A rate is not every price on the screen
CME’s Three-Month SOFR overview describes a futures quotation based on 100 minus a relevant rate. This is one specific example of why quotation conventions must be explicit. Do not interpret every fixed-income field as a percentage or a cash-bond price based on its apparent magnitude.
Preserve the reference period
Keep expiry, underlying maturity, reference-period boundaries and applicable schedules distinct. Record the precision your source provides and the calendar version used for derived timestamps. A one-year label needs an axis: an option expiry and an underlying tenor are different quantities.
Treat curves as versioned inputs
Store observed curve inputs separately from constructed points, with interpolation and extrapolation choices documented. A model should identify exactly which curve and volatility convention it used. If an input is missing, report an explicit failure or degraded status instead of silently updating only the easiest fields.
Compare outputs only after units align
Risk and volatility labels need scaling, sign conventions and calculation context. Keep provider analytics distinct from internally calculated analytics. The related article offers dimension and reproducibility tests; it does not provide a universal valuation model or claim that a rate-data feed authorizes a trade.
