{
  "schema": "alphaforge.crowding-risk-contract.v1",
  "classification": "engineering capability; not return or admission evidence",
  "status": "PRETRADE_INTEGRATED_NO_HISTORICAL_COVERAGE",
  "trial_accounting": {
    "market_data_opened": false,
    "returns_evaluated": false,
    "hypotheses_spent": 0
  },
  "policy": {
    "max_institutional_ownership_frac": 0.85,
    "max_short_interest_frac_float": 0.25,
    "max_borrow_utilization": 0.9,
    "max_absolute_fund_flow_frac_aum": 0.1,
    "daily_liquidation_participation": 0.1,
    "stressed_adv_haircut": 0.5,
    "max_stressed_liquidation_days": 5.0
  },
  "deterministic_stress_scenarios": [
    {
      "name": "liquid_uncrowded_long",
      "status": "pass",
      "reasons": [],
      "liquidation_days": 0.1,
      "stressed_liquidation_days": 0.2
    },
    {
      "name": "missing_required_flow",
      "status": "unassessable",
      "reasons": [
        "missing required PIT metrics: fund_flows"
      ],
      "liquidation_days": 0.1,
      "stressed_liquidation_days": 0.2
    },
    {
      "name": "ownership_saturation",
      "status": "block",
      "reasons": [
        "institutional_ownership_limit"
      ],
      "liquidation_days": 0.1,
      "stressed_liquidation_days": 0.2
    },
    {
      "name": "short_squeeze",
      "status": "block",
      "reasons": [
        "short_interest_limit",
        "borrow_utilization_limit"
      ],
      "liquidation_days": 0.1,
      "stressed_liquidation_days": 0.2
    },
    {
      "name": "stressed_liquidation",
      "status": "block",
      "reasons": [
        "stressed_liquidation_days_limit"
      ],
      "liquidation_days": 3.0,
      "stressed_liquidation_days": 6.0
    }
  ],
  "implemented": [
    "PIT availability and validity for ownership, short-interest, borrow, and flow inputs",
    "coverage-aware unassessable verdict instead of imputation",
    "separate observable limit reasons without a blended crowding score",
    "base and ADV-haircut stressed liquidation days",
    "shared pre-trade rejection for new risk with reduce-only exemption"
  ],
  "not_implemented": [
    "historical institutional ownership point-in-time ingestion",
    "historical fund-flow ownership mapping to every traded security",
    "cross-manager factor-position overlap or prime-broker crowding data",
    "empirical calibration of thresholds to unwind losses",
    "portfolio-level correlated liquidation and market-depth feedback"
  ],
  "claim_boundary": "The gate and stress arithmetic are implemented. Historical candidates remain unassessable until every required PIT input is supplied; this artifact is not a claim that current or historical portfolios passed the crowding gate.",
  "source_sha256": {
    "crowding": "ba8e2069f00e1fe3eb30914f7e4afdef486f760744e5a23f7f488b0ababc1c70",
    "pretrade": "05e62410af6942e0012778c37e7f5cd57583fcbd0d0865b64df6536450b3744d",
    "crowding_tests": "c6e6fa7803f1f9ac547f4cb7e19f79b112450a773006a5c11d909aa4dfb2e606",
    "pretrade_tests": "d687ed1ee7dec0846064cdf878d9f28861c190f1c6792849b823beff6813c13a"
  },
  "content_hash": "sha256:8ea73a8027a97967e0d4b3de0e5068c64d2c720f31bd9cbd6e79c307fa9047dc"
}