Naming the cut

The cluster keeps the word cut for the general concept and qualifies it for everything narrower. The recommendation is a cut for the label, the timepoint and the body together, a market data cut for the market data component, a trade cut for the deal component, and a cut code, always with the second word, for the option-expiry sense. The candidate snapshot is rejected because this repository already uses it for two other things, both of which are reads rather than fixed bodies. The prior art, which is surveyed below, names the market data component and leaves the whole body unnamed, so the choice is ours and rests on the collision argument rather than on precedent.

The same word carries an expiry sense and a valuation sense in dealing practice. An FX option expires at a time of day that the market names, and the cut code is that name; a valuation day ends at a cut, and the cut fixes the day's data. Our own cut code page records that we hold no public source which fixes the expiry times, so the expiry sense is reported here as practice rather than as a cited fact.

The systems surveyed above resolve the collision by never using the bare word for the expiry sense. They speak of the market data a calculation reads, and of the end of the day as a time. The collision in our cluster is therefore a collision of our own making, and it has a grammatical remedy.

The rule that keeps the words apart is that the bare cut names the general concept, and every narrower object carries a qualifier. Cut code is the only use in which the word names a time rather than a body, and the qualifier marks it.

Snapshot is the strongest candidate and the one to reject, for a reason internal to this repository. The word already names two things here, and neither is a cut. Market Data Snapshot names the resolution-side concept, a set of identifiers resolved into values. Snapshots and cuts names the stored-data reads, and its subject is what a read returns from rows that already exist. Adopting snapshot for the general concept would give the repository three meanings for one word, and the two existing meanings are exactly the things the cluster's hub distinguishes the cut from.

A second argument is semantic. A snapshot is a capture of state at a moment. The body of a cut includes the engine version, the code revision and the settings, which are inputs to the computation rather than state that a market moved through. A word that describes a capture of state therefore under-describes the object the hub argues for.

• Market data snapshot names the component, and this cluster calls that the market data cut. It also carries the collision above.
• Valuation snapshot is close to the concept, and it retains the snapshot collision and adds nothing that cut lacks.
• EOD snapshot and close-of-business snapshot name a kind. They exclude the flash cut, the start of day cut and the instant a process names, so neither can stand for the concept.
• As-of snapshot names the read, and this repository uses as-of for the stored data read rather than for a fixed body.
• Valuation point names the instant and not the body. In fund regulation the phrase names the moment at which the value of the scheme property is determined, which is a time, and adopting it would import that narrower meaning into a term that must cover the body, the label and the authorisation.

A change of term would rename five pages and rewrite twelve links, and the cost is bounded, which is not the reason to keep the word.

• Cuts — the structure note this note advises, which states the concept the word names.
• The option-expiry cut code — the second sense, and the reason the qualifier rule exists.
• Market Data Snapshot — the first of the two meanings that rule out snapshot.
• Snapshots and cuts — the second of them.
• Pricing Configuration — the settings whose naming the body's name must not disturb.

1. OpenGamma Strata, package com.opengamma.strata.data. Read: it describes market data as capturing "the current market", names MarketData keyed by MarketDataId as the main interface, and describes ImmutableMarketData as "An immutable set of market data". The word snapshot does not occur in the package.
2. Murex, MX.3 architecture. Read: the orchestration layer lists a "Market data server", and the page reports "real-time and end-of-day value at risk calculations".
3. EBA RTS (EU) 2016/101, Article 3. Already read for the cluster: it names the independent price verification process and its admissible sources, and names no fixed body.
4. European Central Bank, euro foreign exchange reference rates. Already read: one rate per pair published each working day at a stated time.
5. Fedwire Funds Services. Already read: the stated start and end of one centre's business day.