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 monitors that.
Authority
Monitor and escalate
Team role
Provides specialist analysis
Handoffs
Named collaborators
The role
What it owns and where its authority ends
Desk
Rates (FICC)
Desk workflow
Auto-quote the on-the-runs, price the swap RFQs, hedge the curve risk, book. Off-the-run and large-clip business is the desk head's call, informed by the risk agent's re-derivation.
Collaboration
Works within a defined desk workflow
Decision boundary
Monitors the work and escalates conditions outside its limits.
Systems and capabilities involved
Rates e-venues (FIX)
BrokerTec/MTS-style quoting
Rates market data
Pre-trade limit service
kill-switch on breach
Surveillance log
Handoffs
What this role gives and receives
Capabilities offered
The handoffs name the next owner or specialist and the work that moves between them.
Handoff to
External handoff
Risk (Market Risk) for DV01 limit oversight
Context
What the role needs to do the work
- Current work
- Live quotes, inventory by tenor, position vs. limit.
- Prior interactions
- Today's flow and the session's curve moves.
- Policies and reference
- Venue conventions, auction calendar, on/off-the-run dynamics.
- Working method
- Not specified for this role.
Checks and boundaries
What must be tested or reviewed
- 01Hard limits on inventory and DV01; auto-flatten and halt on breach.
- 02Self-surveillance for quote-stuffing/spoofing patterns; freeze on anomaly.
- 03Champion/challenger before any quoting-model promotion.
- 04A complete trace of every quote and fill retained for audit.
Human authority
Monitors the work and escalates conditions outside its limits.
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