◆ Always-on Specialist
Streams prices on on-the-run government bonds and futures across the e-venues, skewing to inventory and the curve. It works the flow inside the desk's risk limits; the moment size or volatility exceeds the band it pulls and pings the oversight/risk agent. It holds no curve view of its own … the curve-risk agent owns that.
Memory
Working Live quotes, inventory by tenor, position vs. limit.
Episodic Today's flow and the session's curve moves.
Semantic Venue conventions, auction calendar, on/off-the-run dynamics.
Store Feature store + in-memory book state
Orchestration
MCP
Harness · Managed Agents … low-latency loop; inline pre-trade limit checks; immutable surveillance log.
Tools
{ } Rates e-venues (FIX) API { } Rates market data API { } Pre-trade limit service API { } Surveillance log API
Evals & guardrails
- Hard limits on inventory and DV01; auto-flatten and halt on breach.
- Self-surveillance for quote-stuffing/spoofing patterns; freeze on anomaly.
- Champion/challenger before any quoting-model promotion.
- OpenTelemetry trace of every quote/fill for audit.
Frontier edge
- ▲On-device / edge inference: the distilled quoting model runs co-located with the venue gateway to stay inside the rates latency budget.
- ▲Formal action-gating: every quote is signed and replayable, provably inside the DV01 and inventory limits the desk set.
- ▲Anticipatory pulling: reads the auction calendar and order-flow imbalance to widen or pull ahead of a known supply event.
In numbers
40,000
Quotes / sec
60+
Benchmarks quoted
< 3
Auto-flatten events / day
Handoffs
Hands to → Curve Risk Monitoring Agent
Across ⇢ Risk → Market Risk for DV01 limit oversight