MKT Front office · 8 desks · 19 agents

Markets … Sales & Trading

Quotes in microseconds, risk gated by an oversight agent.

Sales, trading and research across equities, derivatives, rates, credit, FX and commodities. Electronic flow and post-trade plumbing run autonomously inside hard risk and compliance limits; principal risk-taking commits through an oversight/risk-agent gate. The mandate and the risk agent define what each agent may quote, hedge or commit.

How it runs

Auto-quoting and RFQ pricing agents run flow inside hard risk and compliance limits; hedging and inventory agents commit through an independent oversight/risk-agent gate on anything that moves the book; post-trade booking, affirmation and exception-handling clear end-to-end inside hard limits; research drafts and model refreshes land before the open. The risk-agent and the control plane own oversight; the mandate sets the limits and the kill-switch.

Explore Markets in the city →

Cash Equities

3 agents

Agency and principal execution in listed equities … high-touch sales trading, low-touch algos, and electronic market-making in liquid names.

Workflow · Order intake → venue/algo selection → execution → fills → allocation → TCA. A market-making agent streams two-sided quotes; a sales-trading agent works the blocks the algos can't.

Electronic Market-Making Agent

Streams two-sided quotes in liquid equities inside hard risk limits.

Quotes both sides of the book in microseconds, skews to its inventory, and widens or pulls as volatility moves. It works the flow inside the position limit the mandate sets; it does not size that limit. The fast model scores in-flight; the rationale is logged async to the surveillance control plane.

High-Touch Sales Trading Agent

Works blocks end-to-end; routes capital commitment to a desk-head agent gate.

Reads the client order, sizes it against ADV, and works a strategy (algo, dark, or capital commitment) with the trade-offs scored. Agency flow it works straight through, streaming colour to the client; anything that commits the bank's capital it routes to the desk-head/risk agent gate.

Best-Execution & TCA Agent

Builds best-execution evidence and transaction-cost analytics per order.

Reconstructs every order against the prevailing market, scores it on the best-ex policy, and assembles the regulator-ready evidence pack per trade. Flags the outliers that executed outside the policy band for an oversight agent to review.

Equity Derivatives

2 agents

Listed and OTC options, variance, structured equity … pricing, RFQ response, and the gamma/vega risk that comes with it.

Workflow · RFQ in → price + risk → quote out → hedge → book. Vol surfaces get re-marked through the day; complex structures route to the quant agent for pricing.

Options RFQ Pricing Agent

Prices inbound options RFQs against the live vol surface within limits.

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.

Volatility Hedging Agent

Proposes and (within tight limits) executes delta/gamma hedges on the options book.

Watches the book's Greeks drift through the session and computes the hedge to bring delta back to flat. Inside a tight, pre-authorised rehedging band it fires the futures/stock hedge itself; outside it, it stages the trade and the oversight/risk agent gates the commit.

Delta One & Prime Brokerage

3 agents

ETFs, swaps, futures and the prime-brokerage book … replication, basket hedging, financing, and the margin/locate plumbing behind it.

Workflow · Basket/swap pricing → replication hedge → financing → margin + locates → client reporting. Locate sourcing and margin calls run as agent loops behind pre-trade and oversight gates.

Basket Replication & Hedging Agent

Replicates index/basket exposure and proposes the hedging trades.

Decomposes an ETF or swap into its constituents, prices the replication basket, and computes the hedge to keep tracking error down. It runs the basket arithmetic continuously: inside a tight rebalancing band it executes; the rest it stages for the oversight/risk agent gate.

Securities Financing & Locates Agent

Sources locates, prices financing, and manages the stock-loan book.

Sources borrow availability across counterparties over A2A, prices the financing leg, and reconciles the locate/recall ledger. Returns a sourced, priced answer per request with the audit trail attached; rate or size beyond preset limits routes to the desk-head/risk agent gate.

Prime Margin & Reporting Agent

Computes prime-brokerage margin, issues calls, and assembles client reports.

Runs the overnight margin calculation across the prime book, drafts the calls, and builds the client risk reports as a checkpointed nightly cycle. Disputed or outsized calls clear the oversight/risk agent gate before they go to the client.

Rates (FICC)

3 agents

Government bonds, interest-rate swaps and futures … electronic flow market-making, RFQ pricing, and curve risk management.

Workflow · Auto-quote on-the-runs → RFQ on swaps → hedge curve risk → book. Off-the-run and large-clip business routes through the desk-head agent gate.

Rates Flow Market-Making Agent

Auto-quotes liquid govvies and futures on electronic venues.

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.

Swaps RFQ Pricing Agent

Prices interest-rate-swap RFQs off the live curve within limits.

Takes the swap RFQ, prices it off the current curve plus the desk's axe and the hedging cost, and returns a level for standard tenors and clips. Bespoke structures and big DV01 tickets it routes to the desk-head/risk agent with the price and the curve risk attached.

Curve Risk Monitoring Agent

Watches curve/DV01 risk and gates hedges as the desk's oversight/risk agent.

Aggregates the desk's interest-rate risk across the curve, runs the scenarios, and sizes the futures/swap hedge to flatten a bucket that's drifting. As the desk's independent risk agent it gates the commit … material rates risk only moves once it clears.

Credit (FICC)

2 agents

Corporate bonds and CDS … RFQ pricing on a less-liquid, dealer-driven market, inventory/axe distribution, and post-trade reporting.

Workflow · Axe out → RFQ in → price (often by comparable) → quote → hedge → book + TRACE report. Liquidity is patchy, so a lot routes through the desk-head agent gate.

Credit RFQ Pricing Agent

Prices corporate-bond and CDS RFQs from comparables and inventory.

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.

Axe & Inventory Distribution Agent

Matches desk inventory/axes to client interest and drafts the outreach.

Matches what the desk wants to move against which clients have shown interest, then builds and sends targeted axe runs per client. The matching, the message and the send run end-to-end behind a hard suitability and do-not-contact gate, with a compliance agent-as-judge clearing every send.

FX & Commodities

2 agents

Spot, forward and swap FX plus commodity flow … the most electronic, lowest-latency corner of the floor, where auto-pricing is already normal.

Workflow · Stream spot prices → auto-price forwards/swaps → e-RFQ → internalise or hedge → book. Big tickets and exotic crosses route to the desk-head agent gate.

FX Spot Auto-Pricing Agent

Streams spot FX prices and internalises flow within risk limits.

Streams two-way spot prices across the e-channels, internalises what it can against opposing flow, and skews to its position at FX latency. Inventory and loss limits are hard; on breach it flattens and pings the oversight/risk agent.

Forwards & Swaps Pricing Agent

Auto-prices FX forwards, swaps and commodity RFQs off the curves.

Prices the forward/swap RFQ off the spot, the points curve and the funding basis, and returns a level for standard dates and sizes. Broken dates, big notionals and exotic crosses it routes to the desk-head/risk agent with the points calculated.

Structuring

2 agents

Bespoke structured products and solutions … pricing complex payoffs, drafting term sheets, and running the documentation through to issuance.

Workflow · Client need → payoff design → pricing + risk → term sheet → docs → issuance. Term-sheet drafting and doc QA run as agent chains behind a compliance judge and a legal-review agent gate.

Term-Sheet Drafting Agent

Drafts structured-product term sheets and marketing docs from the payoff.

Takes the agreed payoff and pricing and drafts the term sheet, the marketing summary and the key risk disclosures, consistent with the approved templates and the actual economics. A compliance agent-as-judge and a legal-review agent gate issuance.

Exotic Payoff Pricing Agent

Prices bespoke payoffs via model selection and Monte Carlo, gated by a model-validation agent.

Picks the model for a bespoke payoff, sets up and runs the Monte Carlo in a sandbox, and returns price plus the risk sensitivities. An independent model-validation agent gates the model choice and the numbers before anything reaches a client.

Research

2 agents

Sell-side equity and macro research … model maintenance, note drafting, and earnings/data-release coverage, all under research-independence rules.

Workflow · Data release → model update → note drafting → supervisory-agent + compliance-judge gate → distribution. Reporting-season note drafting runs as event-driven agent chains.

Model Refresh Agent

Updates financial models the moment results and data drop.

When the company reports or the data prints, it pulls the numbers, refreshes the model, and surfaces what changed versus the prior estimates as a diff. It updates the model and hands the diff to the note-drafting agent, which carries the view forward; it does not publish.

Research Note Drafting Agent

Drafts research notes from the model and the house thesis.

Turns the refreshed model and the house thesis into a first-draft note … earnings recap, estimate changes, the argument … in the house style, with every figure traced to a source. A supervisory agent and a compliance/independence judge gate the send. It drafts within the house view; it does not invent one.