Paired markets
Two capped claims, one reserve
Each risk group backs a HIGH claim (pays more the more variance is realized) and a CALM claim (pays the rest) on the same window. Because the two payouts always sum to the cap payout, the vault reserves max(HIGH, CALM) — not the sum of the caps. Prices are fixed bid/ask quotes set by the writer, not a fair-value volatility model.
| Group | Status | Expiry | HIGH (Bid / Ask / Payout) | CALM (Bid / Ask / Payout) | HIGH outstanding | CALM outstanding | Reserve / if separate | |
|---|---|---|---|---|---|---|---|---|
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