{
  "schemaVersion": 1,
  "reviewedOn": "2026-09-12",
  "method": "Public-source analytical study with separately labelled hypothetical scenarios",
  "references": [
    {
      "reference_id": "1",
      "source_description": "[1] HKSAR Government. 16 February 2023. *HKSAR Government's Inaugural Tokenised Green Bond Offering.* Official issuance announcement.",
      "url": "https://www.info.gov.hk/gia/general/202302/16/P2023021600466p.htm",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    },
    {
      "reference_id": "2",
      "source_description": "[2] HKSAR Government. 7 February 2024. *HKSAR Government's Digital Green Bonds Offering.* Official issuance announcement.",
      "url": "https://www.info.gov.hk/gia/general/202402/07/P2024020700516p.htm",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    },
    {
      "reference_id": "3",
      "source_description": "[3] HKSAR Government. 11 November 2025; pricing dated 10 November. *HKSAR Government's Third Digital Green Bonds Offering.* Official issuance announcement.",
      "url": "https://www.info.gov.hk/gia/general/202511/11/P2025111100724p.htm",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    },
    {
      "reference_id": "4",
      "source_description": "[4] Bank for International Settlements. March 2020. *On the future of securities settlement.* BIS Quarterly Review analysis.",
      "url": "https://www.bis.org/publications/future-securities-settlement",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    },
    {
      "reference_id": "5",
      "source_description": "[5] Bank for International Settlements. June 2023. *Blueprint for the future monetary system: improving the old, enabling the new.* Annual Economic Report, chapter III.",
      "url": "https://www.bis.org/publications/aer-2023/blueprint-future-monetary-system-improving-old-enabling-new",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    },
    {
      "reference_id": "6",
      "source_description": "[6] Hong Kong Monetary Authority. 28 November 2024. *HKMA launches Digital Bond Grant Scheme.* Official announcement.",
      "url": "https://www.info.gov.hk/gia/general/202411/28/P2024112800181p.htm",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    },
    {
      "reference_id": "7",
      "source_description": "[7] HKSAR Government. 4 February 2026. *LCQ12: Consolidating Hong Kong's position as a bond market hub.* Official reply.",
      "url": "https://www.info.gov.hk/gia/general/202602/04/P2026020300582p.htm",
      "reviewed_on": "2026-09-12",
      "evidence_scope": "Dated issuance or policy statement; not a measured cost saving"
    }
  ],
  "model": [
    {
      "scenario_id": "frequency-2",
      "metric": "incremental_programme_cost",
      "value": 1500000,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "F+H*A-H*N*S",
      "inputs": "F=1200000;H=3;A=300000;S=100000;N=2"
    },
    {
      "scenario_id": "frequency-4",
      "metric": "incremental_programme_cost",
      "value": 900000,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "F+H*A-H*N*S",
      "inputs": "F=1200000;H=3;A=300000;S=100000;N=4"
    },
    {
      "scenario_id": "frequency-7",
      "metric": "incremental_programme_cost",
      "value": 0,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "F+H*A-H*N*S",
      "inputs": "F=1200000;H=3;A=300000;S=100000;N=7"
    },
    {
      "scenario_id": "frequency-10",
      "metric": "incremental_programme_cost",
      "value": -900000,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "F+H*A-H*N*S",
      "inputs": "F=1200000;H=3;A=300000;S=100000;N=10"
    },
    {
      "scenario_id": "horizon-1",
      "metric": "break_even_annual_issues",
      "value": 15,
      "unit": "issues/year",
      "evidence_type": "hypothetical",
      "formula": "(F/H+A)/S",
      "inputs": "F=1200000;A=300000;S=100000;H=1"
    },
    {
      "scenario_id": "horizon-3",
      "metric": "break_even_annual_issues",
      "value": 7,
      "unit": "issues/year",
      "evidence_type": "hypothetical",
      "formula": "(F/H+A)/S",
      "inputs": "F=1200000;A=300000;S=100000;H=3"
    },
    {
      "scenario_id": "horizon-5",
      "metric": "break_even_annual_issues",
      "value": 5.4,
      "unit": "issues/year",
      "evidence_type": "hypothetical",
      "formula": "(F/H+A)/S",
      "inputs": "F=1200000;A=300000;S=100000;H=5"
    },
    {
      "scenario_id": "illustrative-contribution",
      "metric": "break_even_annual_issues",
      "value": 5,
      "unit": "issues/year",
      "evidence_type": "hypothetical",
      "formula": "((F-contribution)/H+A)/S",
      "inputs": "F=1200000;contribution=600000;H=3;A=300000;S=100000"
    },
    {
      "scenario_id": "funding-0.1",
      "metric": "incremental_funding_cost",
      "value": -1095.890410958904,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "(new_cash*new_days-old_cash*old_days)*rate/365",
      "inputs": "new_cash=100000000;old_cash=20000000;old_days=1;rate=.04;new_days=0.1"
    },
    {
      "scenario_id": "funding-0.2",
      "metric": "incremental_funding_cost",
      "value": 0,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "(new_cash*new_days-old_cash*old_days)*rate/365",
      "inputs": "new_cash=100000000;old_cash=20000000;old_days=1;rate=.04;new_days=0.2"
    },
    {
      "scenario_id": "funding-0.5",
      "metric": "incremental_funding_cost",
      "value": 3287.671232876712,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "(new_cash*new_days-old_cash*old_days)*rate/365",
      "inputs": "new_cash=100000000;old_cash=20000000;old_days=1;rate=.04;new_days=0.5"
    },
    {
      "scenario_id": "funding-1",
      "metric": "incremental_funding_cost",
      "value": 8767.123287671233,
      "unit": "HKD",
      "evidence_type": "hypothetical",
      "formula": "(new_cash*new_days-old_cash*old_days)*rate/365",
      "inputs": "new_cash=100000000;old_cash=20000000;old_days=1;rate=.04;new_days=1"
    }
  ]
}