{
  "process_id": "CM-06",
  "policy_version": "synthetic-v1",
  "event_id": "cm-06-example-v1",
  "input": {
    "as_of": "2026-11-09T14:00:00Z",
    "absolute_limits": {
      "synthetic-fixed-bucket": 2500
    },
    "positions": [
      {
        "position_id": "pipeline",
        "as_of": "2026-11-09T14:00:00Z",
        "currency": "USD",
        "unit": "cents_gain_per_bp_down",
        "bucket": "synthetic-fixed-bucket",
        "sensitivity": 12000
      },
      {
        "position_id": "warehouse",
        "as_of": "2026-11-09T14:00:00Z",
        "currency": "USD",
        "unit": "cents_gain_per_bp_down",
        "bucket": "synthetic-fixed-bucket",
        "sensitivity": 8000
      },
      {
        "position_id": "hedge",
        "as_of": "2026-11-09T14:00:00Z",
        "currency": "USD",
        "unit": "cents_gain_per_bp_down",
        "bucket": "synthetic-fixed-bucket",
        "sensitivity": -18000
      }
    ],
    "required_position_ids": [
      "pipeline",
      "warehouse",
      "hedge"
    ],
    "model_version": "synthetic-risk-v1"
  },
  "expected": {
    "status": "ready_for_review",
    "net_cents_gain_per_bp_down": {
      "synthetic-fixed-bucket": 2000
    },
    "mode": "analysis_only",
    "trade_orders": 0,
    "errors": []
  },
  "changes": [
    {
      "name": "Configured limit breached",
      "path": [
        "absolute_limits",
        "synthetic-fixed-bucket"
      ],
      "value": 1500,
      "expected": {
        "status": "hold",
        "net_cents_gain_per_bp_down": {
          "synthetic-fixed-bucket": 2000
        },
        "mode": "analysis_only",
        "trade_orders": 0,
        "errors": [
          "limit_breach:synthetic-fixed-bucket"
        ]
      }
    },
    {
      "name": "Wrong sign-unit feed",
      "path": [
        "positions",
        2,
        "unit"
      ],
      "value": "cents_gain_per_bp_up",
      "expected": {
        "status": "hold",
        "net_cents_gain_per_bp_down": {
          "synthetic-fixed-bucket": 20000
        },
        "mode": "analysis_only",
        "trade_orders": 0,
        "errors": [
          "incompatible_risk_input:hedge",
          "limit_breach:synthetic-fixed-bucket"
        ]
      }
    },
    {
      "name": "Identical position replay",
      "append_path": [
        "positions"
      ],
      "append_value": {
        "position_id": "hedge",
        "as_of": "2026-11-09T14:00:00Z",
        "currency": "USD",
        "unit": "cents_gain_per_bp_down",
        "bucket": "synthetic-fixed-bucket",
        "sensitivity": -18000
      },
      "expected": {
        "status": "ready_for_review",
        "net_cents_gain_per_bp_down": {
          "synthetic-fixed-bucket": 2000
        },
        "mode": "analysis_only",
        "trade_orders": 0,
        "errors": []
      }
    },
    {
      "name": "Boolean sensitivity cannot become risk",
      "path": [
        "positions",
        0,
        "sensitivity"
      ],
      "value": true,
      "expected": {
        "status": "hold",
        "errors": [
          "invalid_input:position.sensitivity:expected_integer"
        ]
      }
    },
    {
      "name": "Required hedge source missing",
      "path": [
        "positions"
      ],
      "value": [
        {
          "position_id": "pipeline",
          "as_of": "2026-11-09T14:00:00Z",
          "currency": "USD",
          "unit": "cents_gain_per_bp_down",
          "bucket": "synthetic-fixed-bucket",
          "sensitivity": 12000
        },
        {
          "position_id": "warehouse",
          "as_of": "2026-11-09T14:00:00Z",
          "currency": "USD",
          "unit": "cents_gain_per_bp_down",
          "bucket": "synthetic-fixed-bucket",
          "sensitivity": 8000
        }
      ],
      "expected": {
        "status": "hold",
        "errors": [
          "invalid_input:positions:missing_required_source"
        ]
      }
    }
  ]
}