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OTC desk and hedging

The desk app is where dealers quote, monitor exposure and hedge with liquidity providers. Every customer trade opens a hedge ticket, so open exposure is always visible.

Who uses it: dealers. Approvers for large hedges and reversals hold an approving role — see Security and access.

Dealer blotter

Section titled “Dealer blotter”
  • A live view of RFQs, quotes, trades and hedge tickets.
  • Filters by asset, status and channel (online, desk).
  • Only staff with the quoting role can send RFQ quotes. How the customer side of an RFQ works is on Customer trading and pricing.

Hedge tickets

Section titled “Hedge tickets”
  • One hedge ticket opens automatically for each customer trade.
  • Fills are recorded against the ticket. Each fill is append-only and has its own reference.
  • A fill is booked on the trade date the dealer records it.
  • A hedge above a configured THB value needs four-eyes approval.

Liquidity-provider accounts

Section titled “Liquidity-provider accounts”
  • A separate ledger account for each liquidity provider and asset.
  • Movements to and from providers are recorded with references.
  • Provider statements are loaded by entry or CSV upload, or through an API connection per provider.
  • Statement lines are reconciled against the ledger. A difference raises a break for review.

Controlled trade reversal

Section titled “Controlled trade reversal”

A reversal undoes a booked customer trade with a new, referenced journal. It is proposed by a dealer and approved by a second officer.

Who may do it: a dealer proposes; the named approver must hold an approving role and sign in with a different login.

  1. The dealer selects the trade, enters a reason and proposes the reversal, naming an approver.
  2. The system runs every reversal check and refuses with a stated reason if any fails.
  3. The named approver reviews and approves under a separate login.
  4. The checks run again at posting. The ledger posts the reversing journal with its own reference.
  5. The hedge ticket closes. If part of the hedge was already filled, an offsetting ticket opens for that part at the average fill price.
  6. A reversal event, linked to the original trade, goes to the back-office system.

The reversal event carries the original trade figures, so the customer’s statement shows both sides exactly.

The reversal checks

Section titled “The reversal checks”

Run at proposal and again at posting:

  • the trade exists and has not already been reversed;
  • the customer would not go short;
  • the account restriction allows it;
  • no hedge fill is pending.

Reversals respect account restrictions. Under a buy-only restriction, reversing a sale is refused and reversing a purchase is allowed.

What the system does or refuses

Section titled “What the system does or refuses”
  • Opens a hedge ticket for every customer trade, without anyone creating it.
  • Never edits a fill; a fill is append-only.
  • Refuses a large hedge without a second approver.
  • Refuses a reversal approved by the proposer, or by anyone without an approving role.
  • Refuses a reversal that fails any check, at proposal or at posting.
  • Raises a break when a provider statement differs from the ledger, rather than changing either.
Section titled “Related”