{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2012:DQMBNJJYE3QSC7G3LZQYS76RH7","short_pith_number":"pith:DQMBNJJY","canonical_record":{"source":{"id":"1205.3051","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-05-14T14:57:51Z","cross_cats_sorted":[],"title_canon_sha256":"29d103efb0ade1500c7dd303476bf95a36331d5dc98a545b2a5aacc3c3a38ece","abstract_canon_sha256":"e80579cb5863f0994c7b7e8d387a663bb86bf4ddd6c16b73717b217a76d61c35"},"schema_version":"1.0"},"canonical_sha256":"1c1816a53826e1217cdb5e61897fd13ffde4aa7b6dab0177ce9a0d6fac9a2806","source":{"kind":"arxiv","id":"1205.3051","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1205.3051","created_at":"2026-05-18T03:55:45Z"},{"alias_kind":"arxiv_version","alias_value":"1205.3051v1","created_at":"2026-05-18T03:55:45Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1205.3051","created_at":"2026-05-18T03:55:45Z"},{"alias_kind":"pith_short_12","alias_value":"DQMBNJJYE3QS","created_at":"2026-05-18T12:27:04Z"},{"alias_kind":"pith_short_16","alias_value":"DQMBNJJYE3QSC7G3","created_at":"2026-05-18T12:27:04Z"},{"alias_kind":"pith_short_8","alias_value":"DQMBNJJY","created_at":"2026-05-18T12:27:04Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2012:DQMBNJJYE3QSC7G3LZQYS76RH7","target":"record","payload":{"canonical_record":{"source":{"id":"1205.3051","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-05-14T14:57:51Z","cross_cats_sorted":[],"title_canon_sha256":"29d103efb0ade1500c7dd303476bf95a36331d5dc98a545b2a5aacc3c3a38ece","abstract_canon_sha256":"e80579cb5863f0994c7b7e8d387a663bb86bf4ddd6c16b73717b217a76d61c35"},"schema_version":"1.0"},"canonical_sha256":"1c1816a53826e1217cdb5e61897fd13ffde4aa7b6dab0177ce9a0d6fac9a2806","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T03:55:45.382867Z","signature_b64":"NeK5nCU9nrwWCGvvANzgy0c/ShzHqE2qqq+zjnoCcsX+3hXnuyVXGMRo3RttNuBO18M5FmEl+AYFUc2Ork0vDA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"1c1816a53826e1217cdb5e61897fd13ffde4aa7b6dab0177ce9a0d6fac9a2806","last_reissued_at":"2026-05-18T03:55:45.382194Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T03:55:45.382194Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1205.3051","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T03:55:45Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"rTWn24Nncu1U9bI9xYJV3Potz2rqvGeph8j4Rpdl9zl4Qtfg73K8FHYnaYgBtMYaJshrG+bgiJwVOq8CfOF4DA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T00:35:56.578610Z"},"content_sha256":"bbcb7877dd79ca929366dee8f8252a47e4634fa84cffea31d74bc5681ad600dc","schema_version":"1.0","event_id":"sha256:bbcb7877dd79ca929366dee8f8252a47e4634fa84cffea31d74bc5681ad600dc"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2012:DQMBNJJYE3QSC7G3LZQYS76RH7","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Optimal High Frequency Trading in a Pro-Rata Microstructure with Predictive Information","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"CREST), Fabien Guilbaud (LPMA), Huy\\^en Pham (LPMA","submitted_at":"2012-05-14T14:57:51Z","abstract_excerpt":"We propose a framework to study optimal trading policies in a one-tick pro-rata limit order book, as typically arises in short-term interest rate futures contracts. The high-frequency trader has the choice to trade via market orders or limit orders, which are represented respectively by impulse controls and regular controls. We model and discuss the consequences of the two main features of this particular microstructure: first, the limit orders sent by the high frequency trader are only partially executed, and therefore she has no control on the executed quantity. For this purpose, cumulative "},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1205.3051","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T03:55:45Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"erxr9swKhTQvR4dCtwFyD87XcdZiTv3ZuExoWaI6Bsyaz0GUR7wf7+6AKeiOly0bdEhZwcYEFQOo6DNF+sy0CQ==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-28T00:35:56.578956Z"},"content_sha256":"37faf1b9c72ced64e0dfd5afe0dc428fd7e5391c5b2992b70ea4aade43da72d4","schema_version":"1.0","event_id":"sha256:37faf1b9c72ced64e0dfd5afe0dc428fd7e5391c5b2992b70ea4aade43da72d4"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/DQMBNJJYE3QSC7G3LZQYS76RH7/bundle.json","state_url":"https://pith.science/pith/DQMBNJJYE3QSC7G3LZQYS76RH7/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/DQMBNJJYE3QSC7G3LZQYS76RH7/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-05-28T00:35:56Z","links":{"resolver":"https://pith.science/pith/DQMBNJJYE3QSC7G3LZQYS76RH7","bundle":"https://pith.science/pith/DQMBNJJYE3QSC7G3LZQYS76RH7/bundle.json","state":"https://pith.science/pith/DQMBNJJYE3QSC7G3LZQYS76RH7/state.json","well_known_bundle":"https://pith.science/.well-known/pith/DQMBNJJYE3QSC7G3LZQYS76RH7/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2012:DQMBNJJYE3QSC7G3LZQYS76RH7","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"e80579cb5863f0994c7b7e8d387a663bb86bf4ddd6c16b73717b217a76d61c35","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-05-14T14:57:51Z","title_canon_sha256":"29d103efb0ade1500c7dd303476bf95a36331d5dc98a545b2a5aacc3c3a38ece"},"schema_version":"1.0","source":{"id":"1205.3051","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1205.3051","created_at":"2026-05-18T03:55:45Z"},{"alias_kind":"arxiv_version","alias_value":"1205.3051v1","created_at":"2026-05-18T03:55:45Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1205.3051","created_at":"2026-05-18T03:55:45Z"},{"alias_kind":"pith_short_12","alias_value":"DQMBNJJYE3QS","created_at":"2026-05-18T12:27:04Z"},{"alias_kind":"pith_short_16","alias_value":"DQMBNJJYE3QSC7G3","created_at":"2026-05-18T12:27:04Z"},{"alias_kind":"pith_short_8","alias_value":"DQMBNJJY","created_at":"2026-05-18T12:27:04Z"}],"graph_snapshots":[{"event_id":"sha256:37faf1b9c72ced64e0dfd5afe0dc428fd7e5391c5b2992b70ea4aade43da72d4","target":"graph","created_at":"2026-05-18T03:55:45Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"paper":{"abstract_excerpt":"We propose a framework to study optimal trading policies in a one-tick pro-rata limit order book, as typically arises in short-term interest rate futures contracts. The high-frequency trader has the choice to trade via market orders or limit orders, which are represented respectively by impulse controls and regular controls. We model and discuss the consequences of the two main features of this particular microstructure: first, the limit orders sent by the high frequency trader are only partially executed, and therefore she has no control on the executed quantity. For this purpose, cumulative ","authors_text":"CREST), Fabien Guilbaud (LPMA), Huy\\^en Pham (LPMA","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-05-14T14:57:51Z","title":"Optimal High Frequency Trading in a Pro-Rata Microstructure with Predictive Information"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1205.3051","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:bbcb7877dd79ca929366dee8f8252a47e4634fa84cffea31d74bc5681ad600dc","target":"record","created_at":"2026-05-18T03:55:45Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"e80579cb5863f0994c7b7e8d387a663bb86bf4ddd6c16b73717b217a76d61c35","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-05-14T14:57:51Z","title_canon_sha256":"29d103efb0ade1500c7dd303476bf95a36331d5dc98a545b2a5aacc3c3a38ece"},"schema_version":"1.0","source":{"id":"1205.3051","kind":"arxiv","version":1}},"canonical_sha256":"1c1816a53826e1217cdb5e61897fd13ffde4aa7b6dab0177ce9a0d6fac9a2806","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"1c1816a53826e1217cdb5e61897fd13ffde4aa7b6dab0177ce9a0d6fac9a2806","first_computed_at":"2026-05-18T03:55:45.382194Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T03:55:45.382194Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"NeK5nCU9nrwWCGvvANzgy0c/ShzHqE2qqq+zjnoCcsX+3hXnuyVXGMRo3RttNuBO18M5FmEl+AYFUc2Ork0vDA==","signature_status":"signed_v1","signed_at":"2026-05-18T03:55:45.382867Z","signed_message":"canonical_sha256_bytes"},"source_id":"1205.3051","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:bbcb7877dd79ca929366dee8f8252a47e4634fa84cffea31d74bc5681ad600dc","sha256:37faf1b9c72ced64e0dfd5afe0dc428fd7e5391c5b2992b70ea4aade43da72d4"],"state_sha256":"ffa86079bea6b8ec12df2efa61721c3f3483e749610a965f9531c06c002825ae"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"KFlHdiTdA+C8pb22XTglCT9TTVOk+fwnJBSMwcYfM5aM9yreuF2NmqcJh/FgMGP3b0ok7OqgKB5Q9M4L0tjqBg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-05-28T00:35:56.580853Z","bundle_sha256":"f2953260e02fd05c907162f1c2f3d1f8e163878b9bd4886f12f4339a3bc94ad9"}}