TOUCH THE MODEL.
Change one assumption. Watch every dependent output react.
MARKET-MAKING DESK
Take client flow, inherit dealer risk, choose a hedge and reconcile what actually happened.
Change one assumption with intent
Load a coherent example, observe the linked calculation, then return to unrestricted manual exploration.
New here? Start with one example and change only the suggested input.
Morning market
Set the observable state before accepting flow. Surface parameters are educational controls, not calibrated quotes.
Client flow
The client chooses buy or sell. The book records the opposite dealer exposure once—never through a negative quantity.
Dealer blotter
Every row is signed from the dealer perspective.
| Source | Underlying | Instrument | Client side | Dealer side | Quantity | Reference | Execution | Delta | Vega | P&L |
|---|---|---|---|---|---|---|---|---|---|---|
| CLIENT | RETAIL | CALL · K 52.00 · T 0.25 | Buy | Short | 4,000 | 2.34 | 2.40 | -1,872.38 | -401.96 | 240.00 |
| CLIENT | RETAIL | CALL · K 54.00 · T 1.00 | Sell | Long | 1,200 | 4.58 | 4.50 | 598.89 | 241.95 | 96.00 |
| CLIENT | BANK | PUT · K 9.50 · T 0.50 | Sell | Long | 3,000 | 0.67 | 0.64 | -1,042.96 | 78.38 | 75.00 |
| CLIENT | AIRLINE | CALL · K 8.00 · T 0.25 | Buy | Short | 2,500 | 0.54 | 0.57 | -1,209.63 | -38.37 | 75.00 |
Book risk
Risk is aggregated per underlying before any portfolio total is shown.
| Underlying | PV | DELTA | GAMMA | VEGA | THETA | RHO | P&L |
|---|---|---|---|---|---|---|---|
| Retail EQ | -3,877.72 | -1,273.48 | -189.53 | -160.01 | 57.74 | 34.57 | 336.00 |
| Bank EQ | 1,997.90 | -1,042.96 | 448.06 | 78.38 | -6.49 | -62.14 | 75.00 |
| Airline EQ | -1,357.12 | -1,209.63 | -614.33 | -38.37 | 9.51 | -19.89 | 75.00 |
Delta: per one spot unit · Gamma: delta change per spot unit · Vega: per one volatility point · Theta: per day · Rho: per 100bp. Delta and gamma from different underlyings are not interchangeable hedge units.
Vega topology
Signed option vega by strike and maturity for the selected underlying.
Accessible numeric vega topology
| Strike | Maturity | Vega / 1 vol pt |
|---|---|---|
| 52.00 | 0.25 | -401.96 |
| 54.00 | 1.00 | 241.95 |
Cross-Greek diagnostics
Finite differences from the same price and Greek authority—not a second model.
- VannaΔ Delta / 1 vol point
- -7.68
- VolgaΔ Vega / 1 vol point
- -0.25
- CharmΔ Delta / day
- 2.52
- ColorΔ Gamma / day
- -1.14
- VetaΔ Vega / day
- 1.93
Hedge decision
Preview the risk transfer and cost before adding any hedge to the dealer book.
+1273.48 RETAILSnapshot & shock
Save the dealer book, move the market, then compare exact repricing with a local Greek explanation.
| Bucket | P&L | Desk move |
|---|---|---|
| DELTA | -3,218.09 | 2.53 spot |
| GAMMA | -605.14 | 2.53 spot |
| VEGA | -480.03 | 3.0 vol pts |
| THETA | 577.38 | 10d |
| RHO | 34.57 | 1.00 × 100bp |
| RESIDUAL | 25.76 | finite-shock remainder |
Hedge replay
Step through deterministic events and decide when the book deserves a rebalance.
Marked dealer wealth and cumulative P&L across replay actions.
- Marked wealth
- P&L
Use Left/Right or Up/Down arrows to inspect values; Home and End jump to the bounds.
View chart data
| Replay action | Marked wealth | P&L |
|---|---|---|
| Initial | 486.00 | 0.00 |