{
  "type": "ZkVmReceipt",
  "system": "risc0",
  "receiptFormat": "groth16-bn254",
  "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
  "seal": "Ji0nIuHVf4wHCT/I9qUaH7ENfgcjQ3oa87ig0UjnIDUEJfES7/KKoALqx81s5Ats6m8yCc2TMvV+r2kbmuaT+SEaA12lWNNeOmakHFkJYGcGZgf8NjgGjkPNBDrnuqweCwrKWxD5jjDOm1/WTWpPlsfx6tBGErkHACeepXD7aR0wSOqB1c3yxYLiKwPWK9pIKvUDvxvTaxPS3eufujw3xQedj0+kc+DDVyvxWU+k8jaFWbQtuRcgosc0zoaw36uSJk0IrrtdYf7MCvCQwVLeilCe/TPYqUpD5tASOOC1XWUiQbzFJjJo+K4W71VZwvcza1POtLvsJeiB00TU/jzNLg==",
  "journal": {
    "chaingraph_version": "0.4.0",
    "kernel_digest": "sha256:502fc1a6bd90cdb5116d232d528cabdde73311a7c8bc0e77650d5fe602fa8c2c",
    "output": {
      "annual_cost_by_model": {
        "agent_done_away": 400000,
        "direct": 2000000,
        "sponsored_done_away": 250000,
        "sponsored_done_with": 150000
      },
      "cfo_memo": "Recommended access model: agent_done_away. Est. annual cost $0.40M (vs Direct $2.00M). Done-away netting uplift from 1 dealer(s): 5%. Segregation: non-segregated (net CCP margining). Educational estimate; confirm with the CCP and sponsor.",
      "eligibility_gates": [
        "DIRECT_MEMBERSHIP_INELIGIBLE"
      ],
      "execution_access_score": 95,
      "im_estimate_by_model": {
        "agent_done_away": 0,
        "direct": 0,
        "sponsored_done_away": 0,
        "sponsored_done_with": 0
      },
      "model_scores": {
        "agent_done_away": {
          "blended": 96.5,
          "cost_score": 86,
          "eligible": true,
          "exec_score": 81
        },
        "direct": {
          "blended": 21.3,
          "cost_score": 0,
          "eligible": false,
          "exec_score": 85
        },
        "sponsored_done_away": {
          "blended": 93.5,
          "cost_score": 95,
          "eligible": true,
          "exec_score": 77
        },
        "sponsored_done_with": {
          "blended": 58.5,
          "cost_score": 100,
          "eligible": true,
          "exec_score": 34
        }
      },
      "netting_efficiency_pct": 25,
      "note": "Educational access-model economics for the SEC US Treasury clearing mandate. Assumptions documented in-kernel; not clearing advice.",
      "recommended_model": "agent_done_away",
      "segregation_recommendation": "non-segregated (net CCP margining)"
    }
  }
}