path: root/src/FundLab.Api/App.fs

namespace FundLab.Api

open System
open System.Globalization
open System.IO
open System.Text.Json
open FundLab.Domain
open Giraffe
open Microsoft.AspNetCore.Http
open Microsoft.Extensions.DependencyInjection
open Microsoft.FSharp.Reflection

type OptionJsonConverter() =
    inherit Newtonsoft.Json.JsonConverter()

    override _.CanConvert(objectType: Type) =
        objectType.IsGenericType
        && objectType.GetGenericTypeDefinition() = typedefof<option<_>>

    override _.WriteJson(writer: Newtonsoft.Json.JsonWriter, value: obj, serializer: Newtonsoft.Json.JsonSerializer) =
        if isNull value then
            writer.WriteNull()
        else
            let _, fields = FSharpValue.GetUnionFields(value, value.GetType())

            match fields with
            | [| inner |] -> serializer.Serialize(writer, inner)
            | _ -> writer.WriteNull()

    override _.ReadJson(reader: Newtonsoft.Json.JsonReader, objectType: Type, existingValue: obj, serializer: Newtonsoft.Json.JsonSerializer) =
        let cases = FSharpType.GetUnionCases objectType
        let innerType = objectType.GetGenericArguments().[0]

        if reader.TokenType = Newtonsoft.Json.JsonToken.Null then
            FSharpValue.MakeUnion(cases.[0], [||])
        else
            let inner = serializer.Deserialize(reader, innerType)
            let someCase = cases |> Array.find (fun case -> case.Name = "Some")
            FSharpValue.MakeUnion(someCase, [| inner |])


type EmptyPortfolioResponse =
    {
        status: string
        message: string
    }

type FundApiResponse =
    {
        id: Guid
        name: string
        currency: string
        initialCash: string
        initialUnitNav: string
        isSynthetic: bool
        availableCash: string
        reservedCash: string
        status: string
    }

type ConfirmedQuoteEvidenceResponse =
    {
        navDate: string
        nav: string
        source: string
        sourceRevision: string
        sourceCollectedAt: string
        publishedAt: string option
        sourcePayloadHash: string
        firstSeenAt: string
    }

type SubscriptionOrderDetailResponse =
    {
        id: Guid
        fundId: Guid
        fundCode: string
        amount: string
        feeAmount: string
        reservedTotal: string
        status: string
        submittedAt: string
        tradeDate: string
        confirmIdempotencyKey: string option
        pendingReason: string option
        confirmedAt: string option
        confirmedNav: string option
        confirmedNavDate: string option
        confirmedUnits: string option
        confirmedInvestedCash: string option
        confirmedResidualCash: string option
        quote: ConfirmedQuoteEvidenceResponse option
        isSynthetic: bool
    }

type FundPositionResponse =
    {
        instrumentCode: string
        units: string
        reservedUnits: string
        costCash: string
        lastConfirmedAt: string
        valuationNav: string option
        valuationNavDate: string option
        valuationCollectedAt: string option
    }

type RedemptionOrderResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        units: string
        feeAmount: string
        status: string
        submittedAt: string
        tradeDate: string
        pendingReason: string option
        confirmedAt: string option
        confirmedNav: string option
        confirmedNavDate: string option
        confirmedProceeds: string option
        confirmedCostReleased: string option
        isSynthetic: bool
    }

type FundPositionsResponse =
    {
        fundId: Guid
        availableCash: string
        reservedCash: string
        positions: FundPositionResponse list
    }

type StockTradeResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        stockName: string option
        quantity: string
        price: string
        costCash: string
        executedAt: string
        isSynthetic: bool
    }

type StockPositionResponse =
    {
        instrumentCode: string
        stockName: string option
        quantity: string
        costCash: string
        lastTradedAt: string
    }

type StockPositionsResponse =
    {
        fundId: Guid
        positions: StockPositionResponse list
    }

type StockSellResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        stockName: string option
        quantity: string
        price: string
        feeAmount: string
        proceeds: string
        executedAt: string
        isSynthetic: bool
    }

type StockCashflowResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        stockName: string option
        eventType: string
        eventDate: string
        quantity: string
        amount: string
        note: string option
        isSynthetic: bool
        createdAt: string
    }

type StockCashflowsResponse =
    {
        fundId: Guid
        events: StockCashflowResponse list
    }

type BondTradeResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        bondName: string option
        quantity: string
        price: string
        cleanPrice: string
        accruedInterest: string
        parValue: string
        settlementDate: string
        tradeDate: string
        couponRate: string option
        valueDate: string option
        maturityDate: string option
        costCash: string
        executedAt: string
        isSynthetic: bool
    }

type BondPositionResponse =
    {
        instrumentCode: string
        bondName: string option
        quantity: string
        costCash: string
        lastTradedAt: string
    }

type BondPositionsResponse =
    {
        fundId: Guid
        positions: BondPositionResponse list
    }

type BondCashflowResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        bondName: string option
        eventType: string
        eventDate: string
        quantity: string
        amount: string
        note: string option
        isSynthetic: bool
        createdAt: string
    }

type BondCashflowsResponse =
    {
        fundId: Guid
        events: BondCashflowResponse list
    }

type BondSellResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        bondName: string option
        quantity: string
        price: string
        cleanPrice: string
        accruedInterest: string
        parValue: string
        settlementDate: string
        tradeDate: string
        feeAmount: string
        proceeds: string
        costReleased: string
        realizedPnl: string
        executedAt: string
        isSynthetic: bool
    }

type BondSellsResponse =
    {
        fundId: Guid
        sells: BondSellResponse list
    }

type BondCalendarEntryResponse =
    {
        instrumentCode: string
        bondName: string option
        eventType: string
        eventDate: string
        quantity: string
        source: string
        amount: string option
        note: string option
    }

type BondCalendarResponse =
    {
        fundId: Guid
        fromDate: string
        toDate: string
        entries: BondCalendarEntryResponse list
    }

type ValuationPositionResponse =
    {
        instrumentCode: string
        name: string option
        assetClass: string
        quantity: string
        price: string option
        priceSource: string option
        cleanPrice: string option
        accruedInterest: string option
        dirtyPrice: string option
        valueBasis: string option
        marketValue: string option
        status: string
    }

type FundValuationResponse =
    {
        fundId: Guid
        currency: string
        asOfDate: string
        cash: string
        positionsMarketValue: string
        portfolioValue: string
        pricedPositions: int
        unavailablePositions: int
        positions: ValuationPositionResponse list
    }

type MarketRefreshTargetResponse =
    {
        instrumentCode: string
        assetClass: string
        snapshotDate: string
        price: string
    }

type MarketRefreshFailureResponse =
    {
        instrumentCode: string
        assetClass: string
        reason: string
    }

type MarketRefreshResponse =
    {
        fundId: Guid
        asOfDate: string
        refreshed: MarketRefreshTargetResponse list
        failures: MarketRefreshFailureResponse list
    }

type SipPlanResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        assetClass: string
        amount: string
        frequency: string
        status: string
        anchorDate: string
        nextTradeDate: string
        lastExecutionStatus: string option
        lastExecutionDate: string option
        isSynthetic: bool
        createdAt: string
    }

type InvestmentPlanResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        amount: string
        frequency: string
        status: string
        anchorDate: string
        nextRunDate: string
        lastRunStatus: string option
        lastRunDate: string option
        isSynthetic: bool
        createdAt: string
    }

type InvestmentPlanRunOutcomeResponse =
    {
        runDate: string
        status: string
        orderId: string option
        pendingReason: string option
    }

type InvestmentPlanRunPlanResponse =
    {
        planId: Guid
        instrumentCode: string
        amount: string
        frequency: string
        runs: InvestmentPlanRunOutcomeResponse list
        nextRunDate: string
    }

type InvestmentPlanRunResponse =
    {
        fundId: Guid
        processingDate: string
        plans: InvestmentPlanRunPlanResponse list
    }

type DividendResponse =
    {
        id: Guid
        fundId: Guid
        instrumentCode: string
        navDate: string
        dps: string
        mode: string
        sourceKey: string
        status: string
        grossCash: string option
        creditedUnits: string option
        creditedInvested: string option
        orderId: string option
        pendingReason: string option
        isSynthetic: bool
        createdAt: string
    }

type RebalancePlanResponse =
    {
        id: Guid
        fundId: Guid
        targets: {| instrumentCode: string; targetPercent: string |} list
        status: string
        createdAt: string
    }

type RebalanceExecutionResponse =
    {
        planId: Guid
        runDate: string
        outcomes: {| instrumentCode: string; action: string; amount: string; status: string; orderId: string option; pendingReason: string option |} list
    }

type RebalanceExecutionRecordResponse =
    {
        planId: Guid
        runDate: string
        instrumentCode: string
        action: string
        amount: string
        status: string
        orderId: string option
        pendingReason: string option
        executedAt: string
    }

type RebalanceWeightRowResponse =
    {
        instrumentCode: string
        targetPercent: string
        currentValue: string
        currentPercent: string
        action: string
        deltaAmount: string
        deltaUnits: string option
    }

type RebalancePreviewResponse =
    {
        planId: Guid
        runDate: string
        availableCash: string
        equity: string
        rows: RebalanceWeightRowResponse list
    }

type CapitalDepositResponse =
    {
        id: Guid
        fundId: Guid
        amount: string
        note: string option
        isSynthetic: bool
        createdAt: string
    }

type FundReturnsPointResponse =
    {
        date: string
        pending: bool
        totalAssets: string option
        unitNav: string option
        cash: string
        reservedCash: string
        holdingsValue: string option
        cumulativeReturn: string option
        netExternalFlow: string
    }

type FundReturnsResponse =
    {
        fundId: Guid
        pending: bool
        dataUpdatedAt: string option
        points: FundReturnsPointResponse list
    }

type ApiErrorResponse =
    {
        error: string
        message: string
    }

type MarketDataInstrumentApiResponse =
    {
        code: string
        name: string
        fundType: string option
    }

type MarketDataSearchApiResponse =
    {
        source: string
        sourceRevision: string
        collectedAt: string
        instruments: MarketDataInstrumentApiResponse list
    }

type MarketDataObservationApiResponse =
    {
        code: string
        navDate: string
        publishedAt: string option
        nav: string
        accumulatedNav: string option
        dailyReturn: string option
        source: string
        sourceRevision: string
        sourceCollectedAt: string
        sourcePayloadHash: string
        firstSeenAt: string
        lastSeenAt: string
    }

type MarketDataNavApiResponse =
    {
        code: string
        observations: MarketDataObservationApiResponse list
    }

type MarketNavDatesApiResponse =
    {
        code: string
        dates: string list
    }

type MarketNavSeriesPointApiResponse =
    {
        navDate: string
        nav: string
        accumulatedNav: string option
    }

type MarketNavSeriesApiResponse =
    {
        code: string
        points: MarketNavSeriesPointApiResponse list
    }

/// The AKShare-backed probes the market endpoints depend on. Injected together
/// so the app stays repository-only unless a caller really wants market routes.
type MarketProbes =
    {
        NavDates: INavDateProbe
        NavSeries: INavSeriesProbe
        BondQuotes: IBondQuoteProbe
        StockQuotes: IStockQuoteProbe
        StockDaily: IStockDailyProbe
    }

type BondQuoteApiResponse =
    {
        code: string
        sourceRevision: string
        name: string option
        price: string option
        cleanPrice: string option
        accruedInterest: string option
        date: string option
        maturityDate: string option
        parValue: string option
        issuePrice: string option
        valueDate: string option
        listingDate: string option
        publishDate: string option
        payInterestDay: string option
        couponRate: string option
        couponRateExplain: string option
        bondExpireYears: string option
        rating: string option
        dataStatus: string option
        accruedInterestComputed: string option
        dirtyPrice: string option
        valuationDate: string option
    }

type StockQuoteApiResponse =
    {
        code: string
        name: string option
        price: string option
        currency: string
        market: string option
        adjust: string option
        suspended: bool option
    }

type StockDailyObservationApiResponse =
    {
        date: string
        close: string
        volume: string option
        amount: string option
    }

type StockDailyApiResponse =
    {
        code: string
        observations: StockDailyObservationApiResponse list
    }

module App =
    let addOptionFriendlyJson (services: IServiceCollection) =
        let settings =
            Newtonsoft.Json.JsonSerializerSettings(
                ContractResolver = Newtonsoft.Json.Serialization.CamelCasePropertyNamesContractResolver()
            )

        settings.Converters.Add(OptionJsonConverter())
        services.AddSingleton<Giraffe.Json.ISerializer>(NewtonsoftJson.Serializer settings)

    let private invariant = CultureInfo.InvariantCulture

    let private cashText (value: decimal) = value.ToString("0.00", invariant)
    let private unitNavText (value: decimal) = value.ToString("0.00000000", invariant)
    let private decimalText (value: decimal) = value.ToString("0.00000000", invariant)
    let private dateText (value: DateOnly) = value.ToString("yyyy-MM-dd", invariant)
    let private timestampText (value: DateTimeOffset) = value.ToString("O", invariant)

    let private fundResponse (fund: FundRecord) : FundApiResponse =
        {
            id = fund.Id
            name = fund.Name
            currency = fund.Currency
            initialCash = cashText fund.InitialCash
            initialUnitNav = unitNavText fund.InitialUnitNav
            isSynthetic = fund.IsSynthetic
            availableCash = cashText fund.AvailableCash
            reservedCash = cashText fund.ReservedCash
            status = fund.Status
        }

    let private orderResponse (order: SubscriptionOrderRecord) : SubscriptionOrderDetailResponse =
        let quoteEvidence =
            order.ConfirmedQuote
            |> Option.map (fun quote ->
                {
                    navDate = dateText quote.NavDate
                    nav = decimalText quote.Nav
                    source = quote.Source
                    sourceRevision = quote.Revision
                    sourceCollectedAt = timestampText quote.CollectedAt
                    publishedAt = quote.PublishedAt |> Option.map timestampText
                    sourcePayloadHash = quote.PayloadHash
                    firstSeenAt = timestampText quote.FirstSeenAt
                })

        {
            id = order.Id
            fundId = order.FundId
            fundCode = order.FundCode
            amount = cashText order.Amount
            feeAmount = cashText order.FeeAmount
            reservedTotal = cashText order.ReservedTotal
            status = order.Status
            submittedAt = timestampText order.SubmittedAt
            tradeDate = dateText order.TradeDate
            confirmIdempotencyKey = order.ConfirmIdempotencyKey
            pendingReason = order.PendingReason
            confirmedAt = order.ConfirmedAt |> Option.map timestampText
            confirmedNav = order.ConfirmedQuote |> Option.map (fun quote -> decimalText quote.Nav)
            confirmedNavDate = order.ConfirmedQuote |> Option.map (fun quote -> dateText quote.NavDate)
            confirmedUnits = order.ConfirmedUnits |> Option.map decimalText
            confirmedInvestedCash = order.ConfirmedInvestedCash |> Option.map cashText
            confirmedResidualCash = order.ConfirmedResidualCash |> Option.map cashText
            quote = quoteEvidence
            isSynthetic = order.IsSynthetic
        }

    let private redemptionResponse (order: RedemptionOrderRecord) : RedemptionOrderResponse =
        {
            id = order.Id
            fundId = order.FundId
            instrumentCode = order.InstrumentCode
            units = decimalText order.Units
            feeAmount = cashText order.FeeAmount
            status = order.Status
            submittedAt = timestampText order.SubmittedAt
            tradeDate = dateText order.TradeDate
            pendingReason = order.PendingReason
            confirmedAt = order.ConfirmedAt |> Option.map timestampText
            confirmedNav = order.ConfirmedNav |> Option.map decimalText
            confirmedNavDate = order.ConfirmedNavDate |> Option.map dateText
            confirmedProceeds = order.ConfirmedProceeds |> Option.map cashText
            confirmedCostReleased = order.ConfirmedCostReleased |> Option.map cashText
            isSynthetic = order.IsSynthetic
        }

    let private stockTradeResponse (trade: StockTradeRecord) : StockTradeResponse =
        {
            id = trade.Id
            fundId = trade.FundId
            instrumentCode = trade.InstrumentCode
            stockName = trade.StockName
            quantity = decimalText trade.Quantity
            price = decimalText trade.Price
            costCash = cashText trade.CostCash
            executedAt = timestampText trade.ExecutedAt
            isSynthetic = trade.IsSynthetic
        }

    let private stockSellResponse (sell: StockSellRecord) : StockSellResponse =
        {
            id = sell.Id
            fundId = sell.FundId
            instrumentCode = sell.InstrumentCode
            stockName = sell.StockName
            quantity = decimalText sell.Quantity
            price = decimalText sell.Price
            feeAmount = cashText sell.FeeAmount
            proceeds = cashText sell.Proceeds
            executedAt = timestampText sell.ExecutedAt
            isSynthetic = sell.IsSynthetic
        }

    let private stockCashflowResponse (record: StockCashflowRecord) : StockCashflowResponse =
        {
            id = record.Id
            fundId = record.FundId
            instrumentCode = record.InstrumentCode
            stockName = record.StockName
            eventType = record.EventType
            eventDate = dateText record.EventDate
            quantity = decimalText record.Quantity
            amount = cashText record.Amount
            note = record.Note
            isSynthetic = record.IsSynthetic
            createdAt = timestampText record.CreatedAt
        }

    let private stockPositionResponse (position: StockPositionRecord) : StockPositionResponse =
        {
            instrumentCode = position.InstrumentCode
            stockName = position.StockName
            quantity = decimalText position.Quantity
            costCash = cashText position.CostCash
            lastTradedAt = timestampText position.LastTradedAt
        }

    let private bondTradeResponse (trade: BondTradeRecord) : BondTradeResponse =
        {
            id = trade.Id
            fundId = trade.FundId
            instrumentCode = trade.InstrumentCode
            bondName = trade.BondName
            quantity = decimalText trade.Quantity
            price = decimalText trade.Price
            cleanPrice = decimalText trade.CleanPrice
            accruedInterest = decimalText trade.AccruedInterest
            parValue = decimalText trade.ParValue
            settlementDate = dateText trade.SettlementDate
            tradeDate = dateText trade.TradeDate
            couponRate = trade.CouponRate |> Option.map decimalText
            valueDate = trade.ValueDate |> Option.map dateText
            maturityDate = trade.MaturityDate |> Option.map dateText
            costCash = cashText trade.CostCash
            executedAt = timestampText trade.ExecutedAt
            isSynthetic = trade.IsSynthetic
        }

    let private bondCashflowResponse (record: BondCashflowRecord) : BondCashflowResponse =
        {
            id = record.Id
            fundId = record.FundId
            instrumentCode = record.InstrumentCode
            bondName = record.BondName
            eventType = record.EventType
            eventDate = dateText record.EventDate
            quantity = decimalText record.Quantity
            amount = cashText record.Amount
            note = record.Note
            isSynthetic = record.IsSynthetic
            createdAt = timestampText record.CreatedAt
        }

    let private bondSellResponse (record: BondSellRecord) : BondSellResponse =
        {
            id = record.Id
            fundId = record.FundId
            instrumentCode = record.InstrumentCode
            bondName = record.BondName
            quantity = decimalText record.Quantity
            price = decimalText record.Price
            cleanPrice = decimalText record.CleanPrice
            accruedInterest = decimalText record.AccruedInterest
            parValue = decimalText record.ParValue
            settlementDate = dateText record.SettlementDate
            tradeDate = dateText record.TradeDate
            feeAmount = cashText record.FeeAmount
            proceeds = cashText record.Proceeds
            costReleased = cashText record.CostReleased
            realizedPnl = cashText record.RealizedPnl
            executedAt = timestampText record.ExecutedAt
            isSynthetic = record.IsSynthetic
        }

    let private bondPositionResponse (position: BondPositionRecord) : BondPositionResponse =
        {
            instrumentCode = position.InstrumentCode
            bondName = position.BondName
            quantity = decimalText position.Quantity
            costCash = cashText position.CostCash
            lastTradedAt = timestampText position.LastTradedAt
        }

    let private capitalDepositResponse (deposit: CapitalDepositRecord) : CapitalDepositResponse =
        {
            id = deposit.Id
            fundId = deposit.FundId
            amount = cashText deposit.Amount
            note = deposit.Note
            isSynthetic = deposit.IsSynthetic
            createdAt = timestampText deposit.CreatedAt
        }

    let private sipPlanResponse (plan: SipPlanRecord) : SipPlanResponse =
        {
            id = plan.Id
            fundId = plan.FundId
            instrumentCode = plan.InstrumentCode
            assetClass = plan.AssetClass
            amount = cashText plan.Amount
            frequency = SipPolicy.frequencyText plan.Frequency
            status = plan.Status
            anchorDate = dateText plan.AnchorDate
            nextTradeDate = dateText plan.NextTradeDate
            lastExecutionStatus = plan.LastExecutionStatus
            lastExecutionDate = plan.LastExecutionDate |> Option.map dateText
            isSynthetic = plan.IsSynthetic
            createdAt = timestampText plan.CreatedAt
        }

    let private investmentPlanResponse (plan: InvestmentPlanRecord) : InvestmentPlanResponse =
        {
            id = plan.Id
            fundId = plan.FundId
            instrumentCode = plan.InstrumentCode
            amount = cashText plan.Amount
            frequency = InvestmentPlanPolicy.frequencyText plan.Frequency
            status = plan.Status
            anchorDate = dateText plan.AnchorDate
            nextRunDate = dateText plan.NextRunDate
            lastRunStatus = plan.LastRunStatus
            lastRunDate = plan.LastRunDate |> Option.map dateText
            isSynthetic = plan.IsSynthetic
            createdAt = timestampText plan.CreatedAt
        }

    let private investmentPlanRunOutcomeResponse (outcome: InvestmentPlanRunOutcome) : InvestmentPlanRunOutcomeResponse =
        {
            runDate = dateText outcome.RunDate
            status = outcome.Status
            orderId = outcome.OrderId |> Option.map (fun id -> id.ToString("D"))
            pendingReason = outcome.PendingReason
        }

    let private investmentPlanRunPlanResponse (result: InvestmentPlanRunPlanResult) : InvestmentPlanRunPlanResponse =
        {
            planId = result.PlanId
            instrumentCode = result.InstrumentCode
            amount = cashText result.Amount
            frequency = InvestmentPlanPolicy.frequencyText result.Frequency
            runs = result.Runs |> List.map investmentPlanRunOutcomeResponse
            nextRunDate = dateText result.NextRunDate
        }

    let private investmentPlanRunResponse (result: InvestmentPlanRunResult) : InvestmentPlanRunResponse =
        {
            fundId = result.FundId
            processingDate = dateText result.ProcessingDate
            plans = result.Plans |> List.map investmentPlanRunPlanResponse
        }

    let private rebalancePlanResponse (plan: RebalancePlanRecord) : RebalancePlanResponse =
        {
            id = plan.Id
            fundId = plan.FundId
            targets =
                plan.Targets
                |> List.map (fun target ->
                    {|
                        instrumentCode = target.InstrumentCode
                        targetPercent = cashText target.TargetPercent
                    |})
            status = plan.Status
            createdAt = timestampText plan.CreatedAt
        }

    let private rebalanceExecutionResponse (result: RebalanceExecutionResult) : RebalanceExecutionResponse =
        {
            planId = result.PlanId
            runDate = dateText result.RunDate
            outcomes =
                result.Outcomes
                |> List.map (fun outcome ->
                    {|
                        instrumentCode = outcome.InstrumentCode
                        action = outcome.Action
                        amount = outcome.Amount
                        status = outcome.Status
                        orderId = outcome.OrderId |> Option.map (fun id -> id.ToString("D"))
                        pendingReason = outcome.PendingReason
                    |})
        }

    let private rebalanceExecutionRecordResponse (record: RebalanceExecutionRecord) : RebalanceExecutionRecordResponse =
        {
            planId = record.PlanId
            runDate = dateText record.RunDate
            instrumentCode = record.InstrumentCode
            action = record.Action
            amount = cashText record.Amount
            status = record.Status
            orderId = record.OrderId |> Option.map (fun id -> id.ToString("D"))
            pendingReason = record.PendingReason
            executedAt = timestampText record.ExecutedAt
        }

    let private rebalanceActionText (action: RebalancePolicy.RebalanceAction) =
        match action with
        | RebalancePolicy.Buy -> "buy"
        | RebalancePolicy.Sell -> "sell"
        | RebalancePolicy.Hold -> "hold"

    let private rebalanceWeightRowResponse (row: RebalancePolicy.RebalanceWeightRow) : RebalanceWeightRowResponse =
        {
            instrumentCode = row.InstrumentCode
            targetPercent = cashText row.TargetPercent
            currentValue = cashText row.CurrentValue
            currentPercent = cashText row.CurrentPercent
            action = rebalanceActionText row.Action
            deltaAmount = cashText row.DeltaAmount
            deltaUnits = row.DeltaUnits |> Option.map decimalText
        }

    let private rebalancePreviewResponse (preview: RebalancePreview) : RebalancePreviewResponse =
        {
            planId = preview.PlanId
            runDate = dateText preview.RunDate
            availableCash = cashText preview.AvailableCash
            equity = cashText preview.Equity
            rows = preview.Rows |> List.map rebalanceWeightRowResponse
        }

    let private errorResponse status error message : HttpHandler =
        setStatusCode status
        >=> json ({
            error = error
            message = message
        } : ApiErrorResponse)

    let private tryStringProperty (root: JsonElement) (name: string) =
        let mutable property = Unchecked.defaultof<JsonElement>

        if root.TryGetProperty(name, &property) && property.ValueKind = JsonValueKind.String then
            property.GetString() |> Option.ofObj
        else
            None

    let private tryBoolProperty (root: JsonElement) (name: string) =
        let mutable property = Unchecked.defaultof<JsonElement>

        if root.TryGetProperty(name, &property) then
            match property.ValueKind with
            | JsonValueKind.True -> Some true
            | JsonValueKind.False -> Some false
            | _ -> None
        else
            None

    let private tryDecimal (label: string) (text: string) =
        if String.IsNullOrWhiteSpace text then
            Error(sprintf "%s must be a decimal string" label)
        else
            match Decimal.TryParse(text, NumberStyles.AllowLeadingSign ||| NumberStyles.AllowDecimalPoint, invariant) with
            | true, value -> Ok value
            | false, _ -> Error(sprintf "%s must be a decimal string" label)

    let private parseFundCommand (body: string) =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "name", tryStringProperty root "initialCash", tryStringProperty root "initialUnitNav", tryBoolProperty root "isSynthetic" with
                | Some name, Some initialCashText, Some initialUnitNavText, Some isSynthetic ->
                    match tryDecimal "initialCash" initialCashText, tryDecimal "initialUnitNav" initialUnitNavText with
                    | Ok initialCash, Ok initialUnitNav ->
                        Ok {
                            Name = name
                            InitialCash = initialCash
                            InitialUnitNav = initialUnitNav
                            IsSynthetic = isSynthetic
                        }
                    | Error message, _
                    | _, Error message -> Error message
                | _ ->
                    Error "name, initialCash, initialUnitNav and isSynthetic are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseOrderCommand (body: string) =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "fundCode", tryStringProperty root "amount", tryStringProperty root "feeAmount" with
                | Some fundCode, Some amountText, Some feeAmountText ->
                    match tryDecimal "amount" amountText, tryDecimal "feeAmount" feeAmountText with
                    | Ok amount, Ok feeAmount ->
                        Ok {
                            FundCode = fundCode
                            Amount = amount
                            FeeAmount = feeAmount
                        }
                    | Error message, _
                    | _, Error message -> Error message
                | _ ->
                    Error "fundCode, amount and feeAmount are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseRedemptionCommand (body: string) =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode", tryStringProperty root "units", tryStringProperty root "feeAmount" with
                | Some code, Some unitsText, Some feeAmountText ->
                    match tryDecimal "units" unitsText, tryDecimal "feeAmount" feeAmountText with
                    | Ok units, Ok feeAmount ->
                        Ok
                            {
                                InstrumentCode = code
                                Units = units
                                FeeAmount = feeAmount
                            }
                    | Error message, _
                    | _, Error message -> Error message
                | _ ->
                    Error "instrumentCode, units and feeAmount are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseCapitalDepositCommand (body: string) =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "amount" with
                | None -> Error "amount is required"
                | Some amountText ->
                    match tryDecimal "amount" amountText with
                    | Error message -> Error message
                    | Ok amount ->
                        Ok
                            {
                                Amount = amount
                                Note = tryStringProperty root "note"
                            }
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseStockTradeCommand (body: string) : Result<StockTradeCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode" with
                | None -> Error "instrumentCode is required"
                | Some code ->
                    if code.Trim().Length <> 6 || not (code.Trim() |> Seq.forall Char.IsDigit) then
                        Error "instrumentCode must contain exactly six digits"
                    else
                        match tryStringProperty root "quantity" with
                        | None -> Error "quantity is required"
                        | Some quantityText ->
                            match tryDecimal "quantity" quantityText with
                            | Error message -> Error message
                            | Ok quantity ->
                                Ok
                                    {
                                        InstrumentCode = code.Trim()
                                        StockName = tryStringProperty root "stockName"
                                        Quantity = quantity
                                        Price = 0m
                                    }
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseStockSellCommand (body: string) : Result<StockSellCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode" with
                | None -> Error "instrumentCode is required"
                | Some code ->
                    if code.Trim().Length <> 6 || not (code.Trim() |> Seq.forall Char.IsDigit) then
                        Error "instrumentCode must contain exactly six digits"
                    else
                        match tryStringProperty root "quantity" with
                        | None -> Error "quantity is required"
                        | Some quantityText ->
                            match tryDecimal "quantity" quantityText with
                            | Error message -> Error message
                            | Ok quantity ->
                                match tryStringProperty root "feeAmount" with
                                | None ->
                                    Ok
                                        {
                                            InstrumentCode = code.Trim()
                                            StockName = tryStringProperty root "stockName"
                                            Quantity = quantity
                                            Price = 0m
                                            FeeAmount = 0m
                                        }
                                | Some feeText ->
                                    match tryDecimal "feeAmount" feeText with
                                    | Error message -> Error message
                                    | Ok fee ->
                                        Ok
                                            {
                                                InstrumentCode = code.Trim()
                                                StockName = tryStringProperty root "stockName"
                                                Quantity = quantity
                                                Price = 0m
                                                FeeAmount = fee
                                            }
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseBondTradeCommand (body: string) : Result<BondTradeCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode" with
                | None -> Error "instrumentCode is required"
                | Some code ->
                    if code.Trim().Length <> 6 || not (code.Trim() |> Seq.forall Char.IsDigit) then
                        Error "instrumentCode must contain exactly six digits"
                    else
                        match tryStringProperty root "quantity" with
                        | None -> Error "quantity is required"
                        | Some quantityText ->
                            match tryDecimal "quantity" quantityText with
                            | Error message -> Error message
                            | Ok quantity ->
                                let tradeDate =
                                    match tryStringProperty root "tradeDate" with
                                    | None -> Ok None
                                    | Some text ->
                                        match DateOnly.TryParseExact(text, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                                        | true, date -> Ok(Some date)
                                        | false, _ -> Error "tradeDate must be an ISO date (yyyy-MM-dd)"

                                match tradeDate with
                                | Error message -> Error message
                                | Ok tradeDate ->
                                    Ok
                                        {
                                            InstrumentCode = code.Trim()
                                            BondName = tryStringProperty root "bondName"
                                            Quantity = quantity
                                            Price = 0m
                                            CleanPrice = 0m
                                            AccruedInterest = 0m
                                            ParValue = 100m
                                            SettlementDate = DateOnly.FromDateTime DateTime.UtcNow
                                            CouponRate = None
                                            ValueDate = None
                                            MaturityDate = None
                                            TradeDate = tradeDate
                                        }
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseSipPlanCommand (body: string) : Result<SipPlanCommand * string, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                let assetClass =
                    match tryStringProperty root "assetClass" with
                    | Some value when not (String.IsNullOrWhiteSpace value) -> value.Trim().ToLowerInvariant()
                    | _ -> "fund"

                match tryStringProperty root "instrumentCode", tryStringProperty root "amount", tryStringProperty root "frequency" with
                | Some code, Some amountText, Some frequencyText ->
                    if assetClass <> "fund" && assetClass <> "stock" then
                        Error "assetClass must be fund or stock"
                    else
                        match tryDecimal "amount" amountText, SipPolicy.parseFrequency frequencyText with
                        | Ok amount, Some frequency ->
                            Ok(
                                {
                                    InstrumentCode = code
                                    Amount = amount
                                    Frequency = frequency
                                },
                                assetClass
                            )
                        | Error message, _ -> Error message
                        | _, None -> Error "frequency must be one of weekly, biweekly or monthly"
                | _ ->
                    Error "instrumentCode, amount and frequency are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseInvestmentPlanCommand (body: string) : Result<InvestmentPlanCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode", tryStringProperty root "amount", tryStringProperty root "frequency" with
                | Some code, Some amountText, Some frequencyText ->
                    match tryDecimal "amount" amountText, InvestmentPlanPolicy.parseFrequency frequencyText with
                    | Ok amount, Some frequency ->
                        Ok
                            {
                                InstrumentCode = code
                                Amount = amount
                                Frequency = frequency
                            }
                    | Error message, _ -> Error message
                    | _, None -> Error "frequency must be one of daily, weekly or monthly"
                | _ ->
                    Error "instrumentCode, amount and frequency are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseRebalancePlanCommand (body: string) =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                let mutable mutableTargets = Unchecked.defaultof<JsonElement>

                if not (root.TryGetProperty("targets", &mutableTargets)) then
                    Error "targets is required"
                else

                    let targetsElement = mutableTargets
                    if targetsElement.ValueKind <> JsonValueKind.Array then
                        Error "targets must be an array"
                    else
                        let mutable failure = None
                        let rows = ResizeArray<RebalanceTarget>()

                        for item in targetsElement.EnumerateArray() do
                            if failure.IsNone then
                                match tryStringProperty item "instrumentCode", tryStringProperty item "targetPercent" with
                                | Some code, Some percentText ->
                                    match tryDecimal "targetPercent" percentText with
                                    | Ok percent ->
                                        let targetRow: RebalancePolicy.TargetAllocation =
                                            {
                                                RebalancePolicy.TargetAllocation.InstrumentCode = code
                                                TargetPercent = percent
                                            }

                                        rows.Add(targetRow)
                                    | Error message -> failure <- Some message
                                | _ -> failure <- Some "each target needs instrumentCode and targetPercent"

                        match failure with
                        | Some message -> Error message
                        | None -> Ok { Targets = rows |> Seq.toList }
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseDividendCommand (body: string) =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode", tryStringProperty root "navDate", tryStringProperty root "dps", tryStringProperty root "mode" with
                | Some code, Some navDateText, Some dpsText, Some modeText ->
                    match tryDecimal "dps" dpsText, DividendPolicy.parseMode modeText, DateOnly.TryParseExact(navDateText, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                    | Ok dps, Some mode, (true, navDate) ->
                        Ok
                            {
                                InstrumentCode = code
                                NavDate = navDate
                                Dps = dps
                                Mode = mode
                            }
                    | Error message, _, _ -> Error message
                    | _, None, _ -> Error "mode must be cash or reinvest"
                    | _, _, (false, _) -> Error "navDate must be yyyy-MM-dd"
                | _ ->
                    Error "instrumentCode, navDate, dps and mode are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private dividendResponse (record: DividendRecord) : DividendResponse =
        {
            id = record.Id
            fundId = record.FundId
            instrumentCode = record.InstrumentCode
            navDate = dateText record.NavDate
            dps = decimalText record.Dps
            mode = DividendPolicy.modeText record.Mode
            sourceKey = DividendPolicy.schemeKey record.FundId record.InstrumentCode record.NavDate record.Mode
            status = record.Status
            grossCash = record.GrossCash |> Option.map cashText
            creditedUnits = record.CreditedUnits |> Option.map decimalText
            creditedInvested = record.CreditedInvested |> Option.map cashText
            orderId = record.OrderId |> Option.map (fun id -> id.ToString("D"))
            pendingReason = record.PendingReason
            isSynthetic = record.IsSynthetic
            createdAt = timestampText record.CreatedAt
        }

    let private invokeHandler handler next ctx = handler next ctx

    let private createDividend (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_DIVIDEND_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseDividendCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_DIVIDEND_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.RegisterDividend(idempotencyKey, fundId, command) with
                            | DividendWriteResult.DividendCredited record
                            | DividendWriteResult.DividendReplayed record ->
                                return! invokeHandler (json (dividendResponse record)) next ctx
                            | DividendWriteResult.DividendPendingReinvest record ->
                                return! invokeHandler (json (dividendResponse record)) next ctx
                            | DividendWriteResult.DividendIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "dividend scheme already registered with a different amount") next ctx
                            | DividendWriteResult.DividendInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_DIVIDEND_REQUEST" message) next ctx
                            | DividendWriteResult.DividendFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | DividendWriteResult.DividendInstrumentNotFound ->
                                return! invokeHandler (errorResponse 404 "INSTRUMENT_NOT_FOUND" "instrument code was not found in the instrument catalog") next ctx
                            | DividendWriteResult.DividendNoHoldings ->
                                return! invokeHandler (errorResponse 409 "NO_HOLDINGS" "the instrument has no confirmed holdings to receive the dividend") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "dividend persistence failed") next ctx
            }

    let private getDividends (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let records = repository.GetDividendRecords fundId
                        json (records |> List.map dividendResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "dividend persistence failed" next ctx

    let private returnsPointResponse (point: FundReturnsPoint) : FundReturnsPointResponse =
        {
            date = dateText point.Date
            pending = point.Pending
            totalAssets = point.TotalAssets |> Option.map cashText
            unitNav = point.UnitNav |> Option.map unitNavText
            cash = cashText point.Cash
            reservedCash = cashText point.ReservedCash
            holdingsValue = point.HoldingsValue |> Option.map cashText
            cumulativeReturn = point.CumulativeReturn |> Option.map cashText
            netExternalFlow = cashText point.NetExternalFlow
        }

    let private getFundReturns (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFundReturns fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some returns ->
                        json
                            ({
                                fundId = returns.FundId
                                pending = returns.Pending
                                dataUpdatedAt = returns.DataUpdatedAt |> Option.map timestampText
                                points = returns.Points |> List.map returnsPointResponse
                            } : FundReturnsResponse)
                            next
                            ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "returns persistence failed" next ctx




    let private unauthorized : HttpHandler =
        setStatusCode 401
        >=> setHttpHeader "WWW-Authenticate" "Bearer"
        >=> text "Unauthorized"

    let private requireBearer (next: HttpFunc) (ctx: HttpContext) =
        let expectedToken =
            Environment.GetEnvironmentVariable("FUND_LAB_AUTH_TOKEN")
            |> Option.ofObj
            |> Option.defaultValue ""

        let authorizationHeader = ctx.Request.Headers.Authorization.ToString()

        match Authentication.authorize expectedToken authorizationHeader with
        | AuthDecision.Authorized -> next ctx
        | AuthDecision.Unauthorized -> unauthorized next ctx

    let private health : HttpHandler =
        json ({
            service = "fund-lab-api"
            status = "ok"
        } : HealthResponse)

    let private emptyPortfolio : HttpHandler =
        json ({
             status = "empty"
             message = "尚未创建基金/尚未选择投资"
         } : EmptyPortfolioResponse)

    let private createFund (repository: FundRepository) : HttpHandler =
        fun next ctx ->
            task {
                use reader = new StreamReader(ctx.Request.Body)
                let! body = reader.ReadToEndAsync()
                let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                match parseFundCommand body with
                | Error message ->
                    return! invokeHandler (errorResponse 400 "INVALID_FUND_REQUEST" message) next ctx
                | Ok command ->
                    try
                        match repository.CreateFund(idempotencyKey, command) with
                        | FundWriteResult.Created fund ->
                            return! invokeHandler (setStatusCode 201 >=> json (fundResponse fund)) next ctx
                        | FundWriteResult.Replayed fund ->
                            return! invokeHandler (json (fundResponse fund)) next ctx
                        | FundWriteResult.IdempotencyConflict ->
                            return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                        | FundWriteResult.Invalid message ->
                            return! invokeHandler (errorResponse 400 "INVALID_FUND_REQUEST" message) next ctx
                    with _ ->
                        return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "fund persistence failed") next ctx
            }

    let private getFund (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | Some fund -> json (fundResponse fund) next ctx
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "fund persistence failed" next ctx

    let private createOrder (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseOrderCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_ORDER_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.CreateSubscriptionOrder(idempotencyKey, fundId, command) with
                            | SubscriptionOrderWriteResult.OrderCreated order ->
                                return! invokeHandler (setStatusCode 201 >=> json (orderResponse order)) next ctx
                            | SubscriptionOrderWriteResult.OrderReplayed order ->
                                return! invokeHandler (json (orderResponse order)) next ctx
                            | SubscriptionOrderWriteResult.OrderIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                            | SubscriptionOrderWriteResult.OrderInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_ORDER_REQUEST" message) next ctx
                            | SubscriptionOrderWriteResult.OrderFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | SubscriptionOrderWriteResult.OrderInstrumentNotFound ->
                                return! invokeHandler (errorResponse 404 "INSTRUMENT_NOT_FOUND" "fund code was not found in the instrument catalog") next ctx
                            | SubscriptionOrderWriteResult.OrderInsufficientFunds ->
                                return! invokeHandler (errorResponse 409 "INSUFFICIENT_FUNDS" "available cash is not enough to reserve the amount plus fee") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "order persistence failed") next ctx
            }

    let private getOrders (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let orders = repository.GetSubscriptionOrders fundId
                        json (orders |> List.map orderResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "order persistence failed" next ctx

    let private confirmOrder (repository: FundRepository) (fundIdText: string) (orderIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText, Guid.TryParse orderIdText with
            | (false, _), _
            | _, (false, _) ->
                errorResponse 400 "INVALID_CONFIRM_REQUEST" "fund id and order id must be UUIDs" next ctx
            | (true, fundId), (true, orderId) ->
                let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                try
                    match repository.ConfirmSubscriptionOrder(idempotencyKey, fundId, orderId) with
                    | OrderConfirmed order
                    | ConfirmReplayed order
                    | ConfirmPendingNav order -> json (orderResponse order) next ctx
                    | ConfirmIdempotencyConflict ->
                        errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request" next ctx
                    | ConfirmAlreadyConfirmed ->
                        errorResponse 409 "ORDER_ALREADY_CONFIRMED" "order was already confirmed with a different idempotency key" next ctx
                    | ConfirmOrderNotFound -> errorResponse 404 "ORDER_NOT_FOUND" "order was not found" next ctx
                    | ConfirmInvalidStatus ->
                        errorResponse 409 "ORDER_INVALID_STATUS" "order is not in a confirmable status" next ctx
                    | ConfirmInvalid message -> errorResponse 400 "INVALID_CONFIRM_REQUEST" message next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "order confirmation failed" next ctx

    let private getPositions (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let positions: FundPositionResponse list =
                            repository.GetFundPositions fundId
                            |> List.map (fun (position: FundPositionRecord) ->
                                {
                                    instrumentCode = position.InstrumentCode
                                    units = decimalText position.Units
                                    reservedUnits = decimalText position.ReservedUnits
                                    costCash = cashText position.CostCash
                                    lastConfirmedAt = timestampText position.LastConfirmedAt
                                    valuationNav = position.ValuationNav |> Option.map decimalText
                                    valuationNavDate = position.ValuationNavDate |> Option.map dateText
                                    valuationCollectedAt = position.ValuationCollectedAt |> Option.map timestampText
                                })

                        json
                            ({
                                fundId = fund.Id
                                availableCash = cashText fund.AvailableCash
                                reservedCash = cashText fund.ReservedCash
                                positions = positions
                            } : FundPositionsResponse)
                            next
                            ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "position persistence failed" next ctx

    let private createRedemption (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_REDEMPTION_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseRedemptionCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_REDEMPTION_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.CreateRedemptionOrder(idempotencyKey, fundId, command) with
                            | RedemptionWriteResult.RedemptionCreated order ->
                                return! invokeHandler (setStatusCode 201 >=> json (redemptionResponse order)) next ctx
                            | RedemptionWriteResult.RedemptionReplayed order ->
                                return! invokeHandler (json (redemptionResponse order)) next ctx
                            | RedemptionWriteResult.RedemptionIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                            | RedemptionWriteResult.RedemptionInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_REDEMPTION_REQUEST" message) next ctx
                            | RedemptionWriteResult.RedemptionFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | RedemptionWriteResult.RedemptionInstrumentNotFound ->
                                return! invokeHandler (errorResponse 404 "INSTRUMENT_NOT_FOUND" "instrument code was not found in the instrument catalog") next ctx
                            | RedemptionWriteResult.RedemptionInsufficientUnits ->
                                return! invokeHandler (errorResponse 409 "INSUFFICIENT_UNITS" "available holdings are not enough for the requested redemption units") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "redemption persistence failed") next ctx
            }

    let private getRedemptions (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let orders = repository.GetRedemptionOrders fundId
                        json (orders |> List.map redemptionResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "redemption persistence failed" next ctx

    let private confirmRedemption (repository: FundRepository) (fundIdText: string) (orderIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText, Guid.TryParse orderIdText with
            | (false, _), _
            | _, (false, _) ->
                errorResponse 400 "INVALID_CONFIRM_REQUEST" "fund id and order id must be UUIDs" next ctx
            | (true, fundId), (true, orderId) ->
                let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                try
                    match repository.ConfirmRedemptionOrder(idempotencyKey, fundId, orderId) with
                    | RedemptionConfirmed order
                    | RedemptionConfirmReplayed order
                    | RedemptionPendingNav order -> json (redemptionResponse order) next ctx
                    | RedemptionConfirmIdempotencyConflict ->
                        errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request" next ctx
                    | RedemptionAlreadyConfirmed ->
                        errorResponse 409 "ORDER_ALREADY_CONFIRMED" "order was already confirmed with a different idempotency key" next ctx
                    | RedemptionOrderNotFound -> errorResponse 404 "ORDER_NOT_FOUND" "order was not found" next ctx
                    | RedemptionInvalidStatus ->
                        errorResponse 409 "ORDER_INVALID_STATUS" "order is not in a confirmable status" next ctx
                    | RedemptionConfirmResult.RedemptionInvalid message ->
                        errorResponse 400 "INVALID_CONFIRM_REQUEST" message next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "redemption confirmation failed" next ctx


    let private createCapitalDeposit (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_CAPITAL_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseCapitalDepositCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_CAPITAL_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.CreateCapitalDeposit(idempotencyKey, fundId, command) with
                            | CapitalDepositWriteResult.CapitalDepositCreated deposit ->
                                return! invokeHandler (setStatusCode 201 >=> json (capitalDepositResponse deposit)) next ctx
                            | CapitalDepositWriteResult.CapitalDepositReplayed deposit ->
                                return! invokeHandler (json (capitalDepositResponse deposit)) next ctx
                            | CapitalDepositWriteResult.CapitalDepositIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                            | CapitalDepositWriteResult.CapitalDepositInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_CAPITAL_REQUEST" message) next ctx
                            | CapitalDepositWriteResult.CapitalDepositFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "capital deposit persistence failed") next ctx
            }

    let private getCapitalDeposits (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let deposits = repository.GetCapitalDeposits fundId
                        json (deposits |> List.map capitalDepositResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "capital deposit persistence failed" next ctx

    let private createSipPlan (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_SIP_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseSipPlanCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_SIP_REQUEST" message) next ctx
                    | Ok(command, assetClass) ->
                        try
                            match repository.CreateSipPlan(idempotencyKey, fundId, command, assetClass = assetClass) with
                            | SipPlanWriteResult.SipPlanCreated plan ->
                                return! invokeHandler (setStatusCode 201 >=> json (sipPlanResponse plan)) next ctx
                            | SipPlanWriteResult.SipPlanReplayed plan ->
                                return! invokeHandler (json (sipPlanResponse plan)) next ctx
                            | SipPlanWriteResult.SipPlanIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                            | SipPlanWriteResult.SipPlanInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_SIP_REQUEST" message) next ctx
                            | SipPlanWriteResult.SipPlanFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | SipPlanWriteResult.SipPlanInstrumentNotFound ->
                                return! invokeHandler (errorResponse 404 "INSTRUMENT_NOT_FOUND" "instrument code was not found in the instrument catalog") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "sip plan persistence failed") next ctx
            }

    let private getSipPlans (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let plans = repository.GetSipPlans fundId
                        json (plans |> List.map sipPlanResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "sip plan persistence failed" next ctx

    let private setSipPlanStatus
        (repository: FundRepository)
        (targetStatus: string)
        (fundIdText: string)
        (planIdText: string)
        : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText, Guid.TryParse planIdText with
            | (false, _), _
            | _, (false, _) ->
                errorResponse 400 "INVALID_SIP_REQUEST" "fund id and plan id must be UUIDs" next ctx
            | (true, fundId), (true, planId) ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        match repository.SetSipPlanStatus(fundId, planId, targetStatus) with
                        | SipPlanStatusResult.SipPlanStatusChanged plan -> json (sipPlanResponse plan) next ctx
                        | SipPlanStatusResult.SipPlanStatusNotFound ->
                            errorResponse 404 "PLAN_NOT_FOUND" "sip plan does not belong to this fund" next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "sip plan status update failed" next ctx

    let private createInvestmentPlan (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_INVESTMENT_PLAN_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseInvestmentPlanCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_INVESTMENT_PLAN_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.CreateInvestmentPlan(idempotencyKey, fundId, command) with
                            | InvestmentPlanWriteResult.InvestmentPlanCreated plan ->
                                return! invokeHandler (setStatusCode 201 >=> json (investmentPlanResponse plan)) next ctx
                            | InvestmentPlanWriteResult.InvestmentPlanReplayed plan ->
                                return! invokeHandler (json (investmentPlanResponse plan)) next ctx
                            | InvestmentPlanWriteResult.InvestmentPlanIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                            | InvestmentPlanWriteResult.InvestmentPlanInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_INVESTMENT_PLAN_REQUEST" message) next ctx
                            | InvestmentPlanWriteResult.InvestmentPlanFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | InvestmentPlanWriteResult.InvestmentPlanInstrumentNotFound ->
                                return! invokeHandler (errorResponse 404 "INSTRUMENT_NOT_FOUND" "instrument code was not found in the instrument catalog") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "investment plan persistence failed") next ctx
            }

    let private getInvestmentPlans (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let plans = repository.GetInvestmentPlans fundId
                        json (plans |> List.map investmentPlanResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "investment plan persistence failed" next ctx

    let private parseInvestmentPlanRunCommand (body: string) =
        try
            if String.IsNullOrWhiteSpace body then
                Ok None
            else
                use document = JsonDocument.Parse(body)
                let root = document.RootElement

                if root.ValueKind <> JsonValueKind.Object then
                    Error "request body must be a JSON object"
                else
                    match tryStringProperty root "processingDate" with
                    | None -> Ok None
                    | Some text ->
                        match DateOnly.TryParseExact(text, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                        | true, date -> Ok(Some date)
                        | _ -> Error "processingDate must be yyyy-MM-dd"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private runInvestmentPlans (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_INVESTMENT_PLAN_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()

                    match parseInvestmentPlanRunCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_INVESTMENT_PLAN_REQUEST" message) next ctx
                    | Ok processingDateText ->
                        let processingDate =
                            processingDateText
                            |> Option.defaultWith (fun () -> ConfirmationPolicy.tradeDateFor DateTimeOffset.UtcNow)

                        try
                            match repository.GetFund fundId with
                            | None ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | Some _ ->
                                let result = repository.RunInvestmentPlans(fundId, processingDate)
                                return! invokeHandler (json (investmentPlanRunResponse result)) next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "investment plan run failed") next ctx
            }

    let private parseSipAdvanceCommand (body: string) =
        try
            if String.IsNullOrWhiteSpace body then
                Ok(None, 24)
            else
                use document = JsonDocument.Parse(body)
                let root = document.RootElement

                if root.ValueKind <> JsonValueKind.Object then
                    Error "request body must be a JSON object"
                else
                    let endDate =
                        match tryStringProperty root "endDate" with
                        | None -> None
                        | Some text ->
                            match DateOnly.TryParseExact(text, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                            | true, date -> Some date
                            | _ -> failwith "endDate must be yyyy-MM-dd"

                    let limit =
                        match tryStringProperty root "limit" with
                        | None -> 24
                        | Some text ->
                            match Int32.TryParse(text, CultureInfo.InvariantCulture) with
                            | true, value when value > 0 -> value
                            | _ -> failwith "limit must be a positive integer"

                    Ok(endDate, limit)
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private sipPlanAdvanceResponse (result: SipPlanAdvanceResult) =
        {|
            planId = result.PlanId
            instrumentCode = result.InstrumentCode
            assetClass = result.AssetClass
            amount = cashText result.Amount
            frequency = SipPolicy.frequencyText result.Frequency
            nextTradeDate = dateText result.NextTradeDate
            executions =
                result.Executions
                |> List.map (fun outcome ->
                    {|
                        tradeDate = dateText outcome.TradeDate
                        status = outcome.Status
                        orderId = outcome.OrderId |> Option.map (fun id -> id.ToString("D"))
                        pendingReason = outcome.PendingReason
                    |})
        |}

    let private advanceSipPlans (repository: FundRepository) (probes: MarketProbes option) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_SIP_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()

                    match parseSipAdvanceCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_SIP_REQUEST" message) next ctx
                    | Ok(endDateText, limit) ->
                        let endDate =
                            endDateText
                            |> Option.defaultWith (fun () -> ConfirmationPolicy.tradeDateFor DateTimeOffset.UtcNow)

                        let stockQuote =
                            match probes with
                            | Some configured ->
                                Some(fun (code: string) ->
                                    match configured.StockQuotes.GetQuote(code, ctx.RequestAborted) with
                                    | Ok quote ->
                                        Ok
                                            {
                                                Price = quote.Price
                                                Name = quote.Name
                                                Suspended = quote.Suspended
                                            }
                                    | Error failure -> Error(sprintf "%A" failure))
                            | None -> None

                        try
                            match repository.GetFund fundId with
                            | None ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | Some _ ->
                                let advanced = repository.AdvanceSipPlans(fundId, endDate, limit, ?stockQuote = stockQuote)

                                return!
                                    json
                                        {|
                                            fundId = fundId
                                            endDate = dateText endDate
                                            plans = advanced.Plans |> List.map sipPlanAdvanceResponse
                                        |}
                                        next
                                        ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "sip advance failed") next ctx
            }

    let private createRebalancePlan (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_REBALANCE_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseRebalancePlanCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_REBALANCE_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.CreateRebalancePlan(idempotencyKey, fundId, command) with
                            | RebalanceWriteResult.RebalancePlanCreated plan ->
                                return! invokeHandler (setStatusCode 201 >=> json (rebalancePlanResponse plan)) next ctx
                            | RebalanceWriteResult.RebalancePlanReplayed plan ->
                                return! invokeHandler (json (rebalancePlanResponse plan)) next ctx
                            | RebalanceWriteResult.RebalanceIdempotencyConflict ->
                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                            | RebalanceWriteResult.RebalanceInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_REBALANCE_REQUEST" message) next ctx
                            | RebalanceWriteResult.RebalanceFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | RebalanceWriteResult.RebalanceInstrumentNotFound ->
                                return! invokeHandler (errorResponse 404 "INSTRUMENT_NOT_FOUND" "instrument code was not found in the instrument catalog") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "rebalance plan persistence failed") next ctx
            }

    let private getRebalancePlans (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let plans = repository.GetRebalancePlans fundId
                        json (plans |> List.map rebalancePlanResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "rebalance plan persistence failed" next ctx

    let private archiveRebalancePlan (repository: FundRepository) (fundIdText: string) (planIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText, Guid.TryParse planIdText with
            | (false, _), _
            | _, (false, _) ->
                errorResponse 400 "INVALID_REBALANCE_REQUEST" "fund id and plan id must be UUIDs" next ctx
            | (true, fundId), (true, planId) ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        match repository.ArchiveRebalancePlan(fundId, planId) with
                        | RebalanceArchiveResult.RebalancePlanArchived plan -> json (rebalancePlanResponse plan) next ctx
                        | RebalanceArchiveResult.RebalanceArchiveNotFound ->
                            errorResponse 404 "PLAN_NOT_FOUND" "rebalance plan does not belong to this fund" next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "rebalance plan archive failed" next ctx

    let private executeRebalancePlan (repository: FundRepository) (fundIdText: string) (planIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText, Guid.TryParse planIdText with
            | (false, _), _
            | _, (false, _) ->
                errorResponse 400 "INVALID_REBALANCE_REQUEST" "fund id and plan id must be UUIDs" next ctx
            | (true, fundId), (true, planId) ->
                try
                    match repository.GetFund fundId with
                    | None ->
                        errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        match repository.ExecuteRebalancePlan planId with
                        | Error message ->
                            if message.Contains("is archived") then
                                errorResponse 409 "PLAN_ARCHIVED" "rebalance plan is archived" next ctx
                            else
                                errorResponse (if message.Contains("was not found") then 404 else 400) "INVALID_REBALANCE_REQUEST" message next ctx
                        | Ok result ->
                            if result.PlanId <> Guid.Empty && repository.GetRebalancePlans fundId |> List.exists (fun plan -> plan.Id = result.PlanId) |> not then
                                errorResponse 404 "PLAN_NOT_FOUND" "rebalance plan does not belong to this fund" next ctx
                            else
                                json (rebalanceExecutionResponse result) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "rebalance execution failed" next ctx

    let private getRebalanceExecutions (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_FUND_ID" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        let records = repository.GetRebalanceExecutions fundId
                        json (records |> List.map rebalanceExecutionRecordResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "rebalance execution persistence failed" next ctx

    let private previewRebalancePlan (repository: FundRepository) (fundIdText: string) (planIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText, Guid.TryParse planIdText with
            | (false, _), _
            | _, (false, _) ->
                errorResponse 400 "INVALID_REBALANCE_REQUEST" "fund id and plan id must be UUIDs" next ctx
            | (true, fundId), (true, planId) ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some _ ->
                        if repository.GetRebalancePlans fundId |> List.exists (fun plan -> plan.Id = planId) |> not then
                            errorResponse 404 "PLAN_NOT_FOUND" "rebalance plan does not belong to this fund" next ctx
                        else
                            match repository.PreviewRebalancePlan planId with
                            | Error message ->
                                if message.Contains("is archived") then
                                    errorResponse 409 "PLAN_ARCHIVED" "rebalance plan is archived" next ctx
                                else
                                    errorResponse 400 "INVALID_REBALANCE_REQUEST" message next ctx
                            | Ok preview -> json (rebalancePreviewResponse preview) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "rebalance preview failed" next ctx

    let private marketDataError (failure: MarketDataFailure) : HttpHandler =
        let status, error, message =
            match failure with
            | InvalidMarketDataRequest message -> 400, "INVALID_MARKET_DATA_REQUEST", message
            | MarketDataCollectorUnavailable message -> 503, "MARKET_DATA_UNAVAILABLE", message
            | InvalidMarketDataPayload message -> 502, "INVALID_MARKET_DATA_PAYLOAD", message
            | MarketDataPersistenceFailure _ -> 500, "PERSISTENCE_ERROR", "market data persistence failed"

        errorResponse status error message

    let private marketDataErrorText (failure: MarketDataFailure) =
        match failure with
        | InvalidMarketDataRequest message -> message
        | MarketDataCollectorUnavailable message -> message
        | InvalidMarketDataPayload message -> message
        | MarketDataPersistenceFailure message -> message

    let private marketDataInstrumentResponse (instrument: MarketDataInstrument) =
        {
            code = instrument.Code
            name = instrument.Name
            fundType = instrument.FundType
        }

    let private marketDataSearchResponse (payload: MarketDataSearchPayload) =
        {
            source = payload.Source
            sourceRevision = payload.SourceRevision
            collectedAt = timestampText payload.CollectedAt
            instruments = payload.Instruments |> List.map marketDataInstrumentResponse
        }

    let private marketDataObservationResponse (observation: MarketDataNavRecord) =
        {
            code = observation.Code
            navDate = dateText observation.NavDate
            publishedAt = observation.PublishedAt |> Option.map timestampText
            nav = decimalText observation.Nav
            accumulatedNav = observation.AccumulatedNav |> Option.map decimalText
            dailyReturn = observation.DailyReturn |> Option.map decimalText
            source = observation.Source
            sourceRevision = observation.SourceRevision
            sourceCollectedAt = timestampText observation.SourceCollectedAt
            sourcePayloadHash = observation.SourcePayloadHash
            firstSeenAt = timestampText observation.FirstSeenAt
            lastSeenAt = timestampText observation.LastSeenAt
        }

    let private marketDataNavResponse code (observations: MarketDataNavRecord list) : MarketDataNavApiResponse =
        {
            code = code
            observations = observations |> List.map marketDataObservationResponse
        }

    let private searchInstruments (marketData: IMarketDataService) : HttpHandler =
        fun next ctx ->
            match marketData.Search(ctx.Request.Query["q"].ToString(), ctx.RequestAborted) with
            | Ok payload -> json (marketDataSearchResponse payload) next ctx
            | Error failure -> marketDataError failure next ctx

    let private refreshNav (marketData: IMarketDataService) (code: string) : HttpHandler =
        fun next ctx ->
            match marketData.RefreshNav(code, ctx.RequestAborted) with
            | Ok observations -> json (marketDataNavResponse code observations) next ctx
            | Error failure -> marketDataError failure next ctx

    let private queryDate (name: string) (ctx: HttpContext) =
        let value = ctx.Request.Query[name].ToString()

        if String.IsNullOrWhiteSpace value then
            Ok None
        else
            let mutable date = DateOnly.MinValue

            if DateOnly.TryParseExact(value, "yyyy-MM-dd", invariant, DateTimeStyles.None, &date) then
                Ok(Some date)
            else
                Error(sprintf "%s must be an ISO date" name)

    let private getNav (marketData: IMarketDataService) (code: string) : HttpHandler =
        fun next ctx ->
            match queryDate "from" ctx, queryDate "to" ctx with
            | Ok fromDate, Ok toDate ->
                match marketData.GetNav(code, fromDate, toDate) with
                | Ok observations -> json (marketDataNavResponse code observations) next ctx
                | Error failure -> marketDataError failure next ctx
            | Error message, _
            | _, Error message ->
                marketDataError (InvalidMarketDataRequest message) next ctx

    let private marketDataRoutes (marketData: IMarketDataService) =
        [
            GET >=> route "/instruments/search" >=> searchInstruments marketData
            POST >=> routef "/instruments/%s/nav/refresh" (refreshNav marketData)
            GET >=> routef "/instruments/%s/nav" (getNav marketData)
        ]

    let private getMarketNavDates (probe: INavDateProbe) : HttpHandler =
        fun next ctx ->
            let code = ctx.Request.Query["code"].ToString()

            match probe.RecentNavDates(code, 5, ctx.RequestAborted) with
            | Ok dates ->
                json ({ code = code.Trim(); dates = dates |> List.map dateText } : MarketNavDatesApiResponse) next ctx
            | Error failure -> marketDataError failure next ctx

    let private marketNavSeriesPointResponse (point: NavSeriesPoint) : MarketNavSeriesPointApiResponse =
        {
            navDate = dateText point.NavDate
            nav = decimalText point.Nav
            accumulatedNav = point.AccumulatedNav |> Option.map decimalText
        }

    let private getMarketNavSeries (probe: INavSeriesProbe) : HttpHandler =
        fun next ctx ->
            let code = ctx.Request.Query["code"].ToString()
            let limitText = ctx.Request.Query["limit"].ToString()

            let limit =
                if String.IsNullOrWhiteSpace limitText then
                    Ok 30
                else
                    match Int32.TryParse(limitText, NumberStyles.Integer, invariant) with
                    | true, value when value >= 1 && value <= 250 -> Ok value
                    | _ -> Error "limit must be an integer between 1 and 250"

            match limit with
            | Error message -> marketDataError (InvalidMarketDataRequest message) next ctx
            | Ok value ->
                match probe.RecentNavSeries(code, value, ctx.RequestAborted) with
                | Ok points ->
                    json
                        ({ code = code.Trim()
                           points = points |> List.map marketNavSeriesPointResponse }
                         : MarketNavSeriesApiResponse)
                        next
                        ctx
                | Error failure -> marketDataError failure next ctx

    let private getBondQuote (probe: IBondQuoteProbe) : HttpHandler =
        fun next ctx ->
            let code = ctx.Request.Query["code"].ToString()

            match probe.GetQuote(code, ctx.RequestAborted) with
            | Ok quote ->
                let terms = BondQuote.tryTerms quote

                let valuationDate =
                    quote.Date
                    |> Option.orElse quote.PublishDate
                    |> Option.defaultValue (DateOnly.FromDateTime DateTime.UtcNow)

                let computedAccrued = terms |> Option.map (fun value -> BondRules.accruedInterest value valuationDate)

                let dirtyPrice =
                    match quote.CleanPrice |> Option.orElse quote.Price, computedAccrued with
                    | Some clean, Some accrued -> Some(BondRules.dirtyPrice clean accrued)
                    | _ -> None

                json
                    ({ code = quote.Code
                       sourceRevision = quote.SourceRevision
                       name = quote.Name
                       price = quote.Price |> Option.map decimalText
                       cleanPrice = quote.CleanPrice |> Option.map decimalText
                       accruedInterest = quote.AccruedInterest |> Option.map decimalText
                       date = quote.Date |> Option.map dateText
                       maturityDate = quote.MaturityDate |> Option.map dateText
                       parValue = quote.ParValue |> Option.map decimalText
                       issuePrice = quote.IssuePrice |> Option.map decimalText
                       valueDate = quote.ValueDate |> Option.map dateText
                       listingDate = quote.ListingDate |> Option.map dateText
                       publishDate = quote.PublishDate |> Option.map dateText
                       payInterestDay = quote.PayInterestDay
                       couponRate = quote.CouponRate |> Option.map decimalText
                       couponRateExplain = quote.CouponRateExplain
                       bondExpireYears = quote.BondExpireYears
                       rating = quote.Rating
                       dataStatus = quote.DataStatus
                       accruedInterestComputed = computedAccrued |> Option.map decimalText
                       dirtyPrice = dirtyPrice |> Option.map decimalText
                       valuationDate = Some(dateText valuationDate) }
                     : BondQuoteApiResponse)
                    next
                    ctx
            | Error failure -> marketDataError failure next ctx

    let private getStockQuote (probe: IStockQuoteProbe) : HttpHandler =
        fun next ctx ->
            let code = ctx.Request.Query["code"].ToString()

            match probe.GetQuote(code, ctx.RequestAborted) with
            | Ok quote ->
                json
                    ({ code = quote.Code
                       name = quote.Name
                       price = quote.Price |> Option.map decimalText
                       currency = quote.Currency
                       market = quote.Market
                       adjust = quote.Adjust
                       suspended = quote.Suspended }
                     : StockQuoteApiResponse)
                    next
                    ctx
            | Error failure -> marketDataError failure next ctx

    let private stockDailyObservationResponse (observation: StockDailyObservation) : StockDailyObservationApiResponse =
        {
            date = dateText observation.BarDate
            close = decimalText observation.Close
            volume = observation.Volume |> Option.map decimalText
            amount = observation.Amount |> Option.map decimalText
        }

    let private getStockDaily (probe: IStockDailyProbe) : HttpHandler =
        fun next ctx ->
            let code = ctx.Request.Query["code"].ToString()
            let daysText = ctx.Request.Query["days"].ToString()

            let days =
                if String.IsNullOrWhiteSpace daysText then
                    Ok 5
                else
                    match Int32.TryParse(daysText, NumberStyles.Integer, invariant) with
                    | true, value when value >= 1 && value <= 30 -> Ok value
                    | _ -> Error "days must be an integer between 1 and 30"

            match days with
            | Error message -> marketDataError (InvalidMarketDataRequest message) next ctx
            | Ok value ->
                match probe.RecentDaily(code, value, ctx.RequestAborted) with
                | Ok observations ->
                    json
                        ({ code = code.Trim()
                           observations = observations |> List.map stockDailyObservationResponse }
                         : StockDailyApiResponse)
                        next
                        ctx
                | Error failure -> marketDataError failure next ctx

    let private createStockTrade (repository: FundRepository) (probes: MarketProbes option) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_STOCK_TRADE_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseStockTradeCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_STOCK_TRADE_REQUEST" message) next ctx
                    | Ok command ->
                        match probes with
                        | None ->
                            return! invokeHandler (marketDataError (MarketDataCollectorUnavailable "stock quote probe is not configured")) next ctx
                        | Some configured ->
                            let quoteResult = configured.StockQuotes.GetQuote(command.InstrumentCode, ctx.RequestAborted)

                            match quoteResult with
                            | Error failure ->
                                return! invokeHandler (marketDataError failure) next ctx
                            | Ok quote when quote.Suspended = Some true ->
                                return!
                                    invokeHandler
                                        (errorResponse 400 "STOCK_SUSPENDED" "stock is suspended and cannot be traded")
                                        next
                                        ctx
                            | Ok quote ->
                                match quote.Price with
                                | None ->
                                    return!
                                        invokeHandler
                                            (marketDataError (InvalidMarketDataPayload "stock quote did not include a price"))
                                            next
                                            ctx
                                | Some price ->
                                    let resolvedName =
                                        match command.StockName with
                                        | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                                        | _ ->
                                            match quote.Name with
                                            | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                                            | _ -> None

                                    let priced = { command with Price = price; StockName = resolvedName }

                                    try
                                        match repository.CreateStockTrade(idempotencyKey, fundId, priced) with
                                        | StockTradeWriteResult.StockTradeCreated trade ->
                                            return! invokeHandler (setStatusCode 201 >=> json (stockTradeResponse trade)) next ctx
                                        | StockTradeWriteResult.StockTradeReplayed trade ->
                                            return! invokeHandler (json (stockTradeResponse trade)) next ctx
                                        | StockTradeWriteResult.StockTradeIdempotencyConflict ->
                                            return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                                        | StockTradeWriteResult.StockTradeInvalid message ->
                                            return! invokeHandler (errorResponse 400 "INVALID_STOCK_TRADE_REQUEST" message) next ctx
                                        | StockTradeWriteResult.StockTradeInsufficientFunds message ->
                                            return! invokeHandler (errorResponse 400 "INSUFFICIENT_FUNDS" message) next ctx
                                        | StockTradeWriteResult.StockTradeFundNotFound ->
                                            return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                                    with _ ->
                                        return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "stock trade persistence failed") next ctx
            }

    let private parseStockCashflowCommand (body: string) : Result<StockCashflowCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match
                    tryStringProperty root "instrumentCode",
                    tryStringProperty root "eventType",
                    tryStringProperty root "eventDate"
                    with
                | Some code, Some eventType, Some eventDateText ->
                    if code.Trim().Length <> 6 || not (code.Trim() |> Seq.forall Char.IsDigit) then
                        Error "instrumentCode must contain exactly six digits"
                    else
                        match DateOnly.TryParseExact(eventDateText, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                        | false, _ -> Error "eventDate must be an ISO date (yyyy-MM-dd)"
                        | true, eventDate ->
                            let quantity =
                                match tryStringProperty root "quantity" with
                                | None -> Ok 0m
                                | Some text -> tryDecimal "quantity" text

                            let amount =
                                match tryStringProperty root "amount" with
                                | None -> Ok 0m
                                | Some text -> tryDecimal "amount" text

                            match quantity, amount with
                            | Error message, _ -> Error message
                            | _, Error message -> Error message
                            | Ok quantity, Ok amount ->
                                Ok
                                    {
                                        InstrumentCode = code.Trim()
                                        StockName = tryStringProperty root "stockName"
                                        EventType = eventType
                                        EventDate = eventDate
                                        Quantity = quantity
                                        Amount = amount
                                        Note = tryStringProperty root "note"
                                    }
                | _ -> Error "instrumentCode, eventType and eventDate are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private recordStockCashflow (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_STOCK_CASHFLOW_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseStockCashflowCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_STOCK_CASHFLOW_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.RecordStockCashflow(idempotencyKey, fundId, command) with
                            | StockCashflowWriteResult.StockCashflowCreated record ->
                                return! invokeHandler (setStatusCode 201 >=> json (stockCashflowResponse record)) next ctx
                            | StockCashflowWriteResult.StockCashflowReplayed record ->
                                return! invokeHandler (json (stockCashflowResponse record)) next ctx
                            | StockCashflowWriteResult.StockCashflowIdempotencyConflict ->
                                return!
                                    invokeHandler
                                        (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request")
                                        next
                                        ctx
                            | StockCashflowWriteResult.StockCashflowInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_STOCK_CASHFLOW_REQUEST" message) next ctx
                            | StockCashflowWriteResult.StockCashflowFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "stock cashflow persistence failed") next ctx
            }

    let private getStockCashflows (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_STOCK_CASHFLOW_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let events =
                            repository.GetStockCashflows fundId |> List.map stockCashflowResponse

                        json ({ fundId = fund.Id; events = events } : StockCashflowsResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "stock cashflow persistence failed" next ctx

    let private getStockPositions (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_STOCK_TRADE_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let positions =
                            repository.GetStockPositions fundId
                            |> List.map stockPositionResponse

                        json ({ fundId = fund.Id; positions = positions } : StockPositionsResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "stock position persistence failed" next ctx

    let private completeStockSell
        (repository: FundRepository)
        (fundId: Guid)
        (idempotencyKey: string)
        (command: StockSellCommand)
        next
        ctx
        =
        task {
            try
                match repository.CreateStockSell(idempotencyKey, fundId, command) with
                | StockSellWriteResult.StockSellCreated sell ->
                    return! invokeHandler (setStatusCode 201 >=> json (stockSellResponse sell)) next ctx
                | StockSellWriteResult.StockSellReplayed sell ->
                    return! invokeHandler (json (stockSellResponse sell)) next ctx
                | StockSellWriteResult.StockSellIdempotencyConflict ->
                    return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                | StockSellWriteResult.StockSellInsufficientHoldings message ->
                    return! invokeHandler (errorResponse 400 "INSUFFICIENT_STOCK_HOLDINGS" message) next ctx
                | StockSellWriteResult.StockSellInvalid message ->
                    return! invokeHandler (errorResponse 400 "INVALID_STOCK_SELL_REQUEST" message) next ctx
                | StockSellWriteResult.StockSellFundNotFound ->
                    return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
            with _ ->
                return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "stock sale persistence failed") next ctx
        }

    let private createStockSell (repository: FundRepository) (probes: MarketProbes option) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_STOCK_SELL_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseStockSellCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_STOCK_SELL_REQUEST" message) next ctx
                    | Ok command ->
                        let asOfDate = ConfirmationPolicy.eventDateFor DateTimeOffset.UtcNow

                        let snapshotPrice =
                            try
                                repository.GetLatestSnapshots(fundId, "stock", asOfDate)
                                |> Map.tryFind command.InstrumentCode
                                |> Option.map (fun snapshot -> snapshot.Price)
                            with _ ->
                                None

                        let existingName =
                            try
                                repository.GetStockPositions fundId
                                |> List.tryFind (fun position -> position.InstrumentCode = command.InstrumentCode)
                                |> Option.bind (fun position -> position.StockName)
                            with _ ->
                                None

                        let resolveName (candidate: string option) =
                            match candidate with
                            | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                            | _ -> existingName

                        match snapshotPrice with
                        | Some price ->
                            return!
                                completeStockSell
                                    repository
                                    fundId
                                    idempotencyKey
                                    { command with Price = price; StockName = resolveName command.StockName }
                                    next
                                    ctx
                        | None ->
                            match probes with
                            | None ->
                                return!
                                    invokeHandler
                                        (marketDataError (MarketDataCollectorUnavailable "stock quote probe is not configured"))
                                        next
                                        ctx
                            | Some configured ->
                                match configured.StockQuotes.GetQuote(command.InstrumentCode, ctx.RequestAborted) with
                                | Error failure -> return! invokeHandler (marketDataError failure) next ctx
                                | Ok quote ->
                                    match quote.Price with
                                    | None ->
                                        return!
                                            invokeHandler
                                                (marketDataError (InvalidMarketDataPayload "stock quote did not include a price"))
                                                next
                                                ctx
                                    | Some price ->
                                        return!
                                            completeStockSell
                                                repository
                                                fundId
                                                idempotencyKey
                                                { command with Price = price; StockName = resolveName quote.Name }
                                                next
                                                ctx
            }

    let private createBondTrade (repository: FundRepository) (probes: MarketProbes option) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_BOND_TRADE_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseBondTradeCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_BOND_TRADE_REQUEST" message) next ctx
                    | Ok command ->
                        match probes with
                        | None ->
                            return! invokeHandler (marketDataError (MarketDataCollectorUnavailable "bond quote probe is not configured")) next ctx
                        | Some configured ->
                            let quoteResult = configured.BondQuotes.GetQuote(command.InstrumentCode, ctx.RequestAborted)

                            match quoteResult with
                            | Error failure ->
                                return! invokeHandler (marketDataError failure) next ctx
                            | Ok quote ->
                                let terms = BondQuote.tryTerms quote
                                let cleanPrice = quote.CleanPrice |> Option.orElse quote.Price

                                match cleanPrice with
                                | None ->
                                    return!
                                        invokeHandler
                                            (marketDataError (InvalidMarketDataPayload "bond quote did not include a price"))
                                            next
                                            ctx
                                | Some clean ->
                                    let asOf =
                                        command.TradeDate
                                        |> Option.orElse quote.Date
                                        |> Option.orElse quote.PublishDate
                                        |> Option.defaultValue (DateOnly.FromDateTime DateTime.UtcNow)

                                    let computedAccrued =
                                        terms |> Option.map (fun value -> BondRules.accruedInterest value asOf)

                                    let accrued =
                                        quote.AccruedInterest |> Option.orElse computedAccrued |> Option.defaultValue 0m

                                    let dirtyPrice = BondRules.dirtyPrice clean accrued
                                    let parValue = quote.ParValue |> Option.defaultValue 100m

                                    let settlement =
                                        terms
                                        |> Option.map (fun value -> BondRules.settlementDate value asOf)
                                        |> Option.defaultValue asOf

                                    let quantityCheck =
                                        terms |> Option.map (fun value -> BondRules.validateQuantity value command.Quantity)

                                    match quantityCheck with
                                    | Some(Error message) ->
                                        return! invokeHandler (errorResponse 400 "INVALID_BOND_TRADE_REQUEST" message) next ctx
                                    | _ ->
                                        let resolvedName =
                                            match command.BondName with
                                            | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                                            | _ ->
                                                match quote.Name with
                                                | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                                                | _ -> None

                                        let priced =
                                            {
                                                command with
                                                    Price = dirtyPrice
                                                    CleanPrice = clean
                                                    AccruedInterest = accrued
                                                    ParValue = parValue
                                                    SettlementDate = settlement
                                                    CouponRate = terms |> Option.map (fun value -> value.CouponRate)
                                                    ValueDate = terms |> Option.map (fun value -> value.ValueDate)
                                                    MaturityDate = terms |> Option.map (fun value -> value.MaturityDate)
                                                    TradeDate = Some asOf
                                                    BondName = resolvedName
                                            }

                                        try
                                            match repository.CreateBondTrade(idempotencyKey, fundId, priced) with
                                            | BondTradeWriteResult.BondTradeCreated trade ->
                                                return! invokeHandler (setStatusCode 201 >=> json (bondTradeResponse trade)) next ctx
                                            | BondTradeWriteResult.BondTradeReplayed trade ->
                                                return! invokeHandler (json (bondTradeResponse trade)) next ctx
                                            | BondTradeWriteResult.BondTradeIdempotencyConflict ->
                                                return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                                            | BondTradeWriteResult.BondTradeInvalid message ->
                                                return! invokeHandler (errorResponse 400 "INVALID_BOND_TRADE_REQUEST" message) next ctx
                                            | BondTradeWriteResult.BondTradeFundNotFound ->
                                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                                        with _ ->
                                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "bond trade persistence failed") next ctx
            }

    let private getBondPositions (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_BOND_TRADE_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let positions =
                            repository.GetBondPositions fundId
                            |> List.map bondPositionResponse

                        json ({ fundId = fund.Id; positions = positions } : BondPositionsResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "bond position persistence failed" next ctx

    let private parseBondCashflowCommand (body: string) : Result<BondCashflowCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match
                    tryStringProperty root "instrumentCode",
                    tryStringProperty root "eventType",
                    tryStringProperty root "eventDate",
                    tryStringProperty root "quantity",
                    tryStringProperty root "amount"
                    with
                | Some code, Some eventType, Some eventDateText, Some quantityText, Some amountText ->
                    if code.Trim().Length <> 6 || not (code.Trim() |> Seq.forall Char.IsDigit) then
                        Error "instrumentCode must contain exactly six digits"
                    else
                        match
                            DateOnly.TryParseExact(eventDateText, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None),
                            tryDecimal "quantity" quantityText,
                            tryDecimal "amount" amountText
                            with
                        | (true, eventDate), Ok quantity, Ok amount ->
                            Ok
                                {
                                    InstrumentCode = code.Trim()
                                    BondName = tryStringProperty root "bondName"
                                    EventType = eventType
                                    EventDate = eventDate
                                    Quantity = quantity
                                    Amount = amount
                                    Note = tryStringProperty root "note"
                                }
                        | (false, _), _, _ -> Error "eventDate must be an ISO date (yyyy-MM-dd)"
                        | _, Error message, _ -> Error message
                        | _, _, Error message -> Error message
                | _ -> Error "instrumentCode, eventType, eventDate, quantity and amount are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private parseBondSellCommand (body: string) : Result<BondSellCommand, string> =
        try
            use document = JsonDocument.Parse(body)
            let root = document.RootElement

            if root.ValueKind <> JsonValueKind.Object then
                Error "request body must be a JSON object"
            else
                match tryStringProperty root "instrumentCode", tryStringProperty root "quantity" with
                | Some code, Some quantityText ->
                    if code.Trim().Length <> 6 || not (code.Trim() |> Seq.forall Char.IsDigit) then
                        Error "instrumentCode must contain exactly six digits"
                    else
                        match tryDecimal "quantity" quantityText with
                        | Error message -> Error message
                        | Ok quantity ->
                            let tradeDate =
                                match tryStringProperty root "tradeDate" with
                                | None -> Ok None
                                | Some text ->
                                    match DateOnly.TryParseExact(text, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                                    | true, date -> Ok(Some date)
                                    | false, _ -> Error "tradeDate must be an ISO date (yyyy-MM-dd)"

                            let fee =
                                match tryStringProperty root "feeAmount" with
                                | None -> Ok 0m
                                | Some text -> tryDecimal "feeAmount" text

                            match tradeDate, fee with
                            | Error message, _ -> Error message
                            | _, Error message -> Error message
                            | Ok tradeDate, Ok fee ->
                                Ok
                                    {
                                        InstrumentCode = code.Trim()
                                        BondName = tryStringProperty root "bondName"
                                        Quantity = quantity
                                        Price = 0m
                                        CleanPrice = 0m
                                        AccruedInterest = 0m
                                        ParValue = 100m
                                        SettlementDate = DateOnly.FromDateTime DateTime.UtcNow
                                        TradeDate = tradeDate
                                        FeeAmount = fee
                                    }
                | _ -> Error "instrumentCode and quantity are required"
        with
        | :? JsonException -> Error "request body must be valid JSON"

    let private createBondSell (repository: FundRepository) (probes: MarketProbes option) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_BOND_SELL_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseBondSellCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_BOND_SELL_REQUEST" message) next ctx
                    | Ok command ->
                        match probes with
                        | None ->
                            return! invokeHandler (marketDataError (MarketDataCollectorUnavailable "bond quote probe is not configured")) next ctx
                        | Some configured ->
                            match configured.BondQuotes.GetQuote(command.InstrumentCode, ctx.RequestAborted) with
                            | Error failure -> return! invokeHandler (marketDataError failure) next ctx
                            | Ok quote ->
                                let terms = BondQuote.tryTerms quote
                                let cleanPrice = quote.CleanPrice |> Option.orElse quote.Price

                                match cleanPrice with
                                | None ->
                                    return!
                                        invokeHandler
                                            (marketDataError (InvalidMarketDataPayload "bond quote did not include a price"))
                                            next
                                            ctx
                                | Some clean ->
                                    let asOf =
                                        command.TradeDate
                                        |> Option.orElse quote.Date
                                        |> Option.orElse quote.PublishDate
                                        |> Option.defaultValue (DateOnly.FromDateTime DateTime.UtcNow)

                                    let computedAccrued =
                                        terms |> Option.map (fun value -> BondRules.accruedInterest value asOf)

                                    let accrued =
                                        quote.AccruedInterest |> Option.orElse computedAccrued |> Option.defaultValue 0m

                                    let dirtyPrice = BondRules.dirtyPrice clean accrued
                                    let parValue = quote.ParValue |> Option.defaultValue 100m

                                    let settlement =
                                        terms
                                        |> Option.map (fun value -> BondRules.settlementDate value asOf)
                                        |> Option.defaultValue asOf

                                    let resolvedName =
                                        match command.BondName with
                                        | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                                        | _ ->
                                            match quote.Name with
                                            | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
                                            | _ -> None

                                    let priced =
                                        {
                                            command with
                                                Price = dirtyPrice
                                                CleanPrice = clean
                                                AccruedInterest = accrued
                                                ParValue = parValue
                                                SettlementDate = settlement
                                                TradeDate = Some asOf
                                                BondName = resolvedName
                                        }

                                    try
                                        match repository.CreateBondSell(idempotencyKey, fundId, priced) with
                                        | BondSellWriteResult.BondSellCreated sell ->
                                            return! invokeHandler (setStatusCode 201 >=> json (bondSellResponse sell)) next ctx
                                        | BondSellWriteResult.BondSellReplayed sell ->
                                            return! invokeHandler (json (bondSellResponse sell)) next ctx
                                        | BondSellWriteResult.BondSellIdempotencyConflict ->
                                            return! invokeHandler (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request") next ctx
                                        | BondSellWriteResult.BondSellInvalid message ->
                                            return! invokeHandler (errorResponse 400 "INVALID_BOND_SELL_REQUEST" message) next ctx
                                        | BondSellWriteResult.BondSellInsufficientHoldings message ->
                                            return! invokeHandler (errorResponse 400 "INSUFFICIENT_BOND_HOLDINGS" message) next ctx
                                        | BondSellWriteResult.BondSellFundNotFound ->
                                            return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                                    with _ ->
                                        return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "bond sell persistence failed") next ctx
            }

    let private getBondSells (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_BOND_SELL_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let sells =
                            repository.GetBondSells fundId |> List.map bondSellResponse

                        json ({ fundId = fund.Id; sells = sells } : BondSellsResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "bond sell persistence failed" next ctx

    let private getBondCalendar (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_BOND_CALENDAR_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                let today = DateOnly.FromDateTime DateTime.UtcNow

                let parseDate (raw: string) (fallback: DateOnly) =
                    if String.IsNullOrWhiteSpace raw then
                        fallback
                    else
                        match DateOnly.TryParseExact(raw, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                        | true, date -> date
                        | _ -> fallback

                let from = parseDate (ctx.Request.Query["from"].ToString()) today
                let toDate = parseDate (ctx.Request.Query["to"].ToString()) (today.AddYears 1)

                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let positions = repository.GetBondPositions fundId

                        let termsByCode =
                            repository.GetBondTrades fundId
                            |> List.fold
                                (fun acc trade ->
                                    match trade.ValueDate, trade.MaturityDate, trade.CouponRate with
                                    | Some valueDate, Some maturityDate, Some couponRate ->
                                        Map.add
                                            trade.InstrumentCode
                                            (BondTerms.create trade.ParValue couponRate 1 valueDate maturityDate 10m 0 0m)
                                            acc
                                    | _ -> acc)
                                Map.empty

                        let scheduled =
                            positions
                            |> List.collect (fun position ->
                                match termsByCode |> Map.tryFind position.InstrumentCode with
                                | None -> []
                                | Some terms ->
                                    let coupons =
                                        BondRules.couponSchedule terms
                                        |> List.filter (fun date ->
                                            date > terms.ValueDate
                                            && date < terms.MaturityDate
                                            && date >= from
                                            && date <= toDate)
                                        |> List.map (fun date ->
                                            {
                                                instrumentCode = position.InstrumentCode
                                                bondName = position.BondName
                                                eventType = "coupon"
                                                eventDate = dateText date
                                                quantity = decimalText position.Quantity
                                                source = "scheduled"
                                                amount = None
                                                note = None
                                            })

                                    let maturity =
                                        if terms.MaturityDate >= from && terms.MaturityDate <= toDate then
                                            [
                                                {
                                                    instrumentCode = position.InstrumentCode
                                                    bondName = position.BondName
                                                    eventType = "maturity"
                                                    eventDate = dateText terms.MaturityDate
                                                    quantity = decimalText position.Quantity
                                                    source = "scheduled"
                                                    amount = None
                                                    note = None
                                                }
                                            ]
                                        else
                                            []

                                    coupons @ maturity)

                        let recorded =
                            repository.GetBondCashflows fundId
                            |> List.filter (fun event -> event.EventDate >= from && event.EventDate <= toDate)
                            |> List.map (fun event ->
                                {
                                    instrumentCode = event.InstrumentCode
                                    bondName = event.BondName
                                    eventType = event.EventType
                                    eventDate = dateText event.EventDate
                                    quantity = decimalText event.Quantity
                                    source = "recorded"
                                    amount = Some(cashText event.Amount)
                                    note = event.Note
                                })

                        let entries =
                            (recorded @ scheduled) |> List.sortBy (fun entry -> entry.eventDate, entry.instrumentCode)

                        json
                            ({ fundId = fund.Id
                               fromDate = dateText from
                               toDate = dateText toDate
                               entries = entries }
                             : BondCalendarResponse)
                            next
                            ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "bond calendar failed" next ctx

    let private recordBondCashflow (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            task {
                match Guid.TryParse fundIdText with
                | false, _ ->
                    return! invokeHandler (errorResponse 400 "INVALID_BOND_CASHFLOW_REQUEST" "fund id must be a UUID") next ctx
                | true, fundId ->
                    use reader = new StreamReader(ctx.Request.Body)
                    let! body = reader.ReadToEndAsync()
                    let idempotencyKey = ctx.Request.Headers["Idempotency-Key"].ToString()

                    match parseBondCashflowCommand body with
                    | Error message ->
                        return! invokeHandler (errorResponse 400 "INVALID_BOND_CASHFLOW_REQUEST" message) next ctx
                    | Ok command ->
                        try
                            match repository.RecordBondCashflow(idempotencyKey, fundId, command) with
                            | BondCashflowWriteResult.BondCashflowCreated record ->
                                return! invokeHandler (setStatusCode 201 >=> json (bondCashflowResponse record)) next ctx
                            | BondCashflowWriteResult.BondCashflowReplayed record ->
                                return! invokeHandler (json (bondCashflowResponse record)) next ctx
                            | BondCashflowWriteResult.BondCashflowIdempotencyConflict ->
                                return!
                                    invokeHandler
                                        (errorResponse 409 "IDEMPOTENCY_CONFLICT" "idempotency key was used with a different request")
                                        next
                                        ctx
                            | BondCashflowWriteResult.BondCashflowInvalid message ->
                                return! invokeHandler (errorResponse 400 "INVALID_BOND_CASHFLOW_REQUEST" message) next ctx
                            | BondCashflowWriteResult.BondCashflowFundNotFound ->
                                return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                            | BondCashflowWriteResult.BondCashflowPositionNotFound ->
                                return! invokeHandler (errorResponse 404 "BOND_POSITION_NOT_FOUND" "bond position was not found") next ctx
                        with _ ->
                            return! invokeHandler (errorResponse 500 "PERSISTENCE_ERROR" "bond cashflow persistence failed") next ctx
            }

    let private getBondCashflows (repository: FundRepository) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_BOND_CASHFLOW_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let events =
                            repository.GetBondCashflows fundId |> List.map bondCashflowResponse

                        json ({ fundId = fund.Id; events = events } : BondCashflowsResponse) next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "bond cashflow persistence failed" next ctx

    /// Point-in-time valuation row. For bonds the clean snapshot price is
    /// converted to a dirty (全价) value using accrued interest as of the
    /// valuation date, so the holdings value is reproducible and never uses
    /// future coupon information. Stocks keep the legacy clean basis.
    let private valuationPositionResponse
        (assetClass: string)
        (code: string)
        (fallbackName: string option)
        (quantity: decimal)
        (accrued: decimal option)
        (parValue: decimal)
        (resolvedPrice: (string * decimal) option)
        =
        let resolvedName =
            match fallbackName with
            | Some name when not (String.IsNullOrWhiteSpace name) -> Some name
            | _ -> None

        match resolvedPrice with
        | Some(source, price) ->
            let accruedValue = accrued |> Option.defaultValue 0m
            let dirtyPrice = BondRules.dirtyPrice price accruedValue

            let marketValue =
                Decimal.Round(quantity * dirtyPrice * parValue / 100m, 2, MidpointRounding.AwayFromZero)

            { instrumentCode = code
              name = resolvedName
              assetClass = assetClass
              quantity = decimalText quantity
              price = Some(decimalText price)
              priceSource = Some source
              cleanPrice = Some(decimalText price)
              accruedInterest = accrued |> Option.map decimalText
              dirtyPrice = Some(decimalText dirtyPrice)
              valueBasis = Some(if accruedValue > 0m then "dirty" else "clean")
              marketValue = Some(cashText marketValue)
              status = "priced" }
        | None ->
            { instrumentCode = code
              name = resolvedName
              assetClass = assetClass
              quantity = decimalText quantity
              price = None
              priceSource = None
              cleanPrice = None
              accruedInterest = accrued |> Option.map decimalText
              dirtyPrice = None
              valueBasis = None
              marketValue = None
              status = "unavailable" }

    /// Price precedence for a valuation row: a persisted daily snapshot on or
    /// before the valuation date wins (it is the reproducible daily close), and
    /// a live quote is only a fallback for instruments not yet refreshed.
    let private resolveValuationPrice
        (snapshotPrice: decimal option)
        (livePrice: unit -> Result<decimal option, MarketDataFailure>)
        =
        match snapshotPrice with
        | Some price -> Some("snapshot", price)
        | None ->
            match livePrice () with
            | Ok(Some price) -> Some("live", price)
            | _ -> None

    let private getFundValuation (repository: FundRepository) (probes: MarketProbes option) (fundIdText: string) : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_VALUATION_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                let asOfDate =
                    let raw = ctx.Request.Query["asOfDate"].ToString()
                    if String.IsNullOrWhiteSpace raw then
                        ConfirmationPolicy.eventDateFor DateTimeOffset.UtcNow
                    else
                        match DateOnly.TryParseExact(raw, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                        | true, date -> date
                        | _ -> ConfirmationPolicy.eventDateFor DateTimeOffset.UtcNow

                try
                    match repository.GetFund fundId with
                    | None -> errorResponse 404 "FUND_NOT_FOUND" "fund was not found" next ctx
                    | Some fund ->
                        let token = ctx.RequestAborted
                        let stockSnapshots = repository.GetLatestSnapshots(fundId, "stock", asOfDate)
                        let bondSnapshots = repository.GetLatestSnapshots(fundId, "bond", asOfDate)

                        let priceOf (probe: unit -> Result<decimal option, MarketDataFailure>) =
                            if probes.IsNone then
                                Error(MarketDataCollectorUnavailable "market probes are not configured")
                            else
                                probe ()

                        let stockRows =
                            repository.GetStockPositions fundId
                            |> List.map (fun position ->
                                let snapshotPrice =
                                    stockSnapshots |> Map.tryFind position.InstrumentCode |> Option.map (fun snap -> snap.Price)

                                let resolved =
                                    resolveValuationPrice snapshotPrice (fun () ->
                                        priceOf (fun () ->
                                            probes.Value.StockQuotes.GetQuote(position.InstrumentCode, token)
                                            |> Result.map (fun quote -> quote.Price)))

                                valuationPositionResponse "stock" position.InstrumentCode position.StockName position.Quantity None 100m resolved)

                        let bondTermsByCode =
                            repository.GetBondTrades fundId
                            |> List.fold
                                (fun acc trade ->
                                    match trade.ValueDate, trade.MaturityDate, trade.CouponRate with
                                    | Some valueDate, Some maturityDate, Some couponRate ->
                                        Map.add
                                            trade.InstrumentCode
                                            (BondTerms.create trade.ParValue couponRate 1 valueDate maturityDate 10m 0 0m)
                                            acc
                                    | _ -> acc)
                                Map.empty

                        let bondRows =
                            repository.GetBondPositions fundId
                            |> List.map (fun position ->
                                let snapshotPrice =
                                    bondSnapshots |> Map.tryFind position.InstrumentCode |> Option.map (fun snap -> snap.Price)

                                let resolved =
                                    resolveValuationPrice snapshotPrice (fun () ->
                                        priceOf (fun () ->
                                            probes.Value.BondQuotes.GetQuote(position.InstrumentCode, token)
                                            |> Result.map (fun quote -> quote.CleanPrice |> Option.orElse quote.Price)))

                                let terms = bondTermsByCode |> Map.tryFind position.InstrumentCode
                                let accrued = terms |> Option.map (fun value -> BondRules.accruedInterest value asOfDate)
                                let parValue = terms |> Option.map (fun value -> value.ParValue) |> Option.defaultValue 100m

                                valuationPositionResponse
                                    "bond"
                                    position.InstrumentCode
                                    position.BondName
                                    position.Quantity
                                    accrued
                                    parValue
                                    resolved)

                        let positions = stockRows @ bondRows

                        let positionsMarketValue =
                            positions
                            |> List.sumBy (fun position ->
                                match position.marketValue with
                                | Some text -> Decimal.Parse(text, invariant)
                                | None -> 0m)

                        let unavailable =
                            positions |> List.filter (fun position -> position.status = "unavailable") |> List.length

                        let response: FundValuationResponse =
                            {
                                fundId = fund.Id
                                currency = fund.Currency
                                asOfDate = dateText asOfDate
                                cash = cashText fund.AvailableCash
                                positionsMarketValue = cashText positionsMarketValue
                                portfolioValue = cashText (fund.AvailableCash + positionsMarketValue)
                                pricedPositions = positions.Length - unavailable
                                unavailablePositions = unavailable
                                positions = positions
                            }

                        json response next ctx
                with _ ->
                    errorResponse 500 "PERSISTENCE_ERROR" "fund valuation failed" next ctx

    let private refreshFundMarketData
        (repository: FundRepository)
        (marketData: IMarketDataService option)
        (probes: MarketProbes option)
        (fundIdText: string)
        : HttpHandler =
        fun next ctx ->
            match Guid.TryParse fundIdText with
            | false, _ -> errorResponse 400 "INVALID_MARKET_REFRESH_REQUEST" "fund id must be a UUID" next ctx
            | true, fundId ->
                task {
                    match repository.GetFund fundId with
                    | None -> return! invokeHandler (errorResponse 404 "FUND_NOT_FOUND" "fund was not found") next ctx
                    | Some _ ->
                        let asOfDate =
                            let raw = ctx.Request.Query["asOfDate"].ToString()
                            if String.IsNullOrWhiteSpace raw then
                                ConfirmationPolicy.eventDateFor DateTimeOffset.UtcNow
                            else
                                match DateOnly.TryParseExact(raw, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                                | true, date -> date
                                | _ -> ConfirmationPolicy.eventDateFor DateTimeOffset.UtcNow

                        let token = ctx.RequestAborted
                        let refreshed = ResizeArray<MarketRefreshTargetResponse>()
                        let failures = ResizeArray<MarketRefreshFailureResponse>()

                        let snapshotDateOf (raw: string option) =
                            match raw with
                            | Some text ->
                                match DateOnly.TryParseExact(text, "yyyy-MM-dd", CultureInfo.InvariantCulture, DateTimeStyles.None) with
                                | true, date when date <= asOfDate -> date
                                | _ -> asOfDate
                            | None -> asOfDate

                        // Stocks: persist the latest daily close on or before the refresh date.
                        for position in repository.GetStockPositions fundId do
                            match probes with
                            | None ->
                                failures.Add(
                                    { instrumentCode = position.InstrumentCode
                                      assetClass = "stock"
                                      reason = "market probes are not configured" }
                                )
                            | Some probeSet ->
                                match probeSet.StockDaily.RecentDaily(position.InstrumentCode, 30, token) with
                                | Error failure ->
                                    failures.Add(
                                        { instrumentCode = position.InstrumentCode
                                          assetClass = "stock"
                                          reason = marketDataErrorText failure }
                                    )
                                | Ok observations ->
                                    let latest =
                                        observations
                                        |> List.filter (fun observation -> observation.BarDate <= asOfDate)
                                        |> List.sortByDescending (fun observation -> observation.BarDate)
                                        |> List.tryHead

                                    match latest with
                                    | None ->
                                        failures.Add(
                                            { instrumentCode = position.InstrumentCode
                                              assetClass = "stock"
                                              reason = "no daily bar on or before the refresh date" }
                                        )
                                    | Some bar ->
                                        let snapshot : InstrumentSnapshotRecord =
                                            { InstrumentCode = position.InstrumentCode
                                              AssetClass = "stock"
                                              SnapshotDate = bar.BarDate
                                              Price = bar.Close
                                              Source = "akshare"
                                              SourceRevision = "stock-daily"
                                              SourceCollectedAt = DateTimeOffset.UtcNow
                                              SourcePayloadHash = sprintf "stock-daily:%s:%s" position.InstrumentCode (bar.BarDate.ToString("yyyy-MM-dd")) }

                                        repository.UpsertInstrumentSnapshots [ snapshot ]

                                        refreshed.Add(
                                            { instrumentCode = position.InstrumentCode
                                              assetClass = "stock"
                                              snapshotDate = dateText bar.BarDate
                                              price = decimalText bar.Close }
                                        )

                        // Bonds: persist the latest valuation price.
                        for position in repository.GetBondPositions fundId do
                            match probes with
                            | None ->
                                failures.Add(
                                    { instrumentCode = position.InstrumentCode
                                      assetClass = "bond"
                                      reason = "market probes are not configured" }
                                )
                            | Some probeSet ->
                                match probeSet.BondQuotes.GetQuote(position.InstrumentCode, token) with
                                | Error failure ->
                                    failures.Add(
                                        { instrumentCode = position.InstrumentCode
                                          assetClass = "bond"
                                          reason = marketDataErrorText failure }
                                    )
                                | Ok quote ->
                                    match (quote.Price |> Option.orElse quote.CleanPrice) with
                                    | None ->
                                        failures.Add(
                                            { instrumentCode = position.InstrumentCode
                                              assetClass = "bond"
                                              reason = "bond quote has no valuation price" }
                                        )
                                    | Some price ->
                                        let snapshotDate =
                                            quote.Date |> Option.map (fun date -> date.ToString("yyyy-MM-dd")) |> snapshotDateOf

                                        let snapshot : InstrumentSnapshotRecord =
                                            { InstrumentCode = position.InstrumentCode
                                              AssetClass = "bond"
                                              SnapshotDate = snapshotDate
                                              Price = price
                                              Source = "akshare"
                                              SourceRevision = "bond-quote"
                                              SourceCollectedAt = DateTimeOffset.UtcNow
                                              SourcePayloadHash = sprintf "bond-quote:%s:%s" position.InstrumentCode (snapshotDate.ToString("yyyy-MM-dd")) }

                                        repository.UpsertInstrumentSnapshots [ snapshot ]

                                        refreshed.Add(
                                            { instrumentCode = position.InstrumentCode
                                              assetClass = "bond"
                                              snapshotDate = dateText snapshotDate
                                              price = decimalText price }
                                        )

                        // Held funds: refresh their published NAV history so the
                        // fund-level NAV advances with the same date.
                        for position in repository.GetFundPositions fundId do
                            match marketData with
                            | None ->
                                failures.Add(
                                    { instrumentCode = position.InstrumentCode
                                      assetClass = "fund"
                                      reason = "market data service is not configured" }
                                )
                            | Some service ->
                                match service.RefreshNav(position.InstrumentCode, token) with
                                | Error failure ->
                                    failures.Add(
                                        { instrumentCode = position.InstrumentCode
                                          assetClass = "fund"
                                          reason = marketDataErrorText failure }
                                    )
                                | Ok observations ->
                                    let latest =
                                        observations
                                        |> List.filter (fun observation -> observation.NavDate <= asOfDate)
                                        |> List.sortByDescending (fun observation -> observation.NavDate)
                                        |> List.tryHead

                                    match latest with
                                    | None ->
                                        failures.Add(
                                            { instrumentCode = position.InstrumentCode
                                              assetClass = "fund"
                                              reason = "no nav observation on or before the refresh date" }
                                        )
                                    | Some observation ->
                                        refreshed.Add(
                                            { instrumentCode = position.InstrumentCode
                                              assetClass = "fund"
                                              snapshotDate = dateText observation.NavDate
                                              price = decimalText observation.Nav }
                                        )

                        let response: MarketRefreshResponse =
                            { fundId = fundId
                              asOfDate = dateText asOfDate
                              refreshed = refreshed |> Seq.toList
                              failures = failures |> Seq.toList }

                        return! json response next ctx
                }

    let private marketProbeRoutes (probes: MarketProbes) =
        [
            GET >=> route "/market/nav-dates" >=> getMarketNavDates probes.NavDates
            GET >=> route "/market/nav-series" >=> getMarketNavSeries probes.NavSeries
            GET >=> route "/market/bond-quote" >=> getBondQuote probes.BondQuotes
            GET >=> route "/market/stock-quote" >=> getStockQuote probes.StockQuotes
            GET >=> route "/market/stock-daily" >=> getStockDaily probes.StockDaily
        ]

    let private createApplicationInternal
        (repository: FundRepository)
        (marketData: IMarketDataService option)
        (probes: MarketProbes option)
        : HttpHandler =
        let apiRoutes =
            [
                GET >=> route "/portfolio/summary" >=> emptyPortfolio
                POST >=> route "/funds" >=> createFund repository
                POST >=> routef "/funds/%s/orders" (createOrder repository)
                GET >=> routef "/funds/%s/orders" (getOrders repository)
                POST >=> routef "/funds/%s/orders/%s/confirm" (fun (fundId, orderId) -> confirmOrder repository fundId orderId)
                POST >=> routef "/funds/%s/redemptions" (createRedemption repository)
                GET >=> routef "/funds/%s/redemptions" (getRedemptions repository)
                POST >=> routef "/funds/%s/redemptions/%s/confirm" (fun (fundId, orderId) -> confirmRedemption repository fundId orderId)
                GET >=> routef "/funds/%s/positions" (getPositions repository)
                POST >=> routef "/funds/%s/capital/deposit" (createCapitalDeposit repository)
                GET >=> routef "/funds/%s/capital/deposits" (getCapitalDeposits repository)
                POST >=> routef "/funds/%s/sip/plans" (createSipPlan repository)
                GET >=> routef "/funds/%s/sip/plans" (getSipPlans repository)
                POST >=> routef "/funds/%s/sip/advance" (advanceSipPlans repository probes)
                POST >=> routef "/funds/%s/sip/plans/%s/pause" (fun (fundId, planId) -> setSipPlanStatus repository "paused" fundId planId)
                POST >=> routef "/funds/%s/sip/plans/%s/resume" (fun (fundId, planId) -> setSipPlanStatus repository "active" fundId planId)
                POST >=> routef "/funds/%s/rebalance/plans" (createRebalancePlan repository)
                GET >=> routef "/funds/%s/rebalance/plans" (getRebalancePlans repository)
                POST >=> routef "/funds/%s/rebalance/plans/%s/archive" (fun (fundId, planId) -> archiveRebalancePlan repository fundId planId)
                POST >=> routef "/funds/%s/rebalance/plans/%s/execute" (fun (fundId, planId) -> executeRebalancePlan repository fundId planId)
                GET >=> routef "/funds/%s/rebalance/plans/%s/preview" (fun (fundId, planId) -> previewRebalancePlan repository fundId planId)
                GET >=> routef "/funds/%s/rebalance/executions" (getRebalanceExecutions repository)
                POST >=> routef "/funds/%s/dividends" (createDividend repository)
                GET >=> routef "/funds/%s/dividends" (getDividends repository)
                GET >=> routef "/funds/%s/returns" (getFundReturns repository)
                POST >=> routef "/funds/%s/investment-plans/run" (runInvestmentPlans repository)
                POST >=> routef "/funds/%s/investment-plans" (createInvestmentPlan repository)
                GET >=> routef "/funds/%s/investment-plans" (getInvestmentPlans repository)
                POST >=> routef "/funds/%s/stock-trades" (createStockTrade repository probes)
                POST >=> routef "/funds/%s/stock-sells" (createStockSell repository probes)
                GET >=> routef "/funds/%s/stock-positions" (getStockPositions repository)
                POST >=> routef "/funds/%s/stock-cashflows" (recordStockCashflow repository)
                GET >=> routef "/funds/%s/stock-cashflows" (getStockCashflows repository)
                POST >=> routef "/funds/%s/bond-trades" (createBondTrade repository probes)
                GET >=> routef "/funds/%s/bond-positions" (getBondPositions repository)
                POST >=> routef "/funds/%s/bond-sells" (createBondSell repository probes)
                GET >=> routef "/funds/%s/bond-sells" (getBondSells repository)
                POST >=> routef "/funds/%s/bond-cashflows" (recordBondCashflow repository)
                GET >=> routef "/funds/%s/bond-cashflows" (getBondCashflows repository)
                GET >=> routef "/funds/%s/bond-calendar" (getBondCalendar repository)
                GET >=> routef "/funds/%s/valuation" (getFundValuation repository probes)
                POST >=> routef "/funds/%s/market-data/refresh" (fun fundId -> refreshFundMarketData repository marketData probes fundId)
                GET >=> routef "/funds/%s" (getFund repository)
            ]
            @ (marketData |> Option.map marketDataRoutes |> Option.defaultValue [])
            @ (probes |> Option.map marketProbeRoutes |> Option.defaultValue [])

        choose [
            GET >=> route "/health" >=> health
            subRoute "/api" (
                requireBearer
                >=> choose apiRoutes
            )
            setStatusCode 404 >=> text "Not Found"
        ]

    let createApplicationWithMarketData (repository: FundRepository) (marketData: IMarketDataService) : HttpHandler =
        createApplicationInternal repository (Some marketData) None

    let createApplicationWithProbes (repository: FundRepository) (probes: MarketProbes) : HttpHandler =
        createApplicationInternal repository None (Some probes)

    let createApplicationWithMarketDataAndProbes
        (repository: FundRepository)
        (marketData: IMarketDataService)
        (probes: MarketProbes)
        : HttpHandler =
        createApplicationInternal repository (Some marketData) (Some probes)

    let createApplication (repository: FundRepository) : HttpHandler =
        createApplicationInternal repository None None