{
  "tool_id": "art-322-rhc-ap-redemption-stress",
  "note": "golden_hash computed via _hash.mjs executionHash at fixture-generation time.",
  "vectors": [
    {
      "name": "single_ap_thin_liquidity",
      "policy_parameters": {
        "authorised_participants": [
          {
            "name": "BBVI",
            "active": true
          }
        ],
        "secondary_market_depth": {
          "daily_volume_usd": 50000,
          "bid_ask_spread_bps": 20
        },
        "issuer_credit": {
          "obligor": "RHJ",
          "rating_available": false
        }
      },
      "output_payload": {
        "verdict": "STRESS_ENUMERATED",
        "ap_count": 1,
        "concentration_risk": "SINGLE_AP_CONCENTRATION",
        "redemption_path": "secondary_market_only",
        "redemption_reachable_for_non_ap": false,
        "premium_discount_exposure": true,
        "issuer_credit_exposure_distinct": true,
        "liquidity_flag": "THIN",
        "structural_dependencies": [
          "sole_AP_market_making_dependency",
          "non_AP_holders_cannot_redeem_directly_from_RHJ",
          "issuer_credit_exposure_to_RHJ_distinct_from_underlying_equity",
          "thin_secondary_market_depth"
        ],
        "not_investment_advice": "This node enumerates structural dependency only. It does not recommend a position."
      },
      "golden_hash": "a3d2d89da8f90871b3ffd4fb5e1a2e1480ab6612bd7cdb0d0fb717a6bf63a955"
    },
    {
      "name": "diversified_aps_adequate_liquidity",
      "policy_parameters": {
        "authorised_participants": [
          {
            "name": "BBVI",
            "active": true
          },
          {
            "name": "AP2",
            "active": true
          },
          {
            "name": "AP3",
            "active": true
          },
          {
            "name": "AP4",
            "active": true
          }
        ],
        "secondary_market_depth": {
          "daily_volume_usd": 5000000,
          "bid_ask_spread_bps": 5
        },
        "issuer_credit": {
          "obligor": "RHJ",
          "rating_available": true
        }
      },
      "output_payload": {
        "verdict": "STRESS_ENUMERATED",
        "ap_count": 4,
        "concentration_risk": "DIVERSIFIED",
        "redemption_path": "secondary_market_only",
        "redemption_reachable_for_non_ap": false,
        "premium_discount_exposure": false,
        "issuer_credit_exposure_distinct": true,
        "liquidity_flag": "ADEQUATE",
        "structural_dependencies": [
          "non_AP_holders_cannot_redeem_directly_from_RHJ",
          "issuer_credit_exposure_to_RHJ_distinct_from_underlying_equity"
        ],
        "not_investment_advice": "This node enumerates structural dependency only. It does not recommend a position."
      },
      "golden_hash": "51d00d3e8ee833fe7b8733388a694650b0962b4c1e714f8f7bd9843df459ccec"
    }
  ]
}