BRENTOIL-PERP Listing

#Principles

1. Not a WTIOIL clone — ICE is engineering, not configuration#
   ICE Brent has a different holiday calendar than CME and may need a different settlement source; the settlement engine keys calendars by category and the daily-settlement downloader is built for CME via Databento.
2. No trading before the initial settlement price is set#
   The initial mark falls back to the last settlement price, so opening before ep3 update-settlement-price runs makes day-one margin/liquidation math garbage.
3. Routing key is chosen at listing — cheap now, a migration later#
   The A-3454 migrator doesn't exist yet, so a bad partition choice is only fixable by hand; place the instrument with the planner, not the ENERGY key.

#TODO 0 / 9 done

• 1
  Spec sign-off#

  Ben's thread covers symbol, benchmark, mark, contract size, tick, funding, margin, and roll; open gaps are funding caps, min trade qty, and confirming 19:30 London brackets the ICE settlement window.

• 2
  ICE settlement data source#

  The blocking engineering item: the CME-shaped futures downloader and roll-schedule generator both need an ICE Brent (IFEU) vendor/dataset decision and calendar.

• 3
  Per-instrument calendar + settlement-time support#

  Add a per-instrument calendar/settlement-time override plus the ICE holiday file, since the energy category today maps to one calendar and 2:30pm ET.

• 4
  Code — instrument ID + spec YAML#

  Reserve the (id, symbol) pair in INSTRUMENT_IDS and write the instruments.yml entry (ax + ep3) with Brent config, and ship in a deployable version.

• 5
  Routing key — revive the rebalance planner#

  Revive the routing-key planner so the instrument lands on a low-load partition; the planner half suffices for a new listing, the migrator is off the critical path.

  #2085 feat(admin-cli): add routing-key rebalance planner
• 6
  Estimated funding price#

  Confirm a live estimated/index price source for Brent and verify the engine publishes estimated-funding-rate:BRENTOIL-PERP to Redis once the instrument exists.

• 7
  Demo listing + initial settlement price + verification#

  Run the full listing runbook on demo, set the initial settlement price, then verify mark, margining, funding publishing, and that the first funding run fires at 19:30 London and skips an ICE-holiday/CME-open day correctly.

• 8
  Business readiness#

  Parallel to engineering, gates prod: confirm MM/customer launch demand and limits, produce launch marketing, and add the contract spec to public docs and the changelog.

  awaiting sign-off ≥1 MM confirmed quoting BRENTOIL-PERP at launch

  awaiting sign-off launch announcement + public contract specs ready
• 9
  Prod listing + first funding cycle#

  Repeat the listing on prod, open the instrument, and watch the first funding cycle reconcile against the published rate computed at the London settlement time.

  awaiting sign-off BRENTOIL-PERP open on prod; first funding cycle verified sane

#Design Questions

1. Settlement data source — Databento IFEU dataset, or a direct ICE feed?#
   OpenThe vendor/licensing decision gating phase 2. Databento IFEU coverage keeps the existing downloader shape; otherwise it's a new integration.
2. Calendar override design — per-instrument calendar, or a new pseudo-category?#
   OpenPer-instrument override is the honest fix; an energy_ice pseudo-category is the cheap one. Needs a decision before phase 3 starts.
3. Funding rate caps and minimum trade quantity?#
   OpenNot in Ben's thread; confirm alongside the NATGAS gaps before the spec YAML is written.
4. Which MMs are committed to quoting at launch?#
   OpenNo demand thread found yet. Brent likely shares the WTIOIL MM set, but that's an assumption, not a commitment — this gates the prod date.
5. Does BRENTOIL ship after NATGAS, or together?#
   OpenNATGAS is config-mostly; BRENTOIL has real engineering. Sequencing NATGAS first exercises the runbook on the easy case; needs a business call on bundling.