# Block 089 — Drawdown protocol

**Status:** ○ queued
**Phase:** Phase 5 (Process)

## Topic scope

**Verification + regime-dependent rules.** Re-probes Block 00c (the 25-75bp per-trade band, 250bp portfolio cap, 30% margin ceiling, -5% halve / -10% flat / -15% hard stop drawdown protocol, correlation bucket caps per `00-methodology/risk-framework.md`). Goes deeper on regime-dependent drawdown rules: how the protocol adjusts in high-vol vs low-vol regimes, when correlation bucket caps need to be tightened (e.g., during a credit event when rates/FX/credit correlations converge), how drawdown rules apply to Phase 2 instruments added to the universe.

## Why this block is now verification (not first teach)

Restructured 2026-06-30 (see process-changelog). The risk framework and drawdown protocol are taught at the START of Phase 1 in Block 00c, not at the end. Block 089 verifies Block 00c and goes deeper on regime-dependent applications.

## Plan

_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_