{
  "tool_id": "art-44-arc-stablefx-model",
  "mcp_name": "model_arc_stablefx_rfq",
  "policy_parameters": {
    "daily_fx_volume_usd": 5000000,
    "herstatt_spread_bps": 2.5,
    "non_cls_bilateral_bps": 8,
    "cls_annual_fee_usd": 100000,
    "stablefx_fee_bps": 1.5,
    "trading_days": 250,
    "impl_months": 3
  },
  "_fixture_note": "Daily $5M FX. Incumbent daily: $5M*8bps=$4k spread + Herstatt ($5M*0.5*(4/24)*2.5bps=$260) = ~$4260/day. Annual ~$1.065M. StableFX: $5M*1.5bps=$750/day, $187.5k/yr. Annual saving ~$877k. Break-even well under 18 months. Verdict: MIGRATE.",
  "expected_output_payload": {
    "verdict": "MIGRATE",
    "compliance_flags": [
      "ARC_STABLEFX_MIGRATION_RECOMMENDED",
      "PFMI_P12_HERSTATT_ELIMINATED",
      "BIS_FX_GLOBAL_CODE_P35_NETTING_BENEFIT"
    ]
  },
  "expected_execution_hash": "sha256:6fbccc08309794245e7ce649260e36b0c983072d01595a0923379cbb2a0bf94a"
}