Execution · 2026-05-19
CFD risk lives at the account
Margin, leverage and venue concentration are watched where they actually compound — not in the strategy’s own diary.
A strategy can be inside its own budget and still sink the account. Gross and net exposure are capped per book, per venue and per instrument. An order that would breach a cap is refused at the gateway before it exists.
We do not trim by discretion. Discretion is how concentration sneaks in wearing a good story.
Failure is rehearsed: disconnections, rejected orders, stale prices, funding spikes. The worst time to design a procedure is during the event that requires it.