{
  "contract_version": "16",
  "metadata": {
    "producer": "trading-engine-demo",
    "purpose": "deterministic conformance fixture"
  },
  "run_id": "demo",
  "base_currency": "USD",
  "initial_portfolio": {
    "cash": [
      {
        "currency": "USD",
        "amount": "10000"
      }
    ],
    "positions": [
      {
        "instrument_id": "demo-equity-acme",
        "quantity": "1",
        "cost_basis": "90",
        "realized_pnl": "5",
        "dividend_pnl": "1",
        "execution_fees": "0.5",
        "borrow_fees": "0.25"
      }
    ],
    "marks": [
      {
        "instrument_id": "demo-equity-acme",
        "price": "100"
      }
    ],
    "fx_rates": [
      {
        "currency": "USD",
        "rate": "1"
      }
    ]
  },
  "instruments": [
    {
      "instrument_id": "demo-equity-acme",
      "symbol": "ACME",
      "quote_currency": "USD",
      "tick_size": "0.01",
      "lot_size": "0.001"
    }
  ],
  "venue_calendars": [
    {
      "calendar_id": "demo-xnas-2026",
      "calendar_version": "1",
      "venue_id": "XNAS",
      "instrument_ids": [
        "demo-equity-acme"
      ],
      "sessions": [
        {
          "session_date": "2026-01-01",
          "policy": "holiday",
          "phases": []
        },
        {
          "session_date": "2026-01-02",
          "policy": "regular",
          "phases": [
            {
              "phase": "premarket",
              "opens_at": "2026-01-02T09:00:00Z",
              "closes_at": "2026-01-02T14:25:00Z"
            },
            {
              "phase": "opening_auction",
              "opens_at": "2026-01-02T14:25:00Z",
              "closes_at": "2026-01-02T14:30:00Z"
            },
            {
              "phase": "regular",
              "opens_at": "2026-01-02T14:30:00Z",
              "closes_at": "2026-01-02T20:55:00Z"
            },
            {
              "phase": "closing_auction",
              "opens_at": "2026-01-02T20:55:00Z",
              "closes_at": "2026-01-02T21:00:00Z"
            },
            {
              "phase": "postmarket",
              "opens_at": "2026-01-02T21:00:00Z",
              "closes_at": "2026-01-03T01:00:00Z"
            }
          ]
        },
        {
          "session_date": "2026-01-05",
          "policy": "regular",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-01-05T14:30:00Z",
              "closes_at": "2026-01-05T21:00:00Z"
            }
          ]
        },
        {
          "session_date": "2026-01-06",
          "policy": "regular",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-01-06T14:30:00Z",
              "closes_at": "2026-01-06T21:00:00Z"
            }
          ]
        },
        {
          "session_date": "2026-01-07",
          "policy": "regular",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-01-07T14:30:00Z",
              "closes_at": "2026-01-07T21:00:00Z"
            }
          ]
        },
        {
          "session_date": "2026-01-08",
          "policy": "early_close",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-01-08T14:30:00Z",
              "closes_at": "2026-01-08T18:00:00Z"
            }
          ]
        }
      ]
    }
  ],
  "risk": {
    "max_gross_exposure": "1000000",
    "max_leverage": "2",
    "short_borrow_bps": 100,
    "instrument_policies": [
      {
        "instrument_id": "demo-equity-acme",
        "max_order_quantity": "1000",
        "max_long_position": "1000",
        "max_short_position": "1000",
        "max_notional_exposure": "1000000",
        "initial_margin_bps": 5000,
        "maintenance_margin_bps": 2500,
        "shorting_allowed": true
      }
    ],
    "groups": []
  },
  "execution": {
    "model": "completed_bar_adverse_touch_v1",
    "configuration": {
      "version": "1",
      "participation_bps": 5000,
      "fee_schedules": [
        {
          "schedule_id": "demo-acme-fees-v1",
          "instrument_id": "demo-equity-acme",
          "settlement_currency": "USD",
          "minimum": "0.3",
          "maximum": "1",
          "components": [
            {
              "name": "broker",
              "currency": "USD",
              "kind": "fixed",
              "value": "0.25",
              "rounding": "up",
              "applies_to": "any"
            },
            {
              "name": "exchange",
              "currency": "USD",
              "kind": "notional_bps",
              "value": 10,
              "rounding": "up",
              "applies_to": "taker"
            },
            {
              "name": "maker_rebate",
              "currency": "USD",
              "kind": "notional_bps",
              "value": -2,
              "rounding": "nearest",
              "applies_to": "maker"
            }
          ]
        }
      ],
      "spread_model": {
        "model": "fixed_half_spread_v1",
        "half_spread_bps": 5
      },
      "impact_model": {
        "model": "linear_participation_v1",
        "coefficient_bps": 25,
        "missing_volume_policy": "reject"
      }
    }
  },
  "max_internal_events": 1000,
  "schedule": [
    {
      "after_slice_sequence": "1",
      "intents": [
        {
          "type": "target_weights",
          "targets": [
            {
              "instrument_id": "demo-equity-acme",
              "weight": "0.1"
            }
          ]
        },
        {
          "type": "emit_metric",
          "name": "desired_weight",
          "value": { "type": "numeric", "value": "0.1" },
          "unit": "ratio",
          "dimensions": { "source": "strategy", "instrument": "demo-equity-acme" },
          "aggregation": "last"
        }
      ]
    },
    {
      "after_slice_sequence": "3",
      "intents": [
        {
          "type": "target_quantities",
          "targets": [
            {
              "instrument_id": "demo-equity-acme",
              "quantity": "2.5"
            }
          ]
        }
      ]
    }
  ],
  "slices": [
    {
      "slice_sequence": "1",
      "start_at": "2026-01-02T14:30:00Z",
      "end_at": "2026-01-02T21:00:00Z",
      "available_at": "2026-01-02T21:00:01Z",
      "received_at": "2026-01-02T21:00:02Z",
      "bars": [
        {
          "instrument_id": "demo-equity-acme",
          "open": "100",
          "high": "105",
          "low": "99",
          "close": "104",
          "volume": "100"
        }
      ],
      "fx_rates": [
        {
          "currency": "USD",
          "rate": "1"
        }
      ],
      "corporate_actions": [],
      "borrow_observations": [
        {
          "instrument_id": "demo-equity-acme",
          "effective_at": "2026-01-02T14:30:00Z",
          "available_quantity": "1000",
          "annual_rate_bps": 100,
          "recalled": false
        }
      ],
      "cash_rate_observations": [
        {
          "currency": "USD",
          "effective_at": "2026-01-02T14:30:00Z",
          "credit_rate_bps": 100,
          "debit_rate_bps": 200
        }
      ],
      "settlement_failures": [],
      "lifecycle_events": [],
      "market_events": [],
      "order_book_events": []
    },
    {
      "slice_sequence": "2",
      "start_at": "2026-01-05T14:30:00Z",
      "end_at": "2026-01-05T21:00:00Z",
      "available_at": "2026-01-05T21:00:01Z",
      "received_at": "2026-01-05T21:00:02Z",
      "bars": [
        {
          "instrument_id": "demo-equity-acme",
          "open": "103",
          "high": "108",
          "low": "102",
          "close": "107",
          "volume": "13"
        }
      ],
      "fx_rates": [
        {
          "currency": "USD",
          "rate": "1"
        }
      ],
      "corporate_actions": [],
      "borrow_observations": [
        {
          "instrument_id": "demo-equity-acme",
          "effective_at": "2026-01-05T14:30:00Z",
          "available_quantity": "1000",
          "annual_rate_bps": 100,
          "recalled": false
        }
      ],
      "cash_rate_observations": [
        {
          "currency": "USD",
          "effective_at": "2026-01-05T14:30:00Z",
          "credit_rate_bps": 100,
          "debit_rate_bps": 200
        }
      ],
      "settlement_failures": [],
      "lifecycle_events": [],
      "market_events": [],
      "order_book_events": []
    },
    {
      "slice_sequence": "3",
      "start_at": "2026-01-06T14:30:00Z",
      "end_at": "2026-01-06T21:00:00Z",
      "available_at": "2026-01-06T21:00:01Z",
      "received_at": "2026-01-06T21:00:02Z",
      "bars": [
        {
          "instrument_id": "demo-equity-acme",
          "open": "107",
          "high": "109",
          "low": "104",
          "close": "105",
          "volume": "100"
        }
      ],
      "fx_rates": [
        {
          "currency": "USD",
          "rate": "1"
        }
      ],
      "corporate_actions": [],
      "borrow_observations": [
        {
          "instrument_id": "demo-equity-acme",
          "effective_at": "2026-01-06T14:30:00Z",
          "available_quantity": "1000",
          "annual_rate_bps": 100,
          "recalled": false
        }
      ],
      "cash_rate_observations": [
        {
          "currency": "USD",
          "effective_at": "2026-01-06T14:30:00Z",
          "credit_rate_bps": 100,
          "debit_rate_bps": 200
        }
      ],
      "settlement_failures": [],
      "lifecycle_events": [],
      "market_events": [],
      "order_book_events": []
    },
    {
      "slice_sequence": "4",
      "start_at": "2026-01-07T14:30:00Z",
      "end_at": "2026-01-07T21:00:00Z",
      "available_at": "2026-01-07T21:00:01Z",
      "received_at": "2026-01-07T21:00:02Z",
      "bars": [
        {
          "instrument_id": "demo-equity-acme",
          "open": "105",
          "high": "107",
          "low": "103",
          "close": "106",
          "volume": "100"
        }
      ],
      "fx_rates": [
        {
          "currency": "USD",
          "rate": "1"
        }
      ],
      "corporate_actions": [],
      "borrow_observations": [
        {
          "instrument_id": "demo-equity-acme",
          "effective_at": "2026-01-07T14:30:00Z",
          "available_quantity": "1000",
          "annual_rate_bps": 100,
          "recalled": false
        }
      ],
      "cash_rate_observations": [
        {
          "currency": "USD",
          "effective_at": "2026-01-07T14:30:00Z",
          "credit_rate_bps": 100,
          "debit_rate_bps": 200
        }
      ],
      "settlement_failures": [],
      "lifecycle_events": [],
      "market_events": [],
      "order_book_events": []
    }
  ],
  "financing": {
    "day_count": "actual_365",
    "compounding": "simple",
    "borrow_missing_data": "reject",
    "cash_missing_data": "reject",
    "locate_policy": "clip_fill",
    "recall_policy": "close_out"
  },
  "settlement": {
    "cash_buying_power": "total_cash",
    "position_availability": "total_positions",
    "calendars": [
      {
        "calendar_id": "default-settlement",
        "version": "1",
        "business_dates": [
          "2026-01-02",
          "2026-01-05",
          "2026-01-06",
          "2026-01-07",
          "2026-01-08",
          "2026-01-09",
          "2026-02-02",
          "2026-02-03",
          "2026-02-04",
          "2026-02-05"
        ]
      }
    ],
    "rules": [
      {
        "instrument_id": "demo-equity-acme",
        "calendar_id": "default-settlement",
        "lag_business_days": 1
      }
    ]
  }
}