{ "by_verdict": { "HELD_BUT_BLOCKED_ON_EXTRACTION_QUALITY": [ "active_ownership_escalation", "merger_arbitrage", "tender_offer_spread" ], "HISTORY_TOO_SHORT_FOR_THE_ADMISSION_CONTRACT": [ "dealer_gamma_pressure" ], "NO_POINT_IN_TIME_RECORD_WAS_EVER_PRESERVED": [ "crypto_liquidation_pressure" ], "OBTAINABLE_FROM_DATA_THIS_REPO_ALREADY_HOLDS": [ "inflation_breakeven_relative_value" ], "OBTAINABLE_PUBLICLY_NEEDS_A_NEW_PIPELINE": [ "credit_equity_relative_value", "municipal_taxable_basis" ], "RECORD_OBTAINABLE_BUT_THE_MARKS_ARE_NOT_EXECUTABLE": [ "catastrophe_bond_event_risk", "freight_derivative_dislocation" ], "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION": [ "analyst_revision_drift", "carbon_allowance_carry", "cross_currency_basis", "fallen_angel_flow", "fx_option_risk_reversal", "index_reconstitution_flow", "mortgage_convexity_pressure", "securities_lending_supply", "sovereign_cds_fx_dislocation", "swap_spread_dislocation" ] }, "claim_boundary": "Screens obtainability only. Opens no return data, registers no hypothesis identity, runs no backtest, and claims nothing about any family's edge, sign, correlation or capacity. 0 trials.", "contract": { "minimum_history_years": 3.0, "minimum_oos_observations": 756, "trading_days_per_year": 252, "why_it_is_decisive": "A candidate's return series cannot be longer than the source that produces it. A source with less history than this cannot supply an admissible sleeve however good the idea, so the arithmetic is applied BEFORE any judgement about the idea." }, "families": [ { "best_source": "FRED breakeven series already in this repo's vintage lake", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "inflation_breakeven_relative_value", "history_basis": "MEASURED from data/lake_macro_vintage/meta.json", "history_years": 23.63, "how_to_verify": null, "marks_are_indicative": false, "meets_contract_history": true, "notes": [ "The best result in this screen, and it is narrower than it looks: what is held supports one formulation of the identity and not the other. Saying which is the difference between a screen and an encouragement." ], "obtainability_evidence_status": "MEASURED_FROM_THIS_REPO", "reason": "The breakeven leg is held daily and is an unrevised market quantity, so it is point-in-time by construction rather than by careful handling. The inflation-SWAP leg is vendor, so the swap-versus-breakeven formulation is not reachable \u2014 the breakeven-versus-realised one is.", "related_artifact": null, "required_record": "TIPS breakevens, inflation swaps, CPI vintages and carry, point-in-time", "verdict": "OBTAINABLE_FROM_DATA_THIS_REPO_ALREADY_HOLDS", "what_the_verdict_means": "The record this identity needs is already in this repo's lake, with enough history for the contract. Nothing has to be bought and no new pipeline has to be built." }, { "best_source": "TRACE plus a reference-data vendor", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "credit_equity_relative_value", "history_basis": null, "history_years": null, "how_to_verify": "Confirm the current dissemination caps and whether the academic TRACE file lifts them for history.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [ "The record exists and is biased by construction \u2014 model the cap or do not use it." ], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "TRACE is public, but disseminated sizes are CAPPED, so the public print record is systematically the small trades. The issuer-to-equity mapping and terms are vendor. Public enough to screen, truncated enough that the truncation must be modelled.", "related_artifact": null, "required_record": "point-in-time issuer mapping, bond prices and corporate actions", "verdict": "OBTAINABLE_PUBLICLY_NEEDS_A_NEW_PIPELINE", "what_the_verdict_means": "The record exists and is public. The cost is engineering, which is the cheapest kind of blocker this programme has." }, { "best_source": "MSRB EMMA plus municipal reference data", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "municipal_taxable_basis", "history_basis": null, "history_years": null, "how_to_verify": "Check whether EMMA's historical bulk file carries call and tax fields or only prints.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "Trade prints are publicly disclosed. Call schedules and tax treatment \u2014 which is where this identity's whole basis lives \u2014 are reference data and mostly vendor.", "related_artifact": null, "required_record": "MSRB trade prints, call schedules, tax status and reference data", "verdict": "OBTAINABLE_PUBLICLY_NEEDS_A_NEW_PIPELINE", "what_the_verdict_means": "The record exists and is public. The cost is engineering, which is the cheapest kind of blocker this programme has." }, { "best_source": "EDGAR", "contract_minimum_years": 3.0, "extraction_gated": true, "family": "active_ownership_escalation", "history_basis": "MEASURED from data/raw/sec_active_ownership_13d/indexes/*.idx.gz", "history_years": 15.75, "how_to_verify": null, "marks_are_indicative": false, "meets_contract_history": true, "notes": [ "Atlas id and feasibility id differ (active_ownership_escalation vs active_ownership_13d*). The link is a JUDGEMENT that they name the same mechanism." ], "obtainability_evidence_status": "MEASURED_FROM_THIS_REPO", "reason": "The filings are held. The existing 13D probes fail on extraction quality \u2014 header completeness, contemporaneous ticker resolution and Item 4 extraction rate \u2014 not on obtainability.", "related_artifact": "artifacts/analysis/data_gate_unblocks/result.json", "required_record": "13D and 13D/A state, and Item 4 language, at acceptance time", "verdict": "HELD_BUT_BLOCKED_ON_EXTRACTION_QUALITY", "what_the_verdict_means": "The documents are held and the shortfall is in reading them. C1's harness applies directly here: ask what a PERFECT detector would reach BEFORE writing a protocol." }, { "best_source": "EDGAR", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "merger_arbitrage", "history_basis": "MEASURED from data/raw/sec_active_ownership_13d/indexes/*.idx.gz", "history_years": 15.75, "how_to_verify": null, "marks_are_indicative": false, "meets_contract_history": true, "notes": [], "obtainability_evidence_status": "MEASURED_FROM_THIS_REPO", "reason": "Already screened, and the answer is not an extraction one: the 0.80 prior-8-K gate blends two filing populations that do not share the obligation it tests. Do not re-derive it here.", "related_artifact": "artifacts/analysis/reachability_harness/result.json", "required_record": "deal terms, amendments and outcomes as known at each date", "verdict": "HELD_BUT_BLOCKED_ON_EXTRACTION_QUALITY", "what_the_verdict_means": "The documents are held and the shortfall is in reading them. C1's harness applies directly here: ask what a PERFECT detector would reach BEFORE writing a protocol." }, { "best_source": "EDGAR", "contract_minimum_years": 3.0, "extraction_gated": true, "family": "tender_offer_spread", "history_basis": "MEASURED from data/raw/sec_active_ownership_13d/indexes/*.idx.gz", "history_years": 15.75, "how_to_verify": null, "marks_are_indicative": false, "meets_contract_history": true, "notes": [], "obtainability_evidence_status": "MEASURED_FROM_THIS_REPO", "reason": "A feasibility probe already exists and returned DATA_GATED on extraction quality. C1's harness applies before any protocol is written: compute what a perfect detector would reach first.", "related_artifact": "artifacts/feasibility/tender_offer_spread/result.json", "required_record": "SC TO and recommendation documents by acceptance time", "verdict": "HELD_BUT_BLOCKED_ON_EXTRACTION_QUALITY", "what_the_verdict_means": "The documents are held and the shortfall is in reading them. C1's harness applies directly here: ask what a PERFECT detector would reach BEFORE writing a protocol." }, { "best_source": "I/B/E/S, FactSet or Visible Alpha estimate history", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "analyst_revision_drift", "history_basis": null, "history_years": null, "how_to_verify": "Ask any vendor for the as-of contributor detail and its restatement policy.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The consensus is republished, not versioned: the freely available number is today's view of the past. Only a vendor's own archive preserves who said what and when, and those archives are themselves restated when brokers merge or are backfilled.", "related_artifact": null, "required_record": "contributor-level analyst estimates as they stood on each past date", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "ICE settlement history plus the public EU transaction log", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "carbon_allowance_carry", "history_basis": null, "history_years": null, "how_to_verify": "Check the exchange's redistribution terms for settlement history.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The registry leg is public. The curve leg \u2014 which is what a carry identity trades \u2014 is exchange settlement data and licensed.", "related_artifact": null, "required_record": "contract rules, registry state and the futures curve, point-in-time", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "an FX/rates vendor", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "cross_currency_basis", "history_basis": null, "history_years": null, "how_to_verify": "Check whether any free source carries forward points with a stable history.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The basis is the residual of two curves. Spot is free; the forward points and the OIS curves that make the identity are not.", "related_artifact": null, "required_record": "FX forwards, OIS curves and fixings as of each date", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "Moody's/S&P rating histories plus an index provider's eligibility rules", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "fallen_angel_flow", "history_basis": null, "history_years": null, "how_to_verify": "Price a rating-history file and check the index rulebook's licence.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "Both legs are licensed, and the second leg has the same publication restriction as index_reconstitution_flow.", "related_artifact": null, "required_record": "rating action timestamps and index eligibility at each rebalance", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "an OTC FX options vendor", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "fx_option_risk_reversal", "history_basis": null, "history_years": null, "how_to_verify": "Ask a vendor whether the historical surface is composite or executable.", "marks_are_indicative": true, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "OTC surfaces are composed from dealer contributions. Beyond the licence, the quotes are indicative \u2014 a composite is not an executable price.", "related_artifact": null, "required_record": "FX option surfaces, forwards and calendars, point-in-time", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "S&P, FTSE Russell or MSCI index services", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "index_reconstitution_flow", "history_basis": null, "history_years": null, "how_to_verify": "Read one index provider's licence for whether derived research may be published.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [ "The licence question is unusual here: it constrains publication, not just cost." ], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The announcement archive and the float/weight vintages ARE the index provider's product. Beyond the fee there is a redistribution restriction, which bears directly on a programme whose whole asset is publishing what it measured.", "related_artifact": null, "required_record": "index announcements, float factors and weights as published on the day", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "eMBS, Bloomberg or a dealer analytics feed", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "mortgage_convexity_pressure", "history_basis": null, "history_years": null, "how_to_verify": "Price one pool-level history feed.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "Pool-level history and prepayment models are licensed products with no public analogue.", "related_artifact": null, "required_record": "pool-level mortgage universe, durations and the rate surface, point-in-time", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "S&P Global Securities Finance or DataLend", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "securities_lending_supply", "history_basis": "MEASURED from data/lake_shortint/settlement_date=*.parquet", "history_years": 8.54, "how_to_verify": "Price one securities-finance feed with daily history.", "marks_are_indicative": false, "meets_contract_history": true, "notes": [ "The held proxy is the trap: it is available, it correlates, and it is not the variable. A screen that reported 'we have short interest' would have passed a family whose mechanism we cannot price." ], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The identity is priced off the FEE. This repo holds FINRA short interest, which is a different quantity \u2014 the size of the position, not its cost \u2014 and substituting it would be measuring something the identity does not name.", "related_artifact": null, "required_record": "historical borrow fee, availability, locates and recalls per name per day", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "a credit-derivatives vendor", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "sovereign_cds_fx_dislocation", "history_basis": null, "history_years": null, "how_to_verify": "Price a sovereign CDS history file.", "marks_are_indicative": false, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "Sovereign CDS history is licensed with no public analogue at curve granularity.", "related_artifact": null, "required_record": "sovereign CDS curves, NDF/FX and credit events, point-in-time", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "a rates vendor; the free H.15 swap series was discontinued", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "swap_spread_dislocation", "history_basis": "MEASURED from data/lake_macro_vintage/meta.json", "history_years": 64.63, "how_to_verify": "Check H.15 for a swap series with observations after its discontinuation.", "marks_are_indicative": false, "meets_contract_history": true, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The Treasury leg is held from 1962. The swap leg is not: the free constant-maturity swap series stopped publishing, so the post-discontinuation curve is vendor-only. Half an identity is not an identity.", "related_artifact": null, "required_record": "swap curve, deliverable Treasuries and funding, as of each date", "verdict": "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "what_the_verdict_means": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, { "best_source": "Alpaca expired-contract chain (held route) or OPRA history (vendor)", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "dealer_gamma_pressure", "history_basis": "scripts/ingest_options_chain.py (verified there, not re-run here)", "history_years": 2.5, "how_to_verify": "Re-run the contract enumeration for a 2019 expiry and see whether it returns rows.", "marks_are_indicative": false, "meets_contract_history": false, "notes": [ "This entry exists because a wrong 'impossible' was published here once already: the chain was called unreconstructable on a query missing one parameter. The screen records the corrected route AND its length rather than either error." ], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The free route exists and is documented in this repo: expired contracts ARE enumerable with status=inactive and their daily bars retrievable. Its coverage begins around 2024, which the contract arithmetic below then rules on.", "related_artifact": null, "required_record": "open interest, trades and the option surface as they stood on each date", "verdict": "HISTORY_TOO_SHORT_FOR_THE_ADMISSION_CONTRACT", "what_the_verdict_means": "The best source offers less history than the admission contract's minimum observations. The family cannot produce an admissible sleeve today no matter how good the idea is. It becomes screenable only by waiting, or by buying history." }, { "best_source": "broker indication sheets", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "catastrophe_bond_event_risk", "history_basis": null, "history_years": null, "how_to_verify": "Compare indication sheets against actual secondary trade confirmations.", "marks_are_indicative": true, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "Secondary marks are weekly broker indications on a thin market. The triggers and event notices are obtainable; the prices to trade against are not.", "related_artifact": null, "required_record": "trigger definitions, event notices and executable secondary marks", "verdict": "RECORD_OBTAINABLE_BUT_THE_MARKS_ARE_NOT_EXECUTABLE", "what_the_verdict_means": "The prices are assessed, indicated or broker-quoted rather than transacted. A backtest on them measures a price nobody could have traded, which is a more expensive kind of wrong than a null: it produces a number, and the number is not about trading." }, { "best_source": "Baltic Exchange assessments", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "freight_derivative_dislocation", "history_basis": null, "history_years": null, "how_to_verify": "Compare a month of assessments against cleared FFA settlement prices and see how far apart they are.", "marks_are_indicative": true, "meets_contract_history": null, "notes": [], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The route rates are ASSESSED by a reporting panel, not transacted. A backtest on them measures a panel's opinion of a rate. The licence is the smaller problem.", "related_artifact": null, "required_record": "route assessments, contract terms and quotes, point-in-time", "verdict": "RECORD_OBTAINABLE_BUT_THE_MARKS_ARE_NOT_EXECUTABLE", "what_the_verdict_means": "The prices are assessed, indicated or broker-quoted rather than transacted. A backtest on them measures a price nobody could have traded, which is a more expensive kind of wrong than a null: it produces a number, and the number is not about trading." }, { "best_source": "exchange real-time streams (this repo already collects several venues)", "contract_minimum_years": 3.0, "extraction_gated": false, "family": "crypto_liquidation_pressure", "history_basis": "MEASURED from data/lake/funding/*/year=*", "history_years": 6.0, "how_to_verify": "Query each collected venue for liquidations older than its rolling window and see whether anything comes back.", "marks_are_indicative": false, "meets_contract_history": true, "notes": [ "The one family here where the collector we already run is the answer \u2014 but only starting now. The contract's minimum is therefore a WAIT, and the wait is the finding." ], "obtainability_evidence_status": "JUDGEMENT_NOT_VERIFIED_THIS_RUN", "reason": "The venues publish forced liquidations as a real-time stream and, at most, a short rolling window. The historical event record was never archived by the venue, so it cannot be bought or scraped after the fact \u2014 only collected forward from today.", "related_artifact": null, "required_record": "forced-liquidation events, trades and book snapshots, historically", "verdict": "NO_POINT_IN_TIME_RECORD_WAS_EVER_PRESERVED", "what_the_verdict_means": "The as-of state was never archived \u2014 only the current or restated version survives. No amount of money or engineering recovers it. Forward collection from today is the only route, which means the clock starts now and the contract's minimum sets the wait." } ], "families_screened": 20, "headline": "6 of 20 untouched families are blocked on engineering. The other 14 are blocked on money, on a record that was never preserved, or on prices nobody could trade \u2014 none of which more work closes.", "ranking": [ "OBTAINABLE_FROM_DATA_THIS_REPO_ALREADY_HOLDS", "OBTAINABLE_PUBLICLY_NEEDS_A_NEW_PIPELINE", "HELD_BUT_BLOCKED_ON_EXTRACTION_QUALITY", "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION", "HISTORY_TOO_SHORT_FOR_THE_ADMISSION_CONTRACT", "RECORD_OBTAINABLE_BUT_THE_MARKS_ARE_NOT_EXECUTABLE", "NO_POINT_IN_TIME_RECORD_WAS_EVER_PRESERVED" ], "schema": "canli.alphac-atlas-reachability-screen.v1", "sources_held": { "crypto_perp_funding_multivenue": { "first": "2020", "last": "2026", "measured_from": "data/lake/funding/*/year=*", "partitions": 7, "span_years": 6.0 }, "deribit_option_snapshots": { "first": "2026-06-25", "last": "2026-08-21", "measured_from": "data/deribit/snapshots/snap_*.jsonl", "partitions": 12, "span_years": 0.16 }, "edgar_quarterly_indexes": { "first": "2010-01", "last": "2025-10", "measured_from": "data/raw/sec_active_ownership_13d/indexes/*.idx.gz", "partitions": 64, "span_years": 15.75 }, "finra_short_interest": { "first": "2017-12-29", "last": "2026-07-15", "measured_from": "data/lake_shortint/settlement_date=*.parquet", "partitions": 206, "span_years": 8.54 }, "fred_breakeven_10y": { "first": "2003-01-02", "last": "2026-08-20", "measured_from": "data/lake_macro_vintage/meta.json", "partitions": 5913, "span_years": 23.63 }, "fred_breakeven_5y": { "first": "2003-01-02", "last": "2026-08-20", "measured_from": "data/lake_macro_vintage/meta.json", "partitions": 5913, "span_years": 23.63 }, "fred_treasury_10y": { "first": "1962-01-02", "last": "2026-08-19", "measured_from": "data/lake_macro_vintage/meta.json", "partitions": 16143, "span_years": 64.63 } }, "verdict_meanings": { "HELD_BUT_BLOCKED_ON_EXTRACTION_QUALITY": "The documents are held and the shortfall is in reading them. C1's harness applies directly here: ask what a PERFECT detector would reach BEFORE writing a protocol.", "HISTORY_TOO_SHORT_FOR_THE_ADMISSION_CONTRACT": "The best source offers less history than the admission contract's minimum observations. The family cannot produce an admissible sleeve today no matter how good the idea is. It becomes screenable only by waiting, or by buying history.", "NO_POINT_IN_TIME_RECORD_WAS_EVER_PRESERVED": "The as-of state was never archived \u2014 only the current or restated version survives. No amount of money or engineering recovers it. Forward collection from today is the only route, which means the clock starts now and the contract's minimum sets the wait.", "OBTAINABLE_FROM_DATA_THIS_REPO_ALREADY_HOLDS": "The record this identity needs is already in this repo's lake, with enough history for the contract. Nothing has to be bought and no new pipeline has to be built.", "OBTAINABLE_PUBLICLY_NEEDS_A_NEW_PIPELINE": "The record exists and is public. The cost is engineering, which is the cheapest kind of blocker this programme has.", "RECORD_OBTAINABLE_BUT_THE_MARKS_ARE_NOT_EXECUTABLE": "The prices are assessed, indicated or broker-quoted rather than transacted. A backtest on them measures a price nobody could have traded, which is a more expensive kind of wrong than a null: it produces a number, and the number is not about trading.", "VENDOR_ONLY_AN_OWNER_SPENDING_DECISION": "The record exists and is licensed. This is not an engineering question and it is not mine to answer \u2014 it is a spending decision with a number attached." }, "what_is_judged": "Who holds a record this repo does NOT hold, and whether an as-of version of it was preserved at all. Every such row is stamped JUDGEMENT_NOT_VERIFIED_THIS_RUN and carries the concrete check that would settle it. None is presented as measured.", "what_is_measured": "The family list, derived from the atlas rather than listed. The contract minimum, read from the contract in force. The history of every source this repo holds, re-derived from the lake on this run. The verdict, computed from those." }