Reference vs Real-Time Data
Distinguish official observations, delayed feeds and executable streams.
Name the object before manipulating it.
Reference data can be authoritative without being current. Real-time data can be current without carrying redistribution rights.
Distinguish official observations, delayed feeds and executable streams.
State the governing relationship.
Notation and units
Decimal rates and volatilities, year-fraction time and continuous compounding unless stated otherwise.
Draw the boundary of the claim.
Definitions, units and information sets are fixed before the mathematical relationship is applied.
Rates and volatilities use decimal units and time uses year fractions unless stated otherwise.
The relationship is local to its stated assumptions and should not be extrapolated mechanically.
“An unstated convention is a future reconciliation break.”— THEQUANTBATEMAN
Connect the definition to an observable.
Source selection, licensing, freshness labels and fallback behaviour.
Translate the concept into a risk question.
State the convention, identify the observable and ask which Foundations risk remains after the proposed hedge.
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