{
  "schema_version": "bell.base_rate.v2",
  "observed_at": "2026-09-21T21:25:01Z",
  "population": 791,
  "excluded_single_representation": 547,
  "denominator_two_or_more_representations": 244,
  "refused": 157,
  "comparable": 87,
  "refusal_rate": 0.6434426229508197,
  "refusal_rate_ci95": [
    0.5815445297741698,
    0.70089393092008
  ],
  "refusal_reasons": {
    "REPRESENTATIONS_WITHOUT_A_PRICE": 92,
    "ZERO_MCAP_POSITIVE_VOLUME": 30,
    "REPRESENTATIONS_QUOTED_BUT_UNTRADED": 15,
    "FEWER_THAN_TWO_SPOT_REPRESENTATIONS": 13,
    "PRICE_DENOMINATION_BREAK": 4,
    "PRICE_DISPERSION": 3,
    "SPREAD_ABOVE_PUBLISHABLE_CEILING": 1
  },
  "refusal_split": {
    "source_coverage": 107,
    "data_review": 38,
    "not_applicable": 13,
    "unclassified": 0,
    "reason_total": 158,
    "coverage_share": 0.6772,
    "coverage_codes": [
      "REPRESENTATIONS_QUOTED_BUT_UNTRADED",
      "REPRESENTATIONS_WITHOUT_A_PRICE"
    ],
    "not_applicable_codes": [
      "FEWER_THAN_TWO_SPOT_REPRESENTATIONS"
    ],
    "data_review_codes": [
      "PRICE_DENOMINATION_BREAK",
      "PRICE_DISPERSION",
      "SPREAD_ABOVE_PUBLISHABLE_CEILING",
      "ZERO_MCAP_POSITIVE_VOLUME"
    ],
    "counts": "rule hits, not references: one reference can trigger more than one rule"
  },
  "single_representation_lens": {
    "references": 547,
    "reasons": {
      "MARKET_FIELDS_MISSING": 464,
      "NO_TRADFI_MARKET": 5,
      "ZERO_MCAP_POSITIVE_VOLUME": 2
    },
    "incomplete_share": 0.8483,
    "partition": "by reference, by the most serious thing observed about each, so the parts sum to the whole. These references are excluded from the refusal rate because there was never a comparison to refuse, not because they were approved.",
    "review_trigger_rows": 2,
    "incomplete_source_fields": 464,
    "context_only": 4,
    "fully_reported": 77
  },
  "method": {
    "population": "every reference in the captured RWA map",
    "denominator": "references with >= 2 token representations",
    "excluded": "single-representation references, which cannot be compared at all",
    "numerator": "references this monitor refuses to compare, by coded rule",
    "interval": "Wilson score, 95%"
  }
}