{
  "type": "ZkVmReceipt",
  "system": "risc0",
  "receiptFormat": "groth16-bn254",
  "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
  "seal": "FyUYIkK2tW8wuDA169yMGGgNRSybsrFI7eItnU/tD5QfTwDhp4hnokoWpCS6JZzhwcM8hXY2/4gR/6nk5GDJfCK6q9xo8bMocVge5OhA+zMs36cow+PJ0ois1OBmuVagCMGc2Fa+ykcxajemWTEQ/DNuPf5Na0R2Qp9Kb9ZOblwmr6qNe4UIqHy69B93hzTgdLc2r3LAzXm6eLhRznGN0gHt2BSwVnIEGoJdiPhVvISekGYqfvHI6BQ0t5jbudi/KogepZyj98VeRQrGIgXT6BCWXu81/OfMJEtKs9nB4/Isb+vBuEv0DVBY9lFpVCffbDh5sX8pj7DRpdMsMD/9iQ==",
  "journal": {
    "chaingraph_version": "0.4.0",
    "kernel_digest": "sha256:3152f3bd790393117c348ef2ecfd1f0eab68504808ece058103511bd988c616d",
    "output": {
      "binding_deadline": {
        "allocation_confirmation": {
          "date": "Dec 2026",
          "rule": "23:00 CET trade-date allocation/confirmation + machine-readable formats",
          "source": "ESMA CSDR SDR RTS (13 Oct 2025, ESMA74-2119945926-3430)",
          "status": "NOT_READY"
        },
        "t1_go_live": {
          "date": "11 Oct 2027",
          "rule": "Coordinated EU/UK/CH T+1 securities-settlement cycle",
          "source": "CSDR amending text OJ 14 Oct 2025; UK-AST; Swiss SSPTC",
          "status": "AT_RISK"
        }
      },
      "dim_scores": {
        "corp_actions": {
          "grade": "F",
          "score": 0
        },
        "funding": {
          "grade": "F",
          "score": 0
        },
        "matching": {
          "grade": "F",
          "score": 0
        },
        "partial": {
          "grade": "F",
          "score": 0
        },
        "penalty": {
          "grade": "F",
          "score": 0
        },
        "ssi": {
          "grade": "F",
          "score": 0
        },
        "timing": {
          "grade": "F",
          "score": 0
        }
      },
      "dual_date_note": "Allocation/confirmation timing rules binding DEC 2026 · T+1 go-live 11 OCT 2027 — verify current (CSDR Refit/RTS still finalising)",
      "firm_type": "buy-side",
      "gap_checklist": [
        {
          "chain": "sd-alloc-affirm",
          "deadline": "Dec 2026",
          "gap": "Same-day automated allocation/confirmation",
          "priority": "CRITICAL"
        },
        {
          "chain": "sd-ssi-hygiene",
          "deadline": "11 Oct 2027",
          "gap": "SSI golden-source automation (~30% of fails)",
          "priority": "HIGH"
        },
        {
          "chain": "sd-failpredict",
          "deadline": "11 Oct 2027",
          "gap": "Automated matching / STP",
          "priority": "HIGH"
        },
        {
          "chain": "sd-penalty",
          "deadline": "NOW (penalties live since Feb 2022)",
          "gap": "Live CSDR penalty monitoring",
          "priority": "MEDIUM"
        },
        {
          "chain": "sd-audit-pack",
          "deadline": "11 Oct 2027 (CSDR Refit)",
          "gap": "Auto-partial settlement capability",
          "priority": "MEDIUM"
        }
      ],
      "jurisdictions": [
        "EU"
      ],
      "note": "DECISION-SUPPORT DRAFT — not a regulatory assessment. Verify all deadlines and requirements against ESMA CSDR SDR RTS (13 Oct 2025) and current CSDR Refit final text. UK-AST and Swiss SSPTC coordination to be confirmed. CSDR Refit mandatory buy-in reform: verify adoption ~Q1 2026.",
      "overall_score": 0,
      "primary_recommendation": "sd-alloc-affirm",
      "readiness_grade": "F",
      "secondary_recommendations": [
        "sd-ssi-hygiene",
        "sd-failpredict",
        "sd-penalty",
        "sd-audit-pack"
      ]
    }
  }
}