Two free, recurring publications, the CCP Margin Monitor and the Stablecoin Reserve Scorecard, recompute figures from disclosures each subject already publishes, and attach a hash-anchored receipt to every number. This page states the source corpus, the derivation formula, and the receipt format for each published metric, and is versioned so a later formula change never retroactively re-narrates an older issue as wrong.
Per-CCP, per-quarter derived figures (initial-margin-to-notional ratios, margin-model coverage deltas quarter-over-quarter, default-fund-to-IM ratios) recomputed from each CCP's own published CPMI-IOSCO Public Quantitative Disclosure (PQD), plus the CCP Global aggregator (ccp-global.org/pqd). Both source corpora are already public and free; nothing in this series pays for or resells access to them.
Where the underlying comparator kernel has landed, the derive step is a chain that consumes it directly and emits a receipted composite. Where a specific figure isn't yet covered by an automated kernel, the issue states so explicitly ("hand-extracted from CCP PQD, pending kernel automation") rather than silently presenting it as machine-derived. Cadence target: quarterly, aligned to CCP PQD publication windows (CCPs typically publish about 60 days after quarter-end). This is a target, not a publication-date guarantee.
Per-issuer, per-month derived figures (reserve composition ratios, T-bill-yield-implied income compared against published reserve income, attestation-to-attestation drift flags) recomputed from public monthly reserve attestation reports. The scorecard rides the same proof-of-reserves verification (Merkle-SUM) and reserve-disclosure-check kernels used elsewhere in the suite, reading each attestation's published fields as caller-supplied input, never a hardcoded rule table.
The T-bill-implied income figure is independently computed from a live/dated T-bill rate input, and is stated as a sanity check against the issuer's own published reserve income, not an assertion that the issuer's figure is wrong. Where commentary references a compliance-cost figure sourced to a single journalism cluster rather than a regulator, auditor, or issuer filing, it is cited inline by publication name and never presented as a computed number; the Scorecard's own kernels do not emit it. Cadence target: monthly, aligned to attestation publication.
Every figure in every issue carries the same six fields, verifiable offline with the standard's existing verifier. No new verification surface for this series.
| Field | What it states |
|---|---|
| Subject | The CCP or stablecoin issuer name (public-disclosure subject, not a private engagement client). |
| Disclosure period | The PQD quarter or attestation month the figure was computed from. |
| Source field(s) | The specific disclosure field(s) the figure derives from. |
| Computed value | The derived figure itself: a ratio, a delta, or a drift classification, never a copy of the source table. |
| execution_hash | Commits to the exact input/output pair; any third party can replay the kernel and get a byte-identical result. |
| verify_url | Links to the standard's offline-verifiable receipt check for that figure. |
This page carries a version string. When a derivation formula changes, the version bumps and the change is noted here. Every published issue cites the methodology version it was computed under, so a later formula revision doesn't retroactively re-narrate an older issue's figures as wrong; it was correct under the methodology in force when it published.
Methodology version: v1.0 (2026-08-03): initial publication, CCP Margin Monitor + Stablecoin Reserve Scorecard.
No coverage percentage and no cadence SLA are stated anywhere in this series: cadence is a target, and each issue states its own "as of" scope honestly rather than claiming completeness it hasn't earned.