NFLXx

Refused Shortfall above the 100 bps ceiling

232 bps

Shortfall buying 1,000 USDC against the smallest size that priced, from stored aggregator responses.

What the issuer can do

The issuer can freeze this where it sits.
The issuer can pause all movement of this.
The issuer can take this back from any wallet.
The issuer can switch on a check of who may receive this.
The issuer can change how many of these you appear to hold.
The issuer can create more of these.

Depth at size

USDC	Route	Shortfall	Venues
100	Available	0 bps	Raydium CLMM
1,000	Available	232 bps	Raydium CLMM
10,000	Available	1,664 bps	Raydium CLMM

Multiplier

The obvious field reads: 1
The live value is: 10
Effective: 16 Nov 2025

Anything reading the obvious field alone is one corporate action behind on this instrument.

Decision

BLOCK

Buying 1000 USDC realises a rate 232 basis points worse than buying 100 USDC, above the 100 basis point ceiling. DEPTH_ABOVE_CEILING

The field named multiplier is behind the live value here, so anything reading that field alone is one corporate action out of date. OBVIOUS_MULTIPLIER_FIELD_IS_STALE

Plus the 6 issuer powers above, each a condition the policy states but does not refuse on.

Evaluated by server/internal/policy against policy-2026.09.2. Input digest 14c79651…1ef194: identical inputs give this digest on any machine.

Record

Mint: XsEH7wWfJJu2ZT3UCFeVfALnVA6CP5ur7Ee11KmzVpL
Read at: slot 449580424, 2026-09-23T03:25:33Z
Extensions: MetadataPointer, PermanentDelegate, DefaultAccountState, ScaledUiAmount, Pausable, ConfidentialTransferMint, TransferHook, TokenMetadata
Transfer hook: Present and switched off; its authority can switch it on

Not yet captured for any lot: grade, provenance from company to wallet, corporate actions, issuer terms, custody attestations.