent CDS/default curve and already executed two-way cash-VM CSA, zero threshold/MTA/NICA, and twenty-business-day MPOR. The funding mark is shocked by 100bp while P CDS remains at inception level for this stress-designated comparison. Pa and capital-at-initial-hedge observations use the hedge-execution clock, not proposal time; subsequent observations are one and 4.75 years after execution. The separate year-one hedge quote is one year after execution with four contractual years left. Short protection does not erase the written-credit leverage notional. Tail risk and expiry remain explicit after any initially full maturity recognition.", "sha256": "5438a77bbd50accb412e517ce8ddcea07d0aadb0489b9bea8c573c3d20473652" }, { "id": "fictional-capacity-panel", "quote": "The requested capacity snapshot is the normal-market, already-effective eligible Westhaven substitution comparison, including its quoted setup fee and the stated controlled AVA. Use the exact separate leverage_snapshot balances, recompute risk-weighted and leverage requirements, and deduct the setup fee and specified AVA from qualifying Tier1. Do not import year-one reserve equity, the actual base cash ledger or the branch operating cash. The capital_KVA report field is separately the standalone funding CCR+CVA level in the mark-only +100bp funding shock with P CDS held at inception, not whole-book max-constraint KVA or a component added to it. The actual base whole-book capital shortfall is disclosed separately and cannot be repaired with this comparator balance sheet.", "sha256": "a948253253f7fa9fe0d90d6b2ab404362458cd3ec9a13cc1f9eeab6f2db75da5" }, { "id": "fictional-decision-panel", "quote": "The requested proposal under review is release of an already executed Westhaven collateral substitution, versus keeping that same substitution. It restores the quoted client spread but increases the original unmitigated capital requirement. structural_value is the standalone reversal component NPV after the stated unwind fee, execution delay and remaining-life capital/yield costs. It is neither an all-in profit nor a recommendation to execute. chosen_action names this proposal, not a winner of an undefined cross-portfolio ranking. It is pending at the initial observation: execution additionally needs settled title release and sufficient whole-book capital, and a positive component NPV does not override that gate. The pre-action capacity fields remain the already-substituted controlled snapshot. Released or increased capital never becomes cash received.", "sha256": "32f96ee0c419798970bbcfcb15b36dd5f3bd2a9a0478db52f24b059a78cb15b3" }, { "id": "fictional-reserve-panel", "quote": "The requested reserve attribution is an instantaneous remeasurement at 2027-09-19T12:00:00Z, after one year of normal cash and valuation roll. Opening G, D and X use the nineteen-year remaining funding profile with normal funding and P CDS. Closing changes only the funding/replacement quote by 100bp and P CDS by 80bp. All U and EM credit, own-bond cash funding, cash balances, OIS, hedge holdings and actual obligations are fixed; no clock time passes. D remains its frozen inception-priced A19 balance, while CVA and KVA inside X remeasure. Carry, theta, actual cash drag and new hedge cash costs for this zero-duration interval are not imported from a year-long or credit-loss scenario. Reported P&L is compared with an independently posted management journal and closing assets/liabilities, not used as a plug. Separate whole-book and funding-only annual-roll examples demonstrate expected release without adding it again here.", "sha256": "bac0a9dc606a6fb710a458fb74b20709174231c431697d4ff39079c57dbb6592" }, { "id": "fictional-terminal-dispute", "quote": "At the contractual twenty-year closing observation, all scheduled U redemption, financing principal, deployment reinvestment and legacy principal follow their separate actual settlement records. P nevertheless owes a disputed USD500000 contractual cash receivable; the dispute is not settled and a USD500000 allowance remains against that unresolved claim. The terminal canonical annex names both claim and allowance as observed case facts, not an automatically generated XVA terminal value. Therefore all obligations are not yet settled. Later actual payment or evidenced final legal write-off are separate possible events; neither is booked at maturity merely because the scheduled core mark has ended.", "sha256": "04062c4e7dce46ec2986ea4e74222701320a4a84883dbb5e92ec3764e414ea04" } ] }, { "document_id": "CAPITAL_RULES", "title": "Dated global Basel capital rule packet", "source_kind": "official_rule_packet", "fictional": false, "author": "BIS Basel Committee; packet compiler", "published_at": "2026-09-19", "file": "docs/capital-rulebook.md", "source_uris": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm?inforce=20230101&published=20200605", "https://www.bis.org/basel_framework/chapter/CRE/22.htm?inforce=20230101&published=20201126" ], "source_version": "Current dated editions listed in packet, retrieved 2026-09-19", "locators": [ { "id": "source_register", "quote": "All Basel versions below were retrieved as current on 19 September 2026.", "sha256": "50df68fc1277f8ca51971ef2e64233781c952bbabf3e7f158ae741394030bac8" }, { "id": "collateral_eligibility", "quote": "CRE22.7 requires that counterparty credit quality not have a material positive correlation with the CRM or its residual risks.", "sha256": "c6702ba396cb89c70ddb7ec9aa66cdb55226fb3567b12733c618904040e9e8b4" }, { "id": "classification", "quote": "The letter selects credit as the primary driver after an explicit sensitivity/volatility assessment.", "sha256": "a871181cfaf4f3f7fad469a1613078bb50726791e419b73ca168b7799b7f382f" }, { "id": "saccr", "quote": "CRE51.8 assigns non-CCP derivatives to SA-CCR when IMM approval is absent", "sha256": "443e3e25c6c0df984f7acb6aeaae6bac6f8658e738d718fd1325b08d31d2ab6c" }, { "id": "protection", "quote": "CRE22.9 and 22.71 require enforceable documentation", "sha256": "f0e1f7e35f542144f7f69d8b8d3b259569c10aa4764eca367df9a4e248297ae0" }, { "id": "cva", "quote": "MAR50.11 requires every external CVA hedge that is a covered transaction", "sha256": "ad64b4e30eeb45a9441298a8f6aa32f042a62403b354841fb52bb32f8d12718d" }, { "id": "leverage", "quote": "LEV30.30–30.32 adds the effective notional of written credit derivatives", "sha256": "fed95b68e01c5874608e9cb280f2e956386bc942f327d527faba1649430bedb7" }, { "id": "kva", "quote": "Basel supplies exposure and minimum-capital requirements, not a universal KVA pricing formula.", "sha256": "9f66adab1ce5365597a9a1c67f43dd8dd27aed5ba9e75fc66562432a2ec74136" } ] }, { "document_id": "AVA_RULES", "title": "Dated EU-style prudent valuation source packet", "source_kind": "official_rule_packet", "fictional": false, "author": "EU legislature and Commission; packet compiler", "published_at": "2026-09-19", "file": "docs/valuation-capital-annex.md", "source_uris": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0575-20260626", "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R0101-20200626" ], "source_version": "CRR 2026-06-26; RTS 2020-06-26; educational core-method annex", "locators": [ { "id": "source_register", "quote": "Consolidated 26 June 2026", "sha256": "a5d4a9fc65136eb1f7446bb20212b20c0dacda1f3dd0f37c6c14b31e50748b9f" }, { "id": "applicability", "quote": "CRR Article 34(1) requires the necessary additional valuation adjustments to be deducted from CET1.", "sha256": "4f981ad819dceabdf1d1e4ad358651acfacf6131447c5d3be6c7992d9ea73b90" }, { "id": "method", "quote": "The Annex aggregation alpha is 50% after 31 December 2020.", "sha256": "3a17c343ec918d2fab15a5e50255964570e759b99f48d703738e2dccc9f970fd" }, { "id": "same_source", "quote": "An unallocated reserve cannot offset it.", "sha256": "29468df1da7cf91e76712822fd3c96c48a12261511deb2fcfeaf8d5c89e99334" } ] } ], "bindings": [ { "binding_id": "PARAMETERS_funding_contract", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, "consumer": "Legal funding principal, quantity, reset and primary classification", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "binding_id": "PARAMETERS_replacement_quote", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, "consumer": "Legal mark and replacement basis; never an internal-curve fallback", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] }, { "binding_id": "PARAMETERS_regulatory", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, "consumer": "SA-CCR, collateral, risk weights and maturity rules", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" } ] }, { "binding_id": "PARAMETERS_desk", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, "consumer": "Explicit capital and valuation pricing convention", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, { "binding_id": "PARAMETERS_actions", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/actions" }, "consumer": "Firm quoted executable decision options", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "binding_id": "PARAMETERS_allocation", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, "consumer": "O5 actual 52-lot lending quote assignment", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "binding_id": "PARAMETERS_cash_ledger", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, "consumer": "Actual cash deficit funding and settlement", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "binding_id": "PARAMETERS_reserve_uncertainty", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, "consumer": "Independent AVA controlled input distributions", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, { "binding_id": "PARAMETERS_incurred_CVA", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, "consumer": "Explicit statutory recognised incurred write-down", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" } ] } ], "snapshots": [ { "snapshot_id": "BASE_CASH", "scope": "base_cash", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "MARK_ONLY", "scope": "mark_only", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "AAA_LOSS", "scope": "AAA_loss_cash", "model_time_years": "0.25", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "CAPITAL_COMPARE", "scope": "capital_comparison", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "AVA_CONTROLLED", "scope": "AVA_controlled", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "BRANCH_LIQUIDITY", "scope": "liquidity_branch", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "CONDITIONAL_PREFUNDING", "scope": "conditional_prefunding", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "YEAR1_RESERVE", "scope": "reserve_divergence", "model_time_years": "1", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "TERMINAL_DISPUTE", "scope": "terminal_dispute", "model_time_years": "20", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "ALLOCATION_7D", "scope": "allocation_7d", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "DECISION_COMPARE", "scope": "decision_comparison", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "parties": [ { "party_id": "FACILITY_LENDER", "legal_name": "Cedar Liquidity Finance", "kind": "corporate", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "FACILITY_LENDER", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, { "party_id": "S2_LRA", "legal_name": "Lydora Reserve Authority", "kind": "public_authority", "incorporation_jurisdiction": "Lydora", "insolvency_jurisdiction": "Lydora", "resolution_jurisdiction": "Lydora", "ownership_group": "S2_LRA", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, { "party_id": "MERIDIAN", "legal_name": "Meridian Bank", "kind": "bank", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "MERIDIAN", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "A", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "P", "legal_name": "Northhaven Bank", "kind": "bank", "incorporation_jurisdiction": "Northhaven", "insolvency_jurisdiction": "Northhaven", "resolution_jurisdiction": "Northhaven", "ownership_group": "P", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "A", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "APEX", "legal_name": "Apex Financial", "kind": "bank", "incorporation_jurisdiction": "Northhaven", "insolvency_jurisdiction": "Northhaven", "resolution_jurisdiction": "Northhaven", "ownership_group": "APEX", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "H", "legal_name": "Harbor Protection Bank", "kind": "bank", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "H", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AA", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "CLEARVAULT", "legal_name": "Clearvault Trust", "kind": "custodian", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "CLEARVAULT", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "BORROWER", "legal_name": "Lydora Republic", "kind": "sovereign", "incorporation_jurisdiction": "Lydora", "insolvency_jurisdiction": "Lydora", "resolution_jurisdiction": "Lydora", "ownership_group": "BORROWER", "regulated_bank": false, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "B", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "CELADON", "legal_name": "Celadon Export Finance", "kind": "corporate", "incorporation_jurisdiction": "Caldera", "insolvency_jurisdiction": "Caldera", "resolution_jurisdiction": "Caldera", "ownership_group": "CELADON", "regulated_bank": false, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "BB", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "ALPINE", "legal_name": "Westhaven Bank", "kind": "bank", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "ALPINE", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "CORRESPONDENT", "legal_name": "Anatara Correspondent Bank", "kind": "bank", "incorporation_jurisdiction": "Anatara", "insolvency_jurisdiction": "Anatara", "resolution_jurisdiction": "Anatara", "ownership_group": "CORRESPONDENT", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "BBB", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "OBLIGOR_A", "legal_name": "Aster Payments Ltd", "kind": "corporate", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": 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"contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_BRANCH", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "DEP_SECURITY" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_NETTING", "author": "Morrow & Vale, fictional counsel", "status": "final_qualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "MASTER_P_CONSOLIDATED" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": false, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [ "Outstanding local opinion and executed novation before additional netting relief" ], "conditions": [ { "condition_id": "OP_NETTING_GATE", "description": "Local opinion and novation signatures outstanding", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_ACCOUNTING", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "SALE_U", "FUND_TRS" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] } ], "trades": [ { "trade_id": "FUND_TRS", "agreement_id": "FUND_TRS", "kind": "funding_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "FUNDING_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "LOAN", "agreement_id": "DEP_LOAN", "kind": "deployment_loan", "party_ids": [ "MERIDIAN", "BORROWER" ], "netting_set_id": "NS_LOAN", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "CDS_TRADE", "agreement_id": "CDS_AGREEMENT", "kind": "CDS", "party_ids": [ "MERIDIAN", "H" ], "netting_set_id": "HEDGE_H", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "OFFSET_TRS", "agreement_id": "OFFSET_TRS", "kind": "comparison_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "OFFSET_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] } ], "netting_sets": [ { "netting_set_id": "FUNDING_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "FUND_TRS" ], "master_agreement_id": "MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [ "NEW_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "NS_LOAN", "party_ids": [ "MERIDIAN", "BORROWER" ], "trade_ids": [ "LOAN" ], "master_agreement_id": "LOAN_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "HEDGE_H", "party_ids": [ "MERIDIAN", "H" ], "trade_ids": [ "CDS_TRADE" ], "master_agreement_id": "H_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "executed", "CSA_agreement_ids": [ "H_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "OFFSET_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "OFFSET_TRS" ], "master_agreement_id": "OFFSET_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] } ], "collateral": [ { "collateral_id": "COLL_AAA", "purpose": "action_inventory", "secured_trade_ids": [ "LOAN" ], "asset": { "kind": "issued_security", "instrument_id": "AAA_SUB", "quantity": "1000000000", "price_quote_ids": [ "Q_AAA_SUB" ], "liquidity": { "market_id": "AAA_SUB_MARKET", "sale_settlement_business_days": 1, "repo_settlement_business_days": 1, "daily_capacity_units": "1000000000", "market_haircut": "0.02", "repo_spread": "0.009", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "bank", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": true, "contract_accepted": true, "enforceable": true, "perfected": true, "same_currency": true, "market_liquid": true, "correlation": { "counterparty_id": "BORROWER", "issuer_id": "ALPINE", "same_issuer": false, "common_control": false, "material_positive_correlation": false, "assessment_basis": "Explicit legal identity, control and conditional-state due diligence; independent funding or closure event is separate", "as_of": "2026-09-19", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, "rule_evidence": [ { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ] }, "rights": { "owner_id": "BORROWER", "provider_id": "BORROWER", "secured_party_id": "MERIDIAN", "security_agreement_id": "AAA_SECURITY", "ownership_basis": "pledge", "custodian_id": "CLEARVAULT", "custody_account_id": "CUST_AAA", "custody_jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "reuse_conditions": [], "withdrawal_right": "prohibited", "priority": "first_ranking", "enforcement_business_days": 0, "opinion_ids": [ "OP_CORE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, "title_event_ids": [ "TITLE_AAA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, { "collateral_id": "COLL_DEP", "purpose": "deployment_security", "secured_trade_ids": [ "LOAN" ], "asset": { "kind": "issued_security", "instrument_id": "SOV", "quantity": "1000000000", "price_quote_ids": [ "Q_SOV" ], "liquidity": { "market_id": "SOV_MARKET", "sale_settlement_business_days": 1, "repo_settlement_business_days": 1, "daily_capacity_units": "1000000000", "market_haircut": "0.2", "repo_spread": "0.04", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "sovereign", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "B", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": true, "contract_accepted": true, "enforceable": true, "perfected": true, "same_currency": true, "market_liquid": true, "correlation": { "counterparty_id": "BORROWER", "issuer_id": "BORROWER", "same_issuer": true, "common_control": true, "material_positive_correlation": true, "assessment_basis": "Explicit legal identity, control and conditional-state due diligence; independent funding or closure event is separate", "as_of": "2026-09-19", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, "rule_evidence": [ { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ] }, "rights": { "owner_id": "BORROWER", "provider_id": "BORROWER", "secured_party_id": "MERIDIAN", "security_agreement_id": "DEP_SECURITY", "ownership_basis": "pledge", "custodian_id": "CLEARVAULT", "custody_account_id": "CUST_DEP", "custody_jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "reuse_conditions": [], "withdrawal_right": "prohibited", "priority": "first_ranking", "enforcement_business_days": 0, "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, "title_event_ids": [ "TITLE_DEP" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] } ], "custody_accounts": [ { "account_id": "CUST_U_OPEN", "custodian_id": "CLEARVAULT", "legal_owner_id": "MERIDIAN", "beneficial_owner_id": "MERIDIAN", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "U", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_U_PROVIDER", "custodian_id": "CLEARVAULT", "legal_owner_id": "P", "beneficial_owner_id": "P", "jurisdiction": "Meridia", "segregated": false, "reuse_right": "permitted", "agreement_id": "CUSTODY", "positions": [], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_AAA", "custodian_id": "CLEARVAULT", "legal_owner_id": "BORROWER", "beneficial_owner_id": "BORROWER", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "AAA_SUB", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_DEP", "custodian_id": "CLEARVAULT", "legal_owner_id": "BORROWER", "beneficial_owner_id": "BORROWER", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "SOV", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } ], "cash_accounts": [ { "account_id": "CASH_BASE", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "100000000", "opening_at": "2026-09-19T12:00:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_PREFUND", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "0", "opening_at": "2026-09-19T12:00:00Z", "accessible": false, "segregated": true, "reuse_right": "prohibited", "access_conditions": [ "External prefunding or local collection restriction; not free cash" ], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_BRANCH", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BRANCH_LIQUIDITY", "opening_balance": "5000000", "opening_at": "2026-09-22T08:59:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ] } ], "cash_events": [ { "cash_event_id": "CF_SALE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "SALE_U", "payer_id": "P", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "sale_proceeds", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEPLOY", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "MERIDIAN", "payee_id": "BORROWER", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "deployment_advance", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_FEE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "fixed", "amount": "1000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "fee", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "total_return_net", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_LEGACY_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "LEGACY_FUNDING", "payer_id": "MERIDIAN", "payee_id": "H", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "legacy_coupon", "agreement_id": "LEGACY_FUNDING", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEP_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "BORROWER", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "contract_formula", "formula_id": "deployment_coupon", "agreement_id": "DEP_LOAN", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_02", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 2, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": 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"evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] } ], "observability": [ { "unit_id": "FAILED_SALE_UNIT", "input_id": "AAA_MARK", "observable": false, "significant": true, "assessment_at": "2026-09-19", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] } ], "day_one_policy": { "management_deferral_basis": "frozen_initial_annuity", "release_triggers": [ "priced_time", "independent_observability" ], "spread_tightening_is_release_trigger": false, "statutory_unit_assessed_first": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, "reserve_policy": { "remeasurement": "daily", "cash_borrowing_source": "settled_cash_deficits_only", "conditional_prefunding": { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" }, "expected_theta_in_PnL_once": true, "separate_funding_drag_line": true, "terminal_requires_all_obligations_settled": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "AVA_annex": { "method": "EU_core_model_risk_Method1", "scope": "identified_recognised_FV_positions_only", "parameter_ref": { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, "source": [ { "document_id": "AVA_RULES", "locator": "applicability" }, { "document_id": "AVA_RULES", "locator": "method" }, { "document_id": "AVA_RULES", "locator": "same_source" } ] }, "historical_journal": [ { "entry_id": "OPENING", "posted_at": "2026-09-19T11:59:00Z", "snapshot_id": "BASE_CASH", "purpose": "Observed pretransaction opening statutory balances", "lines": [ { "account": "U", "side": "debit", "amount": "1000000000" }, { "account": "cash", "side": "debit", "amount": "100000000" }, { "account": "legacy_debt", "side": "credit", "amount": "1000000000" }, { "account": "equity", "side": "credit", "amount": "100000000" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] } ], "capital_snapshots": [ "CAPITAL_COMPARE", "AVA_CONTROLLED" ], "allocation_parameters": { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, "actions": [ { "action_id": "ACT_CSA", "kind": "execute_CSA", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-09-22T12:00:00Z", "agreement_ids": [ "NEW_CSA" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_CSA_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CSA" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_SUB", "kind": "substitute_collateral", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-09-22T12:00:00Z", "agreement_ids": [ "AAA_SECURITY" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_SUB_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" } ], "cash_event_ids": [], "title_event_ids": [ "TITLE_AAA" ], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_NET", "kind": "consolidate_netting", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-10-30T12:00:00Z", "agreement_ids": [ "MASTER_P_CONSOLIDATED" ], "required_opinion_ids": [ "OP_NETTING" ], "preconditions": [ { "condition_id": "ACT_NET_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/netting" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_CDS", "kind": "buy_CDS", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-09-22T12:00:00Z", "agreement_ids": [ "CDS_AGREEMENT", "H_CSA" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_CDS_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_HOLD", "kind": "hold_capital", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-19T12:00:00Z", "proposed_effective_at": "2026-09-19T12:00:00Z", "agreement_ids": [ "FUND_TRS" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_HOLD_GATE", "description": "Hold existing position; no legal change", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/hold" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_RELEASE", "kind": "release_substitution", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-24T12:00:00Z", "proposed_effective_at": "2026-09-24T12:00:00Z", "agreement_ids": [ "AAA_SECURITY" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "SUB_ALREADY_EXECUTED", "description": "Counterfactual state requires an already executed substitution before release", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute/unwind_fee" } ], "cash_event_ids": [], "title_event_ids": [ "TITLE_AAA_RELEASE" ], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] } ], "scenarios": [ { "scenario_id": "BASE", "as_of": "2026-09-19T12:00:00Z", "kind": "inception", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [ "Q_U", "Q_AAA_SUB", "Q_SOV" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" } ] }, { "scenario_id": "EVENT", "as_of": "2026-09-22T10:00:00Z", "kind": "selected_branch_event", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": true, "funding_provider_default": true, "reference_issuer_default": false, "collateral_issuer_default": true, "hedge_provider_default": false }, "market_state": "default_distress", "quote_ids": [ "Q_SOV_DEFAULT" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-issued-event" } ] }, { "scenario_id": "MARK_ONLY", "as_of": "2026-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "AAA_LOSS", "as_of": "2026-12-19T09:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.035", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_ROLL", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_RESERVE", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.016", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "TERMINAL_DISPUTE", "as_of": "2046-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "branch_event": { "event_id": "EVENT_W1_issued", "scenario_id": "EVENT", "event_at": "2026-09-22T10:00:00Z", "decision_at": "2026-09-22T10:05:00Z", "settlement_cutoff": "2026-09-22T12:00:00Z", "borrower_id": "BORROWER", "funding_provider_id": "P", "defaults": { "borrower_default": true, "funding_provider_default": true, "reference_issuer_default": false, "collateral_issuer_default": true, "hedge_provider_default": false }, "free_cash_account_id": "CASH_BRANCH", "available_facility_ids": [], "cash_calls": [ { "cash_event_id": "CF_BRANCH_CALL", "due_at": "2026-09-22T12:00:00Z", "amount": { "kind": "fixed", "amount": "20000000" }, "payee_id": "H", "account_id": "CASH_BRANCH", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-issued-event" } ] } ], "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-issued-event" } ], "kind": "W1_issued", "instrument_id": "SOV", "collateral_id": "COLL_DEP", "predefault_quote_id": "Q_SOV", "conditional_bid_price_per_unit": "0", "conditional_quote_id": "Q_SOV_DEFAULT", "security_exists_before_default": true, "default_realisation_assumption": "selected_joint_default_zero_bid", "legal_form": "secured_loan_with_issued_bond_pledge" }, "reporting_panels": { "legal": { "panel_id": "LEGAL", "obligation": "O9", "report_fields": [ "/legal" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "compliance": { "panel_id": "COMPLIANCE", "obligation": "O10", "report_fields": [ "/compliance" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "structure": { "panel_id": "STRUCTURE", "obligation": "O11", "report_fields": [ "/structure" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "recommendation": { "panel_id": "RECOMMENDATION", "obligation": "O12", "report_fields": [ "/recommendation" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "rates_inception": { "panel_id": "RATES_INCEPTION", "obligation": "O1", "report_fields": [ "/rates/total_return_role", "/rates/financing_role", "/rates/principal_cash_source", "/rates/funding_component", "/rates/reference_adjustment", "/rates/legal_value", "/rates/positive_exposure", "/rates/funding_dv01", "/rates/deployment_funding_dv01", "/rates/mismatch_dv01", "/rates/funding_remaining_at_year5", "/rates/mark_quote_basis", "/rates/year5_reinvestment" ], "evidence_array": "/rates/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception legal mark, not a stress mark: same quantity U, locked spread and reset-to-today quote; add old-reference adjustment once, derive positive exposure. Five-year funding-allocation DV01 is reported as a positive magnitude, mismatch as signed net long funding DV01. Funding at year five is the residual tenor. OIS reinvestment is the actual specified principal destination.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "credit_inception": { "panel_id": "CREDIT_INCEPTION", "obligation": "O2", "report_fields": [ "/credit_xva/accounting_cva", "/credit_xva/own_funding_curve", "/credit_xva/basis_spread", "/credit_xva/noncash_charge_creates_borrowing", "/credit_xva/use_cash_vm", "/credit_xva/provider_default_exposure_source", "/credit_xva/conditional_quadratic_requires_cash_transaction" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_recovery" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_CDS_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND" ], "legal_scope": "case_legal_objects", "selection_rule": "Accounting CVA is the normal funding-component default integral, not CVA capital. Own funding uses unsecured bonds over OIS; the separately reported basis is initial own bond minus own CDS. Baseline funding has no executed CSA and uses no cash VM. The positive legal contract mark drives exposure. Noncash reserve charges do not create borrowing. The separately executed prefunding experiment is required for the quadratic cash cost.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ], "not_additive_with_other_panels": true }, "actual_cash_stress": { "panel_id": "ACTUAL_CASH_STRESS", "obligation": "O2", "report_fields": [ "/credit_xva/actual_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "AAA_LOSS", "scenario_ids": [ "AAA_LOSS" ], "model_time_years": "0.25", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_free_cash" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_legacy_funding" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "ACTUAL_FACILITY", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Present value of actual spread expense on settled-cash deficit borrowing over the full twenty-year ledger: reference credit move from cash_ledger.reference_stress_move, replacement funding move from cash_ledger.funding_stress_move, own spread from stressed_own_bond_spread. A conditional execution/capital gate is disclosed; no equity is injected. Provider and EM shocks are not added to this cash-only counterfactual.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "mark_only_cash": { "panel_id": "MARK_ONLY_CASH", "obligation": "O2", "report_fields": [ "/credit_xva/mark_only_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "FUND_TRS", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Run the same cash ledger with zero reference-credit change and the quoted funding move, not an exposure-sized debt balance. The mark is noncash. All actual contractual coupon, fee and principal obligations remain.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "conditional_prefunding": { "panel_id": "CONDITIONAL_PREFUNDING", "obligation": "O2", "report_fields": [ "/credit_xva/conditional_quadratic_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "CONDITIONAL_PREFUNDING", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [ "CONDITIONAL_PREFUND", "ACTUAL_FACILITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "PV of the primary executed exposure-prefunding facility spread cost alone; not secondary coupon-cash funding or base-book debt. The target is the positive incremental replacement funding mark, funded and deposited externally at OIS under its own balanced cash/equity snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-conditional-facility" } ], "not_additive_with_other_panels": true }, "funding_capital_inception": { "panel_id": "FUNDING_CAPITAL_INCEPTION", "obligation": "O3", "report_fields": [ "/capital/saccr" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "SALE_U" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception unmargined credit-only SA-CCR under the fictional classification letter; U was sold and is not collateral held against P. Compute RC, PFE, MF, supervisory duration, EAD and provider risk weight from legal terms and dated rules. No statutory incurred CVA write-down beyond the explicit canonical amount.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "CAPITAL_RULES", "locator": "saccr" } ], "not_additive_with_other_panels": true }, "collateral_controlled": { "panel_id": "COLLATERAL_CONTROLLED", "obligation": "O3", "report_fields": [ "/capital/collateral" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Use the independent Lydora controlled issued-sovereign loan in collateral_gate for every BOOK report. Same-issuer denial takes precedence over its below-threshold rating; compute unmitigated E*, RWA, capital, through-life KVA and required client capital spread. This is not W2 payment rights or the W3/W4 live deployment collateral. Branch eligibility must be exposed separately as a diagnostic, using the selected case legal records, without replacing this controlled O3 question.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-lydora-comparator" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "protection_controlled": { "panel_id": "PROTECTION_CONTROLLED", "obligation": "O4", "report_fields": [ "/capital/protection" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "CDS_AGREEMENT", "H_CSA", "H_MASTER", "FUND_TRS" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Selected controlled five-year fixed-notional P CDS from H, eligible and designated for full BA-CVA, against the mark-only +100bp funding stress with P CDS held at its normal level. Pa and tail clocks are elapsed since actual CDS execution, not the two-business-day proposal date; observe inception, year one and year 4.75. ccr_capital and cva_capital are the selected post-execution initial stress-designated capital levels, never the proposal-state pre-execution level. No written-credit leverage notional offset is claimed for short protection. These are conditional action comparisons, not an assertion that CDS is executed in the base book.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-protection-panel" }, { "document_id": "CAPITAL_RULES", "locator": "protection" }, { "document_id": "CAPITAL_RULES", "locator": "cva" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capacity_controlled": { "panel_id": "CAPACITY_CONTROLLED", "obligation": "O5", "report_fields": [ "/capital/capacity/leverage_exposure", "/capital/capacity/leverage_required", "/capital/capacity/Tier1", "/capital/capacity/binding" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Same-balance controlled eligible-AAA-substitution comparator, after its quoted setup fee. Leverage exposure and minimum requirement use the normal FUND_TRS classification plus retained U, deployment and remaining cash. Tier1 is available qualifying capital after the setup fee and the explicitly allocated AVA. Binding compares recomputed risk-based and leverage requirements; it does not assert that this controlled panel is the actual base ledger.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capital_cost_component": { "panel_id": "CAPITAL_COST_COMPONENT", "obligation": "O5", "report_fields": [ "/capital/capacity/capital_KVA" ], "evidence_array": "/capital/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER" ], "legal_scope": "case_legal_objects", "selection_rule": "Standalone funding CCR plus CVA KVA level under the mark-only +100bp quote stress, not whole-bank max-constraint KVA and not incremental KVA. Its scope is deliberately separate from the eligible-substitution leverage snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "capital_decision": { "panel_id": "CAPITAL_DECISION", "obligation": "O5", "report_fields": [ "/capital/capacity/structural_value", "/capital/capacity/capital_cash_credit", "/capital/capacity/chosen_action", "/capital/capacity/action_effective" ], "evidence_array": "/capital/evidence", "snapshot_id": "DECISION_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" } ], "case_agreement_ids": [ "AAA_SECURITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Requested decision is release_substitution in a controlled already-substituted portfolio: structural_value is its standalone reversal component NPV versus keeping the same substitution, with restored client yield, increased capital carrying cost, two-business-day execution lag and unwind fee. It is not a ranking against a different CDS/netting portfolio. The reversal is proposed, not effective at the observation date, and cannot execute without sufficient whole-book capital and actual settled title release. capital_cash_credit records no fictional capital-to-cash receipt.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-decision-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "allocation_7d": { "panel_id": "ALLOCATION_7D", "obligation": "O5", "report_fields": [ "/capital/allocation" ], "evidence_array": "/capital/evidence", "snapshot_id": "ALLOCATION_7D", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Choose the minimum disclosed seven-day financing objective among feasible assignments of every actual lot ID exactly once. Cash and capital are computed lot by lot in borrower direction with separate market and supervisory haircuts. The certificate is valid only within the published equal-small-lot/distinct-issuer/forced-large proof domain. Report evidence-dependent unknowns as an empty list for this complete synthetic annex; this does not resolve missing facts in a real market. Optional short-term bank risk weights are a separate countercase, not the selected conservative election.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ], "not_additive_with_other_panels": true }, "recognition_inception": { "panel_id": "RECOGNITION_INCEPTION", "obligation": "O7", "report_fields": [ "/accounting/recognition" ], "evidence_array": "/accounting/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/day_one_accounting" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS" ], "legal_scope": "case_legal_objects", "selection_rule": "Failed-sale retained-asset financing is the stated accounting unit. Day-one statutory profit field is recognisable funding-opportunity gain before the separately paid service fee, not total day-one statutory P&L. Gross management D and X are reconciled out unless a separate statutory unit is evidenced. Deferral uses the frozen inception price-time schedule or evidenced observability, never spread tightening.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ], "not_additive_with_other_panels": true }, "reserve_divergence": { "panel_id": "RESERVE_DIVERGENCE", "obligation": "O8", "report_fields": [ "/accounting/reserves/D_open", "/accounting/reserves/D_close", "/accounting/reserves/X_open", "/accounting/reserves/X_close", "/accounting/reserves/carry", "/accounting/reserves/clean_mtm", "/accounting/reserves/deferral_release", "/accounting/reserves/reserve_theta", "/accounting/reserves/reserve_mtm", "/accounting/reserves/reserve_action", "/accounting/reserves/hedge_pnl", "/accounting/reserves/cash_funding_drag", "/accounting/reserves/reported_pnl", "/accounting/reserves/independent_equity_change", "/accounting/reserves/unfunded_reserve_balance", "/accounting/reserves/reserve_charge_alone_draws_debt", "/accounting/reserves/expected_release_counted_twice" ], "evidence_array": "/accounting/evidence", "snapshot_id": "YEAR1_RESERVE", "scenario_ids": [ "YEAR1_ROLL", "YEAR1_RESERVE" ], "model_time_years": "1", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "FUND_TRS", "SALE_U", "DEP_LOAN", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Instantaneous remeasurement at year one after the normal cash/valuation roll: open at core year1_roll, close at year1_stress with only funding quote +100bp and P CDS +80bp. Reference price, cash, hedge, EM, OIS and actual obligations are unchanged. D stays on the frozen A19 schedule; X remeasures. No elapsed time means no new carry or theta. P&L is compared with the independently posted management journal/equity change. The separate whole-book first-year carry illustration is not added to this interval.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reserve-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "prudent_valuation": { "panel_id": "PRUDENT_VALUATION", "obligation": "O8", "report_fields": [ "/accounting/reserves/AVA", "/accounting/reserves/CET1_after_AVA", "/accounting/reserves/AVA_in_PnL" ], "evidence_array": "/accounting/evidence", "snapshot_id": "AVA_CONTROLLED", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Separate identified recognised-fair-value model-risk exposures, uniform exit-cost uncertainty and same-source accounting prudence; EU-style incremental Method 1 AVA and CET1 deduction. No transfer of this panel capital, cash or AVA into the year-one remeasurement. An increased mean with unchanged uncertainty width need not increase incremental AVA.", "required_evidence": [ { "document_id": "AVA_RULES", "locator": "applicability" }, { "document_id": "AVA_RULES", "locator": "method" }, { "document_id": "AVA_RULES", "locator": "same_source" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ], "not_additive_with_other_panels": true }, "terminal_settlement": { "panel_id": "TERMINAL_SETTLEMENT", "obligation": "O8", "report_fields": [ "/accounting/reserves/terminal_reserve", "/accounting/reserves/all_obligations_settled" ], "evidence_array": "/accounting/evidence", "snapshot_id": "TERMINAL_DISPUTE", "scenario_ids": [ "TERMINAL_DISPUTE" ], "model_time_years": "20", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" } ], "case_agreement_ids": [ "FUND_TRS", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Observe the actual unresolved provider claim after contractual year-twenty runoff. Its contractual notional is not reset to zero by age. No later cash settlement or final write-off is assumed. A reserve remains until the specifically evidenced resolution occurs, even if the scheduled core funding/CVA/KVA profiles have ended.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-terminal-dispute" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "branch_liquidity": { "panel_id": "BRANCH_LIQUIDITY", "obligation": "O6", "report_fields": [ "/liquidity/branch", "/liquidity/branch_event", "/liquidity/default", "/liquidity/collateral_market_value", "/liquidity/collateral_cash_realisation", "/liquidity/call_due", "/liquidity/cash_available", "/liquidity/additional_borrowing", "/liquidity/residual_liquidity_shortfall", "/liquidity/reference_exists", "/liquidity/structure_decision", "/liquidity/correct_by_contract_not_label" ], "evidence_array": "/liquidity/evidence", "snapshot_id": "BRANCH_LIQUIDITY", "scenario_ids": [ "EVENT" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "DEP_LOAN", "DEP_SECURITY", "FUND_TRS", "CUSTODY", "OPERATING_PAYMENT" ], "legal_scope": "case_legal_objects", "selection_rule": "Only the selected case branch_event, its exact default flags, title/instrument existence, quotes, account availability and settlement cutoffs determine this panel. reference_exists asks whether the selected deployment collateral is an issued security, never whether funding U exists. No security or predefault price is invented for contingent issuance or future-payment rights. For W3 derive the actual first-quarter total-return cash call from the canonical ledger and joint curve state; for other branches use the independently sourced operating call. Borrowing is limited by the actually available named facility. Separately expose branch collateral eligibility/reason diagnostics from its own legal facts, without replacing the O3 Lydora comparator.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-issued-event" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ], "not_additive_with_other_panels": true } } }, { "schema_version": "back_to_back_funding_book.v1r2", "episode_id": "W1_contingent", "branch": "W1_contingent", "parameters_file": "fixtures/numerical-inputs.json", "as_of": "2026-09-19T12:00:00Z", "base_currency": "USD", "fictional": true, "counterparty_constraints": [ { "party_id": "BORROWER", "situation": "Lydora Republic 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. Its fiscal ceiling caps aggregate borrowing at the stated ceiling and the promised issue has no identifier, no traded mark and no perfected security before issuance; a failed three-business-day issuance window supplies neither a traded asset nor timely cash.", "situation_kind": "fiscal_ceiling", "required_cash": "1000000000", "currency": "USD", "funding_deadline": "2026-09-19", "allowed_legal_forms": [ "contingent_issuance_promise" ], "prohibited_legal_forms": [ "issued_security_pledge", "payment_rights_assignment", "title_transfer_repo" ], "classification_by_form": { "contingent_issuance_promise": "unsecured_borrowing_with_contingent_security" }, "required_return": "identical", "borrowing_ceiling": "1000000000", "maximum_spread": "0.08", "required_approval_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "P", "situation": "Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because no security exists before issuance, it additionally requires the collateral-substitution review to be approved before any replacement asset is treated as delivered against the funding leg.", "situation_kind": "none", "required_cash": "0", "currency": "USD", "funding_deadline": "2026-09-25", "allowed_legal_forms": [ "sale_funded_total_return_swap" ], "prohibited_legal_forms": [ "payment_rights_assignment", "contingent_issuance_promise" ], "classification_by_form": { "sale_funded_total_return_swap": "funded_asset_purchase_and_return_contract" }, "required_return": "none", "borrowing_ceiling": null, "maximum_spread": null, "required_approval_ids": [ "DESK_CSA", "DESK_NETTING", "DESK_SUBSTITUTION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "S2_LRA", "situation": "Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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.", "situation_kind": "fiscal_ceiling", "required_cash": "500000000", "currency": "USD", "funding_deadline": "2029-01-01", "allowed_legal_forms": [ "gold_pledge", "gold_equivalent_title", "issued_security_pledge", "title_transfer_repo" ], "prohibited_legal_forms": [ "fiscal_advance" ], "classification_by_form": { "gold_pledge": "secured_borrowing", "gold_equivalent_title": "secured_financing_with_title_transfer", "issued_security_pledge": "secured_borrowing", "title_transfer_repo": "secured_financing_with_title_transfer", "gold_identical_title": "bespoke_title_financing_pending_proprietary_opinion", "fiscal_advance": "fiscal_lending_requires_separate_authority" }, "required_return": "equivalent", "borrowing_ceiling": "500000000", "maximum_spread": null, "required_approval_ids": [ "S2_IDENTICAL_TITLE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] } ], "mandate": { "mandate_id": "BOOK_DESK_MANDATE", "bank_id": "MERIDIAN", "rules": [ { "rule_id": "DESK_HOLD", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CSA", "action_kind": "execute_csa", "subject_id": "FUND_TRS", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SUBSTITUTION", "action_kind": "substitute_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT", "PRE_ISSUANCE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REVERSE", "action_kind": "reverse_substitution", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_OFFSET", "action_kind": "execute_offset", "subject_id": "OFFSET_TRS", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "OFFSET_CREDIT_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_NETTING", "action_kind": "consolidate_netting", "subject_id": "MASTER_P_CONSOLIDATED", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PROTECTION", "action_kind": "buy_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DESIGNATION", "action_kind": "designate_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "MATCHED_REFERENCE_DESIGNATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO", "action_kind": "repo_allocate", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_ONLY" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO_REPAY", "action_kind": "repay_repo", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_COLLATERAL", "action_kind": "sell_lot", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "BORROWER_DISPOSAL_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_INVENTORY", "action_kind": "sell_lot", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_DISPOSAL" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_EQUIVALENT", "action_kind": "buy_equivalent", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DOCUMENTED_EQUIVALENT_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN", "action_kind": "return_collateral", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_COLLATERAL_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN_REPO", "action_kind": "return_collateral", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DRAW", "action_kind": "draw_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": "500000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "EXECUTED_FACILITY_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPAY", "action_kind": "repay_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_FACILITY_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_DEP", "action_kind": "meet_margin_call", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_FUND", "action_kind": "meet_margin_call", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_HEDGE", "action_kind": "meet_margin_call", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FUND", "action_kind": "settle_payable", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FUNDING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_DEP", "action_kind": "settle_payable", "subject_id": "DEP_LOAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_DEPLOYMENT_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_RETURN", "action_kind": "settle_payable", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_RETURN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_HEDGE", "action_kind": "settle_payable", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_PROTECTION_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FACILITY", "action_kind": "settle_payable", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FACILITY_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_BANK", "action_kind": "settle_payable", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OWN_BORROWING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_OFFSET", "action_kind": "settle_payable", "subject_id": "OFFSET_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OFFSET_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_PROVIDER", "action_kind": "settle_claim", "subject_id": "P", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROVIDER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_BORROWER", "action_kind": "settle_claim", "subject_id": "BORROWER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_BORROWER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_HEDGE", "action_kind": "settle_claim", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROTECTION_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_LIQUIDATION", "action_kind": "liquidate_collateral", "subject_id": "DEP_SECURITY", "tier": "prohibited", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NO_ISSUED_SECURITY" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REINVEST", "action_kind": "reinvest", "subject_id": "DEP_LOAN", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MATURED_PRINCIPAL_TREASURY_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_FISCAL", "action_kind": "fiscal_advance", "subject_id": "S2_LRA", "tier": "prohibited", "maximum_amount": "0", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "SEPARATE_FISCAL_AUTHORITY_ABSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_IDENTICAL_TITLE", "action_kind": "identical_title_financing", "subject_id": "S2_LRA", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 3, "approval_outcome": "pending", "approval_valid_days": 5, "reason_codes": [ "PROPRIETARY_RETURN_OPINION_MISSING" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CSA", "action_kind": "execute_CSA", "subject_id": "ACT_CSA", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_SUB", "action_kind": "substitute_collateral", "subject_id": "ACT_SUB", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT", "PRE_ISSUANCE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_NET", "action_kind": "consolidate_netting", "subject_id": "ACT_NET", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CDS", "action_kind": "buy_CDS", "subject_id": "ACT_CDS", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_HOLD", "action_kind": "hold_capital", "subject_id": "ACT_HOLD", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_RELEASE", "action_kind": "release_substitution", "subject_id": "ACT_RELEASE", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, "accepted_positions": [ { "position_id": "KEEP_FUNDED_BOOK", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "binding_constraint": "Existing contractual duties and whole-book capital remain binding; before issuance there is no security to liquidate, substitute or reuse, so retaining the funded position manufactures no liquidity.", "requirements": [ { "source": "case", "pointer": "/book/funding_principal_source", "relation": "eq", "value": "identified_asset_sale" }, { "source": "case", "pointer": "/mandate/rules/0/tier", "relation": "eq", "value": "permitted" }, { "source": "case", "pointer": "/counterparty_constraints/0/situation_kind", "relation": "eq", "value": "fiscal_ceiling" } ], "rationale": "Service the funded position without treating the contingent issuance promise as a present security; substitution is pre-issuance review only and liquidation is prohibited until an issue exists." }, { "position_id": "REQUEST_CSA_AUTHORITY", "action_kind": "escalate", "subject_id": "FUND_TRS", "binding_constraint": "The funding CSA requires a dated cash-budget approval before any execution; a promise to issue is not eligible collateral and does not pre-fund the CSA.", "requirements": [ { "source": "case", "pointer": "/mandate/rules/1/tier", "relation": "eq", "value": "requires_approval" }, { "source": "case", "pointer": "/mandate/rules/1/reason_codes", "relation": "contains", "value": "CSA_CASH_BUDGET" }, { "source": "case", "pointer": "/mandate/rules/1/maximum_amount", "relation": "eq", "value": "1000000000" } ], "rationale": "Request the source-mandated funding-CSA approval while preserving the funded book; a request or approval is not an executed collateral arrangement and the unissued promise adds no cash to the budget." } ], "book": { "bank_id": "MERIDIAN", "provider_id": "P", "borrower_id": "BORROWER", "reference_id": "U", "sale_agreement_id": "SALE_U", "funding_agreement_id": "FUND_TRS", "deployment_agreement_id": "DEP_LOAN", "notional": { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, "reference_quantity": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract/quantity" }, "funding_start_date": "2026-09-19", "funding_maturity_date": "2046-09-19", "deployment_start_date": "2026-09-19", "deployment_maturity_date": "2031-09-19", "funding_principal_source": "identified_asset_sale", "TRS_has_no_principal_exchange": true, "year5_reinvestment": "OIS_cash", "cash_funding_policy": "actual_cash_deficit_not_noncash_reserve", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "documents": [ { "document_id": "SYNTHETIC_PACKET", "title": "Dated fictional legal, market and event packet", "source_kind": "fictional_policy", "fictional": true, "author": "Capstone exercise drafter", "published_at": "2026-09-19", "file": "docs/exhibit-fields.md", "source_uris": [], "source_version": "Fictional dated source exhibits, 2026-09-19 plus specified conditional event dates", "locators": [ { "id": "fictional-institutional-parties", "quote": "Fictional source parties. FACILITY_LENDER supplies the separately committed actual-desk liquidity line, not an alias for the controlled ACTUAL_FACILITY counterparty. S2_LRA is a separate monetary authority used only in the S2 comparison, never the BOOK borrower or Treasury.\n\n[\n {\n \"party_id\": \"FACILITY_LENDER\",\n \"legal_name\": \"Cedar Liquidity Finance\",\n \"kind\": \"corporate\",\n \"incorporation_jurisdiction\": \"Meridia\",\n \"insolvency_jurisdiction\": \"Meridia\",\n \"resolution_jurisdiction\": \"Meridia\",\n \"ownership_group\": \"FACILITY_LENDER\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"legal_name\": \"Lydora Reserve Authority\",\n \"kind\": \"public_authority\",\n \"incorporation_jurisdiction\": \"Lydora\",\n \"insolvency_jurisdiction\": \"Lydora\",\n \"resolution_jurisdiction\": \"Lydora\",\n \"ownership_group\": \"S2_LRA\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n }\n]", "sha256": "12f588f5e3b9b80908bc7d69cb0281b1e998e83fd4272176231735e7f2548e79" }, { "id": "fictional-institutional-authority", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower.", "sha256": "8893e23cd75f738b088d1d7990ea2bf886c7e63f4af00f356386060c77258dd0" }, { "id": "fictional-counterparty-constraints", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower. Each row states its situation_kind from the closed set liquidity_stress, ratings_pressure, regulatory_order, fiscal_ceiling, resolution, sanctions_exposure or none; the free-text situation is narrative and cannot widen that set. Rows vary with the selected branch and are listed under their episode_id.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its parliament's fiscal ceiling caps aggregate borrowing at the stated ceiling; the selected joint default of issuer and obligor leaves the pledged issue with a zero conditional bid, not a second funding source.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. The joint sovereign default does not touch its own funding; it requires only the funding-CSA cash budget and consolidated netting to be approved before either is treated as executed.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its fiscal ceiling caps aggregate borrowing at the stated ceiling and the promised issue has no identifier, no traded mark and no perfected security before issuance; a failed three-business-day issuance window supplies neither a traded asset nor timely cash.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"contingent_issuance_promise\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"contingent_issuance_promise\": \"unsecured_borrowing_with_contingent_security\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because no security exists before issuance, it additionally requires the collateral-substitution review to be approved before any replacement asset is treated as delivered against the funding leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-25\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_SUBSTITUTION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W2\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Anatara Bank 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. A nondefault transfer-control order of its home authority traps collected payment-rights cash locally; no licence exists and every nondefault flag stands, so restricted local balances are not remitted cash.\",\n \"situation_kind\": \"regulatory_order\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"payment_rights_assignment\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"contingent_issuance_promise\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"payment_rights_assignment\": \"borrowing_secured_by_assigned_receivables\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the borrower's collections sit under a transfer-control order, it additionally requires the transfer-control review of borrower claims to be approved before any such claim is counted toward the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_CLAIM_BORROWER\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W3\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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 \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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 \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-12-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_OFFSET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W4\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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. Its solvent, legally realisable asset cannot be sold or repoed before the deadline because the market is closed; a USD40m indicative value produces zero deadline proceeds and only the USD10m line is actual cash.\",\n \"situation_kind\": \"liquidity_stress\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the market is closed, it additionally requires the market-closure review of any facility draw to be approved before drawn cash is treated as covering the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_DRAW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n }\n]", "sha256": "09fe272fa1d83abad7fa2af1e955f58fc41d55bd8ba151da965f98f679a25ecf" }, { "id": "fictional-desk-mandate", "quote": "This fictional desk mandate is a current authority schedule, not a statement that an action has occurred. Every row applies only to the named action kind and authenticated source subject. Approval requests create pending decisions, never immediate permission. The listed outcome is the disclosed decision procedure: resolution occurs only after its calendar-day delay, and an approved authority expires after its stated valid days and may be consumed only by the accepted scoped action. Pending means no scheduled grant. An approved authority never waives a client restriction or an existing legal, title, cash, quote, size, prudential or settlement gate. Maximum amounts measure covered funding principal for CSA, actual opposite-trade notional for offset, covered protection notional for protection and designation, and replaced USD1-face quantity for substitution and reversal. A netting cap, if stated, measures gross covered source notional, not a legal fee. Draw caps measure resulting aggregate outstanding facility principal, so split draws cannot evade them. Reinvestment caps measure actual reinvested principal; cash payments and repayments measure the actual amount discharged. Sale and equivalent-purchase caps measure dirty cash consideration including issuer accrual, excluding execution fees. Repo allocation measures actual funded advances for its authenticated bank, lender or lot scope, not collateral market value; repayment measures actual principal and interest discharged. Return limits measure the USD1 face returned, or cash actually redeeming that outstanding face. Null means this source states no additional numeric mandate cap; every underlying contractual and funding limit remains mandatory. The separate S2 fiscal advance is prohibited without a new fiscal resolution. Its identical-title route remains pending a proprietary-return opinion; neither entry creates a BOOK loan or cash balance. The schedule varies with the selected branch: each episode's rules are listed under its episode_id, and a rule's tier, cap, delay and reason codes apply only within that episode.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\",\n \"SOVEREIGN_JOINT_DEFAULT_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\",\n \"ZERO_BID_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NO_ISSUED_SECURITY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W2\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"250000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"TRANSFER_CONTROL_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W3\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\",\n \"LIQUIDITY_STRESS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W4\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MARKET_CLOSURE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n }\n]", "sha256": "c7b09740f1d3a745d347fd66b02b2169cf712426705b67e29ce964bc1c0ed134" }, { "id": "input-contract", "quote": "Every case is a complete fictional input instance and references the single public fixtures/numerical-inputs.json. No case contains a supplied exposure path, EAD, capital, reserve, action NPV or future P&L answer. Each named decision panel is a separate controlled snapshot; its balances cannot be added to another panel's balances. A missing legal, quote, eligibility or correlation fact raises ReferenceError before any candidate is scored.", "sha256": "252cbd2e720e2c44db1293940f4fe622da52002b59ae8df31f92aa753975387b" }, { "id": "fictional-parties", "quote": "Meridian Bank is the reporting bank incorporated in Meridia. Northhaven Bank is the funding provider incorporated in Northhaven and is a prudentially supervised bank, rated A without implicit state support. Apex Financial is the independent AAA bank issuer of reference U. Harbor Protection Bank is the independent AA bank protection seller. Clearvault Trust is the custodian in Meridia. Lydora Republic is the W1 sovereign borrower and issuer. Anatara Bank is the W2 borrower, supervised in Anatara. Caldera Bank is the W3 and W4 borrower. Celadon Export Finance is the independent issuer of the W3 and W4 deployment security. Westhaven Bank issues the AAA substitution security. Juniper, Pine, Stonebank and Reef names in the allocation annex are fictional. Separate ownership groups and explicit case correlation assessments are facts, not inferences from distinct names.", "sha256": "0d61ef5be83d11ac6c414e21f0091adbae94a38d2f01aa840b4f6ee2d76725b4" }, { "id": "fictional-instrument-register", "quote": "U is an already-issued senior unsecured floating-rate note of Apex Financial, issued 2025-09-19 and maturing 2046-09-19. It has USD1 face per unit, one billion units in this book, quarterly OIS plus 100bp coupons and USD1 redemption per unit. Meridian owns U before the sale. The Lydora issued branch has an already-outstanding five-year USD senior sovereign bond, one billion USD1 units, maturing 2031-09-19 and rated B. No Lydora security is registered in the contingent branch. The Celadon deployment security and Westhaven substitution security each mature 2031-09-19. Celadon is rated BB and Westhaven AAA. The numerical fixture uses fictional identifiers with valid ISIN check digits and makes no claim that these identifiers represent real securities.", "sha256": "5117606f89674d122ccf895a619e16b64462118466483824d54bad70b4fccb96" }, { "id": "fictional-executed-agreements", "quote": "On 2026-09-19 at 12:00 UTC Meridian and Northhaven execute the U sale and FUND_TRS. Meridian sells one billion units of U for USD1bn cash. Northhaven becomes legal owner and pays no second principal under the TRS. Meridian receives the full total return of U and pays OIS plus 70bp on USD1bn until 2046-09-19. Quarterly return cash is quantity times the change from the last actually settled ex-distribution reference price, plus the reference distribution, less the financing payment. Final distribution includes principal redemption and the final ex-redemption reference price is zero. Reference coupons are counted once. A price reset settles only that price change; it does not erase the remaining financing advantage. Surviving contractual replacement value uses all remaining terms and an independent matching quote. Sale proceeds fund the separate USD1bn five-year loan paying OIS plus 400bp. At 2031-09-19 the deployment repays principal, which remains in an OIS account until the twenty-year funding obligations close. The separate OFFSET_TRS is an already executed comparison-panel transaction with Northhaven, quantity and notional USD500m, original twenty-year maturity, total-return payer Meridian and separate OFFSET_P netting set. Its matching firm upfront replacement quote is minus USD50m at inception. That quote fixes a constant-spread conversion against the original quarterly annuity and rolls by the remaining annuity; it is not a supplied exposure path. Its cash belongs to the separate capital-comparison panel, not the base funding ledger.", "sha256": "a2d5d2e8e4cdb29a952fc39bba076d4259e401a93da0aa5f91bc022b55b0e3dd" }, { "id": "fictional-security-rights", "quote": "The executed deployment security agreement creates a perfected first-ranking pledge over the identified issued bond, or a perfected assignment of the specifically identified W2 payment rights. It gives Meridian timely enforcement rights subject to the documented branch event, Clearvault custody segregation and an express prohibition on reuse before enforcement. Legal ownership stays with the pledgor for a pledge. Transfer of legal title to U under the funding sale is not collateral received by Meridian against Northhaven. The W1 contingent document creates a promise to issue a new security after default, with legislative capacity and market admission conditions; it creates no perfected security interest in a presently existing bond. The missing security is not priced by borrowing the curve of another issued line. Contractual collateral acceptance is distinct from regulatory eligibility. Westhaven substitution securities are borrower-owned inventory offered under a proposed first-ranking pledge; Meridian does not obtain credit mitigation by pledging its own property to itself. The substitution pledge is ineffective until executed and the title record settles. Releasing an executed substitution returns the identified units to the borrower and removes the encumbrance; it is a separate counterfactual action, not the same title event as creation.", "sha256": "065ba683ba29adf8917a13e055657591ab23b602ffafe64ca601303ba6c49382" }, { "id": "fictional-opinions", "quote": "Fictional counsel Morrow & Vale issues final opinions on 2026-09-18, reviewed on 2026-09-19, for the named agreements, parties, Meridia, Northhaven and the relevant borrower jurisdiction. The opinions cover execution authority, capacity, contract, insolvency, resolution, security, closeout and transfer law and remain current through 2047-09-19 absent an identified law change. They confirm the funding sale, bilateral closeout master, no walkaway clause, custody segregation and the stated security rights. Sovereign execution immunity is waived for the specified commercial pledged assets, not for every state asset. The contingent W1 opinion expressly denies present security perfection and requires a new capacity and admission review on attempted issuance. The netting extension opinion remains qualified until executed novation and the remaining local opinion arrive; no consolidation benefit exists before that gate. W2 counsel confirms that a sovereign transfer ban can block remittance without bank default. W4 counsel confirms that legal sale rights survive a market closure but do not manufacture an executable market.", "sha256": "3fa65711c3d7dd609e8d4dc1b60ee01f7253cd9cc821a3f277bc1a77c40f959a" }, { "id": "fictional-quote-board", "quote": "The independent fictional replacement quote applies to FUND_TRS, reference U, USD currency, quantity one billion, notional USD1bn and the original remaining maturity and payment terms. At inception its financing spread is 100bp over OIS, versus the original locked 70bp. The quote convention is reset to the current reference price. The old-reference price adjustment and accrued stubs are excluded from the quoted replacement funding spread and must be added once. The quoted linear spread-to-price conversion uses the OIS-discounted quarterly remaining annuity supplied by the quote convention, not an asserted universal termination payoff. A changed mark-curve observation affects legal exposure only with a matching replacement quote under the declared synthetic joint quote process. An original-reference quote that already includes the old-price adjustment cannot add it twice. The internal AAA mark curve is AAA financial closes plus a 20bp internal add-on, and its add-on is significant and unobservable. Fictional executable quotes establish the simulation's legal replacement value; they are not claimed to be real observable market evidence for IFRS day-one recognition. OFFSET_TRS quote SYN-OFFSET-20260919 is executable for the same U, Northhaven, USD500m quantity/notional and twenty-year surviving terms, with quoted upfront minus USD50m and the stated remaining-annuity conversion. The S3 Stonebank and Reef seven-day schedules, exact eligible lots, market haircuts and spreads are the independent firm synthetic quotes in fixtures/numerical-inputs.json; capital-action CDS roll quotes are likewise independent quoted contracts, not derived from the desk curve alone.", "sha256": "4c782ec46e59dc77b618063518aa1004809ade1c4ab8e84a08ec1a3fd8546f9d" }, { "id": "fictional-curves", "quote": "The nine curve identities are OIS discounting, internal AAA funding marking, Meridian unsecured bond funding, Meridian CDS, Northhaven CDS default risk, Apex reference-issuer credit, EM deployment credit, Harbor hedge-provider CDS and Westhaven eligible-collateral credit. They are independent inputs. Each public scenario provides all nine levels, nodes through the relevant tenor, units and a flat interpolation convention with no extrapolation. Baseline OIS is 4%, internal AAA mark is 20bp, own bond 50bp, own CDS 30bp, provider CDS 80bp, reference credit 100bp, EM credit 400bp, hedge-provider CDS 40bp and eligible-collateral credit 100bp. Own bond funding is measured over OIS; bond minus own CDS is a separate basis diagnostic, not a replacement for the cash funding spread. Ratings, issuer identity, legal eligibility and material correlation do not follow automatically from spread levels.", "sha256": "7880b8a7049dd2df8aea1c520e2952870061ad4f21a951ea9aa03fc2e8cab8de" }, { "id": "fictional-classification", "quote": "The fictional institutional letter dated 2026-09-18 classifies the legal FUND_TRS under SA-CCR despite the separately stated failed-sale accounting bridge. Its documented sensitivity assessment selects credit as primary risk and supervisory delta minus one for the total-return receiver. A separate dual-risk calculation is an explicit countercase, not a default. Quarterly reference resets do not qualify as full trade-value resets. Northhaven's eligible A bank rating selects the stated ECRA bank risk weight. Baseline recognised incurred CVA write-down is explicitly zero; an internal management CVA reserve cannot silently be deducted as a statutory incurred write-down. Reduced BA-CVA applies without SA-CVA approval. The eligible CDS option uses full BA-CVA with provider CVA measured separately. The written-credit leverage election is disclosed in the canonical annex. The collateral loan is banking book, not a relabelled five-day trading repo. Allocation quotes use disclosed conservative base bank risk weights; optional short-term CRE20.19 relief is a separate countercase.", "sha256": "00ca6c5408c410a07a03fefd9d7d4ec379204a454ebd5586bd632a56cd392ead" }, { "id": "fictional-collateral-assessments", "quote": "For W1 issued, the sovereign borrower and collateral issuer are the same legal person; common control and material positive correlation are expressly true and the B sovereign issue is outside the general eligible sovereign debt threshold. W1 contingent has no issued collateral. W2 future payments are not eligible financial collateral under the selected standardised financial-collateral approach, and bank-default plus sovereign-transfer dependence is material. W3 and W4 Celadon is a different issuer, outside common control with Caldera, and the fictional due-diligence assessment finds no material positive counterparty-credit correlation under the stated controlled state. A distinct funding-side joint stress or a market closure can still matter. Celadon's BB non-sovereign paper is not eligible under the selected financial-collateral table. Westhaven AAA substitution inventory is issued, liquid, enforceably pledged, currency matched, outside common control and explicitly assessed without material positive correlation. Its supervisory haircut must still be derived from issuer kind, residual maturity and the applicable holding-period table, separately from its market financing haircut.", "sha256": "f1fec993790e2ab94035189e200892cf5cab1093233e837f4865545329fd77ea" }, { "id": "fictional-ledgers", "quote": "The base opening statutory ledger has U USD1bn and free cash USD100m against legacy OIS debt USD1bn and equity USD100m. The sale adds USD1bn cash and a financing liability because the sale plus full-return retention fails derecognition. Deploying USD1bn exchanges cash for the five-year loan. U stays in the statutory asset ledger even after legal title passes to Northhaven. The management TRS mark and reserve pots do not create a duplicate statutory derivative. The USD1m day-one fee is an actual cash cost. Quarterly U return, financing, deployment coupon and legacy OIS interest follow their own contracts. Actual negative settled cash draws the priced borrowing facility; a positive replacement mark or a noncash reserve charge alone does not draw debt. The optional exposure-prefunding experiment has its own facility and external segregated deposit and is never the base cash book. At year five loan principal parks at OIS, and at year twenty redemption, sale financing, legacy principal, deposit withdrawals and remaining settlements are tracked explicitly. An unsettled provider dispute prevents unconditional terminal closure. The executed actual-deficit facility limit is USD500m with zero upfront fee, no acceleration solely from the toy capital comparison, and a spread indexed to the current own-bond spread in the applicable scenario. The legacy USD1bn funding pays OIS and matures at year twenty under its own agreement. Free operating cash and reinvested principal earn OIS in the explicit depository account. W1, W2 and W4 noon cash calls arise under a separate operating-payment agreement, not an obligation to draw the deficit facility. The optional prefunding deposit is a separate account restricted to that experiment.", "sha256": "9902f74f53a7ff70a8740b5147530b14f0683b3da8babc86bc99c5a296c1b994" }, { "id": "fictional-accounting", "quote": "The sale and return swap form one IFRS9 accounting unit retaining substantially all return risk. U and the financing liability remain recognised; a second statutory derivative for the same rights is not recognised. The gross management funding benefit and CVA, UFVA and KVA pots are reconciled out of that unit unless separately justified accounting recognition exists. Day-one observability analysis follows the unit-of-account decision. Significant internal add-on inputs are unobservable. Management deferral releases by frozen initial priced time or independently evidenced observability, never just spread tightening. Expected reserve theta is P&L once, not new additional profit. Reserve market remeasurement, hedge gain or loss, cash funding drag and cash movements are distinct. Only identified recognised fair-value exposures enter the separate EU-style AVA model-risk panel. Its uncertainty distribution and same-source accounting prudence, rather than reserve size alone, determine AVA; AVA reduces CET1 without being an automatic P&L charge.", "sha256": "20fbc5d3db61f1faba84aaada37a0579989fc75983118442239295159024b9c5" }, { "id": "fictional-actions", "quote": "Six alternatives are public: execute two-way full-mark cash CSA, substitute Westhaven AAA collateral, consolidate enforceable netting sets, buy five-year Northhaven CDS from Harbor with an explicit designation decision, hold capital, or release an already executed substitution. All fees, recurring spreads, tenor, facility costs, execution lags and unwind prices are in fixtures/numerical-inputs.json. Quotes are firm subject to documented execution and opinion gates. CSA has zero thresholds and MTA and reusable USD VM remunerated at OIS, but posting liquidity is a priced obligation. The proposed consolidation has a thirty-business-day legal gate and cannot release capital while pending. Five-year protection has no automatic rollover into the uncovered final fifteen years. Harbor has separate default risk and margin terms. Holding capital costs the disclosed KVA. Substitution and its release affect real encumbrance and financing/yield terms. A capital reduction never appears as cash received. The separate S3 annex has borrower Meridian posting issued, unencumbered, freely available lots L1/L2 of USD120m/USD110m AAA other-issuer five-year bank debt and S01-S50 of USD0.8m each in distinct main-index equities. Equities have no contractual debt maturity; residual_years zero denotes not applicable only for this equity class. Juniper, Pine and each Seabrook issuer are unrelated to Meridian and the lenders, without common control or material positive credit correlation. Counsel confirms enforceable return of equivalent collateral after repayment, legal title and daily valuation under same-currency USD repos. No lot is pledged twice. Exact per-lot issuer, rating, rights and eligible lender facts appear in fixtures/numerical-inputs.json. Supervisory ten-day haircuts follow the stated asset class, issuer type and debt maturity; independent market advance haircuts and loan spreads come from the lender quotes. This is a synthetic seven-day market, not a calibration transferred from the empirical study. Stonebank is an eligible AA bank and Reef an eligible BBB bank; the disclosed conservative base ECRA election is 20%/50%, not a compulsory seven-day risk-weight floor. Optional CRE20.19 20%/20% is separately calculated. The full 52-lot assignment, concentration limits, objective and proof domain are disclosed in that same annex.", "sha256": "cf250329b122ef47176553210a79f90aa93cf591a6557de9d8efc42441faf57e" }, { "id": "fictional-events", "quote": "Branch-event liquidity accounts are independently funded operating snapshots, not the base USD100m cash book or the controlled AVA/leverage panel. W1 issued and contingent each have USD5m accessible cash, no available branch facility and a separate USD20m cash call due at noon on 2026-09-22. W2 has USD5m accessible cash, no available branch facility and a USD20m cash call due at noon, with USD12m already collected but trapped by transfer controls. W3 uses the actual base quarterly cash ledger, not a supplied price-loss number. W4 has USD5m accessible cash and an executed unconditional USD10m branch facility against a USD30m noon cash call. The W4 security's USD40m mark cannot be spent during the closure. Every cash deadline is a UTC instant. Branch default, transfer and market facts are independent from common decision-panel assumptions.", "sha256": "5fd97e24b5174630f79eed196d585724c271a824a6e5755a52d3a292c1d9e267" }, { "id": "w1-issued-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; Meridian decides at 10:05 UTC against a 12:00 UTC settlement cutoff. The already-issued Lydora bond existed and traded before default, but its selected catastrophic conditional firm bid is zero for all pledged units and no collateral cash arrives by the cutoff. This is an explicit synthetic zero-liquidation event, not a universal sovereign recovery rule. Apex U and Harbor do not default. The AAA reference price does not become zero because Lydora defaults. Northhaven's full contractual TRS replacement claim and its recovery must be evaluated separately from the sovereign security. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero.", "sha256": "7420ac6663622e9186990bddd7f721fe49b12d099a25583f8e8c604b045ec389" }, { "id": "w1-contingent-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; decision is 10:05 UTC and settlement cutoff 12:00 UTC. The pledge document contains only a contingent promise to issue after default. No security, ISIN, predefault traded price or security-title position exists for that promise. Legislative capacity and exchange admission remain unsatisfied, no new issue completes in the three-business-day issuance window, and market capacity at the cutoff is zero. Apex U and Harbor do not default. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero. Equal zero cash recovery in this event does not erase the legal-existence, accounting and predefault markability differences from an issued bond.", "sha256": "b45bc5d735211416f26c76be63f48686d28ded9d8873f5e1b5cabe678cc5ae1b" }, { "id": "w2-transfer-event", "quote": "On 2026-09-22T09:00:00Z the fictional Anatara Transfer Authority prohibits cross-border USD remittance until 2026-09-29T09:00:00Z. USD12m from the specified future-payment obligors is collected locally at 09:30 UTC but cannot be sent to Meridian; no exemption licence exists. Anatara Bank, Northhaven, Apex and Harbor remain nondefaulted. Meridian decides at 10:00 UTC and owes an independent USD20m cash call by 12:00 UTC. Its only accessible branch cash is USD5m, and it has no available branch facility. Continued collection is not remittable collateral cash. The assignment survives but sovereign transfer power overrides the collection waterfall at the deadline.", "sha256": "b712b861cdcb1e324db4881282548f2f874443072c846ac112a0179ba0b93afe" }, { "id": "w3-joint-event", "quote": "The selected W3 first-quarter settlement is 2026-12-19T12:00:00Z; the joint market state is observed at 09:00 and the decision at 09:05. OIS stays 4%, internal AAA mark rises from 20bp to 120bp, own unsecured bond spread rises from 50bp to 150bp, own CDS stays 30bp, Northhaven CDS rises from 80bp to 160bp, Apex reference credit rises from 100bp to 350bp and EM credit rises from 400bp to 700bp. Harbor CDS and Westhaven credit remain 40bp and 100bp. All default flags are false. The U cash price loss uses the actual remaining 19.75-year post-coupon reference price and last settled price one. U coupon is received once through the TRS, OIS plus 70bp financing is paid, the loan pays its locked 8% coupon and legacy OIS is paid. The five-year deployment now has 4.75 years left and its mark is its locked coupon and principal discounted at OIS plus the current EM credit spread, 11%. That EM mark loss is not cash-settled under the loan. Actual deficits, after opening cash and the fee, drive borrowing; the funding-mark rise alone does not.", "sha256": "652867100ed3c78119c2e3772fae6bb4b6f0b9785d6c1566d4074ed2120f7c37" }, { "id": "w4-closure-event", "quote": "The Celadon bond market closes on 2026-09-22T09:00:00Z and reopens on 2026-09-24T09:00:00Z. At the 2026-09-22T10:00:00Z decision the independent cash call is USD30m due 12:00 UTC, accessible cash is USD5m and the executed unconditional branch facility can advance USD10m by 11:00 UTC. Meridian has legal sale rights over forty million USD1 units marked at USD1 before closure. Both sale and repo executable capacity are zero during closure. The first reopened trade is 2026-09-24T09:00:00Z at the disclosed USD1 bid; its USD proceeds first settle 2026-09-25T12:00:00Z. No borrower, funding-provider, reference-issuer, collateral-issuer or hedge-provider default occurs. The unchanged mark and surviving legal sale right do not meet the earlier cash deadline.", "sha256": "b92d6d091c9d5d008fd3e8f3b6c3eed94c000cf2eb9e31a369555c10d163fc3f" }, { "id": "numerical-input-contract", "quote": "Canonical numerical inputs are explicit exact decimal strings, Boolean facts and integer counts. All used fields are required by schemas/numerical-inputs.schema.json, which rejects additional fields, missing issuer kind, missing correlation or missing quote evidence. Curves and decision panels bind to that public file by JSON Pointer, and no hidden profile file or verifier default supplies a missing number. Causal countercases may change supported input values but must retain matching identities, quote basis, timing and independent legal evidence. Numerical calculations belong to src/numerical_fixture.py and src/reserve_ledger.py; src/validate_exhibits.py checks reference integrity and never assigns a candidate penalty.", "sha256": "485f03cd41dda47862106dbc63d0e7b926c6f83f7c3aec80ea7958ab95e7061e" }, { "id": "fictional-reporting-panels", "quote": "The required reporting_panels object is the public question-routing contract. Each of the seventeen financial panels supplies report field pointers, one obligation owner, the shared report evidence array, a snapshot ID, full-state scenario IDs, model clock, exact numerical-input JSON pointers, relevant legal agreement IDs, a selection rule and claim-specific required source locators. Four institutional panels, LEGAL, COMPLIANCE, STRUCTURE and RECOMMENDATION, map the whole legal, compliance, structure and recommendation sections to O9-O12. They have no evidence_array; their conclusions use typed, independently supported premises checked for truth, relevance and consistency rather than exact reference wording. All reference inputs are mandatory. Fields drawn from several controlled observations form a report, never one simultaneous portfolio. BASE is normal inception; MARK_ONLY widens the funding/replacement quote and own bond without any reference cash loss. AAA_LOSS uses the separately specified first-quarter reference-credit cash shock. YEAR1_ROLL and YEAR1_RESERVE are the same instant after one year of normal cash roll, with only the funding quote and P CDS changed. TERMINAL_DISPUTE is a separate year-twenty observation. Only branch_liquidity reads EVENT. Controlled collateral, capacity, protection, reversal, AVA and allocation panels do not inherit the selected branch borrower, default or account balances. Every typed financial report leaf is owned by exactly one panel; common evidence arrays do not merge the obligations.", "sha256": "d43e42b9adf63091fd6701be6122807dac29e1338f0de3d2285baa1b86bc0918" }, { "id": "fictional-cash-stress-panel", "quote": "The actual-cash-stress counterfactual starts from the separately disclosed BASE_CASH book, USD100m cash before the USD1m paid service expense. Before first quarterly settlement U credit widens by 250bp, the internal and executable replacement funding quotes widen by 100bp, and own unsecured bonds price borrowing at OIS plus 150bp. Provider CDS and deployment credit stay at their original levels in this cash-only experiment. Reference price return, reference coupon, financing payment, deployment coupon and legacy OIS payment settle under their own contracts. Borrow only the resulting deficit up to the executed USD500m limit, not the MTM or reserve balance. The mark-only comparison retains U credit unchanged and therefore creates no price-return cash loss merely from a funding quote widening. Both paths keep explicit future repayment and year-five OIS reinvestment. The conditional cash simulation is not permission to originate the capital-deficient book.", "sha256": "2dfff725b160f42389109a994eec9cb1f6ae61e4486a61a51ca60733fd3a1495" }, { "id": "fictional-conditional-facility", "quote": "The conditional prefunding sensitivity is a separately executed fictional facility and external OIS deposit, not a debt instruction in the base book. Its target is the positive incremental matched replacement funding mark after the disclosed funding move. It has its own USD100m opening cash and equity, zero setup fee, primary spread equal to initial own spread plus the disclosed move beta, external OIS deposit remuneration and explicit primary interest cash payments. If interest exhausts this separate cash, the actually executed deficit facility pays it; no reserve is capitalised automatically. conditional_quadratic_ufva requests the PV of primary spread cash expense only, excluding secondary coupon-funding and fees. A mark or reserve without these executed cash transactions does not support that formula.", "sha256": "2db4b6b5833f8c25da9e8af7fcdfa22b0642ea2b904c351f1ae1a7e7b9cf96dc" }, { "id": "fictional-lydora-comparator", "quote": "This is an independent controlled five-year USD1bn loan to Lydora Republic and is not the live W2, W3 or W4 collateral. Lydora is a sovereign, owns and has already issued the pledged USD1bn face bond, also owes the loan, and has issue rating B from the permitted fictional rating agency. The bond was already outstanding at the valuation date, has five residual years, quarterly OIS plus 400bp coupons and an inception price of one under its matching synthetic curve. Counsel gives an executed, perfected, first-ranking and enforceable USD security interest to Meridian, with clear custody control and daily revaluation, timely liquidation rights, no prior liens, no permitted reuse before enforcement and return/release after loan repayment. Market access is open at this comparator observation, and exposure and collateral are both USD. The issuer and loan obligor are exactly the same legal person, so material positive correlation is explicitly true; neither the B rating nor apparent collateral value overrides that relationship. These facts are the public legal source for every collateral_gate field. The supervisory rules, not an exhibit-supplied exposure, determine whether any mitigation is recognised. Same-issuer denial takes precedence in the single reason field; below-threshold rating is an additional defect.", "sha256": "2c9c6553d4ae1382b12e6360ba46e6cc55172066ff13056deed318408e672a41" }, { "id": "fictional-protection-panel", "quote": "The selected protection question is the conditional stress-designated CDS comparator: reference P, seller H, fixed USD320m notional, five years starting at actual execution, eligible direct irrevocable unconditional timely cash protection, matched currency and obligation, and no automatic renewal. Start is two business days after decision when the signed confirmation and opinion are delivered. Full BA-CVA designation is deliberately elected for the controlled comparison; baseline FUND_TRS remains unhedged. H has its own independent CDS/default curve and already executed two-way cash-VM CSA, zero threshold/MTA/NICA, and twenty-business-day MPOR. The funding mark is shocked by 100bp while P CDS remains at inception level for this stress-designated comparison. Pa and capital-at-initial-hedge observations use the hedge-execution clock, not proposal time; subsequent observations are one and 4.75 years after execution. The separate year-one hedge quote is one year after execution with four contractual years left. Short protection does not erase the written-credit leverage notional. Tail risk and expiry remain explicit after any initially full maturity recognition.", "sha256": "5438a77bbd50accb412e517ce8ddcea07d0aadb0489b9bea8c573c3d20473652" }, { "id": "fictional-capacity-panel", "quote": "The requested capacity snapshot is the normal-market, already-effective eligible Westhaven substitution comparison, including its quoted setup fee and the stated controlled AVA. Use the exact separate leverage_snapshot balances, recompute risk-weighted and leverage requirements, and deduct the setup fee and specified AVA from qualifying Tier1. Do not import year-one reserve equity, the actual base cash ledger or the branch operating cash. The capital_KVA report field is separately the standalone funding CCR+CVA level in the mark-only +100bp funding shock with P CDS held at inception, not whole-book max-constraint KVA or a component added to it. The actual base whole-book capital shortfall is disclosed separately and cannot be repaired with this comparator balance sheet.", "sha256": "a948253253f7fa9fe0d90d6b2ab404362458cd3ec9a13cc1f9eeab6f2db75da5" }, { "id": "fictional-decision-panel", "quote": "The requested proposal under review is release of an already executed Westhaven collateral substitution, versus keeping that same substitution. It restores the quoted client spread but increases the original unmitigated capital requirement. structural_value is the standalone reversal component NPV after the stated unwind fee, execution delay and remaining-life capital/yield costs. It is neither an all-in profit nor a recommendation to execute. chosen_action names this proposal, not a winner of an undefined cross-portfolio ranking. It is pending at the initial observation: execution additionally needs settled title release and sufficient whole-book capital, and a positive component NPV does not override that gate. The pre-action capacity fields remain the already-substituted controlled snapshot. Released or increased capital never becomes cash received.", "sha256": "32f96ee0c419798970bbcfcb15b36dd5f3bd2a9a0478db52f24b059a78cb15b3" }, { "id": "fictional-reserve-panel", "quote": "The requested reserve attribution is an instantaneous remeasurement at 2027-09-19T12:00:00Z, after one year of normal cash and valuation roll. Opening G, D and X use the nineteen-year remaining funding profile with normal funding and P CDS. Closing changes only the funding/replacement quote by 100bp and P CDS by 80bp. All U and EM credit, own-bond cash funding, cash balances, OIS, hedge holdings and actual obligations are fixed; no clock time passes. D remains its frozen inception-priced A19 balance, while CVA and KVA inside X remeasure. Carry, theta, actual cash drag and new hedge cash costs for this zero-duration interval are not imported from a year-long or credit-loss scenario. Reported P&L is compared with an independently posted management journal and closing assets/liabilities, not used as a plug. Separate whole-book and funding-only annual-roll examples demonstrate expected release without adding it again here.", "sha256": "bac0a9dc606a6fb710a458fb74b20709174231c431697d4ff39079c57dbb6592" }, { "id": "fictional-terminal-dispute", "quote": "At the contractual twenty-year closing observation, all scheduled U redemption, financing principal, deployment reinvestment and legacy principal follow their separate actual settlement records. P nevertheless owes a disputed USD500000 contractual cash receivable; the dispute is not settled and a USD500000 allowance remains against that unresolved claim. The terminal canonical annex names both claim and allowance as observed case facts, not an automatically generated XVA terminal value. Therefore all obligations are not yet settled. Later actual payment or evidenced final legal write-off are separate possible events; neither is booked at maturity merely because the scheduled core mark has ended.", "sha256": "04062c4e7dce46ec2986ea4e74222701320a4a84883dbb5e92ec3764e414ea04" } ] }, { "document_id": "CAPITAL_RULES", "title": "Dated global Basel capital rule packet", "source_kind": "official_rule_packet", "fictional": false, "author": "BIS Basel Committee; packet compiler", "published_at": "2026-09-19", "file": "docs/capital-rulebook.md", "source_uris": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm?inforce=20230101&published=20200605", "https://www.bis.org/basel_framework/chapter/CRE/22.htm?inforce=20230101&published=20201126" ], "source_version": "Current dated editions listed in packet, retrieved 2026-09-19", "locators": [ { "id": "source_register", "quote": "All Basel versions below were retrieved as current on 19 September 2026.", "sha256": "50df68fc1277f8ca51971ef2e64233781c952bbabf3e7f158ae741394030bac8" }, { "id": "collateral_eligibility", "quote": "CRE22.7 requires that counterparty credit quality not have a material positive correlation with the CRM or its residual risks.", "sha256": "c6702ba396cb89c70ddb7ec9aa66cdb55226fb3567b12733c618904040e9e8b4" }, { "id": "classification", "quote": "The letter selects credit as the primary driver after an explicit sensitivity/volatility assessment.", "sha256": "a871181cfaf4f3f7fad469a1613078bb50726791e419b73ca168b7799b7f382f" }, { "id": "saccr", "quote": "CRE51.8 assigns non-CCP derivatives to SA-CCR when IMM approval is absent", "sha256": "443e3e25c6c0df984f7acb6aeaae6bac6f8658e738d718fd1325b08d31d2ab6c" }, { "id": "protection", "quote": "CRE22.9 and 22.71 require enforceable documentation", "sha256": "f0e1f7e35f542144f7f69d8b8d3b259569c10aa4764eca367df9a4e248297ae0" }, { "id": "cva", "quote": "MAR50.11 requires every external CVA hedge that is a covered transaction", "sha256": "ad64b4e30eeb45a9441298a8f6aa32f042a62403b354841fb52bb32f8d12718d" }, { "id": "leverage", "quote": "LEV30.30–30.32 adds the effective notional of written credit derivatives", "sha256": "fed95b68e01c5874608e9cb280f2e956386bc942f327d527faba1649430bedb7" }, { "id": "kva", "quote": "Basel supplies exposure and minimum-capital requirements, not a universal KVA pricing formula.", "sha256": "9f66adab1ce5365597a9a1c67f43dd8dd27aed5ba9e75fc66562432a2ec74136" } ] }, { "document_id": "AVA_RULES", "title": "Dated EU-style prudent valuation source packet", "source_kind": "official_rule_packet", "fictional": false, "author": "EU legislature and Commission; packet compiler", "published_at": "2026-09-19", "file": "docs/valuation-capital-annex.md", "source_uris": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0575-20260626", "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R0101-20200626" ], "source_version": "CRR 2026-06-26; RTS 2020-06-26; educational core-method annex", "locators": [ { "id": "source_register", "quote": "Consolidated 26 June 2026", "sha256": "a5d4a9fc65136eb1f7446bb20212b20c0dacda1f3dd0f37c6c14b31e50748b9f" }, { "id": "applicability", "quote": "CRR Article 34(1) requires the necessary additional valuation adjustments to be deducted from CET1.", "sha256": "4f981ad819dceabdf1d1e4ad358651acfacf6131447c5d3be6c7992d9ea73b90" }, { "id": "method", "quote": "The Annex aggregation alpha is 50% after 31 December 2020.", "sha256": "3a17c343ec918d2fab15a5e50255964570e759b99f48d703738e2dccc9f970fd" }, { "id": "same_source", "quote": "An unallocated reserve cannot offset it.", "sha256": "29468df1da7cf91e76712822fd3c96c48a12261511deb2fcfeaf8d5c89e99334" } ] } ], "bindings": [ { "binding_id": "PARAMETERS_funding_contract", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, "consumer": "Legal funding principal, quantity, reset and primary classification", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "binding_id": "PARAMETERS_replacement_quote", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, "consumer": "Legal mark and replacement basis; never an internal-curve fallback", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] }, { "binding_id": "PARAMETERS_regulatory", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, "consumer": "SA-CCR, collateral, risk weights and maturity rules", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" } ] }, { "binding_id": "PARAMETERS_desk", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, "consumer": "Explicit capital and valuation pricing convention", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, { "binding_id": "PARAMETERS_actions", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/actions" }, "consumer": "Firm quoted executable decision options", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "binding_id": "PARAMETERS_allocation", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, "consumer": "O5 actual 52-lot lending quote assignment", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "binding_id": "PARAMETERS_cash_ledger", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, "consumer": "Actual cash deficit funding and settlement", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "binding_id": "PARAMETERS_reserve_uncertainty", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, "consumer": "Independent AVA controlled input distributions", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, { "binding_id": "PARAMETERS_incurred_CVA", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, "consumer": "Explicit statutory recognised incurred write-down", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" } ] } ], "snapshots": [ { "snapshot_id": "BASE_CASH", "scope": "base_cash", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "MARK_ONLY", "scope": "mark_only", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "AAA_LOSS", "scope": "AAA_loss_cash", "model_time_years": "0.25", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "CAPITAL_COMPARE", "scope": "capital_comparison", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "AVA_CONTROLLED", "scope": "AVA_controlled", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "BRANCH_LIQUIDITY", "scope": "liquidity_branch", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "input-contract" } ] }, { "snapshot_id": "CONDITIONAL_PREFUNDING", "scope": "conditional_prefunding", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "YEAR1_RESERVE", "scope": "reserve_divergence", "model_time_years": "1", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "TERMINAL_DISPUTE", "scope": "terminal_dispute", "model_time_years": "20", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "ALLOCATION_7D", "scope": "allocation_7d", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "DECISION_COMPARE", "scope": "decision_comparison", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "parties": [ { "party_id": "FACILITY_LENDER", "legal_name": "Cedar Liquidity Finance", "kind": "corporate", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "FACILITY_LENDER", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, { "party_id": "S2_LRA", "legal_name": "Lydora Reserve Authority", "kind": "public_authority", "incorporation_jurisdiction": "Lydora", "insolvency_jurisdiction": "Lydora", "resolution_jurisdiction": "Lydora", "ownership_group": "S2_LRA", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, { "party_id": "MERIDIAN", "legal_name": "Meridian Bank", "kind": "bank", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "MERIDIAN", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "A", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "P", "legal_name": "Northhaven Bank", "kind": "bank", "incorporation_jurisdiction": "Northhaven", "insolvency_jurisdiction": "Northhaven", "resolution_jurisdiction": "Northhaven", "ownership_group": "P", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "A", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "APEX", "legal_name": "Apex Financial", "kind": "bank", "incorporation_jurisdiction": "Northhaven", "insolvency_jurisdiction": "Northhaven", "resolution_jurisdiction": "Northhaven", "ownership_group": "APEX", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "H", "legal_name": "Harbor Protection Bank", "kind": "bank", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "H", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AA", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "CLEARVAULT", "legal_name": "Clearvault Trust", "kind": "custodian", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "CLEARVAULT", "regulated_bank": false, "rating": { "status": 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"fictional-executed-agreements" } ] }, "terms": { "kind": "custody", "custodian_id": "CLEARVAULT", "account_ids": [ "CUST_U_OPEN", "CUST_U_PROVIDER", "CUST_DEP", "CUST_AAA" ], "segregated": true, "reuse_right": "prohibited", "return_obligation": "equivalent_security_units", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "agreement_id": "AAA_SECURITY", "kind": "security", "trade_ids": [ "LOAN" ], "party_ids": [ "BORROWER", "MERIDIAN" ], "execution": { "status": "proposed", "proposed_at": "2026-09-19T12:00:00Z", "required_party_ids": [ "BORROWER", "MERIDIAN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, "effectiveness": { "status": "pending", "effective_at": "2026-09-22T12:00:00Z", "conditions": [ { "condition_id": "AAA_SECURITY_SIGN", "description": "All signatures required before 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"12:00:00", "delivery_versus_payment": true, "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "terms": { "kind": "security", "collateral_kind": "issued_security", "grantor_id": "BORROWER", "secured_party_id": "MERIDIAN", "asset_id": "AAA_SUB", "permitted_by_contract": true, "perfection_status": "perfected", "priority": "first_ranking", "reuse_right": "prohibited", "reuse_conditions": [], "withdrawal_right": "prohibited", "enforcement_business_days": 0 }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "agreement_id": "ACTUAL_FACILITY", "kind": "liquidity_facility", "trade_ids": [], "party_ids": [ "MERIDIAN", "H" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "H" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "ACTUAL_FACILITY_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "principal_and_accrued_interest", "currency": "USD", "setoff": false, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity until settled", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": 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"authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "CONDITIONAL_PREFUND_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "principal_and_accrued_interest", "currency": "USD", "setoff": false, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented 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[ "MERIDIAN", "H" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "H" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "LEGACY_FUNDING_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": 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"document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "agreement_id": "OIS_ACCOUNT", "kind": "liquidity_facility", "trade_ids": [], "party_ids": [ "MERIDIAN", "H" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "H" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OIS_ACCOUNT_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, 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"2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "principal_and_accrued_interest", "currency": "USD", "setoff": false, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity until settled", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "principal_terms": "no_cash_advance", "settlement": { "calendar_id": "CAL", "lag_business_days": 0, "cutoff_utc": "12:00:00", "delivery_versus_payment": true, "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "terms": { "kind": "liquidity_facility", "lender_id": "H", "borrower_id": "MERIDIAN", "limit": "0", "spread": "0", "commitment_fee": "0", "draw_purpose": "operating_payment_only", "draw_conditions": [ "Independent operating cash obligation; no financing is advanced" ], "cash_account_id": "CASH_BRANCH", "unconditional_during_market_closure": false }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ] }, { "agreement_id": "OFFSET_TRS", "kind": "funding_TRS", "trade_ids": [ "OFFSET_TRS" ], "party_ids": [ "MERIDIAN", "P" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "P" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OFFSET_TRS_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "replacement_value_full_remaining_terms", "currency": "USD", "setoff": true, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity until settled", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "principal_terms": "no_principal_exchange", "settlement": { "calendar_id": "CAL", "lag_business_days": 0, "cutoff_utc": "12:00:00", "delivery_versus_payment": true, "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "terms": { "kind": "funding_TRS", "reference_instrument_id": "U", "quantity": "500000000", "notional": "500000000", "total_return_receiver_id": "P", "financing_payer_id": "P", "counterparty_id": "P", "principal_exchange": "none", "locked_financing_spread": "0.007", "financing_base_curve_id": "OIS", "last_settled_reference_price": "1", "reset": { "reference_price_reset": "last_actual_price_settlement", "resets_full_trade_value_to_zero": false, "reset_frequency": "quarterly", "next_price_adjustment": "quantity_times_current_less_last_settled_price_discounted_to_next_settlement", "redemption_in_final_distribution": true, "post_redemption_price": "0", "stub_paid_separately_once": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "replacement_quote": { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/netting/other_trade/quote" }, "same_quantity_notional_maturity_and_remaining_terms": true }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] }, { "agreement_id": "OFFSET_MASTER", "kind": "netting_master", "trade_ids": [ "OFFSET_TRS" ], "party_ids": [ "MERIDIAN", "P" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "P" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OFFSET_MASTER_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "replacement_value_full_remaining_terms", "currency": "USD", "setoff": true, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity until settled", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "principal_terms": "no_cash_advance", "settlement": { "calendar_id": "CAL", "lag_business_days": 0, "cutoff_utc": "12:00:00", "delivery_versus_payment": true, "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "terms": { "kind": "netting_master", "party_ids": [ "MERIDIAN", "P" ], "single_closeout_balance": true, "walkaway_clause": false, "cross_product": false, "covered_trade_ids": [ "OFFSET_TRS" ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] } ], "opinions": [ { "opinion_id": "OP_CORE", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "MASTER", "LOAN_MASTER", "H_MASTER", "NEW_CSA", "H_CSA", "CDS_AGREEMENT", "CUSTODY", "AAA_SECURITY", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND", "LEGACY_FUNDING", "OIS_ACCOUNT", "OPERATING_PAYMENT", "OFFSET_TRS", "OFFSET_MASTER" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_BRANCH", "author": "Morrow & Vale, fictional counsel", "status": "final_qualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "DEP_SECURITY" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": false, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [ "No present security exists until a legally valid new issuance and admission" ], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_NETTING", "author": "Morrow & Vale, fictional counsel", "status": "final_qualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "MASTER_P_CONSOLIDATED" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": false, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [ "Outstanding local opinion and executed novation before additional netting relief" ], "conditions": [ { "condition_id": "OP_NETTING_GATE", "description": "Local opinion and novation signatures outstanding", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_ACCOUNTING", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "SALE_U", "FUND_TRS" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] } ], "trades": [ { "trade_id": "FUND_TRS", "agreement_id": "FUND_TRS", "kind": "funding_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "FUNDING_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "LOAN", "agreement_id": "DEP_LOAN", "kind": "deployment_loan", "party_ids": [ "MERIDIAN", "BORROWER" ], "netting_set_id": "NS_LOAN", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "CDS_TRADE", "agreement_id": "CDS_AGREEMENT", "kind": "CDS", "party_ids": [ "MERIDIAN", "H" ], "netting_set_id": "HEDGE_H", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "OFFSET_TRS", "agreement_id": "OFFSET_TRS", "kind": "comparison_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "OFFSET_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] } ], "netting_sets": [ { "netting_set_id": "FUNDING_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "FUND_TRS" ], "master_agreement_id": "MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [ "NEW_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "NS_LOAN", "party_ids": [ "MERIDIAN", "BORROWER" ], "trade_ids": [ "LOAN" ], "master_agreement_id": "LOAN_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "HEDGE_H", "party_ids": [ "MERIDIAN", "H" ], "trade_ids": [ "CDS_TRADE" ], "master_agreement_id": "H_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "executed", "CSA_agreement_ids": [ "H_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "OFFSET_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "OFFSET_TRS" ], "master_agreement_id": "OFFSET_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] } ], "collateral": [ { "collateral_id": "COLL_AAA", "purpose": "action_inventory", "secured_trade_ids": [ "LOAN" ], "asset": { "kind": "issued_security", "instrument_id": "AAA_SUB", "quantity": "1000000000", "price_quote_ids": [ "Q_AAA_SUB" ], "liquidity": { "market_id": "AAA_SUB_MARKET", "sale_settlement_business_days": 1, "repo_settlement_business_days": 1, "daily_capacity_units": "1000000000", "market_haircut": "0.02", "repo_spread": "0.009", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "bank", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": true, "contract_accepted": true, "enforceable": true, "perfected": true, "same_currency": true, "market_liquid": true, "correlation": { "counterparty_id": "BORROWER", "issuer_id": "ALPINE", "same_issuer": false, "common_control": false, "material_positive_correlation": false, "assessment_basis": "Explicit legal identity, control and conditional-state due diligence; independent funding or closure event is separate", "as_of": "2026-09-19", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, "rule_evidence": [ { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ] }, "rights": { "owner_id": "BORROWER", "provider_id": "BORROWER", "secured_party_id": "MERIDIAN", "security_agreement_id": "AAA_SECURITY", "ownership_basis": "pledge", "custodian_id": "CLEARVAULT", "custody_account_id": "CUST_AAA", "custody_jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "reuse_conditions": [], "withdrawal_right": "prohibited", "priority": "first_ranking", "enforcement_business_days": 0, "opinion_ids": [ "OP_CORE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, "title_event_ids": [ "TITLE_AAA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] } ], "custody_accounts": [ { "account_id": "CUST_U_OPEN", "custodian_id": "CLEARVAULT", "legal_owner_id": "MERIDIAN", "beneficial_owner_id": "MERIDIAN", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "U", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_U_PROVIDER", "custodian_id": "CLEARVAULT", "legal_owner_id": "P", "beneficial_owner_id": "P", "jurisdiction": "Meridia", "segregated": false, "reuse_right": "permitted", "agreement_id": "CUSTODY", "positions": [], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_AAA", "custodian_id": "CLEARVAULT", "legal_owner_id": "BORROWER", "beneficial_owner_id": "BORROWER", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "AAA_SUB", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_DEP", "custodian_id": "CLEARVAULT", "legal_owner_id": "BORROWER", "beneficial_owner_id": "BORROWER", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } ], "cash_accounts": [ { "account_id": "CASH_BASE", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "100000000", "opening_at": "2026-09-19T12:00:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_PREFUND", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "0", "opening_at": "2026-09-19T12:00:00Z", "accessible": false, "segregated": true, "reuse_right": "prohibited", "access_conditions": [ "External prefunding or local collection restriction; not free cash" ], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_BRANCH", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BRANCH_LIQUIDITY", "opening_balance": "5000000", "opening_at": "2026-09-22T08:59:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ] } ], "cash_events": [ { "cash_event_id": "CF_SALE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "SALE_U", "payer_id": "P", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "sale_proceeds", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEPLOY", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "MERIDIAN", "payee_id": "BORROWER", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "deployment_advance", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_FEE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "fixed", "amount": "1000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "fee", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "total_return_net", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_LEGACY_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "LEGACY_FUNDING", "payer_id": "MERIDIAN", "payee_id": "H", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "legacy_coupon", "agreement_id": "LEGACY_FUNDING", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEP_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "BORROWER", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "contract_formula", "formula_id": "deployment_coupon", "agreement_id": "DEP_LOAN", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_02", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 2, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-03-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "total_return_net", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_LEGACY_02", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "LEGACY_FUNDING", "payer_id": "MERIDIAN", "payee_id": "H", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "legacy_coupon", "agreement_id": "LEGACY_FUNDING", "period": 2, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-03-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEP_02", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "BORROWER", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "contract_formula", "formula_id": "deployment_coupon", "agreement_id": "DEP_LOAN", "period": 2, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-03-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_03", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 3, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-06-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "total_return_net", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { 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quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CSA" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_SUB", "kind": "substitute_collateral", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-09-22T12:00:00Z", "agreement_ids": [ "AAA_SECURITY" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_SUB_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" } ], "cash_event_ids": [], "title_event_ids": [ "TITLE_AAA" ], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_NET", "kind": "consolidate_netting", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-10-30T12:00:00Z", "agreement_ids": [ "MASTER_P_CONSOLIDATED" ], "required_opinion_ids": [ "OP_NETTING" ], "preconditions": [ { "condition_id": "ACT_NET_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/netting" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_CDS", "kind": "buy_CDS", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-22T12:00:00Z", "proposed_effective_at": "2026-09-22T12:00:00Z", "agreement_ids": [ "CDS_AGREEMENT", "H_CSA" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_CDS_GATE", "description": "Execute quoted action and satisfy opinion before effect", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_HOLD", "kind": "hold_capital", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-19T12:00:00Z", "proposed_effective_at": "2026-09-19T12:00:00Z", "agreement_ids": [ "FUND_TRS" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "ACT_HOLD_GATE", "description": "Hold existing position; no legal change", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/hold" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" } ], "cash_event_ids": [], "title_event_ids": [], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] }, { "action_id": "ACT_RELEASE", "kind": "release_substitution", "quoted_at": "2026-09-19T12:00:00Z", "valid_until": "2026-10-31T23:59:59Z", "quote_status": "firm_subject_to_documented_conditions", "proposed_execution_at": "2026-09-24T12:00:00Z", "proposed_effective_at": "2026-09-24T12:00:00Z", "agreement_ids": [ "AAA_SECURITY" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "SUB_ALREADY_EXECUTED", "description": "Counterfactual state requires an already executed substitution before release", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute/unwind_fee" } ], "cash_event_ids": [], "title_event_ids": [ "TITLE_AAA_RELEASE" ], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] } ], "scenarios": [ { "scenario_id": "BASE", "as_of": "2026-09-19T12:00:00Z", "kind": "inception", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [ "Q_U", "Q_AAA_SUB" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" } ] }, { "scenario_id": "EVENT", "as_of": "2026-09-22T10:00:00Z", "kind": "selected_branch_event", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": true, "funding_provider_default": true, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "default_distress", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-contingent-event" } ] }, { "scenario_id": "MARK_ONLY", "as_of": "2026-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "AAA_LOSS", "as_of": "2026-12-19T09:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.035", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_ROLL", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_RESERVE", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.016", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "TERMINAL_DISPUTE", "as_of": "2046-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "branch_event": { "event_id": "EVENT_W1_contingent", "scenario_id": "EVENT", "event_at": "2026-09-22T10:00:00Z", "decision_at": "2026-09-22T10:05:00Z", "settlement_cutoff": "2026-09-22T12:00:00Z", "borrower_id": "BORROWER", "funding_provider_id": "P", "defaults": { "borrower_default": true, "funding_provider_default": true, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "free_cash_account_id": "CASH_BRANCH", "available_facility_ids": [], "cash_calls": [ { "cash_event_id": "CF_BRANCH_CALL", "due_at": "2026-09-22T12:00:00Z", "amount": { "kind": "fixed", "amount": "20000000" }, "payee_id": "H", "account_id": "CASH_BRANCH", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-contingent-event" } ] } ], "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-contingent-event" } ], "kind": "W1_contingent", "obligation_id": "CONTINGENT_LYDORA", "security_exists_before_default": false, "issuance_trigger": "borrower_default", "issuance_window_business_days": 3, "new_identifier_status": "not_allocated_before_issuance", "post_trigger_issuance_completed": false, "post_trigger_market_capacity": "0", "preissue_market_value_status": "not_a_security_no_traded_mark", "legal_form": "secured_loan_with_contingent_issuance_promise", "preconditions": [ { "condition_id": "ISSUE_CAPACITY", "description": "Legislative capacity unavailable on default", "status": "failed", "assessed_at": "2026-09-22T10:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, { "condition_id": "ISSUE_ADMISSION", "description": "No exchange admission or executable new line", "status": "failed", "assessed_at": "2026-09-22T10:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "reporting_panels": { "legal": { "panel_id": "LEGAL", "obligation": "O9", "report_fields": [ "/legal" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "compliance": { "panel_id": "COMPLIANCE", "obligation": "O10", "report_fields": [ "/compliance" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "structure": { "panel_id": "STRUCTURE", "obligation": "O11", "report_fields": [ "/structure" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "recommendation": { "panel_id": "RECOMMENDATION", "obligation": "O12", "report_fields": [ "/recommendation" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "rates_inception": { "panel_id": "RATES_INCEPTION", "obligation": "O1", "report_fields": [ "/rates/total_return_role", "/rates/financing_role", "/rates/principal_cash_source", "/rates/funding_component", "/rates/reference_adjustment", "/rates/legal_value", "/rates/positive_exposure", "/rates/funding_dv01", "/rates/deployment_funding_dv01", "/rates/mismatch_dv01", "/rates/funding_remaining_at_year5", "/rates/mark_quote_basis", "/rates/year5_reinvestment" ], "evidence_array": "/rates/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception legal mark, not a stress mark: same quantity U, locked spread and reset-to-today quote; add old-reference adjustment once, derive positive exposure. Five-year funding-allocation DV01 is reported as a positive magnitude, mismatch as signed net long funding DV01. Funding at year five is the residual tenor. OIS reinvestment is the actual specified principal destination.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "credit_inception": { "panel_id": "CREDIT_INCEPTION", "obligation": "O2", "report_fields": [ "/credit_xva/accounting_cva", "/credit_xva/own_funding_curve", "/credit_xva/basis_spread", "/credit_xva/noncash_charge_creates_borrowing", "/credit_xva/use_cash_vm", "/credit_xva/provider_default_exposure_source", "/credit_xva/conditional_quadratic_requires_cash_transaction" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_recovery" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_CDS_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND" ], "legal_scope": "case_legal_objects", "selection_rule": "Accounting CVA is the normal funding-component default integral, not CVA capital. Own funding uses unsecured bonds over OIS; the separately reported basis is initial own bond minus own CDS. Baseline funding has no executed CSA and uses no cash VM. The positive legal contract mark drives exposure. Noncash reserve charges do not create borrowing. The separately executed prefunding experiment is required for the quadratic cash cost.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ], "not_additive_with_other_panels": true }, "actual_cash_stress": { "panel_id": "ACTUAL_CASH_STRESS", "obligation": "O2", "report_fields": [ "/credit_xva/actual_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "AAA_LOSS", "scenario_ids": [ "AAA_LOSS" ], "model_time_years": "0.25", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_free_cash" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_legacy_funding" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "ACTUAL_FACILITY", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Present value of actual spread expense on settled-cash deficit borrowing over the full twenty-year ledger: reference credit move from cash_ledger.reference_stress_move, replacement funding move from cash_ledger.funding_stress_move, own spread from stressed_own_bond_spread. A conditional execution/capital gate is disclosed; no equity is injected. Provider and EM shocks are not added to this cash-only counterfactual.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "mark_only_cash": { "panel_id": "MARK_ONLY_CASH", "obligation": "O2", "report_fields": [ "/credit_xva/mark_only_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "FUND_TRS", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Run the same cash ledger with zero reference-credit change and the quoted funding move, not an exposure-sized debt balance. The mark is noncash. All actual contractual coupon, fee and principal obligations remain.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "conditional_prefunding": { "panel_id": "CONDITIONAL_PREFUNDING", "obligation": "O2", "report_fields": [ "/credit_xva/conditional_quadratic_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "CONDITIONAL_PREFUNDING", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [ "CONDITIONAL_PREFUND", "ACTUAL_FACILITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "PV of the primary executed exposure-prefunding facility spread cost alone; not secondary coupon-cash funding or base-book debt. The target is the positive incremental replacement funding mark, funded and deposited externally at OIS under its own balanced cash/equity snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-conditional-facility" } ], "not_additive_with_other_panels": true }, "funding_capital_inception": { "panel_id": "FUNDING_CAPITAL_INCEPTION", "obligation": "O3", "report_fields": [ "/capital/saccr" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "SALE_U" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception unmargined credit-only SA-CCR under the fictional classification letter; U was sold and is not collateral held against P. Compute RC, PFE, MF, supervisory duration, EAD and provider risk weight from legal terms and dated rules. No statutory incurred CVA write-down beyond the explicit canonical amount.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "CAPITAL_RULES", "locator": "saccr" } ], "not_additive_with_other_panels": true }, "collateral_controlled": { "panel_id": "COLLATERAL_CONTROLLED", "obligation": "O3", "report_fields": [ "/capital/collateral" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Use the independent Lydora controlled issued-sovereign loan in collateral_gate for every BOOK report. Same-issuer denial takes precedence over its below-threshold rating; compute unmitigated E*, RWA, capital, through-life KVA and required client capital spread. This is not W2 payment rights or the W3/W4 live deployment collateral. Branch eligibility must be exposed separately as a diagnostic, using the selected case legal records, without replacing this controlled O3 question.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-lydora-comparator" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "protection_controlled": { "panel_id": "PROTECTION_CONTROLLED", "obligation": "O4", "report_fields": [ "/capital/protection" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "CDS_AGREEMENT", "H_CSA", "H_MASTER", "FUND_TRS" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Selected controlled five-year fixed-notional P CDS from H, eligible and designated for full BA-CVA, against the mark-only +100bp funding stress with P CDS held at its normal level. Pa and tail clocks are elapsed since actual CDS execution, not the two-business-day proposal date; observe inception, year one and year 4.75. ccr_capital and cva_capital are the selected post-execution initial stress-designated capital levels, never the proposal-state pre-execution level. No written-credit leverage notional offset is claimed for short protection. These are conditional action comparisons, not an assertion that CDS is executed in the base book.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-protection-panel" }, { "document_id": "CAPITAL_RULES", "locator": "protection" }, { "document_id": "CAPITAL_RULES", "locator": "cva" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capacity_controlled": { "panel_id": "CAPACITY_CONTROLLED", "obligation": "O5", "report_fields": [ "/capital/capacity/leverage_exposure", "/capital/capacity/leverage_required", "/capital/capacity/Tier1", "/capital/capacity/binding" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Same-balance controlled eligible-AAA-substitution comparator, after its quoted setup fee. Leverage exposure and minimum requirement use the normal FUND_TRS classification plus retained U, deployment and remaining cash. Tier1 is available qualifying capital after the setup fee and the explicitly allocated AVA. Binding compares recomputed risk-based and leverage requirements; it does not assert that this controlled panel is the actual base ledger.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capital_cost_component": { "panel_id": "CAPITAL_COST_COMPONENT", "obligation": "O5", "report_fields": [ "/capital/capacity/capital_KVA" ], "evidence_array": "/capital/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER" ], "legal_scope": "case_legal_objects", "selection_rule": "Standalone funding CCR plus CVA KVA level under the mark-only +100bp quote stress, not whole-bank max-constraint KVA and not incremental KVA. Its scope is deliberately separate from the eligible-substitution leverage snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "capital_decision": { "panel_id": "CAPITAL_DECISION", "obligation": "O5", "report_fields": [ "/capital/capacity/structural_value", "/capital/capacity/capital_cash_credit", "/capital/capacity/chosen_action", "/capital/capacity/action_effective" ], "evidence_array": "/capital/evidence", "snapshot_id": "DECISION_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" } ], "case_agreement_ids": [ "AAA_SECURITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Requested decision is release_substitution in a controlled already-substituted portfolio: structural_value is its standalone reversal component NPV versus keeping the same substitution, with restored client yield, increased capital carrying cost, two-business-day execution lag and unwind fee. It is not a ranking against a different CDS/netting portfolio. The reversal is proposed, not effective at the observation date, and cannot execute without sufficient whole-book capital and actual settled title release. capital_cash_credit records no fictional capital-to-cash receipt.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-decision-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "allocation_7d": { "panel_id": "ALLOCATION_7D", "obligation": "O5", "report_fields": [ "/capital/allocation" ], "evidence_array": "/capital/evidence", "snapshot_id": "ALLOCATION_7D", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Choose the minimum disclosed seven-day financing objective among feasible assignments of every actual lot ID exactly once. Cash and capital are computed lot by lot in borrower direction with separate market and supervisory haircuts. The certificate is valid only within the published equal-small-lot/distinct-issuer/forced-large proof domain. Report evidence-dependent unknowns as an empty list for this complete synthetic annex; this does not resolve missing facts in a real market. Optional short-term bank risk weights are a separate countercase, not the selected conservative election.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ], "not_additive_with_other_panels": true }, "recognition_inception": { "panel_id": "RECOGNITION_INCEPTION", "obligation": "O7", "report_fields": [ "/accounting/recognition" ], "evidence_array": "/accounting/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/day_one_accounting" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS" ], "legal_scope": "case_legal_objects", "selection_rule": "Failed-sale retained-asset financing is the stated accounting unit. Day-one statutory profit field is recognisable funding-opportunity gain before the separately paid service fee, not total day-one statutory P&L. Gross management D and X are reconciled out unless a separate statutory unit is evidenced. Deferral uses the frozen inception price-time schedule or evidenced observability, never spread tightening.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ], "not_additive_with_other_panels": true }, "reserve_divergence": { "panel_id": "RESERVE_DIVERGENCE", "obligation": "O8", "report_fields": [ "/accounting/reserves/D_open", "/accounting/reserves/D_close", "/accounting/reserves/X_open", "/accounting/reserves/X_close", "/accounting/reserves/carry", "/accounting/reserves/clean_mtm", "/accounting/reserves/deferral_release", "/accounting/reserves/reserve_theta", "/accounting/reserves/reserve_mtm", "/accounting/reserves/reserve_action", "/accounting/reserves/hedge_pnl", "/accounting/reserves/cash_funding_drag", "/accounting/reserves/reported_pnl", "/accounting/reserves/independent_equity_change", "/accounting/reserves/unfunded_reserve_balance", "/accounting/reserves/reserve_charge_alone_draws_debt", "/accounting/reserves/expected_release_counted_twice" ], "evidence_array": "/accounting/evidence", "snapshot_id": "YEAR1_RESERVE", "scenario_ids": [ "YEAR1_ROLL", "YEAR1_RESERVE" ], "model_time_years": "1", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "FUND_TRS", "SALE_U", "DEP_LOAN", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Instantaneous remeasurement at year one after the normal cash/valuation roll: open at core year1_roll, close at year1_stress with only funding quote +100bp and P CDS +80bp. Reference price, cash, hedge, EM, OIS and actual obligations are unchanged. D stays on the frozen A19 schedule; X remeasures. No elapsed time means no new carry or theta. P&L is compared with the independently posted management journal/equity change. The separate whole-book first-year carry illustration is not added to this interval.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reserve-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "prudent_valuation": { "panel_id": "PRUDENT_VALUATION", "obligation": "O8", "report_fields": [ "/accounting/reserves/AVA", "/accounting/reserves/CET1_after_AVA", "/accounting/reserves/AVA_in_PnL" ], "evidence_array": "/accounting/evidence", "snapshot_id": "AVA_CONTROLLED", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Separate identified recognised-fair-value model-risk exposures, uniform exit-cost uncertainty and same-source accounting prudence; EU-style incremental Method 1 AVA and CET1 deduction. No transfer of this panel capital, cash or AVA into the year-one remeasurement. An increased mean with unchanged uncertainty width need not increase incremental AVA.", "required_evidence": [ { "document_id": "AVA_RULES", "locator": "applicability" }, { "document_id": "AVA_RULES", "locator": "method" }, { "document_id": "AVA_RULES", "locator": "same_source" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ], "not_additive_with_other_panels": true }, "terminal_settlement": { "panel_id": "TERMINAL_SETTLEMENT", "obligation": "O8", "report_fields": [ "/accounting/reserves/terminal_reserve", "/accounting/reserves/all_obligations_settled" ], "evidence_array": "/accounting/evidence", "snapshot_id": "TERMINAL_DISPUTE", "scenario_ids": [ "TERMINAL_DISPUTE" ], "model_time_years": "20", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" } ], "case_agreement_ids": [ "FUND_TRS", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Observe the actual unresolved provider claim after contractual year-twenty runoff. Its contractual notional is not reset to zero by age. No later cash settlement or final write-off is assumed. A reserve remains until the specifically evidenced resolution occurs, even if the scheduled core funding/CVA/KVA profiles have ended.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-terminal-dispute" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "branch_liquidity": { "panel_id": "BRANCH_LIQUIDITY", "obligation": "O6", "report_fields": [ "/liquidity/branch", "/liquidity/branch_event", "/liquidity/default", "/liquidity/collateral_market_value", "/liquidity/collateral_cash_realisation", "/liquidity/call_due", "/liquidity/cash_available", "/liquidity/additional_borrowing", "/liquidity/residual_liquidity_shortfall", "/liquidity/reference_exists", "/liquidity/structure_decision", "/liquidity/correct_by_contract_not_label" ], "evidence_array": "/liquidity/evidence", "snapshot_id": "BRANCH_LIQUIDITY", "scenario_ids": [ "EVENT" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "DEP_LOAN", "DEP_SECURITY", "FUND_TRS", "CUSTODY", "OPERATING_PAYMENT" ], "legal_scope": "case_legal_objects", "selection_rule": "Only the selected case branch_event, its exact default flags, title/instrument existence, quotes, account availability and settlement cutoffs determine this panel. reference_exists asks whether the selected deployment collateral is an issued security, never whether funding U exists. No security or predefault price is invented for contingent issuance or future-payment rights. For W3 derive the actual first-quarter total-return cash call from the canonical ledger and joint curve state; for other branches use the independently sourced operating call. Borrowing is limited by the actually available named facility. Separately expose branch collateral eligibility/reason diagnostics from its own legal facts, without replacing the O3 Lydora comparator.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w1-contingent-event" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ], "not_additive_with_other_panels": true } } }, { "schema_version": "back_to_back_funding_book.v1r2", "episode_id": "W2", "branch": "W2", "parameters_file": "fixtures/numerical-inputs.json", "as_of": "2026-09-19T12:00:00Z", "base_currency": "USD", "fictional": true, "counterparty_constraints": [ { "party_id": "BORROWER", "situation": "Anatara Bank 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. A nondefault transfer-control order of its home authority traps collected payment-rights cash locally; no licence exists and every nondefault flag stands, so restricted local balances are not remitted cash.", "situation_kind": "regulatory_order", "required_cash": "1000000000", "currency": "USD", "funding_deadline": "2026-09-19", "allowed_legal_forms": [ "payment_rights_assignment" ], "prohibited_legal_forms": [ "issued_security_pledge", "contingent_issuance_promise", "title_transfer_repo" ], "classification_by_form": { "payment_rights_assignment": "borrowing_secured_by_assigned_receivables" }, "required_return": "identical", "borrowing_ceiling": "1000000000", "maximum_spread": "0.08", "required_approval_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "P", "situation": "Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the borrower's collections sit under a transfer-control order, it additionally requires the transfer-control review of borrower claims to be approved before any such claim is counted toward the financing leg.", "situation_kind": "none", "required_cash": "0", "currency": "USD", "funding_deadline": "2026-09-22", "allowed_legal_forms": [ "sale_funded_total_return_swap" ], "prohibited_legal_forms": [ "payment_rights_assignment", "contingent_issuance_promise" ], "classification_by_form": { "sale_funded_total_return_swap": "funded_asset_purchase_and_return_contract" }, "required_return": "none", "borrowing_ceiling": null, "maximum_spread": null, "required_approval_ids": [ "DESK_CSA", "DESK_NETTING", "DESK_CLAIM_BORROWER" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "S2_LRA", "situation": "Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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.", "situation_kind": "fiscal_ceiling", "required_cash": "500000000", "currency": "USD", "funding_deadline": "2029-01-01", "allowed_legal_forms": [ "gold_pledge", "gold_equivalent_title", "issued_security_pledge", "title_transfer_repo" ], "prohibited_legal_forms": [ "fiscal_advance" ], "classification_by_form": { "gold_pledge": "secured_borrowing", "gold_equivalent_title": "secured_financing_with_title_transfer", "issued_security_pledge": "secured_borrowing", "title_transfer_repo": "secured_financing_with_title_transfer", "gold_identical_title": "bespoke_title_financing_pending_proprietary_opinion", "fiscal_advance": "fiscal_lending_requires_separate_authority" }, "required_return": "equivalent", "borrowing_ceiling": "500000000", "maximum_spread": null, "required_approval_ids": [ "S2_IDENTICAL_TITLE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] } ], "mandate": { "mandate_id": "BOOK_DESK_MANDATE", "bank_id": "MERIDIAN", "rules": [ { "rule_id": "DESK_HOLD", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CSA", "action_kind": "execute_csa", "subject_id": "FUND_TRS", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SUBSTITUTION", "action_kind": "substitute_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REVERSE", "action_kind": "reverse_substitution", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_OFFSET", "action_kind": "execute_offset", "subject_id": "OFFSET_TRS", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "OFFSET_CREDIT_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_NETTING", "action_kind": "consolidate_netting", "subject_id": "MASTER_P_CONSOLIDATED", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PROTECTION", "action_kind": "buy_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DESIGNATION", "action_kind": "designate_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "MATCHED_REFERENCE_DESIGNATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO", "action_kind": "repo_allocate", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_ONLY" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO_REPAY", "action_kind": "repay_repo", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_COLLATERAL", "action_kind": "sell_lot", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "BORROWER_DISPOSAL_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_INVENTORY", "action_kind": "sell_lot", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_DISPOSAL" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_EQUIVALENT", "action_kind": "buy_equivalent", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DOCUMENTED_EQUIVALENT_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN", "action_kind": "return_collateral", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_COLLATERAL_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN_REPO", "action_kind": "return_collateral", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DRAW", "action_kind": "draw_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": "250000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "EXECUTED_FACILITY_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPAY", "action_kind": "repay_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_FACILITY_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_DEP", "action_kind": "meet_margin_call", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_FUND", "action_kind": "meet_margin_call", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_HEDGE", "action_kind": "meet_margin_call", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FUND", "action_kind": "settle_payable", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FUNDING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_DEP", "action_kind": "settle_payable", "subject_id": "DEP_LOAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_DEPLOYMENT_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_RETURN", "action_kind": "settle_payable", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_RETURN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_HEDGE", "action_kind": "settle_payable", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_PROTECTION_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FACILITY", "action_kind": "settle_payable", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FACILITY_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_BANK", "action_kind": "settle_payable", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OWN_BORROWING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_OFFSET", "action_kind": "settle_payable", "subject_id": "OFFSET_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OFFSET_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_PROVIDER", "action_kind": "settle_claim", "subject_id": "P", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROVIDER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_BORROWER", "action_kind": "settle_claim", "subject_id": "BORROWER", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "TRANSFER_CONTROL_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_HEDGE", "action_kind": "settle_claim", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROTECTION_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_LIQUIDATION", "action_kind": "liquidate_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "ENFORCEMENT_AND_SURPLUS_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REINVEST", "action_kind": "reinvest", "subject_id": "DEP_LOAN", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MATURED_PRINCIPAL_TREASURY_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_FISCAL", "action_kind": "fiscal_advance", "subject_id": "S2_LRA", "tier": "prohibited", "maximum_amount": "0", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "SEPARATE_FISCAL_AUTHORITY_ABSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_IDENTICAL_TITLE", "action_kind": "identical_title_financing", "subject_id": "S2_LRA", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 3, "approval_outcome": "pending", "approval_valid_days": 5, "reason_codes": [ "PROPRIETARY_RETURN_OPINION_MISSING" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CSA", "action_kind": "execute_CSA", "subject_id": "ACT_CSA", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_SUB", "action_kind": "substitute_collateral", "subject_id": "ACT_SUB", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_NET", "action_kind": "consolidate_netting", "subject_id": "ACT_NET", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CDS", "action_kind": "buy_CDS", "subject_id": "ACT_CDS", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_HOLD", "action_kind": "hold_capital", "subject_id": "ACT_HOLD", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_RELEASE", "action_kind": "release_substitution", "subject_id": "ACT_RELEASE", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, "accepted_positions": [ { "position_id": "KEEP_FUNDED_BOOK", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "binding_constraint": "Existing contractual duties and whole-book capital remain binding; trapped local collections under the transfer-control order are not remitted cash, and retaining the funded position manufactures no liquidity.", "requirements": [ { "source": "case", "pointer": "/book/funding_principal_source", "relation": "eq", "value": "identified_asset_sale" }, { "source": "case", "pointer": "/mandate/rules/0/tier", "relation": "eq", "value": "permitted" }, { "source": "case", "pointer": "/counterparty_constraints/0/situation_kind", "relation": "eq", "value": "regulatory_order" } ], "rationale": "Service the funded position without counting the restricted USD12m as received; borrower claims are settled only after transfer-control review and the facility draw cap is lowered while the order stands." }, { "position_id": "REQUEST_CSA_AUTHORITY", "action_kind": "escalate", "subject_id": "FUND_TRS", "binding_constraint": "The funding CSA requires a dated cash-budget approval before any execution; restricted collections cannot be posted or budgeted as CSA cash while the transfer order stands.", "requirements": [ { "source": "case", "pointer": "/mandate/rules/1/tier", "relation": "eq", "value": "requires_approval" }, { "source": "case", "pointer": "/mandate/rules/1/reason_codes", "relation": "contains", "value": "CSA_CASH_BUDGET" }, { "source": "case", "pointer": "/mandate/rules/1/maximum_amount", "relation": "eq", "value": "1000000000" } ], "rationale": "Request the source-mandated funding-CSA approval while preserving the funded book; a request or approval is not an executed collateral arrangement and does not release trapped payment-rights cash." } ], "book": { "bank_id": "MERIDIAN", "provider_id": "P", "borrower_id": "BORROWER", "reference_id": "U", "sale_agreement_id": "SALE_U", "funding_agreement_id": "FUND_TRS", "deployment_agreement_id": "DEP_LOAN", "notional": { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, "reference_quantity": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract/quantity" }, "funding_start_date": "2026-09-19", "funding_maturity_date": "2046-09-19", "deployment_start_date": "2026-09-19", "deployment_maturity_date": "2031-09-19", "funding_principal_source": "identified_asset_sale", "TRS_has_no_principal_exchange": true, "year5_reinvestment": "OIS_cash", "cash_funding_policy": "actual_cash_deficit_not_noncash_reserve", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "documents": [ { "document_id": "SYNTHETIC_PACKET", "title": "Dated fictional legal, market and event packet", "source_kind": "fictional_policy", "fictional": true, "author": "Capstone exercise drafter", "published_at": "2026-09-19", "file": "docs/exhibit-fields.md", "source_uris": [], "source_version": "Fictional dated source exhibits, 2026-09-19 plus specified conditional event dates", "locators": [ { "id": "fictional-institutional-parties", "quote": "Fictional source parties. FACILITY_LENDER supplies the separately committed actual-desk liquidity line, not an alias for the controlled ACTUAL_FACILITY counterparty. S2_LRA is a separate monetary authority used only in the S2 comparison, never the BOOK borrower or Treasury.\n\n[\n {\n \"party_id\": \"FACILITY_LENDER\",\n \"legal_name\": \"Cedar Liquidity Finance\",\n \"kind\": \"corporate\",\n \"incorporation_jurisdiction\": \"Meridia\",\n \"insolvency_jurisdiction\": \"Meridia\",\n \"resolution_jurisdiction\": \"Meridia\",\n \"ownership_group\": \"FACILITY_LENDER\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"legal_name\": \"Lydora Reserve Authority\",\n \"kind\": \"public_authority\",\n \"incorporation_jurisdiction\": \"Lydora\",\n \"insolvency_jurisdiction\": \"Lydora\",\n \"resolution_jurisdiction\": \"Lydora\",\n \"ownership_group\": \"S2_LRA\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n }\n]", "sha256": "12f588f5e3b9b80908bc7d69cb0281b1e998e83fd4272176231735e7f2548e79" }, { "id": "fictional-institutional-authority", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower.", "sha256": "8893e23cd75f738b088d1d7990ea2bf886c7e63f4af00f356386060c77258dd0" }, { "id": "fictional-counterparty-constraints", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower. Each row states its situation_kind from the closed set liquidity_stress, ratings_pressure, regulatory_order, fiscal_ceiling, resolution, sanctions_exposure or none; the free-text situation is narrative and cannot widen that set. Rows vary with the selected branch and are listed under their episode_id.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its parliament's fiscal ceiling caps aggregate borrowing at the stated ceiling; the selected joint default of issuer and obligor leaves the pledged issue with a zero conditional bid, not a second funding source.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. The joint sovereign default does not touch its own funding; it requires only the funding-CSA cash budget and consolidated netting to be approved before either is treated as executed.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its fiscal ceiling caps aggregate borrowing at the stated ceiling and the promised issue has no identifier, no traded mark and no perfected security before issuance; a failed three-business-day issuance window supplies neither a traded asset nor timely cash.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"contingent_issuance_promise\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"contingent_issuance_promise\": \"unsecured_borrowing_with_contingent_security\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because no security exists before issuance, it additionally requires the collateral-substitution review to be approved before any replacement asset is treated as delivered against the funding leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-25\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_SUBSTITUTION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W2\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Anatara Bank 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. A nondefault transfer-control order of its home authority traps collected payment-rights cash locally; no licence exists and every nondefault flag stands, so restricted local balances are not remitted cash.\",\n \"situation_kind\": \"regulatory_order\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"payment_rights_assignment\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"contingent_issuance_promise\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"payment_rights_assignment\": \"borrowing_secured_by_assigned_receivables\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the borrower's collections sit under a transfer-control order, it additionally requires the transfer-control review of borrower claims to be approved before any such claim is counted toward the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_CLAIM_BORROWER\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W3\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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 \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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 \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-12-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_OFFSET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W4\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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. Its solvent, legally realisable asset cannot be sold or repoed before the deadline because the market is closed; a USD40m indicative value produces zero deadline proceeds and only the USD10m line is actual cash.\",\n \"situation_kind\": \"liquidity_stress\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the market is closed, it additionally requires the market-closure review of any facility draw to be approved before drawn cash is treated as covering the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_DRAW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n }\n]", "sha256": "09fe272fa1d83abad7fa2af1e955f58fc41d55bd8ba151da965f98f679a25ecf" }, { "id": "fictional-desk-mandate", "quote": "This fictional desk mandate is a current authority schedule, not a statement that an action has occurred. Every row applies only to the named action kind and authenticated source subject. Approval requests create pending decisions, never immediate permission. The listed outcome is the disclosed decision procedure: resolution occurs only after its calendar-day delay, and an approved authority expires after its stated valid days and may be consumed only by the accepted scoped action. Pending means no scheduled grant. An approved authority never waives a client restriction or an existing legal, title, cash, quote, size, prudential or settlement gate. Maximum amounts measure covered funding principal for CSA, actual opposite-trade notional for offset, covered protection notional for protection and designation, and replaced USD1-face quantity for substitution and reversal. A netting cap, if stated, measures gross covered source notional, not a legal fee. Draw caps measure resulting aggregate outstanding facility principal, so split draws cannot evade them. Reinvestment caps measure actual reinvested principal; cash payments and repayments measure the actual amount discharged. Sale and equivalent-purchase caps measure dirty cash consideration including issuer accrual, excluding execution fees. Repo allocation measures actual funded advances for its authenticated bank, lender or lot scope, not collateral market value; repayment measures actual principal and interest discharged. Return limits measure the USD1 face returned, or cash actually redeeming that outstanding face. Null means this source states no additional numeric mandate cap; every underlying contractual and funding limit remains mandatory. The separate S2 fiscal advance is prohibited without a new fiscal resolution. Its identical-title route remains pending a proprietary-return opinion; neither entry creates a BOOK loan or cash balance. The schedule varies with the selected branch: each episode's rules are listed under its episode_id, and a rule's tier, cap, delay and reason codes apply only within that episode.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\",\n \"SOVEREIGN_JOINT_DEFAULT_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\",\n \"ZERO_BID_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NO_ISSUED_SECURITY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W2\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"250000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"TRANSFER_CONTROL_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W3\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\",\n \"LIQUIDITY_STRESS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W4\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MARKET_CLOSURE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n }\n]", "sha256": "c7b09740f1d3a745d347fd66b02b2169cf712426705b67e29ce964bc1c0ed134" }, { "id": "input-contract", "quote": "Every case is a complete fictional input instance and references the single public fixtures/numerical-inputs.json. No case contains a supplied exposure path, EAD, capital, reserve, action NPV or future P&L answer. Each named decision panel is a separate controlled snapshot; its balances cannot be added to another panel's balances. A missing legal, quote, eligibility or correlation fact raises ReferenceError before any candidate is scored.", "sha256": "252cbd2e720e2c44db1293940f4fe622da52002b59ae8df31f92aa753975387b" }, { "id": "fictional-parties", "quote": "Meridian Bank is the reporting bank incorporated in Meridia. Northhaven Bank is the funding provider incorporated in Northhaven and is a prudentially supervised bank, rated A without implicit state support. Apex Financial is the independent AAA bank issuer of reference U. Harbor Protection Bank is the independent AA bank protection seller. Clearvault Trust is the custodian in Meridia. Lydora Republic is the W1 sovereign borrower and issuer. Anatara Bank is the W2 borrower, supervised in Anatara. Caldera Bank is the W3 and W4 borrower. Celadon Export Finance is the independent issuer of the W3 and W4 deployment security. Westhaven Bank issues the AAA substitution security. Juniper, Pine, Stonebank and Reef names in the allocation annex are fictional. Separate ownership groups and explicit case correlation assessments are facts, not inferences from distinct names.", "sha256": "0d61ef5be83d11ac6c414e21f0091adbae94a38d2f01aa840b4f6ee2d76725b4" }, { "id": "fictional-instrument-register", "quote": "U is an already-issued senior unsecured floating-rate note of Apex Financial, issued 2025-09-19 and maturing 2046-09-19. It has USD1 face per unit, one billion units in this book, quarterly OIS plus 100bp coupons and USD1 redemption per unit. Meridian owns U before the sale. The Lydora issued branch has an already-outstanding five-year USD senior sovereign bond, one billion USD1 units, maturing 2031-09-19 and rated B. No Lydora security is registered in the contingent branch. The Celadon deployment security and Westhaven substitution security each mature 2031-09-19. Celadon is rated BB and Westhaven AAA. The numerical fixture uses fictional identifiers with valid ISIN check digits and makes no claim that these identifiers represent real securities.", "sha256": "5117606f89674d122ccf895a619e16b64462118466483824d54bad70b4fccb96" }, { "id": "fictional-executed-agreements", "quote": "On 2026-09-19 at 12:00 UTC Meridian and Northhaven execute the U sale and FUND_TRS. Meridian sells one billion units of U for USD1bn cash. Northhaven becomes legal owner and pays no second principal under the TRS. Meridian receives the full total return of U and pays OIS plus 70bp on USD1bn until 2046-09-19. Quarterly return cash is quantity times the change from the last actually settled ex-distribution reference price, plus the reference distribution, less the financing payment. Final distribution includes principal redemption and the final ex-redemption reference price is zero. Reference coupons are counted once. A price reset settles only that price change; it does not erase the remaining financing advantage. Surviving contractual replacement value uses all remaining terms and an independent matching quote. Sale proceeds fund the separate USD1bn five-year loan paying OIS plus 400bp. At 2031-09-19 the deployment repays principal, which remains in an OIS account until the twenty-year funding obligations close. The separate OFFSET_TRS is an already executed comparison-panel transaction with Northhaven, quantity and notional USD500m, original twenty-year maturity, total-return payer Meridian and separate OFFSET_P netting set. Its matching firm upfront replacement quote is minus USD50m at inception. That quote fixes a constant-spread conversion against the original quarterly annuity and rolls by the remaining annuity; it is not a supplied exposure path. Its cash belongs to the separate capital-comparison panel, not the base funding ledger.", "sha256": "a2d5d2e8e4cdb29a952fc39bba076d4259e401a93da0aa5f91bc022b55b0e3dd" }, { "id": "fictional-security-rights", "quote": "The executed deployment security agreement creates a perfected first-ranking pledge over the identified issued bond, or a perfected assignment of the specifically identified W2 payment rights. It gives Meridian timely enforcement rights subject to the documented branch event, Clearvault custody segregation and an express prohibition on reuse before enforcement. Legal ownership stays with the pledgor for a pledge. Transfer of legal title to U under the funding sale is not collateral received by Meridian against Northhaven. The W1 contingent document creates a promise to issue a new security after default, with legislative capacity and market admission conditions; it creates no perfected security interest in a presently existing bond. The missing security is not priced by borrowing the curve of another issued line. Contractual collateral acceptance is distinct from regulatory eligibility. Westhaven substitution securities are borrower-owned inventory offered under a proposed first-ranking pledge; Meridian does not obtain credit mitigation by pledging its own property to itself. The substitution pledge is ineffective until executed and the title record settles. Releasing an executed substitution returns the identified units to the borrower and removes the encumbrance; it is a separate counterfactual action, not the same title event as creation.", "sha256": "065ba683ba29adf8917a13e055657591ab23b602ffafe64ca601303ba6c49382" }, { "id": "fictional-opinions", "quote": "Fictional counsel Morrow & Vale issues final opinions on 2026-09-18, reviewed on 2026-09-19, for the named agreements, parties, Meridia, Northhaven and the relevant borrower jurisdiction. The opinions cover execution authority, capacity, contract, insolvency, resolution, security, closeout and transfer law and remain current through 2047-09-19 absent an identified law change. They confirm the funding sale, bilateral closeout master, no walkaway clause, custody segregation and the stated security rights. Sovereign execution immunity is waived for the specified commercial pledged assets, not for every state asset. The contingent W1 opinion expressly denies present security perfection and requires a new capacity and admission review on attempted issuance. The netting extension opinion remains qualified until executed novation and the remaining local opinion arrive; no consolidation benefit exists before that gate. W2 counsel confirms that a sovereign transfer ban can block remittance without bank default. W4 counsel confirms that legal sale rights survive a market closure but do not manufacture an executable market.", "sha256": "3fa65711c3d7dd609e8d4dc1b60ee01f7253cd9cc821a3f277bc1a77c40f959a" }, { "id": "fictional-quote-board", "quote": "The independent fictional replacement quote applies to FUND_TRS, reference U, USD currency, quantity one billion, notional USD1bn and the original remaining maturity and payment terms. At inception its financing spread is 100bp over OIS, versus the original locked 70bp. The quote convention is reset to the current reference price. The old-reference price adjustment and accrued stubs are excluded from the quoted replacement funding spread and must be added once. The quoted linear spread-to-price conversion uses the OIS-discounted quarterly remaining annuity supplied by the quote convention, not an asserted universal termination payoff. A changed mark-curve observation affects legal exposure only with a matching replacement quote under the declared synthetic joint quote process. An original-reference quote that already includes the old-price adjustment cannot add it twice. The internal AAA mark curve is AAA financial closes plus a 20bp internal add-on, and its add-on is significant and unobservable. Fictional executable quotes establish the simulation's legal replacement value; they are not claimed to be real observable market evidence for IFRS day-one recognition. OFFSET_TRS quote SYN-OFFSET-20260919 is executable for the same U, Northhaven, USD500m quantity/notional and twenty-year surviving terms, with quoted upfront minus USD50m and the stated remaining-annuity conversion. The S3 Stonebank and Reef seven-day schedules, exact eligible lots, market haircuts and spreads are the independent firm synthetic quotes in fixtures/numerical-inputs.json; capital-action CDS roll quotes are likewise independent quoted contracts, not derived from the desk curve alone.", "sha256": "4c782ec46e59dc77b618063518aa1004809ade1c4ab8e84a08ec1a3fd8546f9d" }, { "id": "fictional-curves", "quote": "The nine curve identities are OIS discounting, internal AAA funding marking, Meridian unsecured bond funding, Meridian CDS, Northhaven CDS default risk, Apex reference-issuer credit, EM deployment credit, Harbor hedge-provider CDS and Westhaven eligible-collateral credit. They are independent inputs. Each public scenario provides all nine levels, nodes through the relevant tenor, units and a flat interpolation convention with no extrapolation. Baseline OIS is 4%, internal AAA mark is 20bp, own bond 50bp, own CDS 30bp, provider CDS 80bp, reference credit 100bp, EM credit 400bp, hedge-provider CDS 40bp and eligible-collateral credit 100bp. Own bond funding is measured over OIS; bond minus own CDS is a separate basis diagnostic, not a replacement for the cash funding spread. Ratings, issuer identity, legal eligibility and material correlation do not follow automatically from spread levels.", "sha256": "7880b8a7049dd2df8aea1c520e2952870061ad4f21a951ea9aa03fc2e8cab8de" }, { "id": "fictional-classification", "quote": "The fictional institutional letter dated 2026-09-18 classifies the legal FUND_TRS under SA-CCR despite the separately stated failed-sale accounting bridge. Its documented sensitivity assessment selects credit as primary risk and supervisory delta minus one for the total-return receiver. A separate dual-risk calculation is an explicit countercase, not a default. Quarterly reference resets do not qualify as full trade-value resets. Northhaven's eligible A bank rating selects the stated ECRA bank risk weight. Baseline recognised incurred CVA write-down is explicitly zero; an internal management CVA reserve cannot silently be deducted as a statutory incurred write-down. Reduced BA-CVA applies without SA-CVA approval. The eligible CDS option uses full BA-CVA with provider CVA measured separately. The written-credit leverage election is disclosed in the canonical annex. The collateral loan is banking book, not a relabelled five-day trading repo. Allocation quotes use disclosed conservative base bank risk weights; optional short-term CRE20.19 relief is a separate countercase.", "sha256": "00ca6c5408c410a07a03fefd9d7d4ec379204a454ebd5586bd632a56cd392ead" }, { "id": "fictional-collateral-assessments", "quote": "For W1 issued, the sovereign borrower and collateral issuer are the same legal person; common control and material positive correlation are expressly true and the B sovereign issue is outside the general eligible sovereign debt threshold. W1 contingent has no issued collateral. W2 future payments are not eligible financial collateral under the selected standardised financial-collateral approach, and bank-default plus sovereign-transfer dependence is material. W3 and W4 Celadon is a different issuer, outside common control with Caldera, and the fictional due-diligence assessment finds no material positive counterparty-credit correlation under the stated controlled state. A distinct funding-side joint stress or a market closure can still matter. Celadon's BB non-sovereign paper is not eligible under the selected financial-collateral table. Westhaven AAA substitution inventory is issued, liquid, enforceably pledged, currency matched, outside common control and explicitly assessed without material positive correlation. Its supervisory haircut must still be derived from issuer kind, residual maturity and the applicable holding-period table, separately from its market financing haircut.", "sha256": "f1fec993790e2ab94035189e200892cf5cab1093233e837f4865545329fd77ea" }, { "id": "fictional-ledgers", "quote": "The base opening statutory ledger has U USD1bn and free cash USD100m against legacy OIS debt USD1bn and equity USD100m. The sale adds USD1bn cash and a financing liability because the sale plus full-return retention fails derecognition. Deploying USD1bn exchanges cash for the five-year loan. U stays in the statutory asset ledger even after legal title passes to Northhaven. The management TRS mark and reserve pots do not create a duplicate statutory derivative. The USD1m day-one fee is an actual cash cost. Quarterly U return, financing, deployment coupon and legacy OIS interest follow their own contracts. Actual negative settled cash draws the priced borrowing facility; a positive replacement mark or a noncash reserve charge alone does not draw debt. The optional exposure-prefunding experiment has its own facility and external segregated deposit and is never the base cash book. At year five loan principal parks at OIS, and at year twenty redemption, sale financing, legacy principal, deposit withdrawals and remaining settlements are tracked explicitly. An unsettled provider dispute prevents unconditional terminal closure. The executed actual-deficit facility limit is USD500m with zero upfront fee, no acceleration solely from the toy capital comparison, and a spread indexed to the current own-bond spread in the applicable scenario. The legacy USD1bn funding pays OIS and matures at year twenty under its own agreement. Free operating cash and reinvested principal earn OIS in the explicit depository account. W1, W2 and W4 noon cash calls arise under a separate operating-payment agreement, not an obligation to draw the deficit facility. The optional prefunding deposit is a separate account restricted to that experiment.", "sha256": "9902f74f53a7ff70a8740b5147530b14f0683b3da8babc86bc99c5a296c1b994" }, { "id": "fictional-accounting", "quote": "The sale and return swap form one IFRS9 accounting unit retaining substantially all return risk. U and the financing liability remain recognised; a second statutory derivative for the same rights is not recognised. The gross management funding benefit and CVA, UFVA and KVA pots are reconciled out of that unit unless separately justified accounting recognition exists. Day-one observability analysis follows the unit-of-account decision. Significant internal add-on inputs are unobservable. Management deferral releases by frozen initial priced time or independently evidenced observability, never just spread tightening. Expected reserve theta is P&L once, not new additional profit. Reserve market remeasurement, hedge gain or loss, cash funding drag and cash movements are distinct. Only identified recognised fair-value exposures enter the separate EU-style AVA model-risk panel. Its uncertainty distribution and same-source accounting prudence, rather than reserve size alone, determine AVA; AVA reduces CET1 without being an automatic P&L charge.", "sha256": "20fbc5d3db61f1faba84aaada37a0579989fc75983118442239295159024b9c5" }, { "id": "fictional-actions", "quote": "Six alternatives are public: execute two-way full-mark cash CSA, substitute Westhaven AAA collateral, consolidate enforceable netting sets, buy five-year Northhaven CDS from Harbor with an explicit designation decision, hold capital, or release an already executed substitution. All fees, recurring spreads, tenor, facility costs, execution lags and unwind prices are in fixtures/numerical-inputs.json. Quotes are firm subject to documented execution and opinion gates. CSA has zero thresholds and MTA and reusable USD VM remunerated at OIS, but posting liquidity is a priced obligation. The proposed consolidation has a thirty-business-day legal gate and cannot release capital while pending. Five-year protection has no automatic rollover into the uncovered final fifteen years. Harbor has separate default risk and margin terms. Holding capital costs the disclosed KVA. Substitution and its release affect real encumbrance and financing/yield terms. A capital reduction never appears as cash received. The separate S3 annex has borrower Meridian posting issued, unencumbered, freely available lots L1/L2 of USD120m/USD110m AAA other-issuer five-year bank debt and S01-S50 of USD0.8m each in distinct main-index equities. Equities have no contractual debt maturity; residual_years zero denotes not applicable only for this equity class. Juniper, Pine and each Seabrook issuer are unrelated to Meridian and the lenders, without common control or material positive credit correlation. Counsel confirms enforceable return of equivalent collateral after repayment, legal title and daily valuation under same-currency USD repos. No lot is pledged twice. Exact per-lot issuer, rating, rights and eligible lender facts appear in fixtures/numerical-inputs.json. Supervisory ten-day haircuts follow the stated asset class, issuer type and debt maturity; independent market advance haircuts and loan spreads come from the lender quotes. This is a synthetic seven-day market, not a calibration transferred from the empirical study. Stonebank is an eligible AA bank and Reef an eligible BBB bank; the disclosed conservative base ECRA election is 20%/50%, not a compulsory seven-day risk-weight floor. Optional CRE20.19 20%/20% is separately calculated. The full 52-lot assignment, concentration limits, objective and proof domain are disclosed in that same annex.", "sha256": "cf250329b122ef47176553210a79f90aa93cf591a6557de9d8efc42441faf57e" }, { "id": "fictional-events", "quote": "Branch-event liquidity accounts are independently funded operating snapshots, not the base USD100m cash book or the controlled AVA/leverage panel. W1 issued and contingent each have USD5m accessible cash, no available branch facility and a separate USD20m cash call due at noon on 2026-09-22. W2 has USD5m accessible cash, no available branch facility and a USD20m cash call due at noon, with USD12m already collected but trapped by transfer controls. W3 uses the actual base quarterly cash ledger, not a supplied price-loss number. W4 has USD5m accessible cash and an executed unconditional USD10m branch facility against a USD30m noon cash call. The W4 security's USD40m mark cannot be spent during the closure. Every cash deadline is a UTC instant. Branch default, transfer and market facts are independent from common decision-panel assumptions.", "sha256": "5fd97e24b5174630f79eed196d585724c271a824a6e5755a52d3a292c1d9e267" }, { "id": "w1-issued-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; Meridian decides at 10:05 UTC against a 12:00 UTC settlement cutoff. The already-issued Lydora bond existed and traded before default, but its selected catastrophic conditional firm bid is zero for all pledged units and no collateral cash arrives by the cutoff. This is an explicit synthetic zero-liquidation event, not a universal sovereign recovery rule. Apex U and Harbor do not default. The AAA reference price does not become zero because Lydora defaults. Northhaven's full contractual TRS replacement claim and its recovery must be evaluated separately from the sovereign security. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero.", "sha256": "7420ac6663622e9186990bddd7f721fe49b12d099a25583f8e8c604b045ec389" }, { "id": "w1-contingent-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; decision is 10:05 UTC and settlement cutoff 12:00 UTC. The pledge document contains only a contingent promise to issue after default. No security, ISIN, predefault traded price or security-title position exists for that promise. Legislative capacity and exchange admission remain unsatisfied, no new issue completes in the three-business-day issuance window, and market capacity at the cutoff is zero. Apex U and Harbor do not default. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero. Equal zero cash recovery in this event does not erase the legal-existence, accounting and predefault markability differences from an issued bond.", "sha256": "b45bc5d735211416f26c76be63f48686d28ded9d8873f5e1b5cabe678cc5ae1b" }, { "id": "w2-transfer-event", "quote": "On 2026-09-22T09:00:00Z the fictional Anatara Transfer Authority prohibits cross-border USD remittance until 2026-09-29T09:00:00Z. USD12m from the specified future-payment obligors is collected locally at 09:30 UTC but cannot be sent to Meridian; no exemption licence exists. Anatara Bank, Northhaven, Apex and Harbor remain nondefaulted. Meridian decides at 10:00 UTC and owes an independent USD20m cash call by 12:00 UTC. Its only accessible branch cash is USD5m, and it has no available branch facility. Continued collection is not remittable collateral cash. The assignment survives but sovereign transfer power overrides the collection waterfall at the deadline.", "sha256": "b712b861cdcb1e324db4881282548f2f874443072c846ac112a0179ba0b93afe" }, { "id": "w3-joint-event", "quote": "The selected W3 first-quarter settlement is 2026-12-19T12:00:00Z; the joint market state is observed at 09:00 and the decision at 09:05. OIS stays 4%, internal AAA mark rises from 20bp to 120bp, own unsecured bond spread rises from 50bp to 150bp, own CDS stays 30bp, Northhaven CDS rises from 80bp to 160bp, Apex reference credit rises from 100bp to 350bp and EM credit rises from 400bp to 700bp. Harbor CDS and Westhaven credit remain 40bp and 100bp. All default flags are false. The U cash price loss uses the actual remaining 19.75-year post-coupon reference price and last settled price one. U coupon is received once through the TRS, OIS plus 70bp financing is paid, the loan pays its locked 8% coupon and legacy OIS is paid. The five-year deployment now has 4.75 years left and its mark is its locked coupon and principal discounted at OIS plus the current EM credit spread, 11%. That EM mark loss is not cash-settled under the loan. Actual deficits, after opening cash and the fee, drive borrowing; the funding-mark rise alone does not.", "sha256": "652867100ed3c78119c2e3772fae6bb4b6f0b9785d6c1566d4074ed2120f7c37" }, { "id": "w4-closure-event", "quote": "The Celadon bond market closes on 2026-09-22T09:00:00Z and reopens on 2026-09-24T09:00:00Z. At the 2026-09-22T10:00:00Z decision the independent cash call is USD30m due 12:00 UTC, accessible cash is USD5m and the executed unconditional branch facility can advance USD10m by 11:00 UTC. Meridian has legal sale rights over forty million USD1 units marked at USD1 before closure. Both sale and repo executable capacity are zero during closure. The first reopened trade is 2026-09-24T09:00:00Z at the disclosed USD1 bid; its USD proceeds first settle 2026-09-25T12:00:00Z. No borrower, funding-provider, reference-issuer, collateral-issuer or hedge-provider default occurs. The unchanged mark and surviving legal sale right do not meet the earlier cash deadline.", "sha256": "b92d6d091c9d5d008fd3e8f3b6c3eed94c000cf2eb9e31a369555c10d163fc3f" }, { "id": "numerical-input-contract", "quote": "Canonical numerical inputs are explicit exact decimal strings, Boolean facts and integer counts. All used fields are required by schemas/numerical-inputs.schema.json, which rejects additional fields, missing issuer kind, missing correlation or missing quote evidence. Curves and decision panels bind to that public file by JSON Pointer, and no hidden profile file or verifier default supplies a missing number. Causal countercases may change supported input values but must retain matching identities, quote basis, timing and independent legal evidence. Numerical calculations belong to src/numerical_fixture.py and src/reserve_ledger.py; src/validate_exhibits.py checks reference integrity and never assigns a candidate penalty.", "sha256": "485f03cd41dda47862106dbc63d0e7b926c6f83f7c3aec80ea7958ab95e7061e" }, { "id": "fictional-reporting-panels", "quote": "The required reporting_panels object is the public question-routing contract. Each of the seventeen financial panels supplies report field pointers, one obligation owner, the shared report evidence array, a snapshot ID, full-state scenario IDs, model clock, exact numerical-input JSON pointers, relevant legal agreement IDs, a selection rule and claim-specific required source locators. Four institutional panels, LEGAL, COMPLIANCE, STRUCTURE and RECOMMENDATION, map the whole legal, compliance, structure and recommendation sections to O9-O12. They have no evidence_array; their conclusions use typed, independently supported premises checked for truth, relevance and consistency rather than exact reference wording. All reference inputs are mandatory. Fields drawn from several controlled observations form a report, never one simultaneous portfolio. BASE is normal inception; MARK_ONLY widens the funding/replacement quote and own bond without any reference cash loss. AAA_LOSS uses the separately specified first-quarter reference-credit cash shock. YEAR1_ROLL and YEAR1_RESERVE are the same instant after one year of normal cash roll, with only the funding quote and P CDS changed. TERMINAL_DISPUTE is a separate year-twenty observation. Only branch_liquidity reads EVENT. Controlled collateral, capacity, protection, reversal, AVA and allocation panels do not inherit the selected branch borrower, default or account balances. Every typed financial report leaf is owned by exactly one panel; common evidence arrays do not merge the obligations.", "sha256": "d43e42b9adf63091fd6701be6122807dac29e1338f0de3d2285baa1b86bc0918" }, { "id": "fictional-cash-stress-panel", "quote": "The actual-cash-stress counterfactual starts from the separately disclosed BASE_CASH book, USD100m cash before the USD1m paid service expense. Before first quarterly settlement U credit widens by 250bp, the internal and executable replacement funding quotes widen by 100bp, and own unsecured bonds price borrowing at OIS plus 150bp. Provider CDS and deployment credit stay at their original levels in this cash-only experiment. Reference price return, reference coupon, financing payment, deployment coupon and legacy OIS payment settle under their own contracts. Borrow only the resulting deficit up to the executed USD500m limit, not the MTM or reserve balance. The mark-only comparison retains U credit unchanged and therefore creates no price-return cash loss merely from a funding quote widening. Both paths keep explicit future repayment and year-five OIS reinvestment. The conditional cash simulation is not permission to originate the capital-deficient book.", "sha256": "2dfff725b160f42389109a994eec9cb1f6ae61e4486a61a51ca60733fd3a1495" }, { "id": "fictional-conditional-facility", "quote": "The conditional prefunding sensitivity is a separately executed fictional facility and external OIS deposit, not a debt instruction in the base book. Its target is the positive incremental matched replacement funding mark after the disclosed funding move. It has its own USD100m opening cash and equity, zero setup fee, primary spread equal to initial own spread plus the disclosed move beta, external OIS deposit remuneration and explicit primary interest cash payments. If interest exhausts this separate cash, the actually executed deficit facility pays it; no reserve is capitalised automatically. conditional_quadratic_ufva requests the PV of primary spread cash expense only, excluding secondary coupon-funding and fees. A mark or reserve without these executed cash transactions does not support that formula.", "sha256": "2db4b6b5833f8c25da9e8af7fcdfa22b0642ea2b904c351f1ae1a7e7b9cf96dc" }, { "id": "fictional-lydora-comparator", "quote": "This is an independent controlled five-year USD1bn loan to Lydora Republic and is not the live W2, W3 or W4 collateral. Lydora is a sovereign, owns and has already issued the pledged USD1bn face bond, also owes the loan, and has issue rating B from the permitted fictional rating agency. The bond was already outstanding at the valuation date, has five residual years, quarterly OIS plus 400bp coupons and an inception price of one under its matching synthetic curve. Counsel gives an executed, perfected, first-ranking and enforceable USD security interest to Meridian, with clear custody control and daily revaluation, timely liquidation rights, no prior liens, no permitted reuse before enforcement and return/release after loan repayment. Market access is open at this comparator observation, and exposure and collateral are both USD. The issuer and loan obligor are exactly the same legal person, so material positive correlation is explicitly true; neither the B rating nor apparent collateral value overrides that relationship. These facts are the public legal source for every collateral_gate field. The supervisory rules, not an exhibit-supplied exposure, determine whether any mitigation is recognised. Same-issuer denial takes precedence in the single reason field; below-threshold rating is an additional defect.", "sha256": "2c9c6553d4ae1382b12e6360ba46e6cc55172066ff13056deed318408e672a41" }, { "id": "fictional-protection-panel", "quote": "The selected protection question is the conditional stress-designated CDS comparator: reference P, seller H, fixed USD320m notional, five years starting at actual execution, eligible direct irrevocable unconditional timely cash protection, matched currency and obligation, and no automatic renewal. Start is two business days after decision when the signed confirmation and opinion are delivered. Full BA-CVA designation is deliberately elected for the controlled comparison; baseline FUND_TRS remains unhedged. H has its own independent CDS/default curve and already executed two-way cash-VM CSA, zero threshold/MTA/NICA, and twenty-business-day MPOR. The funding mark is shocked by 100bp while P CDS remains at inception level for this stress-designated comparison. Pa and capital-at-initial-hedge observations use the hedge-execution clock, not proposal time; subsequent observations are one and 4.75 years after execution. The separate year-one hedge quote is one year after execution with four contractual years left. Short protection does not erase the written-credit leverage notional. Tail risk and expiry remain explicit after any initially full maturity recognition.", "sha256": "5438a77bbd50accb412e517ce8ddcea07d0aadb0489b9bea8c573c3d20473652" }, { "id": "fictional-capacity-panel", "quote": "The requested capacity snapshot is the normal-market, already-effective eligible Westhaven substitution comparison, including its quoted setup fee and the stated controlled AVA. Use the exact separate leverage_snapshot balances, recompute risk-weighted and leverage requirements, and deduct the setup fee and specified AVA from qualifying Tier1. Do not import year-one reserve equity, the actual base cash ledger or the branch operating cash. The capital_KVA report field is separately the standalone funding CCR+CVA level in the mark-only +100bp funding shock with P CDS held at inception, not whole-book max-constraint KVA or a component added to it. The actual base whole-book capital shortfall is disclosed separately and cannot be repaired with this comparator balance sheet.", "sha256": "a948253253f7fa9fe0d90d6b2ab404362458cd3ec9a13cc1f9eeab6f2db75da5" }, { "id": "fictional-decision-panel", "quote": "The requested proposal under review is release of an already executed Westhaven collateral substitution, versus keeping that same substitution. It restores the quoted client spread but increases the original unmitigated capital requirement. structural_value is the standalone reversal component NPV after the stated unwind fee, execution delay and remaining-life capital/yield costs. It is neither an all-in profit nor a recommendation to execute. chosen_action names this proposal, not a winner of an undefined cross-portfolio ranking. It is pending at the initial observation: execution additionally needs settled title release and sufficient whole-book capital, and a positive component NPV does not override that gate. The pre-action capacity fields remain the already-substituted controlled snapshot. Released or increased capital never becomes cash received.", "sha256": "32f96ee0c419798970bbcfcb15b36dd5f3bd2a9a0478db52f24b059a78cb15b3" }, { "id": "fictional-reserve-panel", "quote": "The requested reserve attribution is an instantaneous remeasurement at 2027-09-19T12:00:00Z, after one year of normal cash and valuation roll. Opening G, D and X use the nineteen-year remaining funding profile with normal funding and P CDS. Closing changes only the funding/replacement quote by 100bp and P CDS by 80bp. All U and EM credit, own-bond cash funding, cash balances, OIS, hedge holdings and actual obligations are fixed; no clock time passes. D remains its frozen inception-priced A19 balance, while CVA and KVA inside X remeasure. Carry, theta, actual cash drag and new hedge cash costs for this zero-duration interval are not imported from a year-long or credit-loss scenario. Reported P&L is compared with an independently posted management journal and closing assets/liabilities, not used as a plug. Separate whole-book and funding-only annual-roll examples demonstrate expected release without adding it again here.", "sha256": "bac0a9dc606a6fb710a458fb74b20709174231c431697d4ff39079c57dbb6592" }, { "id": "fictional-terminal-dispute", "quote": "At the contractual twenty-year closing observation, all scheduled U redemption, financing principal, deployment reinvestment and legacy principal follow their separate actual settlement records. P nevertheless owes a disputed USD500000 contractual cash receivable; the dispute is not settled and a USD500000 allowance remains against that unresolved claim. The terminal canonical annex names both claim and allowance as observed case facts, not an automatically generated XVA terminal value. Therefore all obligations are not yet settled. Later actual payment or evidenced final legal write-off are separate possible events; neither is booked at maturity merely because the scheduled core mark has ended.", "sha256": "04062c4e7dce46ec2986ea4e74222701320a4a84883dbb5e92ec3764e414ea04" } ] }, { "document_id": "CAPITAL_RULES", "title": "Dated global Basel capital rule packet", "source_kind": "official_rule_packet", "fictional": false, "author": "BIS Basel Committee; packet compiler", "published_at": "2026-09-19", "file": "docs/capital-rulebook.md", "source_uris": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm?inforce=20230101&published=20200605", "https://www.bis.org/basel_framework/chapter/CRE/22.htm?inforce=20230101&published=20201126" ], "source_version": "Current dated editions listed in packet, retrieved 2026-09-19", "locators": [ { "id": "source_register", "quote": "All Basel versions below were retrieved as current on 19 September 2026.", "sha256": "50df68fc1277f8ca51971ef2e64233781c952bbabf3e7f158ae741394030bac8" }, { "id": "collateral_eligibility", "quote": "CRE22.7 requires that counterparty credit quality not have a material positive correlation with the CRM or its residual risks.", "sha256": "c6702ba396cb89c70ddb7ec9aa66cdb55226fb3567b12733c618904040e9e8b4" }, { "id": "classification", "quote": "The letter selects credit as the primary driver after an explicit sensitivity/volatility assessment.", "sha256": "a871181cfaf4f3f7fad469a1613078bb50726791e419b73ca168b7799b7f382f" }, { "id": "saccr", "quote": "CRE51.8 assigns non-CCP derivatives to SA-CCR when IMM approval is absent", "sha256": "443e3e25c6c0df984f7acb6aeaae6bac6f8658e738d718fd1325b08d31d2ab6c" }, { "id": "protection", "quote": "CRE22.9 and 22.71 require enforceable documentation", "sha256": "f0e1f7e35f542144f7f69d8b8d3b259569c10aa4764eca367df9a4e248297ae0" }, { "id": "cva", "quote": "MAR50.11 requires every external CVA hedge that is a covered transaction", "sha256": "ad64b4e30eeb45a9441298a8f6aa32f042a62403b354841fb52bb32f8d12718d" }, { "id": "leverage", "quote": "LEV30.30–30.32 adds the effective notional of written credit derivatives", "sha256": "fed95b68e01c5874608e9cb280f2e956386bc942f327d527faba1649430bedb7" }, { "id": "kva", "quote": "Basel supplies exposure and minimum-capital requirements, not a universal KVA pricing formula.", "sha256": "9f66adab1ce5365597a9a1c67f43dd8dd27aed5ba9e75fc66562432a2ec74136" } ] }, { "document_id": "AVA_RULES", "title": "Dated EU-style prudent valuation source packet", "source_kind": "official_rule_packet", "fictional": false, "author": "EU legislature and Commission; packet compiler", "published_at": "2026-09-19", "file": "docs/valuation-capital-annex.md", "source_uris": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0575-20260626", "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R0101-20200626" ], "source_version": "CRR 2026-06-26; RTS 2020-06-26; educational core-method 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"model_time_years": "20", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "ALLOCATION_7D", "scope": "allocation_7d", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "snapshot_id": "DECISION_COMPARE", "scope": "decision_comparison", "model_time_years": "0", "separate_from_other_snapshots": true, "parameter_sections": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions" } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "parties": [ { "party_id": "FACILITY_LENDER", "legal_name": "Cedar Liquidity Finance", "kind": "corporate", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "FACILITY_LENDER", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, { "party_id": "S2_LRA", "legal_name": "Lydora Reserve Authority", "kind": "public_authority", "incorporation_jurisdiction": "Lydora", "insolvency_jurisdiction": "Lydora", "resolution_jurisdiction": "Lydora", "ownership_group": "S2_LRA", "regulated_bank": false, "rating": { "status": "unrated", "agency": "Fictional Atlas Ratings", "agency_eligible": false, "grade": "unrated", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-parties" } ] }, { "party_id": "MERIDIAN", "legal_name": "Meridian Bank", "kind": "bank", "incorporation_jurisdiction": "Meridia", "insolvency_jurisdiction": "Meridia", "resolution_jurisdiction": "Meridia", "ownership_group": "MERIDIAN", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "A", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "P", "legal_name": "Northhaven Bank", "kind": "bank", "incorporation_jurisdiction": "Northhaven", "insolvency_jurisdiction": "Northhaven", "resolution_jurisdiction": "Northhaven", "ownership_group": "P", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "A", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-parties" } ] }, { "party_id": "APEX", "legal_name": "Apex Financial", "kind": "bank", "incorporation_jurisdiction": "Northhaven", "insolvency_jurisdiction": "Northhaven", "resolution_jurisdiction": "Northhaven", "ownership_group": "APEX", "regulated_bank": true, "rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issuer", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": 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"agreement_id": "OIS_ACCOUNT", "kind": "liquidity_facility", "trade_ids": [], "party_ids": [ "MERIDIAN", "H" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "H" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OIS_ACCOUNT_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", 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"kind": "funding_TRS", "reference_instrument_id": "U", "quantity": "500000000", "notional": "500000000", "total_return_receiver_id": "P", "financing_payer_id": "P", "counterparty_id": "P", "principal_exchange": "none", "locked_financing_spread": "0.007", "financing_base_curve_id": "OIS", "last_settled_reference_price": "1", "reset": { "reference_price_reset": "last_actual_price_settlement", "resets_full_trade_value_to_zero": false, "reset_frequency": "quarterly", "next_price_adjustment": "quantity_times_current_less_last_settled_price_discounted_to_next_settlement", "redemption_in_final_distribution": true, "post_redemption_price": "0", "stub_paid_separately_once": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "replacement_quote": { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/netting/other_trade/quote" }, "same_quantity_notional_maturity_and_remaining_terms": true }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] }, { "agreement_id": "OFFSET_MASTER", "kind": "netting_master", "trade_ids": [ "OFFSET_TRS" ], "party_ids": [ "MERIDIAN", "P" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "P" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OFFSET_MASTER_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, 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"SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] } ], "opinions": [ { "opinion_id": "OP_CORE", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "MASTER", "LOAN_MASTER", "H_MASTER", "NEW_CSA", "H_CSA", "CDS_AGREEMENT", "CUSTODY", "AAA_SECURITY", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND", "LEGACY_FUNDING", "OIS_ACCOUNT", "OPERATING_PAYMENT", "OFFSET_TRS", "OFFSET_MASTER" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, 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"locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_ACCOUNTING", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "SALE_U", "FUND_TRS" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] } ], "trades": [ { "trade_id": "FUND_TRS", "agreement_id": "FUND_TRS", "kind": "funding_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "FUNDING_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "LOAN", "agreement_id": "DEP_LOAN", "kind": "deployment_loan", "party_ids": [ "MERIDIAN", "BORROWER" ], "netting_set_id": "NS_LOAN", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "CDS_TRADE", "agreement_id": "CDS_AGREEMENT", "kind": "CDS", "party_ids": [ "MERIDIAN", "H" ], "netting_set_id": "HEDGE_H", "start_date": 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"2026-09-24T12:00:00Z", "proposed_effective_at": "2026-09-24T12:00:00Z", "agreement_ids": [ "AAA_SECURITY" ], "required_opinion_ids": [ "OP_CORE" ], "preconditions": [ { "condition_id": "SUB_ALREADY_EXECUTED", "description": "Counterfactual state requires an already executed substitution before release", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "price_parameters": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute/unwind_fee" } ], "cash_event_ids": [], "title_event_ids": [ "TITLE_AAA_RELEASE" ], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] } ], "scenarios": [ { "scenario_id": "BASE", "as_of": "2026-09-19T12:00:00Z", "kind": "inception", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [ "Q_U", "Q_AAA_SUB" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" } ] }, { "scenario_id": "EVENT", "as_of": "2026-09-22T09:00:00Z", "kind": "selected_branch_event", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "transfer_blocked", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w2-transfer-event" } ] }, { "scenario_id": "MARK_ONLY", "as_of": "2026-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "AAA_LOSS", "as_of": "2026-12-19T09:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.035", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_ROLL", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_RESERVE", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.016", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "TERMINAL_DISPUTE", "as_of": "2046-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "branch_event": { "event_id": "EVENT_W2", "scenario_id": "EVENT", "event_at": "2026-09-22T09:00:00Z", "decision_at": "2026-09-22T10:00:00Z", "settlement_cutoff": "2026-09-22T12:00:00Z", "borrower_id": "BORROWER", "funding_provider_id": "P", "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "free_cash_account_id": "CASH_BRANCH", "available_facility_ids": [], "cash_calls": [ { "cash_event_id": "CF_BRANCH_CALL", "due_at": "2026-09-22T12:00:00Z", "amount": { "kind": "fixed", "amount": "20000000" }, "payee_id": "H", "account_id": "CASH_BRANCH", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w2-transfer-event" } ] } ], "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w2-transfer-event" } ], "kind": "W2", "legal_form": "secured_loan_assigned_future_payments", "collateral_id": "COLL_DEP", "payment_rights": { "rights_id": "PAYMENTS", "originator_id": "BORROWER", "payment_obligor_ids": [ "OBLIGOR_A", "OBLIGOR_B" ], "assigned_currencies": [ "USD" ], "face_amount": "1000000000", "collection_account_id": "CASH_COLLECTION", "correspondent_bank_id": "CORRESPONDENT", "collection_contract_id": "DEP_SECURITY", "assignment_opinion_id": "OP_BRANCH", "priority": "first_ranking", "collection_schedule": [ { "due_at": "2026-09-22T09:30:00Z", "amount": "6000000", "obligor_id": "OBLIGOR_A" }, { "due_at": "2026-09-22T09:30:00Z", "amount": "6000000", "obligor_id": "OBLIGOR_B" } ], "waterfall": [ "Correspondent collection of identified USD payments", "Permitted cross-border remittance to Meridian", "Secured coupon and principal payments", "Residual to borrower" ], "convertibility_required": true, "sovereign_transfer_power": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w2-transfer-event" } ] }, "transfer_ban": { "authority_id": "AUTHORITY", "effective_at": "2026-09-22T09:00:00Z", "expires_at": "2026-09-29T09:00:00Z", "scope": "cross_border_USD_remittance", "local_collection_continues": true, "blocked_cash_event_id": "CF_BLOCKED", "licence_granted": false, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w2-transfer-event" } ] }, "collected_but_blocked": "12000000" }, "reporting_panels": { "legal": { "panel_id": "LEGAL", "obligation": "O9", "report_fields": [ "/legal" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "compliance": { "panel_id": "COMPLIANCE", "obligation": "O10", "report_fields": [ "/compliance" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "structure": { "panel_id": "STRUCTURE", "obligation": "O11", "report_fields": [ "/structure" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "recommendation": { "panel_id": "RECOMMENDATION", "obligation": "O12", "report_fields": [ "/recommendation" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "rates_inception": { "panel_id": "RATES_INCEPTION", "obligation": "O1", "report_fields": [ "/rates/total_return_role", "/rates/financing_role", "/rates/principal_cash_source", "/rates/funding_component", "/rates/reference_adjustment", "/rates/legal_value", "/rates/positive_exposure", "/rates/funding_dv01", "/rates/deployment_funding_dv01", "/rates/mismatch_dv01", "/rates/funding_remaining_at_year5", "/rates/mark_quote_basis", "/rates/year5_reinvestment" ], "evidence_array": "/rates/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception legal mark, not a stress mark: same quantity U, locked spread and reset-to-today quote; add old-reference adjustment once, derive positive exposure. Five-year funding-allocation DV01 is reported as a positive magnitude, mismatch as signed net long funding DV01. Funding at year five is the residual tenor. OIS reinvestment is the actual specified principal destination.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "credit_inception": { "panel_id": "CREDIT_INCEPTION", "obligation": "O2", "report_fields": [ "/credit_xva/accounting_cva", "/credit_xva/own_funding_curve", "/credit_xva/basis_spread", "/credit_xva/noncash_charge_creates_borrowing", "/credit_xva/use_cash_vm", "/credit_xva/provider_default_exposure_source", "/credit_xva/conditional_quadratic_requires_cash_transaction" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_recovery" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_CDS_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND" ], "legal_scope": "case_legal_objects", "selection_rule": "Accounting CVA is the normal funding-component default integral, not CVA capital. Own funding uses unsecured bonds over OIS; the separately reported basis is initial own bond minus own CDS. Baseline funding has no executed CSA and uses no cash VM. The positive legal contract mark drives exposure. Noncash reserve charges do not create borrowing. The separately executed prefunding experiment is required for the quadratic cash cost.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ], "not_additive_with_other_panels": true }, "actual_cash_stress": { "panel_id": "ACTUAL_CASH_STRESS", "obligation": "O2", "report_fields": [ "/credit_xva/actual_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "AAA_LOSS", "scenario_ids": [ "AAA_LOSS" ], "model_time_years": "0.25", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_free_cash" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_legacy_funding" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "ACTUAL_FACILITY", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Present value of actual spread expense on settled-cash deficit borrowing over the full twenty-year ledger: reference credit move from cash_ledger.reference_stress_move, replacement funding move from cash_ledger.funding_stress_move, own spread from stressed_own_bond_spread. A conditional execution/capital gate is disclosed; no equity is injected. Provider and EM shocks are not added to this cash-only counterfactual.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "mark_only_cash": { "panel_id": "MARK_ONLY_CASH", "obligation": "O2", "report_fields": [ "/credit_xva/mark_only_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "FUND_TRS", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Run the same cash ledger with zero reference-credit change and the quoted funding move, not an exposure-sized debt balance. The mark is noncash. All actual contractual coupon, fee and principal obligations remain.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "conditional_prefunding": { "panel_id": "CONDITIONAL_PREFUNDING", "obligation": "O2", "report_fields": [ "/credit_xva/conditional_quadratic_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "CONDITIONAL_PREFUNDING", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [ "CONDITIONAL_PREFUND", "ACTUAL_FACILITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "PV of the primary executed exposure-prefunding facility spread cost alone; not secondary coupon-cash funding or base-book debt. The target is the positive incremental replacement funding mark, funded and deposited externally at OIS under its own balanced cash/equity snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-conditional-facility" } ], "not_additive_with_other_panels": true }, "funding_capital_inception": { "panel_id": "FUNDING_CAPITAL_INCEPTION", "obligation": "O3", "report_fields": [ "/capital/saccr" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "SALE_U" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception unmargined credit-only SA-CCR under the fictional classification letter; U was sold and is not collateral held against P. Compute RC, PFE, MF, supervisory duration, EAD and provider risk weight from legal terms and dated rules. No statutory incurred CVA write-down beyond the explicit canonical amount.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "CAPITAL_RULES", "locator": "saccr" } ], "not_additive_with_other_panels": true }, "collateral_controlled": { "panel_id": "COLLATERAL_CONTROLLED", "obligation": "O3", "report_fields": [ "/capital/collateral" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Use the independent Lydora controlled issued-sovereign loan in collateral_gate for every BOOK report. Same-issuer denial takes precedence over its below-threshold rating; compute unmitigated E*, RWA, capital, through-life KVA and required client capital spread. This is not W2 payment rights or the W3/W4 live deployment collateral. Branch eligibility must be exposed separately as a diagnostic, using the selected case legal records, without replacing this controlled O3 question.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-lydora-comparator" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "protection_controlled": { "panel_id": "PROTECTION_CONTROLLED", "obligation": "O4", "report_fields": [ "/capital/protection" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "CDS_AGREEMENT", "H_CSA", "H_MASTER", "FUND_TRS" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Selected controlled five-year fixed-notional P CDS from H, eligible and designated for full BA-CVA, against the mark-only +100bp funding stress with P CDS held at its normal level. Pa and tail clocks are elapsed since actual CDS execution, not the two-business-day proposal date; observe inception, year one and year 4.75. ccr_capital and cva_capital are the selected post-execution initial stress-designated capital levels, never the proposal-state pre-execution level. No written-credit leverage notional offset is claimed for short protection. These are conditional action comparisons, not an assertion that CDS is executed in the base book.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-protection-panel" }, { "document_id": "CAPITAL_RULES", "locator": "protection" }, { "document_id": "CAPITAL_RULES", "locator": "cva" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capacity_controlled": { "panel_id": "CAPACITY_CONTROLLED", "obligation": "O5", "report_fields": [ "/capital/capacity/leverage_exposure", "/capital/capacity/leverage_required", "/capital/capacity/Tier1", "/capital/capacity/binding" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Same-balance controlled eligible-AAA-substitution comparator, after its quoted setup fee. Leverage exposure and minimum requirement use the normal FUND_TRS classification plus retained U, deployment and remaining cash. Tier1 is available qualifying capital after the setup fee and the explicitly allocated AVA. Binding compares recomputed risk-based and leverage requirements; it does not assert that this controlled panel is the actual base ledger.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capital_cost_component": { "panel_id": "CAPITAL_COST_COMPONENT", "obligation": "O5", "report_fields": [ "/capital/capacity/capital_KVA" ], "evidence_array": "/capital/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER" ], "legal_scope": "case_legal_objects", "selection_rule": "Standalone funding CCR plus CVA KVA level under the mark-only +100bp quote stress, not whole-bank max-constraint KVA and not incremental KVA. Its scope is deliberately separate from the eligible-substitution leverage snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "capital_decision": { "panel_id": "CAPITAL_DECISION", "obligation": "O5", "report_fields": [ "/capital/capacity/structural_value", "/capital/capacity/capital_cash_credit", "/capital/capacity/chosen_action", "/capital/capacity/action_effective" ], "evidence_array": "/capital/evidence", "snapshot_id": "DECISION_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" } ], "case_agreement_ids": [ "AAA_SECURITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Requested decision is release_substitution in a controlled already-substituted portfolio: structural_value is its standalone reversal component NPV versus keeping the same substitution, with restored client yield, increased capital carrying cost, two-business-day execution lag and unwind fee. It is not a ranking against a different CDS/netting portfolio. The reversal is proposed, not effective at the observation date, and cannot execute without sufficient whole-book capital and actual settled title release. capital_cash_credit records no fictional capital-to-cash receipt.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-decision-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "allocation_7d": { "panel_id": "ALLOCATION_7D", "obligation": "O5", "report_fields": [ "/capital/allocation" ], "evidence_array": "/capital/evidence", "snapshot_id": "ALLOCATION_7D", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Choose the minimum disclosed seven-day financing objective among feasible assignments of every actual lot ID exactly once. Cash and capital are computed lot by lot in borrower direction with separate market and supervisory haircuts. The certificate is valid only within the published equal-small-lot/distinct-issuer/forced-large proof domain. Report evidence-dependent unknowns as an empty list for this complete synthetic annex; this does not resolve missing facts in a real market. Optional short-term bank risk weights are a separate countercase, not the selected conservative election.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ], "not_additive_with_other_panels": true }, "recognition_inception": { "panel_id": "RECOGNITION_INCEPTION", "obligation": "O7", "report_fields": [ "/accounting/recognition" ], "evidence_array": "/accounting/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/day_one_accounting" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS" ], "legal_scope": "case_legal_objects", "selection_rule": "Failed-sale retained-asset financing is the stated accounting unit. Day-one statutory profit field is recognisable funding-opportunity gain before the separately paid service fee, not total day-one statutory P&L. Gross management D and X are reconciled out unless a separate statutory unit is evidenced. Deferral uses the frozen inception price-time schedule or evidenced observability, never spread tightening.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ], "not_additive_with_other_panels": true }, "reserve_divergence": { "panel_id": "RESERVE_DIVERGENCE", "obligation": "O8", "report_fields": [ "/accounting/reserves/D_open", "/accounting/reserves/D_close", "/accounting/reserves/X_open", "/accounting/reserves/X_close", "/accounting/reserves/carry", "/accounting/reserves/clean_mtm", "/accounting/reserves/deferral_release", "/accounting/reserves/reserve_theta", "/accounting/reserves/reserve_mtm", "/accounting/reserves/reserve_action", "/accounting/reserves/hedge_pnl", "/accounting/reserves/cash_funding_drag", "/accounting/reserves/reported_pnl", "/accounting/reserves/independent_equity_change", "/accounting/reserves/unfunded_reserve_balance", "/accounting/reserves/reserve_charge_alone_draws_debt", "/accounting/reserves/expected_release_counted_twice" ], "evidence_array": "/accounting/evidence", "snapshot_id": "YEAR1_RESERVE", "scenario_ids": [ "YEAR1_ROLL", "YEAR1_RESERVE" ], "model_time_years": "1", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "FUND_TRS", "SALE_U", "DEP_LOAN", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Instantaneous remeasurement at year one after the normal cash/valuation roll: open at core year1_roll, close at year1_stress with only funding quote +100bp and P CDS +80bp. Reference price, cash, hedge, EM, OIS and actual obligations are unchanged. D stays on the frozen A19 schedule; X remeasures. No elapsed time means no new carry or theta. P&L is compared with the independently posted management journal/equity change. The separate whole-book first-year carry illustration is not added to this interval.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reserve-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "prudent_valuation": { "panel_id": "PRUDENT_VALUATION", "obligation": "O8", "report_fields": [ "/accounting/reserves/AVA", "/accounting/reserves/CET1_after_AVA", "/accounting/reserves/AVA_in_PnL" ], "evidence_array": "/accounting/evidence", "snapshot_id": "AVA_CONTROLLED", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Separate identified recognised-fair-value model-risk exposures, uniform exit-cost uncertainty and same-source accounting prudence; EU-style incremental Method 1 AVA and CET1 deduction. No transfer of this panel capital, cash or AVA into the year-one remeasurement. An increased mean with unchanged uncertainty width need not increase incremental AVA.", "required_evidence": [ { "document_id": "AVA_RULES", "locator": "applicability" }, { "document_id": "AVA_RULES", "locator": "method" }, { "document_id": "AVA_RULES", "locator": "same_source" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ], "not_additive_with_other_panels": true }, "terminal_settlement": { "panel_id": "TERMINAL_SETTLEMENT", "obligation": "O8", "report_fields": [ "/accounting/reserves/terminal_reserve", "/accounting/reserves/all_obligations_settled" ], "evidence_array": "/accounting/evidence", "snapshot_id": "TERMINAL_DISPUTE", "scenario_ids": [ "TERMINAL_DISPUTE" ], "model_time_years": "20", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" } ], "case_agreement_ids": [ "FUND_TRS", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Observe the actual unresolved provider claim after contractual year-twenty runoff. Its contractual notional is not reset to zero by age. No later cash settlement or final write-off is assumed. A reserve remains until the specifically evidenced resolution occurs, even if the scheduled core funding/CVA/KVA profiles have ended.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-terminal-dispute" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "branch_liquidity": { "panel_id": "BRANCH_LIQUIDITY", "obligation": "O6", "report_fields": [ "/liquidity/branch", "/liquidity/branch_event", "/liquidity/default", "/liquidity/collateral_market_value", "/liquidity/collateral_cash_realisation", "/liquidity/call_due", "/liquidity/cash_available", "/liquidity/additional_borrowing", "/liquidity/residual_liquidity_shortfall", "/liquidity/reference_exists", "/liquidity/structure_decision", "/liquidity/correct_by_contract_not_label" ], "evidence_array": "/liquidity/evidence", "snapshot_id": "BRANCH_LIQUIDITY", "scenario_ids": [ "EVENT" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "DEP_LOAN", "DEP_SECURITY", "FUND_TRS", "CUSTODY", "OPERATING_PAYMENT" ], "legal_scope": "case_legal_objects", "selection_rule": "Only the selected case branch_event, its exact default flags, title/instrument existence, quotes, account availability and settlement cutoffs determine this panel. reference_exists asks whether the selected deployment collateral is an issued security, never whether funding U exists. No security or predefault price is invented for contingent issuance or future-payment rights. For W3 derive the actual first-quarter total-return cash call from the canonical ledger and joint curve state; for other branches use the independently sourced operating call. Borrowing is limited by the actually available named facility. Separately expose branch collateral eligibility/reason diagnostics from its own legal facts, without replacing the O3 Lydora comparator.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w2-transfer-event" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ], "not_additive_with_other_panels": true } } }, { "schema_version": "back_to_back_funding_book.v1r2", "episode_id": "W3", "branch": "W3", "parameters_file": "fixtures/numerical-inputs.json", "as_of": "2026-09-19T12:00:00Z", "base_currency": "USD", "fictional": true, "counterparty_constraints": [ { "party_id": "BORROWER", "situation": "Caldera Bank 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.", "situation_kind": "liquidity_stress", "required_cash": "1000000000", "currency": "USD", "funding_deadline": "2026-09-19", "allowed_legal_forms": [ "issued_security_pledge" ], "prohibited_legal_forms": [ "contingent_issuance_promise", "payment_rights_assignment", "title_transfer_repo" ], "classification_by_form": { "issued_security_pledge": "secured_borrowing" }, "required_return": "identical", "borrowing_ceiling": "1000000000", "maximum_spread": "0.08", "required_approval_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "P", "situation": "Northhaven Bank 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.", "situation_kind": "ratings_pressure", "required_cash": "0", "currency": "USD", "funding_deadline": "2026-12-19", "allowed_legal_forms": [ "sale_funded_total_return_swap" ], "prohibited_legal_forms": [ "payment_rights_assignment", "contingent_issuance_promise" ], "classification_by_form": { "sale_funded_total_return_swap": "funded_asset_purchase_and_return_contract" }, "required_return": "none", "borrowing_ceiling": null, "maximum_spread": null, "required_approval_ids": [ "DESK_CSA", "DESK_OFFSET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "S2_LRA", "situation": "Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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.", "situation_kind": "fiscal_ceiling", "required_cash": "500000000", "currency": "USD", "funding_deadline": "2029-01-01", "allowed_legal_forms": [ "gold_pledge", "gold_equivalent_title", "issued_security_pledge", "title_transfer_repo" ], "prohibited_legal_forms": [ "fiscal_advance" ], "classification_by_form": { "gold_pledge": "secured_borrowing", "gold_equivalent_title": "secured_financing_with_title_transfer", "issued_security_pledge": "secured_borrowing", "title_transfer_repo": "secured_financing_with_title_transfer", "gold_identical_title": "bespoke_title_financing_pending_proprietary_opinion", "fiscal_advance": "fiscal_lending_requires_separate_authority" }, "required_return": "equivalent", "borrowing_ceiling": "500000000", "maximum_spread": null, "required_approval_ids": [ "S2_IDENTICAL_TITLE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] } ], "mandate": { "mandate_id": "BOOK_DESK_MANDATE", "bank_id": "MERIDIAN", "rules": [ { "rule_id": "DESK_HOLD", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CSA", "action_kind": "execute_csa", "subject_id": "FUND_TRS", "tier": "requires_approval", "maximum_amount": "750000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET", "LIQUIDITY_STRESS_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SUBSTITUTION", "action_kind": "substitute_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REVERSE", "action_kind": "reverse_substitution", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_OFFSET", "action_kind": "execute_offset", "subject_id": "OFFSET_TRS", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "OFFSET_CREDIT_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_NETTING", "action_kind": "consolidate_netting", "subject_id": "MASTER_P_CONSOLIDATED", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PROTECTION", "action_kind": "buy_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DESIGNATION", "action_kind": "designate_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "MATCHED_REFERENCE_DESIGNATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO", "action_kind": "repo_allocate", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_ONLY" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO_REPAY", "action_kind": "repay_repo", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_COLLATERAL", "action_kind": "sell_lot", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "BORROWER_DISPOSAL_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_INVENTORY", "action_kind": "sell_lot", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_DISPOSAL" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_EQUIVALENT", "action_kind": "buy_equivalent", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DOCUMENTED_EQUIVALENT_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN", "action_kind": "return_collateral", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_COLLATERAL_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN_REPO", "action_kind": "return_collateral", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DRAW", "action_kind": "draw_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": "500000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "EXECUTED_FACILITY_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPAY", "action_kind": "repay_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_FACILITY_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_DEP", "action_kind": "meet_margin_call", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_FUND", "action_kind": "meet_margin_call", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_HEDGE", "action_kind": "meet_margin_call", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FUND", "action_kind": "settle_payable", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FUNDING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_DEP", "action_kind": "settle_payable", "subject_id": "DEP_LOAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_DEPLOYMENT_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_RETURN", "action_kind": "settle_payable", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_RETURN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_HEDGE", "action_kind": "settle_payable", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_PROTECTION_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FACILITY", "action_kind": "settle_payable", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FACILITY_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_BANK", "action_kind": "settle_payable", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OWN_BORROWING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_OFFSET", "action_kind": "settle_payable", "subject_id": "OFFSET_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OFFSET_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_PROVIDER", "action_kind": "settle_claim", "subject_id": "P", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROVIDER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_BORROWER", "action_kind": "settle_claim", "subject_id": "BORROWER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_BORROWER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_HEDGE", "action_kind": "settle_claim", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROTECTION_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_LIQUIDATION", "action_kind": "liquidate_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "ENFORCEMENT_AND_SURPLUS_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REINVEST", "action_kind": "reinvest", "subject_id": "DEP_LOAN", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MATURED_PRINCIPAL_TREASURY_REVIEW", "LIQUIDITY_STRESS_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_FISCAL", "action_kind": "fiscal_advance", "subject_id": "S2_LRA", "tier": "prohibited", "maximum_amount": "0", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "SEPARATE_FISCAL_AUTHORITY_ABSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_IDENTICAL_TITLE", "action_kind": "identical_title_financing", "subject_id": "S2_LRA", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 3, "approval_outcome": "pending", "approval_valid_days": 5, "reason_codes": [ "PROPRIETARY_RETURN_OPINION_MISSING" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CSA", "action_kind": "execute_CSA", "subject_id": "ACT_CSA", "tier": "requires_approval", "maximum_amount": "750000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET", "LIQUIDITY_STRESS_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_SUB", "action_kind": "substitute_collateral", "subject_id": "ACT_SUB", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_NET", "action_kind": "consolidate_netting", "subject_id": "ACT_NET", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CDS", "action_kind": "buy_CDS", "subject_id": "ACT_CDS", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_HOLD", "action_kind": "hold_capital", "subject_id": "ACT_HOLD", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_RELEASE", "action_kind": "release_substitution", "subject_id": "ACT_RELEASE", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, "accepted_positions": [ { "position_id": "KEEP_FUNDED_BOOK", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "binding_constraint": "Existing contractual duties and whole-book capital remain binding; the contractual reference-loss payment is a settled cash source deficit funded by the actual draw, and retaining the funded position manufactures no liquidity.", "requirements": [ { "source": "case", "pointer": "/book/funding_principal_source", "relation": "eq", "value": "identified_asset_sale" }, { "source": "case", "pointer": "/mandate/rules/0/tier", "relation": "eq", "value": "permitted" }, { "source": "case", "pointer": "/counterparty_constraints/0/situation_kind", "relation": "eq", "value": "liquidity_stress" } ], "rationale": "Service the funded position without substituting a positive funding component or reserve balance for settled cash; the tightened CSA budget and reinvestment review apply while own funding is stressed." }, { "position_id": "REQUEST_CSA_AUTHORITY", "action_kind": "escalate", "subject_id": "FUND_TRS", "binding_constraint": "The funding CSA requires a dated cash-budget approval before any execution, and its budget is tightened to three quarters of the funded notional under the joint stress; no approval restores the full notional.", "requirements": [ { "source": "case", "pointer": "/mandate/rules/1/tier", "relation": "eq", "value": "requires_approval" }, { "source": "case", "pointer": "/mandate/rules/1/reason_codes", "relation": "contains", "value": "CSA_CASH_BUDGET" }, { "source": "case", "pointer": "/mandate/rules/1/maximum_amount", "relation": "eq", "value": "750000000" } ], "rationale": "Request the source-mandated funding-CSA approval within the tightened liquidity-stress budget while preserving the funded book; a request or approval is not an executed collateral arrangement." } ], "book": { "bank_id": "MERIDIAN", "provider_id": "P", "borrower_id": "BORROWER", "reference_id": "U", "sale_agreement_id": "SALE_U", "funding_agreement_id": "FUND_TRS", "deployment_agreement_id": "DEP_LOAN", "notional": { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, "reference_quantity": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract/quantity" }, "funding_start_date": "2026-09-19", "funding_maturity_date": "2046-09-19", "deployment_start_date": "2026-09-19", "deployment_maturity_date": "2031-09-19", "funding_principal_source": "identified_asset_sale", "TRS_has_no_principal_exchange": true, "year5_reinvestment": "OIS_cash", "cash_funding_policy": "actual_cash_deficit_not_noncash_reserve", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "documents": [ { "document_id": "SYNTHETIC_PACKET", "title": "Dated fictional legal, market and event packet", "source_kind": "fictional_policy", "fictional": true, "author": "Capstone exercise drafter", "published_at": "2026-09-19", "file": "docs/exhibit-fields.md", "source_uris": [], "source_version": "Fictional dated source exhibits, 2026-09-19 plus specified conditional event dates", "locators": [ { "id": "fictional-institutional-parties", "quote": "Fictional source parties. FACILITY_LENDER supplies the separately committed actual-desk liquidity line, not an alias for the controlled ACTUAL_FACILITY counterparty. S2_LRA is a separate monetary authority used only in the S2 comparison, never the BOOK borrower or Treasury.\n\n[\n {\n \"party_id\": \"FACILITY_LENDER\",\n \"legal_name\": \"Cedar Liquidity Finance\",\n \"kind\": \"corporate\",\n \"incorporation_jurisdiction\": \"Meridia\",\n \"insolvency_jurisdiction\": \"Meridia\",\n \"resolution_jurisdiction\": \"Meridia\",\n \"ownership_group\": \"FACILITY_LENDER\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"legal_name\": \"Lydora Reserve Authority\",\n \"kind\": \"public_authority\",\n \"incorporation_jurisdiction\": \"Lydora\",\n \"insolvency_jurisdiction\": \"Lydora\",\n \"resolution_jurisdiction\": \"Lydora\",\n \"ownership_group\": \"S2_LRA\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n }\n]", "sha256": "12f588f5e3b9b80908bc7d69cb0281b1e998e83fd4272176231735e7f2548e79" }, { "id": "fictional-institutional-authority", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower.", "sha256": "8893e23cd75f738b088d1d7990ea2bf886c7e63f4af00f356386060c77258dd0" }, { "id": "fictional-counterparty-constraints", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower. Each row states its situation_kind from the closed set liquidity_stress, ratings_pressure, regulatory_order, fiscal_ceiling, resolution, sanctions_exposure or none; the free-text situation is narrative and cannot widen that set. Rows vary with the selected branch and are listed under their episode_id.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its parliament's fiscal ceiling caps aggregate borrowing at the stated ceiling; the selected joint default of issuer and obligor leaves the pledged issue with a zero conditional bid, not a second funding source.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. The joint sovereign default does not touch its own funding; it requires only the funding-CSA cash budget and consolidated netting to be approved before either is treated as executed.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its fiscal ceiling caps aggregate borrowing at the stated ceiling and the promised issue has no identifier, no traded mark and no perfected security before issuance; a failed three-business-day issuance window supplies neither a traded asset nor timely cash.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"contingent_issuance_promise\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"contingent_issuance_promise\": \"unsecured_borrowing_with_contingent_security\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because no security exists before issuance, it additionally requires the collateral-substitution review to be approved before any replacement asset is treated as delivered against the funding leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-25\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_SUBSTITUTION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W2\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Anatara Bank 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. A nondefault transfer-control order of its home authority traps collected payment-rights cash locally; no licence exists and every nondefault flag stands, so restricted local balances are not remitted cash.\",\n \"situation_kind\": \"regulatory_order\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"payment_rights_assignment\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"contingent_issuance_promise\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"payment_rights_assignment\": \"borrowing_secured_by_assigned_receivables\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the borrower's collections sit under a transfer-control order, it additionally requires the transfer-control review of borrower claims to be approved before any such claim is counted toward the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_CLAIM_BORROWER\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W3\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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 \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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 \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-12-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_OFFSET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W4\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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. Its solvent, legally realisable asset cannot be sold or repoed before the deadline because the market is closed; a USD40m indicative value produces zero deadline proceeds and only the USD10m line is actual cash.\",\n \"situation_kind\": \"liquidity_stress\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the market is closed, it additionally requires the market-closure review of any facility draw to be approved before drawn cash is treated as covering the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_DRAW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n }\n]", "sha256": "09fe272fa1d83abad7fa2af1e955f58fc41d55bd8ba151da965f98f679a25ecf" }, { "id": "fictional-desk-mandate", "quote": "This fictional desk mandate is a current authority schedule, not a statement that an action has occurred. Every row applies only to the named action kind and authenticated source subject. Approval requests create pending decisions, never immediate permission. The listed outcome is the disclosed decision procedure: resolution occurs only after its calendar-day delay, and an approved authority expires after its stated valid days and may be consumed only by the accepted scoped action. Pending means no scheduled grant. An approved authority never waives a client restriction or an existing legal, title, cash, quote, size, prudential or settlement gate. Maximum amounts measure covered funding principal for CSA, actual opposite-trade notional for offset, covered protection notional for protection and designation, and replaced USD1-face quantity for substitution and reversal. A netting cap, if stated, measures gross covered source notional, not a legal fee. Draw caps measure resulting aggregate outstanding facility principal, so split draws cannot evade them. Reinvestment caps measure actual reinvested principal; cash payments and repayments measure the actual amount discharged. Sale and equivalent-purchase caps measure dirty cash consideration including issuer accrual, excluding execution fees. Repo allocation measures actual funded advances for its authenticated bank, lender or lot scope, not collateral market value; repayment measures actual principal and interest discharged. Return limits measure the USD1 face returned, or cash actually redeeming that outstanding face. Null means this source states no additional numeric mandate cap; every underlying contractual and funding limit remains mandatory. The separate S2 fiscal advance is prohibited without a new fiscal resolution. Its identical-title route remains pending a proprietary-return opinion; neither entry creates a BOOK loan or cash balance. The schedule varies with the selected branch: each episode's rules are listed under its episode_id, and a rule's tier, cap, delay and reason codes apply only within that episode.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\",\n \"SOVEREIGN_JOINT_DEFAULT_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\",\n \"ZERO_BID_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NO_ISSUED_SECURITY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W2\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"250000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"TRANSFER_CONTROL_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W3\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\",\n \"LIQUIDITY_STRESS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W4\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MARKET_CLOSURE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n }\n]", "sha256": "c7b09740f1d3a745d347fd66b02b2169cf712426705b67e29ce964bc1c0ed134" }, { "id": "input-contract", "quote": "Every case is a complete fictional input instance and references the single public fixtures/numerical-inputs.json. No case contains a supplied exposure path, EAD, capital, reserve, action NPV or future P&L answer. Each named decision panel is a separate controlled snapshot; its balances cannot be added to another panel's balances. A missing legal, quote, eligibility or correlation fact raises ReferenceError before any candidate is scored.", "sha256": "252cbd2e720e2c44db1293940f4fe622da52002b59ae8df31f92aa753975387b" }, { "id": "fictional-parties", "quote": "Meridian Bank is the reporting bank incorporated in Meridia. Northhaven Bank is the funding provider incorporated in Northhaven and is a prudentially supervised bank, rated A without implicit state support. Apex Financial is the independent AAA bank issuer of reference U. Harbor Protection Bank is the independent AA bank protection seller. Clearvault Trust is the custodian in Meridia. Lydora Republic is the W1 sovereign borrower and issuer. Anatara Bank is the W2 borrower, supervised in Anatara. Caldera Bank is the W3 and W4 borrower. Celadon Export Finance is the independent issuer of the W3 and W4 deployment security. Westhaven Bank issues the AAA substitution security. Juniper, Pine, Stonebank and Reef names in the allocation annex are fictional. Separate ownership groups and explicit case correlation assessments are facts, not inferences from distinct names.", "sha256": "0d61ef5be83d11ac6c414e21f0091adbae94a38d2f01aa840b4f6ee2d76725b4" }, { "id": "fictional-instrument-register", "quote": "U is an already-issued senior unsecured floating-rate note of Apex Financial, issued 2025-09-19 and maturing 2046-09-19. It has USD1 face per unit, one billion units in this book, quarterly OIS plus 100bp coupons and USD1 redemption per unit. Meridian owns U before the sale. The Lydora issued branch has an already-outstanding five-year USD senior sovereign bond, one billion USD1 units, maturing 2031-09-19 and rated B. No Lydora security is registered in the contingent branch. The Celadon deployment security and Westhaven substitution security each mature 2031-09-19. Celadon is rated BB and Westhaven AAA. The numerical fixture uses fictional identifiers with valid ISIN check digits and makes no claim that these identifiers represent real securities.", "sha256": "5117606f89674d122ccf895a619e16b64462118466483824d54bad70b4fccb96" }, { "id": "fictional-executed-agreements", "quote": "On 2026-09-19 at 12:00 UTC Meridian and Northhaven execute the U sale and FUND_TRS. Meridian sells one billion units of U for USD1bn cash. Northhaven becomes legal owner and pays no second principal under the TRS. Meridian receives the full total return of U and pays OIS plus 70bp on USD1bn until 2046-09-19. Quarterly return cash is quantity times the change from the last actually settled ex-distribution reference price, plus the reference distribution, less the financing payment. Final distribution includes principal redemption and the final ex-redemption reference price is zero. Reference coupons are counted once. A price reset settles only that price change; it does not erase the remaining financing advantage. Surviving contractual replacement value uses all remaining terms and an independent matching quote. Sale proceeds fund the separate USD1bn five-year loan paying OIS plus 400bp. At 2031-09-19 the deployment repays principal, which remains in an OIS account until the twenty-year funding obligations close. The separate OFFSET_TRS is an already executed comparison-panel transaction with Northhaven, quantity and notional USD500m, original twenty-year maturity, total-return payer Meridian and separate OFFSET_P netting set. Its matching firm upfront replacement quote is minus USD50m at inception. That quote fixes a constant-spread conversion against the original quarterly annuity and rolls by the remaining annuity; it is not a supplied exposure path. Its cash belongs to the separate capital-comparison panel, not the base funding ledger.", "sha256": "a2d5d2e8e4cdb29a952fc39bba076d4259e401a93da0aa5f91bc022b55b0e3dd" }, { "id": "fictional-security-rights", "quote": "The executed deployment security agreement creates a perfected first-ranking pledge over the identified issued bond, or a perfected assignment of the specifically identified W2 payment rights. It gives Meridian timely enforcement rights subject to the documented branch event, Clearvault custody segregation and an express prohibition on reuse before enforcement. Legal ownership stays with the pledgor for a pledge. Transfer of legal title to U under the funding sale is not collateral received by Meridian against Northhaven. The W1 contingent document creates a promise to issue a new security after default, with legislative capacity and market admission conditions; it creates no perfected security interest in a presently existing bond. The missing security is not priced by borrowing the curve of another issued line. Contractual collateral acceptance is distinct from regulatory eligibility. Westhaven substitution securities are borrower-owned inventory offered under a proposed first-ranking pledge; Meridian does not obtain credit mitigation by pledging its own property to itself. The substitution pledge is ineffective until executed and the title record settles. Releasing an executed substitution returns the identified units to the borrower and removes the encumbrance; it is a separate counterfactual action, not the same title event as creation.", "sha256": "065ba683ba29adf8917a13e055657591ab23b602ffafe64ca601303ba6c49382" }, { "id": "fictional-opinions", "quote": "Fictional counsel Morrow & Vale issues final opinions on 2026-09-18, reviewed on 2026-09-19, for the named agreements, parties, Meridia, Northhaven and the relevant borrower jurisdiction. The opinions cover execution authority, capacity, contract, insolvency, resolution, security, closeout and transfer law and remain current through 2047-09-19 absent an identified law change. They confirm the funding sale, bilateral closeout master, no walkaway clause, custody segregation and the stated security rights. Sovereign execution immunity is waived for the specified commercial pledged assets, not for every state asset. The contingent W1 opinion expressly denies present security perfection and requires a new capacity and admission review on attempted issuance. The netting extension opinion remains qualified until executed novation and the remaining local opinion arrive; no consolidation benefit exists before that gate. W2 counsel confirms that a sovereign transfer ban can block remittance without bank default. W4 counsel confirms that legal sale rights survive a market closure but do not manufacture an executable market.", "sha256": "3fa65711c3d7dd609e8d4dc1b60ee01f7253cd9cc821a3f277bc1a77c40f959a" }, { "id": "fictional-quote-board", "quote": "The independent fictional replacement quote applies to FUND_TRS, reference U, USD currency, quantity one billion, notional USD1bn and the original remaining maturity and payment terms. At inception its financing spread is 100bp over OIS, versus the original locked 70bp. The quote convention is reset to the current reference price. The old-reference price adjustment and accrued stubs are excluded from the quoted replacement funding spread and must be added once. The quoted linear spread-to-price conversion uses the OIS-discounted quarterly remaining annuity supplied by the quote convention, not an asserted universal termination payoff. A changed mark-curve observation affects legal exposure only with a matching replacement quote under the declared synthetic joint quote process. An original-reference quote that already includes the old-price adjustment cannot add it twice. The internal AAA mark curve is AAA financial closes plus a 20bp internal add-on, and its add-on is significant and unobservable. Fictional executable quotes establish the simulation's legal replacement value; they are not claimed to be real observable market evidence for IFRS day-one recognition. OFFSET_TRS quote SYN-OFFSET-20260919 is executable for the same U, Northhaven, USD500m quantity/notional and twenty-year surviving terms, with quoted upfront minus USD50m and the stated remaining-annuity conversion. The S3 Stonebank and Reef seven-day schedules, exact eligible lots, market haircuts and spreads are the independent firm synthetic quotes in fixtures/numerical-inputs.json; capital-action CDS roll quotes are likewise independent quoted contracts, not derived from the desk curve alone.", "sha256": "4c782ec46e59dc77b618063518aa1004809ade1c4ab8e84a08ec1a3fd8546f9d" }, { "id": "fictional-curves", "quote": "The nine curve identities are OIS discounting, internal AAA funding marking, Meridian unsecured bond funding, Meridian CDS, Northhaven CDS default risk, Apex reference-issuer credit, EM deployment credit, Harbor hedge-provider CDS and Westhaven eligible-collateral credit. They are independent inputs. Each public scenario provides all nine levels, nodes through the relevant tenor, units and a flat interpolation convention with no extrapolation. Baseline OIS is 4%, internal AAA mark is 20bp, own bond 50bp, own CDS 30bp, provider CDS 80bp, reference credit 100bp, EM credit 400bp, hedge-provider CDS 40bp and eligible-collateral credit 100bp. Own bond funding is measured over OIS; bond minus own CDS is a separate basis diagnostic, not a replacement for the cash funding spread. Ratings, issuer identity, legal eligibility and material correlation do not follow automatically from spread levels.", "sha256": "7880b8a7049dd2df8aea1c520e2952870061ad4f21a951ea9aa03fc2e8cab8de" }, { "id": "fictional-classification", "quote": "The fictional institutional letter dated 2026-09-18 classifies the legal FUND_TRS under SA-CCR despite the separately stated failed-sale accounting bridge. Its documented sensitivity assessment selects credit as primary risk and supervisory delta minus one for the total-return receiver. A separate dual-risk calculation is an explicit countercase, not a default. Quarterly reference resets do not qualify as full trade-value resets. Northhaven's eligible A bank rating selects the stated ECRA bank risk weight. Baseline recognised incurred CVA write-down is explicitly zero; an internal management CVA reserve cannot silently be deducted as a statutory incurred write-down. Reduced BA-CVA applies without SA-CVA approval. The eligible CDS option uses full BA-CVA with provider CVA measured separately. The written-credit leverage election is disclosed in the canonical annex. The collateral loan is banking book, not a relabelled five-day trading repo. Allocation quotes use disclosed conservative base bank risk weights; optional short-term CRE20.19 relief is a separate countercase.", "sha256": "00ca6c5408c410a07a03fefd9d7d4ec379204a454ebd5586bd632a56cd392ead" }, { "id": "fictional-collateral-assessments", "quote": "For W1 issued, the sovereign borrower and collateral issuer are the same legal person; common control and material positive correlation are expressly true and the B sovereign issue is outside the general eligible sovereign debt threshold. W1 contingent has no issued collateral. W2 future payments are not eligible financial collateral under the selected standardised financial-collateral approach, and bank-default plus sovereign-transfer dependence is material. W3 and W4 Celadon is a different issuer, outside common control with Caldera, and the fictional due-diligence assessment finds no material positive counterparty-credit correlation under the stated controlled state. A distinct funding-side joint stress or a market closure can still matter. Celadon's BB non-sovereign paper is not eligible under the selected financial-collateral table. Westhaven AAA substitution inventory is issued, liquid, enforceably pledged, currency matched, outside common control and explicitly assessed without material positive correlation. Its supervisory haircut must still be derived from issuer kind, residual maturity and the applicable holding-period table, separately from its market financing haircut.", "sha256": "f1fec993790e2ab94035189e200892cf5cab1093233e837f4865545329fd77ea" }, { "id": "fictional-ledgers", "quote": "The base opening statutory ledger has U USD1bn and free cash USD100m against legacy OIS debt USD1bn and equity USD100m. The sale adds USD1bn cash and a financing liability because the sale plus full-return retention fails derecognition. Deploying USD1bn exchanges cash for the five-year loan. U stays in the statutory asset ledger even after legal title passes to Northhaven. The management TRS mark and reserve pots do not create a duplicate statutory derivative. The USD1m day-one fee is an actual cash cost. Quarterly U return, financing, deployment coupon and legacy OIS interest follow their own contracts. Actual negative settled cash draws the priced borrowing facility; a positive replacement mark or a noncash reserve charge alone does not draw debt. The optional exposure-prefunding experiment has its own facility and external segregated deposit and is never the base cash book. At year five loan principal parks at OIS, and at year twenty redemption, sale financing, legacy principal, deposit withdrawals and remaining settlements are tracked explicitly. An unsettled provider dispute prevents unconditional terminal closure. The executed actual-deficit facility limit is USD500m with zero upfront fee, no acceleration solely from the toy capital comparison, and a spread indexed to the current own-bond spread in the applicable scenario. The legacy USD1bn funding pays OIS and matures at year twenty under its own agreement. Free operating cash and reinvested principal earn OIS in the explicit depository account. W1, W2 and W4 noon cash calls arise under a separate operating-payment agreement, not an obligation to draw the deficit facility. The optional prefunding deposit is a separate account restricted to that experiment.", "sha256": "9902f74f53a7ff70a8740b5147530b14f0683b3da8babc86bc99c5a296c1b994" }, { "id": "fictional-accounting", "quote": "The sale and return swap form one IFRS9 accounting unit retaining substantially all return risk. U and the financing liability remain recognised; a second statutory derivative for the same rights is not recognised. The gross management funding benefit and CVA, UFVA and KVA pots are reconciled out of that unit unless separately justified accounting recognition exists. Day-one observability analysis follows the unit-of-account decision. Significant internal add-on inputs are unobservable. Management deferral releases by frozen initial priced time or independently evidenced observability, never just spread tightening. Expected reserve theta is P&L once, not new additional profit. Reserve market remeasurement, hedge gain or loss, cash funding drag and cash movements are distinct. Only identified recognised fair-value exposures enter the separate EU-style AVA model-risk panel. Its uncertainty distribution and same-source accounting prudence, rather than reserve size alone, determine AVA; AVA reduces CET1 without being an automatic P&L charge.", "sha256": "20fbc5d3db61f1faba84aaada37a0579989fc75983118442239295159024b9c5" }, { "id": "fictional-actions", "quote": "Six alternatives are public: execute two-way full-mark cash CSA, substitute Westhaven AAA collateral, consolidate enforceable netting sets, buy five-year Northhaven CDS from Harbor with an explicit designation decision, hold capital, or release an already executed substitution. All fees, recurring spreads, tenor, facility costs, execution lags and unwind prices are in fixtures/numerical-inputs.json. Quotes are firm subject to documented execution and opinion gates. CSA has zero thresholds and MTA and reusable USD VM remunerated at OIS, but posting liquidity is a priced obligation. The proposed consolidation has a thirty-business-day legal gate and cannot release capital while pending. Five-year protection has no automatic rollover into the uncovered final fifteen years. Harbor has separate default risk and margin terms. Holding capital costs the disclosed KVA. Substitution and its release affect real encumbrance and financing/yield terms. A capital reduction never appears as cash received. The separate S3 annex has borrower Meridian posting issued, unencumbered, freely available lots L1/L2 of USD120m/USD110m AAA other-issuer five-year bank debt and S01-S50 of USD0.8m each in distinct main-index equities. Equities have no contractual debt maturity; residual_years zero denotes not applicable only for this equity class. Juniper, Pine and each Seabrook issuer are unrelated to Meridian and the lenders, without common control or material positive credit correlation. Counsel confirms enforceable return of equivalent collateral after repayment, legal title and daily valuation under same-currency USD repos. No lot is pledged twice. Exact per-lot issuer, rating, rights and eligible lender facts appear in fixtures/numerical-inputs.json. Supervisory ten-day haircuts follow the stated asset class, issuer type and debt maturity; independent market advance haircuts and loan spreads come from the lender quotes. This is a synthetic seven-day market, not a calibration transferred from the empirical study. Stonebank is an eligible AA bank and Reef an eligible BBB bank; the disclosed conservative base ECRA election is 20%/50%, not a compulsory seven-day risk-weight floor. Optional CRE20.19 20%/20% is separately calculated. The full 52-lot assignment, concentration limits, objective and proof domain are disclosed in that same annex.", "sha256": "cf250329b122ef47176553210a79f90aa93cf591a6557de9d8efc42441faf57e" }, { "id": "fictional-events", "quote": "Branch-event liquidity accounts are independently funded operating snapshots, not the base USD100m cash book or the controlled AVA/leverage panel. W1 issued and contingent each have USD5m accessible cash, no available branch facility and a separate USD20m cash call due at noon on 2026-09-22. W2 has USD5m accessible cash, no available branch facility and a USD20m cash call due at noon, with USD12m already collected but trapped by transfer controls. W3 uses the actual base quarterly cash ledger, not a supplied price-loss number. W4 has USD5m accessible cash and an executed unconditional USD10m branch facility against a USD30m noon cash call. The W4 security's USD40m mark cannot be spent during the closure. Every cash deadline is a UTC instant. Branch default, transfer and market facts are independent from common decision-panel assumptions.", "sha256": "5fd97e24b5174630f79eed196d585724c271a824a6e5755a52d3a292c1d9e267" }, { "id": "w1-issued-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; Meridian decides at 10:05 UTC against a 12:00 UTC settlement cutoff. The already-issued Lydora bond existed and traded before default, but its selected catastrophic conditional firm bid is zero for all pledged units and no collateral cash arrives by the cutoff. This is an explicit synthetic zero-liquidation event, not a universal sovereign recovery rule. Apex U and Harbor do not default. The AAA reference price does not become zero because Lydora defaults. Northhaven's full contractual TRS replacement claim and its recovery must be evaluated separately from the sovereign security. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero.", "sha256": "7420ac6663622e9186990bddd7f721fe49b12d099a25583f8e8c604b045ec389" }, { "id": "w1-contingent-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; decision is 10:05 UTC and settlement cutoff 12:00 UTC. The pledge document contains only a contingent promise to issue after default. No security, ISIN, predefault traded price or security-title position exists for that promise. Legislative capacity and exchange admission remain unsatisfied, no new issue completes in the three-business-day issuance window, and market capacity at the cutoff is zero. Apex U and Harbor do not default. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero. Equal zero cash recovery in this event does not erase the legal-existence, accounting and predefault markability differences from an issued bond.", "sha256": "b45bc5d735211416f26c76be63f48686d28ded9d8873f5e1b5cabe678cc5ae1b" }, { "id": "w2-transfer-event", "quote": "On 2026-09-22T09:00:00Z the fictional Anatara Transfer Authority prohibits cross-border USD remittance until 2026-09-29T09:00:00Z. USD12m from the specified future-payment obligors is collected locally at 09:30 UTC but cannot be sent to Meridian; no exemption licence exists. Anatara Bank, Northhaven, Apex and Harbor remain nondefaulted. Meridian decides at 10:00 UTC and owes an independent USD20m cash call by 12:00 UTC. Its only accessible branch cash is USD5m, and it has no available branch facility. Continued collection is not remittable collateral cash. The assignment survives but sovereign transfer power overrides the collection waterfall at the deadline.", "sha256": "b712b861cdcb1e324db4881282548f2f874443072c846ac112a0179ba0b93afe" }, { "id": "w3-joint-event", "quote": "The selected W3 first-quarter settlement is 2026-12-19T12:00:00Z; the joint market state is observed at 09:00 and the decision at 09:05. OIS stays 4%, internal AAA mark rises from 20bp to 120bp, own unsecured bond spread rises from 50bp to 150bp, own CDS stays 30bp, Northhaven CDS rises from 80bp to 160bp, Apex reference credit rises from 100bp to 350bp and EM credit rises from 400bp to 700bp. Harbor CDS and Westhaven credit remain 40bp and 100bp. All default flags are false. The U cash price loss uses the actual remaining 19.75-year post-coupon reference price and last settled price one. U coupon is received once through the TRS, OIS plus 70bp financing is paid, the loan pays its locked 8% coupon and legacy OIS is paid. The five-year deployment now has 4.75 years left and its mark is its locked coupon and principal discounted at OIS plus the current EM credit spread, 11%. That EM mark loss is not cash-settled under the loan. Actual deficits, after opening cash and the fee, drive borrowing; the funding-mark rise alone does not.", "sha256": "652867100ed3c78119c2e3772fae6bb4b6f0b9785d6c1566d4074ed2120f7c37" }, { "id": "w4-closure-event", "quote": "The Celadon bond market closes on 2026-09-22T09:00:00Z and reopens on 2026-09-24T09:00:00Z. At the 2026-09-22T10:00:00Z decision the independent cash call is USD30m due 12:00 UTC, accessible cash is USD5m and the executed unconditional branch facility can advance USD10m by 11:00 UTC. Meridian has legal sale rights over forty million USD1 units marked at USD1 before closure. Both sale and repo executable capacity are zero during closure. The first reopened trade is 2026-09-24T09:00:00Z at the disclosed USD1 bid; its USD proceeds first settle 2026-09-25T12:00:00Z. No borrower, funding-provider, reference-issuer, collateral-issuer or hedge-provider default occurs. The unchanged mark and surviving legal sale right do not meet the earlier cash deadline.", "sha256": "b92d6d091c9d5d008fd3e8f3b6c3eed94c000cf2eb9e31a369555c10d163fc3f" }, { "id": "numerical-input-contract", "quote": "Canonical numerical inputs are explicit exact decimal strings, Boolean facts and integer counts. All used fields are required by schemas/numerical-inputs.schema.json, which rejects additional fields, missing issuer kind, missing correlation or missing quote evidence. Curves and decision panels bind to that public file by JSON Pointer, and no hidden profile file or verifier default supplies a missing number. Causal countercases may change supported input values but must retain matching identities, quote basis, timing and independent legal evidence. Numerical calculations belong to src/numerical_fixture.py and src/reserve_ledger.py; src/validate_exhibits.py checks reference integrity and never assigns a candidate penalty.", "sha256": "485f03cd41dda47862106dbc63d0e7b926c6f83f7c3aec80ea7958ab95e7061e" }, { "id": "fictional-reporting-panels", "quote": "The required reporting_panels object is the public question-routing contract. Each of the seventeen financial panels supplies report field pointers, one obligation owner, the shared report evidence array, a snapshot ID, full-state scenario IDs, model clock, exact numerical-input JSON pointers, relevant legal agreement IDs, a selection rule and claim-specific required source locators. Four institutional panels, LEGAL, COMPLIANCE, STRUCTURE and RECOMMENDATION, map the whole legal, compliance, structure and recommendation sections to O9-O12. They have no evidence_array; their conclusions use typed, independently supported premises checked for truth, relevance and consistency rather than exact reference wording. All reference inputs are mandatory. Fields drawn from several controlled observations form a report, never one simultaneous portfolio. BASE is normal inception; MARK_ONLY widens the funding/replacement quote and own bond without any reference cash loss. AAA_LOSS uses the separately specified first-quarter reference-credit cash shock. YEAR1_ROLL and YEAR1_RESERVE are the same instant after one year of normal cash roll, with only the funding quote and P CDS changed. TERMINAL_DISPUTE is a separate year-twenty observation. Only branch_liquidity reads EVENT. Controlled collateral, capacity, protection, reversal, AVA and allocation panels do not inherit the selected branch borrower, default or account balances. Every typed financial report leaf is owned by exactly one panel; common evidence arrays do not merge the obligations.", "sha256": "d43e42b9adf63091fd6701be6122807dac29e1338f0de3d2285baa1b86bc0918" }, { "id": "fictional-cash-stress-panel", "quote": "The actual-cash-stress counterfactual starts from the separately disclosed BASE_CASH book, USD100m cash before the USD1m paid service expense. Before first quarterly settlement U credit widens by 250bp, the internal and executable replacement funding quotes widen by 100bp, and own unsecured bonds price borrowing at OIS plus 150bp. Provider CDS and deployment credit stay at their original levels in this cash-only experiment. Reference price return, reference coupon, financing payment, deployment coupon and legacy OIS payment settle under their own contracts. Borrow only the resulting deficit up to the executed USD500m limit, not the MTM or reserve balance. The mark-only comparison retains U credit unchanged and therefore creates no price-return cash loss merely from a funding quote widening. Both paths keep explicit future repayment and year-five OIS reinvestment. The conditional cash simulation is not permission to originate the capital-deficient book.", "sha256": "2dfff725b160f42389109a994eec9cb1f6ae61e4486a61a51ca60733fd3a1495" }, { "id": "fictional-conditional-facility", "quote": "The conditional prefunding sensitivity is a separately executed fictional facility and external OIS deposit, not a debt instruction in the base book. Its target is the positive incremental matched replacement funding mark after the disclosed funding move. It has its own USD100m opening cash and equity, zero setup fee, primary spread equal to initial own spread plus the disclosed move beta, external OIS deposit remuneration and explicit primary interest cash payments. If interest exhausts this separate cash, the actually executed deficit facility pays it; no reserve is capitalised automatically. conditional_quadratic_ufva requests the PV of primary spread cash expense only, excluding secondary coupon-funding and fees. A mark or reserve without these executed cash transactions does not support that formula.", "sha256": "2db4b6b5833f8c25da9e8af7fcdfa22b0642ea2b904c351f1ae1a7e7b9cf96dc" }, { "id": "fictional-lydora-comparator", "quote": "This is an independent controlled five-year USD1bn loan to Lydora Republic and is not the live W2, W3 or W4 collateral. Lydora is a sovereign, owns and has already issued the pledged USD1bn face bond, also owes the loan, and has issue rating B from the permitted fictional rating agency. The bond was already outstanding at the valuation date, has five residual years, quarterly OIS plus 400bp coupons and an inception price of one under its matching synthetic curve. Counsel gives an executed, perfected, first-ranking and enforceable USD security interest to Meridian, with clear custody control and daily revaluation, timely liquidation rights, no prior liens, no permitted reuse before enforcement and return/release after loan repayment. Market access is open at this comparator observation, and exposure and collateral are both USD. The issuer and loan obligor are exactly the same legal person, so material positive correlation is explicitly true; neither the B rating nor apparent collateral value overrides that relationship. These facts are the public legal source for every collateral_gate field. The supervisory rules, not an exhibit-supplied exposure, determine whether any mitigation is recognised. Same-issuer denial takes precedence in the single reason field; below-threshold rating is an additional defect.", "sha256": "2c9c6553d4ae1382b12e6360ba46e6cc55172066ff13056deed318408e672a41" }, { "id": "fictional-protection-panel", "quote": "The selected protection question is the conditional stress-designated CDS comparator: reference P, seller H, fixed USD320m notional, five years starting at actual execution, eligible direct irrevocable unconditional timely cash protection, matched currency and obligation, and no automatic renewal. Start is two business days after decision when the signed confirmation and opinion are delivered. Full BA-CVA designation is deliberately elected for the controlled comparison; baseline FUND_TRS remains unhedged. H has its own independent CDS/default curve and already executed two-way cash-VM CSA, zero threshold/MTA/NICA, and twenty-business-day MPOR. The funding mark is shocked by 100bp while P CDS remains at inception level for this stress-designated comparison. Pa and capital-at-initial-hedge observations use the hedge-execution clock, not proposal time; subsequent observations are one and 4.75 years after execution. The separate year-one hedge quote is one year after execution with four contractual years left. Short protection does not erase the written-credit leverage notional. Tail risk and expiry remain explicit after any initially full maturity recognition.", "sha256": "5438a77bbd50accb412e517ce8ddcea07d0aadb0489b9bea8c573c3d20473652" }, { "id": "fictional-capacity-panel", "quote": "The requested capacity snapshot is the normal-market, already-effective eligible Westhaven substitution comparison, including its quoted setup fee and the stated controlled AVA. Use the exact separate leverage_snapshot balances, recompute risk-weighted and leverage requirements, and deduct the setup fee and specified AVA from qualifying Tier1. Do not import year-one reserve equity, the actual base cash ledger or the branch operating cash. The capital_KVA report field is separately the standalone funding CCR+CVA level in the mark-only +100bp funding shock with P CDS held at inception, not whole-book max-constraint KVA or a component added to it. The actual base whole-book capital shortfall is disclosed separately and cannot be repaired with this comparator balance sheet.", "sha256": "a948253253f7fa9fe0d90d6b2ab404362458cd3ec9a13cc1f9eeab6f2db75da5" }, { "id": "fictional-decision-panel", "quote": "The requested proposal under review is release of an already executed Westhaven collateral substitution, versus keeping that same substitution. It restores the quoted client spread but increases the original unmitigated capital requirement. structural_value is the standalone reversal component NPV after the stated unwind fee, execution delay and remaining-life capital/yield costs. It is neither an all-in profit nor a recommendation to execute. chosen_action names this proposal, not a winner of an undefined cross-portfolio ranking. It is pending at the initial observation: execution additionally needs settled title release and sufficient whole-book capital, and a positive component NPV does not override that gate. The pre-action capacity fields remain the already-substituted controlled snapshot. Released or increased capital never becomes cash received.", "sha256": "32f96ee0c419798970bbcfcb15b36dd5f3bd2a9a0478db52f24b059a78cb15b3" }, { "id": "fictional-reserve-panel", "quote": "The requested reserve attribution is an instantaneous remeasurement at 2027-09-19T12:00:00Z, after one year of normal cash and valuation roll. Opening G, D and X use the nineteen-year remaining funding profile with normal funding and P CDS. Closing changes only the funding/replacement quote by 100bp and P CDS by 80bp. All U and EM credit, own-bond cash funding, cash balances, OIS, hedge holdings and actual obligations are fixed; no clock time passes. D remains its frozen inception-priced A19 balance, while CVA and KVA inside X remeasure. Carry, theta, actual cash drag and new hedge cash costs for this zero-duration interval are not imported from a year-long or credit-loss scenario. Reported P&L is compared with an independently posted management journal and closing assets/liabilities, not used as a plug. Separate whole-book and funding-only annual-roll examples demonstrate expected release without adding it again here.", "sha256": "bac0a9dc606a6fb710a458fb74b20709174231c431697d4ff39079c57dbb6592" }, { "id": "fictional-terminal-dispute", "quote": "At the contractual twenty-year closing observation, all scheduled U redemption, financing principal, deployment reinvestment and legacy principal follow their separate actual settlement records. P nevertheless owes a disputed USD500000 contractual cash receivable; the dispute is not settled and a USD500000 allowance remains against that unresolved claim. The terminal canonical annex names both claim and allowance as observed case facts, not an automatically generated XVA terminal value. Therefore all obligations are not yet settled. Later actual payment or evidenced final legal write-off are separate possible events; neither is booked at maturity merely because the scheduled core mark has ended.", "sha256": "04062c4e7dce46ec2986ea4e74222701320a4a84883dbb5e92ec3764e414ea04" } ] }, { "document_id": "CAPITAL_RULES", "title": "Dated global Basel capital rule packet", "source_kind": "official_rule_packet", "fictional": false, "author": "BIS Basel Committee; packet compiler", "published_at": "2026-09-19", "file": "docs/capital-rulebook.md", "source_uris": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm?inforce=20230101&published=20200605", "https://www.bis.org/basel_framework/chapter/CRE/22.htm?inforce=20230101&published=20201126" ], "source_version": "Current dated editions listed in packet, retrieved 2026-09-19", "locators": [ { "id": "source_register", "quote": "All Basel versions below were retrieved as current on 19 September 2026.", "sha256": 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"MERIDIAN", "P" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "P" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OFFSET_TRS_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": 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"last_actual_price_settlement", "resets_full_trade_value_to_zero": false, "reset_frequency": "quarterly", "next_price_adjustment": "quantity_times_current_less_last_settled_price_discounted_to_next_settlement", "redemption_in_final_distribution": true, "post_redemption_price": "0", "stub_paid_separately_once": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "replacement_quote": { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/netting/other_trade/quote" }, "same_quantity_notional_maturity_and_remaining_terms": true }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] }, { "agreement_id": "OFFSET_MASTER", "kind": "netting_master", "trade_ids": [ "OFFSET_TRS" ], "party_ids": [ "MERIDIAN", "P" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "P" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OFFSET_MASTER_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "replacement_value_full_remaining_terms", "currency": "USD", "setoff": true, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity 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"H_CSA", "CDS_AGREEMENT", "CUSTODY", "AAA_SECURITY", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND", "LEGACY_FUNDING", "OIS_ACCOUNT", "OFFSET_TRS", "OFFSET_MASTER" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_BRANCH", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "DEP_SECURITY" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_NETTING", "author": "Morrow & Vale, fictional counsel", "status": "final_qualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "MASTER_P_CONSOLIDATED" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": false, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No 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"2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "LOAN", "agreement_id": "DEP_LOAN", "kind": "deployment_loan", "party_ids": [ "MERIDIAN", "BORROWER" ], "netting_set_id": "NS_LOAN", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "CDS_TRADE", "agreement_id": "CDS_AGREEMENT", "kind": "CDS", "party_ids": [ "MERIDIAN", "H" ], "netting_set_id": "HEDGE_H", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "OFFSET_TRS", "agreement_id": "OFFSET_TRS", "kind": "comparison_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "OFFSET_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] } ], "netting_sets": [ { "netting_set_id": "FUNDING_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "FUND_TRS" ], "master_agreement_id": "MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [ "NEW_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "NS_LOAN", "party_ids": [ "MERIDIAN", "BORROWER" ], "trade_ids": [ "LOAN" ], "master_agreement_id": "LOAN_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "HEDGE_H", "party_ids": [ "MERIDIAN", "H" ], "trade_ids": [ "CDS_TRADE" ], "master_agreement_id": "H_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "executed", "CSA_agreement_ids": [ "H_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "OFFSET_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "OFFSET_TRS" ], "master_agreement_id": "OFFSET_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] } ], "collateral": [ { "collateral_id": "COLL_AAA", "purpose": "action_inventory", "secured_trade_ids": [ "LOAN" ], "asset": { "kind": "issued_security", "instrument_id": "AAA_SUB", "quantity": "1000000000", "price_quote_ids": [ "Q_AAA_SUB" ], "liquidity": { "market_id": "AAA_SUB_MARKET", "sale_settlement_business_days": 1, "repo_settlement_business_days": 1, "daily_capacity_units": "1000000000", "market_haircut": "0.02", "repo_spread": "0.009", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "bank", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": true, "contract_accepted": true, "enforceable": true, "perfected": true, "same_currency": true, "market_liquid": true, "correlation": { "counterparty_id": "BORROWER", "issuer_id": "ALPINE", "same_issuer": false, "common_control": false, "material_positive_correlation": false, "assessment_basis": "Explicit legal identity, control and conditional-state due diligence; independent funding or closure event is separate", "as_of": "2026-09-19", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, "rule_evidence": [ { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ] }, "rights": { "owner_id": "BORROWER", "provider_id": "BORROWER", "secured_party_id": "MERIDIAN", "security_agreement_id": "AAA_SECURITY", "ownership_basis": "pledge", "custodian_id": "CLEARVAULT", "custody_account_id": "CUST_AAA", "custody_jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "reuse_conditions": [], "withdrawal_right": "prohibited", "priority": "first_ranking", "enforcement_business_days": 0, "opinion_ids": [ "OP_CORE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, "title_event_ids": [ "TITLE_AAA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, { "collateral_id": "COLL_DEP", "purpose": "deployment_security", "secured_trade_ids": [ "LOAN" ], "asset": { "kind": "issued_security", "instrument_id": "DEPSEC", "quantity": "1000000000", "price_quote_ids": [ "Q_DEPSEC" ], "liquidity": { "market_id": "CE_MARKET", "sale_settlement_business_days": 1, "repo_settlement_business_days": 1, "daily_capacity_units": "1000000000", "market_haircut": "0.2", "repo_spread": "0.04", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "corporate", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "BB", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": true, "contract_accepted": true, "enforceable": true, "perfected": true, "same_currency": true, "market_liquid": true, "correlation": { "counterparty_id": "BORROWER", "issuer_id": "CELADON", "same_issuer": false, "common_control": false, "material_positive_correlation": false, "assessment_basis": "Explicit legal identity, control and conditional-state due diligence; independent funding or closure event is separate", "as_of": "2026-09-19", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] }, "rule_evidence": [ { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ] }, "rights": { "owner_id": "BORROWER", "provider_id": "BORROWER", "secured_party_id": "MERIDIAN", "security_agreement_id": "DEP_SECURITY", "ownership_basis": "pledge", "custodian_id": "CLEARVAULT", "custody_account_id": "CUST_DEP", "custody_jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "reuse_conditions": [], "withdrawal_right": "prohibited", "priority": "first_ranking", "enforcement_business_days": 0, "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, "title_event_ids": [ "TITLE_DEP" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-collateral-assessments" } ] } ], "custody_accounts": [ { "account_id": "CUST_U_OPEN", "custodian_id": "CLEARVAULT", "legal_owner_id": "MERIDIAN", "beneficial_owner_id": "MERIDIAN", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "U", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_U_PROVIDER", "custodian_id": "CLEARVAULT", "legal_owner_id": "P", "beneficial_owner_id": "P", "jurisdiction": "Meridia", "segregated": false, "reuse_right": "permitted", "agreement_id": "CUSTODY", "positions": [], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_AAA", "custodian_id": "CLEARVAULT", "legal_owner_id": "BORROWER", "beneficial_owner_id": "BORROWER", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "AAA_SUB", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "account_id": "CUST_DEP", "custodian_id": "CLEARVAULT", "legal_owner_id": "BORROWER", "beneficial_owner_id": "BORROWER", "jurisdiction": "Meridia", "segregated": true, "reuse_right": "prohibited", "agreement_id": "CUSTODY", "positions": [ { "asset_id": "DEPSEC", "quantity": "1000000000", "encumbered": false } ], "as_of": "2026-09-19T11:59:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } ], "cash_accounts": [ { "account_id": "CASH_BASE", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "100000000", "opening_at": "2026-09-19T12:00:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_PREFUND", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "0", "opening_at": "2026-09-19T12:00:00Z", "accessible": false, "segregated": true, "reuse_right": "prohibited", "access_conditions": [ "External prefunding or local collection restriction; not free cash" ], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_BRANCH", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BRANCH_LIQUIDITY", "opening_balance": "5000000", "opening_at": "2026-09-22T08:59:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ] } ], "cash_events": [ { "cash_event_id": "CF_SALE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "SALE_U", "payer_id": "P", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "sale_proceeds", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEPLOY", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "MERIDIAN", "payee_id": "BORROWER", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "deployment_advance", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_FEE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "fixed", "amount": "1000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "fee", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "total_return_net", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_LEGACY_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "LEGACY_FUNDING", "payer_id": "MERIDIAN", "payee_id": "H", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "legacy_coupon", "agreement_id": "LEGACY_FUNDING", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEP_01", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "BORROWER", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "contract_formula", "formula_id": "deployment_coupon", "agreement_id": "DEP_LOAN", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": 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"MERIDIAN", "payee_id": "H", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "legacy_coupon", "agreement_id": "LEGACY_FUNDING", "period": 3, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-06-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEP_03", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "BORROWER", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "contract_formula", "formula_id": "deployment_coupon", "agreement_id": "DEP_LOAN", "period": 3, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-06-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_04", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 4, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-09-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "total_return_net", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_LEGACY_04", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "LEGACY_FUNDING", "payer_id": "MERIDIAN", "payee_id": "H", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "legacy_coupon", "agreement_id": "LEGACY_FUNDING", "period": 4, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-09-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEP_04", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "DEP_LOAN", "payer_id": "BORROWER", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "contract_formula", "formula_id": "deployment_coupon", "agreement_id": "DEP_LOAN", "period": 4, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-09-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual settlement" }, "purpose": "coupon", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_TRS_05", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "FUND_TRS", "payer_id": "MERIDIAN", "payee_id": "P", "account_id": "CASH_BASE", "direction": "out", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 5, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2027-12-19T12:00:00Z", "settlement": { "status": "scheduled", "reason": "Future contractual 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"counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.035", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_ROLL", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_RESERVE", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.016", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "TERMINAL_DISPUTE", "as_of": "2046-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "branch_event": { "event_id": "EVENT_W3", "scenario_id": "EVENT", "event_at": "2026-12-19T09:00:00Z", "decision_at": "2026-12-19T09:05:00Z", "settlement_cutoff": "2026-12-19T12:00:00Z", "borrower_id": "BORROWER", "funding_provider_id": "P", "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "free_cash_account_id": "CASH_BASE", "available_facility_ids": [ "ACTUAL_FACILITY" ], "cash_calls": [ { "cash_event_id": "CF_BRANCH_CALL", "due_at": "2026-12-19T12:00:00Z", "amount": { "kind": "contract_formula", "formula_id": "TRS_quarterly_net", "agreement_id": "FUND_TRS", "period": 1, "formula_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, "payee_id": "P", "account_id": "CASH_BASE", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w3-joint-event" } ] } ], "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w3-joint-event" } ], "kind": "W3", "collateral_id": "COLL_DEP", "instrument_id": "DEPSEC", "before_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "after_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.016", "reference_issuer_credit": "0.035", "EM_deployment_credit": "0.07", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "joint_shocks": { "funding_mark_move": "0.01", "AAA_reference_credit_move": "0.025", "own_bond_move": "0.01", "provider_CDS_move": "0.008", "EM_credit_move": "0.03" }, "cash_settlement": "quarterly_contractual_return_not_EM_mark", "quarterly_period": 1, "loan_mark_convention": "locked_coupon_discounted_at_OIS_plus_current_EM_spread", "EM_mark_settled_in_cash": false }, "reporting_panels": { "legal": { "panel_id": "LEGAL", "obligation": "O9", "report_fields": [ "/legal" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "compliance": { "panel_id": "COMPLIANCE", "obligation": "O10", "report_fields": [ "/compliance" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "structure": { "panel_id": "STRUCTURE", "obligation": "O11", "report_fields": [ "/structure" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "recommendation": { "panel_id": "RECOMMENDATION", "obligation": "O12", "report_fields": [ "/recommendation" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "rates_inception": { "panel_id": "RATES_INCEPTION", "obligation": "O1", "report_fields": [ "/rates/total_return_role", "/rates/financing_role", "/rates/principal_cash_source", "/rates/funding_component", "/rates/reference_adjustment", "/rates/legal_value", "/rates/positive_exposure", "/rates/funding_dv01", "/rates/deployment_funding_dv01", "/rates/mismatch_dv01", "/rates/funding_remaining_at_year5", "/rates/mark_quote_basis", "/rates/year5_reinvestment" ], "evidence_array": "/rates/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception legal mark, not a stress mark: same quantity U, locked spread and reset-to-today quote; add old-reference adjustment once, derive positive exposure. Five-year funding-allocation DV01 is reported as a positive magnitude, mismatch as signed net long funding DV01. Funding at year five is the residual tenor. OIS reinvestment is the actual specified principal destination.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "credit_inception": { "panel_id": "CREDIT_INCEPTION", "obligation": "O2", "report_fields": [ "/credit_xva/accounting_cva", "/credit_xva/own_funding_curve", "/credit_xva/basis_spread", "/credit_xva/noncash_charge_creates_borrowing", "/credit_xva/use_cash_vm", "/credit_xva/provider_default_exposure_source", "/credit_xva/conditional_quadratic_requires_cash_transaction" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_recovery" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_CDS_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND" ], "legal_scope": "case_legal_objects", "selection_rule": "Accounting CVA is the normal funding-component default integral, not CVA capital. Own funding uses unsecured bonds over OIS; the separately reported basis is initial own bond minus own CDS. Baseline funding has no executed CSA and uses no cash VM. The positive legal contract mark drives exposure. Noncash reserve charges do not create borrowing. The separately executed prefunding experiment is required for the quadratic cash cost.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ], "not_additive_with_other_panels": true }, "actual_cash_stress": { "panel_id": "ACTUAL_CASH_STRESS", "obligation": "O2", "report_fields": [ "/credit_xva/actual_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "AAA_LOSS", "scenario_ids": [ "AAA_LOSS" ], "model_time_years": "0.25", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_free_cash" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_legacy_funding" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "ACTUAL_FACILITY", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Present value of actual spread expense on settled-cash deficit borrowing over the full twenty-year ledger: reference credit move from cash_ledger.reference_stress_move, replacement funding move from cash_ledger.funding_stress_move, own spread from stressed_own_bond_spread. A conditional execution/capital gate is disclosed; no equity is injected. Provider and EM shocks are not added to this cash-only counterfactual.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "mark_only_cash": { "panel_id": "MARK_ONLY_CASH", "obligation": "O2", "report_fields": [ "/credit_xva/mark_only_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "FUND_TRS", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Run the same cash ledger with zero reference-credit change and the quoted funding move, not an exposure-sized debt balance. The mark is noncash. All actual contractual coupon, fee and principal obligations remain.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "conditional_prefunding": { "panel_id": "CONDITIONAL_PREFUNDING", "obligation": "O2", "report_fields": [ "/credit_xva/conditional_quadratic_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "CONDITIONAL_PREFUNDING", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [ "CONDITIONAL_PREFUND", "ACTUAL_FACILITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "PV of the primary executed exposure-prefunding facility spread cost alone; not secondary coupon-cash funding or base-book debt. The target is the positive incremental replacement funding mark, funded and deposited externally at OIS under its own balanced cash/equity snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-conditional-facility" } ], "not_additive_with_other_panels": true }, "funding_capital_inception": { "panel_id": "FUNDING_CAPITAL_INCEPTION", "obligation": "O3", "report_fields": [ "/capital/saccr" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "SALE_U" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception unmargined credit-only SA-CCR under the fictional classification letter; U was sold and is not collateral held against P. Compute RC, PFE, MF, supervisory duration, EAD and provider risk weight from legal terms and dated rules. No statutory incurred CVA write-down beyond the explicit canonical amount.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "CAPITAL_RULES", "locator": "saccr" } ], "not_additive_with_other_panels": true }, "collateral_controlled": { "panel_id": "COLLATERAL_CONTROLLED", "obligation": "O3", "report_fields": [ "/capital/collateral" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Use the independent Lydora controlled issued-sovereign loan in collateral_gate for every BOOK report. Same-issuer denial takes precedence over its below-threshold rating; compute unmitigated E*, RWA, capital, through-life KVA and required client capital spread. This is not W2 payment rights or the W3/W4 live deployment collateral. Branch eligibility must be exposed separately as a diagnostic, using the selected case legal records, without replacing this controlled O3 question.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-lydora-comparator" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "protection_controlled": { "panel_id": "PROTECTION_CONTROLLED", "obligation": "O4", "report_fields": [ "/capital/protection" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "CDS_AGREEMENT", "H_CSA", "H_MASTER", "FUND_TRS" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Selected controlled five-year fixed-notional P CDS from H, eligible and designated for full BA-CVA, against the mark-only +100bp funding stress with P CDS held at its normal level. Pa and tail clocks are elapsed since actual CDS execution, not the two-business-day proposal date; observe inception, year one and year 4.75. ccr_capital and cva_capital are the selected post-execution initial stress-designated capital levels, never the proposal-state pre-execution level. No written-credit leverage notional offset is claimed for short protection. These are conditional action comparisons, not an assertion that CDS is executed in the base book.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-protection-panel" }, { "document_id": "CAPITAL_RULES", "locator": "protection" }, { "document_id": "CAPITAL_RULES", "locator": "cva" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capacity_controlled": { "panel_id": "CAPACITY_CONTROLLED", "obligation": "O5", "report_fields": [ "/capital/capacity/leverage_exposure", "/capital/capacity/leverage_required", "/capital/capacity/Tier1", "/capital/capacity/binding" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Same-balance controlled eligible-AAA-substitution comparator, after its quoted setup fee. Leverage exposure and minimum requirement use the normal FUND_TRS classification plus retained U, deployment and remaining cash. Tier1 is available qualifying capital after the setup fee and the explicitly allocated AVA. Binding compares recomputed risk-based and leverage requirements; it does not assert that this controlled panel is the actual base ledger.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capital_cost_component": { "panel_id": "CAPITAL_COST_COMPONENT", "obligation": "O5", "report_fields": [ "/capital/capacity/capital_KVA" ], "evidence_array": "/capital/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER" ], "legal_scope": "case_legal_objects", "selection_rule": "Standalone funding CCR plus CVA KVA level under the mark-only +100bp quote stress, not whole-bank max-constraint KVA and not incremental KVA. Its scope is deliberately separate from the eligible-substitution leverage snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "capital_decision": { "panel_id": "CAPITAL_DECISION", "obligation": "O5", "report_fields": [ "/capital/capacity/structural_value", "/capital/capacity/capital_cash_credit", "/capital/capacity/chosen_action", "/capital/capacity/action_effective" ], "evidence_array": "/capital/evidence", "snapshot_id": "DECISION_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" } ], "case_agreement_ids": [ "AAA_SECURITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Requested decision is release_substitution in a controlled already-substituted portfolio: structural_value is its standalone reversal component NPV versus keeping the same substitution, with restored client yield, increased capital carrying cost, two-business-day execution lag and unwind fee. It is not a ranking against a different CDS/netting portfolio. The reversal is proposed, not effective at the observation date, and cannot execute without sufficient whole-book capital and actual settled title release. capital_cash_credit records no fictional capital-to-cash receipt.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-decision-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "allocation_7d": { "panel_id": "ALLOCATION_7D", "obligation": "O5", "report_fields": [ "/capital/allocation" ], "evidence_array": "/capital/evidence", "snapshot_id": "ALLOCATION_7D", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Choose the minimum disclosed seven-day financing objective among feasible assignments of every actual lot ID exactly once. Cash and capital are computed lot by lot in borrower direction with separate market and supervisory haircuts. The certificate is valid only within the published equal-small-lot/distinct-issuer/forced-large proof domain. Report evidence-dependent unknowns as an empty list for this complete synthetic annex; this does not resolve missing facts in a real market. Optional short-term bank risk weights are a separate countercase, not the selected conservative election.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ], "not_additive_with_other_panels": true }, "recognition_inception": { "panel_id": "RECOGNITION_INCEPTION", "obligation": "O7", "report_fields": [ "/accounting/recognition" ], "evidence_array": "/accounting/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/day_one_accounting" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS" ], "legal_scope": "case_legal_objects", "selection_rule": "Failed-sale retained-asset financing is the stated accounting unit. Day-one statutory profit field is recognisable funding-opportunity gain before the separately paid service fee, not total day-one statutory P&L. Gross management D and X are reconciled out unless a separate statutory unit is evidenced. Deferral uses the frozen inception price-time schedule or evidenced observability, never spread tightening.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ], "not_additive_with_other_panels": true }, "reserve_divergence": { "panel_id": "RESERVE_DIVERGENCE", "obligation": "O8", "report_fields": [ "/accounting/reserves/D_open", "/accounting/reserves/D_close", "/accounting/reserves/X_open", "/accounting/reserves/X_close", "/accounting/reserves/carry", "/accounting/reserves/clean_mtm", "/accounting/reserves/deferral_release", "/accounting/reserves/reserve_theta", "/accounting/reserves/reserve_mtm", "/accounting/reserves/reserve_action", "/accounting/reserves/hedge_pnl", "/accounting/reserves/cash_funding_drag", "/accounting/reserves/reported_pnl", "/accounting/reserves/independent_equity_change", "/accounting/reserves/unfunded_reserve_balance", "/accounting/reserves/reserve_charge_alone_draws_debt", "/accounting/reserves/expected_release_counted_twice" ], "evidence_array": "/accounting/evidence", "snapshot_id": "YEAR1_RESERVE", "scenario_ids": [ "YEAR1_ROLL", "YEAR1_RESERVE" ], "model_time_years": "1", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "FUND_TRS", "SALE_U", "DEP_LOAN", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Instantaneous remeasurement at year one after the normal cash/valuation roll: open at core year1_roll, close at year1_stress with only funding quote +100bp and P CDS +80bp. Reference price, cash, hedge, EM, OIS and actual obligations are unchanged. D stays on the frozen A19 schedule; X remeasures. No elapsed time means no new carry or theta. P&L is compared with the independently posted management journal/equity change. The separate whole-book first-year carry illustration is not added to this interval.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reserve-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "prudent_valuation": { "panel_id": "PRUDENT_VALUATION", "obligation": "O8", "report_fields": [ "/accounting/reserves/AVA", "/accounting/reserves/CET1_after_AVA", "/accounting/reserves/AVA_in_PnL" ], "evidence_array": "/accounting/evidence", "snapshot_id": "AVA_CONTROLLED", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Separate identified recognised-fair-value model-risk exposures, uniform exit-cost uncertainty and same-source accounting prudence; EU-style incremental Method 1 AVA and CET1 deduction. No transfer of this panel capital, cash or AVA into the year-one remeasurement. An increased mean with unchanged uncertainty width need not increase incremental AVA.", "required_evidence": [ { "document_id": "AVA_RULES", "locator": "applicability" }, { "document_id": "AVA_RULES", "locator": "method" }, { "document_id": "AVA_RULES", "locator": "same_source" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ], "not_additive_with_other_panels": true }, "terminal_settlement": { "panel_id": "TERMINAL_SETTLEMENT", "obligation": "O8", "report_fields": [ "/accounting/reserves/terminal_reserve", "/accounting/reserves/all_obligations_settled" ], "evidence_array": "/accounting/evidence", "snapshot_id": "TERMINAL_DISPUTE", "scenario_ids": [ "TERMINAL_DISPUTE" ], "model_time_years": "20", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" } ], "case_agreement_ids": [ "FUND_TRS", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Observe the actual unresolved provider claim after contractual year-twenty runoff. Its contractual notional is not reset to zero by age. No later cash settlement or final write-off is assumed. A reserve remains until the specifically evidenced resolution occurs, even if the scheduled core funding/CVA/KVA profiles have ended.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-terminal-dispute" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "branch_liquidity": { "panel_id": "BRANCH_LIQUIDITY", "obligation": "O6", "report_fields": [ "/liquidity/branch", "/liquidity/branch_event", "/liquidity/default", "/liquidity/collateral_market_value", "/liquidity/collateral_cash_realisation", "/liquidity/call_due", "/liquidity/cash_available", "/liquidity/additional_borrowing", "/liquidity/residual_liquidity_shortfall", "/liquidity/reference_exists", "/liquidity/structure_decision", "/liquidity/correct_by_contract_not_label" ], "evidence_array": "/liquidity/evidence", "snapshot_id": "BRANCH_LIQUIDITY", "scenario_ids": [ "EVENT" ], "model_time_years": "0.25", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "DEP_LOAN", "DEP_SECURITY", "FUND_TRS", "CUSTODY" ], "legal_scope": "case_legal_objects", "selection_rule": "Only the selected case branch_event, its exact default flags, title/instrument existence, quotes, account availability and settlement cutoffs determine this panel. reference_exists asks whether the selected deployment collateral is an issued security, never whether funding U exists. No security or predefault price is invented for contingent issuance or future-payment rights. For W3 derive the actual first-quarter total-return cash call from the canonical ledger and joint curve state; for other branches use the independently sourced operating call. Borrowing is limited by the actually available named facility. Separately expose branch collateral eligibility/reason diagnostics from its own legal facts, without replacing the O3 Lydora comparator.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w3-joint-event" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ], "not_additive_with_other_panels": true } } }, { "schema_version": "back_to_back_funding_book.v1r2", "episode_id": "W4", "branch": "W4", "parameters_file": "fixtures/numerical-inputs.json", "as_of": "2026-09-19T12:00:00Z", "base_currency": "USD", "fictional": true, "counterparty_constraints": [ { "party_id": "BORROWER", "situation": "Caldera Bank 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. Its solvent, legally realisable asset cannot be sold or repoed before the deadline because the market is closed; a USD40m indicative value produces zero deadline proceeds and only the USD10m line is actual cash.", "situation_kind": "liquidity_stress", "required_cash": "1000000000", "currency": "USD", "funding_deadline": "2026-09-19", "allowed_legal_forms": [ "issued_security_pledge" ], "prohibited_legal_forms": [ "contingent_issuance_promise", "payment_rights_assignment", "title_transfer_repo" ], "classification_by_form": { "issued_security_pledge": "secured_borrowing" }, "required_return": "identical", "borrowing_ceiling": "1000000000", "maximum_spread": "0.08", "required_approval_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "P", "situation": "Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the market is closed, it additionally requires the market-closure review of any facility draw to be approved before drawn cash is treated as covering the financing leg.", "situation_kind": "none", "required_cash": "0", "currency": "USD", "funding_deadline": "2026-09-22", "allowed_legal_forms": [ "sale_funded_total_return_swap" ], "prohibited_legal_forms": [ "payment_rights_assignment", "contingent_issuance_promise" ], "classification_by_form": { "sale_funded_total_return_swap": "funded_asset_purchase_and_return_contract" }, "required_return": "none", "borrowing_ceiling": null, "maximum_spread": null, "required_approval_ids": [ "DESK_CSA", "DESK_DRAW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] }, { "party_id": "S2_LRA", "situation": "Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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.", "situation_kind": "fiscal_ceiling", "required_cash": "500000000", "currency": "USD", "funding_deadline": "2029-01-01", "allowed_legal_forms": [ "gold_pledge", "gold_equivalent_title", "issued_security_pledge", "title_transfer_repo" ], "prohibited_legal_forms": [ "fiscal_advance" ], "classification_by_form": { "gold_pledge": "secured_borrowing", "gold_equivalent_title": "secured_financing_with_title_transfer", "issued_security_pledge": "secured_borrowing", "title_transfer_repo": "secured_financing_with_title_transfer", "gold_identical_title": "bespoke_title_financing_pending_proprietary_opinion", "fiscal_advance": "fiscal_lending_requires_separate_authority" }, "required_return": "equivalent", "borrowing_ceiling": "500000000", "maximum_spread": null, "required_approval_ids": [ "S2_IDENTICAL_TITLE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" } ] } ], "mandate": { "mandate_id": "BOOK_DESK_MANDATE", "bank_id": "MERIDIAN", "rules": [ { "rule_id": "DESK_HOLD", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CSA", "action_kind": "execute_csa", "subject_id": "FUND_TRS", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SUBSTITUTION", "action_kind": "substitute_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REVERSE", "action_kind": "reverse_substitution", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_OFFSET", "action_kind": "execute_offset", "subject_id": "OFFSET_TRS", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "OFFSET_CREDIT_LIMIT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_NETTING", "action_kind": "consolidate_netting", "subject_id": "MASTER_P_CONSOLIDATED", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PROTECTION", "action_kind": "buy_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DESIGNATION", "action_kind": "designate_protection", "subject_id": "H", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "MATCHED_REFERENCE_DESIGNATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO", "action_kind": "repo_allocate", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_ONLY" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPO_REPAY", "action_kind": "repay_repo", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_COLLATERAL", "action_kind": "sell_lot", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "BORROWER_DISPOSAL_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_SELL_INVENTORY", "action_kind": "sell_lot", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "OWN_INVENTORY_DISPOSAL" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_EQUIVALENT", "action_kind": "buy_equivalent", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DOCUMENTED_EQUIVALENT_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN", "action_kind": "return_collateral", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_COLLATERAL_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_RETURN_REPO", "action_kind": "return_collateral", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_REPO_RETURN" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_DRAW", "action_kind": "draw_facility", "subject_id": "FACILITY_LENDER", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 0, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MARKET_CLOSURE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REPAY", "action_kind": "repay_facility", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "DISCHARGE_FACILITY_DEBT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_DEP", "action_kind": "meet_margin_call", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_FUND", "action_kind": "meet_margin_call", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_MARGIN_HEDGE", "action_kind": "meet_margin_call", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_MARGIN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FUND", "action_kind": "settle_payable", "subject_id": "FUND_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FUNDING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_DEP", "action_kind": "settle_payable", "subject_id": "DEP_LOAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_DEPLOYMENT_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_RETURN", "action_kind": "settle_payable", "subject_id": "DEP_SECURITY", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_RETURN_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_HEDGE", "action_kind": "settle_payable", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_PROTECTION_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_FACILITY", "action_kind": "settle_payable", "subject_id": "FACILITY_LENDER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_FACILITY_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_BANK", "action_kind": "settle_payable", "subject_id": "MERIDIAN", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OWN_BORROWING_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_PAY_OFFSET", "action_kind": "settle_payable", "subject_id": "OFFSET_TRS", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CURRENT_OFFSET_OBLIGATION" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_PROVIDER", "action_kind": "settle_claim", "subject_id": "P", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROVIDER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_BORROWER", "action_kind": "settle_claim", "subject_id": "BORROWER", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_BORROWER_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_CLAIM_HEDGE", "action_kind": "settle_claim", "subject_id": "H", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "ADMITTED_PROTECTION_CLAIM" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_LIQUIDATION", "action_kind": "liquidate_collateral", "subject_id": "DEP_SECURITY", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "ENFORCEMENT_AND_SURPLUS_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "DESK_REINVEST", "action_kind": "reinvest", "subject_id": "DEP_LOAN", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MATURED_PRINCIPAL_TREASURY_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_FISCAL", "action_kind": "fiscal_advance", "subject_id": "S2_LRA", "tier": "prohibited", "maximum_amount": "0", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "SEPARATE_FISCAL_AUTHORITY_ABSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "S2_IDENTICAL_TITLE", "action_kind": "identical_title_financing", "subject_id": "S2_LRA", "tier": "requires_approval", "maximum_amount": "500000000", "approver_id": "MERIDIAN", "approval_delay_days": 3, "approval_outcome": "pending", "approval_valid_days": 5, "reason_codes": [ "PROPRIETARY_RETURN_OPINION_MISSING" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CSA", "action_kind": "execute_CSA", "subject_id": "ACT_CSA", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "CSA_CASH_BUDGET" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_SUB", "action_kind": "substitute_collateral", "subject_id": "ACT_SUB", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "COLLATERAL_OWNER_CONSENT" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_NET", "action_kind": "consolidate_netting", "subject_id": "ACT_NET", "tier": "requires_approval", "maximum_amount": null, "approver_id": "MERIDIAN", "approval_delay_days": 1, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "MASTER_OPINION_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_CDS", "action_kind": "buy_CDS", "subject_id": "ACT_CDS", "tier": "permitted", "maximum_amount": "320000000", "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "NAMED_PROTECTION_QUOTE" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_HOLD", "action_kind": "hold_capital", "subject_id": "ACT_HOLD", "tier": "permitted", "maximum_amount": null, "approver_id": null, "approval_delay_days": 0, "approval_outcome": null, "approval_valid_days": 0, "reason_codes": [ "CAPITAL_RETAINED" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, { "rule_id": "PROPOSAL_ACT_RELEASE", "action_kind": "release_substitution", "subject_id": "ACT_RELEASE", "tier": "requires_approval", "maximum_amount": "1000000000", "approver_id": "MERIDIAN", "approval_delay_days": 2, "approval_outcome": "approved", "approval_valid_days": 5, "reason_codes": [ "RETURN_TITLE_REVIEW" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] } ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ] }, "accepted_positions": [ { "position_id": "KEEP_FUNDED_BOOK", "action_kind": "hold_capital", "subject_id": "MERIDIAN", "binding_constraint": "Existing contractual duties and whole-book capital remain binding; a closed market turns a USD40m mark into zero deadline proceeds, and retaining the funded position manufactures no liquidity.", "requirements": [ { "source": "case", "pointer": "/book/funding_principal_source", "relation": "eq", "value": "identified_asset_sale" }, { "source": "case", "pointer": "/mandate/rules/0/tier", "relation": "eq", "value": "permitted" }, { "source": "case", "pointer": "/counterparty_constraints/0/situation_kind", "relation": "eq", "value": "liquidity_stress" } ], "rationale": "Service the funded position without spending the indicative mark or late sale proceeds; the facility draw is subject to market-closure review and the deadline gap is reported as it stands." }, { "position_id": "REQUEST_CSA_AUTHORITY", "action_kind": "escalate", "subject_id": "FUND_TRS", "binding_constraint": "The funding CSA requires a dated cash-budget approval before any execution; an unsold asset's indicative value is not CSA cash while the market is closed.", "requirements": [ { "source": "case", "pointer": "/mandate/rules/1/tier", "relation": "eq", "value": "requires_approval" }, { "source": "case", "pointer": "/mandate/rules/1/reason_codes", "relation": "contains", "value": "CSA_CASH_BUDGET" }, { "source": "case", "pointer": "/mandate/rules/1/maximum_amount", "relation": "eq", "value": "1000000000" } ], "rationale": "Request the source-mandated funding-CSA approval while preserving the funded book; a request or approval is not an executed collateral arrangement and does not reopen the market." } ], "book": { "bank_id": "MERIDIAN", "provider_id": "P", "borrower_id": "BORROWER", "reference_id": "U", "sale_agreement_id": "SALE_U", "funding_agreement_id": "FUND_TRS", "deployment_agreement_id": "DEP_LOAN", "notional": { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, "reference_quantity": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract/quantity" }, "funding_start_date": "2026-09-19", "funding_maturity_date": "2046-09-19", "deployment_start_date": "2026-09-19", "deployment_maturity_date": "2031-09-19", "funding_principal_source": "identified_asset_sale", "TRS_has_no_principal_exchange": true, "year5_reinvestment": "OIS_cash", "cash_funding_policy": "actual_cash_deficit_not_noncash_reserve", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "documents": [ { "document_id": "SYNTHETIC_PACKET", "title": "Dated fictional legal, market and event packet", "source_kind": "fictional_policy", "fictional": true, "author": "Capstone exercise drafter", "published_at": "2026-09-19", "file": "docs/exhibit-fields.md", "source_uris": [], "source_version": "Fictional dated source exhibits, 2026-09-19 plus specified conditional event dates", "locators": [ { "id": "fictional-institutional-parties", "quote": "Fictional source parties. FACILITY_LENDER supplies the separately committed actual-desk liquidity line, not an alias for the controlled ACTUAL_FACILITY counterparty. S2_LRA is a separate monetary authority used only in the S2 comparison, never the BOOK borrower or Treasury.\n\n[\n {\n \"party_id\": \"FACILITY_LENDER\",\n \"legal_name\": \"Cedar Liquidity Finance\",\n \"kind\": \"corporate\",\n \"incorporation_jurisdiction\": \"Meridia\",\n \"insolvency_jurisdiction\": \"Meridia\",\n \"resolution_jurisdiction\": \"Meridia\",\n \"ownership_group\": \"FACILITY_LENDER\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"legal_name\": \"Lydora Reserve Authority\",\n \"kind\": \"public_authority\",\n \"incorporation_jurisdiction\": \"Lydora\",\n \"insolvency_jurisdiction\": \"Lydora\",\n \"resolution_jurisdiction\": \"Lydora\",\n \"ownership_group\": \"S2_LRA\",\n \"regulated_bank\": false,\n \"rating\": {\n \"status\": \"unrated\",\n \"agency\": \"Fictional Atlas Ratings\",\n \"agency_eligible\": false,\n \"grade\": \"unrated\",\n \"scope\": \"issuer\",\n \"as_of\": \"2026-09-19\",\n \"implicit_support_excluded\": true,\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n },\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-institutional-parties\"\n }\n ]\n }\n]", "sha256": "12f588f5e3b9b80908bc7d69cb0281b1e998e83fd4272176231735e7f2548e79" }, { "id": "fictional-institutional-authority", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower.", "sha256": "8893e23cd75f738b088d1d7990ea2bf886c7e63f4af00f356386060c77258dd0" }, { "id": "fictional-counterparty-constraints", "quote": "This is an explicit fictional source mandate for the separately identified BOOK transaction. The BORROWER receives only the cash under DEP_LOAN; the supplier P funds the identified SALE_U once and retains its contractual total-return liability and financing entitlement. The client authorizes only its listed form, return obligation, aggregate borrowing ceiling and financing deadline. A positive commercial mark, internal capital relief or a new label cannot amend those instructions. The permitted form is a client instruction, not a legal opinion that overrides issuance, execution, perfection, immunity, stay, title or payment conditions. The source constraints below deliberately distinguish the separate S2 reserve-authority comparator from the BOOK borrower. Each row states its situation_kind from the closed set liquidity_stress, ratings_pressure, regulatory_order, fiscal_ceiling, resolution, sanctions_exposure or none; the free-text situation is narrative and cannot widen that set. Rows vary with the selected branch and are listed under their episode_id.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its parliament's fiscal ceiling caps aggregate borrowing at the stated ceiling; the selected joint default of issuer and obligor leaves the pledged issue with a zero conditional bid, not a second funding source.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. The joint sovereign default does not touch its own funding; it requires only the funding-CSA cash budget and consolidated netting to be approved before either is treated as executed.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Lydora Republic 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. Its fiscal ceiling caps aggregate borrowing at the stated ceiling and the promised issue has no identifier, no traded mark and no perfected security before issuance; a failed three-business-day issuance window supplies neither a traded asset nor timely cash.\",\n \"situation_kind\": \"fiscal_ceiling\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"contingent_issuance_promise\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"contingent_issuance_promise\": \"unsecured_borrowing_with_contingent_security\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because no security exists before issuance, it additionally requires the collateral-substitution review to be approved before any replacement asset is treated as delivered against the funding leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-25\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_SUBSTITUTION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W2\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Anatara Bank 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. A nondefault transfer-control order of its home authority traps collected payment-rights cash locally; no licence exists and every nondefault flag stands, so restricted local balances are not remitted cash.\",\n \"situation_kind\": \"regulatory_order\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"payment_rights_assignment\"\n ],\n \"prohibited_legal_forms\": [\n \"issued_security_pledge\",\n \"contingent_issuance_promise\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"payment_rights_assignment\": \"borrowing_secured_by_assigned_receivables\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the borrower's collections sit under a transfer-control order, it additionally requires the transfer-control review of borrower claims to be approved before any such claim is counted toward the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_NETTING\",\n \"DESK_CLAIM_BORROWER\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W3\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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 \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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 \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-12-19\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_OFFSET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n },\n {\n \"episode_id\": \"W4\",\n \"counterparty_constraints\": [\n {\n \"party_id\": \"BORROWER\",\n \"situation\": \"Caldera Bank 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. Its solvent, legally realisable asset cannot be sold or repoed before the deadline because the market is closed; a USD40m indicative value produces zero deadline proceeds and only the USD10m line is actual cash.\",\n \"situation_kind\": \"liquidity_stress\",\n \"required_cash\": \"1000000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-19\",\n \"allowed_legal_forms\": [\n \"issued_security_pledge\"\n ],\n \"prohibited_legal_forms\": [\n \"contingent_issuance_promise\",\n \"payment_rights_assignment\",\n \"title_transfer_repo\"\n ],\n \"classification_by_form\": {\n \"issued_security_pledge\": \"secured_borrowing\"\n },\n \"required_return\": \"identical\",\n \"borrowing_ceiling\": \"1000000000\",\n \"maximum_spread\": \"0.08\",\n \"required_approval_ids\": [],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"P\",\n \"situation\": \"Northhaven Bank 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. It is not under liquidity, ratings or regulatory pressure in this branch. Because the market is closed, it additionally requires the market-closure review of any facility draw to be approved before drawn cash is treated as covering the financing leg.\",\n \"situation_kind\": \"none\",\n \"required_cash\": \"0\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2026-09-22\",\n \"allowed_legal_forms\": [\n \"sale_funded_total_return_swap\"\n ],\n \"prohibited_legal_forms\": [\n \"payment_rights_assignment\",\n \"contingent_issuance_promise\"\n ],\n \"classification_by_form\": {\n \"sale_funded_total_return_swap\": \"funded_asset_purchase_and_return_contract\"\n },\n \"required_return\": \"none\",\n \"borrowing_ceiling\": null,\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"DESK_CSA\",\n \"DESK_DRAW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n },\n {\n \"party_id\": \"S2_LRA\",\n \"situation\": \"Separate S2 controlled comparison only: Lydora Reserve Authority owns allocated bullion and the existing Treasury issue; it is not Lydora 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 \"required_cash\": \"500000000\",\n \"currency\": \"USD\",\n \"funding_deadline\": \"2029-01-01\",\n \"allowed_legal_forms\": [\n \"gold_pledge\",\n \"gold_equivalent_title\",\n \"issued_security_pledge\",\n \"title_transfer_repo\"\n ],\n \"prohibited_legal_forms\": [\n \"fiscal_advance\"\n ],\n \"classification_by_form\": {\n \"gold_pledge\": \"secured_borrowing\",\n \"gold_equivalent_title\": \"secured_financing_with_title_transfer\",\n \"issued_security_pledge\": \"secured_borrowing\",\n \"title_transfer_repo\": \"secured_financing_with_title_transfer\",\n \"gold_identical_title\": \"bespoke_title_financing_pending_proprietary_opinion\",\n \"fiscal_advance\": \"fiscal_lending_requires_separate_authority\"\n },\n \"required_return\": \"equivalent\",\n \"borrowing_ceiling\": \"500000000\",\n \"maximum_spread\": null,\n \"required_approval_ids\": [\n \"S2_IDENTICAL_TITLE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-counterparty-constraints\"\n }\n ]\n }\n ]\n }\n]", "sha256": "09fe272fa1d83abad7fa2af1e955f58fc41d55bd8ba151da965f98f679a25ecf" }, { "id": "fictional-desk-mandate", "quote": "This fictional desk mandate is a current authority schedule, not a statement that an action has occurred. Every row applies only to the named action kind and authenticated source subject. Approval requests create pending decisions, never immediate permission. The listed outcome is the disclosed decision procedure: resolution occurs only after its calendar-day delay, and an approved authority expires after its stated valid days and may be consumed only by the accepted scoped action. Pending means no scheduled grant. An approved authority never waives a client restriction or an existing legal, title, cash, quote, size, prudential or settlement gate. Maximum amounts measure covered funding principal for CSA, actual opposite-trade notional for offset, covered protection notional for protection and designation, and replaced USD1-face quantity for substitution and reversal. A netting cap, if stated, measures gross covered source notional, not a legal fee. Draw caps measure resulting aggregate outstanding facility principal, so split draws cannot evade them. Reinvestment caps measure actual reinvested principal; cash payments and repayments measure the actual amount discharged. Sale and equivalent-purchase caps measure dirty cash consideration including issuer accrual, excluding execution fees. Repo allocation measures actual funded advances for its authenticated bank, lender or lot scope, not collateral market value; repayment measures actual principal and interest discharged. Return limits measure the USD1 face returned, or cash actually redeeming that outstanding face. Null means this source states no additional numeric mandate cap; every underlying contractual and funding limit remains mandatory. The separate S2 fiscal advance is prohibited without a new fiscal resolution. Its identical-title route remains pending a proprietary-return opinion; neither entry creates a BOOK loan or cash balance. The schedule varies with the selected branch: each episode's rules are listed under its episode_id, and a rule's tier, cap, delay and reason codes apply only within that episode.\n\n[\n {\n \"episode_id\": \"W1_issued\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\",\n \"SOVEREIGN_JOINT_DEFAULT_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\",\n \"ZERO_BID_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W1_contingent\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NO_ISSUED_SECURITY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\",\n \"PRE_ISSUANCE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W2\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"250000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"TRANSFER_CONTROL_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W3\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"EXECUTED_FACILITY_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\",\n \"LIQUIDITY_STRESS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"750000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\",\n \"LIQUIDITY_STRESS_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n },\n {\n \"episode_id\": \"W4\",\n \"mandate\": {\n \"mandate_id\": \"BOOK_DESK_MANDATE\",\n \"bank_id\": \"MERIDIAN\",\n \"rules\": [\n {\n \"rule_id\": \"DESK_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CSA\",\n \"action_kind\": \"execute_csa\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SUBSTITUTION\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REVERSE\",\n \"action_kind\": \"reverse_substitution\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_OFFSET\",\n \"action_kind\": \"execute_offset\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"OFFSET_CREDIT_LIMIT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_NETTING\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"MASTER_P_CONSOLIDATED\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PROTECTION\",\n \"action_kind\": \"buy_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DESIGNATION\",\n \"action_kind\": \"designate_protection\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"MATCHED_REFERENCE_DESIGNATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO\",\n \"action_kind\": \"repo_allocate\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_ONLY\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPO_REPAY\",\n \"action_kind\": \"repay_repo\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_COLLATERAL\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"BORROWER_DISPOSAL_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_SELL_INVENTORY\",\n \"action_kind\": \"sell_lot\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"OWN_INVENTORY_DISPOSAL\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_EQUIVALENT\",\n \"action_kind\": \"buy_equivalent\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DOCUMENTED_EQUIVALENT_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_COLLATERAL_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_RETURN_REPO\",\n \"action_kind\": \"return_collateral\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_REPO_RETURN\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_DRAW\",\n \"action_kind\": \"draw_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 0,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MARKET_CLOSURE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REPAY\",\n \"action_kind\": \"repay_facility\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"DISCHARGE_FACILITY_DEBT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_DEP\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_FUND\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_MARGIN_HEDGE\",\n \"action_kind\": \"meet_margin_call\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_MARGIN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FUND\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FUND_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FUNDING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_DEP\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_DEPLOYMENT_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_RETURN\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_RETURN_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_HEDGE\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_PROTECTION_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_FACILITY\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"FACILITY_LENDER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_FACILITY_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_BANK\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"MERIDIAN\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OWN_BORROWING_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_PAY_OFFSET\",\n \"action_kind\": \"settle_payable\",\n \"subject_id\": \"OFFSET_TRS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CURRENT_OFFSET_OBLIGATION\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_PROVIDER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"P\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROVIDER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_BORROWER\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"BORROWER\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_BORROWER_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_CLAIM_HEDGE\",\n \"action_kind\": \"settle_claim\",\n \"subject_id\": \"H\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"ADMITTED_PROTECTION_CLAIM\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_LIQUIDATION\",\n \"action_kind\": \"liquidate_collateral\",\n \"subject_id\": \"DEP_SECURITY\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"ENFORCEMENT_AND_SURPLUS_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"DESK_REINVEST\",\n \"action_kind\": \"reinvest\",\n \"subject_id\": \"DEP_LOAN\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MATURED_PRINCIPAL_TREASURY_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_FISCAL\",\n \"action_kind\": \"fiscal_advance\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"prohibited\",\n \"maximum_amount\": \"0\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"SEPARATE_FISCAL_AUTHORITY_ABSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"S2_IDENTICAL_TITLE\",\n \"action_kind\": \"identical_title_financing\",\n \"subject_id\": \"S2_LRA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"500000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 3,\n \"approval_outcome\": \"pending\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"PROPRIETARY_RETURN_OPINION_MISSING\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CSA\",\n \"action_kind\": \"execute_CSA\",\n \"subject_id\": \"ACT_CSA\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"CSA_CASH_BUDGET\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_SUB\",\n \"action_kind\": \"substitute_collateral\",\n \"subject_id\": \"ACT_SUB\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"COLLATERAL_OWNER_CONSENT\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_NET\",\n \"action_kind\": \"consolidate_netting\",\n \"subject_id\": \"ACT_NET\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": null,\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 1,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"MASTER_OPINION_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_CDS\",\n \"action_kind\": \"buy_CDS\",\n \"subject_id\": \"ACT_CDS\",\n \"tier\": \"permitted\",\n \"maximum_amount\": \"320000000\",\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"NAMED_PROTECTION_QUOTE\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_HOLD\",\n \"action_kind\": \"hold_capital\",\n \"subject_id\": \"ACT_HOLD\",\n \"tier\": \"permitted\",\n \"maximum_amount\": null,\n \"approver_id\": null,\n \"approval_delay_days\": 0,\n \"approval_outcome\": null,\n \"approval_valid_days\": 0,\n \"reason_codes\": [\n \"CAPITAL_RETAINED\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n },\n {\n \"rule_id\": \"PROPOSAL_ACT_RELEASE\",\n \"action_kind\": \"release_substitution\",\n \"subject_id\": \"ACT_RELEASE\",\n \"tier\": \"requires_approval\",\n \"maximum_amount\": \"1000000000\",\n \"approver_id\": \"MERIDIAN\",\n \"approval_delay_days\": 2,\n \"approval_outcome\": \"approved\",\n \"approval_valid_days\": 5,\n \"reason_codes\": [\n \"RETURN_TITLE_REVIEW\"\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n ],\n \"evidence\": [\n {\n \"document_id\": \"SYNTHETIC_PACKET\",\n \"locator\": \"fictional-desk-mandate\"\n }\n ]\n }\n }\n]", "sha256": "c7b09740f1d3a745d347fd66b02b2169cf712426705b67e29ce964bc1c0ed134" }, { "id": "input-contract", "quote": "Every case is a complete fictional input instance and references the single public fixtures/numerical-inputs.json. No case contains a supplied exposure path, EAD, capital, reserve, action NPV or future P&L answer. Each named decision panel is a separate controlled snapshot; its balances cannot be added to another panel's balances. A missing legal, quote, eligibility or correlation fact raises ReferenceError before any candidate is scored.", "sha256": "252cbd2e720e2c44db1293940f4fe622da52002b59ae8df31f92aa753975387b" }, { "id": "fictional-parties", "quote": "Meridian Bank is the reporting bank incorporated in Meridia. Northhaven Bank is the funding provider incorporated in Northhaven and is a prudentially supervised bank, rated A without implicit state support. Apex Financial is the independent AAA bank issuer of reference U. Harbor Protection Bank is the independent AA bank protection seller. Clearvault Trust is the custodian in Meridia. Lydora Republic is the W1 sovereign borrower and issuer. Anatara Bank is the W2 borrower, supervised in Anatara. Caldera Bank is the W3 and W4 borrower. Celadon Export Finance is the independent issuer of the W3 and W4 deployment security. Westhaven Bank issues the AAA substitution security. Juniper, Pine, Stonebank and Reef names in the allocation annex are fictional. Separate ownership groups and explicit case correlation assessments are facts, not inferences from distinct names.", "sha256": "0d61ef5be83d11ac6c414e21f0091adbae94a38d2f01aa840b4f6ee2d76725b4" }, { "id": "fictional-instrument-register", "quote": "U is an already-issued senior unsecured floating-rate note of Apex Financial, issued 2025-09-19 and maturing 2046-09-19. It has USD1 face per unit, one billion units in this book, quarterly OIS plus 100bp coupons and USD1 redemption per unit. Meridian owns U before the sale. The Lydora issued branch has an already-outstanding five-year USD senior sovereign bond, one billion USD1 units, maturing 2031-09-19 and rated B. No Lydora security is registered in the contingent branch. The Celadon deployment security and Westhaven substitution security each mature 2031-09-19. Celadon is rated BB and Westhaven AAA. The numerical fixture uses fictional identifiers with valid ISIN check digits and makes no claim that these identifiers represent real securities.", "sha256": "5117606f89674d122ccf895a619e16b64462118466483824d54bad70b4fccb96" }, { "id": "fictional-executed-agreements", "quote": "On 2026-09-19 at 12:00 UTC Meridian and Northhaven execute the U sale and FUND_TRS. Meridian sells one billion units of U for USD1bn cash. Northhaven becomes legal owner and pays no second principal under the TRS. Meridian receives the full total return of U and pays OIS plus 70bp on USD1bn until 2046-09-19. Quarterly return cash is quantity times the change from the last actually settled ex-distribution reference price, plus the reference distribution, less the financing payment. Final distribution includes principal redemption and the final ex-redemption reference price is zero. Reference coupons are counted once. A price reset settles only that price change; it does not erase the remaining financing advantage. Surviving contractual replacement value uses all remaining terms and an independent matching quote. Sale proceeds fund the separate USD1bn five-year loan paying OIS plus 400bp. At 2031-09-19 the deployment repays principal, which remains in an OIS account until the twenty-year funding obligations close. The separate OFFSET_TRS is an already executed comparison-panel transaction with Northhaven, quantity and notional USD500m, original twenty-year maturity, total-return payer Meridian and separate OFFSET_P netting set. Its matching firm upfront replacement quote is minus USD50m at inception. That quote fixes a constant-spread conversion against the original quarterly annuity and rolls by the remaining annuity; it is not a supplied exposure path. Its cash belongs to the separate capital-comparison panel, not the base funding ledger.", "sha256": "a2d5d2e8e4cdb29a952fc39bba076d4259e401a93da0aa5f91bc022b55b0e3dd" }, { "id": "fictional-security-rights", "quote": "The executed deployment security agreement creates a perfected first-ranking pledge over the identified issued bond, or a perfected assignment of the specifically identified W2 payment rights. It gives Meridian timely enforcement rights subject to the documented branch event, Clearvault custody segregation and an express prohibition on reuse before enforcement. Legal ownership stays with the pledgor for a pledge. Transfer of legal title to U under the funding sale is not collateral received by Meridian against Northhaven. The W1 contingent document creates a promise to issue a new security after default, with legislative capacity and market admission conditions; it creates no perfected security interest in a presently existing bond. The missing security is not priced by borrowing the curve of another issued line. Contractual collateral acceptance is distinct from regulatory eligibility. Westhaven substitution securities are borrower-owned inventory offered under a proposed first-ranking pledge; Meridian does not obtain credit mitigation by pledging its own property to itself. The substitution pledge is ineffective until executed and the title record settles. Releasing an executed substitution returns the identified units to the borrower and removes the encumbrance; it is a separate counterfactual action, not the same title event as creation.", "sha256": "065ba683ba29adf8917a13e055657591ab23b602ffafe64ca601303ba6c49382" }, { "id": "fictional-opinions", "quote": "Fictional counsel Morrow & Vale issues final opinions on 2026-09-18, reviewed on 2026-09-19, for the named agreements, parties, Meridia, Northhaven and the relevant borrower jurisdiction. The opinions cover execution authority, capacity, contract, insolvency, resolution, security, closeout and transfer law and remain current through 2047-09-19 absent an identified law change. They confirm the funding sale, bilateral closeout master, no walkaway clause, custody segregation and the stated security rights. Sovereign execution immunity is waived for the specified commercial pledged assets, not for every state asset. The contingent W1 opinion expressly denies present security perfection and requires a new capacity and admission review on attempted issuance. The netting extension opinion remains qualified until executed novation and the remaining local opinion arrive; no consolidation benefit exists before that gate. W2 counsel confirms that a sovereign transfer ban can block remittance without bank default. W4 counsel confirms that legal sale rights survive a market closure but do not manufacture an executable market.", "sha256": "3fa65711c3d7dd609e8d4dc1b60ee01f7253cd9cc821a3f277bc1a77c40f959a" }, { "id": "fictional-quote-board", "quote": "The independent fictional replacement quote applies to FUND_TRS, reference U, USD currency, quantity one billion, notional USD1bn and the original remaining maturity and payment terms. At inception its financing spread is 100bp over OIS, versus the original locked 70bp. The quote convention is reset to the current reference price. The old-reference price adjustment and accrued stubs are excluded from the quoted replacement funding spread and must be added once. The quoted linear spread-to-price conversion uses the OIS-discounted quarterly remaining annuity supplied by the quote convention, not an asserted universal termination payoff. A changed mark-curve observation affects legal exposure only with a matching replacement quote under the declared synthetic joint quote process. An original-reference quote that already includes the old-price adjustment cannot add it twice. The internal AAA mark curve is AAA financial closes plus a 20bp internal add-on, and its add-on is significant and unobservable. Fictional executable quotes establish the simulation's legal replacement value; they are not claimed to be real observable market evidence for IFRS day-one recognition. OFFSET_TRS quote SYN-OFFSET-20260919 is executable for the same U, Northhaven, USD500m quantity/notional and twenty-year surviving terms, with quoted upfront minus USD50m and the stated remaining-annuity conversion. The S3 Stonebank and Reef seven-day schedules, exact eligible lots, market haircuts and spreads are the independent firm synthetic quotes in fixtures/numerical-inputs.json; capital-action CDS roll quotes are likewise independent quoted contracts, not derived from the desk curve alone.", "sha256": "4c782ec46e59dc77b618063518aa1004809ade1c4ab8e84a08ec1a3fd8546f9d" }, { "id": "fictional-curves", "quote": "The nine curve identities are OIS discounting, internal AAA funding marking, Meridian unsecured bond funding, Meridian CDS, Northhaven CDS default risk, Apex reference-issuer credit, EM deployment credit, Harbor hedge-provider CDS and Westhaven eligible-collateral credit. They are independent inputs. Each public scenario provides all nine levels, nodes through the relevant tenor, units and a flat interpolation convention with no extrapolation. Baseline OIS is 4%, internal AAA mark is 20bp, own bond 50bp, own CDS 30bp, provider CDS 80bp, reference credit 100bp, EM credit 400bp, hedge-provider CDS 40bp and eligible-collateral credit 100bp. Own bond funding is measured over OIS; bond minus own CDS is a separate basis diagnostic, not a replacement for the cash funding spread. Ratings, issuer identity, legal eligibility and material correlation do not follow automatically from spread levels.", "sha256": "7880b8a7049dd2df8aea1c520e2952870061ad4f21a951ea9aa03fc2e8cab8de" }, { "id": "fictional-classification", "quote": "The fictional institutional letter dated 2026-09-18 classifies the legal FUND_TRS under SA-CCR despite the separately stated failed-sale accounting bridge. Its documented sensitivity assessment selects credit as primary risk and supervisory delta minus one for the total-return receiver. A separate dual-risk calculation is an explicit countercase, not a default. Quarterly reference resets do not qualify as full trade-value resets. Northhaven's eligible A bank rating selects the stated ECRA bank risk weight. Baseline recognised incurred CVA write-down is explicitly zero; an internal management CVA reserve cannot silently be deducted as a statutory incurred write-down. Reduced BA-CVA applies without SA-CVA approval. The eligible CDS option uses full BA-CVA with provider CVA measured separately. The written-credit leverage election is disclosed in the canonical annex. The collateral loan is banking book, not a relabelled five-day trading repo. Allocation quotes use disclosed conservative base bank risk weights; optional short-term CRE20.19 relief is a separate countercase.", "sha256": "00ca6c5408c410a07a03fefd9d7d4ec379204a454ebd5586bd632a56cd392ead" }, { "id": "fictional-collateral-assessments", "quote": "For W1 issued, the sovereign borrower and collateral issuer are the same legal person; common control and material positive correlation are expressly true and the B sovereign issue is outside the general eligible sovereign debt threshold. W1 contingent has no issued collateral. W2 future payments are not eligible financial collateral under the selected standardised financial-collateral approach, and bank-default plus sovereign-transfer dependence is material. W3 and W4 Celadon is a different issuer, outside common control with Caldera, and the fictional due-diligence assessment finds no material positive counterparty-credit correlation under the stated controlled state. A distinct funding-side joint stress or a market closure can still matter. Celadon's BB non-sovereign paper is not eligible under the selected financial-collateral table. Westhaven AAA substitution inventory is issued, liquid, enforceably pledged, currency matched, outside common control and explicitly assessed without material positive correlation. Its supervisory haircut must still be derived from issuer kind, residual maturity and the applicable holding-period table, separately from its market financing haircut.", "sha256": "f1fec993790e2ab94035189e200892cf5cab1093233e837f4865545329fd77ea" }, { "id": "fictional-ledgers", "quote": "The base opening statutory ledger has U USD1bn and free cash USD100m against legacy OIS debt USD1bn and equity USD100m. The sale adds USD1bn cash and a financing liability because the sale plus full-return retention fails derecognition. Deploying USD1bn exchanges cash for the five-year loan. U stays in the statutory asset ledger even after legal title passes to Northhaven. The management TRS mark and reserve pots do not create a duplicate statutory derivative. The USD1m day-one fee is an actual cash cost. Quarterly U return, financing, deployment coupon and legacy OIS interest follow their own contracts. Actual negative settled cash draws the priced borrowing facility; a positive replacement mark or a noncash reserve charge alone does not draw debt. The optional exposure-prefunding experiment has its own facility and external segregated deposit and is never the base cash book. At year five loan principal parks at OIS, and at year twenty redemption, sale financing, legacy principal, deposit withdrawals and remaining settlements are tracked explicitly. An unsettled provider dispute prevents unconditional terminal closure. The executed actual-deficit facility limit is USD500m with zero upfront fee, no acceleration solely from the toy capital comparison, and a spread indexed to the current own-bond spread in the applicable scenario. The legacy USD1bn funding pays OIS and matures at year twenty under its own agreement. Free operating cash and reinvested principal earn OIS in the explicit depository account. W1, W2 and W4 noon cash calls arise under a separate operating-payment agreement, not an obligation to draw the deficit facility. The optional prefunding deposit is a separate account restricted to that experiment.", "sha256": "9902f74f53a7ff70a8740b5147530b14f0683b3da8babc86bc99c5a296c1b994" }, { "id": "fictional-accounting", "quote": "The sale and return swap form one IFRS9 accounting unit retaining substantially all return risk. U and the financing liability remain recognised; a second statutory derivative for the same rights is not recognised. The gross management funding benefit and CVA, UFVA and KVA pots are reconciled out of that unit unless separately justified accounting recognition exists. Day-one observability analysis follows the unit-of-account decision. Significant internal add-on inputs are unobservable. Management deferral releases by frozen initial priced time or independently evidenced observability, never just spread tightening. Expected reserve theta is P&L once, not new additional profit. Reserve market remeasurement, hedge gain or loss, cash funding drag and cash movements are distinct. Only identified recognised fair-value exposures enter the separate EU-style AVA model-risk panel. Its uncertainty distribution and same-source accounting prudence, rather than reserve size alone, determine AVA; AVA reduces CET1 without being an automatic P&L charge.", "sha256": "20fbc5d3db61f1faba84aaada37a0579989fc75983118442239295159024b9c5" }, { "id": "fictional-actions", "quote": "Six alternatives are public: execute two-way full-mark cash CSA, substitute Westhaven AAA collateral, consolidate enforceable netting sets, buy five-year Northhaven CDS from Harbor with an explicit designation decision, hold capital, or release an already executed substitution. All fees, recurring spreads, tenor, facility costs, execution lags and unwind prices are in fixtures/numerical-inputs.json. Quotes are firm subject to documented execution and opinion gates. CSA has zero thresholds and MTA and reusable USD VM remunerated at OIS, but posting liquidity is a priced obligation. The proposed consolidation has a thirty-business-day legal gate and cannot release capital while pending. Five-year protection has no automatic rollover into the uncovered final fifteen years. Harbor has separate default risk and margin terms. Holding capital costs the disclosed KVA. Substitution and its release affect real encumbrance and financing/yield terms. A capital reduction never appears as cash received. The separate S3 annex has borrower Meridian posting issued, unencumbered, freely available lots L1/L2 of USD120m/USD110m AAA other-issuer five-year bank debt and S01-S50 of USD0.8m each in distinct main-index equities. Equities have no contractual debt maturity; residual_years zero denotes not applicable only for this equity class. Juniper, Pine and each Seabrook issuer are unrelated to Meridian and the lenders, without common control or material positive credit correlation. Counsel confirms enforceable return of equivalent collateral after repayment, legal title and daily valuation under same-currency USD repos. No lot is pledged twice. Exact per-lot issuer, rating, rights and eligible lender facts appear in fixtures/numerical-inputs.json. Supervisory ten-day haircuts follow the stated asset class, issuer type and debt maturity; independent market advance haircuts and loan spreads come from the lender quotes. This is a synthetic seven-day market, not a calibration transferred from the empirical study. Stonebank is an eligible AA bank and Reef an eligible BBB bank; the disclosed conservative base ECRA election is 20%/50%, not a compulsory seven-day risk-weight floor. Optional CRE20.19 20%/20% is separately calculated. The full 52-lot assignment, concentration limits, objective and proof domain are disclosed in that same annex.", "sha256": "cf250329b122ef47176553210a79f90aa93cf591a6557de9d8efc42441faf57e" }, { "id": "fictional-events", "quote": "Branch-event liquidity accounts are independently funded operating snapshots, not the base USD100m cash book or the controlled AVA/leverage panel. W1 issued and contingent each have USD5m accessible cash, no available branch facility and a separate USD20m cash call due at noon on 2026-09-22. W2 has USD5m accessible cash, no available branch facility and a USD20m cash call due at noon, with USD12m already collected but trapped by transfer controls. W3 uses the actual base quarterly cash ledger, not a supplied price-loss number. W4 has USD5m accessible cash and an executed unconditional USD10m branch facility against a USD30m noon cash call. The W4 security's USD40m mark cannot be spent during the closure. Every cash deadline is a UTC instant. Branch default, transfer and market facts are independent from common decision-panel assumptions.", "sha256": "5fd97e24b5174630f79eed196d585724c271a824a6e5755a52d3a292c1d9e267" }, { "id": "w1-issued-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; Meridian decides at 10:05 UTC against a 12:00 UTC settlement cutoff. The already-issued Lydora bond existed and traded before default, but its selected catastrophic conditional firm bid is zero for all pledged units and no collateral cash arrives by the cutoff. This is an explicit synthetic zero-liquidation event, not a universal sovereign recovery rule. Apex U and Harbor do not default. The AAA reference price does not become zero because Lydora defaults. Northhaven's full contractual TRS replacement claim and its recovery must be evaluated separately from the sovereign security. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero.", "sha256": "7420ac6663622e9186990bddd7f721fe49b12d099a25583f8e8c604b045ec389" }, { "id": "w1-contingent-event", "quote": "At 2026-09-22T10:00:00Z Lydora and Northhaven default together; decision is 10:05 UTC and settlement cutoff 12:00 UTC. The pledge document contains only a contingent promise to issue after default. No security, ISIN, predefault traded price or security-title position exists for that promise. Legislative capacity and exchange admission remain unsatisfied, no new issue completes in the three-business-day issuance window, and market capacity at the cutoff is zero. Apex U and Harbor do not default. The external operating cash call is USD20m, free cash USD5m and available branch facilities zero. Equal zero cash recovery in this event does not erase the legal-existence, accounting and predefault markability differences from an issued bond.", "sha256": "b45bc5d735211416f26c76be63f48686d28ded9d8873f5e1b5cabe678cc5ae1b" }, { "id": "w2-transfer-event", "quote": "On 2026-09-22T09:00:00Z the fictional Anatara Transfer Authority prohibits cross-border USD remittance until 2026-09-29T09:00:00Z. USD12m from the specified future-payment obligors is collected locally at 09:30 UTC but cannot be sent to Meridian; no exemption licence exists. Anatara Bank, Northhaven, Apex and Harbor remain nondefaulted. Meridian decides at 10:00 UTC and owes an independent USD20m cash call by 12:00 UTC. Its only accessible branch cash is USD5m, and it has no available branch facility. Continued collection is not remittable collateral cash. The assignment survives but sovereign transfer power overrides the collection waterfall at the deadline.", "sha256": "b712b861cdcb1e324db4881282548f2f874443072c846ac112a0179ba0b93afe" }, { "id": "w3-joint-event", "quote": "The selected W3 first-quarter settlement is 2026-12-19T12:00:00Z; the joint market state is observed at 09:00 and the decision at 09:05. OIS stays 4%, internal AAA mark rises from 20bp to 120bp, own unsecured bond spread rises from 50bp to 150bp, own CDS stays 30bp, Northhaven CDS rises from 80bp to 160bp, Apex reference credit rises from 100bp to 350bp and EM credit rises from 400bp to 700bp. Harbor CDS and Westhaven credit remain 40bp and 100bp. All default flags are false. The U cash price loss uses the actual remaining 19.75-year post-coupon reference price and last settled price one. U coupon is received once through the TRS, OIS plus 70bp financing is paid, the loan pays its locked 8% coupon and legacy OIS is paid. The five-year deployment now has 4.75 years left and its mark is its locked coupon and principal discounted at OIS plus the current EM credit spread, 11%. That EM mark loss is not cash-settled under the loan. Actual deficits, after opening cash and the fee, drive borrowing; the funding-mark rise alone does not.", "sha256": "652867100ed3c78119c2e3772fae6bb4b6f0b9785d6c1566d4074ed2120f7c37" }, { "id": "w4-closure-event", "quote": "The Celadon bond market closes on 2026-09-22T09:00:00Z and reopens on 2026-09-24T09:00:00Z. At the 2026-09-22T10:00:00Z decision the independent cash call is USD30m due 12:00 UTC, accessible cash is USD5m and the executed unconditional branch facility can advance USD10m by 11:00 UTC. Meridian has legal sale rights over forty million USD1 units marked at USD1 before closure. Both sale and repo executable capacity are zero during closure. The first reopened trade is 2026-09-24T09:00:00Z at the disclosed USD1 bid; its USD proceeds first settle 2026-09-25T12:00:00Z. No borrower, funding-provider, reference-issuer, collateral-issuer or hedge-provider default occurs. The unchanged mark and surviving legal sale right do not meet the earlier cash deadline.", "sha256": "b92d6d091c9d5d008fd3e8f3b6c3eed94c000cf2eb9e31a369555c10d163fc3f" }, { "id": "numerical-input-contract", "quote": "Canonical numerical inputs are explicit exact decimal strings, Boolean facts and integer counts. All used fields are required by schemas/numerical-inputs.schema.json, which rejects additional fields, missing issuer kind, missing correlation or missing quote evidence. Curves and decision panels bind to that public file by JSON Pointer, and no hidden profile file or verifier default supplies a missing number. Causal countercases may change supported input values but must retain matching identities, quote basis, timing and independent legal evidence. Numerical calculations belong to src/numerical_fixture.py and src/reserve_ledger.py; src/validate_exhibits.py checks reference integrity and never assigns a candidate penalty.", "sha256": "485f03cd41dda47862106dbc63d0e7b926c6f83f7c3aec80ea7958ab95e7061e" }, { "id": "fictional-reporting-panels", "quote": "The required reporting_panels object is the public question-routing contract. Each of the seventeen financial panels supplies report field pointers, one obligation owner, the shared report evidence array, a snapshot ID, full-state scenario IDs, model clock, exact numerical-input JSON pointers, relevant legal agreement IDs, a selection rule and claim-specific required source locators. Four institutional panels, LEGAL, COMPLIANCE, STRUCTURE and RECOMMENDATION, map the whole legal, compliance, structure and recommendation sections to O9-O12. They have no evidence_array; their conclusions use typed, independently supported premises checked for truth, relevance and consistency rather than exact reference wording. All reference inputs are mandatory. Fields drawn from several controlled observations form a report, never one simultaneous portfolio. BASE is normal inception; MARK_ONLY widens the funding/replacement quote and own bond without any reference cash loss. AAA_LOSS uses the separately specified first-quarter reference-credit cash shock. YEAR1_ROLL and YEAR1_RESERVE are the same instant after one year of normal cash roll, with only the funding quote and P CDS changed. TERMINAL_DISPUTE is a separate year-twenty observation. Only branch_liquidity reads EVENT. Controlled collateral, capacity, protection, reversal, AVA and allocation panels do not inherit the selected branch borrower, default or account balances. Every typed financial report leaf is owned by exactly one panel; common evidence arrays do not merge the obligations.", "sha256": "d43e42b9adf63091fd6701be6122807dac29e1338f0de3d2285baa1b86bc0918" }, { "id": "fictional-cash-stress-panel", "quote": "The actual-cash-stress counterfactual starts from the separately disclosed BASE_CASH book, USD100m cash before the USD1m paid service expense. Before first quarterly settlement U credit widens by 250bp, the internal and executable replacement funding quotes widen by 100bp, and own unsecured bonds price borrowing at OIS plus 150bp. Provider CDS and deployment credit stay at their original levels in this cash-only experiment. Reference price return, reference coupon, financing payment, deployment coupon and legacy OIS payment settle under their own contracts. Borrow only the resulting deficit up to the executed USD500m limit, not the MTM or reserve balance. The mark-only comparison retains U credit unchanged and therefore creates no price-return cash loss merely from a funding quote widening. Both paths keep explicit future repayment and year-five OIS reinvestment. The conditional cash simulation is not permission to originate the capital-deficient book.", "sha256": "2dfff725b160f42389109a994eec9cb1f6ae61e4486a61a51ca60733fd3a1495" }, { "id": "fictional-conditional-facility", "quote": "The conditional prefunding sensitivity is a separately executed fictional facility and external OIS deposit, not a debt instruction in the base book. Its target is the positive incremental matched replacement funding mark after the disclosed funding move. It has its own USD100m opening cash and equity, zero setup fee, primary spread equal to initial own spread plus the disclosed move beta, external OIS deposit remuneration and explicit primary interest cash payments. If interest exhausts this separate cash, the actually executed deficit facility pays it; no reserve is capitalised automatically. conditional_quadratic_ufva requests the PV of primary spread cash expense only, excluding secondary coupon-funding and fees. A mark or reserve without these executed cash transactions does not support that formula.", "sha256": "2db4b6b5833f8c25da9e8af7fcdfa22b0642ea2b904c351f1ae1a7e7b9cf96dc" }, { "id": "fictional-lydora-comparator", "quote": "This is an independent controlled five-year USD1bn loan to Lydora Republic and is not the live W2, W3 or W4 collateral. Lydora is a sovereign, owns and has already issued the pledged USD1bn face bond, also owes the loan, and has issue rating B from the permitted fictional rating agency. The bond was already outstanding at the valuation date, has five residual years, quarterly OIS plus 400bp coupons and an inception price of one under its matching synthetic curve. Counsel gives an executed, perfected, first-ranking and enforceable USD security interest to Meridian, with clear custody control and daily revaluation, timely liquidation rights, no prior liens, no permitted reuse before enforcement and return/release after loan repayment. Market access is open at this comparator observation, and exposure and collateral are both USD. The issuer and loan obligor are exactly the same legal person, so material positive correlation is explicitly true; neither the B rating nor apparent collateral value overrides that relationship. These facts are the public legal source for every collateral_gate field. The supervisory rules, not an exhibit-supplied exposure, determine whether any mitigation is recognised. Same-issuer denial takes precedence in the single reason field; below-threshold rating is an additional defect.", "sha256": "2c9c6553d4ae1382b12e6360ba46e6cc55172066ff13056deed318408e672a41" }, { "id": "fictional-protection-panel", "quote": "The selected protection question is the conditional stress-designated CDS comparator: reference P, seller H, fixed USD320m notional, five years starting at actual execution, eligible direct irrevocable unconditional timely cash protection, matched currency and obligation, and no automatic renewal. Start is two business days after decision when the signed confirmation and opinion are delivered. Full BA-CVA designation is deliberately elected for the controlled comparison; baseline FUND_TRS remains unhedged. H has its own independent CDS/default curve and already executed two-way cash-VM CSA, zero threshold/MTA/NICA, and twenty-business-day MPOR. The funding mark is shocked by 100bp while P CDS remains at inception level for this stress-designated comparison. Pa and capital-at-initial-hedge observations use the hedge-execution clock, not proposal time; subsequent observations are one and 4.75 years after execution. The separate year-one hedge quote is one year after execution with four contractual years left. Short protection does not erase the written-credit leverage notional. Tail risk and expiry remain explicit after any initially full maturity recognition.", "sha256": "5438a77bbd50accb412e517ce8ddcea07d0aadb0489b9bea8c573c3d20473652" }, { "id": "fictional-capacity-panel", "quote": "The requested capacity snapshot is the normal-market, already-effective eligible Westhaven substitution comparison, including its quoted setup fee and the stated controlled AVA. Use the exact separate leverage_snapshot balances, recompute risk-weighted and leverage requirements, and deduct the setup fee and specified AVA from qualifying Tier1. Do not import year-one reserve equity, the actual base cash ledger or the branch operating cash. The capital_KVA report field is separately the standalone funding CCR+CVA level in the mark-only +100bp funding shock with P CDS held at inception, not whole-book max-constraint KVA or a component added to it. The actual base whole-book capital shortfall is disclosed separately and cannot be repaired with this comparator balance sheet.", "sha256": "a948253253f7fa9fe0d90d6b2ab404362458cd3ec9a13cc1f9eeab6f2db75da5" }, { "id": "fictional-decision-panel", "quote": "The requested proposal under review is release of an already executed Westhaven collateral substitution, versus keeping that same substitution. It restores the quoted client spread but increases the original unmitigated capital requirement. structural_value is the standalone reversal component NPV after the stated unwind fee, execution delay and remaining-life capital/yield costs. It is neither an all-in profit nor a recommendation to execute. chosen_action names this proposal, not a winner of an undefined cross-portfolio ranking. It is pending at the initial observation: execution additionally needs settled title release and sufficient whole-book capital, and a positive component NPV does not override that gate. The pre-action capacity fields remain the already-substituted controlled snapshot. Released or increased capital never becomes cash received.", "sha256": "32f96ee0c419798970bbcfcb15b36dd5f3bd2a9a0478db52f24b059a78cb15b3" }, { "id": "fictional-reserve-panel", "quote": "The requested reserve attribution is an instantaneous remeasurement at 2027-09-19T12:00:00Z, after one year of normal cash and valuation roll. Opening G, D and X use the nineteen-year remaining funding profile with normal funding and P CDS. Closing changes only the funding/replacement quote by 100bp and P CDS by 80bp. All U and EM credit, own-bond cash funding, cash balances, OIS, hedge holdings and actual obligations are fixed; no clock time passes. D remains its frozen inception-priced A19 balance, while CVA and KVA inside X remeasure. Carry, theta, actual cash drag and new hedge cash costs for this zero-duration interval are not imported from a year-long or credit-loss scenario. Reported P&L is compared with an independently posted management journal and closing assets/liabilities, not used as a plug. Separate whole-book and funding-only annual-roll examples demonstrate expected release without adding it again here.", "sha256": "bac0a9dc606a6fb710a458fb74b20709174231c431697d4ff39079c57dbb6592" }, { "id": "fictional-terminal-dispute", "quote": "At the contractual twenty-year closing observation, all scheduled U redemption, financing principal, deployment reinvestment and legacy principal follow their separate actual settlement records. P nevertheless owes a disputed USD500000 contractual cash receivable; the dispute is not settled and a USD500000 allowance remains against that unresolved claim. The terminal canonical annex names both claim and allowance as observed case facts, not an automatically generated XVA terminal value. Therefore all obligations are not yet settled. Later actual payment or evidenced final legal write-off are separate possible events; neither is booked at maturity merely because the scheduled core mark has ended.", "sha256": "04062c4e7dce46ec2986ea4e74222701320a4a84883dbb5e92ec3764e414ea04" } ] }, { "document_id": "CAPITAL_RULES", "title": "Dated global Basel capital rule packet", "source_kind": "official_rule_packet", "fictional": false, "author": "BIS Basel Committee; packet compiler", "published_at": "2026-09-19", "file": "docs/capital-rulebook.md", "source_uris": [ "https://www.bis.org/basel_framework/chapter/CRE/52.htm?inforce=20230101&published=20200605", "https://www.bis.org/basel_framework/chapter/CRE/22.htm?inforce=20230101&published=20201126" ], "source_version": "Current dated editions listed in packet, retrieved 2026-09-19", "locators": [ { "id": "source_register", "quote": "All Basel versions below were retrieved as current on 19 September 2026.", "sha256": "50df68fc1277f8ca51971ef2e64233781c952bbabf3e7f158ae741394030bac8" }, { "id": "collateral_eligibility", "quote": "CRE22.7 requires that counterparty credit quality not have a material positive correlation with the CRM or its residual risks.", "sha256": "c6702ba396cb89c70ddb7ec9aa66cdb55226fb3567b12733c618904040e9e8b4" }, { "id": "classification", "quote": "The letter selects credit as the primary driver after an explicit sensitivity/volatility assessment.", "sha256": "a871181cfaf4f3f7fad469a1613078bb50726791e419b73ca168b7799b7f382f" }, { "id": "saccr", "quote": "CRE51.8 assigns non-CCP derivatives to SA-CCR when IMM approval is absent", "sha256": "443e3e25c6c0df984f7acb6aeaae6bac6f8658e738d718fd1325b08d31d2ab6c" }, { "id": "protection", "quote": "CRE22.9 and 22.71 require enforceable documentation", "sha256": "f0e1f7e35f542144f7f69d8b8d3b259569c10aa4764eca367df9a4e248297ae0" }, { "id": "cva", "quote": "MAR50.11 requires every external CVA hedge that is a covered transaction", "sha256": "ad64b4e30eeb45a9441298a8f6aa32f042a62403b354841fb52bb32f8d12718d" }, { "id": "leverage", "quote": "LEV30.30–30.32 adds the effective notional of written credit derivatives", "sha256": "fed95b68e01c5874608e9cb280f2e956386bc942f327d527faba1649430bedb7" }, { "id": "kva", "quote": "Basel supplies exposure and minimum-capital requirements, not a universal KVA pricing formula.", "sha256": "9f66adab1ce5365597a9a1c67f43dd8dd27aed5ba9e75fc66562432a2ec74136" } ] }, { "document_id": "AVA_RULES", "title": "Dated EU-style prudent valuation source packet", "source_kind": "official_rule_packet", "fictional": false, "author": "EU legislature and Commission; packet compiler", "published_at": "2026-09-19", "file": "docs/valuation-capital-annex.md", "source_uris": [ "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0575-20260626", "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R0101-20200626" ], "source_version": "CRR 2026-06-26; RTS 2020-06-26; educational core-method annex", "locators": [ { "id": "source_register", "quote": "Consolidated 26 June 2026", "sha256": "a5d4a9fc65136eb1f7446bb20212b20c0dacda1f3dd0f37c6c14b31e50748b9f" }, { "id": "applicability", "quote": "CRR Article 34(1) requires the necessary additional valuation adjustments to be deducted from CET1.", "sha256": "4f981ad819dceabdf1d1e4ad358651acfacf6131447c5d3be6c7992d9ea73b90" }, { "id": "method", "quote": "The Annex aggregation alpha is 50% after 31 December 2020.", "sha256": "3a17c343ec918d2fab15a5e50255964570e759b99f48d703738e2dccc9f970fd" }, { "id": "same_source", "quote": "An unallocated reserve cannot offset it.", "sha256": "29468df1da7cf91e76712822fd3c96c48a12261511deb2fcfeaf8d5c89e99334" } ] } ], "bindings": [ { "binding_id": "PARAMETERS_funding_contract", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, "consumer": "Legal funding principal, quantity, reset and primary classification", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "binding_id": "PARAMETERS_replacement_quote", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, "consumer": "Legal mark and replacement basis; never an internal-curve fallback", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] }, { "binding_id": "PARAMETERS_regulatory", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, "consumer": "SA-CCR, collateral, risk weights and maturity rules", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" } ] }, { "binding_id": "PARAMETERS_desk", "parameter": { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, "consumer": "Explicit capital and valuation pricing convention", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ] }, { "binding_id": "PARAMETERS_actions", "parameter": { "file": 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"MERIDIAN", "H" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "H" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OPERATING_PAYMENT_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": 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"locator": "fictional-events" } ] }, { "agreement_id": "OFFSET_TRS", "kind": "funding_TRS", "trade_ids": [ "OFFSET_TRS" ], "party_ids": [ "MERIDIAN", "P" ], "execution": { "status": "executed", "executed_at": "2026-09-19T12:00:00Z", "signatory_party_ids": [ "MERIDIAN", "P" ], "authority_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] }, "effectiveness": { "status": "effective", "effective_at": "2026-09-19T12:00:00Z", "conditions": [ { "condition_id": "OFFSET_TRS_AUTH", "description": "Required parties and authority confirmed", "status": "satisfied", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ] }, "governing_laws": [ "Meridia" ], "opinion_ids": [ "OP_CORE" ], "termination": { "final_maturity": "2046-09-19", "early_termination_events": [ "default", "nonpayment", "illegality", "mutual_consent" ], "unilateral_extension": false, "full_settlement_required": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "closeout": { "valuation_basis": "replacement_value_full_remaining_terms", "currency": "USD", "setoff": true, "stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity until settled", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "principal_terms": "no_principal_exchange", "settlement": { "calendar_id": "CAL", "lag_business_days": 0, "cutoff_utc": "12:00:00", "delivery_versus_payment": true, "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "terms": { "kind": "funding_TRS", "reference_instrument_id": "U", "quantity": "500000000", "notional": "500000000", "total_return_receiver_id": "P", "financing_payer_id": "P", "counterparty_id": "P", "principal_exchange": "none", "locked_financing_spread": 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"stay_business_days": 0, "dispute_process": "Morrow & Vale documented independent quote process; disputed claims survive maturity until settled", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "principal_terms": "no_cash_advance", "settlement": { "calendar_id": "CAL", "lag_business_days": 0, "cutoff_utc": "12:00:00", "delivery_versus_payment": true, "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, "terms": { "kind": "netting_master", "party_ids": [ "MERIDIAN", "P" ], "single_closeout_balance": true, "walkaway_clause": false, "cross_product": false, "covered_trade_ids": [ "OFFSET_TRS" ] }, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] } ], "opinions": [ { "opinion_id": "OP_CORE", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "MASTER", "LOAN_MASTER", "H_MASTER", "NEW_CSA", "H_CSA", "CDS_AGREEMENT", "CUSTODY", "AAA_SECURITY", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND", "BRANCH_FACILITY", "LEGACY_FUNDING", "OIS_ACCOUNT", "OPERATING_PAYMENT", "OFFSET_TRS", "OFFSET_MASTER" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_BRANCH", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "DEP_SECURITY" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": true, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [], "conditions": [], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_NETTING", "author": "Morrow & Vale, fictional counsel", "status": "final_qualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": "2047-09-19", "agreement_ids": [ "MASTER_P_CONSOLIDATED" ], "party_ids": [ "MERIDIAN", "P", "APEX", "H", "CLEARVAULT", "BORROWER", "CELADON", "ALPINE", "CORRESPONDENT", "OBLIGOR_A", "OBLIGOR_B", "AUTHORITY" ], "jurisdictions_covered": [ "Meridia", "Northhaven", "Lydora", "Anatara", "Caldera" ], "law_types": [ "contract", "insolvency", "resolution", "security", "capacity", "accounting", "transfer_controls" ], "conclusions": { "capacity": true, "execution_authority": true, "enforceability": true, "closeout_netting": false, "security_perfection": true, "transfer_rights": true, "immunity_waiver": true }, "assumptions": [ "No unreported law change; identified counterparties and documents only" ], "qualifications": [ "Outstanding local opinion and executed novation before additional netting relief" ], "conditions": [ { "condition_id": "OP_NETTING_GATE", "description": "Local opinion and novation signatures outstanding", "status": "pending", "assessed_at": "2026-09-19T12:00:00Z", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ] } ], "law_change_review": "no_change_known", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] }, { "opinion_id": "OP_ACCOUNTING", "author": "Morrow & Vale, fictional counsel", "status": "final_unqualified", "issued_at": "2026-09-18", "reviewed_at": "2026-09-19", "valid_until": 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"FUND_TRS", "kind": "funding_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "FUNDING_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "LOAN", "agreement_id": "DEP_LOAN", "kind": "deployment_loan", "party_ids": [ "MERIDIAN", "BORROWER" ], "netting_set_id": "NS_LOAN", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "CDS_TRADE", "agreement_id": "CDS_AGREEMENT", "kind": "CDS", "party_ids": [ "MERIDIAN", "H" ], "netting_set_id": "HEDGE_H", "start_date": "2026-09-19", "maturity_date": "2031-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "trade_id": "OFFSET_TRS", "agreement_id": "OFFSET_TRS", "kind": "comparison_TRS", "party_ids": [ "MERIDIAN", "P" ], "netting_set_id": "OFFSET_P", "start_date": "2026-09-19", "maturity_date": "2046-09-19", "currency": "USD", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ] } ], "netting_sets": [ { "netting_set_id": "FUNDING_P", "party_ids": [ "MERIDIAN", "P" ], "trade_ids": [ "FUND_TRS" ], "master_agreement_id": "MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [ "NEW_CSA" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "NS_LOAN", "party_ids": [ "MERIDIAN", "BORROWER" ], "trade_ids": [ "LOAN" ], "master_agreement_id": "LOAN_MASTER", "enforceable": true, "opinion_ids": [ "OP_CORE" ], "CSA_status": "none", "CSA_agreement_ids": [], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" } ] }, { "netting_set_id": "HEDGE_H", "party_ids": [ 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"daily_capacity_units": "1000000000", "market_haircut": "0.02", "repo_spread": "0.009", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "bank", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "AAA", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": true, "contract_accepted": true, "enforceable": true, "perfected": true, "same_currency": true, "market_liquid": true, "correlation": { "counterparty_id": "BORROWER", "issuer_id": "ALPINE", "same_issuer": false, "common_control": false, "material_positive_correlation": false, "assessment_basis": "Explicit legal identity, control and 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] }, { "collateral_id": "COLL_DEP", "purpose": "liquidity_inventory", "secured_trade_ids": [ "LOAN" ], "asset": { "kind": "issued_security", "instrument_id": "DEPSEC", "quantity": "40000000", "price_quote_ids": [ "Q_DEPSEC" ], "liquidity": { "market_id": "CE_MARKET", "sale_settlement_business_days": 1, "repo_settlement_business_days": 1, "daily_capacity_units": "40000000", "market_haircut": "0.2", "repo_spread": "0.04", "sale_fee": "0", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } }, "eligibility_attributes": { "book": "banking", "framework": "comprehensive", "ratings_permitted": true, "issuer_kind": "corporate", "issue_rating": { "status": "rated", "agency": "Fictional Atlas Ratings", "agency_eligible": true, "grade": "BB", "scope": "issue", "as_of": "2026-09-19", "implicit_support_excluded": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-instrument-register" } ] }, "residual_years": "5", "issued": 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"document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" } ] } ], "cash_accounts": [ { "account_id": "CASH_BASE", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "100000000", "opening_at": "2026-09-19T12:00:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_PREFUND", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BASE_CASH", "opening_balance": "0", "opening_at": "2026-09-19T12:00:00Z", "accessible": false, "segregated": true, "reuse_right": "prohibited", "access_conditions": [ "External prefunding or local collection restriction; not free cash" ], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "account_id": "CASH_BRANCH", "owner_id": "MERIDIAN", "bank_id": "H", "currency": "USD", "snapshot_id": "BRANCH_LIQUIDITY", "opening_balance": "5000000", "opening_at": "2026-09-22T08:59:00Z", "accessible": true, "segregated": false, "reuse_right": "permitted", "access_conditions": [], "remuneration_curve_id": "OIS", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ] } ], "cash_events": [ { "cash_event_id": "CF_SALE", "snapshot_id": "BASE_CASH", "scenario_id": "BASE", "agreement_id": "SALE_U", "payer_id": "P", "payee_id": "MERIDIAN", "account_id": "CASH_BASE", "direction": "in", "amount": { "kind": "fixed", "amount": "1000000000" }, "currency": "USD", "instructed_at": "2026-09-19T12:00:00Z", "due_at": "2026-09-19T12:00:00Z", "settlement": { "status": "settled", "settled_at": "2026-09-19T12:00:00Z" }, "purpose": "sale_proceeds", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ] }, { "cash_event_id": "CF_DEPLOY", "snapshot_id": "BASE_CASH", 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[], "title_event_ids": [ "TITLE_AAA_RELEASE" ], "capacity_not_cash": true, "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" } ] } ], "scenarios": [ { "scenario_id": "BASE", "as_of": "2026-09-19T12:00:00Z", "kind": "inception", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [ "Q_U", "Q_AAA_SUB", "Q_DEPSEC" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" } ] }, { "scenario_id": "EVENT", "as_of": "2026-09-22T09:00:00Z", "kind": "selected_branch_event", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "closed", "quote_ids": [ "Q_DEPSEC_EVENT" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w4-closure-event" } ] }, { "scenario_id": "REOPEN", "as_of": "2026-09-24T09:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [ "Q_DEPSEC_REOPEN" ], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w4-closure-event" } ] }, { "scenario_id": "MARK_ONLY", "as_of": "2026-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "AAA_LOSS", "as_of": "2026-12-19T09:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.015", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.035", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_ROLL", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "YEAR1_RESERVE", "as_of": "2027-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.012", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.016", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] }, { "scenario_id": "TERMINAL_DISPUTE", "as_of": "2046-09-19T12:00:00Z", "kind": "counterfactual_panel", "curve_state": { "OIS_discount": "0.04", "internal_AAA_mark": "0.002", "own_unsecured_bond": "0.005", "own_CDS": "0.003", "provider_CDS": "0.008", "reference_issuer_credit": "0.01", "EM_deployment_credit": "0.04", "hedge_provider_CDS": "0.004", "eligible_collateral_credit": "0.01" }, "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "market_state": "open", "quote_ids": [], "event_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reporting-panels" } ] } ], "branch_event": { "event_id": "EVENT_W4", "scenario_id": "EVENT", "event_at": "2026-09-22T09:00:00Z", "decision_at": "2026-09-22T10:00:00Z", "settlement_cutoff": "2026-09-22T12:00:00Z", "borrower_id": "BORROWER", "funding_provider_id": "P", "defaults": { "borrower_default": false, "funding_provider_default": false, "reference_issuer_default": false, "collateral_issuer_default": false, "hedge_provider_default": false }, "free_cash_account_id": "CASH_BRANCH", "available_facility_ids": [ "BRANCH_FACILITY" ], "cash_calls": [ { "cash_event_id": "CF_BRANCH_CALL", "due_at": "2026-09-22T12:00:00Z", "amount": { "kind": "fixed", "amount": "30000000" }, "payee_id": "H", "account_id": "CASH_BRANCH", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w4-closure-event" } ] } ], "opinion_ids": [ "OP_BRANCH" ], "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w4-closure-event" } ], "kind": "W4", "collateral_id": "COLL_DEP", "instrument_id": "DEPSEC", "price_quote_id": "Q_DEPSEC_EVENT", "market_closure": { "market_id": "CE_MARKET", "closed_at": "2026-09-22T09:00:00Z", "reopens_at": "2026-09-24T09:00:00Z", "sale_capacity_during_closure": "0", "repo_capacity_during_closure": "0", "first_trade_at": "2026-09-24T09:00:00Z", "first_settlement_at": "2026-09-25T12:00:00Z", "reopening_bid_per_unit": "1", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w4-closure-event" } ] }, "legal_sale_right_survives": true, "credit_default_is_trigger": false }, "reporting_panels": { "legal": { "panel_id": "LEGAL", "obligation": "O9", "report_fields": [ "/legal" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "compliance": { "panel_id": "COMPLIANCE", "obligation": "O10", "report_fields": [ "/compliance" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "structure": { "panel_id": "STRUCTURE", "obligation": "O11", "report_fields": [ "/structure" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "recommendation": { "panel_id": "RECOMMENDATION", "obligation": "O12", "report_fields": [ "/recommendation" ], "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" } ], "case_agreement_ids": [ "FUND_TRS", "DEP_LOAN", "DEP_SECURITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Use current inception source facts, client instructions and the scoped desk mandate. Judge conclusion-specific typed premises and supported alternatives independently; this section is not a numeric gold-equality comparison or a simultaneous later cash scenario.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-institutional-authority" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-counterparty-constraints" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "not_additive_with_other_panels": true }, "rates_inception": { "panel_id": "RATES_INCEPTION", "obligation": "O1", "report_fields": [ "/rates/total_return_role", "/rates/financing_role", "/rates/principal_cash_source", "/rates/funding_component", "/rates/reference_adjustment", "/rates/legal_value", "/rates/positive_exposure", "/rates/funding_dv01", "/rates/deployment_funding_dv01", "/rates/mismatch_dv01", "/rates/funding_remaining_at_year5", "/rates/mark_quote_basis", "/rates/year5_reinvestment" ], "evidence_array": "/rates/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/notional" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception legal mark, not a stress mark: same quantity U, locked spread and reset-to-today quote; add old-reference adjustment once, derive positive exposure. Five-year funding-allocation DV01 is reported as a positive magnitude, mismatch as signed net long funding DV01. Funding at year five is the residual tenor. OIS reinvestment is the actual specified principal destination.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "credit_inception": { "panel_id": "CREDIT_INCEPTION", "obligation": "O2", "report_fields": [ "/credit_xva/accounting_cva", "/credit_xva/own_funding_curve", "/credit_xva/basis_spread", "/credit_xva/noncash_charge_creates_borrowing", "/credit_xva/use_cash_vm", "/credit_xva/provider_default_exposure_source", "/credit_xva/conditional_quadratic_requires_cash_transaction" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/provider_recovery" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/own_CDS_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "ACTUAL_FACILITY", "CONDITIONAL_PREFUND" ], "legal_scope": "case_legal_objects", "selection_rule": "Accounting CVA is the normal funding-component default integral, not CVA capital. Own funding uses unsecured bonds over OIS; the separately reported basis is initial own bond minus own CDS. Baseline funding has no executed CSA and uses no cash VM. The positive legal contract mark drives exposure. Noncash reserve charges do not create borrowing. The separately executed prefunding experiment is required for the quadratic cash cost.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-curves" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" } ], "not_additive_with_other_panels": true }, "actual_cash_stress": { "panel_id": "ACTUAL_CASH_STRESS", "obligation": "O2", "report_fields": [ "/credit_xva/actual_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "AAA_LOSS", "scenario_ids": [ "AAA_LOSS" ], "model_time_years": "0.25", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_free_cash" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/opening_legacy_funding" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS", "DEP_LOAN", "ACTUAL_FACILITY", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Present value of actual spread expense on settled-cash deficit borrowing over the full twenty-year ledger: reference credit move from cash_ledger.reference_stress_move, replacement funding move from cash_ledger.funding_stress_move, own spread from stressed_own_bond_spread. A conditional execution/capital gate is disclosed; no equity is injected. Provider and EM shocks are not added to this cash-only counterfactual.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "mark_only_cash": { "panel_id": "MARK_ONLY_CASH", "obligation": "O2", "report_fields": [ "/credit_xva/mark_only_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "FUND_TRS", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Run the same cash ledger with zero reference-credit change and the quoted funding move, not an exposure-sized debt balance. The mark is noncash. All actual contractual coupon, fee and principal obligations remain.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-cash-stress-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "conditional_prefunding": { "panel_id": "CONDITIONAL_PREFUNDING", "obligation": "O2", "report_fields": [ "/credit_xva/conditional_quadratic_ufva" ], "evidence_array": "/credit_xva/evidence", "snapshot_id": "CONDITIONAL_PREFUNDING", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/conditional_reserve_facility" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [ "CONDITIONAL_PREFUND", "ACTUAL_FACILITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "PV of the primary executed exposure-prefunding facility spread cost alone; not secondary coupon-cash funding or base-book debt. The target is the positive incremental replacement funding mark, funded and deposited externally at OIS under its own balanced cash/equity snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-conditional-facility" } ], "not_additive_with_other_panels": true }, "funding_capital_inception": { "panel_id": "FUNDING_CAPITAL_INCEPTION", "obligation": "O3", "report_fields": [ "/capital/saccr" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/incurred_CVA" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER", "SALE_U" ], "legal_scope": "case_legal_objects", "selection_rule": "Normal inception unmargined credit-only SA-CCR under the fictional classification letter; U was sold and is not collateral held against P. Compute RC, PFE, MF, supervisory duration, EAD and provider risk weight from legal terms and dated rules. No statutory incurred CVA write-down beyond the explicit canonical amount.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-classification" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-executed-agreements" }, { "document_id": "CAPITAL_RULES", "locator": "saccr" } ], "not_additive_with_other_panels": true }, "collateral_controlled": { "panel_id": "COLLATERAL_CONTROLLED", "obligation": "O3", "report_fields": [ "/capital/collateral" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/deployment_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Use the independent Lydora controlled issued-sovereign loan in collateral_gate for every BOOK report. Same-issuer denial takes precedence over its below-threshold rating; compute unmitigated E*, RWA, capital, through-life KVA and required client capital spread. This is not W2 payment rights or the W3/W4 live deployment collateral. Branch eligibility must be exposed separately as a diagnostic, using the selected case legal records, without replacing this controlled O3 question.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-lydora-comparator" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "protection_controlled": { "panel_id": "PROTECTION_CONTROLLED", "obligation": "O4", "report_fields": [ "/capital/protection" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "CDS_AGREEMENT", "H_CSA", "H_MASTER", "FUND_TRS" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Selected controlled five-year fixed-notional P CDS from H, eligible and designated for full BA-CVA, against the mark-only +100bp funding stress with P CDS held at its normal level. Pa and tail clocks are elapsed since actual CDS execution, not the two-business-day proposal date; observe inception, year one and year 4.75. ccr_capital and cva_capital are the selected post-execution initial stress-designated capital levels, never the proposal-state pre-execution level. No written-credit leverage notional offset is claimed for short protection. These are conditional action comparisons, not an assertion that CDS is executed in the base book.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-protection-panel" }, { "document_id": "CAPITAL_RULES", "locator": "protection" }, { "document_id": "CAPITAL_RULES", "locator": "cva" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capacity_controlled": { "panel_id": "CAPACITY_CONTROLLED", "obligation": "O5", "report_fields": [ "/capital/capacity/leverage_exposure", "/capital/capacity/leverage_required", "/capital/capacity/Tier1", "/capital/capacity/binding" ], "evidence_array": "/capital/evidence", "snapshot_id": "CAPITAL_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Same-balance controlled eligible-AAA-substitution comparator, after its quoted setup fee. Leverage exposure and minimum requirement use the normal FUND_TRS classification plus retained U, deployment and remaining cash. Tier1 is available qualifying capital after the setup fee and the explicitly allocated AVA. Binding compares recomputed risk-based and leverage requirements; it does not assert that this controlled panel is the actual base ledger.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "leverage" } ], "not_additive_with_other_panels": true }, "capital_cost_component": { "panel_id": "CAPITAL_COST_COMPONENT", "obligation": "O5", "report_fields": [ "/capital/capacity/capital_KVA" ], "evidence_array": "/capital/evidence", "snapshot_id": "MARK_ONLY", "scenario_ids": [ "MARK_ONLY" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/1" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" } ], "case_agreement_ids": [ "FUND_TRS", "MASTER" ], "legal_scope": "case_legal_objects", "selection_rule": "Standalone funding CCR plus CVA KVA level under the mark-only +100bp quote stress, not whole-bank max-constraint KVA and not incremental KVA. Its scope is deliberately separate from the eligible-substitution leverage snapshot.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-capacity-panel" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "capital_decision": { "panel_id": "CAPITAL_DECISION", "obligation": "O5", "report_fields": [ "/capital/capacity/structural_value", "/capital/capacity/capital_cash_credit", "/capital/capacity/chosen_action", "/capital/capacity/action_effective" ], "evidence_array": "/capital/evidence", "snapshot_id": "DECISION_COMPARE", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/actions/substitute" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/collateral_gate" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/whole_book" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/leverage_snapshot" } ], "case_agreement_ids": [ "AAA_SECURITY" ], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Requested decision is release_substitution in a controlled already-substituted portfolio: structural_value is its standalone reversal component NPV versus keeping the same substitution, with restored client yield, increased capital carrying cost, two-business-day execution lag and unwind fee. It is not a ranking against a different CDS/netting portfolio. The reversal is proposed, not effective at the observation date, and cannot execute without sufficient whole-book capital and actual settled title release. capital_cash_credit records no fictional capital-to-cash receipt.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-decision-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "CAPITAL_RULES", "locator": "kva" } ], "not_additive_with_other_panels": true }, "allocation_7d": { "panel_id": "ALLOCATION_7D", "obligation": "O5", "report_fields": [ "/capital/allocation" ], "evidence_array": "/capital/evidence", "snapshot_id": "ALLOCATION_7D", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/allocation" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/regulatory" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Choose the minimum disclosed seven-day financing objective among feasible assignments of every actual lot ID exactly once. Cash and capital are computed lot by lot in borrower direction with separate market and supervisory haircuts. The certificate is valid only within the published equal-small-lot/distinct-issuer/forced-large proof domain. Report evidence-dependent unknowns as an empty list for this complete synthetic annex; this does not resolve missing facts in a real market. Optional short-term bank risk weights are a separate countercase, not the selected conservative election.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-actions" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-quote-board" }, { "document_id": "CAPITAL_RULES", "locator": "collateral_eligibility" } ], "not_additive_with_other_panels": true }, "recognition_inception": { "panel_id": "RECOGNITION_INCEPTION", "obligation": "O7", "report_fields": [ "/accounting/recognition" ], "evidence_array": "/accounting/evidence", "snapshot_id": "BASE_CASH", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/day_one_accounting" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/replacement_quote" } ], "case_agreement_ids": [ "SALE_U", "FUND_TRS" ], "legal_scope": "case_legal_objects", "selection_rule": "Failed-sale retained-asset financing is the stated accounting unit. Day-one statutory profit field is recognisable funding-opportunity gain before the separately paid service fee, not total day-one statutory P&L. Gross management D and X are reconciled out unless a separate statutory unit is evidenced. Deferral uses the frozen inception price-time schedule or evidenced observability, never spread tightening.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-opinions" } ], "not_additive_with_other_panels": true }, "reserve_divergence": { "panel_id": "RESERVE_DIVERGENCE", "obligation": "O8", "report_fields": [ "/accounting/reserves/D_open", "/accounting/reserves/D_close", "/accounting/reserves/X_open", "/accounting/reserves/X_close", "/accounting/reserves/carry", "/accounting/reserves/clean_mtm", "/accounting/reserves/deferral_release", "/accounting/reserves/reserve_theta", "/accounting/reserves/reserve_mtm", "/accounting/reserves/reserve_action", "/accounting/reserves/hedge_pnl", "/accounting/reserves/cash_funding_drag", "/accounting/reserves/reported_pnl", "/accounting/reserves/independent_equity_change", "/accounting/reserves/unfunded_reserve_balance", "/accounting/reserves/reserve_charge_alone_draws_debt", "/accounting/reserves/expected_release_counted_twice" ], "evidence_array": "/accounting/evidence", "snapshot_id": "YEAR1_RESERVE", "scenario_ids": [ "YEAR1_ROLL", "YEAR1_RESERVE" ], "model_time_years": "1", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/0" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/funding_move" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/scenarios/2/provider_CDS" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" } ], "case_agreement_ids": [ "FUND_TRS", "SALE_U", "DEP_LOAN", "ACTUAL_FACILITY" ], "legal_scope": "case_legal_objects", "selection_rule": "Instantaneous remeasurement at year one after the normal cash/valuation roll: open at core year1_roll, close at year1_stress with only funding quote +100bp and P CDS +80bp. Reference price, cash, hedge, EM, OIS and actual obligations are unchanged. D stays on the frozen A19 schedule; X remeasures. No elapsed time means no new carry or theta. P&L is compared with the independently posted management journal/equity change. The separate whole-book first-year carry illustration is not added to this interval.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-reserve-panel" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "prudent_valuation": { "panel_id": "PRUDENT_VALUATION", "obligation": "O8", "report_fields": [ "/accounting/reserves/AVA", "/accounting/reserves/CET1_after_AVA", "/accounting/reserves/AVA_in_PnL" ], "evidence_array": "/accounting/evidence", "snapshot_id": "AVA_CONTROLLED", "scenario_ids": [ "BASE" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/reserve_uncertainty" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/desk/equity_hurdle" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" } ], "case_agreement_ids": [], "legal_scope": "standalone_fictional_comparator", "selection_rule": "Separate identified recognised-fair-value model-risk exposures, uniform exit-cost uncertainty and same-source accounting prudence; EU-style incremental Method 1 AVA and CET1 deduction. No transfer of this panel capital, cash or AVA into the year-one remeasurement. An increased mean with unchanged uncertainty width need not increase incremental AVA.", "required_evidence": [ { "document_id": "AVA_RULES", "locator": "applicability" }, { "document_id": "AVA_RULES", "locator": "method" }, { "document_id": "AVA_RULES", "locator": "same_source" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-accounting" } ], "not_additive_with_other_panels": true }, "terminal_settlement": { "panel_id": "TERMINAL_SETTLEMENT", "obligation": "O8", "report_fields": [ "/accounting/reserves/terminal_reserve", "/accounting/reserves/all_obligations_settled" ], "evidence_array": "/accounting/evidence", "snapshot_id": "TERMINAL_DISPUTE", "scenario_ids": [ "TERMINAL_DISPUTE" ], "model_time_years": "20", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/terminal" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_years" } ], "case_agreement_ids": [ "FUND_TRS", "LEGACY_FUNDING", "OIS_ACCOUNT" ], "legal_scope": "case_legal_objects", "selection_rule": "Observe the actual unresolved provider claim after contractual year-twenty runoff. Its contractual notional is not reset to zero by age. No later cash settlement or final write-off is assumed. A reserve remains until the specifically evidenced resolution occurs, even if the scheduled core funding/CVA/KVA profiles have ended.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-terminal-dispute" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-ledgers" } ], "not_additive_with_other_panels": true }, "branch_liquidity": { "panel_id": "BRANCH_LIQUIDITY", "obligation": "O6", "report_fields": [ "/liquidity/branch", "/liquidity/branch_event", "/liquidity/default", "/liquidity/collateral_market_value", "/liquidity/collateral_cash_realisation", "/liquidity/call_due", "/liquidity/cash_available", "/liquidity/additional_borrowing", "/liquidity/residual_liquidity_shortfall", "/liquidity/reference_exists", "/liquidity/structure_decision", "/liquidity/correct_by_contract_not_label" ], "evidence_array": "/liquidity/evidence", "snapshot_id": "BRANCH_LIQUIDITY", "scenario_ids": [ "EVENT" ], "model_time_years": "0", "elapsed_interval_years": "0", "parameter_refs": [ { "file": "fixtures/numerical-inputs.json", "pointer": "/cash_ledger" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/quarter" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/ois" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/funding_contract" }, { "file": "fixtures/numerical-inputs.json", "pointer": "/stressed_own_bond_spread" } ], "case_agreement_ids": [ "DEP_LOAN", "DEP_SECURITY", "FUND_TRS", "CUSTODY", "OPERATING_PAYMENT" ], "legal_scope": "case_legal_objects", "selection_rule": "Only the selected case branch_event, its exact default flags, title/instrument existence, quotes, account availability and settlement cutoffs determine this panel. reference_exists asks whether the selected deployment collateral is an issued security, never whether funding U exists. No security or predefault price is invented for contingent issuance or future-payment rights. For W3 derive the actual first-quarter total-return cash call from the canonical ledger and joint curve state; for other branches use the independently sourced operating call. Borrowing is limited by the actually available named facility. Separately expose branch collateral eligibility/reason diagnostics from its own legal facts, without replacing the O3 Lydora comparator.", "required_evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "w4-closure-event" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-security-rights" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-events" } ], "not_additive_with_other_panels": true } } } ]