IPFX TERMINAL 9.7.4-P // PUBLIC-GUESTMARKET STATUS OPEN / ONE-FLAP DELAYROOST NETWORK NOMINAL

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Interborough Pigeon Futures Exchange

Contract specifications and physical clearing objects for crumb, ledge, wing, coo, fountain, feather, and air-rights markets.

CONTRACT-04
AUTHORIZED VIEW

ROCK-DOVE SEP +2.14 // CRUMB COMPOSITE -0.07 // LEDGE CAPACITY 72.6% // FERAL BLUE NOV +8 WINGS // HAWK CIRCUIT BREAKER ARMED

CONTRACT-04 // PUBLIC CIRCULAR

Instrument Catalog

Contract specifications and physical clearing objects for crumb, ledge, wing, coo, fountain, feather, and air-rights markets.

COMPOSITE FLOCK14,802

OPEN COO-TEREST88.1K

CRUMB / BIRD3.44G

LEDGE UTIL.72.6%

WING VOLUME4.8M

HAWK RISKELEV.

AUTHORIZED INSTRUMENT CABINET

OPENING BELL — OPENING BELLFirst-flap session trigger

CRUMB FUTURES SACK — CRUMB FUTURES SACKDeliverable mixed-grain lot

COO VOLATILITY SCOPE — COO VOLATILITY SCOPEImplied vocal range

LEDGE CAPACITY DEED — LEDGE CAPACITY DEEDNorth cornice rights

WING-HOUR METER — WING-HOUR METERVerified flight time

ROOST BADGE — ROOST BADGEOperator accreditation

ORDER CAPSULE — ORDER CAPSULEPneumatic custody

FEATHER BOND — FEATHER BONDLong-dated molt paper

SEED-RATE DIAL — SEED-RATE DIALMillet policy sectors

ROUTE RADAR — ROUTE RADARCrossing surveillance

HAWK ALERT — HAWK ALERTCircuit-breaker beacon

CLEARING KEY — CLEARING KEYFinal crumb custody

LEDGE OPTION SPECIFICATIONS

CODE	UNDERLYING	MULTIPLIER	DELIVERY	HAWK ADJUSTMENT
LEDG.N	North-facing ledge hour	10 bird-minutes	Physical roost	1.2%
LEDG.SUN	Sun-warmed cornice slot	8 bird-minutes	Physical roost	2.4%
STAT.C	Civic statue capacity	1 shoulder	Cash crumb	0.8%

WING SWAPS & SETTLEMENT

WING.S

Southbound directional spread against the Composite Flight Arc. Settles at 17:55 UTC.

FTHR.5Y

Five-molt feather bond with annual plumage inspection and no preening covenant.

COO/SPOT

One verified vocal unit, measured at fountain level before municipal echo adjustment.