Reference vs Real-Time Data
Distinguish official observations, delayed feeds and executable streams.
Build the mental model first.
Reference data can be authoritative without being current. Real-time data can be current without carrying redistribution rights.
Distinguish official observations, delayed feeds and executable streams.
Now make it exact.
Notation and units
Decimal rates and volatilities, year-fraction time and continuous compounding unless stated otherwise.
Every model has a price.
Educational conventions are stated explicitly and may simplify market quotation or settlement details.
Rates are continuously compounded unless the section says otherwise.
Inputs are deterministic in the base model.
“An unstated convention is a future reconciliation break.”— THEQUANTBATEMAN
Why a quant cares.
Source selection, licensing, freshness labels and fallback behaviour.
The hedge has opinions.
Start with the quote convention, then ask which Foundations risk survives the hedge. A number without its convention is merely well-dressed ambiguity.
Ask Bateman about this model →