Book viewer

About the two published fixtures

W3 reference report: the constructed control supplies the comparison for detecting changed claims about the same sources. W3 adversarial reference fixture: it erases the protection tail, duplicates declared lot placements and changes liquidity and accounting assertions; the viewer locates the resulting discrepancies.

Published fixture

Constructed candidate reports graded against the reference engine.

W3 adversarial reference fixture

w3-adversarial W3

Qualification: disqualified
Dense score, separate: 70 / 100
Flagged: Yes

Record provenance

Prepared 20 September 2026 by reference-fixture. Model: none. Monitored: no. Qualification concerns the submitted assertions; the separate capital constraints still govern execution.

Financial amounts are in USD, in full units, rounded to two decimal places. Original decimals and source records remain unchanged.

Inspect the checkpoint charts, criterion results and source identity below.

Local verification pending

Charts are prebuilt. Verify to check the engine bytes and recompute this submission's full export locally.

Artefact hashes and verification boundary

Engine SHA-256: 3feff1c20fd0c2301342651e9de6060efdda7e0d118c6f3d4f4f0deb45b018e7
Rendered export SHA-256: ee203023be3741781860d3cdda37ddb8e9e6d4c0def860d733e7053930321fbb

The browser loads the self-hosted compiled Python bytes used for the fixture grade, then recomputes and compares the export. It never evaluates candidate code. Successful verification confirms artefact consistency, not source correctness, practitioner usability, or model capability.

Engine manifest Run it

No candidate history has been submitted. These are controlled observation snapshots from a static fixture, not successive accepted desk actions. Each frame names its own clock and scope. Unavailable candidate fields stay unavailable; the reference path is never substituted for them.

Observation snapshot5 / 10 · Protection at execution

Focus the range and use the arrow keys. Home and End choose the first and last snapshot. Snapshot order does not imply a settled trajectory.

05 / Owner discrepancies

Divergences, without a false total

Each marker opens one owner discrepancy and selects its snapshot. Horizontal position is the snapshot index, not elapsed time. Currency, years, title placements and assertions remain separate, nonadditive consequences.

Inspect all 8 owner discrepancies

O4Protection recognition and tailSnapshot 5 · 14.99 years

Contractual economic tail erased by the submission. Initial capped regulatory recognition does not extend the contract.

Scope: PROTECTION_CONTROLLED
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: 14.99 years

Value/value: 0.00
Exact value
0

Value/value: 14.99
Exact value
14.992

Submitted paths owned by this discrepancy

/capital/protection/tail_years

O4Protection recognition and tailSnapshot 5 · 14.99 years

Contractual economic tail erased by the submission. Initial capped regulatory recognition does not extend the contract.

Scope: PROTECTION_CONTROLLED
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: 14.99 years

Value/value: Yes (true)

Value/value: No (false)

Submitted paths owned by this discrepancy

/capital/protection/economically_protected_tail

O5Executable capacity and allocationSnapshot 9 · Unquantified assertion

Typed assertion or evidence disagrees with its own reviewed report panel.

Scope: ALLOCATION_7D
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: Not quantified assertion

Value/value: Yes (true)

Value/value: No (false)

Submitted paths owned by this discrepancy

/capital/allocation/feasible

O5Executable capacity and allocationSnapshot 9 · Unquantified assertion

Typed assertion or evidence disagrees with its own reviewed report panel.

Scope: ALLOCATION_7D
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: Not quantified assertion

Value/value: Yes (true)

Value/value: No (false)

Submitted paths owned by this discrepancy

/capital/allocation/optimal

O5Executable capacity and allocationSnapshot 9 · 1.00 title-placements

Duplicate declared lot placements, not additional cash or additional securities. See the independent assignment feasibility diagnostics.

Scope: ALLOCATION_7D
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: 1.00 title-placements

Value/value: Not supplied (null)

Value/value: Not supplied (null)

Submitted paths owned by this discrepancy

/capital/allocation/assignment

O6Branch liquidity and existenceSnapshot 2 · 1,000,000.00 currency

Signed submitted-minus-reference discrepancy within this panel only. Different controls and repeated manifestations of one error must not be added.

Scope: BRANCH_LIQUIDITY
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: 1,000,000.00 currency

Value/value: 110,990,000.00
Exact value
110990000.00000

Value/value: 109,990,000.00
Exact value
109990000.00000

Submitted paths owned by this discrepancy

/liquidity/cash_available

O6Branch liquidity and existenceSnapshot 2 · -1,000,000.00 currency

Signed submitted-minus-reference discrepancy within this panel only. Different controls and repeated manifestations of one error must not be added.

Scope: BRANCH_LIQUIDITY
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: -1,000,000.00 currency

Value/value: 144,762,308.32
Exact value
144762308.3242061376807091091742266467507

Value/value: 145,762,308.32
Exact value
145762308.3242061376807091091742266467507

Submitted paths owned by this discrepancy

/liquidity/additional_borrowing

O8Reserves, journal and prudenceSnapshot 4 · 1,000,000.00 currency

Signed submitted-minus-reference discrepancy within this panel only. Different controls and repeated manifestations of one error must not be added.

Scope: RESERVE_DIVERGENCE
Additivity: Nonadditive. Do not sum with unrelated counterfactuals.
Consequence: 1,000,000.00 currency

Value/value: 79,081,194.41
Exact value
79081194.40651007885217605437746324044279

Value/value: 78,081,194.41
Exact value
78081194.40651007885217605437746324044279

Submitted paths owned by this discrepancy

/accounting/reserves/reported_pnl

Snapshot 1 t = 0.00 years

Reference opening BOOK

ScopeReference statutory stocks after the paid inception fees. The simulated cash path is conditional on separate capital approval; a truthful reference report does not authorise the undercapitalised base book.

01 / Capital and contractual maturity

Recognition does not remove the tail

A capped regulatory maturity can permit full initial recognition while the exposure outlives protection. The strips use this snapshot's contractual maturities, not a fixed five-year or twenty-year template.

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Reference calculation

Actual opening base capital comparator, not the eligible-substitution control.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	135,650,722.27
Recognised protection	Not submitted
Exposure maturity, years	Not submitted
Protection expiry from book inception, years	Not submitted
Economic tail, years	Not submitted
Tail claimed protected	Not submitted

Recognition arithmetic supplied by the Python engine
Actual qualifying opening Tier1currency	99,000,000.00
Additional qualifying capital requiredcurrency	36,650,722.27

Capital scopeActual opening base capital comparator, not the eligible-substitution control.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

No balance sheet submitted for this scope.

Reference book

Reference calculation

Reference statutory stocks after the paid inception fees. The simulated cash path is conditional on separate capital approval; a truthful reference report does not authorise the undercapitalised base book.

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	99,000,000.00
U retained for statutory accountingretained_U	1,000,000,000.00
Five-year deploymentdeployment	1,000,000,000.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	0.00
Total assets	2,099,000,000.00
Sale financing liabilitysale_financing	1,000,000,000.00
Legacy fundinglegacy_funding	1,000,000,000.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	0.00
Total liabilities	2,000,000,000.00
Equity	99,000,000.00
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	99,000,000.00

Inspect 2 title placements

Title ledger, reference book
Lot / placement	Location	Quantity	Status
1 / DEPSECDEPSEC	CUST_DEP; legal owner BORROWER	1,000,000,000.00	Single placementEncumbered
2 / UU	CUST_U_PROVIDER; legal owner P	1,000,000,000.00	Single placementUnencumbered

04 / Profit and loss

The waterfall must reach equity

The Python export supplies every step's start and end. The cyan bracket shows the reported P&L versus the equity change. Reserve expense does not itself borrow cash, and capital release is not a cash receipt.

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

No P&L bridge submitted for this scope.

Reference book

Not submitted

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`RATES_INCEPTION`

Owner: O1
Snapshot: BASE_CASH
Clock: 0.00 years
Scope: base_cash

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-executed-agreements
SYNTHETIC_PACKET / fictional-quote-board
SYNTHETIC_PACKET / fictional-curves
SYNTHETIC_PACKET / fictional-ledgers

`CREDIT_INCEPTION`

Owner: O2
Snapshot: BASE_CASH
Clock: 0.00 years
Scope: base_cash

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-curves
SYNTHETIC_PACKET / fictional-ledgers
SYNTHETIC_PACKET / fictional-quote-board

`RECOGNITION_INCEPTION`

Owner: O7
Snapshot: BASE_CASH
Clock: 0.00 years
Scope: base_cash

Report paths

/accounting/recognition

Evidence locators

SYNTHETIC_PACKET / fictional-accounting
SYNTHETIC_PACKET / fictional-opinions

Snapshot 2 t = 0.25 years

Branch settlement cash

ScopeSelected branch cash immediately before its contractual settlement; not allocation proceeds

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Only submitted branch cash and declared consequences are observed; no candidate journal was submitted.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Selected branch cash immediately before its contractual settlement; not allocation proceeds

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

Controlled replacement of the selected cash balance by cash_available. All other reference stocks and independently journalled equity are held fixed. The plug is unexplained cash, not an executed receipt.

1,000,000.00 · Unexplained plugAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	110,990,000.00
U retained for statutory accountingretained_U	743,497,691.68
Five-year deploymentdeployment	1,000,000,000.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	0.00
Total assets	1,854,487,691.68
Sale financing liabilitysale_financing	1,000,000,000.00
Legacy fundinglegacy_funding	1,000,000,000.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	0.00
Total liabilities	2,000,000,000.00
Equity	-146,512,308.32
Balance-sheet plug	1,000,000.00

Reference book

Reference calculation

Selected branch cash immediately before its contractual settlement; not allocation proceeds

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	109,990,000.00
U retained for statutory accountingretained_U	743,497,691.68
Five-year deploymentdeployment	1,000,000,000.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	0.00
Total assets	1,853,487,691.68
Sale financing liabilitysale_financing	1,000,000,000.00
Legacy fundinglegacy_funding	1,000,000,000.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	0.00
Total liabilities	2,000,000,000.00
Equity	-146,512,308.32
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Inferred from submission

Submitted cash_available only. No candidate title events or custody history were submitted.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	110,990,000.00

Reference book

Reference calculation

Selected branch cash immediately before its contractual settlement; not allocation proceeds

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	109,990,000.00

Inspect 2 title placements

Title ledger, reference book
Lot / placement	Location	Quantity	Status
1 / DEPSECDEPSEC	CUST_DEP; legal owner BORROWER	1,000,000,000.00	Single placementEncumbered
2 / UU	CUST_U_PROVIDER; legal owner P	1,000,000,000.00	Single placementUnencumbered

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only submitted branch cash and declared consequences are observed; no candidate journal was submitted.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Selected branch cash immediately before its contractual settlement; not allocation proceeds

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`BRANCH_LIQUIDITY`

Owner: O6
Snapshot: BRANCH_LIQUIDITY
Clock: 0.25 years
Scope: liquidity_branch

Report paths

/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 locators

SYNTHETIC_PACKET / w3-joint-event
SYNTHETIC_PACKET / fictional-security-rights
SYNTHETIC_PACKET / fictional-events

Snapshot 3 t = 1.00 years

Before instant reserve remeasurement

ScopeInstant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Inferred from submitted D/X and mark changes against the fixed reference opening stocks. Closing claimed equity equals reference opening equity plus submitted reported_pnl. Cash and debt remain unchanged in this zero-time control; this is not a candidate book history.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	39,792,364.78
Management hedge mark HH	0.00
Total assets	2,186,461,472.52
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	27,116,697.33
Total liabilities	2,066,909,062.11
Equity	119,552,410.41
Balance-sheet plug	0.00

Reference book

Reference calculation

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	39,792,364.78
Management hedge mark HH	0.00
Total assets	2,186,461,472.52
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	27,116,697.33
Total liabilities	2,066,909,062.11
Equity	119,552,410.41
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Cash stock from the management journal. This panel contains no new title transaction.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	146,669,107.74

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

No P&L bridge submitted for this scope.

Reference book

Not submitted

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`RESERVE_DIVERGENCE`

Owner: O8
Snapshot: YEAR1_RESERVE
Clock: 1.00 years
Scope: reserve_divergence

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-reserve-panel
SYNTHETIC_PACKET / fictional-accounting
SYNTHETIC_PACKET / fictional-ledgers

Snapshot 4 t = 1.00 years

After instant reserve remeasurement

ScopeInstant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

-1,000,000.00 · Unexplained plugAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	172,433,580.72
Management hedge mark HH	0.00
Total assets	2,319,102,688.46
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	81,676,718.86
Total liabilities	2,121,469,083.64
Equity	198,633,604.82
Balance-sheet plug	-1,000,000.00

Reference book

Reference calculation

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	172,433,580.72
Management hedge mark HH	0.00
Total assets	2,319,102,688.46
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	81,676,718.86
Total liabilities	2,121,469,083.64
Equity	197,633,604.82
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Cash stock from the management journal. This panel contains no new title transaction.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	146,669,107.74

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Inferred from submission

Submitted attribution and P&L versus authoritative journal equity change; no candidate journal exists.

1,000,000.00 · P&L / equity gapAbsolute tolerance supplied by Python: 0.000001

P&L bridge, published currency amounts, rounded to two decimals
1. Cash carry	0.00
2. Matching clean mark	132,641,215.94
3. Deferral release	0.00
4. Reserve time change	0.00
5. Reserve remeasurement	-54,560,021.53
6. Reserve action	0.00
7. Hedge P&L	0.00
8. Actual borrowing cost	0.00
Reported P&L	79,081,194.41
Equity change	78,081,194.41
P&L / equity difference	1,000,000.00

Reference book

Reference calculation

Independent debit/credit replay of the selected instantaneous journal.

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

P&L bridge, published currency amounts, rounded to two decimals
1. Cash carry	0.00
2. Matching clean mark	132,641,215.94
3. Deferral release	0.00
4. Reserve time change	0.00
5. Reserve remeasurement	-54,560,021.53
6. Reserve action	0.00
7. Hedge P&L	0.00
8. Actual borrowing cost	0.00
Reported P&L	78,081,194.41
Equity change	78,081,194.41
P&L / equity difference	0.00

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`RESERVE_DIVERGENCE`

Owner: O8
Snapshot: YEAR1_RESERVE
Clock: 1.00 years
Scope: reserve_divergence

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-reserve-panel
SYNTHETIC_PACKET / fictional-accounting
SYNTHETIC_PACKET / fictional-ledgers

Snapshot 5 t = 0.01 years

Protection at execution

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

This book asserts protection beyond expiry. Compare the reference strip and the owner discrepancy.

Capital and maturity, candidate-implied book
Capital requirement	63,644,292.64
Recognised protection	320,000,000.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	0.00
Tail claimed protected	Yes

Recognition arithmetic supplied by the Python engine
Submitted Pa_initialcurrency	320,000,000.00
Fraction implied by submitted Pa / quoted notionalratio	1.00

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	63,644,292.64
Recognised protection	320,000,000.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	19.99
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	5.00
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	1.00
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	320,000,000.00

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 6 t = 1.01 years

Protection one year after execution

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

This book asserts protection beyond expiry. Compare the reference strip and the owner discrepancy.

Capital and maturity, candidate-implied book
Capital requirement	Not submitted
Recognised protection	252,631,578.95
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	0.00
Tail claimed protected	Yes

Recognition arithmetic supplied by the Python engine
Submitted Pa_year1currency	252,631,578.95
Fraction implied by submitted Pa / quoted notionalratio	0.79

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	64,387,881.56
Recognised protection	252,631,578.95
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	18.99
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	4.00
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	0.79
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	252,631,578.95

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 7 t = 4.76 years

Recognition at the maturity floor

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

This book asserts protection beyond expiry. Compare the reference strip and the owner discrepancy.

Capital and maturity, candidate-implied book
Capital requirement	Not submitted
Recognised protection	0.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	0.00
Tail claimed protected	Yes

Recognition arithmetic supplied by the Python engine
Submitted Pa_year475currency	0.00
Fraction implied by submitted Pa / quoted notionalratio	0.00

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	69,684,437.26
Recognised protection	0.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	15.24
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	0.25
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	0.00
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	0.00

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 8 t = 5.01 years

Contractual protection expiry

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

This book asserts protection beyond expiry. Compare the reference strip and the owner discrepancy.

Capital and maturity, candidate-implied book
Capital requirement	Not submitted
Recognised protection	Not submitted
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	0.00
Tail claimed protected	Yes

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	70,067,582.41
Recognised protection	0.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	14.99
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	0.00
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	0.00
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	0.00

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 9 t = 0.00 years

Independent allocation and title placements

ScopeSeparate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Reference calculation

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	1,010,360.29
Recognised protection	Not submitted
Exposure maturity, years	Not submitted
Protection expiry from book inception, years	Not submitted
Economic tail, years	Not submitted
Tail claimed protected	Not submitted

Capital scopeSeparate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No balance sheet submitted for this scope.

Reference book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Inferred from submission

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	232,300,000.00

Inspect 53 title placements

Title ledger, candidate-implied book
Lot / placement	Location	Quantity	Status
1 / L1L1	Tol	1.00	DuplicateEncumbered
2 / L2L2	Tol	1.00	Single placementEncumbered
3 / S01S01	Div	1.00	Single placementEncumbered
4 / S02S02	Div	1.00	Single placementEncumbered
5 / S03S03	Div	1.00	Single placementEncumbered
6 / S04S04	Div	1.00	Single placementEncumbered
7 / S05S05	Div	1.00	Single placementEncumbered
8 / S06S06	Div	1.00	Single placementEncumbered
9 / S07S07	Div	1.00	Single placementEncumbered
10 / S08S08	Div	1.00	Single placementEncumbered
11 / S09S09	Div	1.00	Single placementEncumbered
12 / S10S10	Div	1.00	Single placementEncumbered
13 / S11S11	Div	1.00	Single placementEncumbered
14 / S12S12	Div	1.00	Single placementEncumbered
15 / S13S13	Div	1.00	Single placementEncumbered
16 / S14S14	Div	1.00	Single placementEncumbered
17 / S15S15	Div	1.00	Single placementEncumbered
18 / S16S16	Div	1.00	Single placementEncumbered
19 / S17S17	Div	1.00	Single placementEncumbered
20 / S18S18	Div	1.00	Single placementEncumbered
21 / S19S19	Div	1.00	Single placementEncumbered
22 / S20S20	Div	1.00	Single placementEncumbered
23 / S21S21	Div	1.00	Single placementEncumbered
24 / S22S22	Div	1.00	Single placementEncumbered
25 / S23S23	Div	1.00	Single placementEncumbered
26 / S24S24	Div	1.00	Single placementEncumbered
27 / S25S25	Div	1.00	Single placementEncumbered
28 / S26S26	Div	1.00	Single placementEncumbered
29 / S27S27	Div	1.00	Single placementEncumbered
30 / S28S28	Div	1.00	Single placementEncumbered
31 / S29S29	Div	1.00	Single placementEncumbered
32 / S30S30	Div	1.00	Single placementEncumbered
33 / S31S31	Div	1.00	Single placementEncumbered
34 / S32S32	Div	1.00	Single placementEncumbered
35 / S33S33	Div	1.00	Single placementEncumbered
36 / S34S34	Div	1.00	Single placementEncumbered
37 / S35S35	Div	1.00	Single placementEncumbered
38 / S36S36	Div	1.00	Single placementEncumbered
39 / S37S37	Div	1.00	Single placementEncumbered
40 / S38S38	Div	1.00	Single placementEncumbered
41 / S39S39	Div	1.00	Single placementEncumbered
42 / S40S40	Div	1.00	Single placementEncumbered
43 / S41S41	Div	1.00	Single placementEncumbered
44 / S42S42	Div	1.00	Single placementEncumbered
45 / S43S43	Div	1.00	Single placementEncumbered
46 / S44S44	Div	1.00	Single placementEncumbered
47 / S45S45	Div	1.00	Single placementEncumbered
48 / S46S46	Div	1.00	Single placementEncumbered
49 / S47S47	Div	1.00	Single placementEncumbered
50 / S48S48	Div	1.00	Single placementEncumbered
51 / S49S49	Div	1.00	Single placementEncumbered
52 / S50S50	Div	1.00	Single placementEncumbered
53 / L1L1	Div	1.00	DuplicateEncumbered

Reference book

Reference calculation

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	232,300,000.00

Inspect 52 title placements

Title ledger, reference book
Lot / placement	Location	Quantity	Status
1 / L1L1	Tol	1.00	Single placementEncumbered
2 / L2L2	Tol	1.00	Single placementEncumbered
3 / S01S01	Div	1.00	Single placementEncumbered
4 / S02S02	Div	1.00	Single placementEncumbered
5 / S03S03	Div	1.00	Single placementEncumbered
6 / S04S04	Div	1.00	Single placementEncumbered
7 / S05S05	Div	1.00	Single placementEncumbered
8 / S06S06	Div	1.00	Single placementEncumbered
9 / S07S07	Div	1.00	Single placementEncumbered
10 / S08S08	Div	1.00	Single placementEncumbered
11 / S09S09	Div	1.00	Single placementEncumbered
12 / S10S10	Div	1.00	Single placementEncumbered
13 / S11S11	Div	1.00	Single placementEncumbered
14 / S12S12	Div	1.00	Single placementEncumbered
15 / S13S13	Div	1.00	Single placementEncumbered
16 / S14S14	Div	1.00	Single placementEncumbered
17 / S15S15	Div	1.00	Single placementEncumbered
18 / S16S16	Div	1.00	Single placementEncumbered
19 / S17S17	Div	1.00	Single placementEncumbered
20 / S18S18	Div	1.00	Single placementEncumbered
21 / S19S19	Div	1.00	Single placementEncumbered
22 / S20S20	Div	1.00	Single placementEncumbered
23 / S21S21	Div	1.00	Single placementEncumbered
24 / S22S22	Div	1.00	Single placementEncumbered
25 / S23S23	Div	1.00	Single placementEncumbered
26 / S24S24	Div	1.00	Single placementEncumbered
27 / S25S25	Div	1.00	Single placementEncumbered
28 / S26S26	Div	1.00	Single placementEncumbered
29 / S27S27	Div	1.00	Single placementEncumbered
30 / S28S28	Div	1.00	Single placementEncumbered
31 / S29S29	Div	1.00	Single placementEncumbered
32 / S30S30	Div	1.00	Single placementEncumbered
33 / S31S31	Div	1.00	Single placementEncumbered
34 / S32S32	Div	1.00	Single placementEncumbered
35 / S33S33	Div	1.00	Single placementEncumbered
36 / S34S34	Div	1.00	Single placementEncumbered
37 / S35S35	Div	1.00	Single placementEncumbered
38 / S36S36	Div	1.00	Single placementEncumbered
39 / S37S37	Div	1.00	Single placementEncumbered
40 / S38S38	Div	1.00	Single placementEncumbered
41 / S39S39	Div	1.00	Single placementEncumbered
42 / S40S40	Div	1.00	Single placementEncumbered
43 / S41S41	Div	1.00	Single placementEncumbered
44 / S42S42	Div	1.00	Single placementEncumbered
45 / S43S43	Div	1.00	Single placementEncumbered
46 / S44S44	Div	1.00	Single placementEncumbered
47 / S45S45	Div	1.00	Single placementEncumbered
48 / S46S46	Div	1.00	Single placementEncumbered
49 / S47S47	Div	1.00	Single placementEncumbered
50 / S48S48	Div	1.00	Single placementEncumbered
51 / S49S49	Div	1.00	Single placementEncumbered
52 / S50S50	Div	1.00	Single placementEncumbered

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`ALLOCATION_7D`

Owner: O5
Snapshot: ALLOCATION_7D
Clock: 0.00 years
Scope: allocation_7d

Report paths

/capital/allocation

Evidence locators

SYNTHETIC_PACKET / fictional-actions
SYNTHETIC_PACKET / fictional-quote-board
CAPITAL_RULES / collateral_eligibility

Snapshot 10 t = 20.00 years

Maturity is not claim settlement

ScopeBase cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Base cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	710,226,966.42
U retained for statutory accountingretained_U	0.00
Five-year deploymentdeployment	0.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	500,000.00
Total assets	710,726,966.42
Sale financing liabilitysale_financing	0.00
Legacy fundinglegacy_funding	0.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	500,000.00
Total liabilities	500,000.00
Equity	710,226,966.42
Balance-sheet plug	0.00

Reference book

Reference calculation

Base cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	710,226,966.42
U retained for statutory accountingretained_U	0.00
Five-year deploymentdeployment	0.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	500,000.00
Total assets	710,726,966.42
Sale financing liabilitysale_financing	0.00
Legacy fundinglegacy_funding	0.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	500,000.00
Total liabilities	500,000.00
Equity	710,226,966.42
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Cash from the terminal journal; U was retired by the contractual redemption entry.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	710,226,966.42

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Base cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`TERMINAL_SETTLEMENT`

Owner: O8
Snapshot: TERMINAL_DISPUTE
Clock: 20.00 years
Scope: terminal_dispute

Report paths

/accounting/reserves/terminal_reserve
/accounting/reserves/all_obligations_settled

Evidence locators

SYNTHETIC_PACKET / fictional-terminal-dispute
SYNTHETIC_PACKET / fictional-ledgers

W3 reference report

w3-reference W3

Qualification: qualified
Dense score, separate: 100 / 100
Flagged: No

Record provenance

Prepared 20 September 2026 by reference-fixture. Model: none. Monitored: no. Qualification concerns the submitted assertions; the separate capital constraints still govern execution.

Financial amounts are in USD, in full units, rounded to two decimal places. Original decimals and source records remain unchanged.

Inspect the checkpoint charts, criterion results and source identity below.

Local verification pending

Charts are prebuilt. Verify to check the engine bytes and recompute this submission's full export locally.

Artefact hashes and verification boundary

Engine SHA-256: 3feff1c20fd0c2301342651e9de6060efdda7e0d118c6f3d4f4f0deb45b018e7
Rendered export SHA-256: 38d08617bdc5ebc520fe56d3a0e71775d55c641e0a8dcd8f5c273cf1c3930b13

Engine manifest Run it

Observation snapshot5 / 10 · Protection at execution

Focus the range and use the arrow keys. Home and End choose the first and last snapshot. Snapshot order does not imply a settled trajectory.

05 / Owner discrepancies

Divergences, without a false total

No divergence entries were exported for this fixture. Compare the source assumptions alongside this control.

Snapshot 1 t = 0.00 years

Reference opening BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Reference calculation

Actual opening base capital comparator, not the eligible-substitution control.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	135,650,722.27
Recognised protection	Not submitted
Exposure maturity, years	Not submitted
Protection expiry from book inception, years	Not submitted
Economic tail, years	Not submitted
Tail claimed protected	Not submitted

Recognition arithmetic supplied by the Python engine
Actual qualifying opening Tier1currency	99,000,000.00
Additional qualifying capital requiredcurrency	36,650,722.27

Capital scopeActual opening base capital comparator, not the eligible-substitution control.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

No balance sheet submitted for this scope.

Reference book

Reference calculation

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	99,000,000.00
U retained for statutory accountingretained_U	1,000,000,000.00
Five-year deploymentdeployment	1,000,000,000.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	0.00
Total assets	2,099,000,000.00
Sale financing liabilitysale_financing	1,000,000,000.00
Legacy fundinglegacy_funding	1,000,000,000.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	0.00
Total liabilities	2,000,000,000.00
Equity	99,000,000.00
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	99,000,000.00

Inspect 2 title placements

Title ledger, reference book
Lot / placement	Location	Quantity	Status
1 / DEPSECDEPSEC	CUST_DEP; legal owner BORROWER	1,000,000,000.00	Single placementEncumbered
2 / UU	CUST_U_PROVIDER; legal owner P	1,000,000,000.00	Single placementUnencumbered

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

The report does not submit an opening balance sheet or an accepted action history. Controlled capital fields are not this actual base book.

No P&L bridge submitted for this scope.

Reference book

Not submitted

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`RATES_INCEPTION`

Owner: O1
Snapshot: BASE_CASH
Clock: 0.00 years
Scope: base_cash

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-executed-agreements
SYNTHETIC_PACKET / fictional-quote-board
SYNTHETIC_PACKET / fictional-curves
SYNTHETIC_PACKET / fictional-ledgers

`CREDIT_INCEPTION`

Owner: O2
Snapshot: BASE_CASH
Clock: 0.00 years
Scope: base_cash

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-curves
SYNTHETIC_PACKET / fictional-ledgers
SYNTHETIC_PACKET / fictional-quote-board

`RECOGNITION_INCEPTION`

Owner: O7
Snapshot: BASE_CASH
Clock: 0.00 years
Scope: base_cash

Report paths

/accounting/recognition

Evidence locators

SYNTHETIC_PACKET / fictional-accounting
SYNTHETIC_PACKET / fictional-opinions

Snapshot 2 t = 0.25 years

Branch settlement cash

ScopeSelected branch cash immediately before its contractual settlement; not allocation proceeds

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Only submitted branch cash and declared consequences are observed; no candidate journal was submitted.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Selected branch cash immediately before its contractual settlement; not allocation proceeds

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	109,990,000.00
U retained for statutory accountingretained_U	743,497,691.68
Five-year deploymentdeployment	1,000,000,000.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	0.00
Total assets	1,853,487,691.68
Sale financing liabilitysale_financing	1,000,000,000.00
Legacy fundinglegacy_funding	1,000,000,000.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	0.00
Total liabilities	2,000,000,000.00
Equity	-146,512,308.32
Balance-sheet plug	0.00

Reference book

Reference calculation

Selected branch cash immediately before its contractual settlement; not allocation proceeds

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	109,990,000.00
U retained for statutory accountingretained_U	743,497,691.68
Five-year deploymentdeployment	1,000,000,000.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	0.00
Total assets	1,853,487,691.68
Sale financing liabilitysale_financing	1,000,000,000.00
Legacy fundinglegacy_funding	1,000,000,000.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	0.00
Total liabilities	2,000,000,000.00
Equity	-146,512,308.32
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Inferred from submission

Submitted cash_available only. No candidate title events or custody history were submitted.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	109,990,000.00

Reference book

Reference calculation

Selected branch cash immediately before its contractual settlement; not allocation proceeds

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	109,990,000.00

Inspect 2 title placements

Title ledger, reference book
Lot / placement	Location	Quantity	Status
1 / DEPSECDEPSEC	CUST_DEP; legal owner BORROWER	1,000,000,000.00	Single placementEncumbered
2 / UU	CUST_U_PROVIDER; legal owner P	1,000,000,000.00	Single placementUnencumbered

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only submitted branch cash and declared consequences are observed; no candidate journal was submitted.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Selected branch cash immediately before its contractual settlement; not allocation proceeds

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`BRANCH_LIQUIDITY`

Owner: O6
Snapshot: BRANCH_LIQUIDITY
Clock: 0.25 years
Scope: liquidity_branch

Report paths

/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 locators

SYNTHETIC_PACKET / w3-joint-event
SYNTHETIC_PACKET / fictional-security-rights
SYNTHETIC_PACKET / fictional-events

Snapshot 3 t = 1.00 years

Before instant reserve remeasurement

ScopeInstant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	39,792,364.78
Management hedge mark HH	0.00
Total assets	2,186,461,472.52
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	27,116,697.33
Total liabilities	2,066,909,062.11
Equity	119,552,410.41
Balance-sheet plug	0.00

Reference book

Reference calculation

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	39,792,364.78
Management hedge mark HH	0.00
Total assets	2,186,461,472.52
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	27,116,697.33
Total liabilities	2,066,909,062.11
Equity	119,552,410.41
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Cash stock from the management journal. This panel contains no new title transaction.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	146,669,107.74

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

No P&L bridge submitted for this scope.

Reference book

Not submitted

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`RESERVE_DIVERGENCE`

Owner: O8
Snapshot: YEAR1_RESERVE
Clock: 1.00 years
Scope: reserve_divergence

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-reserve-panel
SYNTHETIC_PACKET / fictional-accounting
SYNTHETIC_PACKET / fictional-ledgers

Snapshot 4 t = 1.00 years

After instant reserve remeasurement

ScopeInstant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	172,433,580.72
Management hedge mark HH	0.00
Total assets	2,319,102,688.46
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	81,676,718.86
Total liabilities	2,121,469,083.64
Equity	197,633,604.82
Balance-sheet plug	0.00

Reference book

Reference calculation

Instant year-one funding/provider remeasurement; zero elapsed interval; management, not statutory, balances

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	146,669,107.74
Other reference assets held fixedother_assets	2,000,000,000.00
Management funding mark GG	172,433,580.72
Management hedge mark HH	0.00
Total assets	2,319,102,688.46
Borrowing BB	2,000,000,000.00
Management deferral DD	39,792,364.78
Management reserve XX	81,676,718.86
Total liabilities	2,121,469,083.64
Equity	197,633,604.82
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Cash stock from the management journal. This panel contains no new title transaction.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	146,669,107.74

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Inferred from submission

Submitted attribution and P&L versus authoritative journal equity change; no candidate journal exists.

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

P&L bridge, published currency amounts, rounded to two decimals
1. Cash carry	0.00
2. Matching clean mark	132,641,215.94
3. Deferral release	0.00
4. Reserve time change	0.00
5. Reserve remeasurement	-54,560,021.53
6. Reserve action	0.00
7. Hedge P&L	0.00
8. Actual borrowing cost	0.00
Reported P&L	78,081,194.41
Equity change	78,081,194.41
P&L / equity difference	0.00

Reference book

Reference calculation

Independent debit/credit replay of the selected instantaneous journal.

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

P&L bridge, published currency amounts, rounded to two decimals
1. Cash carry	0.00
2. Matching clean mark	132,641,215.94
3. Deferral release	0.00
4. Reserve time change	0.00
5. Reserve remeasurement	-54,560,021.53
6. Reserve action	0.00
7. Hedge P&L	0.00
8. Actual borrowing cost	0.00
Reported P&L	78,081,194.41
Equity change	78,081,194.41
P&L / equity difference	0.00

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`RESERVE_DIVERGENCE`

Owner: O8
Snapshot: YEAR1_RESERVE
Clock: 1.00 years
Scope: reserve_divergence

Report paths

/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 locators

SYNTHETIC_PACKET / fictional-reserve-panel
SYNTHETIC_PACKET / fictional-accounting
SYNTHETIC_PACKET / fictional-ledgers

Snapshot 5 t = 0.01 years

Protection at execution

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, candidate-implied book
Capital requirement	63,644,292.64
Recognised protection	320,000,000.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Submitted Pa_initialcurrency	320,000,000.00
Fraction implied by submitted Pa / quoted notionalratio	1.00

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	63,644,292.64
Recognised protection	320,000,000.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	19.99
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	5.00
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	1.00
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	320,000,000.00

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 6 t = 1.01 years

Protection one year after execution

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, candidate-implied book
Capital requirement	Not submitted
Recognised protection	252,631,578.95
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Submitted Pa_year1currency	252,631,578.95
Fraction implied by submitted Pa / quoted notionalratio	0.79

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	64,387,881.56
Recognised protection	252,631,578.95
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	18.99
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	4.00
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	0.79
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	252,631,578.95

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 7 t = 4.76 years

Recognition at the maturity floor

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, candidate-implied book
Capital requirement	Not submitted
Recognised protection	0.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Submitted Pa_year475currency	0.00
Fraction implied by submitted Pa / quoted notionalratio	0.00

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	69,684,437.26
Recognised protection	0.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	15.24
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	0.25
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	0.00
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	0.00

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 8 t = 5.01 years

Contractual protection expiry

ScopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

01 / Capital and contractual maturity

Recognition does not remove the tail

14.99years of reference tail

Candidate-implied book

Inferred from submission

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, candidate-implied book
Capital requirement	Not submitted
Recognised protection	Not submitted
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Capital scopeOnly the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

Reference book

Reference calculation

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	70,067,582.41
Recognised protection	0.00
Exposure maturity, years	20.00
Protection expiry from book inception, years	5.01
Economic tail, years	14.99
Tail claimed protected	No

Recognition arithmetic supplied by the Python engine
Actual remaining exposureyears	14.99
Regulatory exposure maturity capyears	5.00
Capped T used for CCR recognitionyears	5.00
Contractual protection remainingyears	0.00
Recognition flooryears	0.25
Recognised fraction from core protection_factorratio	0.00
Quoted protection notionalcurrency	320,000,000.00
Recognised Pa from core rolloffcurrency	0.00

Capital scopeControlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No balance sheet submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No cash or title ledger submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No cash or title ledger submitted for this scope.

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted Pa snapshots and whole-action tail assertion are shown. Contract dates come from the quoted reference action. No intermediate candidate hedge path is inferred.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Controlled designated-CDS action; component capital only, not an executed hedge in the base BOOK

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`PROTECTION_CONTROLLED`

Owner: O4
Snapshot: CAPITAL_COMPARE
Clock: 0.00 years
Scope: capital_comparison

Report paths

/capital/protection

Evidence locators

SYNTHETIC_PACKET / fictional-protection-panel
CAPITAL_RULES / protection
CAPITAL_RULES / cva
CAPITAL_RULES / leverage

Snapshot 9 t = 0.00 years

Independent allocation and title placements

ScopeSeparate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Reference calculation

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Hatching marks the reported economic tail. The two books share a maturity scale.

Capital and maturity, reference book
Capital requirement	1,010,360.29
Recognised protection	Not submitted
Exposure maturity, years	Not submitted
Protection expiry from book inception, years	Not submitted
Economic tail, years	Not submitted
Tail claimed protected	Not submitted

Capital scopeSeparate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No balance sheet submitted for this scope.

Reference book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No balance sheet submitted for this scope.

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Inferred from submission

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	232,300,000.00

Inspect 52 title placements

Title ledger, candidate-implied book
Lot / placement	Location	Quantity	Status
1 / L1L1	Tol	1.00	Single placementEncumbered
2 / L2L2	Tol	1.00	Single placementEncumbered
3 / S01S01	Div	1.00	Single placementEncumbered
4 / S02S02	Div	1.00	Single placementEncumbered
5 / S03S03	Div	1.00	Single placementEncumbered
6 / S04S04	Div	1.00	Single placementEncumbered
7 / S05S05	Div	1.00	Single placementEncumbered
8 / S06S06	Div	1.00	Single placementEncumbered
9 / S07S07	Div	1.00	Single placementEncumbered
10 / S08S08	Div	1.00	Single placementEncumbered
11 / S09S09	Div	1.00	Single placementEncumbered
12 / S10S10	Div	1.00	Single placementEncumbered
13 / S11S11	Div	1.00	Single placementEncumbered
14 / S12S12	Div	1.00	Single placementEncumbered
15 / S13S13	Div	1.00	Single placementEncumbered
16 / S14S14	Div	1.00	Single placementEncumbered
17 / S15S15	Div	1.00	Single placementEncumbered
18 / S16S16	Div	1.00	Single placementEncumbered
19 / S17S17	Div	1.00	Single placementEncumbered
20 / S18S18	Div	1.00	Single placementEncumbered
21 / S19S19	Div	1.00	Single placementEncumbered
22 / S20S20	Div	1.00	Single placementEncumbered
23 / S21S21	Div	1.00	Single placementEncumbered
24 / S22S22	Div	1.00	Single placementEncumbered
25 / S23S23	Div	1.00	Single placementEncumbered
26 / S24S24	Div	1.00	Single placementEncumbered
27 / S25S25	Div	1.00	Single placementEncumbered
28 / S26S26	Div	1.00	Single placementEncumbered
29 / S27S27	Div	1.00	Single placementEncumbered
30 / S28S28	Div	1.00	Single placementEncumbered
31 / S29S29	Div	1.00	Single placementEncumbered
32 / S30S30	Div	1.00	Single placementEncumbered
33 / S31S31	Div	1.00	Single placementEncumbered
34 / S32S32	Div	1.00	Single placementEncumbered
35 / S33S33	Div	1.00	Single placementEncumbered
36 / S34S34	Div	1.00	Single placementEncumbered
37 / S35S35	Div	1.00	Single placementEncumbered
38 / S36S36	Div	1.00	Single placementEncumbered
39 / S37S37	Div	1.00	Single placementEncumbered
40 / S38S38	Div	1.00	Single placementEncumbered
41 / S39S39	Div	1.00	Single placementEncumbered
42 / S40S40	Div	1.00	Single placementEncumbered
43 / S41S41	Div	1.00	Single placementEncumbered
44 / S42S42	Div	1.00	Single placementEncumbered
45 / S43S43	Div	1.00	Single placementEncumbered
46 / S44S44	Div	1.00	Single placementEncumbered
47 / S45S45	Div	1.00	Single placementEncumbered
48 / S46S46	Div	1.00	Single placementEncumbered
49 / S47S47	Div	1.00	Single placementEncumbered
50 / S48S48	Div	1.00	Single placementEncumbered
51 / S49S49	Div	1.00	Single placementEncumbered
52 / S50S50	Div	1.00	Single placementEncumbered

Reference book

Reference calculation

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

Placement numbers match the ledger below. Duplicate rows are deliberately not merged.

Cash, published currency amount, rounded to two decimals
Cash balance	232,300,000.00

Inspect 52 title placements

Title ledger, reference book
Lot / placement	Location	Quantity	Status
1 / L1L1	Tol	1.00	Single placementEncumbered
2 / L2L2	Tol	1.00	Single placementEncumbered
3 / S01S01	Div	1.00	Single placementEncumbered
4 / S02S02	Div	1.00	Single placementEncumbered
5 / S03S03	Div	1.00	Single placementEncumbered
6 / S04S04	Div	1.00	Single placementEncumbered
7 / S05S05	Div	1.00	Single placementEncumbered
8 / S06S06	Div	1.00	Single placementEncumbered
9 / S07S07	Div	1.00	Single placementEncumbered
10 / S08S08	Div	1.00	Single placementEncumbered
11 / S09S09	Div	1.00	Single placementEncumbered
12 / S10S10	Div	1.00	Single placementEncumbered
13 / S11S11	Div	1.00	Single placementEncumbered
14 / S12S12	Div	1.00	Single placementEncumbered
15 / S13S13	Div	1.00	Single placementEncumbered
16 / S14S14	Div	1.00	Single placementEncumbered
17 / S15S15	Div	1.00	Single placementEncumbered
18 / S16S16	Div	1.00	Single placementEncumbered
19 / S17S17	Div	1.00	Single placementEncumbered
20 / S18S18	Div	1.00	Single placementEncumbered
21 / S19S19	Div	1.00	Single placementEncumbered
22 / S20S20	Div	1.00	Single placementEncumbered
23 / S21S21	Div	1.00	Single placementEncumbered
24 / S22S22	Div	1.00	Single placementEncumbered
25 / S23S23	Div	1.00	Single placementEncumbered
26 / S24S24	Div	1.00	Single placementEncumbered
27 / S25S25	Div	1.00	Single placementEncumbered
28 / S26S26	Div	1.00	Single placementEncumbered
29 / S27S27	Div	1.00	Single placementEncumbered
30 / S28S28	Div	1.00	Single placementEncumbered
31 / S29S29	Div	1.00	Single placementEncumbered
32 / S30S30	Div	1.00	Single placementEncumbered
33 / S31S31	Div	1.00	Single placementEncumbered
34 / S32S32	Div	1.00	Single placementEncumbered
35 / S33S33	Div	1.00	Single placementEncumbered
36 / S34S34	Div	1.00	Single placementEncumbered
37 / S35S35	Div	1.00	Single placementEncumbered
38 / S36S36	Div	1.00	Single placementEncumbered
39 / S37S37	Div	1.00	Single placementEncumbered
40 / S38S38	Div	1.00	Single placementEncumbered
41 / S39S39	Div	1.00	Single placementEncumbered
42 / S40S40	Div	1.00	Single placementEncumbered
43 / S41S41	Div	1.00	Single placementEncumbered
44 / S42S42	Div	1.00	Single placementEncumbered
45 / S43S43	Div	1.00	Single placementEncumbered
46 / S44S44	Div	1.00	Single placementEncumbered
47 / S45S45	Div	1.00	Single placementEncumbered
48 / S46S46	Div	1.00	Single placementEncumbered
49 / S47S47	Div	1.00	Single placementEncumbered
50 / S48S48	Div	1.00	Single placementEncumbered
51 / S49S49	Div	1.00	Single placementEncumbered
52 / S50S50	Div	1.00	Single placementEncumbered

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Separate seven-day collateral-allocation counterfactual. These cash proceeds never enter BOOK balances.

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`ALLOCATION_7D`

Owner: O5
Snapshot: ALLOCATION_7D
Clock: 0.00 years
Scope: allocation_7d

Report paths

/capital/allocation

Evidence locators

SYNTHETIC_PACKET / fictional-actions
SYNTHETIC_PACKET / fictional-quote-board
CAPITAL_RULES / collateral_eligibility

Snapshot 10 t = 20.00 years

Maturity is not claim settlement

ScopeBase cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

01 / Capital and contractual maturity

Recognition does not remove the tail

Candidate-implied book

Not submitted

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

Reference book

Not submitted

Base cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

Capital comparison unavailable.

No reference capital or maturity path has been copied into this book.

02 / Balance sheet

Make the plug visible

Assets minus liabilities minus equity is the unexplained plug. A nonzero plug is not cash. Totals share a scale; the plug has its own labelled, magnified scale.

Candidate-implied book

Inferred from submission

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	710,226,966.42
U retained for statutory accountingretained_U	0.00
Five-year deploymentdeployment	0.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	500,000.00
Total assets	710,726,966.42
Sale financing liabilitysale_financing	0.00
Legacy fundinglegacy_funding	0.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	500,000.00
Total liabilities	500,000.00
Equity	710,226,966.42
Balance-sheet plug	0.00

Reference book

Reference calculation

Base cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

0.00 · Within reconciliation toleranceAbsolute tolerance supplied by Python: 0.000001

Balance sheet, published currency amounts, rounded to two decimals
Unrestricted cashcash	710,226,966.42
U retained for statutory accountingretained_U	0.00
Five-year deploymentdeployment	0.00
Reinvested OIS principalreinvestment_OIS_principal	0.00
Unpaid provider claimdisputed_receivable	500,000.00
Total assets	710,726,966.42
Sale financing liabilitysale_financing	0.00
Legacy fundinglegacy_funding	0.00
Drawn deficit facilitydeficit_borrowing	0.00
Unexecuted settlement payableunsettled_payable	0.00
Claim allowanceclaim_allowance	500,000.00
Total liabilities	500,000.00
Equity	710,226,966.42
Balance-sheet plug	0.00

03 / Cash and title

One lot cannot be in two places

Cash stays separate from title. Every square represents a reported title placement, not another asset or another dollar. A cyan double outline marks a duplicated placement.

Candidate-implied book

Not submitted

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

No cash or title ledger submitted for this scope.

Reference book

Reference calculation

Cash from the terminal journal; U was retired by the contractual redemption entry.

No title placements are present in this scoped export.

Cash, published currency amount, rounded to two decimals
Cash balance	710,226,966.42

04 / Profit and loss

The waterfall must reach equity

Candidate-implied book

Not submitted

Only the submitted terminal reserve replaces the reference claim allowance; all other reference stocks and journal equity are fixed. No candidate terminal history was submitted.

No P&L bridge submitted for this scope.

Reference book

Not submitted

Base cash counterfactual at contractual maturity; an unpaid claim remains until payment or evidenced write-off

No P&L bridge submitted for this scope.

Source ownership and snapshot clocks

These panels belong to this selected snapshot. Shared report fields do not make separate scenarios additive.

`TERMINAL_SETTLEMENT`

Owner: O8
Snapshot: TERMINAL_DISPUTE
Clock: 20.00 years
Scope: terminal_dispute

Report paths

/accounting/reserves/terminal_reserve
/accounting/reserves/all_obligations_settled

Evidence locators

SYNTHETIC_PACKET / fictional-terminal-dispute
SYNTHETIC_PACKET / fictional-ledgers

.book-viewer .v-run[hidden], .book-viewer .v-frame[hidden] { display: block !important; } .book-viewer .v-controls-heading, .book-viewer .v-scrubber, .book-viewer [data-verify-run], .book-viewer .v-divergence-scroll { display: none; } .book-viewer .v-run + .v-run { margin-top: var(--space-8); }