nautilus_live/execution/

manager.rs

// -------------------------------------------------------------------------------------------------
//  Copyright (C) 2015-2026 Nautech Systems Pty Ltd. All rights reserved.
//  https://nautechsystems.io
//
//  Licensed under the GNU Lesser General Public License Version 3.0 (the "License");
//  You may not use this file except in compliance with the License.
//  You may obtain a copy of the License at https://www.gnu.org/licenses/lgpl-3.0.en.html
//
//  Unless required by applicable law or agreed to in writing, software
//  distributed under the License is distributed on an "AS IS" BASIS,
//  WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
//  See the License for the specific language governing permissions and
//  limitations under the License.
// -------------------------------------------------------------------------------------------------

//! Execution state manager for live trading.
//!
//! This module provides the execution manager for reconciling execution state between
//! the local cache and connected venues, as well as purging old state during live trading.

#[cfg(feature = "node")]
use std::collections::HashSet;
use std::{cell::RefCell, fmt::Debug, rc::Rc, str::FromStr, sync::LazyLock, time::Duration};

use indexmap::{IndexMap, IndexSet};
#[cfg(feature = "node")]
use nautilus_common::messages::execution::report::GenerateFillReports;
use nautilus_common::{
    cache::Cache,
    clients::{DEFAULT_POSITION_RECONCILIATION_TOLERANCE, ExecutionClient},
    clock::Clock,
    config::{ConfigError, ConfigErrorCollector, ConfigResult},
    enums::{LogColor, LogLevel},
    live::dst,
    log_info,
    messages::{
        ExecutionReport,
        execution::{
            QueryOrder, TradingCommand,
            report::{
                GenerateOrderStatusReport, GenerateOrderStatusReports,
                GeneratePositionStatusReports,
            },
        },
    },
    msgbus::{self, MessagingSwitchboard, switchboard},
};
use nautilus_core::{
    UUID4, UnixNanos,
    datetime::{checked_mins_to_nanos, checked_mins_to_secs, mins_to_nanos, mins_to_secs},
};
#[cfg(feature = "node")]
use nautilus_execution::reconciliation::create_inferred_reconciliation_trade_id;
use nautilus_execution::{
    engine::ExecutionEngine,
    reconciliation::{
        calculate_reconciliation_price, create_inferred_fill_for_qty,
        create_position_reconciliation_venue_order_id, create_reconciliation_rejected,
        create_reconciliation_triggered, generate_external_order_status_events_with_commission,
        generate_reconciliation_order_pre_fill_events,
        generate_reconciliation_order_snapshot_events_with_commission,
        incremental_inferred_fill_price_and_liquidity, inferred_fill_price_and_liquidity,
        process_mass_status_for_reconciliation,
        process_mass_status_for_reconciliation_without_synthetic_reports,
        reconcile_order_report_with_commission, should_reconciliation_update,
    },
};
#[cfg(feature = "node")]
use nautilus_model::position::PositionReplayEvent;
#[cfg(feature = "node")]
use nautilus_model::types::{money::MoneyRaw, quantity::QuantityRaw};
use nautilus_model::{
    enums::{LiquiditySide, OmsType, OrderSide, OrderStatus, OrderType, TimeInForce},
    events::{OrderCanceled, OrderEventAny, OrderFilled, OrderInitialized},
    identifiers::{
        AccountId, ClientId, ClientOrderId, InstrumentId, PositionId, StrategyId, TradeId,
        TraderId, VenueOrderId,
    },
    instruments::{Instrument, InstrumentAny},
    orders::{Order, OrderAny, TRIGGERABLE_ORDER_TYPES},
    position::Position,
    reports::{ExecutionMassStatus, FillReport, OrderStatusReport, PositionStatusReport},
    types::{Money, Price, Quantity},
};
use rust_decimal::Decimal;
use ustr::Ustr;

use super::recency::RecencyMap;

/// Tag for orders originating from venue (external orders).
static TAG_VENUE: LazyLock<Ustr> = LazyLock::new(|| Ustr::from("VENUE"));

/// Tag for orders generated by reconciliation logic (synthetic orders).
static TAG_RECONCILIATION: LazyLock<Ustr> = LazyLock::new(|| Ustr::from("RECONCILIATION"));

/// Composite key identifying a position context by instrument and account.
///
/// Used to scope per-position reconciliation state (retry counters, activity
/// throttles, venue report lookups) so that multiple accounts holding the same
/// instrument do not share the same tracking entry.
pub type InstrumentAccountKey = (InstrumentId, AccountId);
type AccountInstrumentKey = (AccountId, InstrumentId);
type AccountInstrumentStrategyKey = (AccountId, InstrumentId, StrategyId);
type FillKey = (AccountId, InstrumentId, TradeId);

#[expect(clippy::too_many_arguments)]
fn build_cross_zero_leg_report(
    instrument: &InstrumentAny,
    account_id: AccountId,
    instrument_id: InstrumentId,
    order_side: OrderSide,
    quantity: Decimal,
    avg_px: Decimal,
    venue_position_id: Option<PositionId>,
    tag: &str,
    ts_now: UnixNanos,
    venue_ts_last: UnixNanos,
) -> Option<OrderStatusReport> {
    let order_qty = Quantity::from_decimal_dp(quantity, instrument.size_precision()).ok()?;
    let fill_price = Price::from_decimal_dp(avg_px, instrument.price_precision()).ok();
    let venue_order_id = create_position_reconciliation_venue_order_id(
        account_id,
        instrument_id,
        order_side,
        OrderType::Market,
        order_qty,
        fill_price,
        venue_position_id,
        Some(tag),
        venue_ts_last,
    );

    let mut report = OrderStatusReport::new(
        account_id,
        instrument_id,
        None,
        venue_order_id,
        order_side.into(),
        OrderType::Market,
        TimeInForce::Gtc,
        OrderStatus::Filled,
        order_qty,
        order_qty,
        ts_now,
        ts_now,
        ts_now,
        None,
    )
    .with_avg_px(avg_px);

    if let Some(venue_position_id) = venue_position_id {
        report = report.with_venue_position_id(venue_position_id);
    }

    Some(report)
}

/// Execution clients responsible for reporting one cached entity.
#[derive(Debug, Clone, PartialEq, Eq)]
pub(crate) enum ReportClientCoverage {
    Resolved(IndexSet<ClientId>),
    Unavailable(IndexSet<ClientId>),
    Unresolved,
}

/// Metadata for an external order that needs to be registered with the execution client.
#[derive(Debug, Clone)]
pub struct ExternalOrderMetadata {
    pub client_order_id: ClientOrderId,
    pub venue_order_id: VenueOrderId,
    pub instrument_id: InstrumentId,
    pub strategy_id: StrategyId,
    pub ts_init: UnixNanos,
}

/// Result of reconciliation containing events and external order metadata.
#[derive(Debug, Default)]
pub struct ReconciliationResult {
    /// Order events generated during reconciliation.
    pub events: Vec<OrderEventAny>,
    /// External orders that need to be registered with execution clients.
    pub external_orders: Vec<ExternalOrderMetadata>,
}

/// Result of inflight order checks containing terminal events and intermediate queries.
#[derive(Debug, Default)]
pub struct InflightCheckResult {
    /// Terminal events (rejection/cancellation) for orders that exceeded max retries.
    pub events: Vec<OrderEventAny>,
    /// Intermediate venue queries for orders still within retry budget.
    pub queries: Vec<TradingCommand>,
}

#[derive(Debug, Default)]
pub(crate) struct OpenOrderReconciliationResult {
    pub events: Vec<OrderEventAny>,
    pub targeted_queries: Vec<TargetedOrderQuery>,
}

#[derive(Debug, Clone)]
pub(crate) struct TargetedOrderQuery {
    client_order_id: ClientOrderId,
    responsible_clients: IndexSet<ClientId>,
    command: GenerateOrderStatusReport,
}

impl TargetedOrderQuery {
    #[cfg(feature = "node")]
    pub(crate) const fn client_order_id(&self) -> ClientOrderId {
        self.client_order_id
    }
}

#[derive(Debug)]
pub(crate) struct TargetedOrderReportResult {
    client_order_id: ClientOrderId,
    client_id: Option<ClientId>,
    report: Option<OrderStatusReport>,
    coverage_complete: bool,
}

#[derive(Debug)]
pub(crate) struct SourcedOrderStatusReport {
    pub client_id: ClientId,
    pub report: OrderStatusReport,
}

/// Snapshot and command for one continuous open-order reconciliation check.
#[derive(Debug, Clone)]
pub(crate) struct OpenOrderReportCheck {
    pub command: GenerateOrderStatusReports,
    pub filtered_orders: Vec<OrderAny>,
    pub client_coverage: IndexMap<ClientOrderId, ReportClientCoverage>,
    pub start: Option<UnixNanos>,
}

/// Prepare-time state and command for one continuous position reconciliation check.
#[derive(Debug, Clone)]
pub(crate) struct PositionReportCheck {
    pub command: GeneratePositionStatusReports,
    pub client_coverage: IndexMap<InstrumentAccountKey, ReportClientCoverage>,
    pub activity_revisions: IndexMap<InstrumentAccountKey, u64>,
}

#[cfg(feature = "node")]
#[derive(Debug)]
pub(crate) struct PositionFillReportQuery {
    pub key: InstrumentAccountKey,
    pub client_id: ClientId,
    pub command: GenerateFillReports,
}

#[cfg(feature = "node")]
#[derive(Debug)]
pub(crate) struct PositionFillReportPlan {
    pub queries: Vec<PositionFillReportQuery>,
    pub discrepancy_keys: IndexSet<InstrumentAccountKey>,
}

#[cfg(feature = "node")]
#[derive(Debug)]
pub(crate) enum PositionFillReportPreparation {
    Ready,
    InferredOverlap,
    Unattributed,
}

struct PositionQuantityComparison {
    cached_positions: Vec<Position>,
    cached_signed_qty: Decimal,
    cached_long_qty: Decimal,
    cached_short_qty: Decimal,
    venue_signed_qty: Decimal,
    venue_long_qty: Decimal,
    venue_short_qty: Decimal,
    nonflat_count: usize,
    venue_report: Option<PositionStatusReport>,
    venue_has_side_reports: bool,
}

impl PositionQuantityComparison {
    fn quantities_match(&self, tolerance: Decimal) -> bool {
        let net_qty_matches = (self.cached_signed_qty - self.venue_signed_qty).abs() <= tolerance;
        let side_qty_matches = (self.cached_long_qty - self.venue_long_qty).abs() <= tolerance
            && (self.cached_short_qty - self.venue_short_qty).abs() <= tolerance;

        net_qty_matches && (!self.venue_has_side_reports || side_qty_matches)
    }

    fn report_shape(&self) -> PositionReportShape {
        if self.nonflat_count > 1 || self.venue_has_side_reports {
            PositionReportShape::MultiLeg
        } else {
            PositionReportShape::Unambiguous
        }
    }
}

struct RetainedFillState {
    fill_keys: IndexSet<(AccountId, InstrumentId, TradeId)>,
    missing_order_ids: IndexSet<(AccountId, InstrumentId, ClientOrderId)>,
    missing_venue_order_ids: IndexSet<(AccountId, InstrumentId, VenueOrderId)>,
    netting_lifecycle_starts: IndexMap<AccountInstrumentStrategyKey, UnixNanos>,
}

struct HistoricalFillGroup {
    venue_order_id: VenueOrderId,
    account_id: AccountId,
    instrument_id: InstrumentId,
    strategy_id: StrategyId,
    order_side: OrderSide,
    quantity: Decimal,
    reduce_only: bool,
    ts_event: UnixNanos,
    ts_last: UnixNanos,
}

#[derive(Default)]
struct ReconciliationFillQueue {
    pending_fill_keys: IndexSet<FillKey>,
    event_fill_keys: IndexMap<UUID4, FillKey>,
}

impl ReconciliationFillQueue {
    fn push(&mut self, events: &mut Vec<OrderEventAny>, event: OrderEventAny, fill_key: FillKey) {
        let OrderEventAny::Filled(fill) = &event else {
            unreachable!("reported fills always create filled events");
        };

        self.pending_fill_keys.insert(fill_key);
        self.event_fill_keys.insert(fill.event_id, fill_key);
        events.push(event);
    }
}

/// Configuration for execution manager.
#[expect(
    clippy::struct_excessive_bools,
    reason = "config flags mirror the live execution engine configuration surface"
)]
#[derive(Debug, Clone)]
pub struct ExecutionManagerConfig {
    /// The trader ID for generated orders.
    pub trader_id: TraderId,
    /// If reconciliation is active at start-up.
    pub reconciliation: bool,
    /// Number of minutes to look back during reconciliation.
    pub lookback_mins: Option<u64>,
    /// Instrument IDs to include during reconciliation (empty => all).
    pub reconciliation_instrument_ids: IndexSet<InstrumentId>,
    /// Whether to filter unclaimed external orders.
    pub filter_unclaimed_external: bool,
    /// Whether to filter position status reports during reconciliation.
    pub filter_position_reports: bool,
    /// Client order IDs excluded from reconciliation.
    pub filtered_client_order_ids: IndexSet<ClientOrderId>,
    /// Whether to generate missing orders from reports.
    pub generate_missing_orders: bool,
    /// The interval (milliseconds) between checking whether in-flight orders have exceeded their threshold.
    pub inflight_check_interval_ms: u32,
    /// Threshold in milliseconds for inflight order checks.
    pub inflight_threshold_ms: u64,
    /// Maximum number of retries for inflight checks.
    pub inflight_max_retries: u32,
    /// The interval (seconds) between checks for open orders at the venue.
    pub open_check_interval_secs: Option<f64>,
    /// The lookback minutes for open order checks.
    pub open_check_lookback_mins: Option<u64>,
    /// Threshold in nanoseconds before acting on venue discrepancies for open orders.
    pub open_check_threshold_ns: u64,
    /// Maximum retries before resolving an open order missing at the venue.
    pub open_check_missing_retries: u32,
    /// Whether open-order polling should only request open orders from the venue.
    pub open_check_open_only: bool,
    /// The maximum number of single-order queries per consistency check cycle.
    pub max_single_order_queries_per_cycle: u32,
    /// The delay (milliseconds) between consecutive single-order queries.
    pub single_order_query_delay_ms: u32,
    /// The interval (seconds) between checks for open positions at the venue.
    pub position_check_interval_secs: Option<f64>,
    /// The lookback minutes for position consistency checks.
    pub position_check_lookback_mins: u64,
    /// Threshold in nanoseconds before acting on venue discrepancies for positions.
    pub position_check_threshold_ns: u64,
    /// Maximum retries before stopping position discrepancy reconciliation.
    pub position_check_retries: u32,
    /// The time buffer (minutes) before closed orders can be purged.
    pub purge_closed_orders_buffer_mins: Option<u32>,
    /// The time buffer (minutes) before closed positions can be purged.
    pub purge_closed_positions_buffer_mins: Option<u32>,
    /// The time buffer (minutes) before account events can be purged.
    pub purge_account_events_lookback_mins: Option<u32>,
    /// If purge operations should also delete from the backing database.
    pub purge_from_database: bool,
}

impl Default for ExecutionManagerConfig {
    fn default() -> Self {
        Self {
            trader_id: TraderId::default(),
            reconciliation: true,
            lookback_mins: Some(60),
            reconciliation_instrument_ids: IndexSet::new(),
            filter_unclaimed_external: false,
            filter_position_reports: false,
            filtered_client_order_ids: IndexSet::new(),
            generate_missing_orders: true,
            inflight_check_interval_ms: 2_000,
            inflight_threshold_ms: 5_000,
            inflight_max_retries: 5,
            open_check_interval_secs: None,
            open_check_lookback_mins: Some(60),
            open_check_threshold_ns: 5_000_000_000,
            open_check_missing_retries: 5,
            open_check_open_only: true,
            max_single_order_queries_per_cycle: 5,
            single_order_query_delay_ms: 100,
            position_check_interval_secs: None,
            position_check_lookback_mins: 60,
            position_check_threshold_ns: 60_000_000_000,
            position_check_retries: 3,
            purge_closed_orders_buffer_mins: None,
            purge_closed_positions_buffer_mins: None,
            purge_account_events_lookback_mins: None,
            purge_from_database: false,
        }
    }
}

impl ExecutionManagerConfig {
    /// Validates the execution manager configuration, collecting every field violation.
    ///
    /// # Errors
    ///
    /// Returns a [`ConfigError`] (a [`ConfigError::Multiple`] when more than one field is
    /// invalid) if any field fails validation.
    pub fn validate(&self) -> ConfigResult<()> {
        let mut errors = ConfigErrorCollector::with_capacity(3);

        if let Some(mins) = self.lookback_mins {
            errors.check(
                checked_mins_to_secs(mins).is_some(),
                ConfigError::range(
                    "ExecutionManagerConfig.lookback_mins",
                    format!("{mins} minutes (must fit in `u64` seconds)"),
                ),
            );
        }

        if let Some(mins) = self.open_check_lookback_mins {
            errors.check(
                checked_mins_to_nanos(mins).is_some(),
                ConfigError::range(
                    "ExecutionManagerConfig.open_check_lookback_mins",
                    format!("{mins} minutes (must fit in `u64` nanoseconds)"),
                ),
            );
        }

        errors.check(
            checked_mins_to_nanos(self.position_check_lookback_mins).is_some(),
            ConfigError::range(
                "ExecutionManagerConfig.position_check_lookback_mins",
                format!(
                    "{} minutes (must fit in `u64` nanoseconds)",
                    self.position_check_lookback_mins
                ),
            ),
        );

        errors.into_result()
    }

    /// Sets the trader ID on the configuration.
    #[must_use]
    pub fn with_trader_id(mut self, trader_id: TraderId) -> Self {
        self.trader_id = trader_id;
        self
    }
}

/// Information about an inflight order check.
#[derive(Debug, Clone)]
struct InflightCheck {
    #[allow(dead_code)]
    pub client_order_id: ClientOrderId,
    pub submitted_at: dst::time::Instant,
    pub retry_count: u32,
    // `Instant` debug output is runtime-specific and intentionally only useful
    // as an opaque monotonic offset.
    pub last_query_at: Option<dst::time::Instant>,
}

#[derive(Clone, Copy, PartialEq, Eq)]
enum PositionReportShape {
    Unambiguous,
    MultiLeg,
}

#[derive(Clone, Copy)]
struct PositionReconciliationState {
    report_shape: PositionReportShape,
    retries: u32,
}

/// Manager for execution state.
///
/// The `ExecutionManager` handles:
/// - Startup reconciliation to align state on system start.
/// - Continuous reconciliation of inflight orders.
/// - External order discovery and claiming.
/// - Fill report processing and validation.
/// - Purging of old orders, positions, and account events.
///
/// # Thread Safety
///
/// This struct is **not thread-safe** and is designed for single-threaded use within
/// an async runtime. Internal state is managed using `IndexMap` without synchronization,
/// and the `clock` and `cache` use `Rc<RefCell<>>` which provide runtime borrow checking
/// but no thread-safety guarantees.
///
/// If concurrent access is required, this struct must be wrapped in `Arc<Mutex<>>` or
/// similar synchronization primitives. Alternatively, ensure that all methods are called
/// from the same thread/task in the async runtime.
///
/// **Warning:** Concurrent mutable access to internal `IndexMaps` or concurrent borrows
/// of `RefCell` contents will cause runtime panics.
#[derive(Clone)]
pub struct ExecutionManager {
    clock: Rc<RefCell<dyn Clock>>,
    cache: Rc<RefCell<Cache>>,
    config: ExecutionManagerConfig,
    inflight_checks: IndexMap<ClientOrderId, InflightCheck>,
    external_order_claims: IndexMap<InstrumentId, StrategyId>,
    processed_fills: RecencyMap<FillKey>,
    recon_check_retries: IndexMap<ClientOrderId, u32>,
    order_query_recency: RecencyMap<ClientOrderId>,
    order_local_activity: RecencyMap<ClientOrderId>,
    // Monotonic (`dst::time`) instants, not `self.clock`; see `record_position_activity`.
    position_local_activity: RecencyMap<InstrumentAccountKey>,
    position_local_activity_revisions: IndexMap<InstrumentAccountKey, u64>,
    position_reconciliation_states: IndexMap<InstrumentAccountKey, PositionReconciliationState>,
    position_reconciliation_tolerances: IndexMap<AccountId, Decimal>,
    recent_fills_cache: RecencyMap<FillKey>,
    missing_order_coverage_warnings: IndexSet<ClientOrderId>,
    open_check_lookback_warnings: IndexSet<ClientOrderId>,
    unresolved_order_coverage: IndexSet<ClientOrderId>,
    targeted_order_queries: IndexSet<ClientOrderId>,
}

impl Debug for ExecutionManager {
    fn fmt(&self, f: &mut std::fmt::Formatter<'_>) -> std::fmt::Result {
        f.debug_struct(stringify!(ExecutionManager))
            .field("config", &self.config)
            .field("inflight_checks", &self.inflight_checks)
            .field("external_order_claims", &self.external_order_claims)
            .field("processed_fills", &self.processed_fills)
            .field("recon_check_retries", &self.recon_check_retries)
            .finish_non_exhaustive()
    }
}

impl ExecutionManager {
    /// Creates a new [`ExecutionManager`] instance.
    ///
    /// # Errors
    ///
    /// Returns a [`ConfigError`] if `config` fails validation.
    pub fn new(
        clock: Rc<RefCell<dyn Clock>>,
        cache: Rc<RefCell<Cache>>,
        config: ExecutionManagerConfig,
    ) -> ConfigResult<Self> {
        config.validate()?;

        Ok(Self {
            clock,
            cache,
            config,
            inflight_checks: IndexMap::new(),
            external_order_claims: IndexMap::new(),
            processed_fills: RecencyMap::default(),
            recon_check_retries: IndexMap::new(),
            order_query_recency: RecencyMap::default(),
            order_local_activity: RecencyMap::default(),
            position_local_activity: RecencyMap::default(),
            position_local_activity_revisions: IndexMap::new(),
            position_reconciliation_states: IndexMap::new(),
            position_reconciliation_tolerances: IndexMap::new(),
            recent_fills_cache: RecencyMap::default(),
            missing_order_coverage_warnings: IndexSet::new(),
            open_check_lookback_warnings: IndexSet::new(),
            unresolved_order_coverage: IndexSet::new(),
            targeted_order_queries: IndexSet::new(),
        })
    }

    pub(crate) fn set_position_reconciliation_tolerance(
        &mut self,
        account_id: AccountId,
        tolerance: Decimal,
    ) {
        let tolerance = if tolerance < Decimal::ZERO {
            log::error!(
                "Invalid negative position reconciliation tolerance {tolerance} for \
                 {account_id}; using the default"
            );
            DEFAULT_POSITION_RECONCILIATION_TOLERANCE
        } else {
            tolerance
        };
        self.position_reconciliation_tolerances
            .insert(account_id, tolerance);
    }

    fn position_reconciliation_tolerance(&self, account_id: AccountId) -> Decimal {
        self.position_reconciliation_tolerances
            .get(&account_id)
            .copied()
            .unwrap_or(DEFAULT_POSITION_RECONCILIATION_TOLERANCE)
    }

    /// Reconciles orders and fills from a mass status report.
    ///
    /// Order events are collected, sorted globally by `ts_event`, then processed through
    /// the execution engine to ensure chronological ordering across all orders.
    /// Position events are processed after all order events to ensure fills are applied first.
    #[allow(unknown_lints, reason = "Clippy lint is unavailable on Rust 1.97")]
    #[expect(
        clippy::unused_async,
        clippy::unused_async_trait_impl,
        reason = "public reconciliation API stays async; live node and test callers await it"
    )]
    pub async fn reconcile_execution_mass_status(
        &mut self,
        mass_status: ExecutionMassStatus,
        exec_engine: Rc<RefCell<ExecutionEngine>>,
    ) -> ReconciliationResult {
        if exec_engine
            .borrow()
            .get_client(&mass_status.client_id)
            .is_none()
        {
            log::error!(
                "Cannot reconcile ExecutionMassStatus from unknown client {}",
                mass_status.client_id
            );
            return ReconciliationResult::default();
        }

        self.validate_mass_status_order_sources(&mass_status);

        // Publish raw reports before any state mutation (including fill adjustment
        // below, which can synthesise replacement order/fill reports). The
        // execution engine's per-report `reconcile_*` entry points are bypassed by
        // this path, so the capture seam lives here.
        let raw_order_status_topic =
            MessagingSwitchboard::reconciliation_raw_order_status_report_topic();

        for report in mass_status.order_reports().values() {
            msgbus::publish_any(raw_order_status_topic, report);
        }

        let raw_fill_topic = MessagingSwitchboard::reconciliation_raw_fill_report_topic();

        for fills in mass_status.fill_reports().values() {
            for fill in fills {
                msgbus::publish_any(raw_fill_topic, fill);
            }
        }

        let raw_position_topic =
            MessagingSwitchboard::reconciliation_raw_position_status_report_topic();

        for reports in mass_status.position_reports().values() {
            for report in reports {
                msgbus::publish_any(raw_position_topic, report);
            }
        }

        if exec_engine
            .borrow()
            .get_client(&mass_status.client_id)
            .is_none()
        {
            log::error!(
                "Execution client {} disappeared while publishing raw mass status reports",
                mass_status.client_id
            );
            return ReconciliationResult::default();
        }

        let venue = mass_status.venue;
        let order_count = mass_status.order_reports().len();
        let fill_count: usize = mass_status.fill_reports().values().map(Vec::len).sum();
        let position_count: usize = mass_status.position_reports().values().map(Vec::len).sum();

        log_info!(
            "Reconciling ExecutionMassStatus for {venue}",
            color = LogColor::Blue
        );
        log_info!(
            "Received {order_count} order(s), {fill_count} fill(s), {position_count} position(s)",
            color = LogColor::Blue
        );

        let retained_fill_state = self.retained_fill_state();
        let reported_fill_keys: IndexSet<(AccountId, InstrumentId, TradeId)> = mass_status
            .fill_reports()
            .values()
            .flatten()
            .map(|fill| (fill.account_id, fill.instrument_id, fill.trade_id))
            .collect();
        let (adjusted_order_reports, adjusted_fill_reports) =
            self.adjust_mass_status_fills(&mass_status);
        let order_only_venue_order_ids = self.order_only_venue_order_ids(
            &mass_status,
            &adjusted_order_reports,
            &adjusted_fill_reports,
            &retained_fill_state,
        );

        let mut events = Vec::new();
        let mut external_orders = Vec::new();
        let mut orders_reconciled = 0usize;
        let mut external_orders_created = 0usize;
        let mut open_orders_initialized = 0usize;
        let mut orders_skipped_no_instrument = 0usize;
        let mut orders_skipped_duplicate = 0usize;
        let mut fills_applied = 0usize;
        let mut fill_queue = ReconciliationFillQueue::default();

        let fill_reports = &adjusted_fill_reports;
        let mut seen_fill_keys: IndexSet<FillKey> = IndexSet::new();

        for fills in fill_reports.values() {
            for fill in fills {
                let fill_key = (fill.account_id, fill.instrument_id, fill.trade_id);
                if !seen_fill_keys.insert(fill_key) {
                    log::warn!(
                        "Duplicate trade_id {} for {} in mass status",
                        fill.trade_id,
                        fill.instrument_id
                    );
                }
            }
        }

        // Deduplicate reports by venue_order_id, keeping the most advanced state
        let order_reports = Self::deduplicate_order_reports(adjusted_order_reports.values());
        let mut orders_skipped_filtered = 0usize;

        for report in order_reports.values() {
            if self.should_skip_order_report(report) {
                orders_skipped_filtered += 1;
                continue;
            }

            if let Some(client_order_id) = &report.client_order_id {
                if let Some(cached_order) = self.get_order(*client_order_id)
                    && Self::is_exact_order_match(&cached_order, report)
                {
                    log::debug!("Skipping order {client_order_id}: already in sync with venue");
                    orders_skipped_duplicate += 1;

                    // Still ensure venue_order_id is indexed even when skipping
                    if let Err(e) = self
                        .cache
                        .borrow_mut()
                        .index_venue_order_id(client_order_id, &report.venue_order_id)
                    {
                        log::warn!("Failed to index venue order ID: {e}");
                    }

                    continue;
                }

                // Skip closed reconciliation orders to prevent duplicate inferred fills on restart
                if let Some(cached_order) = self.get_order(*client_order_id)
                    && cached_order.is_closed()
                    && cached_order
                        .tags()
                        .is_some_and(|tags| tags.contains(&*TAG_RECONCILIATION))
                {
                    log::debug!(
                        "Skipping closed reconciliation order {client_order_id}: \
                         synthetic position adjustment from previous session",
                    );
                    orders_skipped_duplicate += 1;
                    continue;
                }

                if let Some(order) = self.get_order(*client_order_id) {
                    let instrument = self.get_instrument(&report.instrument_id);
                    log::info!(
                        color = LogColor::Blue as u8;
                        "Reconciling {} {} {} [{}] -> [{}]",
                        client_order_id,
                        report.venue_order_id,
                        report.instrument_id,
                        order.status(),
                        report.order_status,
                    );

                    let order_fills: Vec<&FillReport> = fill_reports
                        .get(&report.venue_order_id)
                        .map(|f| f.iter().collect())
                        .unwrap_or_default();
                    let engine_ref = exec_engine.borrow();
                    let commission_client = engine_ref.get_client(&mass_status.client_id);
                    let order_events = self.reconcile_order_with_fills(
                        &order,
                        report,
                        &order_fills,
                        instrument.as_ref(),
                        &mut fill_queue,
                        commission_client,
                    );
                    drop(engine_ref);

                    if !order_events.is_empty() {
                        orders_reconciled += 1;
                        fills_applied += order_events
                            .iter()
                            .filter(|e| matches!(e, OrderEventAny::Filled(_)))
                            .count();
                        events.extend(order_events);
                    }

                    // Always ensure venue_order_id is indexed after reconciliation
                    if let Err(e) = self
                        .cache
                        .borrow_mut()
                        .index_venue_order_id(client_order_id, &report.venue_order_id)
                    {
                        log::warn!("Failed to index venue order ID: {e}");
                    }
                } else if let Some(order) = self.get_order_by_venue_order_id(report.venue_order_id)
                {
                    // Fallback: match by venue_order_id
                    let instrument = self.get_instrument(&report.instrument_id);

                    log::info!(
                        color = LogColor::Blue as u8;
                        "Reconciling {} (matched by venue_order_id {}) {} [{}] -> [{}]",
                        order.client_order_id(),
                        report.venue_order_id,
                        report.instrument_id,
                        order.status(),
                        report.order_status,
                    );

                    let order_fills: Vec<&FillReport> = fill_reports
                        .get(&report.venue_order_id)
                        .map(|f| f.iter().collect())
                        .unwrap_or_default();
                    let engine_ref = exec_engine.borrow();
                    let commission_client = engine_ref.get_client(&mass_status.client_id);
                    let order_events = self.reconcile_order_with_fills(
                        &order,
                        report,
                        &order_fills,
                        instrument.as_ref(),
                        &mut fill_queue,
                        commission_client,
                    );
                    drop(engine_ref);

                    if !order_events.is_empty() {
                        orders_reconciled += 1;
                        fills_applied += order_events
                            .iter()
                            .filter(|e| matches!(e, OrderEventAny::Filled(_)))
                            .count();
                        events.extend(order_events);
                    }

                    if let Err(e) = self
                        .cache
                        .borrow_mut()
                        .index_venue_order_id(&order.client_order_id(), &report.venue_order_id)
                    {
                        log::warn!("Failed to index venue order ID: {e}");
                    }
                } else if !self.config.filter_unclaimed_external {
                    if let Some(instrument) = self.get_instrument(&report.instrument_id) {
                        let order_fills: Vec<&FillReport> = fill_reports
                            .get(&report.venue_order_id)
                            .map(|f| f.iter().collect())
                            .unwrap_or_default();
                        let engine_ref = exec_engine.borrow();
                        let commission_client = engine_ref.get_client(&mass_status.client_id);
                        let (external_events, metadata) = self.handle_external_order(
                            report,
                            mass_status.account_id,
                            &instrument,
                            &order_fills,
                            false, // Not synthetic (venue order)
                            Some(&mut fill_queue),
                            commission_client,
                        );
                        drop(engine_ref);

                        if !external_events.is_empty() {
                            external_orders_created += 1;
                            fills_applied += external_events
                                .iter()
                                .filter(|e| matches!(e, OrderEventAny::Filled(_)))
                                .count();

                            if report.order_status.is_open() {
                                open_orders_initialized += 1;
                            }

                            events.extend(external_events);

                            if let Some(m) = metadata {
                                external_orders.push(m);
                            }
                        }
                    } else {
                        orders_skipped_no_instrument += 1;
                    }
                }
            } else if let Some(order) = self.get_order_by_venue_order_id(report.venue_order_id) {
                // Fallback: match by venue_order_id
                let instrument = self.get_instrument(&report.instrument_id);
                log::info!(
                    color = LogColor::Blue as u8;
                    "Reconciling {} (matched by venue_order_id {}) {} [{}] -> [{}]",
                    order.client_order_id(),
                    report.venue_order_id,
                    report.instrument_id,
                    order.status(),
                    report.order_status,
                );

                let order_fills: Vec<&FillReport> = fill_reports
                    .get(&report.venue_order_id)
                    .map(|f| f.iter().collect())
                    .unwrap_or_default();
                let engine_ref = exec_engine.borrow();
                let commission_client = engine_ref.get_client(&mass_status.client_id);
                let order_events = self.reconcile_order_with_fills(
                    &order,
                    report,
                    &order_fills,
                    instrument.as_ref(),
                    &mut fill_queue,
                    commission_client,
                );
                drop(engine_ref);

                if !order_events.is_empty() {
                    orders_reconciled += 1;
                    fills_applied += order_events
                        .iter()
                        .filter(|e| matches!(e, OrderEventAny::Filled(_)))
                        .count();
                    events.extend(order_events);
                }

                if let Err(e) = self
                    .cache
                    .borrow_mut()
                    .index_venue_order_id(&order.client_order_id(), &report.venue_order_id)
                {
                    log::warn!("Failed to index venue order ID: {e}");
                }
            } else if let Some(instrument) = self.get_instrument(&report.instrument_id) {
                // Synthetic orders (S- prefix) are generated by reconciliation logic
                let is_synthetic = report.venue_order_id.as_str().starts_with("S-");

                let order_fills: Vec<&FillReport> = fill_reports
                    .get(&report.venue_order_id)
                    .map(|f| f.iter().collect())
                    .unwrap_or_default();
                let engine_ref = exec_engine.borrow();
                let commission_client = engine_ref.get_client(&mass_status.client_id);
                let (external_events, metadata) = self.handle_external_order(
                    report,
                    mass_status.account_id,
                    &instrument,
                    &order_fills,
                    is_synthetic,
                    Some(&mut fill_queue),
                    commission_client,
                );
                drop(engine_ref);

                if !external_events.is_empty() {
                    external_orders_created += 1;
                    fills_applied += external_events
                        .iter()
                        .filter(|e| matches!(e, OrderEventAny::Filled(_)))
                        .count();

                    if report.order_status.is_open() {
                        open_orders_initialized += 1;
                    }

                    events.extend(external_events);

                    if let Some(m) = metadata {
                        external_orders.push(m);
                    }
                }
            } else {
                orders_skipped_no_instrument += 1;
            }
        }

        // Process orphan fills (fills without matching order reports)
        let processed_venue_order_ids: IndexSet<VenueOrderId> =
            order_reports.keys().copied().collect();

        for (venue_order_id, fills) in fill_reports {
            if processed_venue_order_ids.contains(venue_order_id) {
                continue;
            }

            let Some(first_fill) = fills.first() else {
                continue;
            };

            if !self.should_reconcile_instrument(&first_fill.instrument_id) {
                log::debug!(
                    "Skipping orphan fills for {}: not in reconciliation_instrument_ids",
                    first_fill.instrument_id
                );
                continue;
            }

            // Skip if fill's client_order_id is in filtered list
            if let Some(client_order_id) = &first_fill.client_order_id
                && self
                    .config
                    .filtered_client_order_ids
                    .contains(client_order_id)
            {
                log::debug!(
                    "Skipping orphan fills for {client_order_id}: in filtered_client_order_ids"
                );
                continue;
            }

            let order = first_fill
                .client_order_id
                .as_ref()
                .and_then(|id| self.get_order(*id))
                .or_else(|| self.get_order_by_venue_order_id(*venue_order_id));

            // Skip if resolved order's client_order_id is filtered (venue_order_id lookup path)
            if let Some(ref order) = order
                && self
                    .config
                    .filtered_client_order_ids
                    .contains(&order.client_order_id())
            {
                log::debug!(
                    "Skipping orphan fills for {}: in filtered_client_order_ids",
                    order.client_order_id()
                );
                continue;
            }

            if let Some(order) = order {
                let instrument_id = order.instrument_id();
                if let Some(instrument) = self.get_instrument(&instrument_id) {
                    let mut sorted_fills: Vec<&FillReport> = fills.iter().collect();
                    sorted_fills.sort_by_key(|f| f.ts_event);

                    for fill in sorted_fills {
                        if let Some((event, fill_key)) = self.create_order_fill(
                            &order,
                            fill,
                            &instrument,
                            &fill_queue.pending_fill_keys,
                        ) {
                            fills_applied += 1;
                            fill_queue.push(&mut events, event, fill_key);
                        }
                    }
                } else {
                    orders_skipped_no_instrument += 1;
                }
            } else if fills.iter().any(FillReport::has_venue_position_id) {
                if !self.config.generate_missing_orders {
                    log::debug!(
                        "Skipping orphan fills for venue order {venue_order_id}: \
                         `generate_missing_orders` is disabled"
                    );
                    orders_skipped_filtered += 1;
                    continue;
                }

                let Some(instrument) = self.get_instrument(&first_fill.instrument_id) else {
                    orders_skipped_no_instrument += 1;
                    continue;
                };

                let mut sorted_fills: Vec<&FillReport> = fills.iter().collect();
                sorted_fills.sort_by_key(|fill| fill.ts_event);

                let report = match Self::create_orphan_fill_order_report(&sorted_fills, &instrument)
                {
                    Ok(report) => report,
                    Err(e) => {
                        log::error!(
                            "Cannot materialize orphan fills for venue order {venue_order_id}: {e}"
                        );

                        continue;
                    }
                };

                let engine_ref = exec_engine.borrow();
                let commission_client = engine_ref.get_client(&mass_status.client_id);
                let (external_events, metadata) = self.handle_external_order(
                    &report,
                    mass_status.account_id,
                    &instrument,
                    &sorted_fills,
                    false,
                    Some(&mut fill_queue),
                    commission_client,
                );
                drop(engine_ref);

                if !external_events.is_empty() {
                    external_orders_created += 1;
                    fills_applied += external_events
                        .iter()
                        .filter(|event| matches!(event, OrderEventAny::Filled(_)))
                        .count();

                    events.extend(external_events);

                    if let Some(metadata) = metadata {
                        external_orders.push(metadata);
                    }
                }
            }
        }

        events.sort_by_key(OrderEventAny::ts_event);

        let mut unapplied_fill_position_ids = IndexSet::new();

        for event in &events {
            if let OrderEventAny::Filled(fill) = event
                && Self::should_project_reconciliation_fill(
                    fill,
                    &retained_fill_state,
                    &reported_fill_keys,
                    &order_only_venue_order_ids,
                )
            {
                exec_engine.borrow_mut().project_reconciliation_fill(fill);
            } else {
                exec_engine.borrow_mut().process(event);
            }

            if let OrderEventAny::Filled(fill) = event
                && let Some(fill_key) = fill_queue.event_fill_keys.get(&fill.event_id).copied()
            {
                if self.is_fill_applied(fill, fill_key) {
                    self.processed_fills.mark(fill_key);
                } else if let Some(venue_position_id) = fill.position_id {
                    log::error!(
                        "Skipping reconciliation for venue position {venue_position_id}: historical fill {} was not applied",
                        fill.trade_id,
                    );

                    unapplied_fill_position_ids.insert(venue_position_id);
                }
            }
        }

        let mut positions_created = 0usize;

        if !self.config.filter_position_reports {
            // Collect instruments with fills that lack venue_position_id (can't attribute to
            // specific hedge position, so must skip all hedge reports for that instrument)
            let instruments_with_unattributed_fills: IndexSet<InstrumentId> = mass_status
                .fill_reports()
                .values()
                .flatten()
                .filter(|f| f.venue_position_id.is_none())
                .map(|f| f.instrument_id)
                .chain(
                    mass_status
                        .order_reports()
                        .values()
                        .filter(|r| !r.filled_qty.is_zero() && r.venue_position_id.is_none())
                        .map(|r| r.instrument_id),
                )
                .collect();

            for (instrument_id, reports) in mass_status.position_reports() {
                if !self.should_reconcile_instrument(&instrument_id) {
                    log::debug!(
                        "Skipping position reports for {instrument_id}: not in reconciliation_instrument_ids"
                    );
                    continue;
                }

                for report in reports {
                    if report.venue_position_id.is_some_and(|venue_position_id| {
                        unapplied_fill_position_ids.contains(&venue_position_id)
                    }) {
                        continue;
                    }

                    if let Some(position_events) = self.reconcile_position_report(
                        &report,
                        mass_status.account_id,
                        &instruments_with_unattributed_fills,
                    ) {
                        for event in position_events {
                            exec_engine.borrow_mut().process(&event);
                            events.push(event);
                        }

                        positions_created += 1;
                    }
                }
            }
        }

        if orders_skipped_no_instrument > 0 {
            log::warn!("{orders_skipped_no_instrument} orders skipped (instrument not in cache)");
        }

        if orders_skipped_duplicate > 0 {
            log::debug!("{orders_skipped_duplicate} orders skipped (already in sync)");
        }

        if orders_skipped_filtered > 0 {
            log::debug!("{orders_skipped_filtered} orders skipped (filtered by config)");
        }

        log::info!(
            color = LogColor::Blue as u8;
            "Reconciliation complete for {venue}: reconciled={orders_reconciled}, external={external_orders_created}, open={open_orders_initialized}, fills={fills_applied}, positions={positions_created}, skipped={orders_skipped_duplicate}, filtered={orders_skipped_filtered}",
        );

        ReconciliationResult {
            events,
            external_orders,
        }
    }

    fn create_orphan_fill_order_report(
        fills: &[&FillReport],
        instrument: &InstrumentAny,
    ) -> anyhow::Result<OrderStatusReport> {
        let Some(first) = fills.first() else {
            anyhow::bail!("fill group is empty");
        };
        let venue_position_id = first
            .venue_position_id
            .ok_or_else(|| anyhow::anyhow!("venue position ID is missing"))?;

        for fill in fills.iter().skip(1) {
            anyhow::ensure!(
                fill.account_id == first.account_id,
                "account ID differs across fill group"
            );
            anyhow::ensure!(
                fill.instrument_id == first.instrument_id,
                "instrument ID differs across fill group"
            );
            anyhow::ensure!(
                fill.venue_order_id == first.venue_order_id,
                "venue order ID differs across fill group"
            );
            anyhow::ensure!(
                fill.client_order_id == first.client_order_id,
                "client order ID differs across fill group"
            );
            anyhow::ensure!(
                fill.order_side == first.order_side,
                "order side differs across fill group"
            );
            anyhow::ensure!(
                fill.venue_position_id == first.venue_position_id,
                "venue position ID differs across fill group"
            );
        }

        anyhow::ensure!(
            first.instrument_id == instrument.id(),
            "instrument metadata does not match fill group"
        );

        let (quantity, notional) = fills.iter().try_fold(
            (Decimal::ZERO, Decimal::ZERO),
            |(quantity, notional), fill| {
                let fill_quantity = fill.last_qty.as_decimal();
                let quantity = quantity.checked_add(fill_quantity).ok_or_else(|| {
                    anyhow::anyhow!("fill quantity overflow while aggregating fill group")
                })?;

                let fill_notional = fill_quantity
                    .checked_mul(fill.last_px.as_decimal())
                    .ok_or_else(|| {
                        anyhow::anyhow!("fill notional overflow while aggregating fill group")
                    })?;

                let notional = notional.checked_add(fill_notional).ok_or_else(|| {
                    anyhow::anyhow!("fill notional overflow while aggregating fill group")
                })?;

                Ok::<_, anyhow::Error>((quantity, notional))
            },
        )?;

        anyhow::ensure!(
            quantity > Decimal::ZERO,
            "fill group quantity is not positive"
        );

        let order_qty = Quantity::from_decimal_dp(quantity, instrument.size_precision())?;
        let avg_px = notional
            .checked_div(quantity)
            .ok_or_else(|| anyhow::anyhow!("fill group average price is not representable"))?;

        let ts_accepted = fills
            .iter()
            .map(|fill| fill.ts_event)
            .min()
            .expect("non-empty fill group");

        let ts_last = fills
            .iter()
            .map(|fill| fill.ts_event)
            .max()
            .expect("non-empty fill group");

        let ts_init = fills
            .iter()
            .map(|fill| fill.ts_init)
            .max()
            .expect("non-empty fill group");

        let report = OrderStatusReport::new(
            first.account_id,
            first.instrument_id,
            first.client_order_id,
            first.venue_order_id,
            first.order_side.into(),
            OrderType::Market,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            order_qty,
            order_qty,
            ts_accepted,
            ts_last,
            ts_init,
            None,
        )
        .with_avg_px(avg_px)
        .with_venue_position_id(venue_position_id);

        Ok(report)
    }

    fn should_project_reconciliation_fill(
        fill: &OrderFilled,
        retained_fill_state: &RetainedFillState,
        reported_fill_keys: &IndexSet<FillKey>,
        order_only_venue_order_ids: &IndexSet<VenueOrderId>,
    ) -> bool {
        let fill_key = (fill.account_id, fill.instrument_id, fill.trade_id);
        if retained_fill_state.fill_keys.contains(&fill_key)
            || order_only_venue_order_ids.contains(&fill.venue_order_id)
        {
            return true;
        }

        let order_missing = retained_fill_state.missing_order_ids.contains(&(
            fill.account_id,
            fill.instrument_id,
            fill.client_order_id,
        )) || retained_fill_state.missing_venue_order_ids.contains(&(
            fill.account_id,
            fill.instrument_id,
            fill.venue_order_id,
        ));

        if order_missing && !reported_fill_keys.contains(&fill_key) {
            return true;
        }

        retained_fill_state
            .netting_lifecycle_starts
            .get(&(fill.account_id, fill.instrument_id, fill.strategy_id))
            .is_some_and(|ts_opened| fill.ts_event < *ts_opened)
    }

    fn retained_fill_state(&self) -> RetainedFillState {
        let cache = self.cache.borrow();
        let positions = cache.positions(None, None, None, None, None);
        let mut fill_keys = IndexSet::new();
        let mut missing_order_ids = IndexSet::new();
        let mut missing_venue_order_ids = IndexSet::new();
        let mut netting_lifecycle_starts = IndexMap::new();

        for position in positions {
            for fill in &position.events {
                fill_keys.insert((position.account_id, position.instrument_id, fill.trade_id));
                if cache.order(&fill.client_order_id).is_none() {
                    missing_order_ids.insert((
                        position.account_id,
                        position.instrument_id,
                        fill.client_order_id,
                    ));
                    missing_venue_order_ids.insert((
                        position.account_id,
                        position.instrument_id,
                        fill.venue_order_id,
                    ));
                }
            }

            if cache.oms_type(&position.id) == Some(OmsType::Netting) {
                netting_lifecycle_starts.insert(
                    (
                        position.account_id,
                        position.instrument_id,
                        position.strategy_id,
                    ),
                    position.ts_opened,
                );
            }
        }

        RetainedFillState {
            fill_keys,
            missing_order_ids,
            missing_venue_order_ids,
            netting_lifecycle_starts,
        }
    }

    fn order_only_venue_order_ids(
        &self,
        mass_status: &ExecutionMassStatus,
        order_reports: &IndexMap<VenueOrderId, OrderStatusReport>,
        fill_reports: &IndexMap<VenueOrderId, Vec<FillReport>>,
        retained_fill_state: &RetainedFillState,
    ) -> IndexSet<VenueOrderId> {
        if mass_status.lookback_start().is_none() {
            return IndexSet::new();
        }

        let expected_quantities: IndexMap<AccountInstrumentKey, Decimal> =
            if mass_status.reports_complete() {
                mass_status
                    .position_reports()
                    .into_iter()
                    .filter_map(|(instrument_id, reports)| {
                        let [report] = reports.as_slice() else {
                            return None;
                        };
                        report.venue_position_id.is_none().then_some((
                            (report.account_id, instrument_id),
                            report.signed_decimal_qty,
                        ))
                    })
                    .collect()
            } else {
                IndexMap::new()
            };
        let candidate_instruments: IndexSet<InstrumentId> = order_reports
            .values()
            .filter(|report| !report.filled_qty.is_zero())
            .map(|report| report.instrument_id)
            .chain(
                fill_reports
                    .values()
                    .flatten()
                    .map(|fill| fill.instrument_id),
            )
            .collect();

        if candidate_instruments.is_empty() {
            return IndexSet::new();
        }

        let mut venue_order_ids: IndexSet<VenueOrderId> = order_reports
            .iter()
            .filter(|(_, report)| {
                candidate_instruments.contains(&report.instrument_id)
                    && !report.filled_qty.is_zero()
            })
            .map(|(venue_order_id, _)| *venue_order_id)
            .collect();
        venue_order_ids.extend(fill_reports.iter().filter_map(|(venue_order_id, fills)| {
            fills
                .first()
                .is_some_and(|fill| candidate_instruments.contains(&fill.instrument_id))
                .then_some(*venue_order_id)
        }));

        if !mass_status.reports_complete() {
            log::error!(
                "Bounded reconciliation report set is incomplete; projecting {} historical order(s) without position or portfolio effects",
                venue_order_ids.len(),
            );

            return venue_order_ids;
        }

        let mut order_only = IndexSet::new();
        let mut groups = Vec::new();

        for venue_order_id in venue_order_ids {
            let report = order_reports.get(&venue_order_id);
            let fills = fill_reports.get(&venue_order_id);

            if report.and_then(|report| report.venue_position_id).is_some()
                || fills.is_some_and(|fills| fills.iter().any(FillReport::has_venue_position_id))
            {
                continue;
            }

            let cached_order = report
                .and_then(|report| report.client_order_id)
                .and_then(|client_order_id| self.get_order(client_order_id))
                .or_else(|| self.get_order_by_venue_order_id(venue_order_id));
            let account_id = report
                .map(|report| report.account_id)
                .or_else(|| fills.and_then(|fills| fills.first().map(|fill| fill.account_id)));
            let instrument_id = report
                .map(|report| report.instrument_id)
                .or_else(|| fills.and_then(|fills| fills.first().map(|fill| fill.instrument_id)));
            let order_side = report
                .and_then(|report| report.order_side)
                .or_else(|| fills.and_then(|fills| fills.first().map(|fill| fill.order_side)));
            let (Some(account_id), Some(instrument_id), Some(order_side)) =
                (account_id, instrument_id, order_side)
            else {
                order_only.insert(venue_order_id);
                continue;
            };

            let coherent_fills = fills.is_none_or(|fills| {
                fills.iter().all(|fill| {
                    fill.account_id == account_id
                        && fill.instrument_id == instrument_id
                        && fill.order_side == order_side
                })
            });
            let coherent_cached_order = cached_order.as_ref().is_none_or(|order| {
                order.instrument_id() == instrument_id
                    && order.order_side() == order_side
                    && order.account_id().is_none_or(|id| id == account_id)
            });

            if !coherent_fills
                || !coherent_cached_order
                || (report.is_none() && cached_order.is_none())
            {
                order_only.insert(venue_order_id);
                continue;
            }

            let strategy_id = cached_order.as_ref().map_or_else(
                || {
                    self.external_order_claims
                        .get(&instrument_id)
                        .copied()
                        .unwrap_or_else(|| StrategyId::from("EXTERNAL"))
                },
                Order::strategy_id,
            );
            let reduce_only = report.is_some_and(|report| report.reduce_only)
                || cached_order.as_ref().is_some_and(Order::is_reduce_only);

            let cached_filled_qty = cached_order
                .as_ref()
                .map_or(Decimal::ZERO, |order| order.filled_qty().as_decimal());
            let reported_fill_qty = fills.map_or(Decimal::ZERO, |fills| {
                fills.iter().map(|fill| fill.last_qty.as_decimal()).sum()
            });

            let unretained_fills: Vec<&FillReport> = fills
                .into_iter()
                .flatten()
                .filter(|fill| {
                    !retained_fill_state.fill_keys.contains(&(
                        fill.account_id,
                        fill.instrument_id,
                        fill.trade_id,
                    ))
                })
                .collect();
            let unretained_fill_qty: Decimal = unretained_fills
                .iter()
                .map(|fill| fill.last_qty.as_decimal())
                .sum();

            let inferred_qty = report.map_or(Decimal::ZERO, |report| {
                (report.filled_qty.as_decimal() - cached_filled_qty - reported_fill_qty)
                    .max(Decimal::ZERO)
            });
            let quantity = unretained_fill_qty + inferred_qty;

            if quantity.is_zero() {
                continue;
            }

            let inferred_ts = (!inferred_qty.is_zero())
                .then(|| report.map(|report| report.ts_last))
                .flatten();
            let ts_event = unretained_fills
                .iter()
                .map(|fill| fill.ts_event)
                .chain(inferred_ts)
                .min()
                .unwrap_or(mass_status.ts_init);
            let ts_last = unretained_fills
                .iter()
                .map(|fill| fill.ts_event)
                .chain(inferred_ts)
                .max()
                .unwrap_or(mass_status.ts_init);

            groups.push(HistoricalFillGroup {
                venue_order_id,
                account_id,
                instrument_id,
                strategy_id,
                order_side,
                quantity,
                reduce_only,
                ts_event,
                ts_last,
            });
        }

        groups.sort_by_key(|group| group.ts_event);

        let mut quantities: IndexMap<AccountInstrumentStrategyKey, Option<Decimal>> =
            IndexMap::new();
        let mut group_ids: IndexMap<AccountInstrumentStrategyKey, Vec<VenueOrderId>> =
            IndexMap::new();
        let mut interval_ends: IndexMap<AccountInstrumentStrategyKey, UnixNanos> = IndexMap::new();
        let mut ambiguous_keys = IndexSet::new();

        for group in &groups {
            let key = (group.account_id, group.instrument_id, group.strategy_id);

            if interval_ends
                .get(&key)
                .is_some_and(|end| group.ts_event <= *end)
            {
                ambiguous_keys.insert(key);
            }

            interval_ends
                .entry(key)
                .and_modify(|end| *end = (*end).max(group.ts_last))
                .or_insert(group.ts_last);
        }

        if !ambiguous_keys.is_empty() {
            log::error!(
                "Bounded reconciliation contains interleaved order fills for {} position key(s); projecting their historical order state only",
                ambiguous_keys.len(),
            );
        }

        for group in groups {
            let key = (group.account_id, group.instrument_id, group.strategy_id);
            group_ids.entry(key).or_default().push(group.venue_order_id);
            if ambiguous_keys.contains(&key) {
                order_only.insert(group.venue_order_id);
                continue;
            }
            let current_qty = quantities.entry(key).or_insert_with(|| {
                let cache = self.cache.borrow();
                let positions = cache.positions_open(
                    None,
                    Some(&group.instrument_id),
                    Some(&group.strategy_id),
                    Some(&group.account_id),
                    None,
                );

                if positions.len() > 1
                    || positions.first().is_some_and(|position| {
                        cache.oms_type(&position.id) != Some(OmsType::Netting)
                    })
                {
                    None
                } else {
                    Some(
                        positions
                            .first()
                            .map_or(Decimal::ZERO, |position| position.signed_decimal_qty()),
                    )
                }
            });
            let Some(current_qty) = current_qty else {
                order_only.insert(group.venue_order_id);
                continue;
            };
            let signed_fill_qty = match group.order_side {
                OrderSide::Buy => group.quantity,
                OrderSide::Sell => -group.quantity,
            };
            let reduces = !current_qty.is_zero()
                && current_qty.is_sign_negative() != signed_fill_qty.is_sign_negative()
                && group.quantity <= current_qty.abs();
            if group.reduce_only && !reduces {
                log::warn!(
                    "Cannot apply bounded reduce-only order {} for {} without a coherent predecessor; projecting order state only",
                    group.venue_order_id,
                    group.instrument_id,
                );
                order_only.insert(group.venue_order_id);
                continue;
            }
            *current_qty += signed_fill_qty;
        }

        let mut keys_by_position: IndexMap<
            AccountInstrumentKey,
            Vec<AccountInstrumentStrategyKey>,
        > = IndexMap::new();

        for key in quantities.keys() {
            keys_by_position
                .entry((key.0, key.1))
                .or_default()
                .push(*key);
        }

        for (position_key, keys) in keys_by_position {
            let expected_qty = expected_quantities.get(&position_key).copied();
            let matches_report = if expected_qty.is_some_and(|quantity| quantity.is_zero()) {
                keys.iter().all(|key| {
                    quantities
                        .get(key)
                        .copied()
                        .flatten()
                        .is_some_and(|quantity| quantity.is_zero())
                })
            } else if let (Some(expected_qty), [key]) = (expected_qty, keys.as_slice()) {
                let cache = self.cache.borrow();
                let positions = cache.positions_open(
                    None,
                    Some(&position_key.1),
                    None,
                    Some(&position_key.0),
                    None,
                );
                let cache_is_unambiguous = positions.len() <= 1
                    && positions.first().is_none_or(|position| {
                        position.strategy_id == key.2
                            && cache.oms_type(&position.id) == Some(OmsType::Netting)
                    });
                cache_is_unambiguous
                    && quantities
                        .get(key)
                        .copied()
                        .flatten()
                        .is_some_and(|quantity| quantity == expected_qty)
            } else {
                false
            };

            if matches_report {
                continue;
            }

            let venue_order_ids: Vec<VenueOrderId> = keys
                .iter()
                .filter_map(|key| group_ids.get(key))
                .flatten()
                .copied()
                .collect();
            log::error!(
                "Bounded reconciliation does not explain the reported position for {}; projecting {} historical order(s) without position or portfolio effects",
                position_key.1,
                venue_order_ids.len(),
            );
            order_only.extend(venue_order_ids);
        }

        order_only
    }

    /// Checks inflight orders and returns terminal events and intermediate venue queries.
    ///
    /// For retries below `inflight_max_retries`, generates `QueryOrder` commands to poll
    /// the venue for the order's current status. At max retries, generates terminal events
    /// (rejection or cancellation) based on the order's status.
    pub fn check_inflight_orders(&mut self) -> InflightCheckResult {
        let mut result = InflightCheckResult::default();
        let now = dst::time::Instant::now();
        let threshold = Duration::from_millis(self.config.inflight_threshold_ms);

        let mut to_check = Vec::new();

        for (client_order_id, check) in &self.inflight_checks {
            if now
                .checked_duration_since(check.submitted_at)
                .is_some_and(|elapsed| elapsed > threshold)
            {
                to_check.push(*client_order_id);
            }
        }

        for client_order_id in to_check {
            if self
                .config
                .filtered_client_order_ids
                .contains(&client_order_id)
            {
                self.clear_recon_tracking(&client_order_id, true);
                continue;
            }

            if self.targeted_order_queries.contains(&client_order_id) {
                continue;
            }

            if let Some(check) = self.inflight_checks.get_mut(&client_order_id) {
                if let Some(last_query_at) = check.last_query_at
                    && now
                        .checked_duration_since(last_query_at)
                        .is_none_or(|elapsed| elapsed < threshold)
                {
                    continue;
                }

                check.retry_count += 1;
                check.last_query_at = Some(now);
                self.order_query_recency.mark(client_order_id);
                self.recon_check_retries
                    .insert(client_order_id, check.retry_count);

                if check.retry_count >= self.config.inflight_max_retries {
                    let ts_now = self.clock.borrow().timestamp_ns();

                    if let Some(order) = self.get_order(client_order_id) {
                        match order.status() {
                            OrderStatus::Submitted => {
                                // Generate rejection for submitted orders that never got accepted
                                if let Some(event) = create_reconciliation_rejected(
                                    &order,
                                    Some("INFLIGHT_TIMEOUT"),
                                    ts_now,
                                ) {
                                    result.events.push(event);
                                }
                            }
                            OrderStatus::PendingUpdate | OrderStatus::PendingCancel => {
                                // Generate cancellation for orders stuck in pending modify/cancel
                                let event = OrderEventAny::Canceled(OrderCanceled::new(
                                    order.trader_id(),
                                    order.strategy_id(),
                                    order.instrument_id(),
                                    order.client_order_id(),
                                    UUID4::new(),
                                    ts_now,
                                    ts_now,
                                    true, // reconciliation
                                    order.venue_order_id(),
                                    order.account_id(),
                                ));
                                result.events.push(event);
                            }
                            _ => {
                                // Order already resolved, just clear tracking
                            }
                        }
                    }
                    // Remove from inflight checks regardless of whether order exists
                    self.clear_recon_tracking(&client_order_id, true);
                } else if let Some(order) = self.get_order(client_order_id) {
                    // Intermediate retry: query the venue for current order status
                    let ts_now = self.clock.borrow().timestamp_ns();
                    let client_id = self.cache.borrow().client_id(&client_order_id).copied();
                    let query = TradingCommand::QueryOrder(QueryOrder::new(
                        order.trader_id(),
                        client_id,
                        order.strategy_id(),
                        order.instrument_id(),
                        order.client_order_id(),
                        order.venue_order_id(),
                        UUID4::new(),
                        ts_now,
                        None,
                        None, // correlation_id
                    ));
                    result.queries.push(query);
                }
            }
        }

        result
    }

    /// Validates cached order origins against the mass status client, logging a warning for each
    /// kind of violation. Never fails: orders persisted before origin tracking or materialized at
    /// runtime lack origins legitimately, so reconciliation proceeds regardless.
    pub(crate) fn validate_mass_status_order_sources(&self, mass_status: &ExecutionMassStatus) {
        let cache = self.cache.borrow();
        let mut checked_client_order_ids = IndexSet::new();
        let mut missing_origins: Vec<ClientOrderId> = Vec::new();
        let mut mismatched_origins: Vec<(ClientOrderId, ClientId)> = Vec::new();

        let mut validate_report_source =
            |direct_client_order_id: Option<ClientOrderId>, venue_order_id: VenueOrderId| {
                let direct_client_order_id = direct_client_order_id
                    .filter(|client_order_id| cache.order_exists(client_order_id));
                let indexed_client_order_id = cache
                    .client_order_id(&venue_order_id)
                    .copied()
                    .filter(|client_order_id| cache.order_exists(client_order_id));

                for client_order_id in [direct_client_order_id, indexed_client_order_id]
                    .into_iter()
                    .flatten()
                    .filter(|client_order_id| checked_client_order_ids.insert(*client_order_id))
                {
                    match cache.client_id(&client_order_id) {
                        Some(cached_client_id) if *cached_client_id == mass_status.client_id => {}
                        Some(cached_client_id) => {
                            mismatched_origins.push((client_order_id, *cached_client_id));
                        }
                        None => missing_origins.push(client_order_id),
                    }
                }
            };

        for report in mass_status.order_reports().values() {
            validate_report_source(report.client_order_id, report.venue_order_id);
        }

        for fills in mass_status.fill_reports().values() {
            for fill in fills {
                validate_report_source(fill.client_order_id, fill.venue_order_id);
            }
        }

        if !missing_origins.is_empty() {
            let samples = missing_origins
                .iter()
                .take(5)
                .map(ToString::to_string)
                .collect::<Vec<_>>()
                .join(", ");

            log::warn!(
                "Found {} cached order(s) without an execution client origin ({}): \
                 continuing reconciliation against mass status client {} for compatibility \
                 with existing cache data",
                missing_origins.len(),
                samples,
                mass_status.client_id,
            );
        }

        if !mismatched_origins.is_empty() {
            let samples = mismatched_origins
                .iter()
                .take(5)
                .map(|(client_order_id, cached)| format!("{client_order_id} -> {cached}"))
                .collect::<Vec<_>>()
                .join(", ");

            log::warn!(
                "Found {} cached order(s) with an execution client origin conflicting with \
                 mass status client {} ({}): continuing reconciliation for compatibility; \
                 this conflict will become a startup error in a future release, verify cached \
                 order ownership and execution client configuration",
                mismatched_origins.len(),
                mass_status.client_id,
                samples,
            );
        }
    }

    fn filtered_open_orders_for_reconciliation(&self) -> Vec<OrderAny> {
        {
            let cache = self.cache.borrow();
            let mut orders = cache.orders_open(None, None, None, None, None);
            orders.extend(cache.orders_inflight(None, None, None, None, None));
            let mut seen_client_order_ids = IndexSet::new();
            orders.retain(|order| seen_client_order_ids.insert(order.client_order_id()));

            if self.config.reconciliation_instrument_ids.is_empty() {
                orders.iter().map(|o| (*o).clone()).collect()
            } else {
                orders
                    .iter()
                    .filter(|o| {
                        self.config
                            .reconciliation_instrument_ids
                            .contains(&o.instrument_id())
                    })
                    .map(|o| (*o).clone())
                    .collect()
            }
        }
    }

    fn open_position_keys_for_reconciliation(&self) -> IndexSet<InstrumentAccountKey> {
        let cache = self.cache.borrow();
        let positions = cache.positions_open(None, None, None, None, None);
        let mut position_keys = IndexSet::new();

        for position in positions {
            if !self.should_reconcile_instrument(&position.instrument_id) {
                continue;
            }

            position_keys.insert((position.instrument_id, position.account_id));
        }

        position_keys
    }

    /// Prepares a bulk open-order report request and snapshots cached open orders.
    pub(crate) fn prepare_open_order_report_check(
        &mut self,
        command_id: UUID4,
        clients: &[&dyn ExecutionClient],
    ) -> OpenOrderReportCheck {
        let filtered_orders = self.filtered_open_orders_for_reconciliation();
        let active_order_ids: IndexSet<ClientOrderId> =
            filtered_orders.iter().map(Order::client_order_id).collect();
        self.missing_order_coverage_warnings
            .retain(|client_order_id| active_order_ids.contains(client_order_id));
        self.open_check_lookback_warnings
            .retain(|client_order_id| active_order_ids.contains(client_order_id));
        self.unresolved_order_coverage
            .retain(|client_order_id| active_order_ids.contains(client_order_id));

        let mut client_coverage = IndexMap::new();

        for order in &filtered_orders {
            let client_order_id = order.client_order_id();
            let coverage = self.resolve_order_report_client_coverage(order, clients);

            match &coverage {
                ReportClientCoverage::Resolved(_) => {
                    if self
                        .unresolved_order_coverage
                        .shift_remove(&client_order_id)
                    {
                        self.missing_order_coverage_warnings
                            .shift_remove(&client_order_id);
                    }
                }
                ReportClientCoverage::Unavailable(_) | ReportClientCoverage::Unresolved => {
                    self.unresolved_order_coverage.insert(client_order_id);
                }
            }

            client_coverage.insert(client_order_id, coverage);
        }

        log::debug!(
            "Found {} order{} open in cache",
            filtered_orders.len(),
            if filtered_orders.len() == 1 { "" } else { "s" }
        );

        let ts_now = self.clock.borrow().timestamp_ns();
        let start = self.config.open_check_lookback_mins.map(|mins| {
            let lookback_ns = mins_to_nanos(mins);
            ts_now.saturating_sub_ns(lookback_ns)
        });

        let mut command = GenerateOrderStatusReports::new(
            command_id,
            ts_now,
            self.config.open_check_open_only,
            None,
            start,
            None,
            None,
            None,
        );
        command.log_receipt_level = LogLevel::Debug;

        OpenOrderReportCheck {
            command,
            filtered_orders,
            client_coverage,
            start,
        }
    }

    fn resolve_order_report_client_coverage(
        &self,
        order: &OrderAny,
        clients: &[&dyn ExecutionClient],
    ) -> ReportClientCoverage {
        if let Some(client_id) = self.cache.borrow().client_id(&order.client_order_id()) {
            return ReportClientCoverage::Resolved(IndexSet::from([*client_id]));
        }

        if let Some(account_id) = order.account_id() {
            let account_clients = clients
                .iter()
                .filter(|client| client.account_id() == account_id)
                .map(|client| client.client_id())
                .collect::<IndexSet<_>>();

            if !account_clients.is_empty() {
                return ReportClientCoverage::Resolved(account_clients);
            }
        }

        let venue_clients = clients
            .iter()
            .filter(|client| client.handles_order_venue(order.instrument_id().venue))
            .map(|client| client.client_id())
            .collect::<IndexSet<_>>();

        if venue_clients.is_empty() {
            ReportClientCoverage::Unresolved
        } else {
            ReportClientCoverage::Resolved(venue_clients)
        }
    }

    /// Builds per-order venue queries for fallback open-order reconciliation.
    pub fn check_open_order_queries(&mut self) -> Vec<TradingCommand> {
        self.check_open_order_queries_for_clients(None)
    }

    pub(crate) fn check_open_order_queries_for_clients(
        &mut self,
        client_ids: Option<&IndexSet<ClientId>>,
    ) -> Vec<TradingCommand> {
        let now = dst::time::Instant::now();
        let query_delay = Duration::from_millis(u64::from(self.config.single_order_query_delay_ms));
        let query_limit = self.config.max_single_order_queries_per_cycle as usize;

        if query_limit == 0 {
            return Vec::new();
        }

        let mut filtered_orders = self.filtered_open_orders_for_reconciliation();
        filtered_orders.sort_by_key(|order| {
            let client_order_id = order.client_order_id();
            (
                self.order_query_recency.last_marked(&client_order_id),
                client_order_id,
            )
        });

        let mut queries = Vec::new();

        for order in filtered_orders {
            if queries.len() >= query_limit {
                break;
            }

            let client_order_id = order.client_order_id();
            let client_id = self.cache.borrow().client_id(&client_order_id).copied();

            if let Some(client_ids) = client_ids
                && !client_id.is_some_and(|client_id| client_ids.contains(&client_id))
            {
                continue;
            }

            if self
                .config
                .filtered_client_order_ids
                .contains(&client_order_id)
            {
                continue;
            }

            let threshold = Duration::from_nanos(self.config.open_check_threshold_ns);
            if let Some(elapsed) = self.order_local_activity.elapsed_at(&client_order_id, now)
                && elapsed < threshold
            {
                let elapsed_ms = elapsed.as_millis();
                let threshold_ms = threshold.as_millis();
                log::debug!(
                    "Deferring open order query for {client_order_id}: recent local activity \
                     ({elapsed_ms}ms < threshold={threshold_ms}ms)",
                );
                continue;
            }

            if self
                .order_query_recency
                .within_at(&client_order_id, now, query_delay)
            {
                continue;
            }

            self.order_query_recency.mark(client_order_id);
            let ts_now = self.clock.borrow().timestamp_ns();

            let cmd = TradingCommand::QueryOrder(QueryOrder::new(
                order.trader_id(),
                client_id,
                order.strategy_id(),
                order.instrument_id(),
                client_order_id,
                order.venue_order_id(),
                UUID4::new(),
                ts_now,
                None,
                None,
            ));
            queries.push(cmd);
        }

        queries
    }

    /// Checks open orders consistency between cache and venue.
    ///
    /// This method validates that open orders in the cache match the venue's state,
    /// comparing order status and filled quantities, and generating reconciliation
    /// events for any discrepancies detected.
    ///
    /// # Returns
    ///
    /// A vector of order events generated to reconcile discrepancies.
    pub async fn check_open_orders(
        &mut self,
        clients: &[&dyn ExecutionClient],
    ) -> Vec<OrderEventAny> {
        log::debug!("Checking order consistency between cached-state and venues");

        let check = self.prepare_open_order_report_check(UUID4::new(), clients);
        let mut all_reports = Vec::new();
        let mut queried_clients = IndexSet::new();
        let mut failed_clients = IndexSet::new();

        for client in clients {
            let client_id = client.client_id();
            queried_clients.insert(client_id);

            match client.generate_order_status_reports(&check.command).await {
                Ok(reports) => {
                    all_reports.extend(
                        reports
                            .into_iter()
                            .map(|report| SourcedOrderStatusReport { client_id, report }),
                    );
                }
                Err(e) => {
                    failed_clients.insert(client_id);
                    log::warn!(
                        "Failed to query order reports from {}: {e}",
                        client.client_id()
                    );
                }
            }
        }

        let result = self.reconcile_open_order_reports(
            &check,
            all_reports,
            &queried_clients,
            &failed_clients,
            clients,
        );
        let mut events = result.events;

        if !result.targeted_queries.is_empty() {
            let query_delay =
                Duration::from_millis(u64::from(self.config.single_order_query_delay_ms));
            let query_results =
                request_targeted_order_reports(clients, result.targeted_queries, query_delay).await;
            events.extend(self.reconcile_targeted_order_reports(query_results, clients));
        }

        events
    }

    /// Reconciles bulk open-order report responses against a cached order snapshot.
    pub(crate) fn reconcile_open_order_reports(
        &mut self,
        check: &OpenOrderReportCheck,
        all_reports: Vec<SourcedOrderStatusReport>,
        queried_clients: &IndexSet<ClientId>,
        failed_clients: &IndexSet<ClientId>,
        clients: &[&dyn ExecutionClient],
    ) -> OpenOrderReconciliationResult {
        let mut venue_reported_ids = IndexSet::new();

        for sourced in &all_reports {
            let report = &sourced.report;
            if let Some(client_order_id) = &report.client_order_id {
                venue_reported_ids.insert(*client_order_id);
                self.missing_order_coverage_warnings
                    .shift_remove(client_order_id);
                self.open_check_lookback_warnings
                    .shift_remove(client_order_id);
                // A positive report is proof the venue still knows the order:
                // reset the missing-order ladder so only consecutive misses
                // accumulate (mirrors the Python engine's per-report clear).
                self.recon_check_retries.shift_remove(client_order_id);
            } else {
                let mapped_client_order_id = self
                    .cache
                    .borrow()
                    .client_order_id(&report.venue_order_id)
                    .copied();

                // The mapped order was positively reported: it must receive
                // the full positive-report bookkeeping or the missing-order
                // loop below immediately re-increments the cleared counter.
                if let Some(client_order_id) = mapped_client_order_id {
                    venue_reported_ids.insert(client_order_id);
                    self.missing_order_coverage_warnings
                        .shift_remove(&client_order_id);
                    self.open_check_lookback_warnings
                        .shift_remove(&client_order_id);
                    self.recon_check_retries.shift_remove(&client_order_id);
                }
            }
        }

        let mut events = Vec::new();
        let mut targeted_candidates = Vec::new();

        for sourced in all_reports {
            let report = sourced.report;
            if let Some(client_order_id) = &report.client_order_id
                && let Some(order) = self.get_order(*client_order_id)
            {
                // Check for recent local activity to avoid race conditions with in-flight fills
                let threshold = Duration::from_nanos(self.config.open_check_threshold_ns);
                if let Some(elapsed) = self.order_local_activity.elapsed(client_order_id)
                    && elapsed < threshold
                {
                    let elapsed_ms = elapsed.as_millis();
                    let threshold_ms = threshold.as_millis();
                    log::debug!(
                        "Deferring reconciliation for {client_order_id}: recent local activity ({elapsed_ms}ms < threshold={threshold_ms}ms)",
                    );
                    continue;
                }

                let instrument = self.get_instrument(&report.instrument_id);
                let commission_client = clients
                    .iter()
                    .find(|client| client.client_id() == sourced.client_id)
                    .copied();

                match self.reconcile_order_report(
                    &order,
                    &report,
                    instrument.as_ref(),
                    commission_client,
                ) {
                    Ok(Some(event)) => events.push(event),
                    Ok(None) => {}
                    Err(e) => log::error!(
                        "Deferring reconciliation for {client_order_id}: venue commission calculation failed: {e}"
                    ),
                }
            }
        }

        // Handle orders missing at venue (skip in open_only mode where the
        // venue response may omit recently closed orders). When a lookback
        // window is set, only consider orders within that window so older
        // GTC orders outside the query range are not falsely marked missing.
        if self.config.open_check_open_only {
            let cached_ids: IndexSet<ClientOrderId> = check
                .filtered_orders
                .iter()
                .map(Order::client_order_id)
                .collect();
            let missing_at_venue: IndexSet<ClientOrderId> = cached_ids
                .difference(&venue_reported_ids)
                .copied()
                .collect();

            if !missing_at_venue.is_empty() {
                log::debug!(
                    "{} cached open order{} not present in venue current response",
                    missing_at_venue.len(),
                    if missing_at_venue.len() == 1 {
                        " is"
                    } else {
                        "s are"
                    },
                );

                for client_order_id in missing_at_venue {
                    log::debug!("Cached open order missing from venue response: {client_order_id}");
                }
            }
        } else {
            let candidates: Vec<&OrderAny> = if let Some(cutoff) = check.start {
                let mut candidates = Vec::new();

                for order in &check.filtered_orders {
                    let client_order_id = order.client_order_id();
                    if order.ts_last() >= cutoff {
                        self.open_check_lookback_warnings
                            .shift_remove(&client_order_id);
                        candidates.push(order);
                    } else if !venue_reported_ids.contains(&client_order_id)
                        && self.open_check_lookback_warnings.insert(client_order_id)
                    {
                        log::warn!(
                            "Skipping missing-order reconciliation for {client_order_id}: its last update predates the configured open-check lookback window; absence from the bulk response cannot be treated as evidence and no targeted query will be issued from it"
                        );
                    }
                }
                candidates
            } else {
                check.filtered_orders.iter().collect()
            };

            for order in candidates {
                let client_order_id = order.client_order_id();
                if venue_reported_ids.contains(&client_order_id) {
                    continue;
                }

                let coverage = check
                    .client_coverage
                    .get(&client_order_id)
                    .unwrap_or(&ReportClientCoverage::Unresolved);

                let ReportClientCoverage::Resolved(responsible_clients) = coverage else {
                    if self.missing_order_coverage_warnings.insert(client_order_id) {
                        log::warn!(
                            "Skipping order reconciliation for {client_order_id}: responsible execution client coverage is unresolved"
                        );
                    }
                    continue;
                };

                if responsible_clients.is_empty() {
                    if self.missing_order_coverage_warnings.insert(client_order_id) {
                        log::warn!(
                            "Skipping order reconciliation for {client_order_id}: responsible execution client coverage is unresolved"
                        );
                    }
                    continue;
                }

                let missing_clients = responsible_clients
                    .difference(queried_clients)
                    .copied()
                    .collect::<IndexSet<_>>();

                if !missing_clients.is_empty() {
                    if self.missing_order_coverage_warnings.insert(client_order_id) {
                        log::warn!(
                            "Skipping order reconciliation for {client_order_id}: responsible execution clients were not queried: {missing_clients:?}"
                        );
                    }
                    continue;
                }

                let failed_responsible_clients = responsible_clients
                    .intersection(failed_clients)
                    .copied()
                    .collect::<IndexSet<_>>();

                if !failed_responsible_clients.is_empty() {
                    log::warn!(
                        "Skipping order reconciliation for {client_order_id}: failed to query responsible execution clients: {failed_responsible_clients:?}"
                    );
                    continue;
                }

                self.missing_order_coverage_warnings
                    .shift_remove(&client_order_id);
                if let Some(order) = self.prepare_missing_order_query(client_order_id) {
                    targeted_candidates.push((order, responsible_clients.clone()));
                }
            }
        }

        targeted_candidates.sort_by_key(|(order, _)| {
            let client_order_id = order.client_order_id();
            (
                self.order_query_recency.last_marked(&client_order_id),
                client_order_id,
            )
        });

        let query_limit = self.config.max_single_order_queries_per_cycle as usize;
        let mut planned_queries = 0usize;
        let mut cap_deferred_orders = 0usize;
        let mut targeted_queries = Vec::new();

        for (order, responsible_clients) in targeted_candidates {
            let client_order_id = order.client_order_id();

            let required_queries = responsible_clients.len();
            let exceeds_query_limit = planned_queries + required_queries > query_limit;
            let can_run_oversized_group = planned_queries == 0 && query_limit > 0;
            if required_queries == 0 || (exceeds_query_limit && !can_run_oversized_group) {
                cap_deferred_orders += 1;
                continue;
            }

            if required_queries > query_limit {
                log::warn!(
                    "Targeted order query for {client_order_id} requires {required_queries} responsible clients, exceeding the per-cycle limit {query_limit} to avoid indefinite deferral"
                );
            }

            planned_queries += required_queries;
            self.order_query_recency.mark(client_order_id);
            self.targeted_order_queries.insert(client_order_id);
            targeted_queries.push(TargetedOrderQuery {
                client_order_id,
                responsible_clients,
                command: GenerateOrderStatusReport::new(
                    UUID4::new(),
                    self.clock.borrow().timestamp_ns(),
                    Some(order.instrument_id()),
                    Some(client_order_id),
                    order.venue_order_id(),
                    None,
                    None,
                ),
            });
        }

        if cap_deferred_orders > 0 {
            log::warn!(
                "Reached max single-order queries ({query_limit}) this cycle, deferring {cap_deferred_orders} order(s)"
            );
        }

        OpenOrderReconciliationResult {
            events,
            targeted_queries,
        }
    }

    pub(crate) fn reconcile_targeted_order_reports(
        &mut self,
        results: Vec<TargetedOrderReportResult>,
        clients: &[&dyn ExecutionClient],
    ) -> Vec<OrderEventAny> {
        let mut events = Vec::new();

        for result in results {
            let client_order_id = result.client_order_id;
            self.targeted_order_queries.shift_remove(&client_order_id);

            if let Some(report) = result.report {
                self.recon_check_retries.shift_remove(&client_order_id);
                self.missing_order_coverage_warnings
                    .shift_remove(&client_order_id);

                let Some(order) = self.get_order(client_order_id) else {
                    continue;
                };
                let instrument = self.get_instrument(&report.instrument_id);
                let commission_client = result.client_id.and_then(|client_id| {
                    clients
                        .iter()
                        .find(|client| client.client_id() == client_id)
                        .copied()
                });

                log::info!(
                    color = LogColor::Blue as u8;
                    "Found {client_order_id} via targeted order status query: {}",
                    report.order_status,
                );

                match self.reconcile_order_report(
                    &order,
                    &report,
                    instrument.as_ref(),
                    commission_client,
                ) {
                    Ok(Some(event)) => events.push(event),
                    Ok(None) => {}
                    Err(e) => log::error!(
                        "Deferring targeted reconciliation for {client_order_id}: venue commission calculation failed: {e}"
                    ),
                }
                continue;
            }

            if result.coverage_complete {
                events.extend(self.resolve_missing_order(client_order_id));
            } else {
                log::warn!(
                    "Deferring missing-order resolution for {client_order_id}: targeted order status coverage was incomplete"
                );
            }
        }

        events
    }

    /// Prepares a bulk position report request and records client coverage.
    #[must_use]
    pub(crate) fn prepare_position_report_check(
        &self,
        command_id: UUID4,
        clients: &[&dyn ExecutionClient],
    ) -> PositionReportCheck {
        let position_keys = self.open_position_keys_for_reconciliation();
        let client_coverage = position_keys
            .iter()
            .map(|key| {
                (
                    *key,
                    Self::resolve_position_report_client_coverage(*key, clients),
                )
            })
            .collect();
        let mut activity_revisions = self.position_local_activity_revisions.clone();
        for key in &position_keys {
            activity_revisions
                .entry(*key)
                .or_insert_with(|| self.position_activity_revision(key));
        }

        log::debug!(
            "Found {} unique instrument/account combination{} with open positions",
            position_keys.len(),
            if position_keys.len() == 1 { "" } else { "s" }
        );

        let mut command = GeneratePositionStatusReports::new(
            command_id,
            self.clock.borrow().timestamp_ns(),
            None, // instrument_id - query all
            None, // start
            None, // end
            None, // params
            None, // correlation_id
        );
        command.log_receipt_level = LogLevel::Debug;

        PositionReportCheck {
            command,
            client_coverage,
            activity_revisions,
        }
    }

    #[cfg(feature = "node")]
    pub(crate) fn prepare_position_fill_report_plan(
        &mut self,
        check: &mut PositionReportCheck,
        reports: &[PositionStatusReport],
        queried_clients: &IndexSet<ClientId>,
        failed_clients: &IndexSet<ClientId>,
        clients: &[&dyn ExecutionClient],
    ) -> PositionFillReportPlan {
        let mut venue_positions: IndexMap<InstrumentAccountKey, Vec<PositionStatusReport>> =
            IndexMap::new();

        for report in reports {
            if self.should_reconcile_instrument(&report.instrument_id) {
                venue_positions
                    .entry((report.instrument_id, report.account_id))
                    .or_default()
                    .push(report.clone());
            }
        }

        let keys = check
            .client_coverage
            .keys()
            .copied()
            .chain(venue_positions.iter().filter_map(|(key, reports)| {
                reports
                    .iter()
                    .any(|report| report.signed_decimal_qty != Decimal::ZERO)
                    .then_some(*key)
            }))
            .collect::<IndexSet<_>>();
        let active_keys = keys.clone();
        let query_end = self.clock.borrow().timestamp_ns();
        let lookback_ns = checked_mins_to_nanos(self.config.position_check_lookback_mins)
            .expect("position lookback validated at construction");
        let query_start = query_end.saturating_sub_ns(lookback_ns);
        let mut discrepancy_keys = IndexSet::new();
        let mut queries = Vec::new();

        for key in keys {
            let coverage = check
                .client_coverage
                .entry(key)
                .or_insert_with(|| Self::resolve_position_report_client_coverage(key, clients));
            let prepared_revision = *check.activity_revisions.entry(key).or_default();
            let venue_reports = venue_positions
                .get(&key)
                .map(Vec::as_slice)
                .unwrap_or_default();
            let comparison = self.position_quantity_comparison(key, venue_reports);
            let tolerance = self.position_reconciliation_tolerance(key.1);

            if comparison.quantities_match(tolerance) {
                self.position_reconciliation_states.shift_remove(&key);
                continue;
            }
            discrepancy_keys.insert(key);

            if self.position_activity_revision(&key) > prepared_revision
                || self.position_local_activity.within(
                    &key,
                    Duration::from_nanos(self.config.position_check_threshold_ns),
                )
            {
                continue;
            }

            let report_shape = comparison.report_shape();
            let retries = self
                .position_reconciliation_states
                .get(&key)
                .filter(|state| state.report_shape == report_shape)
                .map_or(0, |state| state.retries);
            if retries >= self.config.position_check_retries {
                continue;
            }

            let ReportClientCoverage::Resolved(responsible_clients) = coverage else {
                log::warn!(
                    "Skipping fill report query for {}/{}: responsible execution client coverage is unavailable",
                    key.0,
                    key.1,
                );
                continue;
            };

            if responsible_clients.is_empty()
                || !responsible_clients.is_subset(queried_clients)
                || !responsible_clients.is_disjoint(failed_clients)
            {
                log::warn!(
                    "Skipping fill report query for {}/{}: responsible position report coverage is incomplete",
                    key.0,
                    key.1,
                );
                continue;
            }

            for client_id in responsible_clients.iter() {
                let mut command = GenerateFillReports::new(
                    UUID4::new(),
                    query_end,
                    Some(key.0),
                    None,
                    Some(query_start),
                    Some(query_end),
                    None,
                    Some(check.command.command_id),
                );
                command.log_receipt_level = LogLevel::Debug;
                queries.push(PositionFillReportQuery {
                    key,
                    client_id: *client_id,
                    command,
                });
            }
        }

        self.position_reconciliation_states
            .retain(|key, _| active_keys.contains(key));

        PositionFillReportPlan {
            queries,
            discrepancy_keys,
        }
    }

    #[cfg(feature = "node")]
    pub(crate) fn position_report_check_key_is_stable(
        &self,
        check: &PositionReportCheck,
        key: &InstrumentAccountKey,
    ) -> bool {
        check
            .activity_revisions
            .get(key)
            .is_some_and(|revision| self.position_activity_revision(key) == *revision)
    }

    #[cfg(feature = "node")]
    pub(crate) fn prepare_position_fill_report(
        &self,
        report: &mut FillReport,
        venue_reports: &[PositionStatusReport],
    ) -> anyhow::Result<PositionFillReportPreparation> {
        let cache = self.cache.borrow();
        let venue_client_order_id = cache.client_order_id(&report.venue_order_id).copied();
        if let (Some(report_client_order_id), Some(venue_client_order_id)) =
            (report.client_order_id, venue_client_order_id)
        {
            anyhow::ensure!(
                report_client_order_id == venue_client_order_id,
                "fill {} client order ID {report_client_order_id} conflicts with venue order mapping {venue_client_order_id}",
                report.trade_id,
            );
        }
        let client_order_id = report.client_order_id.or(venue_client_order_id);
        let order = client_order_id.and_then(|id| cache.order(&id));
        if let Some(order) = &order {
            anyhow::ensure!(
                order.instrument_id() == report.instrument_id
                    && order.order_side() == report.order_side
                    && order
                        .account_id()
                        .is_none_or(|account_id| account_id == report.account_id)
                    && order
                        .venue_order_id()
                        .is_none_or(|venue_order_id| venue_order_id == report.venue_order_id),
                "fill {} conflicts with cached order {}",
                report.trade_id,
                order.client_order_id(),
            );
        }

        let hedge_context = report.venue_position_id.is_some()
            || venue_reports
                .iter()
                .any(|venue_report| venue_report.venue_position_id.is_some());
        let mapped_position_id = client_order_id
            .and_then(|client_order_id| cache.position_id(&client_order_id))
            .copied();

        if hedge_context
            && let (Some(venue_position_id), Some(mapped_position_id)) =
                (report.venue_position_id, mapped_position_id)
        {
            anyhow::ensure!(
                venue_position_id == mapped_position_id,
                "fill {} position ID {venue_position_id} conflicts with cached order position {mapped_position_id}",
                report.trade_id,
            );
        }

        if let Some(order) = order
            && Self::has_active_inferred_fill(&order)?
        {
            return Ok(PositionFillReportPreparation::InferredOverlap);
        }

        if !hedge_context {
            return Ok(PositionFillReportPreparation::Ready);
        }

        if report.venue_position_id.is_some() {
            return Ok(PositionFillReportPreparation::Ready);
        }

        let Some(position_id) = mapped_position_id else {
            return Ok(PositionFillReportPreparation::Unattributed);
        };
        let position = cache.position(&position_id).ok_or_else(|| {
            anyhow::anyhow!(
                "fill {} maps to position {position_id}, which is not cached",
                report.trade_id,
            )
        })?;

        anyhow::ensure!(
            position.account_id == report.account_id
                && position.instrument_id == report.instrument_id,
            "fill {} maps to position {position_id} with a different account or instrument",
            report.trade_id,
        );
        anyhow::ensure!(
            position.is_open(),
            "fill {} maps to non-open position {position_id}",
            report.trade_id,
        );
        anyhow::ensure!(
            !position.is_opposite_side(report.order_side) || report.last_qty <= position.quantity,
            "fill {} without a venue position ID would cross position {position_id}",
            report.trade_id,
        );

        report.venue_position_id = Some(position_id);
        Ok(PositionFillReportPreparation::Ready)
    }

    #[cfg(feature = "node")]
    fn has_active_inferred_fill(order: &OrderAny) -> anyhow::Result<bool> {
        let events = order.events();
        let trade_ids = order.trade_ids();
        let Some((first, remaining)) = events.split_first() else {
            return Ok(false);
        };
        let mut projected = OrderAny::from_events(vec![(*first).clone()]).map_err(|e| {
            anyhow::anyhow!(
                "cannot replay order {} for inferred fill detection: {e}",
                order.client_order_id(),
            )
        })?;

        for event in remaining {
            projected.apply((*event).clone()).map_err(|e| {
                anyhow::anyhow!(
                    "cannot replay order {} for inferred fill detection: {e}",
                    order.client_order_id(),
                )
            })?;
            let OrderEventAny::Filled(fill) = event else {
                continue;
            };

            if !fill.reconciliation || !trade_ids.contains(&&fill.trade_id) {
                continue;
            }

            let external_position_id = PositionId::new(format!("{}-EXTERNAL", fill.instrument_id));
            let position_ids = [fill.position_id, Some(external_position_id)];
            let inferred = position_ids.into_iter().flatten().any(|position_id| {
                create_inferred_reconciliation_trade_id(
                    fill.account_id,
                    fill.instrument_id,
                    fill.client_order_id,
                    Some(fill.venue_order_id),
                    fill.order_side,
                    fill.order_type,
                    projected.filled_qty(),
                    fill.last_qty,
                    fill.last_px,
                    position_id,
                    fill.ts_event,
                ) == fill.trade_id
            });

            if inferred {
                return Ok(true);
            }
        }

        Ok(false)
    }

    #[cfg(feature = "node")]
    pub(crate) fn position_contains_fill_report(&self, report: &FillReport) -> bool {
        let cache = self.cache.borrow();
        let client_order_id = report
            .client_order_id
            .or_else(|| cache.client_order_id(&report.venue_order_id).copied());
        let positions = cache.positions(
            None,
            Some(&report.instrument_id),
            None,
            Some(&report.account_id),
            None,
        );
        let mut matched = false;
        let mut quantity_raw: QuantityRaw = 0;
        let mut commission_raw: MoneyRaw = 0;

        for position in positions {
            if report
                .venue_position_id
                .is_some_and(|position_id| position.id != position_id)
            {
                continue;
            }

            for replay_event in &position.replay_events {
                let PositionReplayEvent::Filled(fill) = replay_event else {
                    continue;
                };

                if fill.account_id != report.account_id
                    || fill.instrument_id != report.instrument_id
                    || fill.venue_order_id != report.venue_order_id
                    || fill.trade_id != report.trade_id
                    || fill.order_side != report.order_side
                    || fill.last_px != report.last_px
                    || fill.liquidity_side != report.liquidity_side
                    || client_order_id.is_some_and(|id| fill.client_order_id != id)
                    || report
                        .venue_position_id
                        .is_some_and(|id| fill.position_id != Some(id))
                {
                    continue;
                }

                let Some(fill_commission) = fill.commission else {
                    return false;
                };

                if fill_commission.currency != report.commission.currency {
                    return false;
                }
                let Some(next_quantity_raw) = quantity_raw.checked_add(fill.last_qty.raw) else {
                    return false;
                };
                let Some(next_commission_raw) = commission_raw.checked_add(fill_commission.raw)
                else {
                    return false;
                };
                matched = true;
                quantity_raw = next_quantity_raw;
                commission_raw = next_commission_raw;
            }
        }

        matched && quantity_raw == report.last_qty.raw && commission_raw == report.commission.raw
    }

    fn resolve_position_report_client_coverage(
        key: InstrumentAccountKey,
        clients: &[&dyn ExecutionClient],
    ) -> ReportClientCoverage {
        let account_clients = clients
            .iter()
            .filter(|client| client.account_id() == key.1)
            .map(|client| client.client_id())
            .collect::<IndexSet<_>>();

        if !account_clients.is_empty() {
            return if clients.iter().any(|client| {
                account_clients.contains(&client.client_id())
                    && !client.provides_bulk_position_coverage(key.0)
            }) {
                ReportClientCoverage::Unavailable(account_clients)
            } else {
                ReportClientCoverage::Resolved(account_clients)
            };
        }

        let venue_clients = clients
            .iter()
            .filter(|client| client.handles_order_venue(key.0.venue))
            .map(|client| client.client_id())
            .collect::<IndexSet<_>>();

        if venue_clients.is_empty() {
            ReportClientCoverage::Unresolved
        } else if clients.iter().any(|client| {
            venue_clients.contains(&client.client_id())
                && !client.provides_bulk_position_coverage(key.0)
        }) {
            ReportClientCoverage::Unavailable(venue_clients)
        } else {
            ReportClientCoverage::Resolved(venue_clients)
        }
    }

    /// Checks position consistency between cache and venue.
    ///
    /// This method validates that positions in the cache match the venue's state,
    /// detecting position drift and querying for missing fills when discrepancies
    /// are found.
    ///
    /// # Returns
    ///
    /// A vector of fill events generated to reconcile position discrepancies.
    pub async fn check_positions_consistency(
        &mut self,
        clients: &[&dyn ExecutionClient],
    ) -> Vec<OrderEventAny> {
        let check = self.prepare_position_report_check(UUID4::new(), clients);
        let mut reports = Vec::new();
        let mut queried_clients = IndexSet::new();
        let mut failed_clients = IndexSet::new();

        for client in clients {
            let client_id = client.client_id();
            queried_clients.insert(client_id);
            self.set_position_reconciliation_tolerance(
                client.account_id(),
                client.position_reconciliation_tolerance(),
            );

            match client
                .generate_position_status_reports(&check.command)
                .await
            {
                Ok(client_reports) => {
                    reports.extend(client_reports);
                }
                Err(e) => {
                    failed_clients.insert(client_id);
                    log::warn!(
                        "Failed to query position reports from {}: {e}",
                        client.client_id()
                    );
                }
            }
        }

        self.reconcile_position_reports(&check, reports, &queried_clients, &failed_clients)
    }

    /// Reconciles cached positions against venue position reports.
    #[must_use]
    pub(crate) fn reconcile_position_reports(
        &mut self,
        check: &PositionReportCheck,
        reports: Vec<PositionStatusReport>,
        queried_clients: &IndexSet<ClientId>,
        failed_clients: &IndexSet<ClientId>,
    ) -> Vec<OrderEventAny> {
        log::debug!("Checking position consistency between cached-state and venues");

        let mut venue_positions: IndexMap<InstrumentAccountKey, Vec<PositionStatusReport>> =
            IndexMap::new();

        for report in reports {
            if !self.should_reconcile_instrument(&report.instrument_id) {
                continue;
            }

            venue_positions
                .entry((report.instrument_id, report.account_id))
                .or_default()
                .push(report);
        }

        let mut events = Vec::new();

        for key in check.client_coverage.keys() {
            let prepared_revision = check
                .activity_revisions
                .get(key)
                .copied()
                .unwrap_or_default();

            if self.position_activity_revision(key) > prepared_revision {
                log::debug!(
                    "Deferring position reconciliation for {}/{}: local activity recorded during report request",
                    key.0,
                    key.1,
                );
                continue;
            }

            let venue_reports = venue_positions
                .get(key)
                .map(Vec::as_slice)
                .unwrap_or_default();

            if venue_reports.is_empty() {
                match check.client_coverage.get(key) {
                    Some(ReportClientCoverage::Resolved(responsible_clients))
                        if !responsible_clients.is_empty()
                            && responsible_clients.is_subset(queried_clients)
                            && responsible_clients.is_disjoint(failed_clients) => {}
                    Some(ReportClientCoverage::Resolved(responsible_clients))
                        if responsible_clients.is_empty() =>
                    {
                        log::warn!(
                            "Skipping position reconciliation for {}/{}: responsible execution client coverage is unresolved",
                            key.0,
                            key.1,
                        );
                        continue;
                    }
                    Some(ReportClientCoverage::Resolved(responsible_clients))
                        if !responsible_clients.is_subset(queried_clients) =>
                    {
                        log::warn!(
                            "Skipping position reconciliation for {}/{}: responsible execution clients were not all queried",
                            key.0,
                            key.1,
                        );
                        continue;
                    }
                    Some(ReportClientCoverage::Resolved(responsible_clients)) => {
                        let failed_responsible_clients = responsible_clients
                            .intersection(failed_clients)
                            .copied()
                            .collect::<IndexSet<_>>();
                        log::warn!(
                            "Skipping position reconciliation for {}/{}: failed to query responsible execution clients: {failed_responsible_clients:?}",
                            key.0,
                            key.1,
                        );
                        continue;
                    }
                    Some(ReportClientCoverage::Unavailable(responsible_clients)) => {
                        log::debug!(
                            "Skipping position reconciliation for {}/{}: complete bulk position coverage is unavailable from responsible execution clients: {responsible_clients:?}",
                            key.0,
                            key.1,
                        );
                        continue;
                    }
                    Some(ReportClientCoverage::Unresolved) | None => {
                        log::warn!(
                            "Skipping position reconciliation for {}/{}: responsible execution client coverage is unresolved",
                            key.0,
                            key.1,
                        );
                        continue;
                    }
                }
            }

            if let Some(discrepancy_events) = self.check_position_discrepancy(*key, venue_reports) {
                events.extend(discrepancy_events);
            }
        }

        let current_position_keys = self.open_position_keys_for_reconciliation();

        for (key, venue_reports) in &venue_positions {
            if check.client_coverage.contains_key(key)
                || venue_reports
                    .iter()
                    .all(|report| report.signed_decimal_qty == Decimal::ZERO)
            {
                continue;
            }

            if current_position_keys.contains(key) {
                log::debug!(
                    "Deferring position reconciliation for {}/{}: position opened after client coverage was recorded",
                    key.0,
                    key.1,
                );
                continue;
            }

            if let Some(discrepancy_events) = self.check_position_discrepancy(*key, venue_reports) {
                events.extend(discrepancy_events);
            }
        }

        // Prune retry counters for (instrument, account) pairs no longer actively
        // tracked, excluding flat venue reports which shouldn't protect stale counters
        let active_keys: IndexSet<InstrumentAccountKey> = current_position_keys
            .into_iter()
            .chain(
                venue_positions
                    .iter()
                    .filter(|(_, reports)| {
                        reports
                            .iter()
                            .any(|report| report.signed_decimal_qty != Decimal::ZERO)
                    })
                    .map(|(k, _)| *k),
            )
            .collect();
        self.position_reconciliation_states
            .retain(|k, _| active_keys.contains(k));

        events
    }

    fn positions_avg_px(cached_positions: &[Position]) -> Option<Decimal> {
        let mut total_value = Decimal::ZERO;
        let mut total_qty = Decimal::ZERO;

        for position in cached_positions {
            let qty = position.signed_decimal_qty().abs();
            if position.avg_px_open > 0.0
                && qty > Decimal::ZERO
                && let Ok(avg_px) = Decimal::from_str(&position.avg_px_open.to_string())
            {
                total_value += avg_px * qty;
                total_qty += qty;
            }
        }

        if total_qty > Decimal::ZERO {
            Some(total_value / total_qty)
        } else {
            None
        }
    }

    /// Registers an order as inflight for tracking.
    pub fn register_inflight(&mut self, client_order_id: ClientOrderId) {
        if self
            .config
            .filtered_client_order_ids
            .contains(&client_order_id)
        {
            return;
        }

        self.inflight_checks.insert(
            client_order_id,
            InflightCheck {
                client_order_id,
                submitted_at: dst::time::Instant::now(),
                retry_count: 0,
                last_query_at: None,
            },
        );
        self.recon_check_retries.insert(client_order_id, 0);
        self.order_query_recency.remove(&client_order_id);
        self.order_local_activity.remove(&client_order_id);
    }

    /// Records local activity for the specified order.
    ///
    /// Uses a monotonic receipt instant, not venue or domain time, to accurately
    /// track when we last processed activity for this order. This avoids race
    /// conditions where network/queue latency makes events appear "old" even
    /// though they just arrived.
    pub fn record_local_activity(&mut self, client_order_id: ClientOrderId) {
        self.order_local_activity.mark(client_order_id);
    }

    /// Clears reconciliation tracking state for an order.
    pub fn clear_recon_tracking(&mut self, client_order_id: &ClientOrderId, drop_last_query: bool) {
        self.inflight_checks.shift_remove(client_order_id);
        self.recon_check_retries.shift_remove(client_order_id);
        self.missing_order_coverage_warnings
            .shift_remove(client_order_id);
        self.open_check_lookback_warnings
            .shift_remove(client_order_id);
        self.unresolved_order_coverage.shift_remove(client_order_id);
        self.targeted_order_queries.shift_remove(client_order_id);

        if drop_last_query {
            self.order_query_recency.remove(client_order_id);
        }
        self.order_local_activity.remove(client_order_id);
    }

    #[cfg(feature = "node")]
    pub(crate) fn remove_targeted_order_queries(&mut self, client_order_ids: &[ClientOrderId]) {
        for client_order_id in client_order_ids {
            self.targeted_order_queries.shift_remove(client_order_id);
        }
    }

    /// Returns any external order claim for the given instrument ID.
    #[must_use]
    pub fn get_external_order_claim(&self, instrument_id: &InstrumentId) -> Option<StrategyId> {
        self.external_order_claims.get(instrument_id).copied()
    }

    /// Returns the instruments with external order claims owned by `strategy_id`.
    #[must_use]
    #[cfg(feature = "node")]
    pub(crate) fn get_external_order_claims_for_strategy(
        &self,
        strategy_id: StrategyId,
    ) -> HashSet<InstrumentId> {
        self.external_order_claims
            .iter()
            .filter_map(|(instrument_id, owner)| (*owner == strategy_id).then_some(*instrument_id))
            .collect()
    }

    /// Claims external orders for a specific strategy and instrument.
    ///
    /// # Errors
    ///
    /// Returns an error if the instrument already has a registered claim.
    pub fn claim_external_orders(
        &mut self,
        instrument_id: InstrumentId,
        strategy_id: StrategyId,
    ) -> anyhow::Result<()> {
        if let Some(existing) = self.external_order_claims.get(&instrument_id) {
            anyhow::bail!("External order claim for {instrument_id} already exists for {existing}");
        }

        self.external_order_claims
            .insert(instrument_id, strategy_id);
        Ok(())
    }

    #[cfg(feature = "node")]
    pub(crate) fn register_external_order_claims(
        &mut self,
        strategy_id: StrategyId,
        instrument_ids: &HashSet<InstrumentId>,
    ) {
        self.external_order_claims.extend(
            instrument_ids
                .iter()
                .map(|instrument_id| (*instrument_id, strategy_id)),
        );
    }

    /// Deregisters all external order claims owned by `strategy_id`.
    ///
    /// Coordinated live-node callers should use
    /// `LiveNode::deregister_external_order_claims` so the reconciliation
    /// manager and execution engine remain consistent.
    #[cfg(feature = "node")]
    pub(crate) fn deregister_external_order_claims(&mut self, strategy_id: StrategyId) {
        self.external_order_claims
            .retain(|_, owner| *owner != strategy_id);
    }

    /// Records position activity for reconciliation tracking, scoped per (instrument, account).
    ///
    /// The activity is stamped from the monotonic `dst::time` clock (real elapsed
    /// time), **not** from `self.clock` and **not** from the venue event's
    /// `ts_event`. The position-discrepancy grace is a real-time settling window:
    /// give the local pipeline a moment to catch up before flagging a
    /// cache-vs-venue gap. That is inherently wall/monotonic time; you want N
    /// real seconds of cover regardless of the trading clock's epoch or speed.
    /// `self.clock` can be driven off wall time (e.g. an accelerated simulated
    /// venue), which would shrink the window by the clock's speed; the venue
    /// `ts_event` lives on yet another axis. Measuring against the same monotonic
    /// clock the reconciliation loop already schedules on keeps the grace honest.
    /// See `check_position_discrepancy`.
    pub fn record_position_activity(&mut self, instrument_id: InstrumentId, account_id: AccountId) {
        let key = (instrument_id, account_id);
        self.position_local_activity.mark(key);
        let revision = self
            .position_local_activity_revisions
            .entry(key)
            .or_default();
        *revision = revision.saturating_add(1);
    }

    pub(crate) fn position_activity_revision(&self, key: &InstrumentAccountKey) -> u64 {
        self.position_local_activity_revisions
            .get(key)
            .copied()
            .unwrap_or_default()
    }

    /// Returns the current position-reconciliation retry count for the given
    /// `(instrument, account)` key, or zero if no entry exists.
    #[must_use]
    pub fn position_recon_retry_count(&self, key: &InstrumentAccountKey) -> u32 {
        self.position_reconciliation_states
            .get(key)
            .map_or(0, |state| state.retries)
    }

    /// Returns the current missing-order reconciliation retry count for the
    /// given client order ID, or zero if no entry exists.
    #[must_use]
    pub fn recon_check_retry_count(&self, client_order_id: &ClientOrderId) -> u32 {
        self.recon_check_retries
            .get(client_order_id)
            .copied()
            .unwrap_or(0)
    }

    /// Observes a local order event and updates tracking state.
    ///
    /// This is the `LiveNode` dispatch path for order events: acknowledgement
    /// events clear reconciliation tracking, fills record position
    /// activity, and every event stamps local activity. The stamp must come
    /// AFTER any [`Self::clear_recon_tracking`] call - that call drops the
    /// local-activity mark, which is the sole grace gate protecting a
    /// just-acknowledged order from missing-order reconciliation while the
    /// venue report lags.
    pub fn observe_order_event(&mut self, event: &OrderEventAny) {
        match event {
            OrderEventAny::Filled(fill) => {
                self.record_position_activity(fill.instrument_id, fill.account_id);
            }
            OrderEventAny::Accepted(_)
            | OrderEventAny::Rejected(_)
            | OrderEventAny::Canceled(_)
            | OrderEventAny::Expired(_)
            | OrderEventAny::Denied(_)
            | OrderEventAny::Updated(_)
            | OrderEventAny::ModifyRejected(_)
            | OrderEventAny::CancelRejected(_) => {
                self.clear_recon_tracking(&event.client_order_id(), true);
            }
            _ => {}
        }

        self.record_local_activity(event.client_order_id());
    }

    /// Observes an incoming execution report and updates tracking state.
    ///
    /// This should be called **before** the report is dispatched to the execution
    /// engine, so that the manager's state is current when periodic checks run.
    ///
    /// Updates performed per report variant:
    /// - `Order`: updates reconciliation tracking based on order status
    /// - `Fill`: records order and position activity without marking the fill as processed
    /// - `OrderWithFills`: updates order tracking and records position activity per fill
    /// - `Position`: records position activity
    /// - `MassStatus`: no-op (handled separately via startup reconciliation)
    pub fn observe_execution_report(&mut self, report: &ExecutionReport) {
        match report {
            ExecutionReport::Order(order_report) => {
                self.observe_order_status_report(order_report);
            }
            ExecutionReport::Fill(fill_report) => {
                let client_order_id = fill_report.client_order_id.or_else(|| {
                    self.cache
                        .borrow()
                        .client_order_id(&fill_report.venue_order_id)
                        .copied()
                });

                if let Some(coid) = client_order_id {
                    self.record_local_activity(coid);
                }
                self.record_position_activity(fill_report.instrument_id, fill_report.account_id);
            }
            ExecutionReport::OrderWithFills(order_report, fills) => {
                self.observe_order_status_report(order_report);

                for fill_report in fills {
                    self.record_position_activity(
                        fill_report.instrument_id,
                        fill_report.account_id,
                    );
                }
            }
            ExecutionReport::Position(position_report) => {
                self.record_position_activity(
                    position_report.instrument_id,
                    position_report.account_id,
                );
            }
            ExecutionReport::MassStatus(_) => {
                // Handled separately via reconcile_execution_mass_status
            }
        }
    }

    fn observe_order_status_report(&mut self, report: &OrderStatusReport) {
        let Some(client_order_id) = report.client_order_id else {
            return;
        };

        let accepted_during_pending_command = report.order_status == OrderStatus::Accepted
            && self.get_order(client_order_id).is_some_and(|order| {
                matches!(
                    order.status(),
                    OrderStatus::PendingUpdate | OrderStatus::PendingCancel
                )
            });

        if !matches!(
            report.order_status,
            OrderStatus::PendingUpdate | OrderStatus::PendingCancel
        ) && !accepted_during_pending_command
        {
            self.clear_recon_tracking(&client_order_id, report.order_status.is_closed());
        }

        // Dispatch may suppress a terminal report, such as a stale cancel for the
        // old leg of a cancel-replace. Keep the settling grace until the node
        // confirms the cached order closed after dispatch.
        self.record_local_activity(client_order_id);
    }

    /// Checks if a fill has been recently processed (for deduplication).
    #[must_use]
    pub fn is_fill_recently_processed(
        &self,
        account_id: AccountId,
        instrument_id: InstrumentId,
        trade_id: TradeId,
    ) -> bool {
        self.recent_fills_cache
            .contains_key(&(account_id, instrument_id, trade_id))
    }

    /// Marks a fill as recently processed with the current monotonic instant.
    pub fn mark_fill_processed(
        &mut self,
        account_id: AccountId,
        instrument_id: InstrumentId,
        trade_id: TradeId,
    ) {
        self.recent_fills_cache
            .mark((account_id, instrument_id, trade_id));
    }

    /// Marks a fill as recently processed when it is present on its canonical order.
    pub fn commit_recent_fill_if_applied(&mut self, fill: &OrderFilled) {
        let fill_key = (fill.account_id, fill.instrument_id, fill.trade_id);
        if self.is_fill_applied(fill, fill_key) {
            self.mark_fill_processed(fill_key.0, fill_key.1, fill_key.2);
        }
    }

    /// Prunes expired fills from the recent fills cache.
    ///
    /// Default TTL is 60 seconds.
    pub fn prune_recent_fills_cache(&mut self, ttl_secs: f64) {
        // Map the f64 TTL to a Duration, reproducing the old
        // (ttl_secs * NANOSECONDS_IN_SECOND) as u64 cast at the boundaries
        // rather than panicking on this pub fn. The as cast saturated:
        //   - negative / NaN            -> 0        (prune everything)
        //   - positive overflow / +inf  -> u64::MAX (keep everything)
        // try_from_secs_f64 returns Err for all three, so branch on the sign
        // to keep the two behaviors distinct.
        let ttl = match Duration::try_from_secs_f64(ttl_secs) {
            Ok(ttl) => ttl,
            Err(_) if ttl_secs > 0.0 => Duration::MAX,
            Err(_) => Duration::ZERO,
        };

        self.recent_fills_cache.prune_older_than(ttl);
    }

    /// Prunes committed mass-reconciliation fills outside the startup report window.
    ///
    /// An unbounded startup lookback requires indefinite retention because no finite
    /// horizon can safely exclude a replayed fill report.
    pub fn prune_processed_fills(&mut self) {
        let Some(lookback_mins) = self.config.lookback_mins else {
            return;
        };

        let ttl = Duration::from_mins(lookback_mins).max(Duration::from_mins(1));
        self.processed_fills.prune_older_than(ttl);
    }

    /// Prunes order activity outside the continuous reconciliation settling window.
    pub fn prune_order_local_activity(&mut self) {
        self.order_local_activity
            .prune_older_than(Duration::from_nanos(self.config.open_check_threshold_ns));
    }

    /// Purges closed orders from the cache that are older than the configured buffer.
    pub fn purge_closed_orders(&mut self) {
        let Some(buffer_mins) = self.config.purge_closed_orders_buffer_mins else {
            return;
        };

        let ts_now = self.clock.borrow().timestamp_ns();
        let buffer_secs = mins_to_secs(u64::from(buffer_mins));

        self.cache
            .borrow_mut()
            .purge_closed_orders(ts_now, buffer_secs);
    }

    /// Purges closed positions from the cache that are older than the configured buffer.
    pub fn purge_closed_positions(&mut self) {
        let Some(buffer_mins) = self.config.purge_closed_positions_buffer_mins else {
            return;
        };

        let ts_now = self.clock.borrow().timestamp_ns();
        let buffer_secs = mins_to_secs(u64::from(buffer_mins));

        self.cache
            .borrow_mut()
            .purge_closed_positions(ts_now, buffer_secs);
    }

    /// Purges old account events from the cache based on the configured lookback.
    pub fn purge_account_events(&mut self) {
        let Some(lookback_mins) = self.config.purge_account_events_lookback_mins else {
            return;
        };

        let ts_now = self.clock.borrow().timestamp_ns();
        let lookback_secs = mins_to_secs(u64::from(lookback_mins));

        self.cache
            .borrow_mut()
            .purge_account_events(ts_now, lookback_secs);
    }

    // Private helper methods

    fn get_order(&self, client_order_id: ClientOrderId) -> Option<OrderAny> {
        self.cache
            .borrow()
            .order(&client_order_id)
            .map(|o| o.clone())
    }

    fn get_order_by_venue_order_id(&self, venue_order_id: VenueOrderId) -> Option<OrderAny> {
        let cache = self.cache.borrow();
        cache
            .client_order_id(&venue_order_id)
            .and_then(|client_order_id| cache.order(client_order_id).map(|o| o.clone()))
    }

    fn get_instrument(&self, instrument_id: &InstrumentId) -> Option<InstrumentAny> {
        self.cache.borrow().instrument(instrument_id).cloned()
    }

    fn should_skip_order_report(&self, report: &OrderStatusReport) -> bool {
        if let Some(client_order_id) = &report.client_order_id
            && self
                .config
                .filtered_client_order_ids
                .contains(client_order_id)
        {
            log::debug!(
                "Skipping order report {client_order_id}: in filtered_client_order_ids list"
            );
            return true;
        }

        if !self.should_reconcile_instrument(&report.instrument_id) {
            log::debug!(
                "Skipping order report for {}: not in reconciliation_instrument_ids",
                report.instrument_id
            );
            return true;
        }

        false
    }

    fn should_reconcile_instrument(&self, instrument_id: &InstrumentId) -> bool {
        self.config.reconciliation_instrument_ids.is_empty()
            || self
                .config
                .reconciliation_instrument_ids
                .contains(instrument_id)
    }

    fn prepare_missing_order_query(&mut self, client_order_id: ClientOrderId) -> Option<OrderAny> {
        let order = self.get_order(client_order_id)?;

        // The order may have closed while the report request was in flight;
        // the check must come before the retry increment or the stale empty
        // response recreates tracking state that nothing prunes afterwards.
        if order.status().is_closed() {
            log::debug!(
                "Skipping missing-order resolution for {client_order_id}: already {}",
                order.status()
            );
            self.clear_recon_tracking(&client_order_id, true);
            return None;
        }

        // Recent local activity is the real-time settling window for missing
        // orders. Venue/domain timestamps can be ahead of the trading clock and
        // must not stall reconciliation.
        if self.order_local_activity.within(
            &client_order_id,
            Duration::from_nanos(self.config.open_check_threshold_ns),
        ) {
            return None;
        }

        let retries = self.recon_check_retries.entry(client_order_id).or_insert(0);
        *retries = retries.saturating_add(1);

        if *retries < self.config.open_check_missing_retries {
            log::debug!(
                "Order {} not found at venue, retry {}/{}",
                client_order_id,
                retries,
                self.config.open_check_missing_retries
            );
            return None;
        }

        Some(order)
    }

    fn resolve_missing_order(&mut self, client_order_id: ClientOrderId) -> Vec<OrderEventAny> {
        let mut events = Vec::new();

        let Some(order) = self.get_order(client_order_id) else {
            return events;
        };

        if order.status().is_closed() {
            log::debug!(
                "Skipping missing-order resolution for {client_order_id}: already {}",
                order.status()
            );
            self.clear_recon_tracking(&client_order_id, true);
            return events;
        }

        if self.order_local_activity.within(
            &client_order_id,
            Duration::from_nanos(self.config.open_check_threshold_ns),
        ) {
            log::debug!(
                "Deferring missing-order resolution for {client_order_id}: recent local activity"
            );
            return events;
        }

        let retries = self
            .recon_check_retries
            .get(&client_order_id)
            .copied()
            .unwrap_or_default();
        let ts_now = self.clock.borrow().timestamp_ns();

        match order.status() {
            OrderStatus::Accepted | OrderStatus::Submitted => {
                log::warn!(
                    "Order {client_order_id} not found at venue after {retries} retries and a targeted query, marking as REJECTED"
                );

                if let Some(rejected) =
                    create_reconciliation_rejected(&order, Some("NOT_FOUND_AT_VENUE"), ts_now)
                {
                    events.push(rejected);
                }
            }
            OrderStatus::PartiallyFilled => {
                log::warn!(
                    "Order {client_order_id} not found at venue after {retries} retries and a targeted query, marking as CANCELED"
                );
                events.push(OrderEventAny::Canceled(OrderCanceled::new(
                    order.trader_id(),
                    order.strategy_id(),
                    order.instrument_id(),
                    client_order_id,
                    UUID4::new(),
                    ts_now,
                    ts_now,
                    true,
                    order.venue_order_id(),
                    order.account_id(),
                )));
            }
            OrderStatus::PendingUpdate | OrderStatus::PendingCancel => {
                log::debug!(
                    "Deferring resolution for {client_order_id}: still inflight as {}",
                    order.status()
                );
                // Narrow tracking reset mirroring the Python engine:
                // zero the retry ladder and stamp the query time so the
                // inflight checker first observes a full threshold delay
                // and then retries from scratch. The order must stay
                // registered in `inflight_checks` - the inflight checker
                // walks that map, unlike Python which rescans cached
                // inflight orders every cycle - and keeps its
                // local-activity mark.
                self.recon_check_retries.shift_remove(&client_order_id);
                if let Some(check) = self.inflight_checks.get_mut(&client_order_id) {
                    check.retry_count = 0;
                    check.last_query_at = Some(dst::time::Instant::now());
                }
                self.order_query_recency.mark(client_order_id);
                return events;
            }
            status => {
                log::warn!(
                    "Skipping missing-order resolution for {client_order_id}: unexpected status {status}"
                );
            }
        }

        self.clear_recon_tracking(&client_order_id, true);
        events
    }

    fn position_quantity_comparison(
        &self,
        key: InstrumentAccountKey,
        venue_reports: &[PositionStatusReport],
    ) -> PositionQuantityComparison {
        let (instrument_id, account_id) = key;
        let cached_positions = {
            let cache = self.cache.borrow();
            cache
                .positions_open(None, Some(&instrument_id), None, Some(&account_id), None)
                .into_iter()
                .map(|position| (*position).clone())
                .collect::<Vec<_>>()
        };
        let (cached_signed_qty, cached_long_qty, cached_short_qty) = Self::position_qty_aggregates(
            cached_positions.iter().map(Position::signed_decimal_qty),
        );
        let (venue_signed_qty, venue_long_qty, venue_short_qty) = Self::position_qty_aggregates(
            venue_reports.iter().map(|report| report.signed_decimal_qty),
        );
        let nonflat_count = venue_reports
            .iter()
            .filter(|report| report.signed_decimal_qty != Decimal::ZERO)
            .count();
        let venue_report = venue_reports
            .iter()
            .find(|report| report.signed_decimal_qty != Decimal::ZERO)
            .or_else(|| venue_reports.last())
            .cloned();
        let venue_has_side_reports = venue_reports.iter().any(PositionStatusReport::is_long)
            && venue_reports.iter().any(PositionStatusReport::is_short);

        PositionQuantityComparison {
            cached_positions,
            cached_signed_qty,
            cached_long_qty,
            cached_short_qty,
            venue_signed_qty,
            venue_long_qty,
            venue_short_qty,
            nonflat_count,
            venue_report,
            venue_has_side_reports,
        }
    }

    fn check_position_discrepancy(
        &mut self,
        key: InstrumentAccountKey,
        venue_reports: &[PositionStatusReport],
    ) -> Option<Vec<OrderEventAny>> {
        let (instrument_id, account_id) = key;
        let comparison = self.position_quantity_comparison(key, venue_reports);
        let tolerance = self.position_reconciliation_tolerance(account_id);
        let quantities_match = comparison.quantities_match(tolerance);
        let report_shape = comparison.report_shape();
        let PositionQuantityComparison {
            cached_positions,
            cached_signed_qty,
            cached_long_qty,
            cached_short_qty,
            venue_signed_qty,
            venue_long_qty,
            venue_short_qty,
            venue_report,
            ..
        } = comparison;

        if quantities_match {
            self.position_reconciliation_states.shift_remove(&key);
            return None;
        }

        let ts_now = self.clock.borrow().timestamp_ns();

        // Grace window measured on the monotonic `dst::time` clock; see `record_position_activity`.
        if self.position_local_activity.within(
            &key,
            Duration::from_nanos(self.config.position_check_threshold_ns),
        ) {
            log::debug!(
                "Skipping position reconciliation for {instrument_id}: recent activity within threshold"
            );
            return None;
        }

        let retries = self
            .position_reconciliation_states
            .get(&key)
            .filter(|state| state.report_shape == report_shape)
            .map_or(0, |state| state.retries);

        if retries >= self.config.position_check_retries {
            return None;
        }

        if report_shape == PositionReportShape::MultiLeg {
            let new_retries = retries + 1;
            self.set_position_reconciliation_retries(key, report_shape, new_retries);
            log::warn!(
                "Deferring position reconciliation for {instrument_id}/{account_id}: venue reports have ambiguous side aggregates (cached net={cached_signed_qty}, long={cached_long_qty}, short={cached_short_qty}; venue net={venue_signed_qty}, long={venue_long_qty}, short={venue_short_qty})"
            );

            if new_retries >= self.config.position_check_retries {
                log::error!(
                    "Position discrepancy for {instrument_id}/{account_id} unresolved after {} attempts; no further reconciliation attempts will be made for the current report shape",
                    self.config.position_check_retries,
                );
            }
            return None;
        }

        log::warn!(
            "Position discrepancy detected for {instrument_id}: cached_signed_qty={cached_signed_qty}, venue_signed_qty={venue_signed_qty}"
        );

        let Some(instrument) = self.cache.borrow().instrument(&instrument_id).cloned() else {
            log::debug!("Cannot reconcile position for {instrument_id}: instrument not in cache");
            let new_retries = retries + 1;
            self.set_position_reconciliation_retries(key, report_shape, new_retries);
            if new_retries >= self.config.position_check_retries {
                log::error!(
                    "Position discrepancy for {instrument_id} unresolved after {} attempts \
                     (cached_qty={cached_signed_qty}, venue_qty={venue_signed_qty}); \
                     no further reconciliation attempts will be made for the current report shape",
                    self.config.position_check_retries,
                );
            }
            return None;
        };

        let cached_avg_px = Self::positions_avg_px(&cached_positions);
        let venue_avg_px = venue_report.as_ref().and_then(|r| r.avg_px_open);

        let crosses_zero = (cached_signed_qty > Decimal::ZERO && venue_signed_qty < Decimal::ZERO)
            || (cached_signed_qty < Decimal::ZERO && venue_signed_qty > Decimal::ZERO);

        let result = if crosses_zero {
            let venue_ts_last = venue_report.as_ref().map_or(ts_now, |r| r.ts_last);
            let venue_position_id = venue_report
                .as_ref()
                .and_then(|report| report.venue_position_id);
            let position_ids = match venue_position_id {
                Some(open_position_id) => match cached_positions.as_slice() {
                    [position] => Some((Some(position.id), Some(open_position_id))),
                    _ => {
                        log::warn!(
                            "Deferring hedge cross-zero reconciliation for {instrument_id}/{account_id}: cached and venue position identities are ambiguous"
                        );
                        None
                    }
                },
                None => Some((None, None)),
            };

            position_ids.and_then(|(close_position_id, open_position_id)| {
                self.reconcile_cross_zero_position(
                    &instrument,
                    account_id,
                    instrument_id,
                    cached_signed_qty,
                    cached_avg_px,
                    venue_signed_qty,
                    venue_avg_px,
                    close_position_id,
                    open_position_id,
                    ts_now,
                    venue_ts_last,
                )
            })
        } else {
            let qty_diff = venue_signed_qty - cached_signed_qty;
            let order_side = if qty_diff > Decimal::ZERO {
                OrderSide::Buy
            } else {
                OrderSide::Sell
            };

            let reconciliation_px = calculate_reconciliation_price(
                cached_signed_qty,
                cached_avg_px,
                venue_signed_qty,
                venue_avg_px,
            );

            match reconciliation_px.or(venue_avg_px).or(cached_avg_px) {
                Some(fill_px) => {
                    let fill_qty = qty_diff.abs();
                    let venue_position_id = venue_report
                        .as_ref()
                        .and_then(|report| report.venue_position_id);
                    let venue_ts_last = venue_report.as_ref().map_or(ts_now, |r| r.ts_last);
                    Quantity::from_decimal_dp(fill_qty, instrument.size_precision())
                        .ok()
                        .map(|order_qty| {
                            let fill_price =
                                Price::from_decimal_dp(fill_px, instrument.price_precision()).ok();
                            let venue_order_id = create_position_reconciliation_venue_order_id(
                                account_id,
                                instrument_id,
                                order_side,
                                OrderType::Market,
                                order_qty,
                                fill_price,
                                venue_position_id,
                                None,
                                venue_ts_last,
                            );

                            let mut order_report = OrderStatusReport::new(
                                account_id,
                                instrument_id,
                                None,
                                venue_order_id,
                                order_side.into(),
                                OrderType::Market,
                                TimeInForce::Gtc,
                                OrderStatus::Filled,
                                order_qty,
                                order_qty,
                                ts_now,
                                ts_now,
                                ts_now,
                                None,
                            )
                            .with_avg_px(fill_px);

                            if let Some(venue_position_id) = venue_position_id {
                                order_report =
                                    order_report.with_venue_position_id(venue_position_id);
                            }

                            order_report
                        })
                        .map(|order_report| {
                            log::info!(
                                color = LogColor::Blue as u8;
                                "Generating synthetic fill for position reconciliation {instrument_id}: side={order_side:?}, qty={}, px={fill_px}", qty_diff.abs(),
                            );

                            let (events, _) = self.handle_external_order(
                                &order_report,
                                account_id,
                                &instrument,
                                &[],
                                true,
                                None,
                                None,
                            );
                            events
                        })
                }
                None => None,
            }
        };

        // Track retries when reconciliation didn't produce events
        if result.is_none() || result.as_ref().is_some_and(Vec::is_empty) {
            let new_retries = retries + 1;
            self.set_position_reconciliation_retries(key, report_shape, new_retries);
            if new_retries >= self.config.position_check_retries {
                log::error!(
                    "Position discrepancy for {} unresolved after {} attempts \
                     (cached_qty={}, venue_qty={}); \
                     no further reconciliation attempts will be made for the current report shape",
                    instrument_id,
                    self.config.position_check_retries,
                    cached_signed_qty,
                    venue_signed_qty,
                );
            }
        } else {
            self.position_reconciliation_states.shift_remove(&key);
        }

        result
    }

    fn set_position_reconciliation_retries(
        &mut self,
        key: InstrumentAccountKey,
        report_shape: PositionReportShape,
        retries: u32,
    ) {
        self.position_reconciliation_states.insert(
            key,
            PositionReconciliationState {
                report_shape,
                retries,
            },
        );
    }

    fn position_qty_aggregates(
        signed_quantities: impl Iterator<Item = Decimal>,
    ) -> (Decimal, Decimal, Decimal) {
        signed_quantities.fold(
            (Decimal::ZERO, Decimal::ZERO, Decimal::ZERO),
            |(net, long, short), qty| {
                if qty > Decimal::ZERO {
                    (net + qty, long + qty, short)
                } else {
                    (net + qty, long, short + qty.abs())
                }
            },
        )
    }

    /// Handles position reconciliation when position flips sign, splitting into two
    /// fills: close existing position then open new position in opposite direction.
    #[expect(clippy::too_many_arguments)]
    fn reconcile_cross_zero_position(
        &self,
        instrument: &InstrumentAny,
        account_id: AccountId,
        instrument_id: InstrumentId,
        cached_signed_qty: Decimal,
        cached_avg_px: Option<Decimal>,
        venue_signed_qty: Decimal,
        venue_avg_px: Option<Decimal>,
        close_position_id: Option<PositionId>,
        open_position_id: Option<PositionId>,
        ts_now: UnixNanos,
        venue_ts_last: UnixNanos,
    ) -> Option<Vec<OrderEventAny>> {
        log::info!(
            color = LogColor::Blue as u8;
            "Position crosses zero for {instrument_id}: cached={cached_signed_qty}, venue={venue_signed_qty}. Splitting into two fills",
        );

        let close_qty = cached_signed_qty.abs();
        let close_side = if cached_signed_qty < Decimal::ZERO {
            OrderSide::Buy // Close short by buying
        } else {
            OrderSide::Sell // Close long by selling
        };
        let open_qty = venue_signed_qty.abs();
        let open_side = if venue_signed_qty > Decimal::ZERO {
            OrderSide::Buy // Open long
        } else {
            OrderSide::Sell // Open short
        };

        let Some(close_px) = cached_avg_px else {
            log::warn!("Cannot close position for {instrument_id}: no cached average price");
            return None;
        };

        let open_report = match venue_avg_px {
            Some(open_px) => Some((
                build_cross_zero_leg_report(
                    instrument,
                    account_id,
                    instrument_id,
                    open_side,
                    open_qty,
                    open_px,
                    open_position_id,
                    "OPEN",
                    ts_now,
                    venue_ts_last,
                )?,
                open_px,
            )),
            None => None,
        };

        let close_report = build_cross_zero_leg_report(
            instrument,
            account_id,
            instrument_id,
            close_side,
            close_qty,
            close_px,
            close_position_id,
            "CLOSE",
            ts_now,
            venue_ts_last,
        )?;

        log::info!(
            color = LogColor::Blue as u8;
            "Generating close fill for cross-zero {instrument_id}: side={close_side:?}, qty={close_qty}, px={close_px}",
        );

        let (close_events, _) = self.handle_external_order(
            &close_report,
            account_id,
            instrument,
            &[],
            true,
            None,
            None,
        );
        let mut all_events = close_events;

        if let Some((open_report, open_px)) = open_report {
            log::info!(
                color = LogColor::Blue as u8;
                "Generating open fill for cross-zero {instrument_id}: side={open_side:?}, qty={open_qty}, px={open_px}",
            );

            let (open_events, _) = self.handle_external_order(
                &open_report,
                account_id,
                instrument,
                &[],
                true,
                None,
                None,
            );
            all_events.extend(open_events);
        } else {
            log::warn!("Cannot open new position for {instrument_id}: no venue average price");
        }

        Some(all_events)
    }

    /// Creates a position from a venue position report when no orders/fills exist.
    ///
    /// This handles the case where the venue reports an open position but there are
    /// no order or fill reports to create it from (e.g., orders are already closed).
    fn create_position_from_report(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
        instrument: &InstrumentAny,
    ) -> Option<Vec<OrderEventAny>> {
        let instrument_id = report.instrument_id;
        let venue_signed_qty = report.signed_decimal_qty;

        if venue_signed_qty == Decimal::ZERO {
            return None;
        }

        let order_side = if venue_signed_qty > Decimal::ZERO {
            OrderSide::Buy
        } else {
            OrderSide::Sell
        };

        let qty_abs = venue_signed_qty.abs();
        let venue_avg_px = report.avg_px_open?;

        let ts_now = self.clock.borrow().timestamp_ns();
        let order_qty = Quantity::from_decimal_dp(qty_abs, instrument.size_precision()).ok()?;
        let fill_price = Price::from_decimal_dp(venue_avg_px, instrument.price_precision()).ok();
        let venue_order_id = create_position_reconciliation_venue_order_id(
            account_id,
            instrument_id,
            order_side,
            OrderType::Market,
            order_qty,
            fill_price,
            report.venue_position_id,
            None,
            report.ts_last,
        );

        let mut order_report = OrderStatusReport::new(
            account_id,
            instrument_id,
            None,
            venue_order_id,
            order_side.into(),
            OrderType::Market,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            order_qty,
            order_qty,
            ts_now,
            ts_now,
            ts_now,
            None,
        )
        .with_avg_px(venue_avg_px);

        // Preserve venue_position_id for hedging mode
        if let Some(venue_position_id) = report.venue_position_id {
            order_report = order_report.with_venue_position_id(venue_position_id);
        }

        log::info!(
            color = LogColor::Blue as u8;
            "Creating position from venue report for {instrument_id}: side={order_side:?}, qty={qty_abs}, avg_px={venue_avg_px}",
        );

        let (events, _) = self.handle_external_order(
            &order_report,
            account_id,
            instrument,
            &[],
            true,
            None,
            None,
        );
        Some(events)
    }

    fn reconcile_position_report(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
        instruments_with_unattributed_fills: &IndexSet<InstrumentId>,
    ) -> Option<Vec<OrderEventAny>> {
        if report.venue_position_id.is_some() {
            self.reconcile_position_report_hedging(
                report,
                account_id,
                instruments_with_unattributed_fills,
            )
        } else {
            self.reconcile_position_report_netting(report, account_id)
        }
    }

    fn reconcile_position_report_hedging(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
        instruments_with_unattributed_fills: &IndexSet<InstrumentId>,
    ) -> Option<Vec<OrderEventAny>> {
        let venue_position_id = report.venue_position_id?;

        // Skip if fills exist for this instrument but lack venue_position_id
        // (can't determine which hedge position they belong to)
        if instruments_with_unattributed_fills.contains(&report.instrument_id) {
            log::debug!(
                "Skipping hedge position {venue_position_id} reconciliation: unattributed fills in batch"
            );
            return None;
        }

        log::debug!(
            "Reconciling HEDGE position for {}, venue_position_id={}",
            report.instrument_id,
            venue_position_id
        );

        let position = {
            let cache = self.cache.borrow();
            cache.position_owned(&venue_position_id)
        };

        match position {
            Some(position) => {
                let cached_signed_qty = position.signed_decimal_qty();
                let venue_signed_qty = report.signed_decimal_qty;

                if cached_signed_qty == venue_signed_qty {
                    log::debug!(
                        "Hedge position {venue_position_id} matches venue: qty={cached_signed_qty}"
                    );
                    return None;
                }

                if venue_signed_qty == Decimal::ZERO && cached_signed_qty == Decimal::ZERO {
                    return None;
                }

                if !self.config.generate_missing_orders {
                    log::error!(
                        "Cannot reconcile {} {}: position net qty {} != reported net qty {} \
                         and `generate_missing_orders` is disabled",
                        report.instrument_id,
                        venue_position_id,
                        cached_signed_qty,
                        venue_signed_qty
                    );
                    return None;
                }

                self.reconcile_hedge_position_discrepancy(
                    report,
                    account_id,
                    &position,
                    cached_signed_qty,
                )
            }
            None => {
                if report.signed_decimal_qty == Decimal::ZERO {
                    return None;
                }

                if !self.config.generate_missing_orders {
                    log::error!(
                        "Cannot reconcile position: {venue_position_id} not found and `generate_missing_orders` is disabled"
                    );
                    return None;
                }

                self.reconcile_missing_hedge_position(report, account_id)
            }
        }
    }

    fn reconcile_hedge_position_discrepancy(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
        position: &Position,
        cached_signed_qty: Decimal,
    ) -> Option<Vec<OrderEventAny>> {
        let instrument = self.get_instrument(&report.instrument_id)?;
        let venue_signed_qty = report.signed_decimal_qty;

        let diff = (cached_signed_qty - venue_signed_qty).abs();
        let diff_qty = Quantity::from_decimal_dp(diff, instrument.size_precision()).ok()?;

        if diff_qty.is_zero() {
            log::debug!(
                "Difference quantity rounds to zero for {}, skipping",
                instrument.id()
            );
            return None;
        }

        let venue_position_id = report.venue_position_id?;
        log::warn!(
            "Hedge position discrepancy for {} {}: cached={}, venue={}, generating reconciliation order",
            report.instrument_id,
            venue_position_id,
            cached_signed_qty,
            venue_signed_qty
        );

        let current_avg_px = if position.avg_px_open > 0.0 {
            Decimal::from_str(&position.avg_px_open.to_string()).ok()
        } else {
            None
        };

        self.create_position_reconciliation_order(
            report,
            account_id,
            &instrument,
            cached_signed_qty,
            diff_qty,
            current_avg_px,
        )
    }

    fn reconcile_missing_hedge_position(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
    ) -> Option<Vec<OrderEventAny>> {
        let instrument = self.get_instrument(&report.instrument_id)?;
        let venue_signed_qty = report.signed_decimal_qty;

        let qty = venue_signed_qty.abs();
        let diff_qty = Quantity::from_decimal_dp(qty, instrument.size_precision()).ok()?;

        if diff_qty.is_zero() {
            return None;
        }

        let venue_position_id = report.venue_position_id?;
        log::warn!(
            "Missing hedge position for {} {}: venue reports {}, generating reconciliation order",
            report.instrument_id,
            venue_position_id,
            venue_signed_qty
        );

        self.create_position_reconciliation_order(
            report,
            account_id,
            &instrument,
            Decimal::ZERO,
            diff_qty,
            None,
        )
    }

    fn reconcile_position_report_netting(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
    ) -> Option<Vec<OrderEventAny>> {
        let instrument_id = report.instrument_id;

        log::debug!("Reconciling NET position for {instrument_id}");

        let instrument = self.get_instrument(&instrument_id)?;

        let (cached_signed_qty, cached_avg_px) = {
            let cache = self.cache.borrow();
            let positions =
                cache.positions_open(None, Some(&instrument_id), None, Some(&account_id), None);

            if positions.is_empty() {
                (Decimal::ZERO, None)
            } else {
                let mut total_signed_qty = Decimal::ZERO;
                let mut total_value = Decimal::ZERO;
                let mut total_qty = Decimal::ZERO;

                for pos in positions {
                    total_signed_qty += pos.signed_decimal_qty();
                    let qty = pos.signed_decimal_qty().abs();
                    if pos.avg_px_open > 0.0
                        && qty > Decimal::ZERO
                        && let Ok(avg_px) = Decimal::from_str(&pos.avg_px_open.to_string())
                    {
                        total_value += avg_px * qty;
                        total_qty += qty;
                    }
                }

                let avg_px = if total_qty > Decimal::ZERO {
                    Some(total_value / total_qty)
                } else {
                    None
                };

                (total_signed_qty, avg_px)
            }
        };

        let venue_signed_qty = report.signed_decimal_qty;

        log::debug!("venue_signed_qty={venue_signed_qty}, cached_signed_qty={cached_signed_qty}");

        let tolerance = self.position_reconciliation_tolerance(account_id);
        if (cached_signed_qty - venue_signed_qty).abs() <= tolerance {
            log::debug!("Position quantities match for {instrument_id}, no reconciliation needed");
            return None;
        }

        if !self.config.generate_missing_orders {
            log::debug!(
                "Discrepancy for {instrument_id} position when `generate_missing_orders` disabled, skipping"
            );
            return None;
        }

        let diff = (cached_signed_qty - venue_signed_qty).abs();
        let diff_qty = Quantity::from_decimal_dp(diff, instrument.size_precision()).ok()?;

        if diff_qty.is_zero() {
            log::debug!(
                "Difference quantity rounds to zero for {instrument_id}, skipping order generation"
            );
            return None;
        }

        let crosses_zero = cached_signed_qty != Decimal::ZERO
            && venue_signed_qty != Decimal::ZERO
            && ((cached_signed_qty > Decimal::ZERO && venue_signed_qty < Decimal::ZERO)
                || (cached_signed_qty < Decimal::ZERO && venue_signed_qty > Decimal::ZERO));

        if crosses_zero {
            let ts_now = self.clock.borrow().timestamp_ns();
            return self.reconcile_cross_zero_position(
                &instrument,
                account_id,
                instrument_id,
                cached_signed_qty,
                cached_avg_px,
                venue_signed_qty,
                report.avg_px_open,
                None,
                None,
                ts_now,
                report.ts_last,
            );
        }

        if cached_signed_qty == Decimal::ZERO {
            return self.create_position_from_report(report, account_id, &instrument);
        }

        self.create_position_reconciliation_order(
            report,
            account_id,
            &instrument,
            cached_signed_qty,
            diff_qty,
            cached_avg_px,
        )
    }

    fn create_position_reconciliation_order(
        &self,
        report: &PositionStatusReport,
        account_id: AccountId,
        instrument: &InstrumentAny,
        cached_signed_qty: Decimal,
        diff_qty: Quantity,
        current_avg_px: Option<Decimal>,
    ) -> Option<Vec<OrderEventAny>> {
        let venue_signed_qty = report.signed_decimal_qty;
        let instrument_id = report.instrument_id;

        let order_side = if venue_signed_qty > cached_signed_qty {
            OrderSide::Buy
        } else {
            OrderSide::Sell
        };

        let reconciliation_px = calculate_reconciliation_price(
            cached_signed_qty,
            current_avg_px,
            venue_signed_qty,
            report.avg_px_open,
        );

        let fill_px = reconciliation_px
            .or(report.avg_px_open)
            .or(current_avg_px)?;

        let ts_now = self.clock.borrow().timestamp_ns();
        let fill_price = Price::from_decimal_dp(fill_px, instrument.price_precision()).ok();
        let venue_order_id = create_position_reconciliation_venue_order_id(
            account_id,
            instrument_id,
            order_side,
            OrderType::Market,
            diff_qty,
            fill_price,
            report.venue_position_id,
            None,
            report.ts_last,
        );

        let mut order_report = OrderStatusReport::new(
            account_id,
            instrument_id,
            None,
            venue_order_id,
            order_side.into(),
            OrderType::Market,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            diff_qty,
            diff_qty,
            ts_now,
            ts_now,
            ts_now,
            None,
        )
        .with_avg_px(fill_px);

        if let Some(venue_position_id) = report.venue_position_id {
            order_report = order_report.with_venue_position_id(venue_position_id);
        }

        log::info!(
            color = LogColor::Blue as u8;
            "Generating reconciliation order for {instrument_id}: side={order_side:?}, qty={diff_qty}, px={fill_px}",
        );

        let (events, _) = self.handle_external_order(
            &order_report,
            account_id,
            instrument,
            &[],
            true,
            None,
            None,
        );
        Some(events)
    }

    fn reconcile_order_report(
        &self,
        order: &OrderAny,
        report: &OrderStatusReport,
        instrument: Option<&InstrumentAny>,
        commission_client: Option<&dyn ExecutionClient>,
    ) -> anyhow::Result<Option<OrderEventAny>> {
        let ts_now = self.clock.borrow().timestamp_ns();
        let commission = if matches!(
            report.order_status,
            OrderStatus::PartiallyFilled | OrderStatus::Filled
        ) && report.filled_qty > order.filled_qty()
        {
            let Some(instrument) = instrument else {
                return Ok(reconcile_order_report_with_commission(
                    order, report, None, ts_now, None,
                ));
            };
            let fill_qty = report.filled_qty - order.filled_qty();
            Self::resolve_inferred_fill_commission(
                commission_client,
                instrument,
                fill_qty,
                incremental_inferred_fill_price_and_liquidity(order, report, instrument),
            )?
        } else {
            None
        };

        Ok(reconcile_order_report_with_commission(
            order, report, instrument, ts_now, commission,
        ))
    }

    /// Reconciles an order with its associated fills atomically.
    fn reconcile_order_with_fills(
        &mut self,
        order: &OrderAny,
        report: &OrderStatusReport,
        fills: &[&FillReport],
        instrument: Option<&InstrumentAny>,
        fill_queue: &mut ReconciliationFillQueue,
        commission_client: Option<&dyn ExecutionClient>,
    ) -> Vec<OrderEventAny> {
        let mut events = Vec::new();
        let mut working = order.clone();
        let mut sorted_fills: Vec<&FillReport> = fills.to_vec();
        sorted_fills.sort_by_key(|f| f.ts_event);

        let ts_now = self.clock.borrow().timestamp_ns();

        if matches!(
            report.order_status,
            OrderStatus::Canceled | OrderStatus::Expired
        ) && report.ts_triggered.is_some()
            && working.status() != OrderStatus::Triggered
            && TRIGGERABLE_ORDER_TYPES.contains(&working.order_type())
        {
            let triggered = create_reconciliation_triggered(&working, report, ts_now);
            if working.apply(triggered.clone()).is_ok() {
                events.push(triggered);
            }
        }

        let requires_snapshot_projection = !sorted_fills.is_empty()
            || report.order_status == OrderStatus::Voided
            || report.filled_qty < working.filled_qty();
        if !requires_snapshot_projection {
            match self.reconcile_order_report(&working, report, instrument, commission_client) {
                Ok(Some(event)) => events.push(event),
                Ok(None) => {}
                Err(e) => log::error!(
                    "Deferring inferred fill for {}: venue commission calculation failed: {e}",
                    order.client_order_id(),
                ),
            }
            return events;
        }

        for event in generate_reconciliation_order_pre_fill_events(&working, report, ts_now) {
            if let Err(e) = working.apply(event.clone()) {
                log::warn!(
                    "Cannot project reconciliation event for {}: {e}",
                    order.client_order_id()
                );
                return events;
            }
            events.push(event);
        }

        if let Some(inst) = instrument {
            for fill in sorted_fills {
                let Some((event, fill_key)) =
                    self.create_order_fill(&working, fill, inst, &fill_queue.pending_fill_keys)
                else {
                    continue;
                };

                if let Err(e) = working.apply(event.clone()) {
                    if let OrderEventAny::Filled(fill) = &event
                        && self.is_fill_applied(fill, fill_key)
                    {
                        self.processed_fills.mark(fill_key);
                    } else {
                        log::warn!(
                            "Cannot project reconciliation fill for {}: {e}",
                            order.client_order_id()
                        );
                    }
                    return events;
                }
                fill_queue.push(&mut events, event, fill_key);
            }
        }

        let commission = if report.filled_qty > working.filled_qty()
            && let Some(instrument) = instrument
        {
            let fill_qty = report.filled_qty - working.filled_qty();

            match Self::resolve_inferred_fill_commission(
                commission_client,
                instrument,
                fill_qty,
                incremental_inferred_fill_price_and_liquidity(&working, report, instrument),
            ) {
                Ok(commission) => commission,
                Err(e) => {
                    log::error!(
                        "Deferring inferred fill for {}: venue commission calculation failed: {e}",
                        order.client_order_id(),
                    );
                    return events;
                }
            }
        } else {
            None
        };

        for event in generate_reconciliation_order_snapshot_events_with_commission(
            &working, report, instrument, ts_now, commission,
        ) {
            if let Err(e) = working.apply(event.clone()) {
                log::warn!(
                    "Cannot project reconciliation snapshot event for {}: {e}",
                    order.client_order_id()
                );
                break;
            }
            events.push(event);
        }

        events
    }

    fn resolve_inferred_fill_commission(
        client: Option<&dyn ExecutionClient>,
        instrument: &InstrumentAny,
        fill_qty: Quantity,
        price_and_liquidity: Option<(Price, LiquiditySide)>,
    ) -> anyhow::Result<Option<Money>> {
        let Some(client) = client else {
            anyhow::bail!("responsible execution client is unavailable");
        };
        let Some((last_px, liquidity_side)) = price_and_liquidity else {
            return Ok(None);
        };

        client.calculate_commission(instrument, fill_qty, last_px, liquidity_side)
    }

    #[expect(clippy::too_many_arguments)]
    fn handle_external_order(
        &self,
        report: &OrderStatusReport,
        account_id: AccountId,
        instrument: &InstrumentAny,
        fills: &[&FillReport],
        is_synthetic: bool,
        fill_queue: Option<&mut ReconciliationFillQueue>,
        commission_client: Option<&dyn ExecutionClient>,
    ) -> (Vec<OrderEventAny>, Option<ExternalOrderMetadata>) {
        let (strategy_id, tags) =
            if let Some(claimed_strategy) = self.external_order_claims.get(&report.instrument_id) {
                let order_id = report
                    .client_order_id
                    .map_or_else(|| report.venue_order_id.to_string(), |id| id.to_string());
                log::info!(
                    color = LogColor::Blue as u8;
                    "External order {} for {} claimed by strategy {}",
                    order_id,
                    report.instrument_id,
                    claimed_strategy,
                );
                (*claimed_strategy, None)
            } else {
                // Unclaimed orders use EXTERNAL strategy ID with tag distinguishing source
                let tag = if is_synthetic {
                    *TAG_RECONCILIATION
                } else {
                    *TAG_VENUE
                };
                (StrategyId::from("EXTERNAL"), Some(vec![tag]))
            };

        // Filter unclaimed venue orders (but not synthetic reconciliation orders)
        if self.config.filter_unclaimed_external && !is_synthetic {
            return (Vec::new(), None);
        }

        let client_order_id = report
            .client_order_id
            .unwrap_or_else(|| ClientOrderId::from(report.venue_order_id.as_str()));

        if !report.quantity.is_positive() {
            log::error!(
                "Skipping external order {} ({}) for {}: non-positive quantity in report {:?}",
                client_order_id,
                report.venue_order_id,
                report.instrument_id,
                report,
            );
            return (Vec::new(), None);
        }

        let ts_now = self.clock.borrow().timestamp_ns();
        let Some(order_side) = report.order_side else {
            log::error!(
                "Skipping external order {} ({}) for {}: order side is not specified",
                client_order_id,
                report.venue_order_id,
                report.instrument_id,
            );
            return (Vec::new(), None);
        };

        let initialized = match OrderInitialized::new_checked(
            self.config.trader_id,
            strategy_id,
            report.instrument_id,
            client_order_id,
            order_side,
            report.order_type,
            report.quantity,
            report.time_in_force,
            report.post_only,
            report.reduce_only,
            false, // quote_quantity
            true,  // reconciliation
            UUID4::new(),
            ts_now,
            ts_now,
            report.price,
            report.activation_price,
            report.trigger_price,
            report.trigger_type,
            report.limit_offset,
            report.trailing_offset,
            report.trailing_offset_type,
            report.expire_time,
            report.display_qty,
            None, // emulation_trigger
            None, // trigger_instrument_id
            report.contingency_type,
            report.order_list_id,
            report.linked_order_ids.clone(),
            report.parent_order_id,
            None, // exec_algorithm_id
            None, // exec_algorithm_params
            None, // exec_spawn_id
            tags,
        ) {
            Ok(initialized) => initialized,
            Err(e) => {
                log::error!("Failed to create order from report: {e}");
                return (Vec::new(), None);
            }
        };

        let initialized = OrderEventAny::Initialized(initialized);
        let order = match OrderAny::from_events(vec![initialized.clone()]) {
            Ok(order) => order,
            Err(e) => {
                log::error!("Failed to create order from report: {e}");
                return (Vec::new(), None);
            }
        };

        let replace_inferred_fill = !fills.is_empty()
            && matches!(
                report.order_status,
                OrderStatus::Canceled
                    | OrderStatus::Expired
                    | OrderStatus::Filled
                    | OrderStatus::PartiallyFilled
            );
        let mut prepared_fills = Vec::new();
        let mut prepared_fill_keys = fill_queue
            .as_deref()
            .map(|queue| queue.pending_fill_keys.clone())
            .unwrap_or_default();
        let mut real_fill_total = Decimal::ZERO;

        if replace_inferred_fill {
            let mut sorted_fills: Vec<&FillReport> = fills.to_vec();
            sorted_fills.sort_by_key(|fill| fill.ts_event);
            if fill_queue.is_none() {
                log::error!(
                    "Cannot reconcile external order {client_order_id}: fill queue is unavailable"
                );
                return (Vec::new(), None);
            }

            for fill in sorted_fills {
                if let Some((fill_event, fill_key)) =
                    self.create_order_fill(&order, fill, instrument, &prepared_fill_keys)
                {
                    real_fill_total += fill.last_qty.as_decimal();
                    prepared_fill_keys.insert(fill_key);
                    prepared_fills.push((fill_event, fill_key));
                }
            }
        }

        let report_filled = report.filled_qty.as_decimal();
        let inferred_qty = if report_filled.is_zero() {
            None
        } else if replace_inferred_fill {
            if real_fill_total < report_filled {
                match Quantity::from_decimal_dp(
                    report_filled - real_fill_total,
                    instrument.size_precision(),
                ) {
                    Ok(quantity) => Some(quantity),
                    Err(e) => {
                        log::error!(
                            "Cannot reconcile external order {client_order_id}: residual fill quantity is invalid: {e}"
                        );
                        return (Vec::new(), None);
                    }
                }
            } else {
                None
            }
        } else if matches!(
            report.order_status,
            OrderStatus::PartiallyFilled
                | OrderStatus::Filled
                | OrderStatus::Canceled
                | OrderStatus::Expired
                | OrderStatus::Voided
        ) {
            Some(report.filled_qty)
        } else {
            None
        };

        let inferred_commission = if is_synthetic {
            None
        } else if let Some(inferred_qty) = inferred_qty {
            match Self::resolve_inferred_fill_commission(
                commission_client,
                instrument,
                inferred_qty,
                inferred_fill_price_and_liquidity(&order, report, instrument),
            ) {
                Ok(commission) => commission,
                Err(e) => {
                    log::error!(
                        "Deferring external order {client_order_id}: venue commission calculation failed: {e}"
                    );
                    return (Vec::new(), None);
                }
            }
        } else {
            None
        };

        {
            let mut cache = self.cache.borrow_mut();
            let source_client_id = if is_synthetic {
                None
            } else {
                commission_client.map(ExecutionClient::client_id)
            };

            if let Err(e) = cache.add_order(order.clone(), None, source_client_id, false) {
                // Deterministic synthetic reconciliation IDs hash the same logical event
                // to the same client_order_id, so a restart replay can legitimately collide
                // with a cached order. Differentiate expected dedup from stuck state.
                match cache.order(&client_order_id) {
                    Some(existing) if is_synthetic && existing.is_closed() => {
                        log::debug!(
                            "Skipping synthetic reconciliation order {client_order_id} for {}: \
                             replay deduped (cached status={:?})",
                            report.instrument_id,
                            existing.status(),
                        );
                    }
                    Some(existing) if is_synthetic => {
                        log::warn!(
                            "Synthetic reconciliation order {client_order_id} for {} exists in \
                             cache in non-terminal state {:?}; fill not regenerated",
                            report.instrument_id,
                            existing.status(),
                        );
                    }
                    _ => {
                        log::error!("Failed to add external order to cache: {e}");
                    }
                }
                return (Vec::new(), None);
            }

            if let Err(e) = cache.index_venue_order_id(&client_order_id, &report.venue_order_id) {
                log::warn!("Failed to index venue order ID: {e}");
            }
        }

        Self::publish_order_event(&initialized);

        log::info!(
            color = LogColor::Blue as u8;
            "Created external order {} ({}) for {} [{}]",
            client_order_id,
            report.venue_order_id,
            report.instrument_id,
            report.order_status,
        );

        let ts_now = self.clock.borrow().timestamp_ns();
        let mut order_events = generate_external_order_status_events_with_commission(
            &order,
            report,
            &account_id,
            instrument,
            ts_now,
            inferred_commission,
        );

        if replace_inferred_fill {
            let terminal_event = if order_events.last().is_some_and(|event| {
                matches!(
                    event,
                    OrderEventAny::Canceled(_) | OrderEventAny::Expired(_),
                )
            }) {
                order_events.pop()
            } else {
                None
            };

            if order_events
                .last()
                .is_some_and(|event| matches!(event, OrderEventAny::Filled(_)))
            {
                order_events.pop();
            }

            let fill_queue =
                fill_queue.expect("fill queue availability was checked before cache mutation");
            for (fill_event, fill_key) in prepared_fills {
                fill_queue.push(&mut order_events, fill_event, fill_key);
            }

            if let Some(inferred_qty) = inferred_qty
                && let Some(inferred_fill) = create_inferred_fill_for_qty(
                    &order,
                    report,
                    &account_id,
                    instrument,
                    inferred_qty,
                    ts_now,
                    inferred_commission,
                )
            {
                order_events.push(inferred_fill);
            }

            if let Some(event) = terminal_event {
                order_events.push(event);
            }
        }

        let metadata = ExternalOrderMetadata {
            client_order_id,
            venue_order_id: report.venue_order_id,
            instrument_id: report.instrument_id,
            strategy_id,
            ts_init: ts_now,
        };

        (order_events, Some(metadata))
    }

    fn publish_order_event(event: &OrderEventAny) {
        let topic = switchboard::get_event_order_topic(event.strategy_id());
        msgbus::publish_order_event(topic, event);
    }

    /// Adjusts fills for instruments with incomplete first lifecycle (partial window).
    ///
    /// When historical fills don't fully explain the current position (e.g., lookback window
    /// started mid-position), this creates synthetic fills to align with the venue position.
    fn adjust_mass_status_fills(
        &self,
        mass_status: &ExecutionMassStatus,
    ) -> (
        IndexMap<VenueOrderId, OrderStatusReport>,
        IndexMap<VenueOrderId, Vec<FillReport>>,
    ) {
        let mut final_orders: IndexMap<VenueOrderId, OrderStatusReport> =
            mass_status.order_reports();
        let mut final_fills: IndexMap<VenueOrderId, Vec<FillReport>> = mass_status.fill_reports();

        if mass_status.lookback_start().is_some() {
            return (final_orders, final_fills);
        }

        let mut instruments_to_adjust = Vec::new();

        for (instrument_id, position_reports) in mass_status.position_reports() {
            if !self.should_reconcile_instrument(&instrument_id) {
                log::debug!(
                    "Skipping fill adjustment for {instrument_id}: not in reconciliation_instrument_ids"
                );
                continue;
            }

            // Skip hedge mode instruments (have venue_position_id) as partial-window
            // adjustment assumes a single net position per instrument
            let is_hedge_mode = position_reports
                .iter()
                .any(|r| r.venue_position_id.is_some());

            if is_hedge_mode {
                log::debug!(
                    "Skipping fill adjustment for {instrument_id}: hedge mode (has venue_position_id)"
                );
                continue;
            }

            let has_retained_position = {
                let cache = self.cache.borrow();
                !cache
                    .positions_open(
                        None,
                        Some(&instrument_id),
                        None,
                        Some(&mass_status.account_id),
                        None,
                    )
                    .is_empty()
            };

            if has_retained_position {
                log::debug!(
                    "Skipping fill adjustment for {instrument_id}: retained open position in cache"
                );
                continue;
            }

            if let Some(instrument) = self.get_instrument(&instrument_id) {
                instruments_to_adjust.push(instrument);
            } else {
                log::debug!(
                    "Skipping fill adjustment for {instrument_id}: instrument not found in cache"
                );
            }
        }

        if instruments_to_adjust.is_empty() {
            return (final_orders, final_fills);
        }

        log_info!(
            "Adjusting fills for {} instrument(s) with position reports",
            instruments_to_adjust.len(),
            color = LogColor::Blue
        );

        for instrument in &instruments_to_adjust {
            let instrument_id = instrument.id();

            let result = if self.config.generate_missing_orders {
                process_mass_status_for_reconciliation(mass_status, instrument, None)
            } else {
                process_mass_status_for_reconciliation_without_synthetic_reports(
                    mass_status,
                    instrument,
                    None,
                )
            };

            match result {
                Ok(result) => {
                    final_orders.retain(|_, order| order.instrument_id != instrument_id);
                    final_fills.retain(|_, fills| {
                        fills
                            .first()
                            .is_none_or(|f| f.instrument_id != instrument_id)
                    });

                    for (venue_order_id, order) in result.orders {
                        final_orders.insert(venue_order_id, order);
                    }

                    for (venue_order_id, fills) in result.fills {
                        final_fills.insert(venue_order_id, fills);
                    }
                }
                Err(e) => {
                    log::warn!("Failed to adjust fills for {instrument_id}: {e}");
                }
            }
        }

        log_info!(
            "After adjustment: {} order(s), {} fill group(s)",
            final_orders.len(),
            final_fills.len(),
            color = LogColor::Blue
        );

        (final_orders, final_fills)
    }

    /// Deduplicates order reports, keeping the most advanced state per `venue_order_id`.
    ///
    /// When a batch contains multiple reports for the same order, we keep the one with
    /// the highest `filled_qty` (most progress), or if equal, the most terminal status.
    fn deduplicate_order_reports<'a>(
        reports: impl Iterator<Item = &'a OrderStatusReport>,
    ) -> IndexMap<VenueOrderId, &'a OrderStatusReport> {
        let mut best_reports: IndexMap<VenueOrderId, &'a OrderStatusReport> = IndexMap::new();

        for report in reports {
            let dominated = best_reports
                .get(&report.venue_order_id)
                .is_some_and(|existing| Self::is_more_advanced(existing, report));

            if !dominated {
                best_reports.insert(report.venue_order_id, report);
            }
        }

        best_reports
    }

    fn is_more_advanced(a: &OrderStatusReport, b: &OrderStatusReport) -> bool {
        if a.filled_qty > b.filled_qty {
            return true;
        }

        if a.filled_qty < b.filled_qty {
            return false;
        }

        // Equal filled_qty - compare status (terminal states are more advanced)
        Self::status_priority(a.order_status) > Self::status_priority(b.order_status)
    }

    const fn status_priority(status: OrderStatus) -> u8 {
        match status {
            OrderStatus::Initialized | OrderStatus::Submitted | OrderStatus::Emulated => 0,
            OrderStatus::Released | OrderStatus::Denied => 1,
            OrderStatus::Accepted | OrderStatus::PendingUpdate | OrderStatus::PendingCancel => 2,
            OrderStatus::Triggered => 3,
            OrderStatus::PartiallyFilled => 4,
            OrderStatus::Canceled | OrderStatus::Expired | OrderStatus::Rejected => 5,
            OrderStatus::Filled | OrderStatus::Voided => 6,
        }
    }

    fn is_exact_order_match(order: &OrderAny, report: &OrderStatusReport) -> bool {
        order.status() == report.order_status
            && order.filled_qty() == report.filled_qty
            && !should_reconciliation_update(order, report)
    }

    fn is_fill_applied(&self, fill: &OrderFilled, fill_key: FillKey) -> bool {
        self.get_order(fill.client_order_id)
            .or_else(|| self.get_order_by_venue_order_id(fill.venue_order_id))
            .is_some_and(|order| {
                order.account_id() == Some(fill_key.0)
                    && order.instrument_id() == fill_key.1
                    && order.trade_ids().contains(&&fill_key.2)
            })
    }

    fn create_order_fill(
        &self,
        order: &OrderAny,
        fill: &FillReport,
        instrument: &InstrumentAny,
        pending_fill_keys: &IndexSet<FillKey>,
    ) -> Option<(OrderEventAny, FillKey)> {
        let fill_key = (fill.account_id, fill.instrument_id, fill.trade_id);
        if self.processed_fills.contains_key(&fill_key) || pending_fill_keys.contains(&fill_key) {
            return None;
        }

        let order_side = order.order_side();
        if fill.order_side != order_side {
            log::warn!(
                "Fill side mismatch for {}: cached={:?}, venue={:?}",
                order.client_order_id(),
                order_side,
                fill.order_side,
            );
        }

        let event = OrderEventAny::Filled(OrderFilled::new(
            order.trader_id(),
            order.strategy_id(),
            order.instrument_id(),
            order.client_order_id(),
            fill.venue_order_id,
            fill.account_id,
            fill.trade_id,
            fill.order_side,
            order.order_type(),
            fill.last_qty,
            fill.last_px,
            instrument.quote_currency(),
            fill.liquidity_side,
            fill.report_id,
            fill.ts_event,
            self.clock.borrow().timestamp_ns(),
            false,
            fill.venue_position_id,
            Some(fill.commission),
            None,
        ));

        Some((event, fill_key))
    }
}

pub(crate) async fn request_targeted_order_reports(
    clients: &[&dyn ExecutionClient],
    queries: Vec<TargetedOrderQuery>,
    query_delay: Duration,
) -> Vec<TargetedOrderReportResult> {
    let mut results = Vec::with_capacity(queries.len());
    let mut request_count = 0usize;

    for query in queries {
        let mut report = None;
        let mut report_client_id = None;
        let mut coverage_complete = true;

        for client_id in &query.responsible_clients {
            let client_id = *client_id;
            let Some(client) = clients
                .iter()
                .find(|client| client.client_id() == client_id)
            else {
                coverage_complete = false;
                log::warn!(
                    "Cannot run targeted order status query for {}: execution client {client_id} is unavailable",
                    query.client_order_id,
                );
                continue;
            };

            if request_count > 0 && !query_delay.is_zero() {
                dst::time::sleep(query_delay).await;
            }
            request_count += 1;

            match client.generate_order_status_report(&query.command).await {
                Ok(Some(candidate)) if targeted_report_matches(&query, &candidate) => {
                    report = Some(candidate);
                    report_client_id = Some(client_id);
                    break;
                }
                Ok(Some(candidate)) => {
                    coverage_complete = false;
                    log::warn!(
                        "Ignoring mismatched targeted order status report from {client_id} for {}: client_order_id={:?}, venue_order_id={}, instrument_id={}",
                        query.client_order_id,
                        candidate.client_order_id,
                        candidate.venue_order_id,
                        candidate.instrument_id,
                    );
                }
                Ok(None) => {}
                Err(e) => {
                    coverage_complete = false;
                    log::warn!(
                        "Failed targeted order status query from {client_id} for {}: {e}",
                        query.client_order_id,
                    );
                }
            }
        }

        results.push(TargetedOrderReportResult {
            client_order_id: query.client_order_id,
            client_id: report_client_id,
            report,
            coverage_complete,
        });
    }

    results
}

fn targeted_report_matches(query: &TargetedOrderQuery, report: &OrderStatusReport) -> bool {
    let instrument_matches = query
        .command
        .instrument_id
        .is_none_or(|instrument_id| report.instrument_id == instrument_id);
    let order_matches = report.client_order_id == Some(query.client_order_id)
        || query
            .command
            .venue_order_id
            .is_some_and(|venue_order_id| report.venue_order_id == venue_order_id);

    instrument_matches && order_matches
}

#[cfg(test)]
mod tests {
    use nautilus_common::clock::TestClock;
    use nautilus_core::{Params, datetime::NANOSECONDS_IN_SECOND};
    use nautilus_execution::reconciliation::generate_reconciliation_order_events;
    use nautilus_model::{
        accounts::AccountAny,
        enums::{LiquiditySide, OmsType, PositionSide},
        events::order::spec::{OrderPendingCancelSpec, OrderPendingUpdateSpec, OrderUpdatedSpec},
        identifiers::{Symbol, Venue},
        instruments::{
            CurrencyPair, Instrument,
            stubs::{crypto_perpetual_ethusdt, xbtusd_bitmex},
        },
        orders::{OrderTestBuilder, stubs::TestOrderEventStubs},
        types::{AccountBalance, Currency, MarginBalance, Money},
    };
    use rstest::rstest;
    use rust_decimal_macros::dec;

    use super::*;
    #[cfg(feature = "node")]
    use crate::execution::client::LiveExecutionClient;

    #[rstest]
    fn test_new_validates_open_check_lookback_mins_boundaries() {
        let create_manager = |mins| {
            ExecutionManager::new(
                Rc::new(RefCell::new(TestClock::new())),
                Rc::new(RefCell::new(Cache::default())),
                ExecutionManagerConfig {
                    open_check_lookback_mins: Some(mins),
                    ..Default::default()
                },
            )
        };

        assert!(create_manager(307_445_734).is_ok());
        assert!(matches!(
            create_manager(307_445_735),
            Err(ConfigError::Range { field, .. })
                if field == "ExecutionManagerConfig.open_check_lookback_mins"
        ));
    }

    #[rstest]
    fn test_new_validates_reconciliation_lookback_mins_boundaries() {
        let create_manager = |mins| {
            ExecutionManager::new(
                Rc::new(RefCell::new(TestClock::new())),
                Rc::new(RefCell::new(Cache::default())),
                ExecutionManagerConfig {
                    lookback_mins: Some(mins),
                    ..Default::default()
                },
            )
        };

        assert!(create_manager(307_445_734_561_825_860).is_ok());
        assert!(matches!(
            create_manager(307_445_734_561_825_861),
            Err(ConfigError::Range { field, .. })
                if field == "ExecutionManagerConfig.lookback_mins"
        ));
    }

    #[rstest]
    fn test_new_reports_every_invalid_lookback_field() {
        let error = ExecutionManager::new(
            Rc::new(RefCell::new(TestClock::new())),
            Rc::new(RefCell::new(Cache::default())),
            ExecutionManagerConfig {
                lookback_mins: Some(307_445_734_561_825_861),
                open_check_lookback_mins: Some(307_445_735),
                position_check_lookback_mins: 307_445_735,
                ..Default::default()
            },
        )
        .expect_err("all lookback fields are out of range");

        let ConfigError::Multiple { errors } = error else {
            panic!("expected a `Multiple` error, was {error:?}");
        };

        let fields = errors
            .iter()
            .map(|e| match e {
                ConfigError::Range { field, .. } => field.as_str(),
                other => panic!("expected a `Range` error, was {other:?}"),
            })
            .collect::<Vec<_>>();

        assert_eq!(
            fields,
            [
                "ExecutionManagerConfig.lookback_mins",
                "ExecutionManagerConfig.open_check_lookback_mins",
                "ExecutionManagerConfig.position_check_lookback_mins",
            ]
        );
    }

    #[derive(Clone)]
    enum CommissionOutcome {
        Value(Money),
        NoOverride,
        Failure,
    }

    struct CommissionStubClient {
        outcome: CommissionOutcome,
        seen: RefCell<Option<(Quantity, Price, LiquiditySide)>>,
    }

    impl CommissionStubClient {
        fn new(outcome: CommissionOutcome) -> Self {
            Self {
                outcome,
                seen: RefCell::new(None),
            }
        }
    }

    #[async_trait::async_trait(?Send)]
    impl ExecutionClient for CommissionStubClient {
        fn is_connected(&self) -> bool {
            true
        }

        fn client_id(&self) -> ClientId {
            ClientId::from("STUB")
        }

        fn account_id(&self) -> AccountId {
            AccountId::from("STUB-001")
        }

        fn venue(&self) -> Venue {
            Venue::from("STUB")
        }

        fn oms_type(&self) -> OmsType {
            OmsType::Netting
        }

        fn get_account(&self) -> Option<AccountAny> {
            None
        }

        fn generate_account_state(
            &self,
            _balances: Vec<AccountBalance>,
            _margins: Vec<MarginBalance>,
            _reported: bool,
            _ts_event: UnixNanos,
            _info: Option<Params>,
        ) -> anyhow::Result<()> {
            Ok(())
        }

        fn start(&mut self) -> anyhow::Result<()> {
            Ok(())
        }

        fn stop(&mut self) -> anyhow::Result<()> {
            Ok(())
        }

        fn calculate_commission(
            &self,
            _instrument: &InstrumentAny,
            last_qty: Quantity,
            last_px: Price,
            liquidity_side: LiquiditySide,
        ) -> anyhow::Result<Option<Money>> {
            *self.seen.borrow_mut() = Some((last_qty, last_px, liquidity_side));

            match &self.outcome {
                CommissionOutcome::Value(money) => Ok(Some(*money)),
                CommissionOutcome::NoOverride => Ok(None),
                CommissionOutcome::Failure => {
                    anyhow::bail!("commission is not representable as Money")
                }
            }
        }
    }

    struct PositionCoverageStubClient;

    #[async_trait::async_trait(?Send)]
    impl ExecutionClient for PositionCoverageStubClient {
        fn is_connected(&self) -> bool {
            true
        }

        fn client_id(&self) -> ClientId {
            ClientId::from("BYBIT")
        }

        fn account_id(&self) -> AccountId {
            AccountId::from("TEST-001")
        }

        fn venue(&self) -> Venue {
            Venue::from("BYBIT")
        }

        fn oms_type(&self) -> OmsType {
            OmsType::Netting
        }

        fn get_account(&self) -> Option<AccountAny> {
            None
        }

        fn provides_bulk_position_coverage(&self, instrument_id: InstrumentId) -> bool {
            !instrument_id.symbol.as_str().ends_with("-SPOT")
        }

        fn generate_account_state(
            &self,
            _balances: Vec<AccountBalance>,
            _margins: Vec<MarginBalance>,
            _reported: bool,
            _ts_event: UnixNanos,
            _info: Option<Params>,
        ) -> anyhow::Result<()> {
            Ok(())
        }

        fn start(&mut self) -> anyhow::Result<()> {
            Ok(())
        }

        fn stop(&mut self) -> anyhow::Result<()> {
            Ok(())
        }
    }

    fn commission_fixtures() -> (OrderAny, OrderStatusReport, InstrumentAny) {
        let instrument = crypto_perpetual_ethusdt();
        let order = OrderTestBuilder::new(OrderType::Limit)
            .instrument_id(instrument.id())
            .side(OrderSide::Buy)
            .quantity(Quantity::from("10.0"))
            .price(Price::from("100.00"))
            .build();
        let report = OrderStatusReport::new(
            AccountId::from("STUB-001"),
            instrument.id(),
            Some(order.client_order_id()),
            VenueOrderId::from("V-1"),
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            Quantity::from("10.0"),
            Quantity::from("10.0"),
            UnixNanos::from(1),
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        )
        .with_avg_px(dec!(100.0));

        (order, report, InstrumentAny::CryptoPerpetual(instrument))
    }

    fn cached_commission_fixtures() -> (
        ExecutionManager,
        Rc<RefCell<Cache>>,
        OrderAny,
        OrderStatusReport,
        InstrumentAny,
    ) {
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .expect("instrument is cacheable");
        let client_order_id = ClientOrderId::from("O-COMMISSION-CACHED");
        let venue_order_id = VenueOrderId::from("V-COMMISSION-CACHED");
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            venue_order_id,
            instrument.id(),
            ClientId::from("STUB"),
        );
        let order = cache
            .borrow()
            .order_owned(&client_order_id)
            .expect("accepted order is cached");
        let report = OrderStatusReport::new(
            AccountId::from("TEST-001"),
            instrument.id(),
            Some(client_order_id),
            venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            Quantity::from("10.0"),
            Quantity::from("10.0"),
            UnixNanos::from(1),
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        )
        .with_avg_px(dec!(100.0));
        let manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");

        (manager, cache, order, report, instrument)
    }

    #[rstest]
    fn test_resolve_inferred_fill_commission_without_client_fails_closed() {
        let (order, report, instrument) = commission_fixtures();

        let error = ExecutionManager::resolve_inferred_fill_commission(
            None,
            &instrument,
            Quantity::from("5.0"),
            inferred_fill_price_and_liquidity(&order, &report, &instrument),
        )
        .expect_err("a missing responsible client must defer the fill");

        assert_eq!(
            error.to_string(),
            "responsible execution client is unavailable"
        );
    }

    #[rstest]
    fn test_resolve_inferred_fill_commission_without_price_uses_generic_path() {
        let instrument = crypto_perpetual_ethusdt();
        let order = OrderTestBuilder::new(OrderType::Market)
            .instrument_id(instrument.id())
            .side(OrderSide::Buy)
            .quantity(Quantity::from("10.0"))
            .build();
        let report = OrderStatusReport::new(
            AccountId::from("STUB-001"),
            instrument.id(),
            Some(order.client_order_id()),
            VenueOrderId::from("V-1"),
            OrderSide::Buy.into(),
            OrderType::Market,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            Quantity::from("10.0"),
            Quantity::from("10.0"),
            UnixNanos::from(1),
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        );
        let client =
            CommissionStubClient::new(CommissionOutcome::Value(Money::new(1.0, Currency::USDT())));
        let instrument = InstrumentAny::CryptoPerpetual(instrument);

        let commission = ExecutionManager::resolve_inferred_fill_commission(
            Some(&client),
            &instrument,
            Quantity::from("5.0"),
            inferred_fill_price_and_liquidity(&order, &report, &instrument),
        )
        .expect("an unresolvable price is not a failure");

        assert_eq!(commission, None, "no price means no venue commission");
    }

    #[rstest]
    fn test_resolve_inferred_fill_commission_returns_venue_value() {
        let (order, report, instrument) = commission_fixtures();
        let expected = Money::new(2.5, Currency::USDT());
        let client = CommissionStubClient::new(CommissionOutcome::Value(expected));

        let commission = ExecutionManager::resolve_inferred_fill_commission(
            Some(&client),
            &instrument,
            Quantity::from("5.0"),
            inferred_fill_price_and_liquidity(&order, &report, &instrument),
        )
        .expect("a representable commission succeeds");

        assert_eq!(commission, Some(expected));
        assert_eq!(
            *client.seen.borrow(),
            Some((
                Quantity::from("5.0"),
                Price::from("100.00"),
                LiquiditySide::NoLiquiditySide,
            )),
            "the resolver passes the inferred fill quantity, resolved price, and liquidity side"
        );
    }

    #[rstest]
    fn test_resolve_inferred_fill_commission_honors_no_override() {
        let (order, report, instrument) = commission_fixtures();
        let client = CommissionStubClient::new(CommissionOutcome::NoOverride);

        let commission = ExecutionManager::resolve_inferred_fill_commission(
            Some(&client),
            &instrument,
            Quantity::from("5.0"),
            inferred_fill_price_and_liquidity(&order, &report, &instrument),
        )
        .expect("no override is not a failure");

        assert_eq!(commission, None);
    }

    #[rstest]
    fn test_resolve_inferred_fill_commission_propagates_failure() {
        let (order, report, instrument) = commission_fixtures();
        let client = CommissionStubClient::new(CommissionOutcome::Failure);

        let result = ExecutionManager::resolve_inferred_fill_commission(
            Some(&client),
            &instrument,
            Quantity::from("5.0"),
            inferred_fill_price_and_liquidity(&order, &report, &instrument),
        );

        assert!(result.is_err(), "a venue failure must not become Ok(None)");
    }

    fn external_report_with_partial_fill(
        instrument: &InstrumentAny,
    ) -> (OrderStatusReport, FillReport) {
        let account_id = AccountId::from("STUB-001");
        let venue_order_id = VenueOrderId::from("V-EXT-1");
        let report = OrderStatusReport::new(
            account_id,
            instrument.id(),
            None,
            venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Filled,
            Quantity::from("10.0"),
            Quantity::from("10.0"),
            UnixNanos::from(1),
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        )
        .with_price(Price::from("100.00"))
        .with_avg_px(dec!(100.0));

        let fill = FillReport::new(
            account_id,
            instrument.id(),
            venue_order_id,
            TradeId::from("T-EXT-1"),
            OrderSide::Buy,
            Quantity::from("4.0"),
            Price::from("100.00"),
            Money::new(0.1, Currency::USDT()),
            LiquiditySide::Taker,
            None,
            None,
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        );

        (report, fill)
    }

    fn inferred_fills(events: &[OrderEventAny]) -> Vec<OrderFilled> {
        events
            .iter()
            .filter_map(|event| match event {
                OrderEventAny::Filled(filled) if filled.last_qty == Quantity::from("6.0") => {
                    Some(filled.clone())
                }
                _ => None,
            })
            .collect()
    }

    #[rstest]
    fn test_create_orphan_fill_order_report_rejects_mixed_position_ids() {
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let account_id = AccountId::from("STUB-001");
        let venue_order_id = VenueOrderId::from("V-ORPHAN-1");
        let first = FillReport::new(
            account_id,
            instrument.id(),
            venue_order_id,
            TradeId::from("T-ORPHAN-1"),
            OrderSide::Buy,
            Quantity::from("1.0"),
            Price::from("100.00"),
            Money::from("0.10 USDT"),
            LiquiditySide::Taker,
            None,
            Some(PositionId::from("P-LONG")),
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        );

        let second = FillReport::new(
            account_id,
            instrument.id(),
            venue_order_id,
            TradeId::from("T-ORPHAN-2"),
            OrderSide::Buy,
            Quantity::from("1.0"),
            Price::from("101.00"),
            Money::from("0.10 USDT"),
            LiquiditySide::Maker,
            None,
            Some(PositionId::from("P-SHORT")),
            UnixNanos::from(2),
            UnixNanos::from(2),
            None,
        );

        let error =
            ExecutionManager::create_orphan_fill_order_report(&[&first, &second], &instrument)
                .unwrap_err();

        assert_eq!(
            error.to_string(),
            "venue position ID differs across fill group"
        );
    }

    #[rstest]
    fn test_handle_external_order_applies_venue_commission_to_inferred_fill() {
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .expect("instrument is cacheable");
        let manager = ExecutionManager::new(clock, cache, ExecutionManagerConfig::default())
            .expect("valid config");
        let (report, fill) = external_report_with_partial_fill(&instrument);
        let expected = Money::new(2.5, Currency::USDT());
        let client = CommissionStubClient::new(CommissionOutcome::Value(expected));
        let mut fill_queue = ReconciliationFillQueue::default();

        let (events, _) = manager.handle_external_order(
            &report,
            AccountId::from("STUB-001"),
            &instrument,
            &[&fill],
            false,
            Some(&mut fill_queue),
            Some(&client),
        );

        let inferred = inferred_fills(&events);
        assert_eq!(inferred.len(), 1, "one inferred fill covers the 6.0 gap");
        assert_eq!(inferred[0].commission, Some(expected));
    }

    #[rstest]
    fn test_handle_external_order_skips_inferred_fill_when_commission_fails() {
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .expect("instrument is cacheable");
        let manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        let (report, fill) = external_report_with_partial_fill(&instrument);
        let client = CommissionStubClient::new(CommissionOutcome::Failure);
        let mut fill_queue = ReconciliationFillQueue::default();

        let (events, metadata) = manager.handle_external_order(
            &report,
            AccountId::from("STUB-001"),
            &instrument,
            &[&fill],
            false,
            Some(&mut fill_queue),
            Some(&client),
        );

        assert!(events.is_empty());
        assert!(metadata.is_none());
        assert!(fill_queue.pending_fill_keys.is_empty());
        assert!(
            cache
                .borrow()
                .order(&ClientOrderId::from(report.venue_order_id.as_str()))
                .is_none(),
            "commission failure must precede external order cache mutation"
        );

        let expected = Money::new(2.5, Currency::USDT());
        let retry_client = CommissionStubClient::new(CommissionOutcome::Value(expected));
        let (retry_events, retry_metadata) = manager.handle_external_order(
            &report,
            AccountId::from("STUB-001"),
            &instrument,
            &[&fill],
            false,
            Some(&mut fill_queue),
            Some(&retry_client),
        );
        let inferred = inferred_fills(&retry_events);

        assert!(retry_metadata.is_some());
        assert_eq!(inferred.len(), 1);
        assert_eq!(inferred[0].commission, Some(expected));
        assert_eq!(fill_queue.pending_fill_keys.len(), 1);
        assert!(
            cache
                .borrow()
                .order(&ClientOrderId::from(report.venue_order_id.as_str()))
                .is_some()
        );
    }

    #[rstest]
    fn test_handle_external_order_without_explicit_fills_resolves_commission_before_cache() {
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .expect("instrument is cacheable");
        let manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        let (report, _) = external_report_with_partial_fill(&instrument);
        let failing_client = CommissionStubClient::new(CommissionOutcome::Failure);

        let (failed_events, failed_metadata) = manager.handle_external_order(
            &report,
            AccountId::from("STUB-001"),
            &instrument,
            &[],
            false,
            None,
            Some(&failing_client),
        );

        assert!(failed_events.is_empty());
        assert!(failed_metadata.is_none());
        assert!(
            cache
                .borrow()
                .order(&ClientOrderId::from(report.venue_order_id.as_str()))
                .is_none()
        );

        let expected = Money::new(4.0, Currency::USDT());
        let retry_client = CommissionStubClient::new(CommissionOutcome::Value(expected));
        let (retry_events, retry_metadata) = manager.handle_external_order(
            &report,
            AccountId::from("STUB-001"),
            &instrument,
            &[],
            false,
            None,
            Some(&retry_client),
        );
        let fills: Vec<_> = retry_events
            .iter()
            .filter_map(|event| match event {
                OrderEventAny::Filled(fill) => Some(fill),
                _ => None,
            })
            .collect();

        assert!(retry_metadata.is_some());
        assert_eq!(fills.len(), 1);
        assert_eq!(fills[0].last_qty, Quantity::from("10.0"));
        assert_eq!(fills[0].commission, Some(expected));
    }

    #[rstest]
    fn test_handle_external_order_with_no_override_emits_fill_without_commission() {
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .expect("instrument is cacheable");
        let manager = ExecutionManager::new(clock, cache, ExecutionManagerConfig::default())
            .expect("valid config");
        let (report, fill) = external_report_with_partial_fill(&instrument);
        let client = CommissionStubClient::new(CommissionOutcome::NoOverride);
        let mut fill_queue = ReconciliationFillQueue::default();

        let (events, _) = manager.handle_external_order(
            &report,
            AccountId::from("STUB-001"),
            &instrument,
            &[&fill],
            false,
            Some(&mut fill_queue),
            Some(&client),
        );

        let inferred = inferred_fills(&events);
        assert_eq!(inferred.len(), 1);
        assert_eq!(inferred[0].commission, None);
    }

    #[rstest]
    fn test_cached_reconciliation_applies_explicit_fill_and_defers_failed_residual() {
        let (mut manager, _cache, order, mut report, instrument) = cached_commission_fixtures();
        report.avg_px = Some(dec!(60.0));
        let explicit_fill = FillReport::new(
            report.account_id,
            report.instrument_id,
            report.venue_order_id,
            TradeId::from("T-COMMISSION-EXPLICIT"),
            OrderSide::Buy,
            Quantity::from("4.0"),
            Price::from("100.0"),
            Money::new(0.25, Currency::USDT()),
            LiquiditySide::Taker,
            report.client_order_id,
            None,
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        );
        let failing_client = CommissionStubClient::new(CommissionOutcome::Failure);
        let mut fill_queue = ReconciliationFillQueue::default();

        let first_events = manager.reconcile_order_with_fills(
            &order,
            &report,
            &[&explicit_fill],
            Some(&instrument),
            &mut fill_queue,
            Some(&failing_client),
        );
        let mut working = order;
        for event in &first_events {
            working
                .apply(event.clone())
                .expect("explicit fill projects cleanly");
        }

        assert_eq!(first_events.len(), 1);
        let OrderEventAny::Filled(explicit) = &first_events[0] else {
            panic!("expected the valid explicit fill");
        };
        assert_eq!(explicit.last_qty, Quantity::from("4.0"));
        assert_eq!(
            explicit.commission,
            Some(Money::new(0.25, Currency::USDT()))
        );
        assert_eq!(working.status(), OrderStatus::PartiallyFilled);

        let expected = Money::new(1.5, Currency::USDT());
        let retry_client = CommissionStubClient::new(CommissionOutcome::Value(expected));
        let retry_events = manager.reconcile_order_with_fills(
            &working,
            &report,
            &[],
            Some(&instrument),
            &mut fill_queue,
            Some(&retry_client),
        );

        assert_eq!(retry_events.len(), 1);
        let OrderEventAny::Filled(residual) = &retry_events[0] else {
            panic!("expected the inferred residual fill");
        };
        assert_eq!(residual.last_qty, Quantity::from("6.0"));
        assert_eq!(residual.last_px, Price::from("33.33"));
        assert_eq!(residual.commission, Some(expected));
        assert_eq!(
            *retry_client.seen.borrow(),
            Some((
                Quantity::from("6.0"),
                residual.last_px,
                residual.liquidity_side,
            )),
            "commission must use the exact price and liquidity carried by the residual fill"
        );
    }

    #[rstest]
    fn test_cached_reconciliation_preserves_explicit_fill_side() {
        let (mut manager, _cache, order, mut report, instrument) = cached_commission_fixtures();
        report.order_status = OrderStatus::PartiallyFilled;
        report.filled_qty = Quantity::from("4.0");
        let trade_id = TradeId::from("T-CONFLICTING-SIDE");
        let explicit_fill = FillReport::new(
            report.account_id,
            report.instrument_id,
            report.venue_order_id,
            trade_id,
            OrderSide::Sell,
            Quantity::from("4.0"),
            Price::from("100.0"),
            Money::new(0.25, Currency::USDT()),
            LiquiditySide::Taker,
            report.client_order_id,
            None,
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        );
        let mut fill_queue = ReconciliationFillQueue::default();

        let events = manager.reconcile_order_with_fills(
            &order,
            &report,
            &[&explicit_fill],
            Some(&instrument),
            &mut fill_queue,
            None,
        );

        assert_eq!(events.len(), 1);
        let OrderEventAny::Filled(fill) = &events[0] else {
            panic!("expected the explicit fill");
        };
        assert_eq!(fill.trade_id, trade_id);
        assert_eq!(fill.order_side, OrderSide::Sell);
        assert_eq!(fill.last_qty, Quantity::from("4.0"));
        assert_eq!(fill.last_px, Price::from("100.0"));
    }

    #[rstest]
    fn test_cached_snapshot_without_instrument_preserves_terminal_transition() {
        let (mut manager, _cache, order, mut report, _instrument) = cached_commission_fixtures();
        report.order_status = OrderStatus::Canceled;
        let explicit_fill = FillReport::new(
            report.account_id,
            report.instrument_id,
            report.venue_order_id,
            TradeId::from("T-MISSING-INSTRUMENT"),
            OrderSide::Buy,
            Quantity::from("4.0"),
            Price::from("100.0"),
            Money::new(0.25, Currency::USDT()),
            LiquiditySide::Taker,
            report.client_order_id,
            None,
            UnixNanos::from(1),
            UnixNanos::from(1),
            None,
        );
        let mut fill_queue = ReconciliationFillQueue::default();

        let events = manager.reconcile_order_with_fills(
            &order,
            &report,
            &[&explicit_fill],
            None,
            &mut fill_queue,
            None,
        );

        assert_eq!(events.len(), 1);
        assert!(matches!(events[0], OrderEventAny::Canceled(_)));
    }

    #[rstest]
    fn test_continuous_reconciliation_uses_source_client_and_retries_commission() {
        let (mut manager, _cache, order, report, _instrument) = cached_commission_fixtures();
        let client_id = ClientId::from("STUB");
        let check = OpenOrderReportCheck {
            command: GenerateOrderStatusReports::new(
                UUID4::new(),
                UnixNanos::from(1),
                true,
                None,
                None,
                None,
                None,
                None,
            ),
            filtered_orders: vec![order],
            client_coverage: IndexMap::from([(
                report.client_order_id.unwrap(),
                ReportClientCoverage::Resolved(IndexSet::from([client_id])),
            )]),
            start: None,
        };
        let queried_clients = IndexSet::from([client_id]);
        let failed_clients = IndexSet::new();
        let failing_client = CommissionStubClient::new(CommissionOutcome::Failure);

        let failed = manager.reconcile_open_order_reports(
            &check,
            vec![SourcedOrderStatusReport {
                client_id,
                report: report.clone(),
            }],
            &queried_clients,
            &failed_clients,
            &[&failing_client],
        );

        assert!(failed.events.is_empty());

        let expected = Money::new(1.5, Currency::USDT());
        let retry_client = CommissionStubClient::new(CommissionOutcome::Value(expected));
        let retry = manager.reconcile_open_order_reports(
            &check,
            vec![SourcedOrderStatusReport { client_id, report }],
            &queried_clients,
            &failed_clients,
            &[&retry_client],
        );

        assert_eq!(retry.events.len(), 1);
        let OrderEventAny::Filled(fill) = &retry.events[0] else {
            panic!("expected inferred fill on valid retry");
        };
        assert_eq!(fill.last_qty, Quantity::from("10.0"));
        assert_eq!(fill.commission, Some(expected));
    }

    #[rstest]
    fn test_open_check_lookback_exclusion_warns_once_without_reconciliation_actions() {
        let client_order_id = ClientOrderId::from("O-LOOKBACK-OLD");
        let venue_order_id = VenueOrderId::from("V-LOOKBACK-OLD");
        let client_id = ClientId::from("BINANCE");
        let instrument_id = crypto_perpetual_ethusdt().id();
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            venue_order_id,
            instrument_id,
            client_id,
        );
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let cutoff = UnixNanos::from(order.ts_last().as_u64().saturating_add(1));
        let check = OpenOrderReportCheck {
            command: GenerateOrderStatusReports::new(
                UUID4::new(),
                UnixNanos::from(1),
                false,
                None,
                Some(cutoff),
                None,
                None,
                None,
            ),
            filtered_orders: vec![order],
            client_coverage: IndexMap::from([(
                client_order_id,
                ReportClientCoverage::Resolved(IndexSet::from([client_id])),
            )]),
            start: Some(cutoff),
        };
        let queried_clients = IndexSet::from([client_id]);
        let mut manager = ExecutionManager::new(
            clock,
            cache.clone(),
            ExecutionManagerConfig {
                open_check_open_only: false,
                ..Default::default()
            },
        )
        .expect("valid config");

        for _ in 0..2 {
            let result = manager.reconcile_open_order_reports(
                &check,
                Vec::new(),
                &queried_clients,
                &IndexSet::new(),
                &[],
            );

            assert!(result.events.is_empty());
            assert!(result.targeted_queries.is_empty());
            assert_eq!(
                cache.borrow().order(&client_order_id).unwrap().status(),
                OrderStatus::Accepted
            );
            assert!(!manager.recon_check_retries.contains_key(&client_order_id));
            assert!(!manager.order_query_recency.contains_key(&client_order_id));
            assert!(!manager.targeted_order_queries.contains(&client_order_id));
            assert_eq!(
                manager.open_check_lookback_warnings,
                IndexSet::from([client_order_id])
            );
            assert_eq!(manager.open_check_lookback_warnings.len(), 1);
        }
    }

    #[rstest]
    fn test_open_check_lookback_warning_clears_at_boundary_and_rearms() {
        let client_order_id = ClientOrderId::from("O-LOOKBACK-REARM");
        let client_id = ClientId::from("BINANCE");
        let cache = Rc::new(RefCell::new(Cache::default()));
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            VenueOrderId::from("V-LOOKBACK-REARM"),
            crypto_perpetual_ethusdt().id(),
            client_id,
        );
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let old_cutoff = UnixNanos::from(order.ts_last().as_u64().saturating_add(1));
        let make_check = |start| OpenOrderReportCheck {
            command: GenerateOrderStatusReports::new(
                UUID4::new(),
                UnixNanos::from(1),
                false,
                None,
                Some(start),
                None,
                None,
                None,
            ),
            filtered_orders: vec![order.clone()],
            client_coverage: IndexMap::from([(
                client_order_id,
                ReportClientCoverage::Resolved(IndexSet::from([client_id])),
            )]),
            start: Some(start),
        };
        let queried_clients = IndexSet::new();
        let mut manager = ExecutionManager::new(
            Rc::new(RefCell::new(TestClock::new())),
            cache,
            ExecutionManagerConfig {
                open_check_open_only: false,
                ..Default::default()
            },
        )
        .expect("valid config");

        manager.reconcile_open_order_reports(
            &make_check(old_cutoff),
            Vec::new(),
            &queried_clients,
            &IndexSet::new(),
            &[],
        );
        assert!(
            manager
                .open_check_lookback_warnings
                .contains(&client_order_id)
        );

        let boundary = order.ts_last();
        let boundary_result = manager.reconcile_open_order_reports(
            &make_check(boundary),
            Vec::new(),
            &queried_clients,
            &IndexSet::new(),
            &[],
        );
        assert!(boundary_result.targeted_queries.is_empty());
        assert!(
            !manager
                .open_check_lookback_warnings
                .contains(&client_order_id)
        );
        assert!(
            manager
                .missing_order_coverage_warnings
                .contains(&client_order_id)
        );

        manager.reconcile_open_order_reports(
            &make_check(old_cutoff),
            Vec::new(),
            &queried_clients,
            &IndexSet::new(),
            &[],
        );
        assert_eq!(
            manager.open_check_lookback_warnings,
            IndexSet::from([client_order_id])
        );
    }

    #[rstest]
    fn test_venue_order_id_mapped_report_clears_old_order_lookback_warning() {
        let client_order_id = ClientOrderId::from("O-LOOKBACK-MAPPED");
        let venue_order_id = VenueOrderId::from("V-LOOKBACK-MAPPED");
        let client_id = ClientId::from("BINANCE");
        let instrument_id = crypto_perpetual_ethusdt().id();
        let cache = Rc::new(RefCell::new(Cache::default()));
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            venue_order_id,
            instrument_id,
            client_id,
        );
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let cutoff = UnixNanos::from(order.ts_last().as_u64().saturating_add(1));
        let check = OpenOrderReportCheck {
            command: GenerateOrderStatusReports::new(
                UUID4::new(),
                UnixNanos::from(1),
                false,
                None,
                Some(cutoff),
                None,
                None,
                None,
            ),
            filtered_orders: vec![order],
            client_coverage: IndexMap::from([(
                client_order_id,
                ReportClientCoverage::Resolved(IndexSet::from([client_id])),
            )]),
            start: Some(cutoff),
        };
        let mut manager = ExecutionManager::new(
            Rc::new(RefCell::new(TestClock::new())),
            cache,
            ExecutionManagerConfig {
                open_check_open_only: false,
                ..Default::default()
            },
        )
        .expect("valid config");
        manager.open_check_lookback_warnings.insert(client_order_id);

        // The report carries NO client_order_id, so it resolves through the
        // cache's venue_order_id mapping.
        let report = OrderStatusReport::new(
            AccountId::from("TEST-001"),
            instrument_id,
            None,
            venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Accepted,
            Quantity::from("10.0"),
            Quantity::from("0.0"),
            UnixNanos::from(0),
            UnixNanos::from(0),
            UnixNanos::from(0),
            None,
        );

        let result = manager.reconcile_open_order_reports(
            &check,
            vec![SourcedOrderStatusReport { client_id, report }],
            &IndexSet::from([client_id]),
            &IndexSet::new(),
            &[],
        );

        assert!(result.targeted_queries.is_empty());
        assert!(
            !manager
                .open_check_lookback_warnings
                .contains(&client_order_id)
        );
    }

    #[rstest]
    fn test_positive_report_clears_old_order_lookback_warning_without_reinserting_it() {
        let client_order_id = ClientOrderId::from("O-LOOKBACK-REPORTED");
        let venue_order_id = VenueOrderId::from("V-LOOKBACK-REPORTED");
        let client_id = ClientId::from("BINANCE");
        let instrument_id = crypto_perpetual_ethusdt().id();
        let cache = Rc::new(RefCell::new(Cache::default()));
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            venue_order_id,
            instrument_id,
            client_id,
        );
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let cutoff = UnixNanos::from(order.ts_last().as_u64().saturating_add(1));
        let check = OpenOrderReportCheck {
            command: GenerateOrderStatusReports::new(
                UUID4::new(),
                UnixNanos::from(1),
                false,
                None,
                Some(cutoff),
                None,
                None,
                None,
            ),
            filtered_orders: vec![order],
            client_coverage: IndexMap::from([(
                client_order_id,
                ReportClientCoverage::Resolved(IndexSet::from([client_id])),
            )]),
            start: Some(cutoff),
        };
        let mut manager = ExecutionManager::new(
            Rc::new(RefCell::new(TestClock::new())),
            cache,
            ExecutionManagerConfig {
                open_check_open_only: false,
                ..Default::default()
            },
        )
        .expect("valid config");
        manager.open_check_lookback_warnings.insert(client_order_id);
        let report = OrderStatusReport::new(
            AccountId::from("TEST-001"),
            instrument_id,
            Some(client_order_id),
            venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Accepted,
            Quantity::from("10.0"),
            Quantity::from("0.0"),
            UnixNanos::from(0),
            UnixNanos::from(0),
            UnixNanos::from(0),
            None,
        );

        let result = manager.reconcile_open_order_reports(
            &check,
            vec![SourcedOrderStatusReport { client_id, report }],
            &IndexSet::from([client_id]),
            &IndexSet::new(),
            &[],
        );

        assert!(result.targeted_queries.is_empty());
        assert!(
            !manager
                .open_check_lookback_warnings
                .contains(&client_order_id)
        );
    }

    #[rstest]
    fn test_targeted_reconciliation_uses_source_client_and_retries_commission() {
        let (mut manager, _cache, _order, report, _instrument) = cached_commission_fixtures();
        let client_order_id = report.client_order_id.unwrap();
        let client_id = ClientId::from("STUB");
        let failing_client = CommissionStubClient::new(CommissionOutcome::Failure);

        let failed = manager.reconcile_targeted_order_reports(
            vec![TargetedOrderReportResult {
                client_order_id,
                client_id: Some(client_id),
                report: Some(report.clone()),
                coverage_complete: true,
            }],
            &[&failing_client],
        );

        assert!(failed.is_empty());

        let expected = Money::new(1.5, Currency::USDT());
        let retry_client = CommissionStubClient::new(CommissionOutcome::Value(expected));
        let retry = manager.reconcile_targeted_order_reports(
            vec![TargetedOrderReportResult {
                client_order_id,
                client_id: Some(client_id),
                report: Some(report),
                coverage_complete: true,
            }],
            &[&retry_client],
        );

        assert_eq!(retry.len(), 1);
        let OrderEventAny::Filled(fill) = &retry[0] else {
            panic!("expected inferred fill on valid targeted retry");
        };
        assert_eq!(fill.last_qty, Quantity::from("10.0"));
        assert_eq!(fill.commission, Some(expected));
    }

    #[rstest]
    fn test_clear_recon_tracking_removes_targeted_query() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(clock, cache, ExecutionManagerConfig::default())
            .expect("valid config");
        let client_order_id = ClientOrderId::from("O-TARGETED-CLEAR");
        manager.targeted_order_queries.insert(client_order_id);
        manager.open_check_lookback_warnings.insert(client_order_id);

        manager.clear_recon_tracking(&client_order_id, true);

        assert!(manager.targeted_order_queries.is_empty());
        assert!(manager.open_check_lookback_warnings.is_empty());
    }

    #[rstest]
    fn test_register_inflight_skips_filtered_order() {
        let client_order_id = ClientOrderId::from("O-FILTERED-REGISTER");
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock,
            cache,
            ExecutionManagerConfig {
                filtered_client_order_ids: IndexSet::from([client_order_id]),
                ..Default::default()
            },
        )
        .expect("valid config");

        manager.register_inflight(client_order_id);

        assert!(!manager.inflight_checks.contains_key(&client_order_id));
        assert!(!manager.recon_check_retries.contains_key(&client_order_id));
    }

    #[rstest]
    #[cfg_attr(
        not(all(feature = "simulation", madsim)),
        tokio::test(start_paused = true)
    )]
    #[cfg_attr(all(feature = "simulation", madsim), madsim::test)]
    async fn test_inflight_check_retires_order_filtered_after_registration() {
        let client_order_id = ClientOrderId::from("O-FILTERED-LATE");
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock,
            cache,
            ExecutionManagerConfig {
                inflight_threshold_ms: 100,
                ..Default::default()
            },
        )
        .expect("valid config");
        manager.register_inflight(client_order_id);
        manager
            .config
            .filtered_client_order_ids
            .insert(client_order_id);
        dst::time::sleep(Duration::from_millis(101)).await;

        let first = manager.check_inflight_orders();

        assert!(first.events.is_empty());
        assert!(first.queries.is_empty());
        assert!(!manager.inflight_checks.contains_key(&client_order_id));
        assert!(!manager.recon_check_retries.contains_key(&client_order_id));

        dst::time::sleep(Duration::from_millis(101)).await;
        let second = manager.check_inflight_orders();
        assert!(second.events.is_empty());
        assert!(second.queries.is_empty());
        assert!(!manager.inflight_checks.contains_key(&client_order_id));
    }

    #[rstest]
    #[case(false, OrderStatus::PendingUpdate, true, true, true)]
    #[case(false, OrderStatus::Accepted, false, true, true)]
    #[case(false, OrderStatus::Canceled, false, true, false)]
    #[case(true, OrderStatus::PendingCancel, true, true, true)]
    #[case(true, OrderStatus::Accepted, false, true, true)]
    #[case(true, OrderStatus::Filled, false, true, false)]
    fn test_observe_order_status_report_tracking_matrix(
        #[case] with_fills: bool,
        #[case] status: OrderStatus,
        #[case] expect_inflight: bool,
        #[case] expect_activity: bool,
        #[case] expect_last_query: bool,
    ) {
        let client_order_id = ClientOrderId::from("O-STATUS-MATRIX");
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(clock, cache, ExecutionManagerConfig::default())
            .expect("valid config");
        manager.register_inflight(client_order_id);
        manager.order_query_recency.mark(client_order_id);
        manager
            .missing_order_coverage_warnings
            .insert(client_order_id);
        manager.unresolved_order_coverage.insert(client_order_id);
        manager.targeted_order_queries.insert(client_order_id);
        let order_report = OrderStatusReport::new(
            AccountId::from("TEST-001"),
            crypto_perpetual_ethusdt().id(),
            Some(client_order_id),
            VenueOrderId::from("V-STATUS-MATRIX"),
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            status,
            Quantity::from("10.0"),
            Quantity::from("0.0"),
            UnixNanos::from(1_000),
            UnixNanos::from(1_000),
            UnixNanos::from(1_000),
            None,
        );
        let report = if with_fills {
            ExecutionReport::OrderWithFills(Box::new(order_report), Vec::new())
        } else {
            ExecutionReport::Order(Box::new(order_report))
        };

        manager.observe_execution_report(&report);

        assert_eq!(
            manager.inflight_checks.contains_key(&client_order_id),
            expect_inflight,
        );
        assert_eq!(
            manager.recon_check_retries.contains_key(&client_order_id),
            expect_inflight,
        );
        assert_eq!(
            manager.order_local_activity.contains_key(&client_order_id),
            expect_activity,
        );
        assert_eq!(
            manager.order_query_recency.contains_key(&client_order_id),
            expect_last_query,
        );
        assert_eq!(
            manager
                .missing_order_coverage_warnings
                .contains(&client_order_id),
            expect_inflight,
        );
        assert_eq!(
            manager.unresolved_order_coverage.contains(&client_order_id),
            expect_inflight,
        );
        assert_eq!(
            manager.targeted_order_queries.contains(&client_order_id),
            expect_inflight,
        );
    }

    #[rstest]
    #[case(OrderStatus::PendingUpdate)]
    #[case(OrderStatus::PendingCancel)]
    fn test_accepted_report_during_pending_command_preserves_inflight_tracking(
        #[case] pending_status: OrderStatus,
    ) {
        let client_order_id = ClientOrderId::from("O-PENDING-COMMAND");
        let venue_order_id = VenueOrderId::from("V-PENDING-COMMAND");
        let account_id = AccountId::from("TEST-001");
        let client_id = ClientId::from("TEST");
        let instrument_id = crypto_perpetual_ethusdt().id();
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            venue_order_id,
            instrument_id,
            client_id,
        );

        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let event = match pending_status {
            OrderStatus::PendingUpdate => OrderEventAny::PendingUpdate(
                OrderPendingUpdateSpec::builder()
                    .trader_id(order.trader_id())
                    .strategy_id(order.strategy_id())
                    .instrument_id(instrument_id)
                    .client_order_id(client_order_id)
                    .account_id(account_id)
                    .venue_order_id(venue_order_id)
                    .build(),
            ),
            OrderStatus::PendingCancel => OrderEventAny::PendingCancel(
                OrderPendingCancelSpec::builder()
                    .trader_id(order.trader_id())
                    .strategy_id(order.strategy_id())
                    .instrument_id(instrument_id)
                    .client_order_id(client_order_id)
                    .account_id(account_id)
                    .venue_order_id(venue_order_id)
                    .build(),
            ),
            _ => unreachable!(),
        };
        cache.borrow_mut().update_order(&event).unwrap();

        let mut manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        manager.register_inflight(client_order_id);
        manager.order_query_recency.mark(client_order_id);
        manager
            .missing_order_coverage_warnings
            .insert(client_order_id);
        manager.unresolved_order_coverage.insert(client_order_id);
        manager.targeted_order_queries.insert(client_order_id);
        let report = OrderStatusReport::new(
            account_id,
            instrument_id,
            Some(client_order_id),
            venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Accepted,
            Quantity::from("10.0"),
            Quantity::from("0.0"),
            UnixNanos::from(1_000),
            UnixNanos::from(1_000),
            UnixNanos::from(1_000),
            None,
        )
        .with_price(Price::from("100.0"));

        manager.observe_execution_report(&ExecutionReport::Order(Box::new(report.clone())));
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let events =
            generate_reconciliation_order_events(&order, &report, None, UnixNanos::from(1_000));

        assert!(events.is_empty());
        assert_eq!(order.status(), pending_status);
        assert!(manager.inflight_checks.contains_key(&client_order_id));
        assert!(manager.recon_check_retries.contains_key(&client_order_id));
        assert!(manager.order_query_recency.contains_key(&client_order_id));
        assert!(manager.order_local_activity.contains_key(&client_order_id));
        assert!(
            manager
                .missing_order_coverage_warnings
                .contains(&client_order_id)
        );
        assert!(manager.unresolved_order_coverage.contains(&client_order_id));
        assert!(manager.targeted_order_queries.contains(&client_order_id));
    }

    #[rstest]
    fn test_superseded_cancel_report_preserves_missing_order_grace() {
        let client_order_id = ClientOrderId::from("O-CANCEL-REPLACE");
        let old_venue_order_id = VenueOrderId::from("V-CANCEL-REPLACE-OLD");
        let new_venue_order_id = VenueOrderId::from("V-CANCEL-REPLACE-NEW");
        let account_id = AccountId::from("TEST-001");
        let client_id = ClientId::from("TEST");
        let instrument_id = crypto_perpetual_ethusdt().id();
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            old_venue_order_id,
            instrument_id,
            client_id,
        );

        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let pending_update = OrderPendingUpdateSpec::builder()
            .trader_id(order.trader_id())
            .strategy_id(order.strategy_id())
            .instrument_id(order.instrument_id())
            .client_order_id(client_order_id)
            .account_id(account_id)
            .venue_order_id(old_venue_order_id)
            .build();
        cache
            .borrow_mut()
            .update_order(&OrderEventAny::PendingUpdate(pending_update))
            .unwrap();
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let updated = OrderUpdatedSpec::builder()
            .trader_id(order.trader_id())
            .strategy_id(order.strategy_id())
            .instrument_id(order.instrument_id())
            .client_order_id(client_order_id)
            .quantity(order.quantity())
            .venue_order_id(new_venue_order_id)
            .account_id(account_id)
            .build();
        cache
            .borrow_mut()
            .update_order(&OrderEventAny::Updated(updated))
            .unwrap();

        let mut manager = ExecutionManager::new(
            clock,
            cache.clone(),
            ExecutionManagerConfig {
                open_check_missing_retries: 1,
                ..Default::default()
            },
        )
        .expect("valid config");
        manager.record_local_activity(client_order_id);
        assert!(
            manager
                .prepare_missing_order_query(client_order_id)
                .is_none()
        );

        let report = OrderStatusReport::new(
            account_id,
            instrument_id,
            Some(client_order_id),
            old_venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Canceled,
            Quantity::from("10.0"),
            Quantity::from("0.0"),
            UnixNanos::from(1_000),
            UnixNanos::from(2_000),
            UnixNanos::from(3_000),
            None,
        );

        manager.observe_execution_report(&ExecutionReport::Order(Box::new(report.clone())));
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let events =
            generate_reconciliation_order_events(&order, &report, None, UnixNanos::from(1_000));

        assert!(events.is_empty());
        assert_eq!(order.status(), OrderStatus::Accepted);
        assert_eq!(order.venue_order_id(), Some(new_venue_order_id));
        assert!(manager.order_local_activity.contains_key(&client_order_id));
        assert!(
            manager
                .prepare_missing_order_query(client_order_id)
                .is_none()
        );
        assert_eq!(manager.recon_check_retry_count(&client_order_id), 0);
    }

    #[rstest]
    #[cfg_attr(
        not(all(feature = "simulation", madsim)),
        tokio::test(start_paused = true)
    )]
    #[cfg_attr(all(feature = "simulation", madsim), madsim::test)]
    async fn test_prune_order_local_activity_uses_open_check_threshold() {
        let old_id = ClientOrderId::from("O-ACTIVITY-OLD");
        let fresh_id = ClientOrderId::from("O-ACTIVITY-FRESH");
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock,
            cache,
            ExecutionManagerConfig {
                open_check_threshold_ns: 100_000_000,
                ..Default::default()
            },
        )
        .expect("valid config");
        manager.record_local_activity(old_id);
        dst::time::sleep(Duration::from_millis(101)).await;
        manager.record_local_activity(fresh_id);

        manager.prune_order_local_activity();

        assert!(!manager.order_local_activity.contains_key(&old_id));
        assert!(manager.order_local_activity.contains_key(&fresh_id));
    }

    #[rstest]
    fn test_prepare_open_order_report_check_builds_bulk_command_with_config() {
        let lookback_mins = 5_u64;
        let lookback_ns = lookback_mins * 60 * NANOSECONDS_IN_SECOND;
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock.clone(),
            cache.clone(),
            ExecutionManagerConfig {
                open_check_lookback_mins: Some(lookback_mins),
                open_check_open_only: false,
                reconciliation_instrument_ids: IndexSet::from([crypto_perpetual_ethusdt().id()]),
                ..Default::default()
            },
        )
        .expect("valid config");
        let included_id = ClientOrderId::from("O-REPORT-001");
        let excluded_id = ClientOrderId::from("O-REPORT-002");
        let included_instrument_id = crypto_perpetual_ethusdt().id();
        let excluded_instrument_id = xbtusd_bitmex().id();

        cache
            .borrow_mut()
            .add_instrument(InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt()))
            .unwrap();
        cache
            .borrow_mut()
            .add_instrument(InstrumentAny::CryptoPerpetual(xbtusd_bitmex()))
            .unwrap();
        insert_accepted_limit_order(
            &cache,
            included_id,
            VenueOrderId::from("V-REPORT-001"),
            included_instrument_id,
            ClientId::from("BINANCE"),
        );
        insert_accepted_limit_order(
            &cache,
            excluded_id,
            VenueOrderId::from("V-REPORT-002"),
            excluded_instrument_id,
            ClientId::from("BITMEX"),
        );
        clock
            .borrow_mut()
            .advance_time(UnixNanos::from(lookback_ns * 2), true);

        let ts_now = clock.borrow().timestamp_ns();
        let command_id = UUID4::new();
        let check = manager.prepare_open_order_report_check(command_id, &[]);

        assert_eq!(check.command.command_id, command_id);
        assert_eq!(check.command.ts_init, ts_now);
        assert!(!check.command.open_only);
        assert_eq!(check.command.instrument_id, None);
        assert_eq!(
            check.command.start,
            Some(ts_now.saturating_sub_ns(lookback_ns))
        );
        assert_eq!(check.command.end, None);
        assert_eq!(check.command.log_receipt_level, LogLevel::Debug);
        assert_eq!(check.start, check.command.start);
        assert_eq!(check.filtered_orders.len(), 1);
        assert_eq!(check.filtered_orders[0].client_order_id(), included_id);
    }

    #[rstest]
    fn test_prepare_position_report_check_builds_bulk_command_with_coverage() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let manager = ExecutionManager::new(
            clock.clone(),
            cache.clone(),
            ExecutionManagerConfig {
                reconciliation_instrument_ids: IndexSet::from([crypto_perpetual_ethusdt().id()]),
                ..Default::default()
            },
        )
        .expect("valid config");
        let included_instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let excluded_instrument = InstrumentAny::CryptoPerpetual(xbtusd_bitmex());

        cache
            .borrow_mut()
            .add_instrument(included_instrument.clone())
            .unwrap();
        cache
            .borrow_mut()
            .add_instrument(excluded_instrument.clone())
            .unwrap();
        let included_position = insert_open_position(
            &cache,
            &included_instrument,
            PositionId::from("P-REPORT-001"),
            OrderSide::Buy,
            "5.0",
            "3000.00",
        );
        insert_open_position(
            &cache,
            &excluded_instrument,
            PositionId::from("P-REPORT-002"),
            OrderSide::Buy,
            "2.0",
            "40000.00",
        );

        let ts_now = clock.borrow().timestamp_ns();
        let command_id = UUID4::new();
        let check = manager.prepare_position_report_check(command_id, &[]);
        let key = (
            included_position.instrument_id,
            included_position.account_id,
        );

        assert_eq!(check.command.command_id, command_id);
        assert_eq!(check.command.ts_init, ts_now);
        assert_eq!(check.command.instrument_id, None);
        assert_eq!(check.command.start, None);
        assert_eq!(check.command.end, None);
        assert_eq!(check.command.log_receipt_level, LogLevel::Debug);
        assert_eq!(check.client_coverage.len(), 1);
        assert_eq!(
            check.client_coverage.get(&key),
            Some(&ReportClientCoverage::Unresolved)
        );
        assert_eq!(check.activity_revisions.get(&key), Some(&0));
    }

    #[rstest]
    #[cfg(feature = "node")]
    fn test_prepare_position_fill_report_plan_uses_configured_lookback() {
        let lookback_mins = 7_u64;
        let lookback_ns = lookback_mins * 60 * NANOSECONDS_IN_SECOND;
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock.clone(),
            cache.clone(),
            ExecutionManagerConfig {
                position_check_lookback_mins: lookback_mins,
                position_check_threshold_ns: 0,
                ..Default::default()
            },
        )
        .expect("valid config");
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .unwrap();
        let position = insert_open_position(
            &cache,
            &instrument,
            PositionId::from("P-FILL-LOOKBACK"),
            OrderSide::Buy,
            "1.0",
            "3000.00",
        );
        clock
            .borrow_mut()
            .advance_time(UnixNanos::from(lookback_ns * 2), true);
        let client = PositionCoverageStubClient;
        let clients: [&dyn ExecutionClient; 1] = [&client];
        let mut check = manager.prepare_position_report_check(UUID4::new(), &clients);
        let query_end = clock.borrow().timestamp_ns();
        let report = PositionStatusReport::new(
            position.account_id,
            position.instrument_id,
            PositionSide::Long,
            Quantity::from("2.0"),
            query_end,
            query_end,
            None,
            None,
            Some(dec!(3000.00)),
        );
        let queried_clients = IndexSet::from([client.client_id()]);

        let plan = manager.prepare_position_fill_report_plan(
            &mut check,
            &[report],
            &queried_clients,
            &IndexSet::new(),
            &clients,
        );

        assert_eq!(
            plan.discrepancy_keys,
            IndexSet::from([(position.instrument_id, position.account_id)])
        );
        assert_eq!(plan.queries.len(), 1);
        let query = &plan.queries[0];
        assert_eq!(
            (query.key, query.client_id),
            (
                (position.instrument_id, position.account_id),
                client.client_id()
            )
        );
        assert_eq!(query.command.instrument_id, Some(position.instrument_id));
        assert_eq!(query.command.venue_order_id, None);
        assert_eq!(
            query.command.start,
            Some(query_end.saturating_sub_ns(lookback_ns))
        );
        assert_eq!(query.command.end, Some(query_end));
        assert_eq!(query.command.correlation_id, Some(check.command.command_id));
        assert_eq!(query.command.log_receipt_level, LogLevel::Debug);
    }

    #[rstest]
    #[cfg(feature = "node")]
    fn test_prepare_position_fill_report_plan_defers_position_opened_during_request() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock,
            cache.clone(),
            ExecutionManagerConfig {
                position_check_threshold_ns: 0,
                ..Default::default()
            },
        )
        .expect("valid config");
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .unwrap();
        let client = PositionCoverageStubClient;
        let clients: [&dyn ExecutionClient; 1] = [&client];
        let mut check = manager.prepare_position_report_check(UUID4::new(), &clients);
        let position = insert_open_position(
            &cache,
            &instrument,
            PositionId::from("P-FILL-DURING-REQUEST"),
            OrderSide::Buy,
            "1.0",
            "3000.00",
        );
        manager.record_position_activity(position.instrument_id, position.account_id);
        let report = PositionStatusReport::new(
            position.account_id,
            position.instrument_id,
            PositionSide::Long,
            Quantity::from("2.0"),
            UnixNanos::from(1_000_000),
            UnixNanos::from(1_000_000),
            None,
            None,
            Some(dec!(3000.00)),
        );

        let plan = manager.prepare_position_fill_report_plan(
            &mut check,
            &[report],
            &IndexSet::from([client.client_id()]),
            &IndexSet::new(),
            &clients,
        );

        assert_eq!(
            plan.discrepancy_keys,
            IndexSet::from([(position.instrument_id, position.account_id)])
        );
        assert!(plan.queries.is_empty());
        assert_eq!(
            check
                .activity_revisions
                .get(&(position.instrument_id, position.account_id)),
            Some(&0)
        );
    }

    #[rstest]
    #[cfg(feature = "node")]
    fn test_prepare_position_report_check_uses_live_client_bulk_coverage() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        let derivative = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let spot = test_bybit_spot_instrument();
        cache
            .borrow_mut()
            .add_instrument(derivative.clone())
            .unwrap();
        cache.borrow_mut().add_instrument(spot.clone()).unwrap();
        let derivative_position = insert_open_position(
            &cache,
            &derivative,
            PositionId::from("P-DERIVATIVE-COVERAGE"),
            OrderSide::Buy,
            "5.0",
            "3000.00",
        );
        let spot_position = insert_open_position(
            &cache,
            &spot,
            PositionId::from("P-SPOT-COVERAGE"),
            OrderSide::Buy,
            "2.0",
            "2000.00",
        );
        let client = LiveExecutionClient::new(Box::new(PositionCoverageStubClient));
        let client: &dyn ExecutionClient = &client;

        let check = manager.prepare_position_report_check(UUID4::new(), &[client]);
        let client_id = ClientId::from("BYBIT");

        assert_eq!(
            check.client_coverage.get(&(
                derivative_position.instrument_id,
                derivative_position.account_id
            )),
            Some(&ReportClientCoverage::Resolved(IndexSet::from([client_id])))
        );
        assert_eq!(
            check
                .client_coverage
                .get(&(spot_position.instrument_id, spot_position.account_id)),
            Some(&ReportClientCoverage::Unavailable(IndexSet::from([
                client_id
            ])))
        );
    }

    #[rstest]
    fn test_position_reconciliation_preserves_unavailable_spot_coverage() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        let derivative = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let spot = test_bybit_spot_instrument();
        cache
            .borrow_mut()
            .add_instrument(derivative.clone())
            .unwrap();
        cache.borrow_mut().add_instrument(spot.clone()).unwrap();
        let derivative_position = insert_open_position(
            &cache,
            &derivative,
            PositionId::from("P-DERIVATIVE-RECONCILE"),
            OrderSide::Buy,
            "5.0",
            "3000.00",
        );
        let spot_position = insert_open_position(
            &cache,
            &spot,
            PositionId::from("P-SPOT-PRESERVED"),
            OrderSide::Buy,
            "2.0",
            "2000.00",
        );
        let client = PositionCoverageStubClient;
        let check = manager.prepare_position_report_check(UUID4::new(), &[&client]);
        let queried_clients = IndexSet::from([client.client_id()]);

        let events = manager.reconcile_position_reports(
            &check,
            Vec::new(),
            &queried_clients,
            &IndexSet::new(),
        );

        assert!(events.iter().any(|event| {
            matches!(event, OrderEventAny::Filled(fill) if fill.instrument_id == derivative_position.instrument_id)
        }));
        assert!(!events.iter().any(|event| {
            matches!(event, OrderEventAny::Filled(fill) if fill.instrument_id == spot_position.instrument_id)
        }));
    }

    #[rstest]
    fn test_position_reconciliation_preserves_spot_position_when_client_query_fails() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        let instrument = test_bybit_spot_instrument();
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .unwrap();
        let position = insert_open_position(
            &cache,
            &instrument,
            PositionId::from("P-SPOT-QUERY-FAILED"),
            OrderSide::Buy,
            "5.0",
            "3000.00",
        );
        let key = (position.instrument_id, position.account_id);
        let client_id = ClientId::from("BYBIT");
        let mut check = manager.prepare_position_report_check(UUID4::new(), &[]);
        check.client_coverage.insert(
            key,
            ReportClientCoverage::Resolved(IndexSet::from([client_id])),
        );
        let queried_clients = IndexSet::from([client_id]);
        let failed_clients = IndexSet::from([client_id]);

        let events = manager.reconcile_position_reports(
            &check,
            Vec::new(),
            &queried_clients,
            &failed_clients,
        );

        assert!(
            !events
                .iter()
                .any(|event| matches!(event, OrderEventAny::Filled(_))),
            "a failed bulk query must not generate a synthetic closing fill",
        );
        let cached_position = cache.borrow().position(&position.id).unwrap().clone();
        assert!(cached_position.is_open());
        assert_eq!(cached_position.quantity, Quantity::from("5.0"));
    }

    #[rstest]
    #[cfg_attr(
        not(all(feature = "simulation", madsim)),
        tokio::test(start_paused = true)
    )]
    #[cfg_attr(all(feature = "simulation", madsim), madsim::test)]
    async fn test_position_report_check_defers_activity_recorded_during_delayed_request() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock,
            cache.clone(),
            ExecutionManagerConfig {
                position_check_threshold_ns: 5_000_000_000,
                ..Default::default()
            },
        )
        .expect("valid config");
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let instrument_id = instrument.id();
        let position = insert_open_position(
            &cache,
            &instrument,
            PositionId::from("P-ACTIVITY-DURING-REQUEST"),
            OrderSide::Buy,
            "5.0",
            "3000.00",
        );
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .unwrap();
        let account_id = position.account_id;
        let check = manager.prepare_position_report_check(UUID4::new(), &[]);
        let report = PositionStatusReport::new(
            account_id,
            instrument_id,
            PositionSide::Long,
            Quantity::from("5.0"),
            UnixNanos::from(1_000_000),
            UnixNanos::from(1_000_000),
            None,
            None,
            Some(Decimal::from(3000)),
        );

        let closed_position = close_long_position(
            position,
            &instrument,
            TradeId::from("T-ACTIVITY-DURING-REQUEST"),
        );
        cache
            .borrow_mut()
            .update_position(&closed_position)
            .unwrap();
        manager.record_position_activity(instrument_id, account_id);

        // Client A's report is already captured while client B holds the batch open.
        dst::time::sleep(Duration::from_secs(6)).await;

        let events = manager.reconcile_position_reports(
            &check,
            vec![report],
            &IndexSet::new(),
            &IndexSet::new(),
        );

        assert!(
            !events.iter().any(|event| {
                matches!(
                    event,
                    OrderEventAny::Filled(fill)
                        if fill.order_side == OrderSide::Buy
                            && fill.last_qty == Quantity::from("5.0")
                )
            }),
            "activity recorded after the request started must defer A's stale report",
        );
    }

    #[rstest]
    fn test_position_report_check_does_not_defer_activity_recorded_before_request() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager = ExecutionManager::new(
            clock,
            cache.clone(),
            ExecutionManagerConfig {
                position_check_threshold_ns: 0,
                ..Default::default()
            },
        )
        .expect("valid config");
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let instrument_id = instrument.id();
        let position = insert_open_position(
            &cache,
            &instrument,
            PositionId::from("P-ACTIVITY-BEFORE-REQUEST"),
            OrderSide::Buy,
            "5.0",
            "3000.00",
        );
        cache.borrow_mut().add_instrument(instrument).unwrap();
        let account_id = position.account_id;
        manager.record_position_activity(instrument_id, account_id);
        let check = manager.prepare_position_report_check(UUID4::new(), &[]);
        let report = PositionStatusReport::new(
            account_id,
            instrument_id,
            PositionSide::Long,
            Quantity::from("10.0"),
            UnixNanos::from(1_000_000),
            UnixNanos::from(1_000_000),
            None,
            None,
            Some(Decimal::from(3000)),
        );

        let events = manager.reconcile_position_reports(
            &check,
            vec![report],
            &IndexSet::new(),
            &IndexSet::new(),
        );

        let fills: Vec<_> = events
            .iter()
            .filter_map(|event| match event {
                OrderEventAny::Filled(fill) => Some(fill),
                _ => None,
            })
            .collect();

        assert_eq!(fills.len(), 1);
        assert_eq!(fills[0].order_side, OrderSide::Buy);
        assert_eq!(fills[0].last_qty, Quantity::from("5.0"));
        assert_eq!(fills[0].commission, None);
    }

    #[rstest]
    fn test_mass_status_projects_companion_fill_before_void_correction() {
        let clock = Rc::new(RefCell::new(TestClock::new()));
        let cache = Rc::new(RefCell::new(Cache::default()));
        let mut manager =
            ExecutionManager::new(clock, cache.clone(), ExecutionManagerConfig::default())
                .expect("valid config");
        let instrument = InstrumentAny::CryptoPerpetual(crypto_perpetual_ethusdt());
        let client_order_id = ClientOrderId::from("O-MASS-VOID-001");
        let venue_order_id = VenueOrderId::from("V-MASS-VOID-001");
        let account_id = AccountId::from("TEST-001");
        cache
            .borrow_mut()
            .add_instrument(instrument.clone())
            .unwrap();
        insert_accepted_limit_order(
            &cache,
            client_order_id,
            venue_order_id,
            instrument.id(),
            ClientId::from("BINANCE"),
        );
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let initial_fill = TestOrderEventStubs::filled(
            &order,
            &instrument,
            Some(TradeId::from("T-MASS-VOID-INITIAL")),
            None,
            Some(Price::from("100.0")),
            Some(Quantity::from("6.0")),
            Some(LiquiditySide::Taker),
            None,
            None,
            Some(account_id),
        );
        cache.borrow_mut().update_order(&initial_fill).unwrap();
        let order = cache.borrow().order_owned(&client_order_id).unwrap();
        let report = OrderStatusReport::new(
            account_id,
            instrument.id(),
            Some(client_order_id),
            venue_order_id,
            OrderSide::Buy.into(),
            OrderType::Limit,
            TimeInForce::Gtc,
            OrderStatus::Canceled,
            Quantity::from("10.0"),
            Quantity::from("5.0"),
            UnixNanos::from(1_000),
            UnixNanos::from(1_000),
            UnixNanos::from(1_000),
            None,
        );
        let companion_fill = FillReport::new(
            account_id,
            instrument.id(),
            venue_order_id,
            TradeId::from("T-MASS-VOID-COMPANION"),
            OrderSide::Buy,
            Quantity::from("1.0"),
            Price::from("100.0"),
            Money::zero(instrument.quote_currency()),
            LiquiditySide::Taker,
            Some(client_order_id),
            None,
            UnixNanos::from(900),
            UnixNanos::from(1_000),
            None,
        );

        let mut fill_queue = ReconciliationFillQueue::default();
        let events = manager.reconcile_order_with_fills(
            &order,
            &report,
            &[&companion_fill],
            Some(&instrument),
            &mut fill_queue,
            None,
        );
        let mut projected = order;
        for event in &events {
            projected.apply(event.clone()).unwrap();
        }

        assert!(matches!(events[0], OrderEventAny::Filled(_)));
        assert_eq!(
            events
                .iter()
                .filter(|event| matches!(event, OrderEventAny::FillVoided(_)))
                .count(),
            2
        );
        assert_eq!(projected.status(), OrderStatus::Canceled);
        assert_eq!(projected.filled_qty(), Quantity::from("5.0"));
        assert_eq!(projected.voided_qty(), Quantity::from("2.0"));
    }

    fn insert_accepted_limit_order(
        cache: &Rc<RefCell<Cache>>,
        client_order_id: ClientOrderId,
        venue_order_id: VenueOrderId,
        instrument_id: InstrumentId,
        client_id: ClientId,
    ) {
        let account_id = AccountId::from("TEST-001");
        let order = OrderTestBuilder::new(OrderType::Limit)
            .client_order_id(client_order_id)
            .instrument_id(instrument_id)
            .quantity(Quantity::from("10.0"))
            .price(Price::from("100.0"))
            .build();
        let submitted = TestOrderEventStubs::submitted(&order, account_id);
        cache
            .borrow_mut()
            .add_order(order, None, Some(client_id), false)
            .unwrap();
        let order = cache.borrow_mut().update_order(&submitted).unwrap();
        let accepted = TestOrderEventStubs::accepted(&order, account_id, venue_order_id);
        cache.borrow_mut().update_order(&accepted).unwrap();
    }

    fn test_bybit_spot_instrument() -> InstrumentAny {
        InstrumentAny::CurrencyPair(
            CurrencyPair::builder()
                .instrument_id(InstrumentId::from("ETHUSDT-SPOT.BYBIT"))
                .raw_symbol(Symbol::from("ETHUSDT"))
                .base_currency(Currency::from("ETH"))
                .quote_currency(Currency::from("USDT"))
                .price_precision(2)
                .size_precision(5)
                .price_increment(Price::from("0.01"))
                .size_increment(Quantity::from("0.00001"))
                .ts_event(UnixNanos::default())
                .ts_init(UnixNanos::default())
                .build()
                .unwrap(),
        )
    }

    fn insert_open_position(
        cache: &Rc<RefCell<Cache>>,
        instrument: &InstrumentAny,
        position_id: PositionId,
        side: OrderSide,
        quantity: &str,
        price: &str,
    ) -> Position {
        let order = OrderTestBuilder::new(OrderType::Market)
            .instrument_id(instrument.id())
            .side(side)
            .quantity(Quantity::from(quantity))
            .build();
        let fill = TestOrderEventStubs::filled(
            &order,
            instrument,
            Some(TradeId::new("T-REPORT-001")),
            Some(position_id),
            Some(Price::from(price)),
            Some(Quantity::from(quantity)),
            None,
            None,
            None,
            Some(AccountId::from("TEST-001")),
        );
        let order_filled: OrderFilled = fill.into();
        let position = Position::new(instrument, order_filled);
        cache
            .borrow_mut()
            .add_position(&position, OmsType::Hedging)
            .unwrap();
        position
    }

    fn close_long_position(
        mut position: Position,
        instrument: &InstrumentAny,
        trade_id: TradeId,
    ) -> Position {
        let order = OrderTestBuilder::new(OrderType::Market)
            .instrument_id(instrument.id())
            .side(OrderSide::Sell)
            .quantity(position.quantity)
            .build();
        let fill = TestOrderEventStubs::filled(
            &order,
            instrument,
            Some(trade_id),
            Some(position.id),
            Some(Price::from("3000.00")),
            Some(position.quantity),
            None,
            None,
            None,
            Some(position.account_id),
        );
        let order_filled: OrderFilled = fill.into();
        position.apply(&order_filled);
        position
    }
}