@techreport{canli2026treasuryauctionstatemachine,
  author      = {Canli, Arhan},
  title       = {Treasury auction concession: point-in-time schedule state machine},
  institution = {Canli Capital},
  type        = {Open quantitative research report},
  year        = {2026},
  url         = {https://canlicapital.com/research/treasury-auction-state-machine}
}