Technology · 2026-06-16
Unmapped positions are incidents
Every fill maps to a strategy, a mandate and a risk budget. Zero unmapped is a property of the book, not a slogan.
Exposure reconciles continuously. An unmapped position is not a rounding error. It is an incident, because CFD risk lives at the account, and the account does not care which narrative you had for the fill.
The morning ledger is the shape of an ordinary day: six venues responding, clock drift in milliseconds, cash and margin at a ledger delta of zero, kill-switch circuits test-fired. Trading is authorised only after the books are proved.
Reconciliation is every five minutes, not end of day. End of day is when you discover what you already lost.