How the desk works

Risk

Risk is DV01: what you make or lose per 1 basis point (0.01%) move in yields, in $k per bp. Long risk gains when yields fall. Receiving fixed or buying a bond makes you longer; paying fixed or selling makes you shorter.

Clients

Headlines

A flash headline takes 6 to 9 seconds to get priced in. Use the window to take a small position in the hedge ticket, then flatten once the move is in. Sometimes headlines get walked back.

Limits and the close

Over a limit for 30 desk-minutes earns a strike; three and you're off the desk. At 17:00 you choose whether to square up or hold risk overnight. The calendar shows what's scheduled after the close.

Keys

A S D tight, market or wide on the top request. F pass. 1–4 tenor. C next book. G swap or govt. R receive or buy. P pay or sell. X flatten. Space pause. F2 speed.