{
  "vercy": "1.0-draft",
  "publication": {
    "status": "research-draft",
    "adjudicationStatus": "unreviewed",
    "publishableCanonical": false,
    "generatedAt": "2026-09-11T08:41:57Z",
    "providers": [
      "Claude"
    ],
    "breadth": "written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify",
    "pass": 2,
    "wave": 1,
    "engine": "claude",
    "enrichment": {
      "pass": 3,
      "engine": "claude",
      "producedAt": "2026-10-05T16:30:00Z",
      "ingestedAt": "2026-10-05T13:22:17+00:00",
      "fields": [
        "agent_conduct",
        "ethics",
        "owners"
      ]
    },
    "gate": {
      "passed": true,
      "version": "1.0",
      "at": "2026-10-07T12:16:27+00:00",
      "evidence": [
        "completeness 1.00",
        "sense: WordNet gloss",
        "2 live sources",
        "review by codex: pass"
      ]
    }
  },
  "metaModel": {
    "id": "THING-OPTION",
    "registryId": "vr.tr.option",
    "name": "option",
    "version": "0.2.0-wave.1",
    "entryKind": "thing",
    "family": "Thing Registry",
    "domain": [
      "SOC.ECO"
    ],
    "status": "research-draft"
  },
  "canonicalUrl": "https://ver.cy/models/thing/option/",
  "model": {
    "registry_id": "vr.tr.option",
    "name": "option",
    "purpose": "Let an agent explain options factually by type, terms, pricing concepts and risks, without personal investment advice, and flag high-risk products.",
    "definition": "A financial contract giving the holder the right, but not the obligation, to buy (call) or sell (put) an asset at an agreed price before or at a set date; options can be covered or naked and carry significant risk.",
    "what_it_is_for": "Hedging, speculation and employee compensation (stock options).",
    "affordances": [
      "explain calls and puts",
      "understand key terms such as strike and expiry",
      "recognise risks of writing options",
      "find regulated advice"
    ],
    "distinguishing_features": [
      "Right without obligation for the holder",
      "Premium paid",
      "Leverage and time decay",
      "Writing naked options can mean large losses"
    ],
    "appearance": "Contracts listed on exchanges or agreed over the counter.",
    "visual_identification": [
      "Call and put",
      "Strike price and expiry",
      "Option in the sense of choice is another sense"
    ],
    "physical_properties": [],
    "families_and_kinds": [
      "call options",
      "put options",
      "covered and naked options",
      "exchange-traded and OTC options",
      "employee stock options"
    ],
    "related_models": [
      {
        "relation": "is a kind of",
        "target": "derivative security",
        "why": "category"
      },
      {
        "relation": "is based on",
        "target": "underlying asset",
        "why": "reference"
      },
      {
        "relation": "is regulated by",
        "target": "financial regulator",
        "why": "oversight"
      },
      {
        "relation": "is confused with",
        "target": "option (choice)",
        "why": "another sense"
      }
    ],
    "identifiers": [],
    "standards_and_regulation": [
      "EU MiFID II complex product rules",
      "Exchange rules and clearing",
      "Risk disclosure requirements"
    ],
    "failure_modes_and_hazards": [
      "Large losses from leverage or naked writing",
      "Misunderstanding expiry",
      "Agents giving personal investment advice"
    ],
    "in_scope": [],
    "out_of_scope": [],
    "characteristics": [],
    "agent_conduct": {
      "may": [
        "Explain how calls and puts work and the risks they carry, in general terms.",
        "Report public option prices and contract terms from the exchange or issuer."
      ],
      "must_not": [
        "Trade options on a person's behalf without their explicit instruction and authorization.",
        "Give personalised recommendations to buy or sell options in place of a licensed adviser.",
        "Present option strategies as low-risk or guaranteed to profit.",
        "Help manipulate markets or trade on inside information."
      ],
      "requires_human": [
        "Placing, closing or exercising any option position.",
        "Deciding whether options suit a person's finances."
      ]
    },
    "ethics": {
      "considerations": [
        "Options can lose a buyer's whole stake, and naked positions can lose more than was invested.",
        "Inexperienced investors are drawn into risks they do not understand."
      ],
      "affected_parties": [
        "Retail investors",
        "Counterparties",
        "Market integrity"
      ]
    },
    "owners": {
      "steward": "The holder and writer of each contract; the exchange or clearing house and the financial regulator oversee trading.",
      "master_systems": [
        "Exchange and clearing house records",
        "Brokerage account records"
      ]
    }
  },
  "sources": [
    {
      "id": "oewn",
      "title": "Open English WordNet 2024, synset oewn-13262498-n",
      "url": "https://en-word.net/id/oewn-13262498-n",
      "what_it_supports": "sense and gloss of the concept",
      "url_status": "live",
      "checked_by": "http 200"
    },
    {
      "id": "wiktionary-en",
      "title": "Wiktionary: option",
      "url": "https://en.wiktionary.org/wiki/option",
      "what_it_supports": "word senses and usage",
      "url_status": "live",
      "checked_by": "http 200"
    }
  ],
  "structure": {
    "bundles": [
      {
        "id": "contract",
        "name": "Contract",
        "description": "Terms.",
        "rationale": "Terms define the option.",
        "layers": [
          {
            "id": "type",
            "name": "Type",
            "description": "Call or put.",
            "findings": [
              {
                "id": "type-finding",
                "name": "Type",
                "description": "Option type.",
                "questions": [
                  {
                    "text": "Is it a call or a put, and on which underlying?",
                    "kind": "definition"
                  },
                  {
                    "text": "Exchange-traded or OTC?",
                    "kind": "definition"
                  }
                ]
              }
            ]
          },
          {
            "id": "terms",
            "name": "Terms",
            "description": "Strike and expiry.",
            "findings": [
              {
                "id": "terms-finding",
                "name": "Terms",
                "description": "Key terms.",
                "questions": [
                  {
                    "text": "What are the strike price, expiry and contract size?",
                    "kind": "measurement"
                  },
                  {
                    "text": "Is it American or European style?",
                    "kind": "definition"
                  }
                ]
              }
            ]
          }
        ]
      },
      {
        "id": "value",
        "name": "Value",
        "description": "Pricing concepts.",
        "rationale": "Value depends on many factors.",
        "layers": [
          {
            "id": "factors",
            "name": "Factors",
            "description": "Price drivers.",
            "findings": [
              {
                "id": "factors-finding",
                "name": "Factors",
                "description": "Value drivers.",
                "questions": [
                  {
                    "text": "Which factors affect the option value, in general terms?",
                    "kind": "definition"
                  },
                  {
                    "text": "What is time decay?",
                    "kind": "definition"
                  }
                ]
              }
            ]
          },
          {
            "id": "payoff",
            "name": "Payoff",
            "description": "At expiry.",
            "findings": [
              {
                "id": "payoff-finding",
                "name": "Payoff",
                "description": "Payoff.",
                "questions": [
                  {
                    "text": "What is the payoff at expiry for different prices?",
                    "kind": "measurement"
                  },
                  {
                    "text": "What is the maximum loss?",
                    "kind": "boundary"
                  }
                ]
              }
            ]
          }
        ]
      },
      {
        "id": "risk",
        "name": "Risk",
        "description": "Losses.",
        "rationale": "Options can be very risky.",
        "layers": [
          {
            "id": "leverage",
            "name": "Leverage",
            "description": "Magnified losses.",
            "findings": [
              {
                "id": "leverage-finding",
                "name": "Leverage",
                "description": "Leverage risk.",
                "questions": [
                  {
                    "text": "How could leverage magnify losses?",
                    "kind": "boundary"
                  },
                  {
                    "text": "What does the risk disclosure say?",
                    "kind": "provenance"
                  }
                ]
              }
            ]
          },
          {
            "id": "writing",
            "name": "Writing",
            "description": "Selling options.",
            "findings": [
              {
                "id": "writing-finding",
                "name": "Writing",
                "description": "Writing options.",
                "questions": [
                  {
                    "text": "Is the user writing naked options with potentially unlimited loss?",
                    "kind": "boundary"
                  },
                  {
                    "text": "Is margin required?",
                    "kind": "provenance"
                  }
                ]
              }
            ]
          }
        ]
      },
      {
        "id": "limits",
        "name": "Limits",
        "description": "No advice.",
        "rationale": "Agents must not advise.",
        "layers": [
          {
            "id": "advice",
            "name": "Advice",
            "description": "Boundary.",
            "findings": [
              {
                "id": "advice-finding",
                "name": "Advice",
                "description": "Advice limit.",
                "questions": [
                  {
                    "text": "Is the user asking whether to trade options?",
                    "kind": "boundary"
                  },
                  {
                    "text": "How should the agent refer them to regulated advice?",
                    "kind": "action"
                  }
                ]
              }
            ]
          },
          {
            "id": "employees",
            "name": "Employee options",
            "description": "Compensation.",
            "findings": [
              {
                "id": "employees-finding",
                "name": "Employees",
                "description": "Employee stock options.",
                "questions": [
                  {
                    "text": "Are employee stock options meant, with their own tax and vesting rules?",
                    "kind": "boundary"
                  },
                  {
                    "text": "Who can advise?",
                    "kind": "action"
                  }
                ]
              }
            ]
          }
        ]
      }
    ]
  },
  "openQuestions": [
    "Should option types be separate entries?",
    "How should risk warnings be linked?",
    "How should the choice sense be split off?"
  ],
  "statistics": {
    "bundles": 4,
    "layers": 8,
    "findings": 8,
    "questions": 16
  }
}