For multi-asset brokers. One book, and four different businesses inside it.
FX, indices, commodities and equities do not behave alike, and reporting them through one blended figure hides the thing you need. Revenue per million is four businesses in one ratio, and net exposure per symbol is the wrong number for almost every question a multi-asset desk has to answer.
- Typical size
- 10,000 to 80,000 clients
- Asset classes
- FX, CFDs, indices, commodities, equities
- Measured on
- Revenue per million, exposure, mix
- Usually starts with
- Risk and Finance
What this costs you specifically.
A blended revenue figure that cannot be acted on
Markup, commission, swap and the result on internalised flow have different drivers and different signs. Divided by one denominator, a fall reads as price erosion when it is usually mix, and the remedy for mix is the opposite of the remedy for erosion.
Exposure that does not appear on any symbol screen
Long EURUSD is long euro and short dollar. A book flat on every line can carry a large directional position in a currency leg, and correlated instruments across asset classes net or add without anything naming them.
Swap charged from a table nobody owns
The client swap table is reviewed occasionally, the wholesale rate moves nightly, and on a multi-asset book with meaningful carry the drift is the largest unmanaged position the firm holds.
The agents that earn their keep here first.
All eight run on Atlas from day one. These are the three that usually pay for the whole thing in a firm shaped like yours.
Risk agent
Watches net position against your limits per symbol and per currency leg, and flags provider fill quality by instrument rather than in aggregate.
What it does, line by line →Finance agent
Reconciles settlements against provider statements line by line, and classifies the break rather than handing you a difference to investigate.
What it does, line by line →Chief of Staff agent
Reads the whole graph across every asset class and returns one ranked list, so the question that crosses FX and equities is one answer rather than two reports.
What it does, line by line →Caught in books like yours.
- Payments agentA card route stops approvingBrazil fell from 71% to 52% and the group total still looked flat.
- Finance agentA provider settles shortNovaPay reported $2 463 897 against $2 482 317 expected.
- Risk agentExposure approaching an internal limitEURUSD at $6.1M against a $7.5M ceiling, still climbing.
What firms like yours ask first.
- Do you handle instruments beyond FX?
- Instruments are a node type in Atlas, so indices, commodities, equities and crypto CFDs sit in the same graph as FX pairs with the same relationships to trades, clients and exposure. Nothing is FX only.
- Can it decompose revenue per million for us?
- Rate, mix and volume effects per symbol group and per account type, with the result on internalised flow reported separately from fee income rather than added to it. The two have different owners and different acceptable variances.
- How does it handle exposure across correlated instruments?
- Per symbol net, per currency leg, per correlated group with the correlation stated and dated, and a stressed variant alongside the calm one. Limits can be set on the layer that actually carries the risk rather than only on the symbol.
See it on your own book.
Two weeks of read access and you get one list of what we found in a multi-asset broker shaped like yours, with the amounts and the records behind every line.