The calendar, merged: the underlying's plus the contract's

Every underlying track built a calendar discipline. The futures layer adds a second stream of dates - the contract's own - and the working document is the merge.

The two streams

• The underlying's: routed per lesson 2 - EIA Wednesdays for the crude future, the earnings season's density for index futures, the central-bank cycle for rates. What moves the underlying moves the future, on the underlying's clock.
• The contract's: expiry and last-trading dates per the spec, notice machinery where physical, the roll windows where OI migrates, and the published index-roll schedules that timetable the largest flows - dates that exist only because the contract does.

Where the streams interact

The merge matters most at its collisions: an underlying's report landing inside a roll window meets a market mid-migration - thinner front-month books than the calendar alone suggests; an expiry near a macro date compresses the roll decision; and the index-roll flows lean on the basis exactly as lesson 5's third needle described, on schedule. Reading the merged calendar means seeing these collisions a week out - which is the entire craft, since every input was public.

The working document

Per followed family, one dated list: the underlying's fixtures, the contract's dates, the collisions marked. Module 4's policies consume it - the event minutes, the overnight clauses, the roll conduct module 8 details; module 7's review reads outcomes against it. Five tracks of the same sentence, futures edition: two public streams, one merge, and being surprised by any date on it is a filing failure, not a market event.