// SPDX-License-Identifier: CC0-1.0
pragma solidity >=0.7.0;
import "./ISDCTrade.sol";
import "./ISDCSettlement.sol";
import "./IAsyncTransferCallback.sol";
/*------------------------------------------- DESCRIPTION ---------------------------------------------------------------------------------------*/
/**
* @title ERC6123 Smart Derivative Contract
* @dev Interface specification for a Smart Derivative Contract, which specifies the post-trade live cycle of an OTC financial derivative in a completely deterministic way.
*
* A Smart Derivative Contract (SDC) is a deterministic settlement protocol which aims is to remove many inefficiencies in (collateralized) financial transactions.
* Settlement (Delivery versus payment) and Counterparty Credit Risk are removed by construction.
*
* Special Case OTC-Derivatives: In case of a collateralized OTC derivative the SDC nets contract-based and collateral flows . As result, the SDC generates a stream of
* reflecting the settlement of a referenced underlying. The settlement cash flows may be daily (which is the standard frequency in traditional markets)
* or at higher frequencies.
* With each settlement flow the change is the (discounting adjusted) net present value of the underlying contract is exchanged and the value of the contract is reset to zero.
*
* To automatically process settlement, parties need to provide sufficient initial funding and termination fees at the
* beginning of each settlement cycle. Through a settlement cycle the margin amounts are locked. Simplified, the contract reverts the classical scheme of
* 1) underlying valuation, then 2) funding of a margin call to
* 1) pre-funding of a margin buffer (a token), then 2) settlement.
*
* A SDC may automatically terminates the financial contract if there is insufficient pre-funding or if the settlement amount exceeds a
* prefunded margin balance. Beyond mutual termination is also intended by the function specification.
*
* Events and Functionality specify the entire live cycle: TradeInception, TradeConfirmation, TradeTermination, Margin-Account-Mechanics, Valuation and Settlement.
*
* The process can be described by time points and time-intervals which are associated with well defined states:
*
* - t < T* (befrore incept).
*
* -
* The process runs in cycles. Let i = 0,1,2,... denote the index of the cycle. Within each cycle there are times
* T_{i,0}, T_{i,1}, T_{i,2}, T_{i,3} with T_{i,1} = The Activation of the Trade (initial funding provided), T_{i,1} = request valuation from oracle, T_{i,2} = perform settlement on given valuation, T_{i+1,0} = T_{i,3}.
*
* -
* Given this time discretization the states are assigned to time points and time intervalls:
*
* - Idle
* - Before incept or after terminate
*
* - Initiation
* - T* < t < T_{0}, where T* is time of incept and T_{0} = T_{0,0}
*
* - InTransfer (Initiation Phase)
* - T_{i,0} < t < T_{i,1}
*
* - Settled
* - t = T_{i,1}
*
* - ValuationAndSettlement
* - T_{i,1} < t < T_{i,2}
*
* - InTransfer (Settlement Phase)
* - T_{i,2} < t < T_{i,3}
*
* - Settled
* - t = T_{i,3}
*
*
*
*
* The ISDC interface is split into three parts: ISDCTrade, ISDCSettlement, IAsyncTransferCallback
*
* - ISDCTrade
* - Functions related to trade inception, confirmation and termination.
*
* - ISDCSettlement
* - Functions related to settlement process.
*
* - ISDCTransferCallback
* - Function representing the callback upon successful (external) transfer (of the settlement amount(s)).
*
*
* The IAsyncTransferCallback is associated with the IAsyncTransfer.
*
* - IAsyncTransferCallback
* - Function representing netted batch transfers (with a callback) tok upon successful (external) transfer (of the settlement amount(s)).
*
*/
interface ISDC is ISDCTrade, ISDCSettlement, IAsyncTransferCallback {
}