◆ Supervised Specialist
In a market where many bonds didn't trade today, it prices the RFQ off comparables, the issuer curve, the CDS basis and the desk's axe, and returns a level on the names it scores above its confidence band. Illiquid or large tickets it routes to the desk-head/risk agent with the comparables laid out; the gate clears the commit on thin liquidity.
Memory
Working The RFQ, comparable prints, issuer curve, CDS basis, axe.
Episodic Recent levels on the name and the sector.
Semantic Issuer fundamentals, sector spread relationships, liquidity tiers.
Store Print history + issuer knowledge graph
Orchestration
pipeline MCPA2A
Harness · Managed Agents … RFQ session; retrieval over recent prints; pre-trade gate inline.
Tools
⌕ TRACE + recent-prints feed Retrieval { } Issuer curve + CDS basis service API ›_ Pricing library Code exec { } Pre-trade limit gate API { } Dealer RFQ platform (MarketAxess/Tradeweb) API ⇄ Desk-head agent escalation A2A
Evals & guardrails
- Confidence-gated: low-liquidity names below a confidence band escalate to the desk-head agent, never auto-quote.
- Band limits on spread/size; breach escalates to the desk-head agent.
- Comparable-selection sampled by an agent-as-judge for relevance.
- Immutable quote log for surveillance.
Offline reflection
Offline: replays where the agent's comparable price diverged from the desk-head agent's to sharpen liquidity-tier and comparable-selection judgement.
Frontier edge
- ▲Causal reasoning: reasons counterfactually about why a name's spread sits where it does (issuer event vs. sector beta) rather than just matching prints.
- ▲Multimodal evidence: reads issuer filings, rating actions and news natively to ground a comparable when the tape is silent.
- ▲Eval-gated continual learning: sharpens liquidity-tier and comparable-selection judgement from each desk-head-agent divergence, promoted only after review.
A sample run
Trigger RFQ to buy a BBB industrial bond that hasn't printed in 9 days.
- 1Pull comparable prints on the issuer curve and the sector.
- 2Adjust for the CDS basis and the desk's current axe.
- 3Score confidence; within band → quote, else draft + escalate.
Output A level with the comparable evidence attached; thin-liquidity or large clips route to the desk-head/risk agent with the homework done.
In numbers
41%
Credit RFQs auto-priced
14s
Median response time
Handoffs
Hands to → Axe & Inventory Distribution Agent
Across ⇢ Operations → Fixed-Income Ops for booking + TRACE reporting