- pjm/design_models (EN/ZH): new §4.2 — three-layer statement (separable in
accounting/first-order decisions, correlated in risk, coupled in
risk-adjusted decisions), with contract-form and settlement-reference
caveats; hedge book enters the optimizer through the risk term
- china/product_design (EN/ZH): new §2.7 — the argument transfers to MLT
CfDs, with four deltas: same-settlement-price correlation, bidirectional
living-book coupling, mandate-band corner solutions, and portfolio-scale
price-impact as both modeling correction and compliance red line; 两个细则
as the third P&L stream coupling to the declaration
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