Controls that are part of the system.
Risk management is not a checkpoint at the end — it is encoded into the platform, enforced automatically, and overseen independently.
A disciplined, end-to-end approach.
Pre-trade controls
Position, exposure and concentration limits are validated before an order reaches a venue. Every order generated by our systems passes through automated pre-trade checks, including per-market and per-strategy limits, maximum order size controls and fat-finger protection. These checks run deterministically on the critical path of execution. Any order that would breach a limit is blocked before it can be sent. This turns risk policy into a system-enforced control, rather than something a trader has to manage manually in fast-moving markets.
Intraday monitoring
Real-time P&L, VaR and limit utilisation are monitored continuously, supported by automated alerts and circuit breakers. Throughout the trading day, we maintain a live, consolidated view of exposure across markets and strategies, updated as positions change rather than reconstructed after the fact. Alerts flag thresholds before they become breaches, while circuit breakers can throttle or halt activity automatically when predefined conditions are met. The desk and risk function work from the same current view, ensuring there is no gap between what is happening and what is being controlled.
Quantitative models
Scenario analysis and stress testing are used to quantify tail exposure across correlated power positions in multiple markets. We model how the book behaves under extreme but plausible conditions, including price spikes, negative prices, sudden volatility and correlated moves across coupled markets. These analyses surface risks that normal-day statistics can obscure. The results feed directly into position sizing and limit setting, helping ensure the firm is prepared for the moments that matter most, not just average market conditions.
Independent oversight
Risk operates independently of the desk, with clear escalation paths and documented governance. The people responsible for measuring and constraining risk sit on a separate reporting line from those taking it, with the authority to set, monitor and enforce limits across the firm. Escalation routes and decision rights are defined in advance and documented, so that unusual events are handled according to an agreed framework rather than improvised under pressure. This independence helps guard against conflicts of interest and ensures risk decisions are made within a clear governance framework.