Market Ratings
Current and historical market-quality assessments, methodology versions, evidence, review, disputes, overrides, and corrections.
Draft v0.1 — design contract, not yet a live service
This documentation set defines a proposed Time Seventeen protocol for review and implementation planning. https://api.t17.capital is the approved and reserved REST origin, but neither that origin nor any documented endpoint is claimed to be live. The WebSocket origin remains unspecified. Credentials, chain IDs, contract addresses, rate limits, and SLAs remain unapproved; IDs, prices, and timestamps shown throughout are illustrative, not real production data.
Market Rating assesses the quality and integrity of a tradable Market. It does not assess the severity, probability, or desirability of the underlying real-world event, and it is not a credit rating.
Endpoint summary
| Method & path | Purpose |
|---|---|
GET /markets/{market_id}/rating | Current effective Market Rating |
GET /markets/{market_id}/ratings | Append-only rating history |
GET /market-rating-methodologies/{methodology_id}/versions/{version} | One immutable methodology version |
All endpoints are public.
T17 Market Rating scale
| Band | Meaning |
|---|---|
MR1 | Strongest observed market quality under the stated methodology |
MR2 | Strong quality with limited weaknesses |
MR3 | Usable with material limitations |
MR4 | Weak/restricted quality; elevated caution |
MR5 | Unacceptable for normal index eligibility |
NR | Not rated or insufficient evidence |
The band is a projection of the methodology’s component scores, not a permanent property of the Market. Clients MUST display the methodology version, effective time, review state, and confidence with the band.
Rating record
{
"data": {
"rating_id": "mra_demo_118",
"revision": 3,
"supersedes_id": "mra_demo_112",
"market_id": "mkt_demo_001",
"band": "MR2",
"score": "82.4000",
"component_scores": {
"resolution_clarity": "90.0000",
"source_reliability": "86.0000",
"liquidity": "74.0000",
"manipulation_resistance": "78.0000",
"data_quality": "92.0000",
"venue_operational_risk": "76.0000"
},
"outlook": "stable",
"watch_status": "none",
"confidence": "0.8700",
"reason_codes": ["RULES_CLEAR", "SOURCE_RELIABLE", "LIQUIDITY_MODERATE"],
"rationale": "Illustrative concise market-quality rationale.",
"methodology_id": "mrm_demo_001",
"methodology_version": "1.2",
"issuer": {
"kind": "committee",
"issuer_id": "committee_demo_rating_001",
"model_version": null
},
"evidence": [
{
"evidence_id": "evid_demo_rating_301",
"kind": "market_rules",
"source_uri": "urn:t17:evidence:demo-rules",
"observed_at": "2026-08-30T08:00:00Z",
"content_hash": "sha256:ILLUSTRATIVE_ONLY"
}
],
"effective_from": "2026-08-31T00:00:00Z",
"effective_to": null,
"observation_cutoff_at": "2026-08-30T23:30:00Z",
"published_at": "2026-08-31T00:05:00Z",
"review_state": "approved",
"override": null,
"dispute": null,
"withdrawal": null,
"correction_reason": "Updated source reliability evidence."
},
"meta": {
"request_id": "req_demo_rating_001",
"published_at": "2026-08-31T12:00:00Z",
"schema_version": "1.0"
}
}Required dimensions
| Component | Measures |
|---|---|
resolution_clarity | Precision, completeness, and consistency of resolution rules |
source_reliability | Authority, availability, and reproducibility of resolution evidence |
liquidity | Executable depth, spread, continuity, and concentration under the stated window |
manipulation_resistance | Susceptibility to price, evidence, governance, or participant manipulation |
data_quality | Completeness, freshness, sequencing, and correction behavior of source data |
venue_operational_risk | Venue availability, controls, incident history, and settlement/resolution operations |
Methodologies MUST define each component’s range, direction, weighting, missing-data behavior, band thresholds, and minimum evidence. A missing component MUST NOT be silently scored as zero.
Current projection
GET /markets/{market_id}/rating returns the latest approved record effective at as_of (default now). Filters methodology_id and assessment_kind=model|analyst|committee may narrow the projection. If no effective approved record exists, the endpoint returns an NR record with reason codes rather than fabricating a score.
Append-only history
GET /markets/{market_id}/ratings accepts start_time, end_time, published_after, review_state, band, methodology_id, include_withdrawn, cursor, and limit. Default order is (effective_from, published_at, rating_id) ascending.
History includes draft, approved, superseded, disputed, withdrawn, and corrected records when requested. An old assessment is never overwritten. The timeline retains:
- the schema and methodology version;
- evidence IDs/hashes and observation cutoff;
- issuer kind and model/analyst/committee identity;
- effective interval and publication time;
supersedes_id, correction reason, and previous band/score;- override author/reason/expiry;
- dispute ID, state, filer, basis, decision, and timestamps;
- withdrawal author, reason, and time.
Review states and governance
Draft review states are draft, under_review, approved, superseded, disputed, and withdrawn. An override MUST name its authority, reason code, narrative, previous/proposed value, start time, and optional expiry. A dispute changes governance state, not historical data; its resolution publishes a new assessment or confirms the existing one.
Methodology version
{
"data": {
"methodology_id": "mrm_demo_001",
"version": "1.2",
"status": "published",
"scale": ["MR1", "MR2", "MR3", "MR4", "MR5", "NR"],
"component_definitions": [
{
"name": "resolution_clarity",
"minimum": "0.0000",
"maximum": "100.0000",
"higher_is_better": true,
"weight": "0.2200"
}
],
"band_thresholds": { "MR1": "90.0000", "MR2": "75.0000" },
"missing_evidence_policy": "publish_NR_when_minimum_evidence_not_met",
"document_uri": "urn:t17:market-rating-methodology:demo:1.2",
"content_hash": "sha256:ILLUSTRATIVE_ONLY",
"published_at": "2026-08-01T00:00:00Z",
"supersedes_version": "1.1"
},
"meta": {
"request_id": "req_demo_rating_meth_001",
"published_at": "2026-08-31T12:00:00Z",
"schema_version": "1.0"
}
}Relationship to index eligibility
A published index-eligibility policy MAY reference a Market Rating record and threshold, but the resulting eligibility decision belongs to the Index Version/Constituent. A rating change does not silently rebalance an Index. The Index lifecycle must publish the policy-triggered action and effective version separately.
Not Severity
Market Rating fields never appear in Severity responses. Severity measures real-world event impact; Market Rating measures whether a market is clear, reliable, liquid, and operationally robust.