Module IX — Execution Uncertainty and Emergency Control

Status: outline. Lecture body not authored. Phases: 7 EXECUTION · 8 EMERGENCY

What happens when the sent order has no certain state. Timeout ≠ order not executed.

States: PENDING · ACK · PARTIAL · FILLED · REJECTED · UNKNOWN.

E(f) = E0 + Σ f_o ΔE_o    f_o ∈ [f_min, f_max]
W = max ||E(f)||∞

An UNKNOWN order is not treated as “not executed.” With several uncertain orders the system works against the worst-case exposure.

Unique process — Lexicographic emergency control

Priorities are not mixed in a weighted function:

1. Neutrality 2. Survival 3. Capital preservation 4. Carry

Carry never justifies violating a survival constraint.

Bands: δ_soft < δ_hard < δ — inside soft: do not act; soft→hard: economic criterion; above hard: mandatory rebalance.

Reconciliation state machine: RESOLVED_HEDGED · RESOLVED_BROKEN · UNRESOLVED · RECONCILING · HALTED.