The framework being in force changes the nature of the analytical work. Perimeter questions are now largely settled in text; the live questions are supervisory and practical.
Comparability is the test
Issuer disclosures are published, but they are not yet comparable. Reserve composition, redemption mechanics and risk language vary widely in structure even where the substance is similar. Comparability, not availability, is the current constraint on analysis.
“Availability was the first-order problem. Comparability is the second, and it is harder.”
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