{
      "tool_id": "art-44-arc-stablefx-model",
      "tool_version": "1.0.0",
      "display_name": "Arc StableFX RFQ Economics Model",
      "mcp_name": "model_arc_stablefx_rfq",
      "mandate_type": "treasury_mandate",
      "wave": 10,
      "gpu": false,
      "url": "https://ainumbers.co/chaingraph/art-44-arc-stablefx-model.html",
      "semantic_profile": "iso20022:fxtr.008",
      "description": "Quantify Herstatt risk elimination and FX spread savings from Arc StableFX 24/7 atomic PvP settlement vs non-CLS bilateral FX. Methodology: BIS (Allsopp et al. 1996) Herstatt credit cost proxy via counterparty spread. PFMI P12 atomic settlement; BIS FX Global Code P35 netting.",
      "input_schema_ref": "chaingraph/art-44-arc-stablefx-model.html#manifest",
      "deadline": null,
      "deadline_note": "Arc StableFX live on Arc mainnet 2026. PFMI P12 compliance required for CCPs/CSDs.",
      "consumes": [
        "art-42-arc-fit-diagnostic"
      ],
      "feeds": [],
      "status": "live",
      "conformance_fixtures": false,
      "compute_capability": "server",
      "compute_images": [{"system":"sha256-source","image_id":"sha256:7fcfd2624025beb441f4018775a81c7e1d967809adfaff6b96cdde238bbf8d73","valid_from":"2026-07-10"},{"system":"risc0","image_id":"sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6","valid_from":"2026-06-28"}],
      "compute_proof": {
        "type": "ZkVmReceipt",
        "system": "risc0",
        "receiptFormat": "groth16-bn254",
        "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
        "seal": "Hp+TYyL6igVjRNbHIZOM+kxxsywAPSmsNrsX0A3A4N8FAWhBwiz1//BhQRCnaCW8bYdsVllztQeTOz2nwKt69B33/Qr77084jNiAsQd7sKA48nNJpzdD8irk5IiS6f+CGU6QF8rT3874L0cSu9haDk4h4ZG0NaLXCcMVukW+zigt/mzMsHBILy1DwDbMVDoekS41HxetCABSeeNHcNEHYAYCwZj9LlInLFJO+5k6hHPBmg++uzwjvbCRvQKga8cnCHZ3ksFm2vJf+TBRCCJW/kUlAtUPtt7u1pWjQjPkZH8b2W2iwN6IUNP8UcsAcG/VGkVsOEYnP6kXz9VHc++3Cw==",
        "journal": {
          "chaingraph_version": "0.4.0",
          "kernel_digest": "sha256:7fcfd2624025beb441f4018775a81c7e1d967809adfaff6b96cdde238bbf8d73",
          "output": {
            "annual_saving_vs_cls": 212500,
            "annual_saving_vs_incumbent": 838541.67,
            "break_even_months": 0.6,
            "cls_annual_usd": 400000,
            "compliance_flags": [
              "ARC_STABLEFX_MIGRATION_RECOMMENDED",
              "PFMI_P12_HERSTATT_ELIMINATED",
              "BIS_FX_GLOBAL_CODE_P35_NETTING_BENEFIT"
            ],
            "daily_fx_volume_usd": 5000000,
            "herstatt_eliminated_ann_usd": 26041.67,
            "herstatt_share_pct": 3,
            "impl_cost_usd": 45000,
            "incumbent_annual_usd": 1026041.67,
            "stablefx_annual_usd": 187500,
            "verdict": "MIGRATE"
          }
        }
      },
      "export_capability": [
        "xlsx",
        "csv",
        "pdf",
        "xbrl:ocg-ext"
      ]
    }