### 2026‑03‑13 · Morning Report Timeouts & Warrant Research

**Morning Report Failure:**
- 07:00 HKT cron job generated empty report due to data‑source timeouts (AAStocks, Tavily).
- Template filled with placeholders; no actual data retrieved.
- Highlights urgency of **cache‑first logic** and **timeout‑wrapper** implementation.

**Progress on Timeout‑Wrapper:**
- `infrastructure/tooling/timeout_wrapper.py` created – 30‑second default timeout, logs to `memory/network‑timeouts.log`.
- Tested with `sleep` command – timeout logged successfully.
- **Next:** Extend wrapper to Tavily searches and browser automation.

**Warrant Vol‑Margin Management:**
- Updated `knowledge/trading/warrant‑vol‑margin‑management.md` with **bootstrapping analysis**.
- Key insight: ATM used‑vol alone insufficient; vega‑weighted deviation term crucial for deep‑OTM.
- Surface can be constrained by parametric form + no‑arbitrage evolution equation.

**Sub‑agents Launched (paper search):**
1. Toxic flow in Hong Kong warrant markets.
2. Volatility margin surface calibration.
3. Cash margin arbitrage between warrants and listed options.

**Waiting for sub‑agent completions.**