Changelog

Connected Glossary

• Every glossary term now surfaces related terms in the same area, so you can move from one concept straight to the next — yield to maturity to modified duration to DV01 — without returning to the index.

Derivatives Lab in Light & Dark

• The Derivatives Lab — options, forwards, swaps and strategies — now renders fully in both light and dark themes, with every chart, payoff diagram, volatility surface and Greeks heatmap re-coloring to match the active theme.
• Modelled volatility surfaces and smiles are now clearly labelled as synthetic, so projected values are never mistaken for live market data.

Accessible Charts

• Charts across the labs — projection fans, distribution histograms, scorecard radars, comparison bars and attribution waterfalls — now carry screen-reader descriptions, so assistive technology can announce what each chart represents.

Bank Income Statement Accuracy

• Financial-sector issuers now get a purpose-built income waterfall: net interest income and non-interest income build to net revenue, then bridge through provisions, operating expenses and tax down to net income, in place of the industrial revenue-to-net-income template that didn't fit a bank's economics.
• Trading revenue is shown transparently as a component within non-interest income rather than added a second time as a separate step, so net revenue ties to the issuer's reported total instead of overstating it.
• Cash-flow figures in the income bridge are marked estimated when they are derived from incomplete disclosures, so a computed free-cash-flow figure is never presented as if it were reported.

• More banks, including regional banks, are now correctly identified as financial-sector issuers and render the purpose-built bank statement and waterfall layout drawn from their filings.

Sector-Aware Financial Statements

• Historical financial statements now adapt their line items to the issuer's sector: banks show net interest income, non-interest income, provisions and net revenue; REITs show rental income, NOI and funds from operations; insurers show premiums earned, claims and combined ratio — in place of an industrial template that left non-industrial issuers full of blanks.
• The multi-year trend chart tracks each sector's own headline figures (for banks, net revenue and net interest income) so the trend view stays meaningful well beyond manufacturers and retailers.

• Bank, REIT and insurer issuers render a purpose-built statement layout drawn from their filings, with each component shown transparently as unavailable when an issuer doesn't disclose it.

Truer Income Waterfall

• The equity income waterfall now bridges through operating income (EBIT) as the subtotal after operating expenses, with EBITDA shown as an explicit EBIT + D&A reference rather than a step in the descending flow.
• Each step in the bridge degrades transparently to estimated when a line isn't separately disclosed in the filing — no fabricated figures.

Sharper Equity Quality View

• The equity analysis tab is now a focused Quality view — business-quality cards for profitability, returns, financial health and revenue growth sit above the multi-year statements and trend chart.
• Valuation multiples now live together under the Valuation view, keeping the Quality view focused on business fundamentals.

• Expanded advanced-ratio coverage across liquidity, leverage, efficiency, cash-flow quality, per-share, profitability and returns — each metric shows transparently as unavailable when the underlying data isn't disclosed.

Open Access for Guests

• Explore SEC filings and bond analytics without an account, up to a daily limit — no sign-up needed to start.
• A capped preview of the AI analyst, including insights and chat, is now open to anonymous visitors.

Clearer Formulas & Explanations

• Mathematical formulas, and the symbols inside the explanatory text around them, are now properly typeset — so a symbol reads the same everywhere it appears.
• Explanatory copy across the methodology reference and the AI analyst now uses a more legible typeface, while figures, tickers, and units stay in an aligned monospace for fast scanning.

Financial Statements for AI Agents

• A new MCP tool exposes multi-year SEC XBRL financial statements (income, balance sheet, cash flow) for US-listed companies, with per-field provenance and golden-metric coverage — usable directly from AI agents and assistants.

EU-Resident AI & Analyst Sourcing

• AI analyst, insights, and filing summaries now run on EU-resident inference.
• The AI analyst now shows a Sources footer that links each cited claim to the underlying filing.

• Faster, more reliable SEC filing retrieval in the AI analyst.

Unified XBRL Coverage

• European bank financials — Net Interest Income, Fee & Commission Income, Trading Revenue, and Net Banking Income.
• Foreign private issuers (20-F filers) — full IFRS tag coverage on the SEC-side path for ADR-listed names.
• Real estate investment trusts — Funds From Operations (FFO), Adjusted FFO, Net Operating Income, and rental income alongside GAAP fundamentals.
• Insurance carriers — Gross Written Premium, Net Earned Premium, Combined Ratio, and Investment Income.

• Sector-aware valuation — DCF models and revenue multiples now reserved for industrial-style sectors; banks, REITs, and insurers surface metrics appropriate to their financial structure.

Background Job Durability

• Durable AI workflows with automatic retries on transient upstream failures.
• Cross-region rate limiting on the public API.
• DeepSeek available as a routed AI provider for filing analysis tasks.
• Structured logging across the platform for faster operational diagnosis.

Research Hub & Insider Trading

• SEC filings, Form 4 insider trades, and 13D activist disclosures now lead the Research tab on every Equity Lab page.
• Institutional 8-column insider trading table — filer & role, trade date with lag, A/D direction, price, dollar value, % of holdings, 10b5-1 plan badge.
• Collapsible derivative-activity section for options exercises and equity grants.

Institutional Bond Analytics

• Hull-White 1F engine for OAS pricing alongside Black-Derman-Toy — institutional default for desk-quality work; CFA-curriculum default for learning.
• Key Rate Durations on /api/v1/compute/bond/krd and via the strata_bond_krd MCP tool.
• Cornish-Fisher VaR adjustment for skewed and fat-tailed return distributions.

• Professional vs Student persona system — per-account engine defaults, terminology, and disclosure level.

Equity Identity Layer

• SEC EDGAR identity surfaced on every Equity Lab page — SIC → GICS sector mapping, CIK, fiscal year end, exchange, and primary listing.

Portfolio NAV & Daily Bond Pricing

• NAV snapshots with high-water mark and management fee accrual.
• Daily bond price updates — Portfolio Manager bond holdings auto-price from BoE Gilt, JGB MoF, and BTP yield curves.
• ISIN-driven instrument lookup in the holdings editor.

API & MCP v2 — Phase 1

• strata_bond_scenarios MCP tool — bundled historical stress scenarios (Taper Tantrum, COVID, 2022 hiking cycle, SVB) with no curve required from the caller.
• Callable and putable bonds with YTC, YTP, and YTW on /compute/bond.
• strata_equity_dcf MCP tool — manual-mode discounted cash flow for any ticker.
• Skewness and kurtosis exposed alongside VaR for tail-risk awareness.

Developer Tier & Public Pricing

• Pay-as-you-go developer lane — Free (100/day), Plus (1,000/day), and Pro (10,000/day) tiers with per-minute caps.
• Historical FRED yields with extended maturity coverage — 2Y and 30Y added to the long-form rates cache.

Public API & MCP Server

• Public REST API at /api/v1 — bond pricing, options Greeks, Monte Carlo VaR, SEC financials, FX, and yield curves.
• MCP server @wynexlabs/strata-mcp — connect Claude Desktop, Cursor, or any MCP-compatible client.
• Public demo key — 50 calls per day per IP for trying the compute endpoints with no signup.
• /developers landing page with copy-pasteable examples for every endpoint.

Multi-Jurisdiction Equity Data

• Brazilian listings via CVM filings.
• UK listings via Companies House and FCA ESEF.
• Euronext Paris filings via the European Single Electronic Format.

Light Mode & Bloomberg Polish

• Full light theme across Bond Lab, Equity Lab, Portfolio Manager, and Derivatives Lab.
• Bloomberg-style design tokens; frosted-glass navigation and tab bar.
• Refreshed marketing landing page.