{
  "contract_version": "16",
  "metadata": {
    "producer": "trading-engine",
    "purpose": "bounded quote and trade replay fixture"
  },
  "run_id": "quote-trade",
  "base_currency": "USD",
  "initial_portfolio": {
    "cash": [
      {
        "currency": "USD",
        "amount": "2000"
      }
    ],
    "positions": [],
    "marks": [],
    "fx_rates": [
      {
        "currency": "USD",
        "rate": "1"
      }
    ]
  },
  "instruments": [
    {
      "instrument_id": "clip-equity",
      "symbol": "CLIP",
      "quote_currency": "USD",
      "tick_size": "0.01",
      "lot_size": "1"
    }
  ],
  "venue_calendars": [
    {
      "calendar_id": "clip-xnas-2026",
      "calendar_version": "1",
      "venue_id": "XNAS",
      "instrument_ids": [
        "clip-equity"
      ],
      "sessions": [
        {
          "session_date": "2026-02-02",
          "policy": "regular",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-02-02T14:30:00Z",
              "closes_at": "2026-02-02T21:00:00Z"
            }
          ]
        },
        {
          "session_date": "2026-02-03",
          "policy": "regular",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-02-03T14:30:00Z",
              "closes_at": "2026-02-03T21:00:00Z"
            }
          ]
        },
        {
          "session_date": "2026-02-04",
          "policy": "early_close",
          "phases": [
            {
              "phase": "regular",
              "opens_at": "2026-02-04T14:30:00Z",
              "closes_at": "2026-02-04T18:00:00Z"
            }
          ]
        }
      ]
    }
  ],
  "risk": {
    "max_gross_exposure": "1000000000",
    "max_leverage": "1",
    "short_borrow_bps": 100,
    "instrument_policies": [
      {
        "instrument_id": "clip-equity",
        "max_order_quantity": "1000",
        "max_long_position": "1000",
        "max_short_position": "1000",
        "max_notional_exposure": "1000000000",
        "initial_margin_bps": 5000,
        "maintenance_margin_bps": 2500,
        "shorting_allowed": true
      }
    ],
    "groups": []
  },
  "execution": {
    "model": "quote_trade_v1",
    "configuration": {
      "version": "1",
      "participation_bps": 10000,
      "fee_schedules": [
        {
          "schedule_id": "clip-fees-v1",
          "instrument_id": "clip-equity",
          "settlement_currency": "USD",
          "minimum": null,
          "maximum": null,
          "components": [
            {
              "name": "broker",
              "currency": "USD",
              "kind": "fixed",
              "value": "10",
              "rounding": "up",
              "applies_to": "any"
            }
          ]
        }
      ]
    }
  },
  "max_internal_events": 1000,
  "schedule": [
    {
      "after_slice_sequence": "1",
      "intents": [
        {
          "type": "submit_order",
          "instrument_id": "clip-equity",
          "side": "buy",
          "quantity": "10",
          "order_kind": "limit",
          "trigger_price": null,
          "limit_price": "100",
          "time_in_force": "gtc",
          "venue_id": null,
          "calendar_id": null,
          "expires_at": null
        }
      ]
    }
  ],
  "slices": [
    {
      "slice_sequence": "1",
      "start_at": "2026-02-02T14:30:00Z",
      "end_at": "2026-02-02T21:00:00Z",
      "available_at": "2026-02-02T21:00:01Z",
      "received_at": "2026-02-02T21:00:02Z",
      "bars": [
        {
          "instrument_id": "clip-equity",
          "open": "50",
          "high": "50",
          "low": "50",
          "close": "50",
          "volume": "100"
        }
      ],
      "fx_rates": [
        {
          "currency": "USD",
          "rate": "1"
        }
      ],
      "corporate_actions": [],
      "borrow_observations": [
        {
          "instrument_id": "clip-equity",
          "effective_at": "2026-02-02T14:30:00Z",
          "available_quantity": "1000",
          "annual_rate_bps": 100,
          "recalled": false
        }
      ],
      "cash_rate_observations": [
        {
          "currency": "USD",
          "effective_at": "2026-02-02T14:30:00Z",
          "credit_rate_bps": 100,
          "debit_rate_bps": 200
        }
      ],
      "settlement_failures": [],
      "lifecycle_events": [],
      "market_events": [],
      "order_book_events": []
    },
    {
      "slice_sequence": "2",
      "start_at": "2026-02-03T14:30:00Z",
      "end_at": "2026-02-03T21:00:00Z",
      "available_at": "2026-02-03T21:00:01Z",
      "received_at": "2026-02-03T21:00:02Z",
      "bars": [
        {
          "instrument_id": "clip-equity",
          "open": "100",
          "high": "100",
          "low": "100",
          "close": "100",
          "volume": "100"
        }
      ],
      "fx_rates": [
        {
          "currency": "USD",
          "rate": "1"
        }
      ],
      "corporate_actions": [],
      "borrow_observations": [
        {
          "instrument_id": "clip-equity",
          "effective_at": "2026-02-03T14:30:00Z",
          "available_quantity": "1000",
          "annual_rate_bps": 100,
          "recalled": false
        }
      ],
      "cash_rate_observations": [
        {
          "currency": "USD",
          "effective_at": "2026-02-03T14:30:00Z",
          "credit_rate_bps": 100,
          "debit_rate_bps": 200
        }
      ],
      "settlement_failures": [],
      "lifecycle_events": [],
      "market_events": [
        {
          "type": "quote",
          "instrument_id": "clip-equity",
          "event_at": "2026-02-03T14:31:00Z",
          "available_at": "2026-02-03T14:31:01Z",
          "received_at": "2026-02-03T14:31:02Z",
          "ingest_sequence": "1",
          "bid_price": "99",
          "bid_quantity": "20",
          "ask_price": "101",
          "ask_quantity": "20"
        },
        {
          "type": "trade",
          "instrument_id": "clip-equity",
          "event_at": "2026-02-03T14:32:00Z",
          "available_at": "2026-02-03T14:32:01Z",
          "received_at": "2026-02-03T14:32:02Z",
          "ingest_sequence": "2",
          "price": "100",
          "quantity": "5",
          "aggressor_side": "unknown"
        },
        {
          "type": "trade",
          "instrument_id": "clip-equity",
          "event_at": "2026-02-03T14:33:00Z",
          "available_at": "2026-02-03T14:33:01Z",
          "received_at": "2026-02-03T14:33:02Z",
          "ingest_sequence": "3",
          "price": "99",
          "quantity": "4",
          "aggressor_side": "sell"
        },
        {
          "type": "trade",
          "instrument_id": "clip-equity",
          "event_at": "2026-02-03T14:34:00Z",
          "available_at": "2026-02-03T14:34:01Z",
          "received_at": "2026-02-03T14:34:02Z",
          "ingest_sequence": "4",
          "price": "100",
          "quantity": "10",
          "aggressor_side": "sell"
        }
      ],
      "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": "clip-equity",
        "calendar_id": "default-settlement",
        "lag_business_days": 1
      }
    ]
  }
}