FA-61791 / Options payoff and settlement / Open access

Exercise notice acceptance cutoff: hours and minutes are compared separately · case 01

A 16:45 notice is late against a 17:30 cutoff.

Verified by executionVariant 1 · 8 checks per implementationDownload source bundle ↓JSON ↗

ROOT CAUSE

The time test compares hour and minute fields independently.

VERIFIED REPAIR

Compare minutes since midnight.

Unsuccessful approach: A strict comparison of minutes-of-day rejects notices exactly at the cutoff.

Case contract

Inputs expiry date, submission [y,m,d,hh,mm], cutoff [hh,mm], extension minutes and member flag. Notices after the expiry date are "expired"; notices on earlier dates are "accepted"; on the expiry date a notice is accepted if its minute of day <= cutoff (+extension for members), else "late".

Why this case matters

Option expiry, exercise and settlement engines move cash and shares; a wrong branch misstates obligations.

1 / The failure

Exit 1

"""Failure Map reference implementation. Python standard library only."""
import json
import datetime
N = 1
observations = []
def solve(expiry, submit, cutoff, extension, member):
    e = datetime.date(*expiry)
    y, m, d, hh, mm = submit
    sd = datetime.date(y, m, d)
    if sd > e:
        return 'expired'
    if sd < e:
        return 'accepted'
    limit = cutoff[0] * 60 + cutoff[1] + (extension if member else 0)
    return 'accepted' if hh <= limit // 60 and mm <= limit % 60 else 'late'
def check(label, actual, expected):
    observations.append({"check": label, "actual": actual, "expected": expected, "passed": actual == expected})
fixtures = [[['regression cutoff comparison 1', [[2027, 10, 31], [2027, 10, 31, 15, 59], [16, 0], 0, True], 'accepted'], ['regression cutoff comparison 2', [[2030, 2, 28], [2030, 2, 28, 17, 30], [17, 30], 90, True], 'accepted'], ['partial repair probe 1', [[2020, 3, 1], [2020, 3, 1, 17, 0], [17, 0], 0, False], 'accepted'], ['partial repair probe 2', [[2024, 10, 7], [2024, 10, 7, 16, 0], [16, 0], 0, False], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2029, 6, 27], [2029, 6, 25, 18, 0], [17, 0], 0, True], 'accepted'], ['normal control 2', [[2027, 1, 3], [2027, 1, 1, 19, 30], [17, 30], 30, True], 'accepted'], ['normal control 3', [[2029, 10, 8], [2029, 10, 3, 15, 59], [16, 0], 30, True], 'accepted']], [['regression cutoff comparison 1', [[2022, 10, 14], [2022, 10, 14, 16, 59], [17, 0], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2025, 5, 8], [2025, 5, 8, 15, 59], [16, 0], 30, False], 'accepted'], ['partial repair probe 1', [[2029, 3, 8], [2029, 3, 8, 17, 30], [17, 0], 30, True], 'accepted'], ['partial repair probe 2', [[2030, 4, 30], [2030, 4, 30, 18, 0], [17, 30], 30, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2022, 12, 21], [2022, 12, 22, 17, 1], [17, 0], 0, True], 'expired'], ['normal control 2', [[2021, 5, 30], [2021, 5, 29, 19, 0], [17, 30], 0, False], 'accepted'], ['normal control 3', [[2021, 11, 29], [2021, 11, 28, 18, 0], [17, 30], 90, False], 'accepted']], [['regression cutoff comparison 1', [[2030, 1, 24], [2030, 1, 24, 14, 30], [16, 0], 30, False], 'accepted'], ['regression cutoff comparison 2', [[2026, 12, 21], [2026, 12, 21, 16, 29], [17, 0], 0, True], 'accepted'], ['partial repair probe 1', [[2028, 4, 25], [2028, 4, 25, 17, 0], [17, 0], 90, False], 'accepted'], ['partial repair probe 2', [[2023, 7, 4], [2023, 7, 4, 16, 0], [16, 0], 0, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2020, 2, 28], [2020, 2, 28, 18, 0], [16, 0], 30, False], 'late'], ['normal control 2', [[2020, 5, 1], [2020, 4, 30, 7, 30], [17, 30], 30, True], 'accepted'], ['normal control 3', [[2025, 4, 1], [2025, 3, 30, 17, 29], [17, 30], 30, True], 'accepted']], [['regression cutoff comparison 1', [[2027, 6, 30], [2027, 6, 30, 15, 30], [17, 0], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2027, 2, 14], [2027, 2, 14, 18, 30], [17, 30], 90, True], 'accepted'], ['partial repair probe 1', [[2030, 11, 18], [2030, 11, 18, 17, 0], [17, 0], 0, True], 'accepted'], ['partial repair probe 2', [[2030, 3, 30], [2030, 3, 30, 17, 0], [17, 0], 0, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2026, 5, 10], [2026, 5, 8, 16, 1], [16, 0], 90, False], 'accepted'], ['normal control 2', [[2024, 3, 7], [2024, 3, 6, 17, 29], [17, 30], 0, True], 'accepted'], ['normal control 3', [[2028, 9, 30], [2028, 9, 30, 16, 1], [16, 0], 0, True], 'late']], [['regression cutoff comparison 1', [[2026, 3, 1], [2026, 3, 1, 16, 59], [17, 30], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2020, 12, 30], [2020, 12, 30, 15, 29], [16, 0], 0, False], 'accepted'], ['partial repair probe 1', [[2026, 12, 18], [2026, 12, 18, 17, 30], [17, 30], 0, False], 'accepted'], ['partial repair probe 2', [[2022, 10, 16], [2022, 10, 16, 16, 0], [16, 0], 90, False], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2026, 9, 30], [2026, 9, 30, 16, 30], [16, 0], 90, False], 'late'], ['normal control 2', [[2027, 6, 25], [2027, 6, 20, 19, 0], [17, 30], 0, False], 'accepted'], ['normal control 3', [[2022, 1, 28], [2022, 1, 27, 6, 0], [16, 0], 30, False], 'accepted']]]
for label, args, expected in fixtures[N-1]:
    check(label, solve(*args), expected)
print(json.dumps({"observations": observations, "passed": all(x["passed"] for x in observations)}, ensure_ascii=False))
raise SystemExit(0 if all(x["passed"] for x in observations) else 1)

Boundary fixture	Actual	Expected	Outcome
regression cutoff comparison 1	`late`	`accepted`	Failed
regression cutoff comparison 2	`late`	`accepted`	Failed
partial repair probe 1	`accepted`	`accepted`	Passed
partial repair probe 2	`accepted`	`accepted`	Passed
boundary control 1	`accepted`	`accepted`	Passed
normal control 1	`accepted`	`accepted`	Passed
normal control 2	`accepted`	`accepted`	Passed
normal control 3	`accepted`	`accepted`	Passed

SHA-256 / 2c9d20f09854eb23ae6aea3c0d0369290c85ea1c7bee92b521173b12acb35ac4

2 / The unsuccessful fix

Exit 1

"""Failure Map reference implementation. Python standard library only."""
import json
import datetime
N = 1
observations = []
def solve(expiry, submit, cutoff, extension, member):
    e = datetime.date(*expiry)
    y, m, d, hh, mm = submit
    sd = datetime.date(y, m, d)
    if sd > e:
        return 'expired'
    if sd < e:
        return 'accepted'
    limit = cutoff[0] * 60 + cutoff[1] + (extension if member else 0)
    return 'accepted' if hh * 60 + mm < limit else 'late'
def check(label, actual, expected):
    observations.append({"check": label, "actual": actual, "expected": expected, "passed": actual == expected})
fixtures = [[['regression cutoff comparison 1', [[2027, 10, 31], [2027, 10, 31, 15, 59], [16, 0], 0, True], 'accepted'], ['regression cutoff comparison 2', [[2030, 2, 28], [2030, 2, 28, 17, 30], [17, 30], 90, True], 'accepted'], ['partial repair probe 1', [[2020, 3, 1], [2020, 3, 1, 17, 0], [17, 0], 0, False], 'accepted'], ['partial repair probe 2', [[2024, 10, 7], [2024, 10, 7, 16, 0], [16, 0], 0, False], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2029, 6, 27], [2029, 6, 25, 18, 0], [17, 0], 0, True], 'accepted'], ['normal control 2', [[2027, 1, 3], [2027, 1, 1, 19, 30], [17, 30], 30, True], 'accepted'], ['normal control 3', [[2029, 10, 8], [2029, 10, 3, 15, 59], [16, 0], 30, True], 'accepted']], [['regression cutoff comparison 1', [[2022, 10, 14], [2022, 10, 14, 16, 59], [17, 0], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2025, 5, 8], [2025, 5, 8, 15, 59], [16, 0], 30, False], 'accepted'], ['partial repair probe 1', [[2029, 3, 8], [2029, 3, 8, 17, 30], [17, 0], 30, True], 'accepted'], ['partial repair probe 2', [[2030, 4, 30], [2030, 4, 30, 18, 0], [17, 30], 30, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2022, 12, 21], [2022, 12, 22, 17, 1], [17, 0], 0, True], 'expired'], ['normal control 2', [[2021, 5, 30], [2021, 5, 29, 19, 0], [17, 30], 0, False], 'accepted'], ['normal control 3', [[2021, 11, 29], [2021, 11, 28, 18, 0], [17, 30], 90, False], 'accepted']], [['regression cutoff comparison 1', [[2030, 1, 24], [2030, 1, 24, 14, 30], [16, 0], 30, False], 'accepted'], ['regression cutoff comparison 2', [[2026, 12, 21], [2026, 12, 21, 16, 29], [17, 0], 0, True], 'accepted'], ['partial repair probe 1', [[2028, 4, 25], [2028, 4, 25, 17, 0], [17, 0], 90, False], 'accepted'], ['partial repair probe 2', [[2023, 7, 4], [2023, 7, 4, 16, 0], [16, 0], 0, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2020, 2, 28], [2020, 2, 28, 18, 0], [16, 0], 30, False], 'late'], ['normal control 2', [[2020, 5, 1], [2020, 4, 30, 7, 30], [17, 30], 30, True], 'accepted'], ['normal control 3', [[2025, 4, 1], [2025, 3, 30, 17, 29], [17, 30], 30, True], 'accepted']], [['regression cutoff comparison 1', [[2027, 6, 30], [2027, 6, 30, 15, 30], [17, 0], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2027, 2, 14], [2027, 2, 14, 18, 30], [17, 30], 90, True], 'accepted'], ['partial repair probe 1', [[2030, 11, 18], [2030, 11, 18, 17, 0], [17, 0], 0, True], 'accepted'], ['partial repair probe 2', [[2030, 3, 30], [2030, 3, 30, 17, 0], [17, 0], 0, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2026, 5, 10], [2026, 5, 8, 16, 1], [16, 0], 90, False], 'accepted'], ['normal control 2', [[2024, 3, 7], [2024, 3, 6, 17, 29], [17, 30], 0, True], 'accepted'], ['normal control 3', [[2028, 9, 30], [2028, 9, 30, 16, 1], [16, 0], 0, True], 'late']], [['regression cutoff comparison 1', [[2026, 3, 1], [2026, 3, 1, 16, 59], [17, 30], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2020, 12, 30], [2020, 12, 30, 15, 29], [16, 0], 0, False], 'accepted'], ['partial repair probe 1', [[2026, 12, 18], [2026, 12, 18, 17, 30], [17, 30], 0, False], 'accepted'], ['partial repair probe 2', [[2022, 10, 16], [2022, 10, 16, 16, 0], [16, 0], 90, False], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2026, 9, 30], [2026, 9, 30, 16, 30], [16, 0], 90, False], 'late'], ['normal control 2', [[2027, 6, 25], [2027, 6, 20, 19, 0], [17, 30], 0, False], 'accepted'], ['normal control 3', [[2022, 1, 28], [2022, 1, 27, 6, 0], [16, 0], 30, False], 'accepted']]]
for label, args, expected in fixtures[N-1]:
    check(label, solve(*args), expected)
print(json.dumps({"observations": observations, "passed": all(x["passed"] for x in observations)}, ensure_ascii=False))
raise SystemExit(0 if all(x["passed"] for x in observations) else 1)

Boundary fixture	Actual	Expected	Outcome
regression cutoff comparison 1	`accepted`	`accepted`	Passed
regression cutoff comparison 2	`accepted`	`accepted`	Passed
partial repair probe 1	`late`	`accepted`	Failed
partial repair probe 2	`late`	`accepted`	Failed
boundary control 1	`accepted`	`accepted`	Passed
normal control 1	`accepted`	`accepted`	Passed
normal control 2	`accepted`	`accepted`	Passed
normal control 3	`accepted`	`accepted`	Passed

SHA-256 / 3feb7ff9348fa939d59c6402101299c636467f54aa005e1beaad25a8dca2e9e2

3 / The verified repair

Exit 0

"""Failure Map reference implementation. Python standard library only."""
import json
import datetime
N = 1
observations = []
def solve(expiry, submit, cutoff, extension, member):
    e = datetime.date(*expiry)
    y, m, d, hh, mm = submit
    sd = datetime.date(y, m, d)
    if sd > e:
        return 'expired'
    if sd < e:
        return 'accepted'
    limit = cutoff[0] * 60 + cutoff[1] + (extension if member else 0)
    return 'accepted' if hh * 60 + mm <= limit else 'late'
def check(label, actual, expected):
    observations.append({"check": label, "actual": actual, "expected": expected, "passed": actual == expected})
fixtures = [[['regression cutoff comparison 1', [[2027, 10, 31], [2027, 10, 31, 15, 59], [16, 0], 0, True], 'accepted'], ['regression cutoff comparison 2', [[2030, 2, 28], [2030, 2, 28, 17, 30], [17, 30], 90, True], 'accepted'], ['partial repair probe 1', [[2020, 3, 1], [2020, 3, 1, 17, 0], [17, 0], 0, False], 'accepted'], ['partial repair probe 2', [[2024, 10, 7], [2024, 10, 7, 16, 0], [16, 0], 0, False], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2029, 6, 27], [2029, 6, 25, 18, 0], [17, 0], 0, True], 'accepted'], ['normal control 2', [[2027, 1, 3], [2027, 1, 1, 19, 30], [17, 30], 30, True], 'accepted'], ['normal control 3', [[2029, 10, 8], [2029, 10, 3, 15, 59], [16, 0], 30, True], 'accepted']], [['regression cutoff comparison 1', [[2022, 10, 14], [2022, 10, 14, 16, 59], [17, 0], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2025, 5, 8], [2025, 5, 8, 15, 59], [16, 0], 30, False], 'accepted'], ['partial repair probe 1', [[2029, 3, 8], [2029, 3, 8, 17, 30], [17, 0], 30, True], 'accepted'], ['partial repair probe 2', [[2030, 4, 30], [2030, 4, 30, 18, 0], [17, 30], 30, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2022, 12, 21], [2022, 12, 22, 17, 1], [17, 0], 0, True], 'expired'], ['normal control 2', [[2021, 5, 30], [2021, 5, 29, 19, 0], [17, 30], 0, False], 'accepted'], ['normal control 3', [[2021, 11, 29], [2021, 11, 28, 18, 0], [17, 30], 90, False], 'accepted']], [['regression cutoff comparison 1', [[2030, 1, 24], [2030, 1, 24, 14, 30], [16, 0], 30, False], 'accepted'], ['regression cutoff comparison 2', [[2026, 12, 21], [2026, 12, 21, 16, 29], [17, 0], 0, True], 'accepted'], ['partial repair probe 1', [[2028, 4, 25], [2028, 4, 25, 17, 0], [17, 0], 90, False], 'accepted'], ['partial repair probe 2', [[2023, 7, 4], [2023, 7, 4, 16, 0], [16, 0], 0, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2020, 2, 28], [2020, 2, 28, 18, 0], [16, 0], 30, False], 'late'], ['normal control 2', [[2020, 5, 1], [2020, 4, 30, 7, 30], [17, 30], 30, True], 'accepted'], ['normal control 3', [[2025, 4, 1], [2025, 3, 30, 17, 29], [17, 30], 30, True], 'accepted']], [['regression cutoff comparison 1', [[2027, 6, 30], [2027, 6, 30, 15, 30], [17, 0], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2027, 2, 14], [2027, 2, 14, 18, 30], [17, 30], 90, True], 'accepted'], ['partial repair probe 1', [[2030, 11, 18], [2030, 11, 18, 17, 0], [17, 0], 0, True], 'accepted'], ['partial repair probe 2', [[2030, 3, 30], [2030, 3, 30, 17, 0], [17, 0], 0, True], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2026, 5, 10], [2026, 5, 8, 16, 1], [16, 0], 90, False], 'accepted'], ['normal control 2', [[2024, 3, 7], [2024, 3, 6, 17, 29], [17, 30], 0, True], 'accepted'], ['normal control 3', [[2028, 9, 30], [2028, 9, 30, 16, 1], [16, 0], 0, True], 'late']], [['regression cutoff comparison 1', [[2026, 3, 1], [2026, 3, 1, 16, 59], [17, 30], 90, False], 'accepted'], ['regression cutoff comparison 2', [[2020, 12, 30], [2020, 12, 30, 15, 29], [16, 0], 0, False], 'accepted'], ['partial repair probe 1', [[2026, 12, 18], [2026, 12, 18, 17, 30], [17, 30], 0, False], 'accepted'], ['partial repair probe 2', [[2022, 10, 16], [2022, 10, 16, 16, 0], [16, 0], 90, False], 'accepted'], ['boundary control 1', [[2024, 6, 21], [2024, 6, 20, 23, 0], [17, 30], 0, False], 'accepted'], ['normal control 1', [[2026, 9, 30], [2026, 9, 30, 16, 30], [16, 0], 90, False], 'late'], ['normal control 2', [[2027, 6, 25], [2027, 6, 20, 19, 0], [17, 30], 0, False], 'accepted'], ['normal control 3', [[2022, 1, 28], [2022, 1, 27, 6, 0], [16, 0], 30, False], 'accepted']]]
for label, args, expected in fixtures[N-1]:
    check(label, solve(*args), expected)
print(json.dumps({"observations": observations, "passed": all(x["passed"] for x in observations)}, ensure_ascii=False))
raise SystemExit(0 if all(x["passed"] for x in observations) else 1)

Boundary fixture	Actual	Expected	Outcome
regression cutoff comparison 1	`accepted`	`accepted`	Passed
regression cutoff comparison 2	`accepted`	`accepted`	Passed
partial repair probe 1	`accepted`	`accepted`	Passed
partial repair probe 2	`accepted`	`accepted`	Passed
boundary control 1	`accepted`	`accepted`	Passed
normal control 1	`accepted`	`accepted`	Passed
normal control 2	`accepted`	`accepted`	Passed
normal control 3	`accepted`	`accepted`	Passed

SHA-256 / f55b5ab9afd58a2b43abf20daf038413dafcb7016c63c4d535a417e7b28bcdcf

Verification & scope

A deterministic toy contract stated explicitly in the contract field; no claim of conformance to any exchange or clearing rulebook. This reproducer isolates one failure mechanism. Results cover the supplied fixtures. Variants within a family share a test contract and should remain grouped when constructing evaluation splits. Related mechanisms with a shared evaluation_group must also remain together; these controlled models are not independent production incidents.

Observations recorded using Python 3.12.14 at 2026-09-29T14:46:58.573540+00:00.

Case digest / 2b0879e6fca3d818cd9ebe3062d21254b29c2a3a176f4879a9884142a7687421