◆ Supervised Specialist
Catches the RFQ in chat or on the platform, reprices off the current surface, loads in the hedging cost and the desk's axe, and returns a two-way in seconds. Standard tenors and sizes it quotes inside preset bands; anything wide, exotic, or limit-bumping routes to the desk-head/risk agent with the pricing attached.
Memory
Working The RFQ, current surface, hedge cost, desk axe.
Episodic Recent quotes to this client and their hit ratio.
Semantic Pricing models, surface conventions, product suitability rules.
Store Surface store + client quote history
Orchestration
pipeline MCPA2A
Harness · Managed Agents … RFQ session; pre-trade limit + suitability checks inline; deterministic pricing tool calls.
Tools
{ } Vol-surface service API ›_ Pricing library Code exec { } Pre-trade limit + suitability gate API { } RFQ platform / client chat API ⇄ Desk-head agent escalation A2A
Evals & guardrails
- Hard band: quotes only within preset spread/size/Greeks limits … else escalate to the desk-head agent.
- Pre-trade suitability gate for the client classification before any quote.
- Daily mark consistency check vs. the official close surface.
- Immutable log of every quote, win or lose, for surveillance.
Offline reflection
Offline: replays won and lost quotes to refine the desk's skew vs. hit-ratio trade-off (procedural memory), gated by the desk-head agent before any band moves.
Frontier edge
- ▲World-model simulation: prices in the cost of the hedge it would have to put on, simulating the post-quote book before it shows a two-way.
- ▲Agent-mesh negotiation: handles A2A RFQ exchange with the client's execution agent, mandate-checked under AP2 before any commitment.
- ▲Eval-gated continual learning: sharpens its skew vs. hit-ratio judgement from each won/lost quote, promoted only after the desk-head agent clears it.
A sample run
Trigger Client RFQ: 3-month 105% call on a single name, 50k vega.
- 1Reprice off the live surface; add hedge cost and current axe.
- 2Run the pre-trade limit + suitability gate.
- 3Within band → return a two-way; outside → draft and escalate.
Output A two-way quote in ~4s for standard size; oversized/exotic requests route to the desk-head/risk agent with model price, Greeks, and hedge plan attached.
In numbers
68%
RFQs auto-priced
4s
Median response time
Handoffs
Across ⇢ Operations → Derivatives Ops for confirmation