STRATEGY CAPACITY / REVIEW MEMO / VERSION 1 / 2026-10-16

Decision and capital scope:
Sleeve identity and gross traded notional:
Order netting and overlapping portfolios:
Volume source, unit, window and access rights:
Execution window and volume stress:
Fee, half spread and impact evidence:
Participation and cost constraints:
Binding sleeve and sensitivity:
Alpha decay / delay not modelled:
Shorting, leverage and nonlinear exclusions:
Independent reconciliation:
Owner, approval boundary and review trigger:

Illustrative worksheet. A conditional capital bound is not measured deployable capacity.