{
  "examples": [
    {
      "adoption_requirements": [
        "Named calculation agent and appeal authority",
        "Explicit unresolved-contract treatment; no automatic zero, void price or refund implied",
        "Archiving and provider-change monitoring",
        "Legal and venue review before listing"
      ],
      "contracts": {
        "basket_units": 100,
        "currency": "EUR",
        "equal_unit_weight": 1,
        "normalization": "ceil-percent-of-reference-cap",
        "operator": ">=",
        "percent_step": 1,
        "reference_cap": 153,
        "thresholds": [
          2,
          4,
          5,
          7,
          8,
          10,
          11,
          13,
          14,
          16,
          17,
          19,
          20,
          22,
          23,
          25,
          27,
          28,
          30,
          31,
          33,
          34,
          36,
          37,
          39,
          40,
          42,
          43,
          45,
          46,
          48,
          49,
          51,
          53,
          54,
          56,
          57,
          59,
          60,
          62,
          63,
          65,
          66,
          68,
          69,
          71,
          72,
          74,
          75,
          77,
          79,
          80,
          82,
          83,
          85,
          86,
          88,
          89,
          91,
          92,
          94,
          95,
          97,
          98,
          100,
          101,
          103,
          105,
          106,
          108,
          109,
          111,
          112,
          114,
          115,
          117,
          118,
          120,
          121,
          123,
          124,
          126,
          127,
          129,
          131,
          132,
          134,
          135,
          137,
          138,
          140,
          141,
          143,
          144,
          146,
          147,
          149,
          150,
          152,
          153
        ],
        "unit_payout": 1
      },
      "corrections": "Correct source selection among eligible snapshots, transcription or calculation errors; preserve both versions and reason. Later provider revisions logged separately, without reopening.",
      "disputes": "Identify frozen file, record, rule and proposed correction. All legs share corrected artifact. Source or interpretation issues can remain unresolved.",
      "geography": "Kaub gauge, Rhine, Germany; station 25700100 / UUID 1d26e504-7f9e-480a-b52c-5932be6549ab",
      "history_status": "Later-archive reconstruction; not original settlement-date information",
      "id": "rhine",
      "licence": "Draft specification; licence pending.",
      "measurement": "Number of complete fixed-CET days with sample mean strictly below 60 cm",
      "methodology": "rhine-kaub-low-water/0.3.0",
      "missing": "96 quarter-hour samples, 00:15 through 24:00 fixed CET. Missing or conflicting daily grid makes the whole day unknown. Lower bound = confirmed low days; upper = lower + unknown days. YES if lower >= strike; NO if upper < strike; otherwise UNRESOLVED.",
      "observation_period": "July 1–November 30 of year Y, 153 days",
      "peril": "river low water",
      "publication": {
        "cutoff": "December 8, Y at 12:00 UTC",
        "disputes_until": "December 13, Y at 18:00 UTC",
        "final_by": "December 15, Y at 18:00 UTC",
        "preliminary": "December 8, Y at 18:00 UTC",
        "provider_guarantee": false,
        "selection": "Latest completed official response between December 7 12:00 and December 8 12:00 UTC, with matching metadata. No eligible response means unresolved.",
        "trading_close": "November 30, Y at 23:00 UTC"
      },
      "research_note": "Each YES contract contributes 1% of maximum payout. Rhine cap is the 153-day observation period. California 25,000-structure reference cap is a rounded design value above the 22,868 largest count in the frozen 2006–2025 history; selected with that history visible. Readings above either cap saturate at 100%. Percentages are shares of a reference range, not probabilities or insured loss percentages.",
      "source": {
        "authority": "WSV PEGELONLINE",
        "manifest_sha256": "ec45e7e88cea575218484d2425b0f2c6136e9f1f1ac13756acb63f8319b08e8f",
        "rights": "DL-DE-Zero-2.0; commercial use permitted",
        "snapshot_id": "frozen-2020-2025",
        "url": "https://www.pegelonline.wsv.de/gast/historische-zeitreihen"
      },
      "status": "research draft 0.3; percentage-based reference ladder; no pricing or predictive validation",
      "timezone": "Fixed UTC+01:00, no daylight saving",
      "title": "Rhine low water at Kaub",
      "units": "days"
    },
    {
      "adoption_requirements": [
        "Named calculation agent and appeal authority",
        "Explicit unresolved-contract treatment; no automatic zero, void price or refund implied",
        "Archiving and provider-change monitoring",
        "Legal and venue review before listing"
      ],
      "contracts": {
        "basket_units": 100,
        "currency": "USD",
        "equal_unit_weight": 1,
        "normalization": "ceil-percent-of-reference-cap",
        "operator": ">=",
        "percent_step": 1,
        "reference_cap": 25000,
        "thresholds": [
          250,
          500,
          750,
          1000,
          1250,
          1500,
          1750,
          2000,
          2250,
          2500,
          2750,
          3000,
          3250,
          3500,
          3750,
          4000,
          4250,
          4500,
          4750,
          5000,
          5250,
          5500,
          5750,
          6000,
          6250,
          6500,
          6750,
          7000,
          7250,
          7500,
          7750,
          8000,
          8250,
          8500,
          8750,
          9000,
          9250,
          9500,
          9750,
          10000,
          10250,
          10500,
          10750,
          11000,
          11250,
          11500,
          11750,
          12000,
          12250,
          12500,
          12750,
          13000,
          13250,
          13500,
          13750,
          14000,
          14250,
          14500,
          14750,
          15000,
          15250,
          15500,
          15750,
          16000,
          16250,
          16500,
          16750,
          17000,
          17250,
          17500,
          17750,
          18000,
          18250,
          18500,
          18750,
          19000,
          19250,
          19500,
          19750,
          20000,
          20250,
          20500,
          20750,
          21000,
          21250,
          21500,
          21750,
          22000,
          22250,
          22500,
          22750,
          23000,
          23250,
          23500,
          23750,
          24000,
          24250,
          24500,
          24750,
          25000
        ],
        "unit_payout": 1
      },
      "corrections": "Only eligible pre-cutoff source selection, transcription and rule-application corrections during dispute window. Archive subsequent provider revisions separately; do not reopen resolved contracts.",
      "disputes": "Cite the frozen report checksum, page, year and disputed calculation. Publish decisions and version history. Unresolved source or definition issues remain unresolved.",
      "geography": "California: scope of CAL FIRE’s published All Structures Destroyed annual series",
      "history_status": "Later-archive reconstruction; not original settlement-date information",
      "id": "wildfire",
      "licence": "Draft specification; licence pending.",
      "measurement": "CAL FIRE annual All Structures Destroyed total; residences, commercial property, outbuildings and other structures declared lost",
      "methodology": "calfire-annual-structures/0.3.0",
      "missing": "No eligible report, missing total, or ambiguous series definition: all legs UNRESOLVED. A missing value is never zero. No substitutions or incident aggregation.",
      "observation_period": "Annual reporting year Y, as assigned by CAL FIRE; January–December annual series",
      "peril": "wildfire",
      "publication": {
        "cutoff": "September 30, Y+1 at 23:59 UTC",
        "disputes_until": "October 6, Y+1 at 18:00 UTC",
        "final_by": "October 8, Y+1 at 18:00 UTC",
        "preliminary": "October 1, Y+1 at 18:00 UTC",
        "provider_guarantee": false,
        "selection": "Latest unambiguous official observation-year Redbook version archived no later than cutoff. Use its All Structures Destroyed entry for year Y. Do not sum incident records or substitute a later year report. Preserve publication evidence and completed retrieval time.",
        "trading_close": "December 31, Y at 23:59 UTC"
      },
      "research_note": "Each YES contract contributes 1% of maximum payout. Rhine cap is the 153-day observation period. California 25,000-structure reference cap is a rounded design value above the 22,868 largest count in the frozen 2006–2025 history; selected with that history visible. Readings above either cap saturate at 100%. Percentages are shares of a reference range, not probabilities or insured loss percentages.",
      "source": {
        "authority": "CAL FIRE Wildfire Activity Statistics (Redbook), Graphic Figure 10",
        "manifest_sha256": "77cb3de707ca6fad3216aad54c39573c989ca26cddd82dd727883cd258f37168",
        "rights": "Government-created numerical information generally public domain under CAL FIRE conditions of use; no third-party imagery included",
        "snapshot_id": "calfire-redbook-2025-frozen-v1",
        "url": "https://www.fire.ca.gov/our-impact/statistics"
      },
      "status": "research draft 0.3; percentage-based reference ladder; no pricing or predictive validation",
      "timezone": "Provider-assigned annual series; settlement deadlines UTC",
      "title": "California wildfire structures destroyed",
      "units": "reported structures"
    }
  ],
  "schema_version": "0.3",
  "title": "PMF Peril Market Standard — Draft 0.3"
}