{
  "$defs": {
    "HedgingInstrument": {
      "description": "Approved hedging-instrument variants.",
      "oneOf": [
        {
          "enum": [
            "forward",
            "option",
            "collar",
            "swap"
          ],
          "type": "string"
        },
        {
          "const": "ndf",
          "description": "Non-deliverable forward (offshore currencies).",
          "type": "string"
        },
        {
          "const": "natural_hedge_only",
          "description": "No derivatives; rely on natural-hedge offsets (matched-currency\ninflows and outflows).",
          "type": "string"
        }
      ]
    },
    "IsoDate": {
      "description": "ISO 8601 date (YYYY-MM-DD).",
      "format": "date",
      "type": "string"
    },
    "PathRef": {
      "description": "Path-based cross-reference relative to .corpospec/ root.\nPattern: `^[a-z0-9_-]+(/[a-z0-9_.-]+)+$`",
      "pattern": "^[a-z0-9_-]+(/[a-z0-9_.-]+)+$",
      "type": "string"
    },
    "RevaluationCadence": {
      "description": "Cadence at which non-functional balances are revalued.",
      "enum": [
        "monthly",
        "quarterly",
        "annual"
      ],
      "type": "string"
    }
  },
  "$id": "https://corpospec.com/schemas/v0.16.0/fx-policy.schema.json",
  "$schema": "https://json-schema.org/draft/2020-12/schema",
  "additionalProperties": false,
  "description": "Treasury FX policy.",
  "properties": {
    "approval_authority": {
      "description": "PathRefs into approving people / governance bodies.",
      "items": {
        "$ref": "#/$defs/PathRef"
      },
      "type": "array"
    },
    "counterparty_credit_min": {
      "description": "Minimum counterparty credit rating (e.g. `\"A-\"` per S&P).",
      "type": "string"
    },
    "effective_from": {
      "$ref": "#/$defs/IsoDate"
    },
    "entity": {
      "$ref": "#/$defs/PathRef"
    },
    "hedge_threshold_pct_of_revenue": {
      "description": "Net exposure above this percentage of revenue triggers hedging.",
      "format": "double",
      "type": [
        "number",
        "null"
      ]
    },
    "id": {
      "$ref": "#/$defs/PathRef"
    },
    "instruments_allowed": {
      "items": {
        "$ref": "#/$defs/HedgingInstrument"
      },
      "type": "array"
    },
    "note": {
      "type": [
        "string",
        "null"
      ]
    },
    "revaluation_cadence": {
      "$ref": "#/$defs/RevaluationCadence"
    },
    "superseded_by": {
      "anyOf": [
        {
          "$ref": "#/$defs/PathRef"
        },
        {
          "type": "null"
        }
      ]
    },
    "tenor_max_months": {
      "format": "int32",
      "type": "integer"
    }
  },
  "required": [
    "id",
    "entity",
    "instruments_allowed",
    "tenor_max_months",
    "counterparty_credit_min",
    "approval_authority",
    "revaluation_cadence",
    "effective_from"
  ],
  "title": "FxPolicy",
  "type": "object",
  "x-corpospec-pillar": "financials"
}