Approach
Liquidity as a discipline
Three connected responsibilities — quoting, inventory and execution — held together by risk management. What follows is a description of how we think about the work, not of any specific strategy.
Quote management
Prices are set and revised continuously against prevailing market conditions, with the intent of keeping a consistent presence in the market. The emphasis is on steady, predictable quoting rather than on any single price at any single moment, and on withdrawing when conditions no longer support a disciplined book.
Inventory risk
Position accumulated in the course of market-making is treated as a risk to be governed rather than a view to be held. Inventory is kept inside bounds defined in advance, and the desk works to bring it back toward balance when it drifts, rather than letting exposure define the next decision.
Execution quality
Execution is judged on consistency, cost and repeatability across changing conditions, not on isolated fills. We care that orders behave as intended when markets move quickly, and that the same process produces the same behaviour regardless of who or what is watching.
Risk management
Risk management sits above strategy. Limits, monitoring and stop conditions are defined before capital is committed and revisited as markets change; activity that falls outside them is halted rather than debated. Trading authority, exposure bounds and escalation paths are documented, and the same standard applies whether conditions are calm or otherwise. Nothing on this page describes parameters, thresholds or tactics — those remain internal.