Why new exposure can pause without automatically forcing a sale of existing positions.
·Reference model only
Cairn’s admission controller compares gross stock exposure with a stressed executable-depth hypothesis, capital ceilings, issuer concentration, matched financing and a pilot ceiling. If the cap falls, new growth can stop.
A lower cap is not a liquidation instruction. Existing positions need valid prices, executable routes and a disclosed recovery process. Reproduce the crisis preset in Risk Lab.