{ "format": "vercy-model-allocation-candidate/v1", "contourId": "EM-FIN-06", "proposedName": "Financial Instrument", "modelId": null, "registryId": null, "allocationState": "unassigned", "decision": "NEW MODEL", "canonicalPublishable": false, "identityTest": { "stableIdentity": "A financial instrument exists before any holder and survives transfers and position closure while retaining governed issuer terms.", "versionIdentity": "Issuance terms, conversion provisions, maturity, rights or governing conditions change through immutable instrument versions.", "independentLifecycle": [ "draft", "issued", "effective", "matured", "converted", "cancelled", "retired" ], "mastership": "Issuer is master of instrument terms and term versions. Where an authoritative instrument registry is referenced via registryRef, the registry is master of the governed instrument identifier only; it is never master of terms. Registry and issuer term records in conflict are retained as a recorded conflict state and are never silently reconciled." }, "boundary": { "owns": [ "stable instrument identity", "issuer capacity and immutable terms", "issuance and term versions", "conversion, maturity and contingent-right provisions", "governing law and successor lineage", "equity share-class terms as a subordinate classification within InstrumentVersion" ], "references": [ { "target": "WM-ECO-038", "purpose": "Positions and holdings against an instrument version", "relationState": "proposed-unapproved" }, { "target": "WM-ECO-002", "purpose": "Valuation assertions about an instrument", "relationState": "proposed-unapproved" }, { "target": "WM-ECO-016", "purpose": "Accounting postings from instrument events", "relationState": "proposed-unapproved" }, { "target": "WM-ORG-001", "purpose": "Issuer and investee identity", "relationState": "proposed-unapproved" }, { "target": "WM-ORG-012", "purpose": "Control and relationship context", "relationState": "proposed-unapproved" }, { "target": "WM-ECO-037", "purpose": "Reserved debt-instrument specialization or constraint of the instrument root; specialization direction undecided", "relationState": "unapproved-pending-adjudication" } ], "excludes": [ "investee identity", "investment participation identity", "holder position and custody account", "transaction and settlement occurrence", "valuation and posting identity", "independent Share Class identity or mastership", "ownership percentage and voting power computation and assertion" ] }, "objects": { "FinancialInstrument": { "identity": [ "financialInstrumentId" ], "required": [ "instrumentKind", "issuerRef", "status" ], "optional": [ "registryRef", "successorRef", "derivedCurrentVersionRef" ], "lifecycle": [ "draft", "issued", "effective", "matured", "converted", "cancelled", "retired" ] }, "InstrumentVersion": { "identity": [ "financialInstrumentId", "version" ], "required": [ "terms", "rights", "effectiveFrom", "effectiveFromPrecision", "recordedAt", "knowledgeTime", "contentDigest" ], "optional": [ "effectiveTo", "maturity", "conversionTerms", "supersedesVersion" ], "rightsItemRules": { "required": [ "rightKind", "contingency" ], "contingencyEnum": [ "present", "contingent" ], "contingentRequired": [ "trigger", "effectTimeRule", "excludedFromDenominators" ], "contingentExcludedFromDenominatorsMustBe": true } } }, "invariants": [ "Investee, instrument, investment, position, transaction, posting and valuation remain distinct identities.", "Instrument terms are immutable and versioned.", "Issuer, holder, beneficial owner, nominee and custodian capacities remain distinct.", "An instrument survives holder transfer and position closure.", "Quantity, ownership percentage, voting power, cost, carrying amount and value remain separate assertions.", "Conversion is an explicit event, not a term mutation.", "Value never establishes ownership, voting, control or consolidation.", "Instrument identity never derives from a mutable ticker or alias alone.", "Governing terms and evidence remain version-qualified.", "Retired versions remain resolvable.", "Instrument identifiers are never recycled.", "Share Class is a subordinate classification of an instrument version's equity terms and never masters instrument, position, holding or investment identity.", "Every right on an instrument version is typed present or contingent; contingent rights are never emitted, serialized or aggregated as present rights.", "derivedCurrentVersionRef is a non-authoritative cache; the version in force at any instant is resolved solely from InstrumentVersion effective intervals. Effective intervals of versions of one instrument never overlap, version numbers increase monotonically, and version numbers are never reused.", "successorRef records instrument-level replacement by corporate action only, is never used for version supersession (supersedesVersion) and never for position lineage (WM-ECO-038) or participation continuity (Investment). Conversion does not create an instrument successorRef: the predecessor instrument retains its own identity and lifecycle.", "Effective, observation, record and knowledge times are stored separately and never substituted. Declared date-only precision is preserved and never widened to a datetime or a timezone-shifted instant." ], "holds": [ "Registry allocation is pending and no identifier may be guessed.", "Trade, settlement, corporate-action and frozen crosswalk authorities remain incomplete.", "Overlap with reserved WM-ECO-037 Debt Instrument requires registry adjudication. The EM-ORG-03 Share Class candidate is adjudicated subordinate in this contour and raises no rival-root question.", "Financial Instrument asserts no shared term model with WM-ECO-037 until the specialization direction is adjudicated; debt term mastership is unresolved and this candidate's term ownership is provisional for debt instrument kinds.", "Dual independent study (local, Claude, Grok) and the single frozen semantic audit are complete for EM-FIN-06. No external third-party review of the base specifications exists; absence of external review remains an open hold on every base." ], "lifecycleRules": { "terminal": [ "matured", "converted", "cancelled", "retired" ], "transitions": { "draft": [ "issued", "cancelled" ], "issued": [ "effective", "cancelled" ], "effective": [ "matured", "converted", "cancelled", "retired" ], "matured": [ "retired" ], "converted": [ "retired" ], "cancelled": [ "retired" ], "retired": [] }, "constraints": [ "issued records the issuance act; effective records terms in force, and the two are never collapsed", "converted is reachable only when every outstanding position against the instrument has been derecognized by a conversion event; while any position remains outstanding the state is effective and conversion is recorded per position", "no transition deletes or rewrites a prior version or state record" ] }, "digestRule": { "algorithm": "sha256", "canonicalization": "RFC 8785 JSON Canonicalization Scheme", "form": "sha256:", "scope": "the object's required fields excluding contentDigest, derived fields and cache fields" } }