{
  "metadata": {
    "dataset_version": "1.0.0",
    "last_updated": "2026-05-13",
    "update_frequency": "Weekly",
    "license": "DCM Open Intelligence Data Commons (OIDC-1.0)",
    "governance": "DCM Core Editorial Committee",
    "data_coverage": "Macroprudential systemic signals and transmission channel audits"
  },
  "data": [
    {
      "id": "DCM-SIG-2026-12",
      "doi": "10.5281/dcm.sig.2026.12",
      "publication_date": "2026-05-13",
      "severity_class": "STRUCTURAL",
      "confidence_level": "High Conviction",
      "reading_time_minutes": 4,
      "title": {
        "en": "The E-Money Arbitrage Pivot: Reserve Fragmentation Under MiCA",
        "fr": "L'Arbitrage de la Monnaie Électronique : Fragmentation des Réserves sous MiCA"
      },
      "executive_summary": {
        "en": "Systemic reassessment of Tier-1 custody distribution following final implementation of the MiCA stablecoin framework, triggering active structural arbitrage in liquidity reserves.",
        "fr": "Réévaluation systémique de la distribution des dépôts de rang 1 suite à l'entrée en vigueur finale du cadre stablecoin MiCA, provoquant un arbitrage structurel des réserves."
      },
      "metrics_matrix": {
        "tier1_custody_share": { "value": 0.60, "trend": "up", "label": "Target Floor" },
        "hqla_reserve_velocity": { "value": -0.18, "trend": "down", "label": "Absorption Delta" },
        "compliant_wraps": { "value": 0.82, "trend": "up", "label": "Institutional Ratio" }
      },
      "transmission_channels": [
        {
          "roman": "I",
          "label": {
            "en": "Collateral Velocity Bottleneck",
            "fr": "Goulot d'Étranglement de la Vélocité Collatérale"
          },
          "summary": {
            "en": "Rigid reserve concentration requirements directly sequester high-quality short-term paper, tightening repo liquidity within traditional European clearing windows.",
            "fr": "Les exigences strictes de concentration séquestrent directement le papier court terme de haute qualité, asséchant la liquidité repo européenne."
          }
        },
        {
          "roman": "II",
          "label": {
            "en": "Finality Layer Fragmentation",
            "fr": "Fragmentation de la Couche de Finalité"
          },
          "summary": {
            "en": "As banks wrap tokenized cash into isolated ledgers, intra-day settlement finality becomes conditional on distinct private blockchain relays rather than public mainnets.",
            "fr": "L'emballage du cash en registres isolés rend la finalité du règlement intra-journalier conditionnelle à des relais blockchain privés."
          }
        },
        {
          "roman": "III",
          "label": {
            "en": "Commercial Bank Credit Tethering",
            "fr": "Adossement au Crédit Bancaire Commercial"
          },
          "summary": {
            "en": "Stablecoin robustness is no longer fully distinct from commercial banking tier-1 balance sheets; issuer survival inherits direct custodian credit rating vulnerability.",
            "fr": "La solidité des stablecoins n'est plus étanche des bilans bancaires commerciaux ; le risque hérite de la notation de crédit des dépositaires."
          }
        }
      ],
      "citation": {
        "apa": "DCM Core Institute. (2026). The E-Money Arbitrage Pivot: Reserve Fragmentation Under MiCA (DCM-SIG-2026-12). DCM Weekly Signals.",
        "bibtex": "@techreport{dcm_sig_2026_12, author = {DCM Core Institute}, title = {The E-Money Arbitrage Pivot: Reserve Fragmentation Under MiCA}, year = {2026}, number = {DCM-SIG-2026-12}, type = {DCM Weekly Signal}}"
      },
      "tags": ["MiCA", "Liquidity", "Arbitrage", "Custody", "HQLA", "EMT"]
    }
  ]
}